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Indian Oil reports Rs 898 crore loss in September quarter

The company suffered a net loss of Rs 898.46 crore, in July-September against a net profit of Rs 1,683.92 crore, or Rs 6.94 per share, IOC Chairman B Ashok said.

Its crude oil production fell over 4 per cent to 0.879 million tons but natural gas output was 4.2 per cent higher at 0.694 billion cubic meters.
The Finance Minister also said the government would soon unveil reforms for other natural resources sectors along the lines of coal block auctions.
The refinery is currently operating at 80-90 per cent of its capacity as its cooling towers were damaged by cyclone Hudhud last month.
The state-run firm's total income from operations increased to Rs 16,736.63 crore from Rs 16,448.90 crore in the same period last financial year.
The government has also selected 5 merchant bankers for managing the stake sale - Citigroup, HSBC Securities, UBS Securities, ICICI Securities and Kotak Mahindra Capital.
Commissioning the two units, Steel Secretary Rakesh Singh said the two projects shall meet the increased raw material requirement of the plant after modernisation.
The government has set up a committee to examine ways sick public companies can be resuscitated, including using cash reserves from profit-earning PSU firms.
The world's largest coal miner is under pressure from Prime Minister Narendra Modi's government to quickly boost output to cater to fuel-starved power plants.
Net profit for July-September rose to Rs 1,302.9 crore from Rs 9,15.67 crore in the same period a year ago, the company said in a filing to the stock exchanges.
The oil major wants to take advantage of falling oil prices to more than double its overseas output to the equivalent of 400,000 barrels per day of oil by 2018.
The government deems the time is right to sell stakes in oil companies following the diesel deregulation, a senior Finance Ministry official said.
The government, in September, had approved diluting its shareholding in Coal India (CIL), ONGC and NHPC.