Indian Oil

IndianOil, Bharat Petroleum Corporation and Hindustan Petroleum Corporation reported combined net losses of over Rs 40,500 crore in the first quarter of this fiscal. This wiped out half their net worth. Even after accounting for the diesel price hike and the mandatory one-third support from ONGC, Oil India and GAIL, the three refiners are expected to post combined losses of at least Rs 70,000 crore for the April-September period.
This means, for BPCL and HPCL the net worth will wiped out, while IOC may “barely salvage something”.
IOC, BPCL and HPCL believe that infrastructure-related spending could be anything upwards of Rs 150,000 crore over the next four years. “Where are we going to get the money from? If we don’t fix critical links in the supply chain, the country could go without petrol and diesel,” the official warned.

S Kumars Nationwide’s US subsidiary HMX Acquisition Corp has filed a voluntary petition for bankruptcy (under Chapter 11) on October 19.
HMX is into making tailored suits in the US.
The Oil Ministry will seek over Rs 1,00,000 crore from the Finance Ministry this fiscal towards fuel subsidy, new Petroleum Minister M Veerappa Moily said on Monday.

India has emerged as one of the top five investment destinations in the world, primarily on account of large market size and high customer potential, says a survey.
The consulting firm BDO Global Market Opportunity Index 2012 covered more than 1,000 senior finance officers spread across 14 countries, including India, the US and the UK. The survey examines the views of the company’s finance chiefs to expand in specific countries. the survey said that the professional services and technology, media and telecoms (TMT) sectors are driving investment in the country.
Growth and inflation
growth was as important as inflation. Surely, the RBI would not deny that; it never has. But it has a mandate and limited instruments with which to fulfil its obligations.
high interest rates have been...