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Petrol at Rs 75.32 in Delhi

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Petrol

Mumbai, May 17: A surge in crude oil prices pushed the cost of petrol in the country further higher on Thursday, with the transport fuel being sold at Rs 75.32 per litre in the national capital.

With this, the price of petrol in Delhi inched further close to the previous high of Rs 76.06 a litre, reached in September 2013.

In the other major cities of Kolkata, Mumbai and Chennai also petrol was priced at multi-year highs on Thursday — Rs 78.01, Rs 83.16 and Rs 78.16 per litre, respectively.

The previous highs in these cities were Rs 78.03 (Kolkata, August 2014), Rs 83.62 (Mumbai, September 2013) and Rs 79.55 (Chennai, September 2013) respectively.

Similarly, prices of diesel — the fuel largely used for transportation of food and agriculture products and in turn affecting inflation — also rose to fresh all-time high levels across metros.

In Delhi, Kolkata, Mumbai and Chennai, diesel was priced at Rs 66.79, Rs 69.33, Rs 71.12 and Rs 70.49 per litre, respectively — all at unprecedented levels.

This rise in transport fuel prices comes as crude oil prices continue to gain. On Thursday, brent crude oil edged close to $80 per barrel and is currently over $79 per barrel.

Prices of transport fuels are now changed on a daily basis, unlike the previous norm of fortnightly revisions.

However, the Indian Oil Corporation had suspended the dynamic pricing system for 19 days, “to avoid creating unnecessary panic among the consumers”, until resuming it on Monday, May 14.

In addition, the high rate of excise duty has also contributed to the rise in prices.

In the Union Budget 2018-19, the government had reduced the basic excise duty on petrol and diesel by Rs 2. The government also abolished additional excise duty on fuel. But to compensate the move on the fiscal front, it increased the road cess to Rs 8 per litre.

IANS

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Fake currency notes worth Rs 1 crore deposited in RBI

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Reserve Bank of India

Fake currency notes worth Rs one crore have been deposited in various banks which then deposited the same in the Reserve Bank of India.

The assistant manager of Reserve Bank of India in Lucknow’s Metropolitan Kotwali has filed a complaint after fake notes worth Rs one crore were deposited in several banks between 2017 and 2018.

Assistant manager Ranjana Maravi said that 15,436 fake notes were deposited in the currency chest of the Reserve Bank of India between October 2017 and March 2018.

During the investigation, 9,753 notes of Rs 500 and 5,783 notes of Rs 1,000 were found to be fake. The total fake notes recovered is close to Rs 1.05 crore.

Ranjana Maravi has also asked the metropolitan police to conduct a forensic examination of the seized notes.

Inspector Mahanagar Yashkant Singh said a case has been registered on the complaint of Ranjana Maravi, and an investigation was underway.

(IANS)

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Market Watch – Markets not yet out of the woods

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Sensex Stock Market Update UP and Low

Markets behaved on expected lines and fell on the first four trading days with a sell-off on expiry day. They recovered on Friday the first day of the new futures series which is of five weeks duration. BSESENSEX lost 1,457.16 points or 3.75 per cent to close at 37,388.66 points while NIFTY lost 454.70 points or 3.95 per cent to close at 11,050.25 points. The broader markets saw BSE100, BSE200 and BSE 500 lose 3.98 per cent, 4.14 per cent and 4.24 per cent respectively. BSEMIDCAP lost 4.73 per cent while BSESMALLCAP lost 5.26 per cent. There was panic across the board on Thursday and it was selling by FII’s and liquidation by momentum traders which led to the mayhem. The recovery on Friday was equally sharp and about a third of the losses of four days have been recovered.

The Indian Rupee lost 17 paisa or 0.23 per cent to close at Rs 73.61 to the US Dollar. After a volatile week, Dow Jones closed with losses of 520.46 points or 1.88 per cent at 27,657.42 points.

September series expired with losses of 753.70 points, or 6.52 per cent at 10,805.55 points. This was the lowest closing of NIFTY during the month. On an intra-day basis, the NIFTY on expiry day had touched a low of 10,790.20 points while the low on the BSESENSEX was 36,495.98 points.

The week gone by was about the primary market with three issues opening and closing for subscription and one new listing. Shares of Route Mobile made their debut on Monday and closed at Rs 651.10, a gain of Rs 301.10 or 86.03 per cent. Shares were issued at Rs 350. The striking feature of the day’s trading was the delivery percentage of 97.74 per cent of the non-anchor portion. This effectively means that almost everybody who got allotment of shares, sold on day one. 25 per cent of these shares were bought by two institutional investors and this saw the share gaining further ground to close at Rs 938.60, a gain of Rs 168.17 per cent.

Computer Age Management Services Limited which had tapped the capital markets with its offer for sale saw subscription of 46.99 times. The QIB portion was subscribed 73.18 times, HNI portion subscribed 111.85 times and Retail portion subscribed 46.99 times. The price band was Rs 1229-1230. Shares would list on 1st of October.

The second issue was from Chemcon Speciality Chemicals Limited and shares were issued in a price band of Rs 338-340. The issue was subscribed 149.33 times overall. QIB portion was subscribed 113.54 times, HNI portion 449.14 times while Retail portion was subscribed 41.21 times. This issue would list on Thursday the 1st of October.

The third issue was from Angel Broking Limited and was subscribed 3.94 times overall. Shares were issued in a price band of Rs 305-306. QIB portion was subscribed 5.74 times, HNI portion undersubscribed at 0.69 times and Retail portion subscribed 4.31 times. This issue would list on Monday 5th October.

There are three issues opening next week on Tuesday the 29th of September and closing on Thursday the 1st of October. The first issue is from Mazagon Dock Shipbuilders Limited which is issuing shares in a price band of Rs 135-145. The issue is an offer for sale from the government of India for 3,05,99,017 equity shares. Being a government offer, there would be no anchor allocation. The EPS for the period ended March 2020 was Rs 21.36 and the PE multiple is 6.32 to 6.79. Mazagon Dock is into warships and submarine building and is the only shipyard in India with submarine making capability. There are two other defence PSU listed shipyard companies namely, Garden Reach Shipbuilders and Cochin Shipyard. The issue is very attractively priced and offers ample scope for appreciation. However, allotment would be only by lottery.

The second issue is from UTI Asset Management Company Limited which is through an offer for sale of 3,89,87,081 shares by NSE. The price band is Rs 552.-554. The company had earned an EPS of Rs 21.53 for the year ended March 2020. The PE multiple based on March 2020 numbers is 25.64-25.73. The net asset value or NAV is Rs 212.88 as on 31st March 2020. There are two listed peers for the company, HDFC AMC and Nippon Life India Asset Management Limited. Compared to the peers, the issue is reasonably priced.

The third issue is from Likhitha Infrastructure Limited which is raising capital through a fresh issue of 51 lac shares in a price band of Rs 117-120. The EPS for the year ended March 2020 was Rs 13.59. The PE based on March 2020 is 8.61-8.83. The company is into the business of laying city gas distribution pipes and also product pipeline on a cross country basis. The company has an order book of over Rs 662 crore as of July 2020 and this would be executed over the next 24-30 months. Revenue for the year ended March 2020 was Rs 162 crore. The company gets pipes as a free item for installation from the customer, hence the revenue looks lower than the word ‘infrastructure player’ suggests. Looks an interesting company but the size of the issue and the simultaneous issues from three companies could act as a drag.

Covid-19 saw the world have 330,58,750 patients, 998,747 deaths and 244,11,772 patients recover. In India we had 59,92,532 patients, 94,534 deaths and 49,41,627 people recovering. Compared to the previous week, the world saw 20,65,770 new patients, 37,272 deaths and 18,23,867 patients recovering. In India we saw 5,91,913 new patients, 7,760 deaths and 6,38,58. This is the first time that the number of patients recovering is higher than new patients. This is the first time that the number of patients recovering is higher than new patients.

Coming to the markets, we saw the anticipated correction pan out and the price damage that it led to. We are not yet out of the woods and it would be fair to assume that after a continuation of the current one-day old rally which could last for a further day or two, expect the correction downwards to continue. While lows made on Thursday of 36,495 on BSESENSEX and 10,790 on NIFTY would act as immediate supports, the breaking of these levels could bring a sharper and swifter correction. Use rallies to sell and sharp dips to buy. Refrain from having overnight positions. The week has a trading holiday on Friday and that would bring a sharp reduction in positions on Thursday closing as we have a three-day holiday thereafter. The two new listings on Thursday would keep markets buoyant and engrossed on the last day of the week. Trade cautiously.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

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Finance Ministry to provide capital support from Rs 20k cr fund to some PSBs in Q3

The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter, sources said

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Customers Bank Queue Cash

The Finance Ministry is likely to provide capital support from the Rs 20,000 crore fund approved by Parliament in recently concluded session to some Public Sector Banks (PSBs) in the third quarter itself.

Parliament approved Rs 20,000 crore for PSB capital infusion as part of the first batch of Supplementary Demands for Grants for 2020-21 which sought additional spending of a record Rs 2.35 trillion primarily to meet expenses for combating the Covid-19 pandemic.

The fund infusion would be for meeting regulatory capital requirements if the need arises in October-December quarter, sources said.

The second quarter result will give an idea as to which bank may require regulatory capital and accordingly recapitalisation bonds would be issued to them, sources said.

Besides, state-owned banks already have shareholders’ approval for raising capital through a mix of equity and bonds during the current fiscal.

It is to be noted that the government refrained from committing any capital in the Budget 2020-21 for PSBs, hoping that lenders will raise funds from the market depending on the requirement.

In 2019-20, the government infused Rs 70,000 crore into PSBs to boost credit for a strong impetus to the economy.

In the last financial year, Punjab National Bank got Rs 16,091 crore, Union Bank of India received Rs 11,768 crore while Canara Bank and Indian Bank got Rs 6,571 crore and Rs 2,534 crore, respectively.

Allahabad Bank received Rs 2,153 crore, United Bank of India got Rs 1,666 crore and Andhra Bank received Rs 200 crore. These three lenders have been merged with various PSBs.

Besides, Bank of Baroda got a capital infusion of Rs 7,000 crore, Indian Overseas Bank received Rs 4,360 crore and UCO Bank got Rs 2,142 crore. Punjab & Sind Bank received Rs 787 crore and Central Bank of India got Rs 3,353 crore.

In addition, LIC-controlled IDBI Bank received additional capital of Rs 4,557 crore.

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