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The stock declined 6.10 per cent to Rs 1,382.45 on the BSE. On the NSE, it tanked 6.22 per cent to Rs 1,382.10. The stock emerged as the biggest laggard among the BSE Sensex and NSE Nifty firms.
Hindustan Petroleum Corp. Ltd (HPCL) plans to establish an international oil trading desk as part of its Visakh Refinery Modernisation Project. The move aims to modernize the refinery, increase refining capacity, and improve distillate yields. A trading desk helps companies procure crude oil from the international market on a real-time basis, helping cut import prices.
BPCL Q3 Results: BPCL's quarterly net profit rose by 73.4% YoY to Rs 3,397.30 crore, surpassing the estimated Rs 3,271 crore. Revenue from operations declined 3% YoY to Rs 1.15 lakh crore but exceeded the estimated Rs 1.05 lakh crore. Total expenses dropped to Rs 1.26 lakh crore from Rs 1.32 lakh crore a year ago. Refinery throughput increased to 9.86 million tonnes from 9.39 million tonnes a year ago. Market sales rose marginally to 12.92 million tonnes from 12.81 million tonnes a year ago.
HPCL: The mechanical completion of Vizag refinery is expected to be completed by Jan-Feb 2024. Post expansion, the refinery will have the highest diesel yield in the country.
In the past one-year, shares of OMCs have risen between 18 per cent and 28 per cent on the back of a fall in crude oil prices. Brent crude prices have corrected 20 per cent in the past one year