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HPCL & Shell-backed Magenta EV Solutions closes Series A round from Florida-based billionaire Kiran C Patel

HPCL & Shell-backed Magenta EV Solutions closes Series A round from Florida-based billionaire Kiran C Patel
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HPCL & Shell-backed Magenta EV Solutions closes Series A round from Florida-based billionaire Kiran C PatelET Bureau
Last Updated: May 21, 2021, 10:37 AM IST
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Seed funded by HPCL & incubated by Shell, ChargeGrid is also backed by the Microsoft Startup Program to further boost its advanced technology platform. Currently operating in 10+ cities, ChargeGrid has signed multiple high-value customer contracts and continues to rapidly expand with many new contracts signed in just the last 3 months.
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Magenta aims to smart-charge 30% of all Indian EVs amounting to 3000 GW.hr of power annually by 2030. ....

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HPCL recognized with coveted Media360 Awards

HPCL recognized with coveted Media360 Awards
HPCL has been recognized with two prestigious honors at Media360 Awards 2021 by Campaign India. The two awards are for Corporate Website (Delivering Happiness) and 360Â° Employee Communication Campaign under the categories Best Use Of Media : Digital Website (English) and Insight & Innovation Total Communications Campaign respectively. It is notable that HPCL is the only CPSE to be conferred with, in these premier Media Awards. HPCLâs effective brand communication to inform, persuade, enlighten, teach, remind and enrich the knowledge of its internal &external stakeholders about its values, products and services have been recognized thru these awards. ....

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India's HPCL aims to fully start revamped Mumbai refinery by July

India s HPCL aims to fully start revamped Mumbai refinery by July
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20 May 2021 10:45PM
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NEW DELHI/BENGALURU: India s Hindustan Petroleum Corp. s Mumbai refinery will start full scale operation at a higher capacity of 190,000 barrels per day (bpd) by end-June or in July, its chairman M. K. Surana said on Thursday.
HPCL had fully shut the 150,000 bpd Mumbai refinery in western Maharashtra from April 1 for maintenance and capacity expansion, Surana said at a press conference to announce March quarter earnings.
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One crude unit of 3.5 million tonnes (70,000 bpd) is under commissioning and we are revamping the second unit to add capacity, he said. The state-run refiner aims to add 40,000 bpd capacity to the second crude unit. ....

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HPCL Q4 results: Net profit jumps to Rs 3,018 cr on big inventory gains

HPCL Q4 results: Net profit jumps to Rs 3,018 cr on big inventory gains
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HPCL Q4 results: Net profit jumps to Rs 3,018 cr on big inventory gainsET Bureau
Last Updated: May 20, 2021, 08:00 PM IST
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“Enhanced profitability was a result of robust operational performance, improvement in refinery margins helped by inventory gains and favorable exchange rate variations,” said HPCL Chairman M K Surana.
The gross refining margin for the quarter was $ 8.11 per barrel compared to minus $1.23 per barrel in the same quarter last year.
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New Delhi: Hindustan Petroleum’s fourth-quarter profit rose to Rs 3,018 crore from Rs 27 crore a year earlier on big inventory gains. ....

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Hindustan Petroleum Q4 net profit jumps to Rs 3,018 cr on inventory gains

The company had a net profit of Rs 27 crore in January-March 2020.
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 M K Surana told reporters.
The company, which runs refineries at Mumbai and Visakhapatnam, earned USD 8.11 on turning every barrel of crude oil into fuel in January-March period. This is compared with a negative gross refining margin (GRM) of USD 1.23 per barrel.
Inventory gains are booked when raw material (crude) prices rise by the time a company processes oil into fuel. Losses are booked when the reverse happens. ....

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