HPCL Refinances Rs 50,000 Crore Debt, Cuts Borrowing Costs

• HPCL refinanced Rs 50,000 crore of debt at its Rajasthan refinery.
• Borrowing costs were reduced by around 105 basis points.
• Annual interest savings are targeted at about Rs 1,000 crore.
• HPCL's net profit slipped 9% in Q2 due to volatile crude prices.
• The company's gross refining margin was $32.15 per barrel in Q2.