Shares of Hindustan Petroleum Corporation (HPCL) went up 3.7%, Bharat Petroleum Corporation (BPCL) gained 3.6% and Indian Oil Corporation (IOC) rose 2.7%.
Plans for refining capacity in Ratnagiri are being restructured into smaller units, with potential collaborations from Saudi Aramco and ADNOC. The Maharashtra government will continue to support electric vehicles, and infrastructure projects like the Nagpur-Mumbai Expressway and rapid rail developments are set to advance.
India will continue purchasing crude oil from Russia if it is available at a discount, according to Union Minister Hardeep Singh Puri. The government is committed to securing economically priced crude oil for round-the-clock energy supply, while also exploring long-term and spot deals with various oil-producing countries.
Indian benchmark indices recorded their worst session in over a month, pressured by uncertainty surrounding the US presidential election. The Nifty declined 1.27% to 23,995, and the Sensex dropped 1.18% to 78,782. Analysts suggest that the Nifty might extend its correction towards 23,650, while a decisive move above 24,100 could trigger a rally.
Indian Oil Corporation Ltd. (IOC) and Bharat Petroleum Corporation Limited (BPCL), have been fined by the domestic stock exchanges for the fifth successive quarter over non-compliance with the number of independent directors on the boards, reported the Times of India on August 25.
India's biggest oil firms including Indian Oil, BPCL and gas utility GAIL have been slapped with fines for a record fifth straight quarter for failing to meet listing norms of having the requisite number of independent and women directors on their board.
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Shares of CAMS, Fine Organic Industries, Nykaa, Jindal Saw, Nuvama Wealth Management, Deepak Fertilisers, and Apar Industries among others witnessed strong buying interest from market participants as they scaled their fresh 52-week highs, signaling bullish sentiment.
After shareholders voted to remove the only independent director at the June AGM, Ramachandran feels he cannot fulfill the necessary duties alone, the company said.