Petrol price cut by 95 paise from today midnight

Petrol price in Mumbai has been reduced by Rs1.20 per litre to Rs73.53, while it will cost Rs70.57 a litre in Chennai and Rs74.55 per litre in Chennai

New Delhi: Petrol price was on Thursday cut by 95 paise per litre, the second reduction in rates since October, on account of fall in international oil prices, reports PTI.
Petrol in Delhi would cost Rs67.24 a litre from midnight tonight, down 95 paise from Rs68.19 a litre.
Prices vary from city to city due to differential local sales tax or VAT rates.
The last reduction in petrol price before this was the 56-paise cut to Rs67.90 a litre on 9th October. Thereafter, the rate was hiked by 29 paise following government decision to raise the commission paid to petrol pump dealers.
"Presently, the international oil prices are relatively stable," a statement by Indian Oil Corp, the nation's largest fuel retailer, said.
Petrol price in Mumbai has been reduced by Rs1.20 per litre to Rs73.53, while it will cost Rs70.57 a litre in Chennai from tomorrow instead of Rs71.77 a litre currently.
In Kolkata, the price has been cut by Rs1.19 to Rs74.55 per litre.
Global gasoline rates (against which the domestic price of petrol is benchmarked) have come down, but the rupee value against the US dollar remains volatile.
"There has been significant volatility in the Indian rupee-USD exchange rate and is currently very weak with uncertainty about its future direction," IOC said. "The trends in the international oil market and Indian rupee-USD exchange rate are being closely monitored and the same shall be reflected in future price changes."
The government had in June 2010 deregulated petrol prices giving oil companies freedom to fix rates in line with the cost. However, prices have seldom moved in line with cost and oil companies buckled under political pressure to keep rates checked to help the government manage inflation.


BSE Sensex, Nifty may consolidate at around today’s lows: Thursday Closing Report

There is a small chance that the Sensex, Nifty would have made their short-term lows today but this will be confirmed if tomorrow it goes above today’s high  

The market closed lower on selling pressure in IT, metal, fast moving consumer goods and auto sectors and on global worries. Today the Nifty hit a lower high and a lower low and ended in the negative for the fifth consecutive trading day. We may now see the index consolidating at the day's low and wait for fresh signals that will decide its further direction. The National Stock Exchange (NSE) saw a volume of 80.61 crore shares and an advance decline ratio of 688:1109.
The market opened lower tracking weak global cues. US markets closed over 1% lower overnight as president Barack Obama reiterated his move to impose higher taxes in his move to tackle the “fiscal cliff” and the ones in Asia were weak in morning trade on protests against austerity measures across Europe.
The Nifty opened17 points down at 5,650 and the Sensex started off at 18,590, down 29 points from its previous close. Select buying pushed the benchmarks higher, albeit still in the red. 
The indices hit their intraday highs in initial trade itself with the Nifty going up to 5,652 and the Sensex inching up to 18,594. But profit booking in blue chips led the market lower as trade progressed.
A weak opening of the European markets added to the woes of domestic investors in the second half of the trading session. Tension in the Middle East as Israel opened fire to quell Palestinian rocket attacks also kept investors guarded.
 The market touched the low point of the day at around 1.30pm. At the lows, Nifty fell to 5,604 and the Sensex went down to 18,409. But buying in index heavy weights like Reliance Industries, State Bank of India and ICICI Bank resulted in a minor bounce back from the lows. 
At the close, the Nifty fell 36 points (0.63%) to 5,631 and the Sensex settled at 18,471, down 148 points (0.79%).
Among the broader indices, the BSE Mid-cap index fell 0.17% while the BSE Small-cap index gained 0.28%.
The sectoral gainers were BSE Realty (up 1.97%); BSE Consumer Durables (up 1.64%) and BSE Power (up 0.13%). The chief losers were BSE IT (down 1.79%); BSE Metal (down 1.66%); BSE Fast Moving Consumer Goods (down 1.30%); BSE Auto (down 0.88%) and BSE Healthcare (down 0.81%).
Eight of the 30 stocks on the Sensex closed in the positive. The top gainers were Bharti Airtel (up 2.95%); BHEL (up 1.01%); HDFC (up 0.88%); Hindustan Unilever (up 0.81%) and Coal India (up 0.59%). The main losers were Tata Steel (down 2.66%); ITC (down 2.57%); Jindal Steel (down 2.32%); TCS (down 2.23%) and Wipro (down 2.19%).
The top two A Group gainers on the BSE were—Jet Air India (up 9.68%) and Sun TV Network (up 7.37%).
The top two A Group losers on the BSE were—United Breweries (down 992%) and Shree Cement (down 5.76%).
The top two B Group gainers on the BSE were—Money Matters Financial Services (up 20%) and Tata Coffee (up 20%). 
The top two B Group losers on the BSE were—Raymed Labs (down 19.42%) and Fact Enterprise (down 19.41%).
Out of the 50 stocks listed on the Nifty, 18 stocks settled in the positive. The major gainers were Bharti Airtel (up 2.83%); Kotak Mahindra Bank (up 2.81%); DLF (up 2.76%); IDFC (up 1.67%) and Cairn India (up 1.63%). The top losers were UltraTech Cement Company (down 3.49%); ITC (down 2.87%); Tata Steel (down 2.54%); Jindal Steel (down 2.46%) and Grasim Industries (down 2.45%).
Markets across Asia settled lower on opposition to president Obama’s move to address the fiscal deficit with additional taxes. The change in leadership in China with Xi Jinping replacing Hu Jintao as head of the Chinese Communist Party also impacted investor sentiment. 
The Shanghai Composite declined 1.22%; the Hang Seng tanked 1.55%; the Straits Times contracted 1.08%; the Seoul Composite dropped 1.23% and the Taiwan Weighted settled 0.22% down. Bucking the trend, the Jakarta Composite gained 0.44% and the Nikkei 225 surged 1.90%.
At the time of writing, the key European markets were down between 0.34% and 0.52% on news that economic growth in Germany slowed to 0.2% in the September quarter over the previous quarter while Spain’s growth contracted 0.3%. GDP data for the Eurozone is expected to be released later in the day. On the other hand, US stock futures were modestly higher. 
Back home, foreign institutional investors were net sellers of shares totalling Rs18.09 crore in the brief trading session to welcome the Hindu New Year on Tuesday. On the other hand, domestic institutional investors were net buyers of equities amounting to Rs19.07 crore.
Kerala-based Muthoot Finance, a leading gold loan company, today said it has tied up with Pension Fund Regulatory and Development Authority (PFRDA), an autonomous body under the ministry of finance, to act as a service provider for the National Pension Scheme. Muthoot Finance is the only Non-Banking Financial Company in the state to be approved by the PFRDA to act as a service provider for the pension plan, a company release said here. The stock declined 3.01% to close at Rs219.25 on the NSE.
Emkay Global Financial Services has announced a pact with London-based Icon Capital to provide services of investment banking and equity broking activities. These include corporate advisory services, research led securities trading and capital markets advisory, firm said in a statement today. The partnership will seek to cover activities relating to undertaking cross-border mergers and acquisitions (M&A) and other investment banking related activities. Emkay Global gained 6.28% to close at Rs22 on the NSE.
Mahindra & Mahindra Financial Services (MMFS) today said it has raised Rs867 crore through a qualified institutional placement (QIP) issue, making it one of the most successful share sales in recent times. The Mumbai-headquartered finance arm of auto major M&M said the issue was oversubscribed five times. The company said it issued 97,50,257 equity shares at Rs889 a share, at par with its market price of 7th November, which was the launch date of the issue. The stock jumped 4.81% to close at Rs995.85 on the NSE.



RBI asked to finalise new bank licence guidelines: FM

Chidambaram said his ministry has urged the central bank to proceed to finalise the guidelines and proceed to receive applications for new banking licences in anticipation of the amendment in the banking regulation act

New Delhi: Finance Minister P Chidambaram on Thursday said he has asked the Reserve Bank of India (RBI) to finalise guidelines for new bank licences and start accepting applications for the same pending passage of the Banking Laws (Amendment) Bill, reports PTI.
"...we have written to the RBI recently urging them to proceed to finalise the guidelines and proceed to receive applications for new banking licences in anticipation of the amendment in the banking regulation act," he told reporters after reviewing the performance of public sector banks.
As per the RBI's draft norms released in August 2011, private sector entities or groups owned and controlled by Indian promoters, with diversified ownership, sound credentials and integrity, and having successful track record of at least 10 years, would be eligible to promote banks.
"We have written to the RBI and hope that the RBI will pick up the thread and finalise the guidelines and start receiving the application," Chidambaram said.
The Minister said the "power or the authority" which the RBI wants is already available in the other provisions of the law and with the central bank's own regulations and guidelines for new banking licenses.
"We are only formalising them by amending the banking regulation act. And I have assured the RBI that banking regulation act will indeed be amended, hopefully in the Winter Session (of Parliament), if not in the Winter Session then in the Budget Session," he added.
He further said if RBI proceeds to receive application and process them, even then the first banking licence is not likely to be issued in the next six or eight months.
"So by the time the licence is issued and the banks comes to existence and the banks begin to function, the banks regulation act would have been amended," the Minister said.
The draft norms have pegged the minimum required capital for promoting bank at Rs500 crore and restrict foreign shareholding at 49% for the first five years.




5 years ago

FM must be having reliable sources to confirm his feeling. If an amendment is not necessary to ‘give’ the powers sought by RBI(which include powers to supersede the board, to authorize the acquisition of shares beyond five per cent as well as powers for consolidated supervision and dispensation necessary to deal with companies that entered the banking sector), why not convince RBI about the position? During October, reports were there that FM had asked RBI officials whether the banking regulator could be given these powers without an amendment to the Banking Regulation Act. RBI Governor said in an interview on October 31 that RBI could not offer an informed response to this query from FM, because RBI believed that it needed those powers. North Block seems to have ignored the message in Dr Subbarao’s comment. The message was, RBI would be happy if the powers come through legislative amendment. The powers ‘given’ outside the Act provisions could be with stings and can also be taken back in a different situation through the same process(without legislative process). Statutory bodies like RBI should not be at the mercy of officials in ministries for the powers they are expected to exercise. RBI has burnt fingers on such issues earlier due to blurred clarity in communication.

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