GOOD READS

Petrol prices hiked by Rs 7.50/lt

Petrol prices have been hiked by Rs 7.50 per litre effective 12 am, May 24. Petroleum Minister, Jaipal Reddy had earlier in the day announced that an oil price hike was imperative as state run companies have incurred heavy losses to the tune of Rs 72,000 crore with the rupee land sliding to Rs 56 to a dollar



Petroleum min hints at oil price hikePetroleum Minister, S Jaipal Reddy today said that it is imperative to hike oil prices in India, as state-run companies incurred heavy losses due to the depreciation of the value of rupee against dollar.

Prime Minister's Economic Advisory Council Chairman C Rangarajan said, the Indian government needed to raise the petrol prices urgently in line with the high international crude oil prices to tackle fiscal deficit even at the cost of temporarily stoking inflation.

The state-run oil marketing companies had last raised petrol prices on November 4, but rolled it back almost within a fortnight of the hike.

High international crude oil prices, ruling mostly above $110 per barrel and a weak Indian currency have been straining oil marketing companies' finances, who have to import crude, thereby raising government's total subsidy support towards discounted retail fuel.

India aims to cap the fiscal deficit at 5.1% of the gross domestic product (GDP) in the current financial year 2012-13. It had overshot its target to limit the fiscal gap at 4.6% of GDP by a whopping 130 basis points in the last fiscal, as subsidy burden rose and revenue fell short of expectations.

The move is likely to trigger inflation once again.

 

Quiz: What do you know about the Budget?

Question 1

What happens if there is no interim Budget presented?

Poll Choice Options
  • We do no™t have to pay taxes
  • The government can come to a standstill
  • Absolutely nothing
1
2
3
4
5
6
7
8
9
10

Latest News

  • Hyundai Motor Q1 profit unchanged; misses estimates

    South Korea's Hyundai Motor Co on Thursday missed analyst estimates by posting nearly flat net profit, as lacklustre U.S. performance offset increased sales in Korea and China. Hyundai, the world's fifth-biggest ... …

  • Apple resets the clock as investors await next big thing

    Apple Inc just bought itself some much-needed time. On Wednesday, the company surprised Wall Street with news that it sold more iPhones in the March quarter than even the most bullish analysts had expected. To top it all off, Apple unveiled a 7-for-1 stock split that should go down well with individuals who want a piece of a household name but could not afford to fork over $500 a share. The litany of positive numbers sent Apple's long-stagnant shares up 8 percent. …

  • Bharti Infratel Q4 net profit jumps 64 percent
    Bharti Infratel Q4 net profit jumps 64 percent

    Telecommunications tower operator Bharti Infratel Ltd reported a 64 percent jump in its quarterly profit, beating estimates on higher revenue from leasing mobile phone masts to phone carriers. Bharti Infratel, ... …

  • Facebook Q1 revenue grows 72 percent on rising mobile ads
    Facebook Q1 revenue grows 72 percent on rising mobile ads

    Facebook Inc's (FB.O) mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street's financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook's overall revenue grew 72 percent year-on-year to $2.5 billion in the first …

  • Apple expands buybacks by $30 billion, OKs 7-for-1 stock split
    Apple expands buybacks by $30 billion, OKs 7-for-1 stock split

    Apple Inc (AAPL.O) has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, …

IN-DEPTH ANALYSIS & INTERVIEWS

  • Too good to be true?

    Developers are offering lucrative buyback schemes. But such promises may not be always kept. …

  • Leaderspeak with Vikram Limaye

    Vikram Limaye MD & CEO, IDFC Ltd shares many firsts from his life. …

  • Appy Voting

    Mobile and online apps, seeking to inform or influence voters, have been more active than ever before in this election. …

  • In the crosshairs

    Why the future of FDI in multi-brand retail looks bleak after the polls. …

  • A Samurai from Chandigarh

    Advertising veteran Sandeep Goyal is disarmingly frank as he recounts his years with Dentsu. …

  • People business

    Featuring: Jason Sadler, Sebastien Bazin, Vikram Malhotra, Mark Goodburn, Bruce Poon Tip and C.K. Kumaravel …

  • Going to Extremes

    Mukund Mohan, whom Microsoft recently relocated from Bangalore to Redmond to build Microsoft Ventures in the US, is a dream mentor for entrepreneurs. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    16.52-0.33-1.96%
    UNITECH.BO
    14.31-0.27-1.85%
    SUZLON.BO
    120.40+7.00+6.17%
    FRL.BO
    66.05+4.10+6.62%
    MANGCHEM.BO
    54.40+1.65+3.13%
    HCLINFO.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    16.20+2.70+20.00%
    JAGSONPH.BO
    53.50+8.90+19.96%
    RUSHIL.BO
    40.45+6.45+18.97%
    RCIIND.BO
    63.95+8.90+16.17%
    MRPL.BO
    24.00+3.10+14.83%
    NELCAST.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    -10.95-100.00%
    4THGEN.BO
    -17.30-100.00%
    ALFAICA.BO
    -16.81-100.00%
    AMAL.BO
    -11.73-100.00%
    BORAX.BO
    -29.95-100.00%
    BRADYM.BO

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.