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Indian Oil net profit drops 47%

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Indian Oil net profit drops 47%

Indian Oil Corporation Ltd has reported a 47 percent fall in net profit to Rs 3,596 crore for the first quarter of the financial year 2019-2020. The company had reported a Rs 6,831 crore net profit in the first quarter of the financial year 2018-2019. The variation is due mainly to lower inventory gain during the quarter, the company said.

The lower profit was despite revenue flat-lining at Rs 1,50,135 crore during the quarter under review. This is marginally higher by 0.26 percent from the Rs 1,49,747 crore revenue reported by the company in the corresponding quarter of the preceding financial year.

IOCL Chairman, Sanjiv Singh said, “IndianOil sold 22.658 million tonnes of products, including exports, during the first quarter of the financial year 2019-2020. The gross refining margin (GRM) during the first quarter of fiscal 2019-2020 was $4.69 per barrel as compared to $10.21 per barrel in the corresponding quarter of the previous financial year.”

GRM is a measure of the gain per barrel of crude oil processed by the refiner. The GRM, excluding inventory gain/loss and price lag for the quarter under review, is $2.27 a barrel as compared to $5.18 a barrel in the same quarter of the previous year, a company statement said.

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ANALYSIS

Asia stock markets followed Wall Street lower Wednesday

The Sensex is down 91.50 points at 36968.87.Nifty is down 33.40 points at 10885.30

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On Wednesday Indian indices to be trade in negative,expect pharma and FMCG other sector are trading lower led by the metal, auto, energy, infra and IT.

Asia’s stock markets outpaced Wall Street on Wednesday as investors made a speech by the Federal Reserve chairman to signal possible plans to cut more US interest rates.

US stocks fell on Tuesday after another drop in bond yields and a mixed batch of corporate earnings. Financial sector stocks led the decline.

Markets have “entered a holding pattern” ahead of Powell’s speech at an annual gathering in Jackson Hole, Wyoming .from sourc

Energy:

US crude rose 18 cents to $ 56.31 a barrel in electronic trading on the New York Mercantile Exchange. The contract closed 1 percent down at $ 56.13 on Tuesday. Brent crude, which is used to price international oils, rose 24 cents to $ 60.27 a barrel in London. Contract 27 advanced last season to $ 60.03.

Rupee Update:

On Thursday Indian rupee opened flat at 71.56 per dollar versus previous close 71.55.

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ANALYSIS

Market watch ,Wednesday 21

Metal, FMCG and Energy trading lower

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On Wednesday 21 ,the market Started Flat , except IT other indices are trading lower led by the metal, FMCG and energy. Shares of United Spirits gained 3.4 percent on August 21 after promoter Relay BV acquired more shares and increased stake in the company.

On Tuesday Global shares were merged after rallying a day before the US decision to give Chinese telecom giant Huawei for 90 days to buy equipment from US suppliers.

Markets around the world have been swinging back and forth for months on incremental developments in the US-China trade war, with investors eager for any sign of progress.

Asian Market:

Asia shares rise mostly, as Japan’s benchmark Nikkei 225 gained 0.6% to close at 20,677.22.

Australia’s S&P / ASX 200 rose 1.2% to 6,545.00. South Korea’s Kospi rose 1.1% to 1,960.25.

Hong Kong’s Hang Seng fell 0.2% to 26,236.54. The Shanghai Composite was down 0.1% at 2,880.00.

Oil Update:

Benchmark crude oil lost 24 cents to $ 55.97 a barrel. Brent crude fell 25 cents to $ 59.49 a barrel internationally.

Rupee Update:

The Indian rupee gained in the early trade has opened higher by 25 paise at 71.45 per dollar .

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EDUCATION

Stock Market Watch ,Tuesday 20

Market Updates

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Global stock markets recovered some further ground Monday after last week’s turbulence. The ongoing trade war between the United States and China and an array of worries about waning growth across the world weighed heavily on sentiment.

Last week, many stock indexes around the world struck their lowest levels this year. Nifty Future is trading in negative and have a chance to fall on Tuesday

Investors are hoping that the U.S. Federal Reserve will continue to cut interest rates to shore up economic growth. The central bank lowered interest rates by a quarter-point at its last meeting. It was the first time it lowered rates in a decade.

World Market

In Asia, Japan’s benchmark Nikkei 225 rose 0.7% to finish at 20,563.16. Australia’s S&P/ASX 200 gained 1.0% to 6,467.40, while South Korea’s Kospi was 0.7% higher at 1,939.90. Hong Kong’s Hang Seng rose 2.1% to 26,278.22. The Shanghai Composite added 2.1% to 2,883.10.

Crude Oil Update:

Benchmark crude oil rose 14 cents to $55.01 a barrel. It rose 40 cents to settle at $54.87 a barrel Friday. Brent crude oil, the international standard, rose 27 cents to $58.91 a barrel.

Rupee update:

On Tuesday the Indian rupee opened lower at 71.51 per dollar against previous close 71.43 on Monday

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