Business
No change in petrol, diesel prices on Wednesday
 
												Auto fuel petrol and diesel prices remained unchanged on Wednesday, a day after pump prices of both fuels rose simultaneously, after a three week break amid volatility in global oil prices.
Benchmark crude prices have settled a tad lower at $78 a barrel now after shooting over three year high level of $80 a barrel earlier this week.
With no change in fuel prices, diesel continues to be priced at Rs 89.57 per litre while petrol at Rs 101.39 a litre.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices on Tuesday given a spurt in the product prices lately.
OMCs preferred to maintain their watch on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
The wait and watch plan of OMCs had come to the relief of consumers earlier as no revision came during a period when crude price were on the rise over shortfall in US production and inventories and a peak in demand. This would have necessitated about Rs 1 increase in price of petrol and diesel.
In Mumbai, the petrol price is now Rs 107.47 per litre while diesel rate is Rs 97.21 a litre.
Across the country as well petrol and diesel prices remained static on Wednesday but their retail rates varied depending on the level of local taxes in the state.
Fuel prices in the country have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on few occasions but largely remained stable.
On Wednesday, global benchmark Brent crude fell to $78 a barrel after rising over $80 barrel on Tuesday. Oil rates are up 2 per cent for the week and this is the fifth weekly gain.
Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market have been higher by around $6-7 per barrel as compared to average prices during August.
Under the pricing formula adopted by oil companies, rates of petrol and diesel are to be reviewed and revised by them on a daily basis. The new prices becomes effective from morning at 6 a.m.
The daily review and revision of prices is based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.
But, the fluctuations in global oil prices have prevented OMCs to follow this formula in totality and revisions are now being made with longer gaps. This has also prevented companies from increasing fuel prices whenever their is a mismatch between globally arrived and pump price of fuel.
Business
CBI Chargesheet Alleges ₹2,796 Crore Yes Bank Fraud Involving Anil Ambani’s ADA Group And Rana Kapoor

Mumbai: The Central Bureau of Investigation (CBI) which is probing the transactions between Yes bank through its former Managing Director Rana Kapoor and Anil Dhirubhai Ambani (ADA) Group company, has alleged that the funds received from the bank in M/s Reliance Home Finance Limited (RHFL) and Reliance Commercial Finance Ltd (RCFL) were further diverted to several shell companies, created only to receive funds.
CBI has submitted a chargesheet before the special CBI court against Rana Kapoor and his family, Anil Ambani and other companies for causing loss to Yes bank to the tune of Rs 2796.77 crores, as the investments made in ADA group could not be recovered.
The agency has said that during 2017-2019, Yes Bank had invested Rs. 2965.00 crores and Rs 2045.00 crores through subscription of Non- Convertible Debentures (NCDs) & Commercial Papers (CPs) of M/s RHFL and M/s RCFL respectively.
The agency has in its chargesheet listed down several shell companies which further received funds from RHFL and RCFL. The list of these shell companies, as mentioned in CBI’s chargesheet include – Gamesa Investment Management Pvt Ltd (GIMPL), Species Commerce and Trade Pvt, Crest Logistics and Engineers Pvt Ltd, Gamesa Investment Management Pvt Ltd, and Mohanbir Hi-Tech Build Pvt Ltd.
The agency claimed that, “the primary purpose of these shell companies was to receive funds from RHFL and RCFL acted on instructions of Anil Ambani.”
CBI claimed that Anil Ambani was unable to directly invest the funds available at the disposal of M/s Reliance Nippon Mutual Fund in the financial companies of the ADA Group, which were under stress, due SEBI Mutual Fund Regulations. Hence in a criminal conspiracy, Yes Bank Ltd subscribed to NCDs of M/s RHFL, M/s RCFL and M/s Reliance Capital Limited (RCL).
In return, the agency alleged that the funds available at the disposal of M/s Reliance Nippon Mutual Fund, invested in YBL AT-1 bonds and AMC also invested in Rana Kapoor’s family firm.
Thus, funds available with Reliance Nippon Mutual Funds were routed to the group companies of ADA through Yes Bank, CBI claimed, adding that the funds were further diverted to other shell companies.
The agency has alleged that it all started with the meeting held between Rana Kapoor and Anil Ambani on October 6, 2017, just a month before the Reliance Nippon Life Asset Management Limited (AMC) was listed with BSE and NSE on November 6, 2017.
The agency pointed out that “the abnormal decision of YBL to make huge investment in the NCDs of the financial companies of ADA Group and the abnormal decision of the AMC to make huge investment in the YBL AT-1 Bonds were taken in this meeting. Both the investment decisions were taken in a hasty manner and without holding any discussion between the officers of YBL and the officers of the AMC.”
It is claimed that on October 6, 2017 it was Friday, hence the following working day that is on October 9, 2017, the process began. The agency claimed that on October 9, 2017, Kapoor instructed senior executives of IFIB for initiating the proposal for investing in NCDs worth Rs 2900 crores in three ADA group companies – RHFL, RCFL and RCL. The agency claimed that the investment transaction was completed and funds were transferred on October 13, 2017.
On the other hand, AMC, allegedly under the influence of Anil Ambani, prepared a formal note for increasing the long-term debt investment limit in M/s Morgan Credits Private Limited (MCPL), a firm owned by Radha and Roshini, from Rs 550 crores to Rs 625 crores. Accordingly in ten days AMC invested Rs 50 crores in MCPL.
Meanwhile, on October 9, 2017, Yes Bank initiated the process for issuance of fresh AT-1 bond under the instructions of Rana Kapoor, even when the DCM team of the bank had raised apprehension for arranging subscribers for making investment in fresh YBL AT 1 bonds in such a span, wherein they were still busy in offloading earlier bonds in secondary market, CBI alleged.
However, CBI claimed that Rana Kapoor had informed them that Reliance Nippon Mutual fund would make an investment of Rs 2000 crores through private placement and Rs 1000 crores secondary market in YBL AT 1 bond.
The agency claimed that AMC had enhanced the sub limit for YBL AT – 1 bond by about 600% in a short span of time, as compared to the sub-limit of other banks which was at max enhanced to 70%.
Business
Indian stock market opens flat amid mixed global cues

New Delhi, Oct 31: The domestic benchmark indices started the session flat amid mixed global cues, as US President Donald Trump and his Chinese counterpart, Xi Jinping, agreed to ease the trade conflict for a year only.
The Sensex started the session at 84,379.79, down 25 points against the last session’s closing of 84,404.46. Nifty opened 14 points lower at 25,863.80. However, both the indices turned green in a while amid buying in automobile and banking heavyweights.
“The Trump-Xi summit delivered only a one-year truce in the US-China trade war, not a breakthrough trade deal. To that extent, market participants were disappointed at the outcome, even though there is relief in the declining trade tensions and possible movement towards further progress,” analysts said.
Among the Sensex stocks, NTPC, Tata Steel, Kotak Bank, Sun Pharma, and Bharti Airtel were trading lower in early trade, while Maruti Suzuki, TCS, BEL, Bajaj Finance, Titan, Tata Motors PV, L&T, and ITC were trading in positive territory.
Broader indices witnessed buying activities in the morning trade as Nifty Midcap 100 and Nifty Smallcap 100 were up around 0.4 per cent. Nifty 100 was also trading in green.
“The rally in the Indian market has been running out of steam as it approaches the record high of 26277 set in September 2024. Renewed selling by FIIs is likely to be a drag on the market in the near-term,” market watchers added.
Sectoral indices were trading high. Nifty Auto, Nifty IT, Bank Nifty, and Nifty FMCG were trading up to 0.6 per cent higher amid decent buying interest. Nifty Fin Services was also trading up.
“Given the heightened volatility and mixed global cues, traders are advised to maintain a cautious ‘buy-on-dips’ approach, particularly when using leverage. Booking partial profits during rallies and keeping tight trailing stop losses will be key for effective risk management. Fresh long positions should be considered only if the Nifty sustains above the 26,100 mark,” the analysts added.
Business
FM Sitharaman embarks on Bhutan visit to deepen economic, developmental cooperation

New Delhi, Oct 30: Union Finance Minister Nirmala Sitharaman on Thursday embarked on an official visit to Bhutan to further deepen economic and developmental cooperation between the neighbouring countries.
The visit of the Indian delegation from the Department of Economic Affairs, Ministry of Finance, is slated from October 30-November 2, according to an official statement.
The visit underscores India’s enduring partnership with Bhutan, rooted in mutual respect, trust, and shared commitment to progress and prosperity in the region, it added.
Finance Minister is scheduled to call on the King of Bhutan, Jigme Khesar Namgyel Wangchuck, and Prime Minister Dasho Tshering Tobgay.
She will also hold a bilateral meeting with the Bhutan Finance Minister Lekey Dorji to discuss avenues for further strengthening India-Bhutan economic and financial cooperation.
FM Sitharaman will begin her official tour with a visit to the historic Sangchen Choekhor Monastery, established in 1765 and home to over 100 monks engaged in advanced Buddhist studies, according to the statement.
She will visit and observe several key projects being implemented with support of the Government of India. These include the Kurichhu Hydropower Plant Dam and Powerhouse, the Gyalsung Academy, the Sangchen Choekhor Monastery and Punakha Dzong.
Sitharaman will attend presentations on key developmental initiatives, including the energy sector of Bhutan by Druk Green Power Corporation Limited (DGPC); Bhutan’s 21st Century Economic Roadmap; Banking/Financial sector in Bhutan by Druk PNB and the Bank of Bhutan; and The Gelephu Mindfulness City project
The Finance Minister will also visit the Cottage and Small Industries (CSI) Market, where she will witness a transaction using India’s Unified Payments Interface (UPI), reflecting the growing digital and financial connectivity between the two nations.
According to the official statement, Sitharaman will visit the Punakha Dzong — Bhutan’s second-oldest and second-largest dzong.
On the way to the Punakha Dzong, she will also interact with Bhutanese farmers to understand their agricultural practices, challenges, and opportunities.
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