JUNE 20238Bharat Petroleum Corporation, stronger refining margins and recovering fuel marketing margins were the driving forces behind the March quarter's net profit more than doubling. According to a company stock exchange statement, the business's standalone net profit for the January-March quarter was Rs.6,478 crore compared to Rs.2,501 crore for the same period last year.The increase in fourth-quarter net profit offset the losses the company had to incur in the first half of the financial year from maintaining petrol, diesel, and LPG prices despite an increase in cost, resulting in a net profit of Rs.1,870.10 crore for the entire fiscal year 2022­23 (April 2022 to March 2023) for the company.BPCL and other state-owned fuel merchants keep their pricing the same, but thanks to a decline in the price of crude internationally, they are now making substantial margins. Since April 6 of last year, there has been a price freeze on petrol and diesel. In April of last year, the basket of crude oil that India buys cost more than $100 a barrel, but it is now less than $75.In refineries like those owned by BPCL, crude oil is transformed into fuel. The three state-owned businesses continue to maintain rates despite the declining prices in order to make up for losses incurred in the first half of the fiscal year. JSW Steel has told stock markets that it will purchase flat-steel manufacturer National Steel and Agro Industries (NSAIL) through the bankruptcy court for a cash payment of Rs.621 crore through its wholly-owned subsidiary JSW Steel Coated Products. The acquisition will be finished within 30 days of the effective date as specified in the resolution plan, which the steelmaker received approval for last week from the Mumbai bench of the National Company Law Tribunal (NCLT). With a turnover of Rs.815 crore in 2021-22 (April-March), National Steel and Agro Industries, a producer and exporter of steel from central India, is best known for its flat steel products, which include cold rolled coils, galvanised corrugated sheets, colour coils, and pre-painted profile sheets, among others.JSW Steel will benefit from operational, purchasing, marketing, and sales synergies as a result of this acquisition. Shares of National Steel and Agro will now be delisted from the exchanges in compliance with the resolution plan. Bhushan Power and Steel and Monnet Ispat and Energy were previously bought by JSW Steel via bankruptcy as well. India currently has a 27 million tonne per year steel production capacity. TOP STORIESJSW STEEL WILL INVEST RS.621 CRORE TO ACQUIRE NATIONAL STEEL & AGROBPCL PROFIT MORE THAN DOUBLES IN Q4 ON HIGHER REFINING, MARKETING MARGINS
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