ONGC intends to acquire USD 986 million worth rigs

Oil and Natural Gas Corp or ONGC, a government-controlled firm, has been aiming to spend a total of Rs 4,580 crore or USD 986 million in order to acquire 14 oil and gas rigs. Moreover, the firm intends to buy onshore rigs from BHEL.

Reliance Industries in USD 1.15 billion merger deal with Pioneer

According to Reliance Industries Ltd or RIL, the firm already sealed a shared business enterprise to the value of USD 1.15 billion with Pioneer Natural Resources. In addition to that, Pioneer is set to trade 45% interest in eagle Ford Shale.

USD 300 million to be shelled out by Reliance to Pioneer

In the latest development, Reliance Industries is set to shell out USD 300 million in ready money and the remaining in capex until 2014. In addition to that, the biggest listed firm of India is expected to acquire 45% of Eagle Ford shale acreage of Pioneer in Texas.

IOC gets deficits of Rs 115 crore daily on selling fuel

At present, the nation’s largest oil trader, Indian Oil Corp or IOC, has been getting revenue loss everyday on selling fuel in the local market to the amount of Rs 115 crore or USD 24.9 million, according to the firm’s Chairman B.M. Bansal.

Indian Oil Corp excluded in government list for stake sale

According to Sumit Bose, the Disinvestment Secretary, the government-managed oil trading firm Indian Oil Corp is presently excluded in the list of companies in which the government will make stake sale. Moreover, the government already fixed a goal of around USD 8.5 billion from it.

750 stopped retail fuel stores to be opened again by Reliance Industries

According to the Reliance Industries Ltd, the biggest private sector manufacturer of India, the firm has been aiming to open again around 750 stopped retail fuel stores as it presently controls 1,400 retail fuel stores. In addition to that, the firm has been running around 650 fuel retail stores.

Kerosene costs to rise by Rs 6 per litre: Kirit Parikh

In a statement released by Kirit Parikh, he revealed that the Kirit Parikh Committee already proposed to free up the costs of petrol as well as diesel wherein kerosene cost will increase by Rs 6 every litre at the same time LPG costs will rise by Rs 100 every cylinder.

Fuel costs must be accrued as stated by the Oil Minister

In a statement released by Murli Deora, the Oil Minister, India must accrue government-fixed fuel costs as trading conglomerates has been experiencing deficits. The nation’s fuel costing scheme has been set to be assessed this day at 4:30 in the afternoon by a board of ministers headed by Pranab Mukherjee, the Finance Minister.

Exxon under talks with China companies about merger

In a statement released by Mark Albers, the Senior Vice President of Exxon Mobil, the firm has been clinging to specific arguments with the local oil companies of China regarding tie-ups for some resources together with unusual. The joint ventures are aimed to undertake schemes not only in China but also abroad.

IOC purchases 6 million barrels of West African crude oil

Last Thursday, Indian Oil Corp or IOC already purchased 6 million barrels of West African crude oil as well as 1 million barrels of Libyan crude oil by means of offering for the next two months. Moreover, it purchased VLCC composed of 3 million barrels of Nigerian crude and 1 million barrels of Angolan crude.

More than 2,000 km pipeline to be put up in South India by GAIL

GAIL India has been aiming to put in place more than 2,000 km pipeline located in South India wherein the firm could possibly spend Rs 10,000 crore for this venture until the end of 2012. In addition to this, an investment with an amount of Rs 6,000 crore is allocated for Karnataka.

Petronet LNG assigns its latest managing director, CEO

In a statement released by top level management of Petronet LNG, they have revealed that the firm already assigned Ashok Kumar Balayan to be its latest managing director as well as chief executive officer to replace P Dasgupta, who retired early upon his request.

Hinduja Group to launch IPO of Petromin in Saudi Arabia

Hinduja Group, a family-managed firm in India, aims to introduce the IPO or initial public offering of the lubricants manufacturing firm, Petromin, in Saudi Arabia in order to accumulate USD 800 million to $1 billion in 2010. Moreover, the firm targets to construct thermal energy in India with 10,000 megawatt capacity until 2015 onwards.

Oil India commences charging soaring gas price

According to the Director for Finance of Oil India, T. K. Ananth Kumar, the government-controlled exploration firm started charging soaring gas costs since Tuesday. In the previous month, the base price of gas was already increased to USD 4.2 for every million British thermal units.

Voltas, Gayatri Projects, Rane Holdings, Indian Oil Corporation declared results today

Oil and Natural Gas Corporation
Net profit was up at Rs 3,776 crore versus Rs 2,207 crore
Net sales were up at Rs 14,713 crore versus Rs 13,704 crore

Voltas
Net profit was up at Rs 381 crore versus Rs 251 crore
Net sales were up at Rs 4,806 crore versus Rs 4,326 crore

Nectar Lifesciences
Net profit was up at Rs 92 crore versus Rs 45 crore

Fresenius Kabi Oncology
Net profit was at Rs 80.2 crore

Gayatri Projects
Net profit was up at Rs 15 crore versus Rs 11 crore
Net sales were up at Rs 377.2 crore versus Rs 333.9 crore

Steel Authority of India
Net profit was up at Rs 2,084 crore versus Rs 1,485 crore
Net sales were up at Rs 12,229.7 crore versus Rs 11,986 crore

Rane Holdings
Net profit was up at Rs 41.6 crore versus Rs 16.5 crore

Housing Development and Infrastructure
Net profit was up at Rs 177.84 crore versus Rs 162.76 crore

Indian Oil Corporation
Net profit was down at Rs 5,557 crore versus Rs 6,623 crore
Net sales were up at Rs 66,116 crore versus Rs 59,596.7 crore

Dredging Corporation India
Net profit was at Rs 70 crore
Net sales were at Rs 645 crore

Hanung Toys and Textiles
Net profit was up at Rs 33.28 crore versus Rs 23.08 crore

Engineers India, Oil India, Colgate Palmolive (India), Ennore Coke declared results today

Engineers India
Net profit was down at Rs 124.9 crore versus Rs 158.8 crore
Net sales were up at Rs 640.3 crore versus Rs 407.6 crore

Oil India
Net profit was up at Rs 431 crore versus Rs 70.8 crore
Net sales were up at Rs 1,832 crore versus Rs 1,367 crore

Colgate Palmolive (India)
Net profit was up at Rs 114.4 crore versus Rs 77.1 crore
Net sales were up at Rs 516.6 crore versus Rs 455.5 crore

Bharat Petroleum Corporation
Net profit was up at Rs 1,632.36 crore versus Rs 633.76 crore

Sangam (India)
Net profit was at Rs 7.8 crore

Action Construction Equipment
Net sales were up at Rs 9 crore versus Rs 1 crore

Ennore Coke
Net profit was at Rs 3.6 crore

Indo Rama Synthetics (India)
Net profit was at Rs 7.1 crore

Bannari Amman Spinning Mills
Net profit was up at Rs 15 crore versus Rs 8 crore
Net sales were up at Rs 355 crore versus Rs 286 crore

Nagarjuna Fertilisers and Chemicals
Net profit was up at Rs 23 crore versus Rs 12.6 crore
Net sales were down at Rs 516 crore versus Rs 541 crore

Heritage Foods (India)
Net profit was at Rs 10.5 crore

LT Foods
Net profit was down at Rs 1.3 crore versus Rs 6.2 crore
Net sales were up at Rs 287.1 crore versus Rs 243.2 crore

Mphasis
Net profit was up at Rs 267.3 crore versus Rs 238.5 crore
Net sales were up at Rs 1,220.5 crore versus Rs 960.3 crore

Offer for Gulfsands Petroleum by Oil India, IOC not true

The government-controlled Oil India as well as Indian Oil Corp, a refining company, refuted stories that they continued on aiming to make a tender for Gulfsands Petroleum, a Syrian-focused oil exploring firm, as opposed to the previous statement of N. M. Borah, the Chairman of Oil India.

BPCL standalone net profit in Q4 FY10 plunges

In a statement released by SK Joshi, the Director of Finance of the government-controlled BPCL or Bharat Petroleum Corporation, the firm already declared its quarter four outputs in the financial year 2009-2010 wherein its standalone net profit plunged to Rs 703.18 crore versus Rs 3,628.02 crore year-on-year.

Oil India, Bajaj Electricals, Aarti Industries, Tide Water Oil, Rei Agro declared results today

Gujarat Narmada Valley Fertilizers Company
Net profit was at Rs 19.5 crore
Net sales were down at Rs 506.6 crore versus Rs 528.6 crore

Oil India
Net profit was up at Rs 431 crore versus Rs 70.8 crore
Net sales were up at Rs 1,832 crore versus Rs 1,367 crore

Hindustan Petroleum Corporation
Net profit was down at Rs 757.5 crore versus Rs 5,104 crore
Net sales were up at Rs 31,321.3 crore versus Rs 25,154.2 crore

Bajaj Electricals
Net profit was down at Rs 37.5 crore versus Rs 47.5 crore
Net sales were up at Rs 784.2 crore versus Rs 657.2 crore

Aarti Industries
Net profit was up at Rs 16.9 crore versus Rs 6 crore
Net sales were at Rs 354 crore

Mukand
Net profit was at Rs 62 crore

Tide Water Oil
Net profit was up at Rs 14.4 crore versus Rs 7.7 crore
Net sales were up at Rs 146 crore versus Rs 118 crore

Majestic Auto
Net profit was up at Rs 14.8 crore versus Rs 31 lakh crore

Rei Agro
Net profit was up at Rs 32.4 crore versus Rs 13 crore
Net sales were up at Rs 1,214 crore versus Rs 853.7 crore

Bharat Heavy Electricals
Net profit was up at Rs 1,909 crore versus Rs 1,347 crore
Net sales were up at Rs 13,559 crore versus Rs 10,540 crore

City Union Bank
Net profit was up at Rs 34.8 crore versus Rs 26.12 crore

Mercator Lines
Net sales were down at Rs 1,431.3 crore versus Rs 2,133.6 crore

Power Grid Corporation of India
Net profit was up at Rs 2,040.9 crore versus Rs 1,690.6 crore
Net sales were up at Rs 7,127.5 crore versus Rs 6,675.9 crore

Hindustan Unilever, Provogue (India), Venkys, NHPC declared results today

Nagarjuna Construction Co.
Net profit was up at Rs 103 crore versus Rs 38.2 crore

Hindustan Unilever
Net profit was up at Rs 581.2 crore versus Rs 395 crore
Net sales were up at Rs 4,315.8 crore versus Rs 3,988.3 crore

Provogue (India)
Net profit was down at Rs 3.8 crore versus Rs 8.3 crore
Net sales were up at Rs 155 crore versus Rs 78.3 crore

Venkys
Net profit was at Rs 54.3 crore
Net sales were at Rs 705 crore

Aban Offshore
Net profit was at Rs 39.3 crore
Net sales were up at Rs 1,021 crore versus Rs 774.1 crore

NHPC
Net profit was up at Rs 2,090 crore versus Rs 1,075.22 crore
Net sales were up at Rs 4,219 crore versus Rs 2,671.8 crore

Bombay Dyeing and Manufacturing Company
Net profit was up at Rs 46.8 crore versus Rs 15.5 crore
Net sales were up at Rs 527.6 crore versus Rs 436.9 crore

GMR Infrastructure
Net profit was up at Rs 73 crore versus Rs 53.2 crore
Net sales were down at Rs 1,125 crore versus Rs 1,327.8 crore