Petrol, diesel price today, 17 Sep 2022: Fuel cost steady; Check fuel rates in Delhi, Mumbai, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 17 September 2022 (Saturday), keeping costs steady for more than three months now. Petrol and diesel in Delhi are priced at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read:Delhi GST collection jumps 21% on-year to Rs 4,349 crore in August on strong business activity, consumption

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Panel to suggest ways to boost PE investments

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Airox Technologies files Rs 750-cr IPO papers with Sebi

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Medical equipment manufacturer Airox Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an initial public offering (IPO). The IPO is entirely an offer-for-sale (OFS) of equity shares by promoters — Sanjay Bharatkumar Jaiswal and Ashima Sanjay Jaiswal, according to the draft red herring prospectus (DRHP).

Under the OFS, Sanjay and Ashima will offload equity shares worth Rs 525 crore and Rs 225 crore respectively. Airox Technologies, manufacturer of (Pressure swing adsorption) oxygen generator, has a market share of 50-55 per cent, in terms of operational private hospital PSA medical oxygen market, as of fiscal 2022, according to the draft papers.

The company facilitates the penetration of on-premise PSA (Pressure swing adsorption) oxygen generators in Indian hospitals with nearly 872 installed and operational PSA oxygen generators, as of March 2022. PSA oxygen generators are the equipment that produce oxygen with purity using adsorbents to remove nitrogen gas from the air. These equipment provide a stable supply of oxygen at a lower cost than other traditional medical oxygen procurement methods.

Also read| Harsha Engineers premium listing on BSE, NSE: Shares end 47% up from IPO price even as Sensex, Nifty fall 2%

Demand for medical oxygen is expected to grow at a Compound Annual Growth Rate (CAGR) of 7-8 per cent from fiscal 2020 to fiscal 2027 in terms of volume, the draft papers said citing a Crisil report. Over 80 per cent of the hospitals in India procure medical oxygen through cylinders. More than half of the demand of medical oxygen is expected to be met through PSA method by fiscal 2027, it added. JM Financial and ICICI Securities are the book running lead managers to the issue.

Durga Puja 2023: Kolkata Metro to operate additional services on North-South corridor – Check the last metro timings

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Good news for all Carnival goers! Kolkata Metro will operate additional services on the North-South corridor today. The special services will be in operation till midnight on Friday. The move comes after the West Bengal government has requested the city’s rapid transit system to run services to facilitate the people to see the famous Durga Puja Carnival to be held o­n the day o­n Red Road.

Additional services:-

The country’s oldest metro network will run 252 services on the Blue Line instead of 234 services.

Kolkata Metro rake maintenance during Durga Puja 2023:-

The maintenance of Metro rakes has played an important role in the smooth operations of Kolkata Metro during the Durga Puja. Presently, a total of 16 Medha rakes, 13 ICF rakes and 1 Dalian rake are in operation in the North-South Metro corridor. Their maintenance is being done at Metro Carshed at Noapara. The metro staff and officers with their sheer and utmost dedication and sincerity executing the complex duty of rake maintenance.

BPSC releases Teacher Recruitment Exam cut-off list today on bpsc.bih.nic.in, check steps and more details

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The cut-off list for the Bihar Teacher Recruitment Exam 2023 conducted by the Bihar Public Service Commission (BPSC) has been released on the official website, bpsc.bih.nic.in. Candidates who have completed the exam can review the class 1–5 cut-off marks, class 9–10, and class 11–12 cut-off marks for school teachers.

In addition to the cutoff lists, the website has also posted a list of candidates who did not make the merit list because they were absent for document verification, had their documents not be validated, had not completed the required language paper, or had not received the required score.

Take the following actions to view your BPSC School Teacher Result 2023:

Step 1: Open bpsc.bih.nic.in, the official website, and wait for the home page to load.

Step 2: To continue, locate the “Bihar TRE Result 2023” link and click on it.

Step 3: Enter your application number and password to log in on the following screen.

Step 4: You may view your marks after logging in.

Step 5: Save the scorecard to your files by downloading it from the portal.

Step 6: To find out if you qualify, compare your results to the cutoff values.

For the purpose of filling 170,000 primary, postgraduate, and trained graduate teacher positions, the Bihar Public Service Commission posted a recruitment notice. The written exam took place offline on August 24-26, 2023, and applications submitted online were approved.

RBI intervening in forex market to cushion Rupee fall; spends $82.8 bn from forex reserves in 9 months

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By Ritika Chhabra

The Fed raised the interest rates by another 75bps yesterday, as expected. This is the third back to back 75bps rate hike this year by the US central bank. With the latest hike, the Fed fund rate (FFR) now stands in the range of 3.0%-3.25% and is highest since January 2008. The FOMC revised the median FFR at the end of 2022 up by 100bps to 4.4% from 3.4% in June, indicating a cumulative rate hike between 125bps over the next 2 FOMC meetings this year. For 2023, the median FFR is revised up 4.6% vs. 3.8% in June, suggesting no rate cuts in 2023 and maintaining the terminal rate of 4.6% till 2024. 

These projections are much more aggressive than what investors had been pricing earlier. The dot plot projections are suggesting that the Fed will ‘keep at it’ till it can see inflation coming down under its target range. The Fed also made it clear that it is ready to sacrifice growth and is increasingly of the view that the demand and labor market need to cool off to get the runway inflation under control. The Fed chairman, Jerome Powell repeatedly used the words ‘restrictive interest rates for a longer period’ to emphasize that the central bank’s main goal is to tame inflation that is running hot at 4-decade high levels.

What does it mean for the Indian economy? 

A more aggressive tone by the Fed doesn’t spell good news for emerging market currencies including INR. Post yesterday’s FOMC meeting, the DXY index zoomed to 111.78, highest in 20 years. The INR once again crossed the psychological value of 80 against dollar, touching a new all-time low of 80.68. The RBI has been continuously intervening in the forex market to cushion the fall in rupee value. This intervention is depleting India’s foreign currency reserves at an accelerated pace. The RBI has already spent $82.8 billion from its forex reserves in 2022 so far, with the reserves currently standing at $550.8 billion as on 9th September 2022 against $642.4 billion last year. The reserves are now equivalent to covering about nine months of import compared to 16 months a year ago. 

With the reserves depleting in the past, the RBI will now be more prudent in the extent of its intervening to support the rupee. Going forward, the RBI might let the rupee weaken due to widening trade balance, elevated global commodity prices and stretched valuations of INR compared to other Asian currencies. In addition, higher interest rates in major economies globally will put a pressure on the RBI to go for a higher rate hike and stay at higher rates for a longer period, which might slow down the domestic economic growth. As Powell said in his press meet – “There is no painless way to tame inflation”. It might just be the start of the pain.

Also Read: Fed chair Powell signals recession may be price to pay for crushing inflation

(Ritika Chhabra is an Economist and Quant Analyst at Prabhudas Lilladher. The views expressed are the author’s own and do not reflect the official position or policy of FinancialExpress.com.)

TCS, HDFC Life, Vedanta, Ujjivan Small Finance Bank, NTPC, Muthoot Capital Services stocks in focus today

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Indian benchmark indices are likely to open in the green as trends in the SGX Nifty indicate a gap-up opening with a gain of 114 points. In the previous session, the BSE Sensex closed above 60,000 mark for the first time since August 18, rising 322 points to 60,115, while its broader peer NSE Nifty 50 rose 103 points to 17,936. “The recent rebound in the global markets especially the US is adding to the market strength and we reiterate our immediate target of 18,100+ in Nifty. Apart from the heavyweights, participants should also look at broader indices for trading opportunities,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 13 September, Tuesday

Tata Consultancy Services: TCS has been chosen by C&S Wholesale Grocers, Inc. (C&S), an industry leader in supply chain solutions and wholesale grocery supply in the United States, to build a new operations platform on Google Cloud to reduce the company’s carbon footprint and enhance the customer experience. C&S has partnered with TCS to reimagine its operations platforms, including customer experience and grocery distribution. TCS will lead the company-wide project and help C&S establish a new cloud-based architecture that will unify its current systems.

HDFC Life: UK-based investment company Abrdn is planning to sell up to 4.3 crore sales representing 2 per cent of HDFC Life Insurance Company’s outstanding shares through a block deal to raise over Rs 2,425 crore. The Edinburgh-based company, which was formerly known as Standard Life Aberdeen, has offered the shares in the price band of Rs 564.1 to Rs 578.55, which is a discount of up to 2.5% on the scrip’s close on Monday in the block deal, reported Reuters.

Ujjivan Small Finance Bank: Ujjivan Small Finance Bank (SFB) on Monday launched its QIP (Qualified Institutional Placement) with a floor price of Rs 21.93 per share to meet the regulatory requirement ahead of merger with its parent company. Shares of Ujjivan Small Finance Bank on Monday closed 5.42% higher at Rs 25.30 apiece on BSE. It has gained over 20% in the last one month. In February this year, the lender had informed raising of up to Rs 600 crore by issuing shares to qualified institutional buyers in order to meet the regulatory requirements for amalgamation with its parent firm Ujjivan Financial Services.

Vedanta: Taking the first major step in its $20 billion joint venture with Taiwan’s Foxconn, Vedanta has selected Gujarat for its semiconductor project. The project will include display and semiconductor facilities near Ahmedabad. The Mumbai-headquartered oil-to-metals conglomerate has obtained financial and non-financial subsidies including capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, news agency Reuters reported.

NTPC: National Thermal Power Corporation (NTPC) has paid a final dividend of Rs 2,908.99 crore for 2021-22 to its shareholders. The final dividend is 30% of the paid-up equity share capital of the company, an NTPC statement said.

Also Read: Sensex ends at nearly 1-month high, Nifty near-term support at 17807; Will Nifty hit 18100 soon?

Muthoot Capital: BNP Paribas Arbitrage bought 2.45 lakh equity shares in Muthoot Capital Services at an average price of Rs 196 per share, however, Elevation Capital VI FII Holdings offloaded 3,58,484 shares at an average price of Rs 196.47 per share.

Sensex ends at 2-month low, Nifty support shifts to 200-day SMA at 16850; use volatility to buy quality stocks

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BSE Sensex and NSE Nifty 50 tanked on Monday amid global growth concerns, and weak cues. BSE Sensex crashed 954 points or 1.6 per cent to settle at 57145, while NSE Nifty 50 index plunged 311 points or 1.8 per cent to finish trade at 17016. Stocks of index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, ITC, HDFC Bank, Axis Bank, and Maruti Suzuki India, among others contributed the most to the indices’ fall. Broader markets underperformed the equity market frontliners. S&P BSE Midcap index tumbled 2.8 per cent or 719 points to settle at 24,553, while S&P BSE Smallcap plunged 3.3 per cent or 959 points to finish at 27854. Bank Nifty index plunged 2.35 per cent or 930 points to settle at 39,027. India VIX, the volatility index, jumped 6.3 per cent to finish at 21.89 levels.

Also read: RBI MPC likely to raise repo rate 50 bps to tame inflation; may pause rate hike after Dec monetary policy

Global risk assets including equities extended their selloff on Monday as fears of faster inflation and global recession continued to rise. The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, making it more expensive for traders to short the currency. S&P Global ratings has retained India growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although it sees the risks tilted to the downside. Nifty has broken the important support of 17166 and now is on the verge of breaking 17000. 16947 and 16794 are the next supports for Nifty while 17166 could be the resistance in the near term.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

The speed with which central banks across the globe are hiking interest rates, investors are worried that slackening growth would push key economies into recession. With the monetary policy decisions on the anvil, rate-sensitive stocks like banking, realty & auto crumbled badly as rate hikes could dent demand going ahead. However, due to markets being in oversold territory, we could witness a quick pullback rally. For traders, the 200-day SMA and 16850 would act as a key support level. On the flip side 17150 and 17200 could be the immediate hurdle for the bulls.

Also read: S&P Global projects India’s FY23 GDP growth at 7.3%; estimates inflation to fall to 5% in next fiscal

Vinod Nair, Head of Research, Geojit Financial Services

The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers. Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations.

Mohit Nigam, Head – PMS, Hem Securities

We believe investors should avoid taking riskier positions in the near term as the volatility is likely to continue for some time. Investors should rather use this volatility to accumulate good quality stocks with strong growth visibility and solid fundamentals. On the technical Front immediate support and resistance in Nifty 50 are 16800 and 17400 respectively. Immediate support and resistance in Bank Nifty are 38000 and 39500 respectively.

Rupee sinks further to 81.95

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The rupee on Wednesday sank to a record low of 81.95 against the dollar amidst a relentless surge in the greenback and a sharp rise in the US treasury yields. The domestic currency closed the session at 81.90, down 37 paise over Tuesday’s close.

With the greenback continuing to strengthen, most Asian currencies were under pressure, especially the offshore Chinese yuan, which lost more value than the rupee. Given India’s large trade deficit with China, the relatively faster depreciation of the yuan is a cause for concern. The Korean won, the offshore Chinese yuan, the Thai baht and the Indonesian rupiah were all down anywhere between 0.5- 1.2%.

The dollar index, which measures the value of the greenback against a basket of six currencies, strengthened to near 115 levels and, according to current watchers, could gain further. The dollar index was trading at 114.78, a new twenty-year high. Last week, the US Federal Reserve hiked interest rates by 75 bps for the third consecutive time with chairman Jerome Powell saying that the central bank officials are “strongly resolved” to bringing down inflation. The more-than-expected hawkish commentary and the prospect of bigger rate hikes spooked the markets.

Amid the rising dollar, the yield on the 10-year US Treasury was ruling above 4.01%, levels not seen since October 2008. The yields are up 80 basis points in September so far. News agencies reported that the 30-year yield in the UK had risen to highest since 1998 amid debt sale.

The local currency markets remain anxious about India’s widening current account deficit (CAD) and foreign funds outflows from the equities market. The weak sentiment saw the Indian currency slip to 81.95 in intra-day trades. The Reserve Bank of India (RBI) is understood to have intervened in the markets, dealers said, adding the dollar sales helped the rupee close above the 82-mark.

Typically, at the end of the month, oil companies are in the market to buy dollars.

Meanwhile, ahead of the RBI’s announcement on the monetary policy review on Friday, the yield on the ten-year bond closed at 7.334%, up 4 bps from previous close of 7.293%. While the bond markets have priced in a hike in the repo rate of 50 basis points, the rise in yields suggests the markets believe the terminal rate could be higher than earlier anticipated. The OIS (Overnight Index Swap) markets are pricing in a terminal rate of 6.8%.

Most economists expect a terminal repo rate of over 6% with some penciling in a level of 6.5%. The repo is currently at 5.4%. Rising yields are a worry for banks, which hold large bond portfolios, as they would incur mark-to-market losses.

Sebi penalises 10 entities for diverting IPO proceeds in Birla Pacific Medspa case

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Capital markets regulator Sebi has imposed penalties totalling Rs 3.42 crore on 10 entities, including Birla Pacific Medspa and Yashovardhan Birla, for violating listing agreements as well as diverting proceeds from the initial public offer of Birla Pacific Medspa Ltd.The regulator imposed a fine of Rs 1.07 crore on Birla Pacific Medspa Ltd, Rs 32 lakh on Abhijit Desai, Rs 26 lakh on PVR Murthy and Rs 25 lakh each on Yashovardhan Birla, Venkateshwaralu Nelabhotla, Mohandas Adige, Anoj Menon, Rajesh Shah, Upkar Singh Kohli and Tushar Dey.

The order came after Sebi conducted an investigation into the initial public offer of Birla Pacific Medspa Ltd (BPML) for the period July 7-15, 2011.The scrip of BPML was listed on BSE on July 7, 2011, after the IPO was open for subscription from June 20-23, 2011.The price of the scrip had seen sharp volatility on the listing day, closing at Rs 25.35, 154 per cent more than the issue price of Rs 10 per share, Sebi said in an order on September 28.BPML received IPO proceeds of Rs 65.17 crore, however, funds received in the IPO were not utilised for setting up of the 55 ‘Evolve’ healthcare clinics across India as stated in the prospectus by the firm and funds to the extent of Rs 34.91 crores were actually siphoned off by the company.

It was also observed that BPML had extended funds to certain entities which were used to support the scrip price on the day of the listing, thereby violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. In addition, BPML has not filed any disclosure of deviation in the use of IPO proceeds along with its financial results to the stock exchanges and the fillings of the financial results were signed by Murthy on behalf of the company, thereby violating the listing agreements under SCRA. Accordingly, the market watchdog imposed a fine of Rs 2 lakh on BPML.

However, this penalty would be subject to the outcome of Sebi’s appeal pending before the Supreme Court. Section 23E in the SCRA pertains to listing conditions.Meanwhile, in a separate order, Sebi slapped fines totalling Rs 71 lakh on 35 entities for violating market norms in the matter of First Financial Services Ltd.

The order came after Sebi conducted an investigation into trading and dealings in the scrip of First Financial Services Ltd and observed abnormal movement in the price and trading volume of the scrip on BSE during the period May 2012 to March 2014. 

Sensex, Nifty end lower amid volatility post hawkish US Fed commentary; Nifty support at 17500

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BSE Sensex and NSE Nifty 50 ended in red on Thursday, as investors reacted to the 75bps interest rate hike by the US Federal Reserve. Moreover, the weekly F&O derivatives expiry added to the volatility in the stock market. BSE Sensex fell 337 points or 0.6 per cent to 59,120, while NSE Nifty 50 was down 89 points or 0.5 per cent to settle at 17630. Stocks of HDFC Bank, ICICI Bank, Reliance Industries Ltd (RIL), Housing Development Finance Corporation (HDFC), Axis Bank among others contributed the most to the indices’ loss. The broader market indices outperformed the equity frontliners. S&P BSE Midcap gained 0.3 per cent or 82 points to settle at 25,860, while S&P BSE SmallCap index added 0.5 per cent or 138 points to finish at 29,377. Bank Nifty index tumbled 1.4 per cent to settle at 40,631.

Also read: US Federal Reserve may hike interest rate by 75bps yet again in November; FOMC unlikely to cut rates in 2023

Indian markets reacted mainly to the US Federal Reserve’s hawkish undertone on interest rate that fuelled pessimism amongst the investors. As expected, banking stocks bore the brunt that led to extended correction in local benchmarks. Technically, Nifty has formed lower top formation on daily and intraday charts and closed below the 20-day SMA (Simple Moving Average), indicating continuation of weakness in the near future. The index has been consistently facing resistance at higher levels and at the same time regularly taking support near the 17500 level. For the traders 17500 and 17700 would be the important level to watch out for and below 17500, the index could slip till 17400-17350 levels. On the flip side, a range breakout over 17700 could push the index up to 17800-17850.

Kunal Shah, Senior Technical Analyst, LKP Securities

The Bank Nifty index witnessed selling pressure at higher levels and remains in a sell-on-rise mode as long as it stays below the level of 42,000. The index immediate downside support stands at 40,500 and a breach below this will open gates for further downside toward the 39,000 level. The index is trading in a tight range between 40,000-42,000 and a break on either side will give a directional move to the index.

Also read: India’s GDP to grow at 7.5% in FY23 despite developed-economy recession; inflation to stay above 6% till Nov

Vinod Nair, Head of Research, Geojit Financial Services

The Fed turned more hawkish than anticipated, increasing its rate forecast to 4.4% by the end of 2022. The indication is that 125bps more rate hikes can be expected in the next 2 policy meetings scheduled this year. Following this, the US dollar index rose above 111, depreciating INR to beyond 80. The Indian stock market was able to sustain its resilience with limited cuts but if the rupee continues its weakness the domestic market would turn less attractive for foreign investors in the short-term, affecting performance.

Palak Kothari, Senior Technical Analyst, Choice Broking

On the technical front, the Nifty has been trading with Lower Highs & Lower Low formation for the last 3 trading sessions on a daily basis which has weakness in the counter for an upcoming session. Furthermore, Nifty formed a Doji candle on a daily chart which points out the confusion between buyer & seller. Nifty has been facing resistance from 21 DMA as well as the middle band of Bollinger which adds bearishness to the prices. On the OI Data, On the call side, the highest was witnessed at 17800 while on the put side was at 17500 level. The daily momentum indicator MACD was trading with a negative crossover which points out the weakness in the counter. The support for nifty has shifted around 17500 levels while on the upside 17800 may act as an immediate hurdle. On the other hand, Bank nifty has support at 40000 levels while resistance at 41500 levels. Overall, the Nifty is looking volatile for an upcoming session. Nifty may find support around 17500 levels while breaching below will open the gate for 17380-17200 levels