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Hindustan Petroleum Corporation (HPCL)-led consortium has temporarily put on hold its proposed Rs300bn petrochemicals complex at Visakhapatnam, according to reports.
"The project has been put on hold because demand for petrochemicals has gone down," Arun Balakrishnan, Chairman and Managing Director, HPCL was quoted as saying.
This has been done for some time and "we will go ahead with the project once the situation (petrochemicals market) improves", he stated further.
The HPCL-led consortium includes GAIL, Oil India, Mittal Energy and French oil company Total.
Balakrishnan said, "We expect crude oil prices would hover around US$75-100/barrel in the next six months. HPCL's debt rose to Rs180bn from Rs120bn in April due to non-issue of oil bonds from the government."
India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.