Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 82279.75 Crore) operating in Gas & Petroleum sector.
The government is banking on accelerated spending by public sector companies to revitalize the economy damaged by the pandemic and lockdowns.
Denting fuel demand, cities from Manila to Melbourne are tightening lockdowns to battle new infections, while Norway has stopped cruise ship traffic in the latest European travel alarm.
Indian Oil Corporation Ltd., incorporated in the year 1959, is a Large Cap company (having a market cap of Rs 81667.83 Crore) operating in Gas & Petroleum sector.
Brent crude futures slid 8 cents, or 0.2 per cent, to $43.44 a barrel by 0001 GMT while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.3 per cent, at $40.15 a barrel
Investors typically use dollar-denominated commodities as safe havens when the currency weakens.
Indian Oil Corp Chairman S. M. Vaidya said refinery runs have declined to about 75% from 93% in early July on low fuel demand. He said the operations are expected to remain at 70%-75% for the remainder of the fiscal year through March 2021.
Indian Oil sold 16.5 million tonnes of products, including exports, during the first quarter. The refining throughput was 12.9 million tonnes and the pipeline throughput was 15 million tonnes.
Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service