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Petrol cheaper by over Rs 2/litre, diesel by Re 1 since daily revision

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Petrol Price

New Delhi, July 3 : While petroleum is yet to come under the GST, since the dynamic pricing regime came into effect pan-India from last month, petrol prices have fallen by over Rs 2 a litre till date and of diesel by more than Re 1.

Petrol prices per litre have decreased by Rs 2.35, and of diesel by Rs 1.02, ever since the daily revision in rates was implemented throughout the country from June 16. On that day, petrol cost Rs 65.48 a litre in Delhi, while diesel sold for Rs 54.49 per litre.

Prices vary at locations according to state taxes. The Goods and Services Tax (GST), which rolled out pan-India, except in Jammu and Kashmir, from July 1 is a unified national tax subsuming the earlier myriad central and state levies and the petroleum industry has been demanding inclusion in the new regime so as not to lose the benefit of input tax refund available under the GST.

Following the success of a pilot project in five cities, India switched to the daily pricing mode for transport fuels in line with global rates.

Earlier, the state-run oil marketing companies (OMCs) used to review and revise retail fuel prices every fortnight on the basis of global crude oil prices, while the revision took effect from midnight.

Prices of petrol and diesel are now revised at 6 a.m. every day.

Dynamic fuel pricing is followed in many developed countries and India opted for it as a response to the recent volatility in global crude oil prices.

According to the government, this move will ensure that the benefit of even the smallest change in international oil prices can be passed down the line to the dealers and the end-users.

The pilot project on daily revision of retail selling prices was implemented in Udaipur, Jamshedpur, Visakhapatnam, Chandigarh and Puducherry from May 1.

The accumulated daily revision leading to a decrease of over Rs 2 in petrol, for instance, is the result of the recent trend in global prices.

The Indian basket of crude oils again went below the psychologically important $50-a-barrel mark last month as geopolitical tensions in the Middle East raised market concerns.

Crude prices have continued on their downward spiral following the 13-nation Organisation of Petroleum Exporting Countries (OPEC) cartel’s decision in May to extend output cuts in response to a supply glut that has been pushing down prices over a prolonged period.

According to the latest official data, the Indian basket, comprising 73 per cent sour-grade Dubai and Oman crudes, and the balance in sweet-grade Brent, closed trade on the previous trading day on Friday at $46.72 for a barrel of 159 litres.

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Equity indices close in red on weak global cues

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sensex

Mumbai, April 25: The key Indian equity indices on Wednesday provisionally closed in the negative territory following weak global cues, along with heavy selling pressure in the banking, consumer durables and capital goods stocks.

According to market observers, investors were cautious ahead of April derivatives expiry on Thursday.

On Wednesday, the wider Nifty50 on the National Stock Exchange provisionally closed (at 3.30 p.m) at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.

The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day.

The BSE market breadth was bearish with 1,447 declines and 989 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Mahindra and Mahindra (M&M), Power Grid and Hindustan Unilever, while Tata Steel, ICICI Bank, ONGC, Tata Motors (DVR) and Axis Bank were among the major losers.

On the NSE, the top gainers were Bharti Airtel, TCS and M&M. The major losers were GAIL, Cipla and Hindalco.

On Tuesday, the indices closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings.

The Nifty50 edged higher by 29.65 points or 0.28 per cent to close at 10,614.35 points, while the Sensex closed at 34,616.64 points, up 165.87 points or 0.48 per cent.

IANS

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61% Indian IT managers clueless how bandwidth is being consumed, claims Sophos

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New Delhi, April 25: Around  57 percent Indian IT managers can’t identify network traffic while 61 percent don’t know how their bandwidth is consumed, a new report revealed on Wednesday.

The report claimed also the majority of Indian IT managers have legal liabilities when it comes to unidentified traffic at their workplaces.

As per British IT security firm, Sophos’ global survey titled “The Dirty Secrets of Network Firewalls,” 89 percent of Indian software heads opined that halting malware threats have become harder over the last year.

“While 94 percent agree that stopping ransomware should be a top priority in organisations, a lack of effective application visibility is a serious security concern for 90 percent of Indian businesses,” news agency IANS reported citing the report.

The survey was conducted on more than 2,700 IT decision makers across medium-sized businesses in 10 countries worldwide, including India, the US, Canada, Mexico, France, Germany, the UK, Australia, Japan and South Africa.

“Controlling network traffic is an essential role of every firewall yet, 61 per cent IT managers can’t tell you how their bandwidth is being consumed,” said Sunil Sharma, Managing Director Sales at Sophos India & Saarc.

“If you can’t see everything on your network, you can’t ever be confident that your organisation is protected from threats. IT professionals have been ‘flying blind’ for too long and cybercriminals take advantage of this,” Sharma pointed.

About 79 percent of IT heads witness security risks from unwanted or unnecessary applications.

“While 72 percent want to see applications by risk levels through their organisation’s firewall, 60 percent concerned on productivity loss due to unwanted apps and 52 percent had legal liability or compliance concerns due to potentially illegal content,” it added.

The survey further said that 61 percent would like to see better perimeter security in their organisation’s network firewall along with better threat visibility and better protection.

“Ineffective firewalls are costing you time and money. On an average, organisations are spending 7 working days to remediate infected machines,” assreted Sharma.

With just a single network breach multiple computers can be harmed, so keeping this in the mind faster you can stop the infection from spreading the more you limit the damage and time needed to clean it up.

“Companies are looking for the kind of next-generation, integrated network and endpoint protection that can stop advanced threats and prevent an isolated incident from turning into a widespread outbreak,” Sharma informed.

WeForNews 

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Equity indices close higher, RIL top gainer

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Mumbai, April 24: Healthy buying in oil and gas, banking and auto stocks, coupled with broadly positive global cues, lifted the key Indian equity indices on Tuesday.

Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra, Larsen and Toubro were the top gainers on the BSE.

However, heavy selling pressure in metals, IT and consumer durables stocks trimmed some gains of the benchmark indices, market observers said.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 34.05 points or 0.32 per cent to provisionally close (at 3.30 p.m.) at 10,618.75 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 34,491.38 points, closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.

The Sensex touched a high of 34,706.71 points and a low of 34,465.49 points during the intra-day trade.

In contrast, the BSE market breadth remained bearish with 1,479 declines and 1,191 advances.

On Monday, the equity indices closed a volatile trade session on a flat-to-positive note as healthy quarterly results drove investors’ sentiments.

The Nifty50 closed higher by 20.65 points or 0.20 per cent at 10,584.70 points, while the Sensex closed at 34,450.77 points — up 35.19 points or 0.10 per cent.

IANS

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