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Monday,01-March-2021

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Punjab message on clear tracks for goods trains misleading: Indian Railways

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VK-Yadav

The Indian Railways on Saturday described the message of the Punjab government that the rail tracks were clear for the goods trains as “misleading” and not operationally feasible. It again urged the state government to clear the railway tracks and the premises occupied amid the ongoing farmers agitation, to resume the train services.

Addressing a press conference here, Railway Board Chairman and CEO V.K. Yadav said, “Last evening the state government gave us a message that tracks are clear only for the goods trains.

“It was a misleading message, as railway tracks are meant for passenger as well as goods trains. This is not operationally feasible to only allow the goods train services as tracks are meant for the passenger trains too,” he said.

Yadav said that we have requested the Punjab government to clear the railway tracks and premises of the agitators so that train services are resumed in the state.

The Chairman added that the railways has been continuously requesting the state government to clear the tracks and premises and ensure safety and security of the railway personnel.

He also said that the national transporter has also conveyed to the state government that all the passenger trains have got bookings and due to the cancellation of trains many passengers are facing difficulties.

Commenting on the current position of the farmers blockade, the Railways CEO said that farmers are present inside the premises of one railway station while in 22 stations the farmers are agitating in the premises.

He said, “We have got the indication from the agitators through our station masters that they are ready to allow the operations of goods trains only in the state. And, if the passenger train services are resumed, then they will return to the railway tracks,” he said.

The rail blockade in Punjab started on September 24 over the three controversial Central Agriculture Laws, which they want to be revoked.

The railways started the services of the goods train on October 22. However, two days later the services were stopped once again after the agitating farmers stopped the trains.

Yadav said that the state government was also trying its best to clear the rail blockade. “And once the blockade is cleared we will resume the train services,” he said.

Business

Petrol and diesel prices remain unchanged on Monday

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Petrol

The rise in the petrol and diesel price has paused for the last couple of days as oil marketing companies have decided to wait and watch the developments on the global oil market before finalising their India retail strategy.

Accordingly, oil marketing companies kept the pump price of petrol and diesel unchanged on Monday. With this, petrol continues to be priced at Rs 91.17 a litre and diesel Rs 81.47 a litre in the national capital.

Across the country as well the petrol and diesel prices remain unchanged.

Sources in OMCs said that price pause on Monday followed subdued movement in product price in global markets. The crude oil, which has been on fire for the last couple of weeks has also shown some downward movement lately but staying above $65 a barrel now.

Petrol and diesel prices have been rising continuously since February 9. In the 14 increases since then, prices have gone up by Rs 4.22 per litre for petrol while diesel rate has risen by Rs 4.34 a litre in Delhi.

The increase in the previous weeks has taken petrol to cross historic high levels of Rs 100 a litre in several cities across the country.

In Mumbai, petrol price is just Rs 2.4 per litre short (Rs 97.57 a litre) of touching the three digit mark of Rs 100 per litre for the very first time ever. Diesel price in the city is closing on Rs 90 a litre (Rs 88.60 a litre).

In all other metros, petrol is over Rs 90 a litre-mark while diesel is well over Rs 80 a litre. Premium petrol has crossed Rs 100 per litre-mark in several cities of Rajasthan, Madhya Pradesh and Maharashtra a few days back.

Since fuel prices are benchmarked to a 15-day rolling average of global refined products’ prices and dollar exchange rate, pump prices can be expected to remain northbound over the next few days even if crude price stabilises.

The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre respectively so far this year.

Oil companies’ executives said that petrol and diesel prices may increase further in coming days as retail rates may have to be balanced in line with global developments to prevent OMCs from making losses on sale of auto fuels.

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Business

Hyundai Motor India’s overall February sales over 26%

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Hyundai-Motor-showroom

Hyundai Motor India on Monday reported a growth of 26.4 per cent in its overall sales including exports during February.

The company’s overall sales grew to 61,800 units from 48,910 units sold during February 2020.

Similarly, the company’s domestic sales rose during the month under review.

It edged higher by 29 per cent to 51,600 units from 40,010 units sold during the corresponding month of the previous year.

Similarly, exports increased and it rose by 14.6 per cent to 10,200 units from 8,900 units shipped out during February 2020.

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Business

Manappuram Finance board mulls debt securities

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Manappuram-Finance-board

Manappuram Finance on Monday said that its Board of Directors is likely to consider and approved the issuances of debt securities this month.

In a regulatory filing, the company said that it is considering various options for raising funds through borrowings including by the way of issuance of various debt securities in onshore or offshore securities market by public issue, on private placement basis or through issuing commercial papers.

“Based on the prevailing market conditions, the Board of Directors and / or Financial Resources and Management Committee / Debenture Committee of the Board of Directors of the company may consider and approve issuances of debt securities during the month of March, 2021, subject to such terms and conditions including the issue price of debt securities, as the Board / respective Committee may deem fit,” it said.

Around 1.15 p.m., its shares on the BSE were trading at Rs 173.50, lower by Rs 2.70 or 1.53 per cent from its previous close.

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