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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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Delayed Quote. Delayed NSE India Stock Exchange - 09/24 07:10:28 am
72 INR   -5.20%
02:25pIndia's August crude processing drops as raging virus cases dim demand
RE
07:08aFire-hit supertanker owner to pay $1.8 million for Sri Lanka's help
RE
09/21Indian Oil Corp reviews refinery expansion plans
RE
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SummaryAll NewsPress ReleasesOfficial PublicationsSector news

Indian Oil targets textiles in hunt for margins

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09/14/2020 | 05:54am EDT
A woman walks past a logo of Indian Oil outside a fuel station in New Delhi

Indian Oil Corp will expand its petrochemicals capacity and integrate it with its textile business to help offset the impact of low refining margins, the chairman of India's largest refiner said on Monday.

"We see petrochemical integration as the way forward...Petrochemicals gives us that ability to de-risk from low cracks (refining margins)," S.M. Vaidya said at the online Asia Pacific Petroleum Conference (APPEC).

India's per capita consumption of petrochemicals is one of the lowest in the world, but consumption is expected to rise with rising income levels.

"Over the long term, (the) focus will be on capacity augmentation, getting into the areas of niche petrochemicals with further forward integration into textiles," Vaidya said, describing this as "key for sustaining our competitiveness margins and growth trajectory".

IOC is expanding its petrochemical capacity by more than 70% from its current 3.2 million tonnes a year.

Asia's refinery margins are currently negative <DUB-SIN-REF>, with refiners running at low output to cope with oversupply.

Jet fuel is among the worst hit due to air travel restrictions to curb the spread of the coronavirus.

Graphic - Singapore refining margins value: https://graphics.reuters.com/REFINERY-MARGINS/nmopaqeagpa/chart.png

Vaidya said IOC is working on an oil-to-chemical technology to use cheaper grades for producing petrochemicals.

India, the world's third-biggest oil importer and consumer, has experienced a sharp decline in fuel demand, mirroring a global trend following the coronavirus outbreak.

However, Vaidya said a recent uptick in local sales of automobiles, including tractors, and the forthcoming festive season may lift fuel demand towards pre-COVID-19 levels by the end of the year.

"We also expect motor spirit and diesel demand to catch up to the pre-COVID level in the first half of 2021-22 as the pandemic probably should be under control by then," Vaidya added.

Consultancy Energy Aspects in a recent note lowered its fourth-quarter forecast for oil demand in India by 0.43 million barrels per day.

India has consistently reported more than 1,000 COVID-19 deaths daily this month and has recorded 78,586 in total.

It is second to the United States in its overall number of infections, but it has been adding more daily cases than the United States since mid-August.

(Reporting by Nidhi Verma in New Delhi and Seng Li Peng in Singapore, editing by Sherry Jacob-Phillips and Jason Neely)

By Nidhi Verma and Seng Li Peng

Stocks mentioned in the article
ChangeLast1st jan.
INDIAN OIL CORPORATION LIMITED -5.20% 72 Delayed Quote.-39.51%
LONDON BRENT OIL 0.24% 41.86 Delayed Quote.-36.73%
WTI -0.07% 40.261 Delayed Quote.-35.93%
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All news about INDIAN OIL CORPORATION LIMITED
02:25pIndia's August crude processing drops as raging virus cases dim demand
RE
07:08aFire-hit supertanker owner to pay $1.8 million for Sri Lanka's help
RE
09/21Indian Oil Corp reviews refinery expansion plans
RE
09/21Indian Oil Corp buys LNG cargo for November delivery - sources
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09/16INDIAN OIL : Sri Lanka seeks at least $1.9 mln damage from owner of fire-hit tan..
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09/14Indian Oil targets textiles in hunt for margins
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09/11Salvage team working to stop fuel leak from fire-hit supertanker
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09/11INDIAN OIL : Union Petroleum Minister inaugurates 56 CNG stations across 13 Stat..
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09/08INDIAN OIL : Sri Lanka spots oil slick from fire-stricken supertanker
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09/08Sri Lanka spots oil slick from fire-stricken supertanker
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More news
Financials
Sales 2021 3 286 B 44 437 M 44 437 M
Net income 2021 99 144 M 1 341 M 1 341 M
Net Debt 2021 1 206 B 16 307 M 16 307 M
P/E ratio 2021 6,72x
Yield 2021 7,35%
Capitalization 697 B 9 479 M 9 430 M
EV / Sales 2021 0,58x
EV / Sales 2022 0,44x
Nbr of Employees 32 803
Free-Float 24,2%
Chart INDIAN OIL CORPORATION LIMITED
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Indian Oil Corporation Limited Technical Analysis Chart | MarketScreener
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Technical analysis trends INDIAN OIL CORPORATION LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 30
Average target price 116,45 INR
Last Close Price 72,00 INR
Spread / Highest target 171%
Spread / Average Target 61,7%
Spread / Lowest Target -9,72%
EPS Revisions
Managers
NameTitle
Shrikant Madhav Vaidya Chairman
Sandeep Kumar Gupta Chief Financial Officer & Finance Director
S. S. V. Ramakumar Director & Director-Research & Development
Govind Kottieth Satish Director, Director-Planning & Business Development
Vinoo Mathur Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
INDIAN OIL CORPORATION LIMITED-39.51%9 479
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CHINA PETROLEUM & CHEMICAL CORPORATION-34.12%65 411
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NESTE OYJ55.19%43 182