Oil India’s Q4FY18 net rose 23% q/q to Rs 8.67 billion —in line with JEFe helped by higher other income and lower taxes offset somewhat by higher provisions.
State-owned Oil India Ltd today reported a net profit of Rs 866.5 crore for the March quarter on the back of higher oil prices.
Oil India limited has been consolidating for the past 18 weeks and has finally broken out from the rising wedge pattern on the weekly charts.
The government has shelved the plan to privatise several key ageing fields of ONGC and Oil India following strong opposition from the state-run companies and consultations between the oil ministry and the Prime Minister’s Office. The two companies will now draw up their own proposals to boost output from the fields.
Oil India Ltd has commissioned a 52.5-MW commercial wind energy project developed partly in Gujarat and partly in Madhya Pradesh. A company statement said that another 500-KW captive solar project in Jorhat, Assam has also been commissioned.
MRPL is hosting the 38th Inter Unit PSPB Bridge Tournament at its premises at Mangaluru from March 21 to 24. The tournament was inaugurated on Wednesday, March 21 at MRPL Employees Club by M Venkatesh, director (Refinery), MRPL.
The government of Mozambique has approved the development plan for a natural gas field in that country where Indian state firms hold minority stake, Oil India said in a statement.
India will auction 60 discovered small oil and gas fields with the potential to produce 194.65 million tonnes of oil and oil equivalent gas, the government said in a tweet after a cabinet meeting.
Moody’sInvestors Service has lowered government-owned oil explorer Oil India’s Baseline Credit Assessment (BCA) saying increased acquisition and shareholder payments have weakened the company’s credit profile.
ET reported that state-owned oil refiner Bharat Petroleum Corporation Ltd (BPCL) has written to the oil ministry proposing its integration with gas-transmission utility GAIL or upstream firm Oil India Ltd (OIL), petroleum minister Mr Dharmendra Pradhan said.