Page 3760 - Business Finance
Faux pas: Petrol, diesel prices cut by 1 paisa, not 60 paise
Petrol and diesel prices were today cut by 1 paisa per litre each, the first reduction after 16 days of relentless price hikes. But the marginal decline had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise -- the biggest since daily price revision was introduced in mid-June last year, only to retract it within a couple of hours citing a technical error. The oil companies this morning announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 in Delhi. This was rectified to 1 paisa a litre. "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price," a senior official of Indian Oil Corp (IOC), the nation's largest fuel retailer, explained. After the 1 paisa cut, petrol in Delhi now costs Rs 78.42 per litre and diesel Rs 69.30. "There is a softening in international oil prices and rupee has strengthened against the .
IndiGo flyers to pay more as airline announces surcharge
India's low-cost carrier IndiGo on Wednesday announced fuel surcharges of up to Rs 400 to offset hike in Aviation Turbine Fuel (ATF) in the country with effect from midnight of May 29.The airline will charge a sum of Rs 200 on routes less than 1000 km distance, and Rs 400 on routes longer than 1000 km distance on all domestic flights."Aircraft fuel expenses represent the single largest item of IndiGo's total expenses, accounting for around 40 percent of the airline's cost of operation. Furthermore, the depreciating Indian Rupee is an additional cost burden on the Indian carriers. Given this scenario for a low-cost airline, levying a surcharge has become inevitable," the airline said in a statement.Sanjay Kumar, Chief Commercial Officer of IndiGo said with 25 percent rise in ATF prices in the current month, the airline is compelled to pass some of the increased cost burden to customers as a fuel surcharge."In the context of the past decade, where airfares in India have reduced by ...
Petrol price cut faux pas has people fuming
After continuous hike in fuel price for 16 consecutive days, there is 'a drop' in the rates- of one paisa.The Indian Oil Corporation (IOCL) in a statement clarified that the petrol prices in Delhi have gone down by one paisa and not 60 paisa, as reported earlier."There was a technical glitch in posting the selling prices of petrol and diesel on our website today. The selling prices of petrol and diesel w.e.f 30th May 2018 have been rectified on our website. Today, there is a minor reduction in fuel prices," IOCL clarified in a statement.The current petrol price is Rs 78.42 per litre in Delhi and Rs 86.23 for a litre in Mumbai. In Kolkata, the revised rate is Rs 71.85 and in Chennai it's Rs 73.17. Prices vary from state to state depending on factors like local sales tax or VAT.As the cheer over a cut of 60 paisa was snapped with a clarification by the IOCL, residents did not find the goof-up amusing."They are just making fun of the people. After increasing the price for 16 days, they ..
Power Grid Corp gains after decent Q4 outcome
Power Grid Corporation of India rose 1.18% to Rs 209.65 at 13:40 IST on BSE after net profit rose 4.61% to Rs 2004.68 crore on 16.49% rise in net sales to Rs 7811.32 crore in Q4 March 2018 over Q4 March 2017.
AirAsia shares plummet as probe threatens plans for India unit's IPO
SINGAPORE/KUALA LUMPUR (Reuters) - AirAsia Group Bhd shares plunged on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit's IPO plans and international expansion.
ITI Ltd. ramps up data centre footprint in India
ITI Limited, a premier telecom manufacturing company, has announced the expansion of its data center facility by adding 1000 additional racks at its Bengaluru set up and setting up a new data centre of 200 racks capacity at its Naini, Uttar Pradesh, plant.This new infrastructure will enable PSU banks, central and state government undertakings, multinational corporations, corporates and large enterprises to have their data located within the country.This expansion of the facility by ITI Limited will give enterprises in the government and corporate sector an opportunity to serve their customers and end-users better while being able to compete with the private players on an even keel.With greater proximity to high-speed networks and other services, enterprises can reduce latency, improve application performance and increase customer satisfaction and at the same time lower their total cost of ownership for infrastructure.S. Gopu, Chairman and Managing Director of ITI Limited said, "ITI ...
Small Farmers' Agribusiness Consortium to Launch Online Platform for Farmers to Connect with Potential Buyers
Explaining the importance of creating market linkages for FPOs, Shri Sumanta Chaudhuri, Managing Director, Small Farmers? Agribusiness Consortium said, "Market linkages remain one of the crucial areas for FPOs to emerge as successful enterprises and SFAC has played an integral role in opening up marketing channels for FPOs in India. SFAC will act as a facilitator to link both the stakeholders on a single platform. SFAC will certainly facilitate the process of providing real time information on the portal by FPO and Buyer, where any subsequent trading is to be undertaken directly between FPO and Buyer."
Ad man Sorrell makes comeback from WPP blow with tested tactic
(Reuters) - Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP, using the same formula as in the 1980s when he transformed a shell company into the world's biggest advertising group.
BPCL will be watched after Q4 results
BPCL's net profit rose 45.2% to Rs 2673.64 crore on 14.4% increase in net sales to Rs 65239.31 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 29 May 2018.
Welspun Corp Ltd rose for a fifth straight session today
The stock is quoting at Rs 138.35, up 0.07% on the day as on 12:49 IST on the NSE. Welspun Corp Ltd is up 60.22% in last one year as compared to a 10.18% gain in NIFTY and a 22.24% gain in the Nifty Metal.
JSW Steel Ltd rose for a fifth straight session today
The stock is quoting at Rs 332.3, up 0.17% on the day as on 12:49 IST on the NSE. JSW Steel Ltd is up 71.42% in last one year as compared to a 10.18% gain in NIFTY and a 22.24% gain in the Nifty Metal.
NMDC Ltd gained for a fifth straight session today
The stock is quoting at Rs 120.9, up 0.67% on the day as on 12:49 IST on the NSE. NMDC Ltd is up 9.26% in last one year as compared to a 10.18% spurt in NIFTY and a 22.24% spurt in the Nifty Metal.
Steel Authority of India Ltd rose for a fifth straight session today
The stock is quoting at Rs 77.7, up 1.3% on the day as on 12:49 IST on the NSE. Steel Authority of India Ltd is up 35.96% in last one year as compared to a 10.18% gain in NIFTY and a 22.24% gain in the Nifty Metal.
Inox Leisure Ltd rose for a fifth straight session today
The stock is quoting at Rs 271.55, up 0.15% on the day as on 12:49 IST on the NSE. Inox Leisure Ltd is down 6.31% in last one year as compared to a 10.18% gain in NIFTY and a 4.81% gain in the Nifty Media.
CII, Tata inks agreement with Indonesia to deepen business ties
Leaders of India and Indonesia on Wednesday witnessed the signing of a Memorandum of Understanding (MoU) between multinational conglomerate Tata and PT Pindad in Indonesia to collaborate for the supply of TATA trucks in Indonesia.In this regard, the leaders welcomed the conclusion of MoU between PT Pindad and Bhukanvala, and noted with appreciation the ongoing collaboration between PT Pindad and Tata Motors to source defence related equipments for mutual benefit.As per important announcements made under G2G and G2B, the Confederation of Indian Industry (CII) also announced the opening its first overseas Office in Jakarta, Indonesia with its representative from India.To highlight possibilities for collaboration made in the area of infrastructure and defence, an MoU between CEO PT Pindad (PERSERO) & CMD Bhukhanvala is also announced to make use of products and related technical discussions along with exchange of data of the project.Prime Minister Narendra Modi, who is on a 2 day ...
CII, Indonesia's KADIN ink agreement to promote economic cooperation
India and Indonesia on Wednesday announced the signing of a Memorandum of Understanding (MoU) between Confederation of Indian Industry and KADIN to promote bilateral economic, trade and technological cooperation between the two nations.The MoU was signed by the Director General of CII and the Vice Chairman of KADIN. Under the MoU, both countries will promote technological cooperation, exchange of information / visits on economic and commercial cooperation, support activities for trade promotion, suggest and recommend possible partners etc.The CII has also announced a decision to open its first overseas office in Jakarta, Indonesia, with its representative from India.Regular convening of the forum and expansion of business sectors as it could function as constructive measure to tap more opportunities and potentials in developing bilateral cooperation in trade and investment is the agenda of the MoU.Along with this, an MOU between the Directors of Himalaya Drug Company and PT Kalbe ...
Merck Ltd leads gainers in 'B' group
Revathi Equipment Ltd, Akme Star Housing Finance Ltd, Jindal Poly Films Ltd and HOV Services Ltd are among the other gainers in the BSE's 'B' group today, 30 May 2018.
Global cues drag equities market lower during afternoon trade
Weak global cues due to a political crisis in Italy dragged the key Indian equity indices lower during afternoon trade on Wednesday.
Ousted WPP boss Sorrell takes control of shell vehicle to buy marketing companies
LONDON (Reuters) - Martin Sorrell, the recently ousted boss of WPP, has taken control of a listed shell company to use it as a vehicle to buy marketing firms, replicating the approach he took in the 1980s to build the world's biggest advertising group.
Trump's auto tariff plan threatens GM's $7 billion South Korea rescue
SEOUL (Reuters) - Fresh off a $7 billion rescue for its loss-making South Korean operation, General Motors faces a new threat as U.S. President Donald Trump considers higher vehicle import tariffs that could "make or break" its Asian subsidiary.