Oil stocks gain on diesel price hike, BPCL leads

May 11, 2013

Oil_stocksNew Delhi, May 11: Oil marketing companies outperformed the broader markets on Saturday after state-run oil companies hiked diesel prices by 90 paise per litre on Friday.

BPCL shares were up 1 per cent at Rs. 421.50, while Indian Oil shares gained 0.85 per cent to Rs. 309.40 as of 12.03 p.m.

Upstream firms such as ONGC, which contribute to the subsidy burden, also gained. ONGC shares traded 0.35 per cent higher at Rs. 329.70.

This was the fourth hike in diesel prices since January when the government permitted state-run oil companies to hike the price of the fuel by 45-50 paise per litre per month till the losses incurred on the sale of the fuel below market rates are wiped out. Diesel prices were last increased in March, by 45 paise.

Oil firms were losing around Rs. 6 on the sale of every litre of diesel before the latest hike.

The price of petrol, on the other hand, is market driven and is revised every fortnight in line with international rates. Petrol prices were last revised on April 30, when they were slashed by Rs. 3 (minus taxes), the highest cut in over five years.

Along with diesel, the government sells cooking gas (LPG) and kerosene at subsidized rates, and compensates the oil firms for selling the fuels at lower prices.

For the last financial year ending March 31, 2013, the under-recovery (losses) on the three products is estimated at Rs. 1,60,000 crore.

After the revision, prices stand as follows: New Delhi - Rs. 49.69 per litre; Mumbai - Rs. 56.04; Chennai - Rs. 52.92; Kolkata - Rs. 53.97.

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News Network
April 20,2020

Thiruvananthapuram, Apr 20: The Kerala health department has declared 88 local bodies including the corporation, municipality and panchayats, spread over 14 districts in the state as COVID-19 hotspots.

"The lockdown restrictions in these areas will be continued in the hotspots announced by the state health department," said state DGP Lokanath Behera in a statement.

"Hot spots are being announced based on COVID-19 positive cases, primary contacts and secondary contacts. As the outbreak of the disease increases, hot spots will be revised daily," said State Health Minister KK Shailaja.

However, the Minister said that a particular region will be excluded from the hot spot after a weekly data analysis.

District wise hot spots in the state - Thiruvananthapuram (3) including Thiruvananthapuram Corporation, Kollam (5), Alappuzha (3), Pathanamthitta (7), Kottayam District (1), Idukki (6), Ernakulam (2), Thrissur (3), Palakkad (4), Malappuram (13), Kozhikode (6), Wayanad (2), Kannur (19) and Kasaragod (14).

In Kerala, 400 people have detected positive for coronavirus, including 3 deaths, as per the Union Health Minister.

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News Network
May 11,2020

New Delhi, May 11: With an increase of 4,213 cases in the past 24 hours, India's COVID-19 count reached 67,152 on Monday, according to the Union Ministry of Health and Family Welfare.

The number of active cases in the country rose to 44,029, while 20,916 patients have been cured and discharged and one has migrated, according to the Ministry.

The number of deaths in the country due to the infection reached 2,206 on Sunday.

Maharashtra, with 22,171 confirmed cases is the worst-affected due to the infection so far and is followed by Gujarat with 8,194 cases.

However, Tamil Nadu surpassed the national capital in total coronavirus cases numbers. Delhi has 6,923 reported cases while Tamil Nadu has 7,204 confirmed cases.

Maximum deaths due to coronavirus have so far been recorded in Maharashtra (832), followed by Gujarat which has toll of 493.

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Agencies
July 8,2020

The Jamaat-e-Islami Hind (JIH) has urged Muslims to take precautions during Eid ul-Adha (Bakrid), to be celebrated in the last week of July, and has issued guidelines on offering prayers and sacrifices.

"The namaz should be offered by adhering to the social distancing norms at eidgahs and mosques. Muslims should offer the Eid prayer at home in the same manner as they had done during Eid ul-Fitr in areas where restrictions have been imposed due to COVID-19," it said.

For the sacrifice of animals, a part of the festival, the JIH said "precautionary" measures should be taken due to the pandemic.

"Don't offer qurbani on roads, footpaths and pathways. Ensure the highest level of cleanliness and hygiene. Ensure that you bury the blood and entrails of the animal after qurbani or deliver it at the designated spot of garbage collection," the JIH said in a statement.

The JIH said it would be appropriate to form a committee few days before the Eid ul-Adha, which would keep an eye on the situation, remain in touch with the local administration and offer cooperation towards maintaining the law and order in the area.

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