Indian Oil, BPCL, HPCL shares rise on petrol, diesel price hike
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State-run oil marketing companies shares rose on Monday amid flat broader markets on the back of increase in retail fuel prices announced last night. Indian Oil Corp, the country’s largest oil marketer, was trading at Rs 335.3, up 1.36% from the previous close. Other two state-run oil marketing companies – Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd were also trading higher at Rs 490.7 (up 0.57%) and Rs 658.45 (0.12%) in the morning trade. Benchmark indices marginally recovered from early morning weakness. BSE Sensex was trading at 27,257.16 points, up 0.07%, and NSE Nifty regained the 8,400-mark at 8,409.1 points, up 0.1%.
Late last night, oil marketing companies raised petrol price by Rs 0.42/litre and diesel by Rs 1.03/litre, effective midnight, in line with rising global crude oil prices in trailing few weeks. Petrol will now cost Rs 71.14/litre in Delhi and diesel will cost Rs 59.02/litre taking into account additional impact of state taxes.
This is the fourth straight increase in prices of petrol and third straight increase in prices of diesel India since November-December, when global crude oil prices started rising on the talk of world’s major oil producers contemplating a cut in output. Price of Indian basket of crude oil has risen to $53.95/bbl from $53.05/bbl for the preceding fortnight. However, strengthening Indian rupee against the US dollar provides cushion to Indian buyers from rising global crude oil prices.
The cap on the recent rally in global crude oil prices may prompt Indian oil marketing companies to cut retail fuel prices in the following fortnights, provided current inventories stockpiled at higher prices do not weigh.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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