Connect with us
Friday,25-April-2025
Breaking News

Business

Oil Cos strengthen profits as consumers suffer from high fuel prices

Published

on

petrol

The oil price rise may have hit the fuel consumers hard, but it is the oil companies that have made the most from the current situation, strengthening their margin on the sale of petrol and diesel and jacking up profits.

At the current prevailing high fuel price levels in the country, the marketing margin taken by the oil marketing companies (OMCs) on retail sale of petrol and diesel has touched a high of around Rs 3 per litre.

What this means is that while rising fuel prices earlier burned a bigger hole in the consumers’ pockets, the OMCs have increased their earnings and are getting a lift in the current difficult environment created by the Covid-19 pandemic.

According to a research report from ICICI Securities, oil marketing companies are expected to strengthen their earnings in July-September quarter of FY22 on the back of rising marketing margin and improved gross refining margin.

The brokerage said that auto fuel net marketing margin has surged to Rs 3.08 per litre in Q2FY22- till date from Rs 1.43 per litre in Q1FY22 on hefty price hikes and international price fall.

Net margin is at Rs 2.06 a litre in FY22-TD, at Rs 4.42 per litre at latest domestic and international prices, and on track to be in line with, or even higher, than our estimate of Rs 2.5 a litre in FY22E, the brokerage said.

The margins for oil companies have risen as diesel and petrol prices were hiked by Rs 9.3-11.4 per litre respectively since May 3. The fall in international prices from peak also boosted auto fuel net marketing margin that rose above Rs 3 per litre in Q2 of FY22 till date.

ICICI Securities report said though petrol and diesel prices have been cut by Rs 0.50-1.25 per litre since August 18, still companies net margin is on track to be in line with or even higher than estimated Rs 2.5 per litre.

For all the OMCs, the gain is coming in wake of regular revision of retail price of petrol and diesel since the beginning of the financial year. Since then, the pump price of petrol had increased on 41 occasions. This as per analysts may have hurt fuel consumers but has pushed up marketing margins for OMCs back to about Rs 3 a litre. This means companies are gaining from the rise more than expected.

National

Big relief for Kunal Kamra as Bombay HC grants protection from arrest

Published

on

Mumbai, April 25: In a major relief for stand-up comedian Kunal Kamra, the Bombay High Court on Friday granted him protection from arrest in connection with an FIR lodged over his satirical video and his controversial “gaddar” (traitor) remark aimed at Maharashtra Deputy Chief Minister Eknath Shinde.

The court directed the Mumbai Police not to take any coercive action against Kamra, who is currently residing in Chennai.

The FIR had been filed following the circulation of a video in which Kamra allegedly mocked Shinde and referred to him as a “gaddar,” sparking outrage among the Shiv Sena (Shinde faction) supporters.

While restraining the police from arresting the comedian, the court, however, allowed investigators to proceed with their inquiry.

It permitted the Mumbai Police to travel to Chennai to question Kamra, with the assistance of the local police.

The court said if the police file a charge sheet, the trial court should not proceed till the High Court decides the quashing petition filed by Kamra.

Kamra had filed a plea before the High Court seeking to quash the FIR filed against him.

Earlier on April 16, the High Court had granted him interim bail, which has now been made regular.

The FIR was filed at Khar police station following a complaint by Shiv Sena legislator Muraji Patel after Kamra, during a performance of his stand-up show Naya Bharat, allegedly referred to Shinde as a ‘gaddar’.

Kamra was initially granted interim anticipatory bail by the Madras High Court before he moved the Bombay High Court to seek quashing of the FIR and grant of regular bail.

The remark was purported as a reference to Shinde’s political defection from the Uddhav Thackeray-led Shiv Sena to join hands with the BJP, which led to a dramatic split in the party and the rise of a new ruling coalition MahaYuti.

Continue Reading

Business

Demand for homes priced Rs 1 crore and above boosts market in India: Report

Published

on

Mumbai, April 24: The demand for homes prices Rs 1 crore and above bolstered the Indian property market in the first quarter this year, preventing overall sales of 65,250 units from hard landing, a report said on Thursday.

Residential sales in Q1 2025 (January-March) experienced only a modest decline and added up to 65,246 units. This limited drop was primarily due to robust demand in the Rs 3-5 crore and Rs 1.5-3.0 crore segments, which helped counterbalance the slowdown in relatively affordable housing, according to a JLL report.

The steady growth in higher ticket size homes indicates increasing affluence among homebuyers, changing lifestyle preferences and buyers prioritising larger and premium properties.

According to the report, housing sales in India’s top seven cities continued to be dominated by Bengaluru, Mumbai, and Pune, which collectively accounted for 66 per cent of Q1 sales.

High concentration of MNCs and startups creating significant employment opportunities and ongoing infrastructure improvements make these cities increasingly attractive places to live and work.

It is interesting to note that over the last few quarters a significant share of quarterly sales volume has been contributed by projects launched during the same quarter.

Q1 2025 was no exception, with around one-fourth of its sales being contributed by quarterly new launches. Launches by reputed developers with assurance of timely delivery and steady price appreciation, are driving the trend, the report informed.

“The residential real estate market is showing signs of a shift in buyer preferences with lowering of demand for less than Rs 1 crore housing and a growing affinity for mid to high-end properties. This as well suggests a potential upward movement in the overall market dynamics,” said Dr Samantak Das, Chief Economist and Head of Research and REIS, India, JLL.

“This upswing in the higher-priced segment demand has shielded the overall housing sales from a sharper decline,” Das added.

Developers are focusing more on mid to high-end projects to align with current demand patterns. High-end housing sector experienced a steady upswing with 107 per cent year-on-year growth in launches of properties priced at Rs 1 crore and above, driven by strong sales in this segment.

Growth in launches despite economic uncertainties signals robust developer confidence in high-end housing demand, said the report, adding that 2025 is poised for robust growth in the residential sector demand.

Continue Reading

Business

GreenLine flags off LNG truck fleet for Bekaert to drive sustainable logistics

Published

on

Mumbai, April 24: GreenLine Mobility Solutions Ltd., an Essar venture and India’s only green logistics operator of LNG and electric-powered heavy commercial trucks, has partnered with Bekaert, a global leader in tire reinforcement technology, to decarbonise road logistics and support India’s vision of a gas-based economy.

The partnership was flagged off with the deployment of GreenLine’s LNG-powered trucks at Bekaert’s Ranjangaon Plant, marking the beginning of a pilot phase that aims to significantly reduce the carbon footprint of Bekaert’s logistics operations.

Each GreenLine LNG truck is expected to reduce up to 24 tonnes of CO₂ emissions annually, contributing to Bekaert’s ambition of becoming carbon net-zero by 2050 and achieving 65 per cent of sales from sustainable solutions.

Commenting on the partnership, Anand Mimani, CEO, GreenLine Mobility Solutions Ltd, said, “Our partnership with Bekaert demonstrates the growing commitment of forward-thinking corporates to drive sustainability at scale. At GreenLine, we are proud to offer not just green trucks, but an integrated ecosystem — from LNG refuelling to real-time telematics — that empowers our partners to make meaningful progress on their net-zero goals.”

Dinesh Mukhedkar, Procurement Operations Lead — South Asia and Procurement Global Shared Service Centre Lead, Bekaert, added, “As part of our purpose ‘Establishing the new possible,’ and our ambition to lead in safe, smart, and sustainable solutions, decarbonising logistics is an essential step. This directly supports our commitment to ESG principles and long-term sustainability goals.”

GreenLine’s expanding fleet of LNG-powered trucks has already clocked more than 40 million km, avoiding over 10,000 tonnes of CO₂ emissions. The company’s ongoing expansion includes plans to deploy over 10,000 LNG and EV trucks, supported by a nationwide network of 100 LNG refuelling stations, EV charging hubs, and battery swapping facilities — targeting a reduction of 1 million tonnes of carbon emissions annually.

Continue Reading

Trending