Hindustan Petroleum Corporation or HPCL (down 4% at Rs 308), Bharat Petroleum Corporation or BPCL (down 3.7% at Rs 390) and Mangalore Refinery & Petrochemicals or MRPL (down 3% at Rs 104) have hit their respective 52-week lows on the BSE in intra-day trade today.

According to the contract, IOC has booked 3 million tonne per annum (mtpa) regasification capacity spread over 20 years and IOC plans to supply this gas to its refineries in Paradip in Odisha and Haldia in West Bengal, the company said.

OMCs are Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd (IOC).

Oil and Natural Gas Corporation (ONGC), Oil India, Aban Offshore, Jindal Drilling & Industries, Hindustan Oil Exploration and Deep Industries were up in the range of 3% to 7% on the BSE. On comparison, the S&P BSE Sensex was down 0.30% at 33,780 points at 10:07 AM.

While Indian Oil Corp (IOC) is expanding refining capacity to meet fuel demand, which is expected to nearly double by 2040, it does not want to remain "a refining company alone and is thus venturing into petrochemicals and alternative fuels as well," company's Director (Refineries) B V Rama Gopal told reporters here.

Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Co. Ltd will supply the BS VI fuel at all their petrol pumps from 1 April, Indian Oil officials said.

Under the Ujjwala scheme—a key welfare programme of the centre for poor women—many availing an equated monthly instalment (EMI) facility for meeting the cost of stove and first refills were paying market price for refills till the loan repayment was made.

The company plans to use internal resources for the capital expenditure and has no plans to raise loans or issue bonds, the people said, asking not to be identified as they aren’t authorized to speak to the media.

IOC, in February last year, had asked for 2,290 acres of additional land to commission the petrochemical units. The oil major preferred to have land contiguous to its 15-million-tonne-per-annum crude oil refinery at Paradip.

Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89 per cent stake in India's biggest gas marketing and transportation firm, GAIL.