The fiscal tilt towards capex benefits companies in investment-related sectors like capital goods, defence equipment, engineering & construction and metal & mining. The planned cut in revenue expenditure will weigh on companies in consumption sectors like FMCG, consumer durables and retail.
To help them make up for the revenue lost on selling auto and cooking fuel below cost.
Losses on sale of diesel at government-controlled rates have hit a record Rs 19.26 a litre, sending state-owned oil companies scrambling for ways to cover the mounting losses.
This is the second hike in diesel price this month.
Petrol price was on Saturday cut by Rs 0.50 per litre but there will be no change in rates of diesel.
No immediate comment was available from airlines on the impact of the price hike on passenger fares.
The movement of prices in international oil market and rupee-dollar exchange rate shall continue to be closely monitored
Petrol and diesel prices are likely to be cut by close to Re 1 per litre this weekend on sliding global oil rates.
Petrol price has been cut by 58 paise a litre and diesel by 25 paise with effect from midnight tonight.
Jet fuel (ATF) rates were on slashed by a steep 12.5 per cent, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre, the third reduction in rates this month.
Petrol price had been cut 10 times since August 2014.
Air fares to go up as ATF price is hiked by 8.2%.
Movement of prices in international oil market and rupee-USD exchange rate will be monitored
Aviation turbine fuel to now cost more.
The government has ordered Oil and Natural Gas Corp (ONGC) to pay a near-record Rs 13,764 crore as fuel subsidy for the December quarter, a move that will dent the firm's profitability.
The market breadth in BSE remains healthy with 1,829 shares advancing and 721 shares declining
Oil companies choose to skip the revision this time.
Petrol gets expensive but diesel is cheaper by Rs 1.35/ per litre.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
Oil companies on Wednesday slashed petrol and diesel prices by Rs 2, with effect from midnight tonight.
The government on Thursday sanctioned Rs 17,772 crore (Rs 177.72 billion) cash subsidy to fuel retailers like IOC to cover for half of the revenues they lost on selling diesel and cooking fuels below cost in the September quarter.
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