Month: October 2023

Bears may drag Nifty to 16650 once 16700 support breached; 5 things to know before market opening bell

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Benchmark indices BSE Sensex and NSE Nifty 50 are expected to open in the red as trends in SGX Nifty hinted at a negative opening for Indian equities. “The overall sell-off in the broader market has dampened the sentiments, and the 17000 mark seems to be a significant hurdle for Nifty. The technical structure looks very disruptive, with all indicators signaling the trend southwards. Going forward, the RBI monetary policy is slated in the coming session; hence, traders should keep a close eye on the event. Apart from this, global development should also not be overlooked, and therefore, one needs to avoid aggressive bets and focus on stock-specific actions,” said Osho Krishan, Senior Analyst – Technical & Derivative Research, Angel One.

Also Read: Reliance, PNB, Hero MotoCorp, Adani Power, Lupin, Bajaj Electricals, Rail Vikas Nigam stocks in focus

Global market watch: Shares in the Asia-Pacific traded lower on Friday, following another sell-off on Wall Street overnight. Japan’s Nikkei 225 slipped 1.32%, and the Topix index fell 0.87%. Australia’s S&P/ASX 200 lost 0.48%. The Kospi in South Korea declined 1% and the Kosdaq shed 1.13%. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.15%. U.S. stocks tumbled in Thursday’s session, with the S&P 500 hitting a fresh low for the year and also reaching a new closing low. The index dropped 2.1% to end the session at 3,640.47. Meanwhile, the Dow Jones Industrial Average slumped 1.54%, and the tech-heavy Nasdaq Composite lost 2.84%.

Nifty technical view: “A long bear candle was formed on the daily chart, that has been placed at the edge of important support at 16800 levels. The market has been repeatedly testing the lower support of 16800 levels but was not gaining momentum on the upside. This is not a good sign, and this reflects that the said support could be broken on the downside soon,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“Further weakness below 16800 levels, the market could slide down to the next key support around 16650 levels, which is a 50% Fibonacci retracement taken from the June bottom to September top. Any upside movement from here could encounter strong resistance around 17030 levels,” he added.

Levels to watch for: “The support for nifty has shifted around 16700 levels while on the upside 17050 may act as an immediate hurdle. On the other hand, Bank nifty has support at 37000 levels while resistance at 38500 levels. Overall, the Nifty is trading in the range of 16750-17050 level and either side breakout will show the direction. Pharma & media sector stocks are looking good for trade. One can add on dips,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

RBI MPC decision: The RBI is expected to raise the repo rates by 35-50 bps in its September Monetary Policy Committee (MPC) meeting. A 50 bps increase in key policy rates again this time will take it to a three-year high of 5.9 per cent. All eyes will be on RBI Governor Shaktikanta Das on Friday, 30 Sep 2022, who, in the previous policy review, had said that ’50 is the new normal for central banks’. The monetary policy committee is likely to take cues from its global counterparts, including the US Fed, to raise interest rates for the fourth time in a row.

Also Read: Sensex, Nifty end in red for 7th straight day amid volatility on F&O expiry; all eyes on RBI MPC meet decision

FII and DII data: Foreign institutional investors (FIIs) net offloaded equities worth Rs 3,599.42 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 3,161.73 crore on 29 September, according to the provisional data available on the NSE.

Wall Street jumps over 1% to start fourth quarter

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U.S. stock indexes rose on Monday after sharp declines last week although losses in Tesla Inc capped the gains on the Nasdaq after the world’s most valuable electric-vehicle maker missed quarterly delivery targets. Ten of the 11 major S&P 500 sectors advanced in early trading, with the energy sector leading gains.

Megacap growth and technology companies such as Apple and Microsoft also advanced 1.5% each.”We could see a rebound in the beginning of the quarter simply due to the low sentiment and the lows that were reached at the tail-end of the last quarter,” said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.

“Meanwhile, major automakers are expected to report modest declines in U.S. new vehicle sales, but analysts and investors are concerned that a darkening economic picture, not inventory shortages, will lead to a drop in future car sales.Tesla Inc fell 7% after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles. Peers Lucid Group fell 2% and Rivian Automotive 3.9%.Oil majors Exxon Mobil and Chevron Corp rose more than 3%, tracking a jump in crude prices as sources said the Organization of the Petroleum Exporting Countries and its allies are considering their biggest output cut since the start of the COVID-19 pandemic.

ALSO READ US stock market sheds over 8% in September

At 10:04 a.m. ET, the Dow Jones Industrial Average was up 445.72 points, or 1.55%, at 29,171.23, the S&P 500 was up 54.78 points, or 1.53%, at 3,640.40, and the Nasdaq Composite was up 127.33 points, or 1.20%, at 10,702.95.Data showed global factory output mostly weakened in September as slowing demand added to the pain from persistent cost pressures and tighter monetary policy, diminishing economic recovery prospects.

In the United States, manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.Credit Suisse and Citigroup became the latest brokerages to bring down their 2022 year-end targets for the S&P 500 index, as U.S. equity markets bear the heat of aggressive central bank actions to tamp down inflation.

Credit Suisse also set a 2023 year-end price target for the benchmark index at 4,050 points, adding that 2023 would be a “year of weak, non-recessionary growth and falling inflation.”Advancing issues outnumbered decliners by a 4.49-to-1 ratio on the NYSE and a 2.43-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and 23 new lows, while the Nasdaq recorded 37 new highs and 177 new lows.

Govt to release extra Rs 20K-cr to oil retailers as LPG subsidy

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The Centre will likely provide an additional amount of around Rs 20,000 crore – over Rs 5,800 crore budgeted – to the state-run fuel retailers to compensate them for the under-recoveries on cooking gas in the current financial year, according to a senior finance ministry official. This means that subsidy on fuels, which was brought down to just Rs 241 crore in FY22, will rise significantly in the current year.

“The government recognises the fact that oil companies need some compensation. A final decision on the precise amount of compensation will be taken on how prices of Indian crude oil basket move,” the official told FE.

Also Read: Fresh review of gas pricing formula starts

Even though no LPG subsidy has been transferred to the bank accounts of households since June 2020, an incomplete pass-through of costs to consumers has inflated the state-run oil marketing companies’ under-recoveries on this front. Also, the re-introduction of LPG subsidy under the Ujjwala Yojana –under which upto 12 LPG cylinders a year are given to 90 million people at the rate of Rs 200/cylinder — in May 2022 is seen to cost Rs 6,100 crore in FY23.

The three state-run retailers – IOC, BPCL and HPCL – which supply over 90% of domestic fuel supplies have suffered the worst quarterly under-recoveries in retail fuel sales in years in Q1FY23 by absorbing record international crude prices.

Nomura had estimated OMCs’ under-recoveries on LPG in Q1FY23 alone at Rs 9,000 crore. According to it, in H2 last year, the under-recoveries were to the tune of Rs 6,500-7,500 crore.

Also Read: LPG subsidy may be back in FY23

“Despite posting record gross refining margins ($17-32/bbl), in line with record Singapore benchmarks in Q1, overall earnings for the three OMCs have declined sharply in Q1, thanks to record high fuel retail losses of Rs 10-12/litre for petrol and diesel in the quarter,” according to ICICI Securities.

“OMCs not passing on the increase in crude oil costs to customers resulted in weak marketing margins. Crude oil prices were trading at elevated levels but prices of petrol and diesel at retail outlets were steady. Correction in crude oil prices may improve marketing profitability of these companies,” ICICI Direct in a report on September 10.

In the FY23 Budget, the Centre made a provision of Rs 5,800 crore for LPG subsidies, including a direct benefit transfer of Rs 4,000 crore for domestic use and another Rs 800 crore for the poor under the Ujjwala scheme.

Budgetary LPG subsidy came down from Rs 24,172 crore in FY20 to Rs 11,896 crore in FY21. The subsidy was just Rs 241 crore in FY22. Given that other fuels, including petrol and diesel, are decontrolled, the Centre’s Budget was almost completely freed from the burden of fuel subsidy in FY22, marking an end to a sticky and politically-sensitive item of revenue expenditure it struggled long to get rid of.

Since June 2020, the subsidies on domestic LPG have been limited to small amounts of freight subsidies for far-flung regions. The higher fuel subsidies may put further stress on the government finances already under pressure due to about Rs 2 trillion additional subsidies announced for FY23, mainly for food and fertiliser. It had also cut excise duty cut on petrol and diesel which will likely result in about Rs 85,000 crore revenue loss.

Wall Street stocks slump as investors absorb 75 bps rate hike, hawkish Fed message

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Wall Street’s main indexes see-sawed before slumping in the final 30 minutes of trading to end Wednesday lower, as investors digested another supersized Federal Reserve hike and its commitment to keep up increases into 2023 to fight inflation. All three benchmarks finished more than 1.7% down, with the Dow posting its lowest close since June 17, with the Nasdaq and S&P 500, respectively, at their lowest point since July 1, and June 30. At the end of its two-day meeting, the Fed lifted its policy rate by 75 basis points for the third time to a 3.00-3.25% range. Most market participants had expected such an increase, with only a 21% chance of a 100 bps rate hike seen prior to the announcement.

Also Read: Wipro, Tech Mahindra, Punjab National Bank, IDBI Bank, Century Ply stocks in focus on weekly F&O expiry

“Chairman Powell delivered a sobering message. He stated that no one knows if there will be a recession or how severe, and that achieving a soft landing was always difficult,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management. Higher rates and the battle against inflation was also feeding through into the U.S. economy, with the Fed’s projections showing year-end growth of just 0.2% this year, rising to 1.2% in 2023. “Markets were already braced for some hawkishness, based on inflation reports and recent governor comments,” said BMO’s Ma. “But it’s always interesting to see how the market reacts to the messaging. Hawkishness was to be expected, but while some in the market take comfort from that, others take the position to sell.

Also Read: Sensex, Nifty snap 2-day gaining streak ahead of US Fed outcome; here’s how to trade on F&O expiry day

The Dow Jones Industrial Average fell 522.45 points, or 1.7%, to 30,183.78, the S&P 500 lost 66 points, or 1.71%, to 3,789.93 and the Nasdaq Composite dropped 204.86 points, or 1.79%, to 11,220.19. All 11 S&P sectors finished lower, led by declines of more than 2.3% by Consumer Discretionary and Communication Services. Volume on U.S. exchanges was 11.03 billion shares, compared with the 10.79 billion average for the full session over the last 20 trading days. The S&P 500 posted two new 52-week highs and 70 new lows; the Nasdaq Composite recorded 44 new highs and 446 new lows.

Properties registration in Mumbai up 11% at 8,628 units in Sep: Report

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Registration of properties in Mumbai rose 11 per cent last month to 8,628 units — highest in the past 10 years for September — despite rise in prices as well as mortgage rates, Knight Frank said.

Mumbai city (BMC area) saw property sale registrations of 8,628 units in September 2022 as against 7,804 units in the same month last year and 8,552 units in the previous month, the property consultant said in a statement.

Also Read | NCR records 21% YoY growth in housing unit sales in Q3 2022

“Despite the fresh rise in repo rate which has further hit affordability in the market, we remain in the affordable threshold and can expect positive sales for some more time,” Baijal added.

As per the data, 57 per cent of all registrations were in the price band of over Rs 1 crore. In terms of apartment size, homes between the size of 500-1,000 square feet were the most preferred in this month.

The consultant highlighted that 96 per cent of all property sales registrations in September 2022 were for properties transacted in the same month.

Residential properties valued up to Rs 1 core continued to be the demand driver in September, having a share of 43 per cent, followed by Rs 1 – 2.5 crore with share of 42 per cent.

Also Read:How will rate hike impact homebuyers, and what should they do now?

The government revenue collection has also recorded its all-time high during January-September 2022.Implementation of additional 1 per cent metro cess coupled with price rise and sale of higher ticket size units led to a YoY rise of 57 per cent in revenue collection to Rs 6,658 crore from January to September 2022.

The major players in Mumbai’s primary housing market include Macrotech Developers (Lodha group), Godrej Properties, Oberoi Realty, Hiranandani group, Kalpataru Ltd, Tata Housing, Shapoorji Pallonji Real Estate, Piramal Realty, Mahindra Lifespace Developers, Indiabulls Real Estate, D B Realty, Rustomjee group, K Raheja group and Runwal Developers. Bengaluru-based Prestige Estates and Puravankara Ltd have also entered the Mumbai market. DLF too has land in the city.

Will bulls manage to push Nifty past 18000 amid uncertainty? 5 things to know before market opening bell

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Domestic equity market is expected to open on a positive note as trends in the SGX Nifty indicated a firm opening for NSE Nifty 50, BSE Sensex, with a gain of 131.50 pts. “While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound on Monday. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

Also Read: Share Market LIVE: SGX Nifty hints at positive start for Nifty, Sensex; global cues strong, US Fed meet eyed

Nifty technical view: A small positive candle was formed on the daily chart with minor lower shadow. Technically, this pattern indicates minor upside bounce in the market. The Nifty is currently placed within a broader range of 18000-17500 levels and it was seen showing minor upside bounce from the lower range. Hence, any sustainable upside bounce from here could encounter hurdles around 17750, 17860 and 18050 levels. The short term trend of Nifty continues to be negative. Monday’s upside bounce could be a cheering factor for the bulls to make a comeback. Further sustainable upmove from here could pull Nifty towards 18K mark again, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: Nifty managed to close above the upward sloping trend line adjoining the daily lows of 20 June and 1 July 2022. Resistance for the Nifty are seen at 17760 and 17826, which happens to be 50% and 61.8% retracement of the entire fall seen from 18088 (recent swing high made on 13 Sep 2022) and Monday’s low of 17429. Below 17429, Nifty is expected to enter short term down trend. On the higher side, 18100 seems to be have become ceiling for the short term,” said Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities.

FII and DII data: Foreign institutional investors (FIIs) net bought shares worth Rs 312.31 crore, whereas domestic institutional investors (DIIs) net offloaded shares worth Rs 94.68 crore on Monday, according to the provisional data available on the NSE.

Also Read: Adani Group, Dish TV, Natco Pharma, Bombay Dyeing, CEAT stocks in focus on 20 September

Stocks under F&O ban on NSE: Delta Corp, Escorts, Indiabulls Housing Finance, India Cements, PVR, and RBL Bank are the six stocks in the NSE F&O ban list for September 20. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95% of the market-wide position limit.

Tax incentives unlikely for sovereign green bonds

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The Centre is unlikely to offer any tax incentives for its maiden green bonds to be issued in the second half of the current financial year as it reckons that investor interest in them comes from green pledges by businesses and funds, rather than profit motives.

The rupee-denominated bonds, through which the government plans to raise Rs 20,000 crore-Rs 25,000 crore, will carry a coupon rate marginally lower than comparable government securities (G-secs).

“We are sure businesses and funds who want to invest in green technologies and ventures for their ESG (Environmental, Social, and Governance) goals will lap up the issue,” an official said, adding that higher interest rates and tax incentives would defeat the objective of such bond issuance to raise low-cost funds for long-term climate financing.

Despite lower returns, many investors set aside funds for investing in green projects as part of their ESG obligations. As sustainability disclosures by companies grow, such information could be used by banks, credit rating agencies and other financial institutions, along with financial information to assess the credibility of a business.

“As a part of the government’s overall market borrowings in 2022-23, sovereign green bonds will be issued for mobilising resources for green infrastructure. The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy,” finance minister Nirmala Sitharaman said in her Budget speech earlier this year.

Of the annual borrowing plan of Rs 14.31 trillion in FY23, the Centre was to borrow Rs 8.45 trillion from the market through dated securities in the first half of FY23 and the rest in the second half of the year. The second half borrowing calendar is expected to be announced by end-September and the green bonds will be part of it.

At the 26th Session of the Conference of Parties to the UNFCCC in Glasgow in November 2021, Prime Minister Narendra Modi declared that India will achieve the target of net-zero emissions by 2070, meaning its greenhouse gas emissions will be less than the total removal and absorption of emissions.

Also Read: Mcap of 7 of top 10 most valued firms climb over Rs 1.33 lakh crore; TCS, Reliance lead gainers

According to CEEW Centre for Energy Finance, India would need cumulative investments of $10.1 trillion to achieve net-zero emissions by 2070. Of this, $8.4 trillion would be required to significantly scale up generation from renewable energy and associated integration, distribution and transmission infrastructure. Another $1.5 trillion need to be invested in the industrial sector for setting up green hydrogen production capacity to advance the sector’s decarbonisation.

Recently, Reserve Bank of India (RBI) governor Shaktikanta Das said the central bank and the government are working on a framework to issue sovereign green bonds in line with global standards.

Given the nascent green bond market of India, the sovereign green bond issuance will likely set a benchmark for corporates raising ESG funds for their green projects as well.

“The sovereign green bond auction results are likely to act as a benchmark for the future issuance by the private sector entities in the domestic green bond market,” said Anil Gupta, vice-president, Icra.

Globally, investors are following United Nation’s suggested Sustainable Development Goals (SDG) for assessing the right kind of returns on their investments.

Green bonds are meant for institutional investors, including mutual funds that have a mandate to invest in sustainable projects and companies around the world.

Under the Securities and Exchange Board of India’s (Sebi) norms, 1,000 top listed companies are required to prepare “Annual publishing of Business Responsibility Report”, covering their activities related to environment and stakeholder relationships. Not necessarily these companies will invest in bonds as they have their own green projects and raise funds through private green bonds as well.

US Stocks: Wall Street ends higher, gains driven by banks, healthcare

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Wall Street‘s main indexes posted gains on Thursday mainly lifted by financial institutions and healthcare companies, as investors digested hawkish remarks from policymakers that cemented bets of a large interest rate hike later this month. Indexes bounced back and forth in a choppy trading as concerns over Federal Reserve’s next steps to tame a surging inflation remain.

“There’s just a lot of uncertainty and I think people aren’t going to really make up their minds for longer than five minutes or five seconds, you know, until there’s a little bit more clarity or light at the end of the tunnel,” said Grace Lee, an equity income senior portfolio manager at Boston-based Columbia Threadneedle Investments.

Also read| IndiGo, Vodafone Idea, Jet Airways, Future Lifestyle, Adani Group stocks in focus on September 9, 2022

Federal Reserve Chair Jerome Powell said the central bank is “strongly committed” to bringing inflation down and needs to keep going until it gets the job done.

Chicago Fed President Charles Evans joined his fellow policymakers in saying that reining in inflation is “job one. “Investors are also awaiting the U.S. August inflation report next week for fresh clues on whether the Federal Reserve will hike rates by half or three-quarters of a percentage point at the next policy meeting due Sept. 20-21.

Also read| Share Market LIVE: Nifty, Sensex stare at positive start; ECB raises rates by an unprecedented 75 bps

Worries over aggressive monetary tightening across the globe stalled equity markets on Thursday after the European Central Bank hiked interest rates by an unprecedented 75 basis points and signaled further hikes. Meanwhile, data showed the number of Americans filing new claims for unemployment benefits fell last week to a three-month low, underscoring the robustness of the labor market even as the Fed raises interest rates.

With increasing odds of another outsized rate hike, both the rate-sensitive S&P 500 bank index and the S&P 500 healthcare sector rose 2.8% and 1.8%, respectively. The healthcare sector was boosted by news that Regeneron Pharmaceuticals Inc’s anti-blindness treatment Eylea was shown to work as well when given at a higher dose at a longer interval between injections. The drugmaker’s shares jumped 18.8%.

“People are embracing safety. Healthcare is a very safe sector and it’s still fairly cheap, the same way with the broader financial sector,” said Lee.The Dow Jones Industrial Average rose 193.24 points, or 0.61%, to 31,774.52, the S&P 500 gained 26.31 points, or 0.66%, to 4,006.18 and the Nasdaq Composite added 70.23 points, or 0.6%, to 11,862.13.

GameStop Corp surged 7.4% after the video game retailer reported a smaller-than-expected quarterly loss.American Eagle Outfitters Inc tumbled 8.7% after the apparel maker missed second-quarter profit estimates and said it would pause quarterly dividend as it fortifies its finances against a hit from inflation.Volume on U.S. exchanges was 10.19 billion shares, compared with the 10.37 billion average for the full session over the last 20 trading days.

On Wednesday, Wall Street’s main indexes climbed the most in about a month as bond yields retreated after a recent surge that was driven by expectations of higher interest rates. Still, the benchmark S&P 500 is down over 16% year-to-date. Advancing issues outnumbered declining ones on the NYSE by a 1.34-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers. The S&P 500 posted 7 new 52-week highs and 8 new lows; the Nasdaq Composite recorded 37 new highs and 153 new lows.

Patanjali eyes 5 IPOs in 5 years

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Patanjali, the FMCG brand started by Baba Ramdev, will announce its initial public offering (IPO) plans for five group companies on Friday at a press conference. The IPO plan includes Patanjali Ayurved, Patanjali Wellness and Patanjali Medicine and Patanjali Lifestyle, according to some news reports. The company said the move is to scale new heights of corporate performance.

In 2016, according to CLSA and HSBC, Patanjali was one of the fastest-growing FMCG companies in India. It was valued at `3,000 crore. India Infoline (IIFL) had also said that at least 13 listed companies, including Hindustan Unilever, Colgate, Dabur, ITC and Godrej Consumer Products, will be affected by Patanjali’s success.

Also Read: KEC International order book robust, net working capital to improve

In 2019, Patanjali Ayurveda bought Ruchi Soya for Rs 4,350 crore under the IBC process and named it Patanjali Foods, which is already listed on the stock exchange. Ruchi Soya sells its products under brands like Ruchi Gold, Mahakosh, Sunrich, Nutrela, Ruchi Star and Ruchi Sunlight, which compete with brands from Adani Wilmar and Emami Agrotech in the edible oil space. It is also into oil palm plantations and renewable wind energy business.

Diversifying from the edible oil business and expanding its presence into FMCG, Patanjali Foods acquired biscuits, cookies and rusk businesses in May 2021, and breakfast cereals and noodles business in June 2021 from Patanjali Ayurved. It also launched nutraceutical products in June 2021. Further, during April-June, the company also acquired PAL’s food business, which has over 500 SKUs across eight product categories, including ghee, honey, spices, juices and atta.

According to analysts, this move will reposition Patanjali Foods from a largely commodity-based company to a leading FMCG and FMHG company in India. The company’s strategy to leverage the Patanjali brand and enhance synergies with PAL will further boost the growth, said a recent report from a domestic brokerage. The company is also a market leader in the branded TSP (textured soya protein) space, under Nutrela brand.

“Going ahead, we expect the company to achieve a 22% CAGR growth in its revenues, largely driven by the food business, which is expected to grow nearly 4x on the account of the recent acquisition and scaling up of the same. This shall increase the contribution of the food business to about 20% in FY24 from 14% in FY22. Oils business is expected to grow by 14% CAGR over FY22-24E with higher realisations. The volume growth is expected to be in mid-single digits and better than industry growth as it piggybacks on Patanjali’s vast distribution network,” said the brokerage.

With manufacturing units and headquarters in the industrial area of Haridwar, Patanjali Food and Herbal Park is its main production facility. In 2020, the production capacity of the facility was pegged at Rs 35,000 crore and it had plans of expanding it to a capacity of Rs 60,000 crore through new production units in Noida, Nagpur and Indore.

For the full-year ended March 30, 2022, Patanjali’s revenue rose nearly 9% to Rs 10,664.46 crore against Rs 9,811 crore a year ago. However, net profit was marginally lower by 0.6% to Rs 740.38 crore against Rs 745.03 crore in FY21. The FMCG business revenue climbed to Rs 9,241 crore in FY22 against Rs 8,778 crore in FY21. The ayurvedic products business rose to Rs 1,274 crore versus Rs 925 crore in FY21.

Daily gold price, silver, petrol, diesel rates: Everyday updates on FinancialExpress.com commodities pages

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FinancialExpress.com has launched commodity price pages to provide daily updates on petrol rate, diesel rate, gold rate, and silver rate in India. The price pages are updated everyday according to the market price revisions. PSU oil marketing companies including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise fuel prices daily in line with international benchmark prices and foreign exchange rates, under the ‘dynamic fuel price mechanism’.

Any changes in petrol and diesel prices are implemented from 6 am every day. The prices of petrol and diesel may vary in each state, or even in each city, depending upon several factors such as the local taxes, Value Added Tax (VAT), freight charges, etc. The dynamic fuel price method has been in practice since June 2017. Before that, fuel prices used to be revised every two weeks.

Gold is also purchased and sold in accordance with gold futures contracts at a future date. In contrast to most other commodities, gold futures are traded at spot prices. The National Spot Exchange (NSEL) offers E-series products such as E-Gold and E-Silver, allowing people to trade or invest in silver in the same way they do in equities. Investors can purchase a minimum of one unit of silver equivalent to 100 grams of silver in demat form at real-time Indian prices that track international gold/silver prices. By trading in NSEL, investors can convert their e-Silver into physical silver or cash.

Check the gold, silver, petrol, and diesel prices here

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