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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Indian Oil Corporation Limited    IOC   INE242A01010

INDIAN OIL CORPORATION LIMITED

(IOC)
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India's August crude processing drops as raging virus cases dim demand

09/24/2020 | 02:25pm EST

Crude oil processed by Indian refiners slipped 26.4% from a year ago in August, the most in four months, as fuel demand remained subdued on skyrocketing coronavirus cases that hindered industrial and transport activity.

Indian refiners processed 3.82 million barrels per day (bpd) or 16.15 million tonnes of crude last month, 8.7% lower than in July, government data released on Thursday showed.

Crude oil throughput in August recorded its largest year-on-year contraction since April, when it posted its steepest decline since 2003.

Weaker refining margins and a slide in fuel consumption have prompted refiners to cut crude processing and lower output.

Fuel demand posted its biggest monthly decline since April last month, as a surge in coronavirus infections continued to throttle economic activity and transportation. [O/INDIA2]

India has been consistently reporting the world's highest daily tallies of infections and its 5.7 million coronavirus cases only trail the United States.

"We have pared back our expectations for the pace of consumption recovery in India due to a largely unabated spread of the virus there," Barclays Commodities Research said in a note earlier this week.

"Virus trends in India have been the most concerning recently, but government restrictions have been slowly easing even there... recovery is likely to be much slower compared to the initial rebound and will likely come through in waves."

Indian refiners operated at about 76.1% of their overall capacity in August compared to 83.3% in July, the data showed.

Top refiner Indian Oil Corp (IOC) operated its directly owned plants at 66.7% capacity, as per the data.

The refiner expects local gasoline and gasoil demand to reach pre-pandemic levels in the first half of fiscal 2021 and sought to expand its petrochemical capacity to off-set weaker fuel refining margins.

Reliance, owner of the world's biggest refining complex, operated its plants at about 75.8% capacity.

By Nakul Iyer


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BARCLAYS PLC 6.45% 143.24 Delayed Quote.-20.26%
BHARAT PETROLEUM CORPORATION LIMITED 1.69% 379.3 Delayed Quote.-24.12%
CHENNAI PETROLEUM CORPORATION LIMITED -0.99% 85.4 End-of-day quote.-31.05%
HINDUSTAN PETROLEUM CORPORATION LIMITED 1.07% 211.6 Delayed Quote.-20.85%
INDIAN OIL CORPORATION LIMITED 1.48% 85.85 Delayed Quote.-32.62%
LONDON BRENT OIL -0.55% 46.98 Delayed Quote.-27.86%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED 0.68% 29.55 End-of-day quote.-34.04%
OIL AND NATURAL GAS CORPORATION LIMITED 3.89% 81.55 Delayed Quote.-39.05%
OIL INDIA LIMITED 3.95% 99.95 Delayed Quote.-37.18%
RELIANCE INDUSTRIES LTD 1.30% 1954.9 Delayed Quote.28.67%
WTI -0.19% 44.065 Delayed Quote.-26.43%
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Financials
Sales 2021 3 505 B 47 568 M 47 568 M
Net income 2021 115 B 1 563 M 1 563 M
Net Debt 2021 1 167 B 15 838 M 15 838 M
P/E ratio 2021 6,97x
Yield 2021 7,41%
Capitalization 788 B 10 721 M 10 697 M
EV / Sales 2021 0,56x
EV / Sales 2022 0,45x
Nbr of Employees 32 803
Free-Float 24,2%
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Mean consensus BUY
Number of Analysts 30
Average target price 110,41 INR
Last Close Price 85,85 INR
Spread / Highest target 98,0%
Spread / Average Target 28,6%
Spread / Lowest Target -24,3%
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Managers
NameTitle
Shrikant Madhav Vaidya Chairman
Sandeep Kumar Gupta Chief Financial Officer & Finance Director
S. S. V. Ramakumar Director & Director-Research & Development
Govind Kottieth Satish Director, Director-Planning & Business Development
Ranjan Kumar Mohapatra Director & Director-Human Resources
Sector and Competitors
1st jan.Capitalization (M$)
INDIAN OIL CORPORATION LIMITED-32.62%10 493
RELIANCE INDUSTRIES LTD28.67%165 522
EXXON MOBIL CORPORATION-45.36%161 223
CHINA PETROLEUM & CHEMICAL CORPORATION-25.16%72 425
BP PLC-47.49%67 200
NESTE OYJ81.11%51 556