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    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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Delayed NSE India Stock Exchange  -  06:25 2022-11-28 am EST
76.20 INR   +3.89%
07:12aLimited Jurisdiction Of Arbitral Tribunals To Interfere With Contractual Terms
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11/25Indian Oil Raises Over $306 Million from Bond Sale
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11/24Chennai Petroleum, Indian Oil to Set Up $3.9 Billion Refinery Complex JV in Tamil Nadu, India
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Crisis-hit Sri Lanka woos foreign oil firms amid fuel shortages

07/26/2022 | 02:48am EST

COLOMBO, July 26 (Reuters) - Sri Lanka canvassed oil companies in petroleum-producing nations on Tuesday to import and sell their products in the Indian Ocean island, opening its market to resolve acute shortages of fuel during its worst economic crisis in decades.

Depleted foreign exchange reserves have left the nation of 22 million unable to pay for imports of essential items from fuel to food and medicines.

"An advertisement was published today calling for expression of interest (EOI) for oil companies to import, distribute and sell petroleum products in Sri Lanka," Kanchana Wijesekera, the power and energy minister, said https://twitter.com/kanchana_wij/status/1551787385976938502 on Twitter.

The news follows Sri Lanka's decision last month to allow such imports and sales, as it scrambles to ensure sufficient supplies of petrol and diesel.

The approvals for oil firms to be picked in the new process will effectively end a market duopoly involving a subsidiary of India's state-run Indian Oil Corp.

State-run Ceylon Petroleum Corp (CPC), which controls about 80% of the market with a national network of 1,190 fuel stations, will give a share of its resources and pumps to the new entrants, the government said in its notice.

Sri Lanka's worst economic crisis since independence from Britain in 1948 has its roots in economic mismanagement and the fallout of the COVID-19 pandemic on a tourism-dependent economy.

Protesters angry about the shortages toppled the Rajapaksa ruling family, ushering in a new government after forcing the resignation this month of the previous president, Gotabaya Rajapaksa, who fled to Singapore.

As many as rights groups have asked Singapore's attorney general to investigate Rajapaksa for his role in Sri Lanka's decades-long civil war.

"Now that Rajapaksa is no longer shielded by immunity, Singapore must seize this remarkable opportunity," said Archana Ravichandradeva, of the group People for Equality in Relief in Lanka.

It is one of the groups that sent a joint letter to the Singapore official on , following a request last week by another rights group seeking a similar investigation.

Rajapaksa has previously denied accusations that he was responsible for rights abuses during the war.

Sri Lanka's 25-year civil war between separatist insurgents from the ethnic Tamil minority and government forces ended in 2009. Rights groups accused both sides of abuses during the war.

The first Sri Lankan president to resign from the job, Rajapaksa could return to the country, cabinet spokesman Bandula Gunewardena told reporters on Tuesday.

"It is my belief he may eventually consider returning to Sri Lanka," Gunewardena said. "If he returns he will be treated in accordance with his status as a former president." (Writing by Devjyot Ghoshal and Krishna N. Das; Editing by Clarence Fernandez)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -2.83% 81.03 Delayed Quote.9.14%
INDIAN OIL CORPORATION LIMITED 3.89% 76.2 Delayed Quote.-1.32%
MSCI SINGAPORE (GDTR) -0.36% 5607.31 Real-time Quote.-10.36%
WTI -2.91% 73.847 Delayed Quote.3.43%
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Financials
Sales 2023 7 967 B 97 463 M 97 463 M
Net income 2023 94 375 M 1 154 M 1 154 M
Net Debt 2023 1 290 B 15 778 M 15 778 M
P/E ratio 2023 13,7x
Yield 2023 3,27%
Capitalization 1 010 B 12 357 M 12 357 M
EV / Sales 2023 0,29x
EV / Sales 2024 0,31x
Nbr of Employees 31 254
Free-Float 27,3%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 73,35 INR
Average target price 83,07 INR
Spread / Average Target 13,2%
EPS Revisions
Managers and Directors
Sanjay Kaushal CFO & Executive Director-Corporate Affairs
Shrikant Madhav Vaidya Chairman
S. S. V. Ramakumar Director & Director-Research & Development
Prasenjit Biswas Independent Director
Dilip Gogoi Lalung Independent Director
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