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IOC Q4 results: Rs 8,781-cr net profit beats estimates on inventory gains

Indian Oil Corp Ltd on Wednesday reported a fourth-quarter profit that beat analysts estimates by a huge margin as higher crude prices boosted the inventory value of the country s biggest refiner. The state-owned company reported a net profit of Rs 8,781 crore for the quarter ended March 31, compared with a loss of Rs 5,185 crore a year ago. Analysts were expecting the refiner to log a profit of Rs 5,506 crore, according to Refinitiv IBES data. Inventory gains are booked when oil prices rise by the time a company processes oil into fuel. Brent crude prices jumped about 23% during the March quarter. Revenue rose 18% to Rs 1.64 trillion.

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Indian Oil posts March-quarter profit on inventory gains

Indian Oil posts March-quarter profit on inventory gains
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India leads global upcoming pipeline length additions by 2025

India leads global upcoming pipeline length additions by 2025 By GlobalData Energy 07 May 2021 (Last Updated May 7th, 2021 13:40) GlobalData’s latest report, “Global Length and Capital Expenditure Outlook for Oil and Gas Pipelines, 2021–2025 – India and the US Lead Global Pipelines Growth” indicates that a total of 491 planned and announced trunk or transmission oil and gas pipelines are expected to come online during the outlook period 2021–2025. Credit: Dabarti CGI / Shutterstock. Share Article GlobalData’s latest report, “Global Length and Capital Expenditure Outlook for Oil and Gas Pipelines, 2021–2025 – India and the US Lead Global Pipelines Growth” indicates that a total of 491 planned and announced trunk or transmission oil and gas pipelines are expected to come online during the outlook period 2021–2025. Of these, 294 represents planned pipelines with identified development plans

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How Corporates Are Helping India Fight the Second Wave of COVID19-Part 3

3 India is in great distress due to the killer second wave of COVID and people are shaken up with the fear of the unknown amidst the crumbling medical infrastructure and facilities. In this heart-rending scenario, corporates from across the world have stepped in to provide help and support , including the much needed medicines and oxygen to Indians. Pharmaceutical company Pfizer Inc has decided to donate medicines worth over $70 million, which are essential for COVID treatment. In a tweet, Albert Burla, chairman and chief executive (CEO) of Pfizer says, Right now, Pfizer colleagues at distribution centres in the US, Europe and Asia are hard at work rushing shipments of Pfizer medicines that the government of India has identified as part of their COVID treatment protocol. We are donating enough of these medicines to ensure that every COVID patient in every public hospital across India can have access to them in the next 90 days free of charge. This effort has the potent

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Strong Demand Signs Boost Oil Prices Despite India s Covid Woes

Strong Demand Signs Boost Oil Prices Despite India s Covid Woes by Ship & Bunker News Team Thursday April 22, 2021 Even though oil eked out modest price gains on Thursday due to reports of budgetary issues causing Libya s output to fall by 1 million barrels per day (bod), the market was said to be bearish due to India reporting the world s highest daily increase of new Covid cases. Bjornar Tonhaugen, head of oil markets at Rystad Energy, noted that The market realized that a global come-back in oil demand cannot come without a come-back of the world s largest economies. Hence, Brent edged up $65.40 per barrel, while West Texas Intermediate rose

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