Market Walk

China is looking to cement its oil ties with Russia for the long term

China is looking to cement its oil ties with Russia for the long term

Hindustan Petroleum posted 34% lower net profits for Q4 FY22

Hindustan Petroleum posted 34% lower net profits for Q4FY22 at Rs2,019 crore on yoy basis. The top line revenues were up 24.2% at Rs107,000 crore. However, total costs increased 28%, putting some pressure on profits. The operating margins fell from 4.46% to 1.57% on a yoy basis. While the gross refining margins (GRM) nearly doubled to $7.19/bbl, the company suffered on marketing margins as the market prices were static even as crude prices nearly doubled since October. HPCL will pay dividend of Rs14 per share.

China is looking to leverage discounted Russian crude oil to replenish its strategic stockpiles

China is looking to leverage on discounted Russian crude oil to replenish its strategic stockpiles. Amidst the sanctions imposed by the US and the EU, China is looking to cement its oil ties with Russia for the long term. Oil has been rallying since the Russian invasion of Ukraine. However, the stringent sanctions mean that Russia is willing to sell at a discount to buyers. China has recently abdicated oil cargoes from Iran and Venezuela to buy Russian crude. Last year China had sold crude from its stockpiles to tame crude prices.

Maruti Suzuki expects its new manufacturing facility in Sonipat

Maruti Suzuki expects its new manufacturing facility in Sonipat, Haryana to scale peak output of 10 lakh units per year over 8 years. The facility will entail an investment of Rs 18,000 crore with the first vehicles likely to roll out by 2025. The Sonipat factory will cater to domestic and export demand. Currently, MSIL has an annual production capacity of 22 lakh units at its plant in Haryana and Suzuki plant in Gujarat. In Haryana, Maruti has 2 plants located at Gurugram and Manesar. Rs11,000 crore will be spent in Phase-1.

Reddy Labs announced 76% fall in net profits for Q4 FY22

Reddy Labs announced 76% fall in net profits for Q4FY22 at Rs88 crore. However, this was largely due to a one-time impairment charge of Rs751 crore in the quarter. Top line revenues were up 15% at Rs5,437 crore on a yoy basis. The CEO highlighted that despite headwinds in the business, North America vertical grew 14% while Europe and India grew at 15% and 12% respectively. Emerging markets were the segment that saw the best growth, albeit on a small base. Reddy Labs saw lower volumes amidst stiff competition.

HDFC Bank touched a 52-week low of Rs1,282 on the 19th of May

Amidst the chaos in markets, HDFC Bank touched a 52-week low of Rs1,282 on the 19th of May. The HDFC Bank stock has fallen 26% since the merger announcement with HDFC Ltd. Stock markets have been worried that the merger would make the combined entity unwieldy plus the fact that HDFC was getting its shareholders a much better deal at the cost of HDFC Bank shareholders. There are also concerns

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