Petrol price to go up by 30 paise a litre, diesel 18 paise

The government increased dealer commission on petrol to Rs1.799 per litre and on diesel to Rs1.09 per liter, which in effect would increase petrol and diesel prices by 30 paise and 18 paise, respectively, either from today or tomorrow

New Delhi: Petrol price will be hiked by 30 paise per litre and diesel rate by 18 paise a litre across the country after the Union government decided to increase the commission paid to petrol pump dealers, reports PTI.


The Petroleum Ministry on Thursday decided to increase the dealer commission on petrol from Rs1.499 per litre to Rs1.799 a litre. The same on diesel has been hiked from 91 paise to Rs1.09 a litre, official sources said.


They said the hike would be effective either today or from tomorrow, depending on when the ministry issues a formal letter to oil companies.


Petrol is currently priced at Rs67.90 per litre in Delhi and diesel Rs46.95. After the hike, petrol will cost Rs68.2 per litre and diesel Rs47.13 a litre.


The increase in dealer commission is the first since July 2011. In July, the commission was hiked by 28 paise on petrol and by 15.5 paise on diesel.


Federation of All India Petroleum Traders General Secretary Ajay Bansal said the hike is short of their demand of 67 paise increase in commission on petrol and 42 paise on diesel, considering steep hike in operating cost of a petrol pump.


"A few of our operating costs like running pumps on generators, free services (like air and water) and increase in evaporation, seem to have not been taken into account while calculating the proposed commission," he said.


The Ministry, he said, has assured to look into these in two months time.


The government had earlier this month hiked commission paid to LPG distributors by Rs11.42 per cylinder. Subsidised LPG in Delhi now cost Rs410.42 per cylinder, up from Rs399.


The increase in commission paid to LPG dealers from Rs25.83 per 14.2-kg cylinder to Rs37.25 from 7th October.


Land grab case: Magistrate probe ordered against Kripashankar Singh

The High Court directed the Chief Metropolitan Magistrate to conduct an inquiry into the allegations against the former chief of Mumbai Congress and submit a report before the court within two weeks

Mumbai: In fresh trouble for Kripashankar Singh, the Bombay High Court on Thursday ordered a magistrate inquiry against the former Mumbai Congress chief following a petition by a city-based social worker, who has accused the leader of threatening him after usurping his properties, reports PTI.
A division bench of Justices VM Kanade and PD Kode was hearing the petition filed by one Tulsidas Nair alleging that Kripashankar and his son had usurped his properties worth crores and are now threatening to kill him if he doesn't evict his house in suburban Kalina.
According to Nair, Kripashankar usurped several of his properties in Kalina, Vakola and Bandra worth crores. "Since 2007, he (Kripashankar) has been sending his henchmen to my house in Kalina who assaulted and threaten to kill me if I continue my litigation against him," Nair said.
When prosecutor PS Hingorani informed the court that following order from another bench of the High Court an armed constable has been assigned to the petitioner for protection, Nair claimed that the police are hand in glove with the Congress leader.
The Court after perusing certain photographs and documents submitted by Nair directed the Chief Metropolitan Magistrate to conduct and inquiry into the allegations and submit a report before the court within two weeks.
Apart from the magistrate, the bench has also directed the State Human Rights Commission to make inquiry into the case.
"If we notice that something is amiss then we will pass strictures against the concerned police and somebody will lose their job," Justice Kanade said.
The court has also directed the Director General of Police (Protection) to assign someone for Nair's protection.
Kripashankar is already facing probe for amassing wealth disproportionate to his known sources of income. A special investigation team of the Economic Offences Wing of the city police had registered FIR against Kripashankar following High Court directions.
The direction was passed during the hearing of a public interest litigation filed by one Sanjay Tiwari.


Mahindra & Mahindra post 22.2% increase in net profit despite challenging conditions

Mahindra & Mahindra, a market leader in the utility vehicle segment, came out strong by posting healthy sales and profit figures despite a very challenging economic climate

Mahindra & Mahindra (M&M), one of the largest utility vehicles manufacturers in India, reported strong standalone revenues growth of 33% year-on-year (y-o-y), to Rs9,812.96 crore on the back of good volume performance by the automotive sector. Its tight control on expenses saw its operating profit grow 27% y-o-y to Rs11,18.92 crore, while net profit grew 22.2% y-o-y from Rs737.38 crore to Rs901.80 crore. All figures are standalone. In an otherwise challenging industry and economic climate, the company has done well. 
We referred to our Moneylife database to see whether this growth rate was abnormal or part of its long-term trend. We found out that its sales growth nearly was almost equal to its three-quarter y-o-y average growth rate of 37%, while its operating profit trumped its average three-quarter growth rate of 21%, underlying its success in reining in costs. Its return on networth stood at 26% while its valuation was in double digits, with market capitalisation 11.37 times its operating profit. 
In the passenger utility vehicle (UV) segment, M&M sold 62,751 vehicles in the reporting quarter, up 32% from the amount it sold in the corresponding period last year. It launched the all-new compact and versatile sports utility vehicle (SUV) Quanto to strengthen its portfolio in the UV segment. Quanto generated 5,000 bookings in the first three weeks of its launch. The company enjoys its leadership position in the UV segment with a market share of 45.4%. In the cars segment, it sold 4,899 units of the Verito model. As a whole, the company exported 10,349 vehicles in the current quarter, which is 43% higher than what it sold last year. However, it fared poorly in the tractor segment, due to an erratic monsoon, with de-growth of 12% year-on-year, with 47,065 tractors sold. Its market share in this segment stood at 40.3%. 
During the quarter, the company saw its foreign institutional investor (FII) holding increase from 27.58% to 30% and domestic institutional investor (DII) actually decrease by 1.37 percentage points to 18.60%. The promoter shareholding also declined, marginally, by 10 basis percentage points to 25.35%.
The company believes its long-term prospects remains intact despite inherent risks over the short-term in light of the Eurozone crisis and escalation of tensions in the Middle East. The company said in its statement, “The current economic situation is quite challenging. However, the company through its continuous focus on new product introduction, process innovation and cost control, expects to rise to this challenge adequately.”
The stock settled 3.59% higher at Rs857.55 on the Bombay Stock Exchange (BSE) today. 


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