Companies & Sectors
Petrol, diesel rates cut by under 1 Re
State-run Indian Oil Corp (IOC) has cut the price of transport fuel effective on Friday by under a rupee each, of petrol by 89 paise a litre and of diesel by 49 paise, both at Delhi with corresponding decrease in other states.
 
Making its previous fortnightly revision in fuel prices on June 16, IOC had hiked prices of petrol marginally by 5 paise a litre, and of diesel by Rs 1.26, both at Delhi, with corresponding increase in other states.
 
Petrol per litre from Friday costs Rs 64.76 in Delhi, Rs 67.79 in Kolkata, Rs 69.32 in Mumbai and Rs 64.24 in Chennai.
 
Similarly, diesel costs Rs 54.70 in Delhi, Rs 56.89 in Kolkata, Rs 60 in Mumbai and Rs 56.25 in Chennai.
 
Amid the recent fluctuation in global crude oil prices the Indian basket of crude closed trade on Thursday at $46.48 a barrel, as per official data.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex to pause for breath – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex were likely to head higher. The major indices of the Indian stock markets rallied on Thursday and closed around 1% higher than Wednesday’s close. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Key Indian equity market indices opened higher on Thursday in line with global peers and taking positive cues from implementation of the Seventh Pay Commission. Asian markets on Thursday were trading in the green. Chinese stocks opened mixed on Thursday, with the benchmark Shanghai Composite Index opening flat at 2,931.48 points Shanghai Composite closed at 2,929.61, down 0.07%. Tokyo shares opened higher after anxiety over Japanese economy on account of Brexit and the weakening yen started declining. The Nikkei however, ended flat. Other international markets were also in the green. US stocks closed higher, buoyed by gains in oil prices, as global markets continued to rebound from previous sharp losses after Britain's vote to leave the European Union (EU).
 
By the end of trading on Thursday, market analysts pointed out that short covering on the back of latest key economic decisions, combined with positive global cues and a firm rupee, propelled the Indian equity markets into making healthy gains. Sector-wise, all the sub-indices witnessed healthy buying which was led by banking, automobile and capital goods stocks. The BSE market breadth was tilted in favour of the bulls -- with 1,598 advances and 1,011 declines. The equity markets gained on the back of reduced uncertainty over the modalities of Britain's exit from the European Union (Brexit). Investors were also hopeful that international central banks might go in for major stimulus measures to protect growth as a result of Brexit. Further, higher global crude oil prices and a firm rupee enhanced investors' risk-taking appetite.
 
The hardcopy peripherals market in India dropped 2.2 per cent sequentially in the first quarter of this year and reached 795,451 units in terms of shipments, says market research firm International Data Corporation (IDC). Hardcopy peripherals (HCP) includes printers, multifunction peripheral (MFP), and digital copiers. However, the market for laser printers witnessed a remarkable sequential growth of 15.9% in the same quarter, the report said. "In the absence of substantial demand from government and consumers in Q1 2016, the overall HCP market witnessed weak buying as the sentiments were not positive. However, the enterprise segment witnessed some growth and is expected to pick up pace in the coming quarters,” Maninder Singh, Market Analyst at IDC India, said in a statement. Among major vendors, HP managed to achieve 44.7% shipment share and remained as the market leader in India.  HP was followed by Epson and Canon with 19.1% and 16.6% share respectively, the report said. The IT market which is dependent on exports (and imports for domestic sales) is likely to face uncertainty with currency markets swinging in the wake of the Brexit. Attractive pricing and maintaining real operating margins are likely to be challenging issues for IT vendors in India.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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No relief in sight from high prices of pulses
There seemed to be no respite from high prices of pulses like Urad and gram on Thursday as paucity of stocks and restricted supply continued to push up the wholesale prices.
 
At the bulk purchase markets in New Delhi and parts of northern India, there have been reports of overall rise in prices of Urad and Urad Chilka dal by about Rs 100 per quintal.
 
The prices of Urad on Thursday shot up to Rs 10,800-Rs 12,300 per quintal depending on varieties, a source in the Union Food Ministry said.
 
Last week, there was a modest drop in wholesale prices of pulses, the source said.
 
The wholesale price of gram and Kabuli gram also ended higher and advanced on average by Rs 200 per quintal on the backdrop of strong demand from retailers.
 
At the retail market, prices of pulses were Rs 190-200 per kg.
 
In the national capital, gram bulk price rose further by Rs 200 to Rs 7,600, sources said.
 
The prices of Masoor dal small stood around Rs 6,350 per quintal while Masoor local was about Rs 6,600.
 
However, easing demand resulted in drop in prices of maize by about Rs 50 per quintal. Traders also feel there are ample stocks of maize.
 
In New Delhi and other parts of north India, bulk price of maize fell by Rs 50 to around Rs 1,675 per quintal, sources added.
 
Faced with recurring demand-supply issues vis-a-vis pulses, India has requested Mozambique to consider if it can supply Tur dal (or Arhar) for the next five years on a government-to-government basis.
 
India has offered to buy Tur dal from Mozambique at a minimum support price (MSP) plus carrying and transportation cost, the source said.
 
The MSP of Tur dal has been fixed at Rs 5,050 per quintal, which includes a bonus of Rs 200 for 2016-17 crop year (July-June).
 
Mozambique produces around 70,000 tonnes of pulses, including Tur, in a year.
 
India, meanwhile, is also negotiating with Myanmar for long-term supply of Tur dal.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Dr. Rakesh Goyal

11 months ago

This price rise is all synthetic by artificially creating shortage and hoarding. Further, if MSP is Rs. 5050 per quintal, why the wholesale prices are Rs. 10800-12300 per quintal, why the retail prices are Rs. 190-200 . Unjust enrichment of middlemen/businessmen and may be also of neta and babus. दाल में काला नहीं, पूरी दाल ही काली है.

D S Ranga Rao

11 months ago

For all that hype of Minimum Government and Maximum Governance, the government has hopelessly failed to check not only the galloping prices of pulses but also free availability of other food grains. Now with the approval of the 7th CPC pay scales, the prices of the food grains go up noholds barred.

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