the latest...
Quote:
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IOC is seeking hikes of Rs 5.6/litre and Rs 7.6/litre in the prices of petrol and diesel respectively. Said Mr Sarthak Behuria, CMD of IOC, “If crude prices stay at current levels, our revenue loss for ‘06-’07 would be around Rs 30,000 crore. However, we are confident of some government intervention on the price front.”
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Read the full story at
http://economictimes.indiatimes.com/...ow/1496945.cms
Nevertheless I find it strange that these oil companies claim to be in loss every few days!....
So I actually checked out IOCs financials.... Last year they are in profit (i.e. year ended 31 March 2005)... though 3rd quarter of the year 2005-2006 is in LOSS (though not much).
Again if Oil companies make loss!!!... how can Reliance's latest IPO be over subscribed by 25 times.
I am sure I am missing something... WHAT?