Indian Oil Corporation, the country's largest oil firm, lost about Rs 4,900 crore (Rs 49 billion) in revenues during the first quarter of the current fiscal on selling fuel below the cost.
He also attacked Modi on the CBSE question papers leak and on the 'leak' of assembly election date for Karnataka, saying Modi was silent on these issues too.
Bank shares were the top gainer in early trades with Bank of Baroda up over 4%.
Finance minister Nirmala Sitharaman on Wednesday exuded confidence that inflation would further decline and the government is on track to meet its budgetary target for deficit and said that there is no fear of stagflation in India. Replying to the debate on first batch of Supplementary Demands for Grants 2022-23 in Lok Sabha, the finance minister said inflation has come down and it is now in the tolerable band of the RBI. Inflation has been declining since April 2022 and it is declining further, she said.
The government on Friday said that it is concerned about frequent hike in prices of petroleum products but does not plan to reduce taxes on oil goods.
The growth, however, may not indicate a major revival of economic activity.
Customers have started to factor in the narrowing gap between petrol and diesel and the premium that needs to be paid for a diesel vehicle.
Describing the hike in diesel prices as a cruel joke and a "mortal blow" to the common man and farmers, the Bharatiya Janata Party on Thursday accused the government of conspiring with the petrol 'mafia'. "This is a cruel joke on the common man. It has hit farmers hard during the peak paddy sowing season. We will not allow this hike. We will not allow this government to loot the common man like this," said BJP vice president Mukhtar Abbas Naqvi.
A day after a group of Congress MLAs met Sachin Pilot, another party legislator on Friday expressed support for the dissident leader as trouble brewed again in Rajasthan's ruling party.
Is it all new? No it is a cosmetic upgrade in reality
Sri Lankan government on Monday admitted that it has run out of cash to buy fuel as pumps in most filling stations across the country have run dry, exacerbating the deepening foreign-exchange crisis that has crippled the island nation's economy.
So, while it is great that India's numbers look relatively good, don't raise a cheer just yet, points out T N Ninan.
Inflation in 'fuel and power' basket rose sharply to 11.22 per cent in May from 7.85 per cent in April as prices of domestic fuel increased in line with rising global crude oil rates.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
Stocks to watch: Container Corp, Snowman Logistics & Transport Corp
While the average CPI hovers at 10 per cent for five years now, our tax benefits are almost a decade old.
Bhartiya Janata Party, Left and Samajwadi Party have decided to protest against the steep hike in the prices of petrol and would hold countrywide demonstrations, dharnas and court arrest to register their anger against the move during Thursday's Bharat bandh.
'If you are invested in mid-cap and small-cap stocks, even if you are making losses right now, it is better to sell them now and sit on cash.'
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
A nationwide and compulsory switch to BS-VI is due from April 1, 2020. Amid increase in input and other costs, companies had decided to increase the price of their vehicles from January 2020. This is expected to push sales of passenger vehicles by 2 to 4 per cent in December; reportedly, bookings are in that range.
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Financial assistance of Rs 25,000 to one lakh persons going on pilgrimage to major Hindu temples, increase in maternity leave period and assistance, cut in fuel prices and steps to ban National Eligibility cum Entrance Test (NEET) were the various promises made by the Dravidian party.
Let alone a discount, they might not even get the model, variant or colour of choice in BS-IV-compliant vehicles.
When oil prices collapse from $110 to $45, economic agents in India experience a large income windfall.
Link between oil exploration and markets can be used by India to great advantage.
Maruti Ciaz and Ertiga are exempt from the infrastructure cess and so, there is no change in the prices of these models.
Despite the steep hike of Rs 20 per LPG cylinder announced last week, domestic cooking gas in India is still the cheapest in the subcontinent.
