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Economy

IOC strategic stake sale now a desperate need

An urgent need to sell off stakes in Indian Oil is felt now as the government has consumed nearly the whole of the targeted fiscal deficit

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Business

IOC becomes most profitable PSU amid soaring petrol and diesel rates

New Delhi:  Fuel retailer IOC has for the second year in a row beaten ONGC to become India’s most profitable state-owned company, raising questions over calls for the explorer to subsidise retailers amid soaring petrol and diesel rates. While billionaire Mukesh Ambani-led Reliance Industries retained the crown of being India’s most profitable company for the third […]

Categories
Economy

ONGC buys govt’s 51.11% stake in HPCL

New Delhi: State-owned Oil and Natural Gas Corp (ONGC) on Saturday announced acquisition of government’s entire 51.11% stake in oil refiner HPCL for Rs 36,915 crore, paying a premium of over 10%. ONGC will pay Rs 473.97 per share for 77.8 crore shares of the government in Hindustan Petroleum Corp Ltd (HPCL), the company said in […]

Categories
Economy

Govt set to hit divestment goal first time

New Delhi: The government is all set to cross annual disinvestment target this fiscal for the first with ONGC buying the Centre’s entire 51% stake in HPCL for Rs 36,915 crore. Total disinvestment proceeds during the current financial year 2017-18 stood at Rs 54,337.60 crore (as on 11 January 2018). With its stake sale in HPCL, […]