As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
The 30-share Sensex ended down 71 points at 21,255 and the 50-share Nifty ended down 31 points at 6,333.
.jpg)
The 30 Sensex companies alone, which are among the biggest companies in the country, now account for nearly 50% or about Rs 47 lakh crore of total investor wealth.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
In the next quarter, the country will also start gearing up for various Assembly elections could put the government as well as the OMCs under pressure
The Planning Commission said the decision of oil marketing companies to raise petrol price by Rs 3.14 per litre is a good news and will provide credibility to the economic reforms process.
PSUs to wait and watch, IndianOil says losing Rs 1.37 on every litre of petrol.
Finance Minister Nirmala Sitharaman on Tuesday said the Russia-Ukraine crisis and the ensuing jump in global crude prices are a challenge to financial stability in India. The two issues were discussed at the meeting of Financial Stability Development Council (FSDC), which comprises all the financial sector regulators, Sitharaman told reporters in Mumbai. "It is difficult to say how it (crude prices) will go.
From its recent lows, the stock of consumer major Marico is up 7 per cent on the back of a better-than-expected June quarter performance and robust outlook. In a pre-quarter update, the management indicated that domestic volume growth should witness an improvement in FY25, while other segments (growth portfolio, international business) too would see traction going ahead. The near-term trigger is strong sales and operating performance for Q1FY25.
In a marginal relief to consumers, IndianOil, the biggest oil marketing company, has cut petrol prices by Rs 0.56 per litre with effect from midnight today.
Oil marketing companies decrease distribution & production of fuel brands after huge drop in demand.
Apart from the emotional value attached to buying gold, the yellow metal offers protection against inflation, interest rate spikes, currency and geopolitical risks, says Anamika Pareek.
In 13 hikes, petrol price has gone up by Rs 7.11 per litre and diesel by Rs 7.67 a litre.
Analysts are enthused by BPCL's upstream foray and have re-rated the stock in the past couple of years.
Corporate India is more dependent than before on exporters of IT services such as Tata Consultancy Services (TCS), Infosys, and Wipro for earning foreign exchange. Such companies account for nearly 43 per cent of the forex revenues of listed firms, up from 22 per cent a decade ago. The listed IT services companies earned nearly Rs 4.2 trillion through exports in FY22, up 15 per cent from the Rs 3.65 trillion a year earlier. In comparison, the forex revenues or exports of the rest of the BSE500 companies were down 11.9 per cent to Rs 5.6 trillion last financial year.
Centre and state governments are steadily increasing excise duties and value-added tax
Pattali Makkal Katchi founder S Ramadoss said that Prime Minister Narendra Modi should meet the expectations of the people that prices will go down if he took over and 'it is the duty of the new government to do that.'
OMCs are currently incurring daily under-recovery of Rs 230 crore.
Lower crude oil prices would impact India's inflation, CAD.
From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers. Wipro, Nestle, HDFC Bank and Bajaj Finance were among the laggards.
In January, India allowed fuel retailers to raise the price of subsidised diesel every month and asked bulk buyers to pay market rates.
Markets ended higher, amid firm global cues, and are on track for third straight day of gains.
If growth reverts to the pre-Covid level, a lot of people may have to temper their rosy optimism, points out Debashis Basu.
The CBI has booked an ITBP commandant and his two subordinates for alleged corruption in purchase of heating oil and other items for an outpost at Indo-China LAC in Uttarakhand, officials said Tuesday.
Sectors that will drive profit growth include refineries, private banks, capital goods, cement, fast moving consumer goods, metals and oil & gas. Sectors with disappointing growth are public sector banks, construction, media, pharmaceuticals, steel, textiles, telecom and tyres.
A shortfall in LPG supply from Aramco has led to huge booking backlog across states. To meet the backlog, India has asked Abu Dhabi National Oil Company for two additional cargos of LPG, but that may take another 10 days to reach.
From the Sensex pack, Mahindra & Mahindra climbed 3.71 per cent after the company reported an 18 per cent jump in its consolidated profit for the March quarter and the highest-ever annual profit of Rs 10,282 crore in FY23. Titan, Tata Steel, HDFC, UltraTech Cement, State Bank of India, ITC, IndusInd Bank, NTPC, HDFC Bank and Bajaj Finserv were the other major gainers. HCL Technologies, Power Grid, Maruti, Wipro, Tata Consultancy Services, ICICI Bank, Infosys, Tech Mahindra and Hindustan Unilever were the laggards.
'Forget your loss or profit in your portfolio.' 'Look at how much cash you have in hand.' 'If you don't have cash in hand, liquidate at least partially; get into about 20 per cent in cash.'
Chinese stock markets suffered their biggest single-day drop since the global financial crisis.
Oil firms yet to get Rs 18,000 crore (Rs 18 billion) of FY12 subsidy compensation, as estimate for this year's underrecovery swells past Budget allocation.
The broader markets also ended lower in line with the benchmark indices
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
The positive impact of the February 14 hike in petrol and diesal prices on oil marketing companies has been negated in just a fortnight with daily retail losses of these companies going back to over Rs 410 crore (Rs 4.1 billion) for the fortnight ended February 29. This is due to the steep rise in global crude prices in recent days. The retail prices were hiked by Rs 2 per litre for petrol and Re 1per litre for diesel.
Diesel is currently sold at a loss of over Rs 10.80 per litre.
The oil companies raised petrol prices by Rs 7.50 on Wednesday, a tough but unpopular decision which many see as a strong signal from the government that it's now stepping on the reform pedal.
EM asset classes could rally if the pace of US Federal Reserve rate increases moderates.
The S&P BSE Sensex surged 160 points to close at 25,262.
The limited availability of flexible (flex)-fuel vehicles in the Indian market and the slow rollout of ethanol-blended petrol by oil-marketing companies (OMCs) remain major obstacles to achieving widespread use of biofuels in the transportation sector in India. Recently, two Union ministers have emphasised India's biofuel potential, arguing that it has the capacity and potential to lead a transition towards widespread biofuel adoption. Road Transport Minister Nitin Gadkari signalled that this transition is well underway and urged car manufacturers to quickly adapt and introduce new biofuel-run vehicles, lest the government resort to taxing diesel vehicles.
In 12 hikes, petrol price has gone up by Rs 6.55 per litre and diesel by Rs 7.04 a litre.
