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Monday,15-July-2024
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No revision in petrol, diesel prices on Monday, a day after price cut

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Petrol

The oil marketing companies (OMCs) have kept pump prices of auto fuels — petrol and diesel — unchanged on Monday, a day after reducing retail rates by 15 paise per litre, to wait and watch the global oil situation before making fitter changes.

Accordingly, the price of petrol and diesel remains unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer.

In Mumbai, the petrol price is stable at Rs 107.26 per litre on Monday while diesel rates also remain unchanged at Rs 96.19 a litre.

Across the country as well petrol and diesel prices remained static on Monday, but their retail rates varied depending on the level of local taxes in a particular state.

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 become 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.

Fuel consumers can expect fuel prices to remain unchanged or get some relief by way of a cut in days ahead as global oil is expected to remain soft. Oil cartel OPEC and its allies have agreed to gradually raise production levels that should prevent the upward price movement. The concerns on demand due to the pandemic is also affecting oil prices.

After touching $ 74 a barrel-mark last week, benchmark Brent crude is marginally lower now at less than $ 72 a barrel now.

Business

Gold Price Jumps ₹400 To ₹75,050 Per 10 Grams On Jewellers’ Buying

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Gold price on Wednesday jumped by Rs 400 to Rs 75,050 per 10 grams in the national capital on the back of fresh buying from jewellers, according to the All India Sarafa Association.

The precious metal had closed at Rs 74,650 per 10 grams in the previous session.

However, silver prices remained flat at Rs 94,400 per kg.

In sarafa markets, the yellow metal was trading at Rs 75,050 per 10 grams, up by Rs 400 against the previous close, the association said.

Traders said gold prices saw an uptrend due to rise in domestic demand.

In the international markets, spot gold was trading higher at USD 2,380.50 per ounce, up USD 12.60 per ounce.

“Gold prices traded positively. The buying was driven by expectations of weak inflation numbers to be release on Thursday evening in US, which could prompt rate cuts by US Federal Reserve in the September meeting,” Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.

Additionally, silver prices was also up at USD 31.25 per ounce globally.

“Spot gold closed with a gain of around 0.20 per cent at USD 2,363 per ounce on Tuesday, as the Fed Chair Powell, in his testimony to the US Senate Banking Committee, offered largely a balanced view on the US economy and the Fed’s monetary policy,” Praveen Singh, Associate VP, Fundamental Currencies and Commodities at Sharekhan by BNP Paribas, said.

In his testimony, Fed Chair Powell said that the inflation trend is encouraging; however, the US central bank will need more data to gain confidence in cutting rates.

He (Powell) cautioned that lowering interest rates too little or too late could put the economy and the labour market at risk as inflation is not the only risk the US economy faces now.

“The US Consumer Price Index (June) data will be released on Thursday, which is crucial as traders look for possibility of rate cuts in September,” Singh added.

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Business

Mumbai: Red Fox IT Infra LLP Purchases 22 Office Units For ₹267.5 Crore In Andheri

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Red Fox IT Infra LLP, a subsidiary of Redbrick Offices, purchased 22 office spaces at Andheri (East) for Rs 267.5 Crore. The office units are situated on the sixth, seventh, and eighth floors in the E Wing of Times Square Building.

About The Purchase

According to transaction details accessed by CRE Matrix, a real estate data analytics firm, the company paid stamp duty of Rs 8.02 Crore for the office units that collectively measure to 87,618 sq ft. While the deal for 18 office units was registered on May 3, 2024, the remaining four office units were registered on May 8, 2024.

Red Fox also purchased 88 parking spaces as part of the deal from NTPL Developers LLP and others. Recently, ICICI Prudential Asset Management Company purchased properties worth Rs 315 Crore in Santacruz (East).

ICICI Prudential Asset Management Company Ltd purchased 12 floors along with land, three basements, and a ground floor situated at Kalpataru Infinia from Ixora Properties Pvt Ltd.

According to the documents accessed by FloorTap.com, the marketplace for commercial properties, ICICI Prudential paid stamp duty of Rs 18.90 Crore to seal the deal that was registered on June 27, 2024. The total area of property is 63,733 sq ft and comes along with 114 parking spaces, the documents stated.

The Colliers India Research Report about India Office Market Snapshot in Q2 of 2024 stated that Mumbai recorded a significant 3.5 mn sq ft of leasing during the quarter ending June 2024, double the levels seen in Q2 2023, the city also had the highest incremental quarterly supply in the past 3-4 years.

It also stated that the vacancy levels remained rangebound amidst balanced demand-supply dynamics while a strong H1 performance has set the stage for office space demand to comfortably exceed 50 mn sq ft for the third consecutive year in 2024.

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Private Banking Shares Drag Nifty Bank Down As Public Sector Banks Perform Well

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One of the most important Indices in India, Nifty Bank, appears to following the path of the marquee indices, the BSE Sensex and NSE Nifty. This, as, Nifty bank, like the aforementioned indices, is trading in red.

Nifty Bank Dwindles

An interesting fact about this decline is that the performance of one end of the banking spectrum, compared to the others, is bringing the overall index down.

Nifty Bank dipped by over 1 per cent earlier in the trading session.

Here, the reference is to the stocks of private lenders listed on the market. Major names, including HDFC Bank and ICICI Bank, led this collective slump. AU Bank, along with IndusInd Bank, were also amongst the shares that were on the decline.

On Friday, July 5, HDFC Bank recently released data on gross advance and credit-to-deposit ratio. The gross advance of the Mumbai-based bank rose by over 52 per cent. Nevertheless, HDFC’s credit-to-deposit ratio remained a reason for concern, as the ratio remained at 105 per cent.

Indusind bank also lost 0.51 per cent or Rs 7.35, dropping to Rs 1,435.50. ICICI bank lost 0.15 per cent or Rs 1.80 declining to Rs 1,231.20. AU Bank also lost 0.08 per cent.

Interestingly, this is happening on a day when major PSBs, including the State Bank of India, Bank of Baroda and Punjab National Bank, made noticeable gains. Amongst the three, PNB was the biggest gainer, with a rise of 1.27 per cent or Rs 1.54, climbing to Rs 123.05.

The largest bank in the country was second in line, with a jump of 1.13 per cent or Rs 9.50, taking the total value to Rs 848.80. Meanwhile, Bank of Baroda gained 0.72 per cent or Rs 1.95, taking the overall value of individual shares to 272.10.

At 13:13, the Nifty Bank lost 1.12 per cent or 597.15 points, slipping to 52,506.55.

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