India Business News: Numbed by the demise of three colleagues due to Covid within a span of five days, Air India pilots have asked their management to have HR policies th
HPCL profit zooms to ₹3,018 crore in Q4
May 20, 2021
MK Surana, CMD, HPCL - The Hindu×
Gross sales were at ₹84,904.75 crore Hindustan Petroleum Corporation Ltd (HPCL) reported a net profit of ₹3,017.96 crore during the January to March quarter, an increase of over 400 per cent from ₹26.80 crore a year ago.
The company’s gross sales for the fourth quarter were at ₹84,904.75 crore (₹71,268.14 crore).
For the full year, HPCL reported a net profit of ₹10,663.88 crore (₹2,637.26 crore).
Gross sales for FY21 were at ₹2,69,242.86 crore (₹2,86,250.27 crore)
HPCL has proposed a final dividend of ₹22.75 per share for FY21.
“Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favourable exchange rate variations,” HPCL Chairman and Managing Director, MK Surana, said at a media conference on Thursday.
RK Dutta, first Managing Director of Numaligarh Refinery Limited, passes away in Kolkata
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Dutta was considered a colossus in the Oil and Gas Industry and his contribution to the development of the Oil and Gas industry in the North East was unparalleled. He was one of the rare professionals in the Indian oil industry who had worked, headed and excelled in all the streams of oil industry, i.e., downstream, upstream and midstream.
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He started his career at Assam Oil Company, Digboi- the birth place of oil industry in India.
R. K Dutta, the first Managing Director of Numaligarh Refinery Limited, passed away at Kolkata after a brief illness. He was 75.
Cairn identifies $70 bn Indian assets for seizing to recover amount due from govt
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Last Updated: May 16, 2021, 02:23 PM IST
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Synopsis The Indian government naturally will challenge such seizure but to save the assets it may have to pawn money equivalent to the value of assets in some financial security such as bank guarantee. The court will return such a guarantee to India if it does not find merit in Cairn s case. But the surety will be passed on to Cairn if the court finds that India had failed to honour its obligation, a source said.
PTI
UK s
Cairn Energy has identified USD 70 billion of Indian assets overseas for potential seizure to collect USD 1.72 billion due from the government a move if successful will put India in league with Pakistan and Venezuela which faced similar enforcement action over failure to pay arbitration awards.
Cairn looks to seize Air India assets to recover $1.7 bn award due from Indian govt
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Cairn looks to seize Air India assets to recover $1.7 bn award due from Indian govt
PTI / May 15, 2021, 17:19 IST
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NEW DELHI: UK s Cairn Energy Plc has brought a lawsuit in the US court that potentially can lead to seizing of Air India s overseas assets such as airplanes to recover $1.72 billion from the Indian government which an international arbitration tribunal had awarded after overturning levy of retrospective taxes.
Cairn on May 14 filed a lawsuit in the US District Court for the Southern District of New York seeking declaration of Air India as the alter ego of Indian government by virtue of control and as a state-owned company it legally indistinct from the state itself , three sources with direct knowledge of the development said.