Narang temporary CMD at HPCL
HPCL finance director Rajneesh Narang has taken additional charge as company CMD.
"I am directed to state that the competent authority has approved the entrustment of the additional charge of the chairman and managing director post to director finance Rajneesh Narang for three months," wrote oil ministry undersecretary Vikash Kumar to HPCL company secretary V Murali on August 28 (2024). Former chairman Pushp Kumar Joshi retired on August 31 (2024).
Narang's appointment comes after the PESB failed to select the next HPCL chairman after interviewing eight candidates on June 14 (2024), leaving the choice up to the oil ministry. "The Board did not recommend any candidate for the post of CMD, HPCL and advised the MoPNG to choose an appropriate course of further action for selection, including a search and selection committee," noted the PESB.
Among those who appeared for interviews were HPCL director refineries Shunmugavel Bharathan, executive directors Anuj Kumar Jain, Subodh Batra, K Vinod, Sandeep Maheshwari, and Vetrivel Chakravarthy Asokan; GAIL executive director Sachchidanand Yadav and Indraprastha Gas managing director Kamal Kishore Chatiwal. Before Narang was appointed director finance on March 22 (2022), he was an ED and chief financial officer.
He has also held portfolios as ED finance (marketing) and executive assistant to the chairman. Narang is on the board of several HPCL subsidiaries.
HPCL's share price reached a one-year high on September 2 (2024) alongside similar sharp gains for state-owned IndianOil and Bharat Petroleum amid expectations that marketing margins will improve as the Brent crude oil price fell to around $73/barrel on September 3 (2024).