Hindustan Petroleum Corporation Ltd. declared a net profit of Rs 5,104.04 crore in the fourth quarter of 2008-09 on the back of good refining margin and the government issuing large oil bonds to cover for fuel losses. For full story, click here
Oil prices vaulted 9 per cent in NY Thursday, in tandem with a powerful stocks rally, as investors cheered G20 agreements to combat the global downturn and an easing of US accounting rules. On Friday, oil prices settled above $52 a barrel, slightly lower on the day after a report that US unemployment in March soared to a 25-year high. But optimism that the economy will soon turn around curtailed losses.
State-run Indian Oil Corporation wants the Forward Markets Commission (FMC) to permit the company to hedge its refinery margins and end products such as petrol and diesel. S V Narasimhan, director (finance), IOC, said: The market has been very unstable in the past few months and thus we are not very aggressive on hedging. We are waiting for [...]
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