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Business Standard
5 days ago
- Business
- Business Standard
Jet fuel price cut by 3% to ₹83,072/kl on softening global oil benchmarks
The price of jet fuel, or ATF, was on Sunday slashed by 3 per cent - the third straight monthly reduction on softening international benchmark prices. The fall in international benchmark oil and gas prices also led to a Rs 24 per 19-kg cylinder cut in rate of commercial LPG used in hotels and restaurants. The price of aviation turbine fuel (ATF) was reduced by Rs 2,414.25 per kilolitre, or 2.82 per cent, to Rs 83,072.55 per kl in the national capital - home to one of the busiest airports in the country, according to state-owned fuel retailers. The price cut follows a 4.4 per cent (Rs 3,954.38 per kl) reduction on May 1 and a steep 6.15 per cent (Rs 5,870.54 per kl) reduction effected from April 1. Together with Sunday's reduction, the price cuts have more than offset the hikes that occurred earlier this year. A reduction in price of ATF will ease the burden on commercial airlines, for whom fuel makes up for almost 40 per cent of the operating cost. No immediate comments could be obtained from the airlines on the price reduction. The ATF price in Mumbai was slashed to Rs 77,602.73 per kl from Rs 79,855.59, while those in Chennai and Kolkata were reduced to Rs 86,103.25 and Rs 86,052.57 per kl, respectively. Oil firms also reduced the price of commercial LPG by Rs 24 per 19-kg cylinder. Commercial LPG now costs Rs 1,723.50 in the national capital and Rs 1,647.50 in Mumbai. This reduction follows a Rs 14.50 cut on May 1 and a Rs 41 per cylinder cut in rate effected on April 1. International oil prices have softened in the last couple of months as global trade war eroded the outlook for fuel demand. Prices of ATF and LPG differ from state to state depending on the incidence of local taxes, including VAT. The rate of cooking gas used in domestic households, however, remained unchanged at Rs 853 per 14.2-kg cylinder. The price of the domestic LPG was hiked by Rs 50 per cylinder in April. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) revise prices of ATF and cooking gas on the first of every month based on the average price of benchmark international fuel and foreign exchange rate. While international oil prices have softened, domestic rates of petrol and diesel continue to remain frozen. Rates were cut by Rs 2 per litre in mid-March last year, ahead of the general elections. Petrol costs Rs 94.72 a litre in Delhi, while diesel is priced at Rs 87.62.
The Hindu
24-05-2025
- Business
- The Hindu
Tanker lorries linked to BPCL's Ennore terminal on strike
Tankers carrying fuel to retail outlets belonging to Bharat Petroleum Corporation Ltd (BPCL) are on strike demanding that a new transport tender be withdrawn. Around 150 tankers carrying petrol, diesel, lubricants and aviation fuel supplying from the company's Ennore terminal have halted services starting Saturday. This has led disruption of supplies in a section of small-sized fuel retail outlets in several locations, said oil industry sources. 'There is a partial dry-out of bunks. Though outlets that own tankers are helping those that do not have vehicles, it is not enough. From tomorrow, the tanker owners say that they will not allow bunk-owned tankers to help others,' said a retailer. E. Moorthy, president, Chennai Asanur, Petroleum Tanker Lorry Association, said that they were on partial strike on Thursday and Friday demanding that either the existing transport tender rates be continued or increase rates in the new tender. 'We had been badly hit during Covid-19 and also when the company's terminal was shifted from Tondiarpet to Ennore. Business has not been bad only during the last two years,' he said. Association general secretary K. Velu said that the company was mobilizing tankers from Asanur. 'We have requested their support too. They will not ply to Chennai. If the issue is not resolved by Monday, we will stop operating tanker lorries to all the three oil companies. Around 700 tanker lorries are affiliated to our association,' he said. A. Nasar, joint secretary of the association, said that aviation fuel supplies that have been partially stopped would be altogether halted from Tuesday if the company does not form a committee to fix transport rates. 'The rates in this new tender floated during September last year are 15% lesser than the current rates. All of us are in deep debt and a reduction in rates would mean a death knell for the industry,' he added.
Business Upturn
09-05-2025
- Business
- Business Upturn
Stocks to watch on May 9: Titan, BPCL, L&T, Biocon, MCX among key movers in trade today
Equity markets will be tracking a range of corporate announcements and quarterly earnings today. Several major companies across sectors have reported their March quarter results, while others have announced business developments or regulatory approvals. Here are the key stocks in focus on May 9: Titan Company surprised positively on the margin front in its latest earnings report and also unveiled a succession plan, which could have implications for leadership continuity and investor sentiment. Bharat Petroleum Corporation Ltd (BPCL) has bagged a contract to set up a 100 MW wind energy project, with 50 MW capacity each in Madhya Pradesh and Maharashtra. Larsen & Toubro (L&T) posted a March quarter performance that was broadly in line with market estimates. The engineering and construction major also issued a positive guidance for FY26, despite coming off a high base. Biocon delivered a better-than-expected Q4 performance, led by a 46% year-on-year growth in revenues from its generics business. Pidilite Industries reported results largely in line with analyst expectations. The company registered a healthy underlying volume growth of 9.8%. Britannia Industries exceeded Q4 estimates, although its volume growth stood at 3%, falling short of the expected 5–6%. Jindal Stainless posted earnings that were largely in line with analysts' expectations. The company also reported a decline in net debt, which could improve its financial profile going forward. Kalyan Jewellers reported a 35% year-on-year rise in EBITDA, while revenue increased 36.6% in the same period. Lupin received final approval from the US Food and Drug Administration (US FDA) for Raltegravir, a drug used in the treatment of HIV, under the ANDA route. Brigade Enterprises has acquired an 11-acre land parcel in Whitefield, Bengaluru. The estimated gross development value of the project is ₹2,000 crore. REC Ltd. reported a 37.6% increase in net interest income (NII), while net profit rose 5.5% year-on-year. Zee Entertainment saw a 42% jump in EBITDA during the quarter, with margins improving to 13.6% compared to 9.7% a year ago. Garden Reach Shipbuilders & Engineers delivered an Anti-Submarine Warfare (ASW) Shallow Water Craft to the Indian Navy, marking a key milestone in its defence production timeline. Union Bank of India reported a modest year-on-year increase in NII. Its asset quality showed improvement, with net non-performing assets (NPA) dropping to 0.63% from 0.82% on a sequential basis. Dilip Buildcon reported a significant improvement in operating performance. EBITDA rose to ₹660.8 crore from ₹329.8 crore in the year-ago period, with margins expanding from 9.8% to 21.3%. Zydus Lifesciences secured final US FDA approval for Glatiramer Acetate, a drug indicated for the treatment of multiple sclerosis. On the other hand, a few stocks may remain under pressure due to weak earnings: Multi Commodity Exchange (MCX) missed street expectations in its Q4 earnings. Margins contracted sharply by 909 basis points on a quarter-on-quarter basis. Sula Vineyards reported a 3.4% decline in EBITDA for the March quarter, with margins slipping to 22.6% from 24% in the year-ago period. Vesuvius India saw its EBITDA drop by 14% in Q1CY25. Margins also narrowed to 17% from 21% a year earlier. IIFL Finance reported a sharp 76.7% fall in net profit and a 40% drop in NII on a year-on-year basis. Chambal Fertilisers posted a 7.4% decline in revenue and a 1.9% fall in EBITDA compared to the previous year. Aarti Industries reported a 5.3% drop in EBITDA for the quarter, with operating margins compressing to 13.8% from 16% year-on-year. Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Business Upturn does not recommend buying or selling any financial instruments. Please consult a certified financial advisor before making investment decisions.
Time of India
05-05-2025
- Business
- Time of India
OMC stocks in focus as oil prices slide over $2/bbl after OPEC+ output hike
Shares of oil marketing companies - Bharat Petroleum Corporation Ltd ( BPCL ), Hindustan Petroleum Corporation Ltd ( HPCL ), and Indian Oil Corporation ( IOC ) are likely to remain in focus on Monday. Oil prices dropped by over $2 a barrel as OPEC+ prepared to accelerate its oil production increases. Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both crude benchmarks hit their lowest levels since April 9 at Monday's open, following OPEC+'s decision to boost oil production for a second straight month, with output in June rising by 411,000 barrels per day (bpd). The June increase by the eight members will bring the total combined output hikes for April, May, and June to 960,000 barrels per day (bpd), effectively reversing 44% of the 2.2 million bpd in production cuts implemented since 2022, according to Reuters calculations. OPEC+ could fully reverse its voluntary production cuts by the end of October if member nations fail to improve compliance with their output quotas, sources told Reuters. Saudi Arabia is reportedly pushing for a faster rollback of cuts to penalize Iraq and Kazakhstan over their continued non-compliance. Live Events Also read: Oil slumps after OPEC+ plan, US stock futures drop Meanwhile, tensions escalated in the Middle East after Israeli Prime Minister Benjamin Netanyahu pledged retaliation against Iran following a missile strike by the Tehran-backed Houthi group near Israel's main airport. In response, Iran's Defence Minister Aziz Nasirzadeh warned on Sunday that Tehran would retaliate if attacked by the United States or Israel. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
05-05-2025
- Business
- Economic Times
OMC stocks in focus as oil prices slide over $2/bbl after OPEC+ output hike
Shares of oil marketing companies - Bharat Petroleum Corporation Ltd (BPCL), Hindustan Petroleum Corporation Ltd (HPCL), and Indian Oil Corporation (IOC) are likely to remain in focus on Monday. Oil prices dropped by over $2 a barrel as OPEC+ prepared to accelerate its oil production increases. ADVERTISEMENT Brent crude futures dropped $2.04 a barrel, or 3.33%, to $59.25 a barrel by 2240 GMT while U.S. West Texas Intermediate crude was at $56.19 a barrel, down $2.10, or 3.60%. Both crude benchmarks hit their lowest levels since April 9 at Monday's open, following OPEC+'s decision to boost oil production for a second straight month, with output in June rising by 411,000 barrels per day (bpd). The June increase by the eight members will bring the total combined output hikes for April, May, and June to 960,000 barrels per day (bpd), effectively reversing 44% of the 2.2 million bpd in production cuts implemented since 2022, according to Reuters could fully reverse its voluntary production cuts by the end of October if member nations fail to improve compliance with their output quotas, sources told Reuters. Saudi Arabia is reportedly pushing for a faster rollback of cuts to penalize Iraq and Kazakhstan over their continued non-compliance. Also read: Oil slumps after OPEC+ plan, US stock futures drop ADVERTISEMENT Meanwhile, tensions escalated in the Middle East after Israeli Prime Minister Benjamin Netanyahu pledged retaliation against Iran following a missile strike by the Tehran-backed Houthi group near Israel's main response, Iran's Defence Minister Aziz Nasirzadeh warned on Sunday that Tehran would retaliate if attacked by the United States or Israel. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
