El Nino Impact: India Halts Sugar-Based Ethanol Procurement As Sugarcane Crop Shrinks
Indian Oil is in focus in an order wins & contracts development.
· NDTV Profit
State-owned refiners Indian Oil Corp., Bharat Petroleum Corp., Hindustan Petroleum Corp., Numaligarh Refinery Ltd. and Mangalore Refinery and Petrochemicals Ltd. issued a joint tender seeking nearly 11 billion liters of ethanol for the new supply year, citing the new government directions.
The analysis
Against that, the stock is -0.2% on the day at ₹130.15, and has returned -7.0% over three months. It sits 31% below its 52-week high, which means a good deal of bad news was already in the price. The oil & energy sector has moved -5.7% over the same period, so Indian Oil is running 1.3 points behind its peers.
With Indian Oil, Bharat Petroleum and Hindustan Petroleum all implicated, this reads as a Oil & Energy-level move rather than a company-specific one, which is the more durable kind of signal.
Why it matters
- A large order lengthens revenue visibility, which is what the market pays a premium for in capital-goods and infra names.
Market context
- 4 of the 4 companies named are in Oil & Energy, so the story reads across that sector rather than for one company.
- On the day, 0 of 4 are higher: Mangalore Refinery leads at -0.1% and Bharat Petroleum trails at -1.5%.
- Over three months: Indian Oil -7.0% against Oil & Energy -5.7% (1.3 points behind); Bharat Petroleum -9.8% against Oil & Energy -5.7% (4.1 points behind); Hindustan Petroleum -12.3% against Oil & Energy -5.7% (6.6 points behind); Mangalore Refinery +3.8% against Oil & Energy -5.7% (9.5 points ahead).
- At least 25% below the 52-week high: Indian Oil (31%), Bharat Petroleum (27%) and Hindustan Petroleum (32%).
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Indian OilIOC · Oil & Energy | ₹130.15 | -0.2% | -3.5% | -7.0% | -30.6% | 1.4× | — |
| Bharat PetroleumBPCL · Oil & Energy | ₹284.90 | -1.5% | -6.0% | -9.8% | -26.6% | 0.6× | — |
| Hindustan PetroleumHINDPETRO · Oil & Energy | ₹340.55 | -0.5% | -2.8% | -12.3% | -31.8% | 0.7× | — |
| Mangalore RefineryMRPL · Oil & Energy | ₹173.15 | -0.1% | +2.3% | +3.8% | -16.3% | 0.3× | — |
Oil & Energy
1M -4.8% · 3M -5.7%
Indian Oil, Bharat Petroleum, Hindustan Petroleum, Mangalore Refinery
Prices as of 30 Oct 2026, 16:10 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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