Oil & Natural Gas Corp.’s quarterly profit fell by more than half as expenditure and tax rose. Net profit of the oil and gas explorer fell 52.1% quarter-on-quarter to Rs 1,378.23 crore in the quarter ended December, according to an exchange filing.
India's fuel consumption in January registered its first month-on-month decline in five months, as an uptick in global oil prices posed a roadblock to a gradual recovery in demand from the world's third-largest oil consumer.
Mangalore Refinery & Petrochemicals (MRPL) fell 1.97% to Rs 34.75 after the company reported a consolidated net loss of Rs 213.65 crore in Q3 FY21 as against net loss of Rs 150.79 crore in Q3 FY20.
Net sales declined 44% year-on-year (YoY) to Rs 7,893.37 crore during the quarter. Pre-tax loss in Q3 December 2020 stood at Rs 326.95 crore as against Rs 303.15 crore in Q3 December 2019.
On a standalone basis, the company posted a net loss of Rs 71.01 crore in Q3 FY21 as against net loss of Rs 36.64 crore in Q3 FY20. Net sales in the third quarter fell by 44.7% YoY to Rs 7,951.53 crore. EBITDA shrunk by 45.2% to Rs 183 crore during the quarter from Rs 334 crore recorded in the corresponding period last fiscal.
Oil India Limited organizes Saksham Cyclothon across Assam
The Oil India Limited (Pipeline Headquarters) has successfully organized Saksham Cyclothon in four cities across Assam.
AWARENESS ON FUEL CONSERVATION
STAFF REPORTER
GUWAHATI: The Oil India Limited (Pipeline Headquarters) has successfully organized Saksham Cyclothon in four cities across Assam.
Saksham 2021 was organized under the guidance of PCRA (Petroleum Conservation Research Authority), a registered society set up under the aegis of Ministry of Petroleum & Natural Gas, Government of India. This was part of the awareness drive seeking citizens to actively participate in fuel conservation for health & environmental protection and to help in reducing India s dependency on import of crude oil.
ONGC s plan to merge MRPL with HPCL may have to wait till FY24
By
Subhash Narayan ( IANS) |
Published on
Sun, Jan 17 2021 9:21 IST |
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Petrol. (File Photo: IANS). Image Source: IANS Infographics
New Delhi, Jan 17 : State-run oil and gas explorer ONGC s plan to complete the merger of its refining subsidiary MRPL with recently acquired HPCL to align its upstream and downstream operations into two verticals has got delayed.
The process is now expected to be completed by FY24 as ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before pushing for its merger.
Sources said that the process of merging ONGC s two oil refining subsidiaries, Hindustan Petroleum Corp Ltd (HPCL) and Mangalore Refinery and Petrochemicals Ltd (MRPL), will start only after the company completes merging ONGC Mangalore Petrochemical Ltd (OMPL) with MRPL.