|Bid||181.95 x 0|
|Ask||182.20 x 0|
|Day's range||178.45 - 186.55|
|52-week range||155.00 - 333.45|
|Beta (5Y monthly)||0.52|
|PE ratio (TTM)||4.62|
|Forward dividend & yield||18.80 (10.32%)|
|1y target est||391.44|
Indian refiner Hindustan Petroleum Corp Ltd has issued a force majeure notice to Iraq's Oil Marketing Company (SOMO) to cancel two oil cargoes as local fuel demand is hit by a lockdown to stem spread of coronavirus, an industry source said. State-run HPCL was scheduled to lift these cargoes containing one million barrels each in the first half of April, this source said. No immediate comment was available from HPCL.
Indian state refiners are close to signing their first annual deals to buy Russian oil, three sources privy to the development said, as the nation moves to tap new sources to hedge against geopolitical risks. India, the world's third biggest oil consumer and importer, which ships in over 80% of its needs, usually relies on the Middle East for the majority of its supply. The country's top refiner IOC has already told Russia's Rosneft that it intends to buy as much as 40,000 bpd of Russian crude, one of the sources said, some 2.5% of its total refining capacity.
Growth in demand for fuel in India is on course to fall to its lowest in at least six years as the economy slows and after heavy rains impacted gasoil consumption, which accounts for about two-fifth of the nation's overall fuel use. In the fiscal year to March 2019, fuel demand rose by 3.4%, the lowest in five years. "It means in the next few months (in this fiscal year) fuel demand need to grow by 3%-4% to reach last year's levels, which looks unlikely," M.K Surana, chairman of state-run Hindustan Petroleum Corp told a news conference.
India's Hindustan Petroleum Corp Ltd has said that price of petrol and diesel at retail outlets might go up if the price of crude stays at current levels. "Price of product at fuel outlets might be impacted if crude price continues to go up by 10%," M K Surana, chairman of HPCL told Reuters on Monday. Indian fuel marketing companies fix the price of petrol and diesel at retail outlets based on an average of last 15 days of benchmark price of petrol and diesel in the Middle East.
India's Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) continue to import gasoline to plug a persistent supply gap as their refineries undergo maintenance and upgrade to produce cleaner fuels. BPCL on Wednesday bought 20,000 tonnes of gasoline for Sept. 16-18 arrival at Kandla at premiums of about $4 a barrel to Singapore quotes on a cost-and-freight (C&F) basis, industry sources who track the fuel said on Thursday. This has pushed its total purchases for cargoes scheduled for a seven-month delivery period over March to September to at least 110,000 tonnes.
India's Hindustan Petroleum Corp Ltd is seeking more gasoline after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market to plug a supply gap, industry sources said on Tuesday. The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and upgradation to produce cleaner fuels. HPCL recently bought the cargoes for September to early October arrival at Visakhapatnam (Vizag) and Mundra from BP, Emirates National Oil Co and Trafigura, but the premiums were not immediately available.
India's state-run Hindustan Petroleum Corp plans to shut some secondary units at its Mumbai and Vizag refineries in the current fiscal year in order to be able sell Euro-VI compliant fuel from April, its chairman M. K. Surana said on Wednesday. HPCL also plans to shut a gasoline deslphuriser at its 150,000 bpd Mumbai refinery in the western state of Maharashtra for 15-20 days in December, he added. The refiner had shut a 70,000 bpd crude unit at the Mumbai refinery in April for 23 days, he said, adding the company has no further plans to shut crude units at its two refineries in 2019/20.