"It was long overdue and should come as a partial relief to the state-run oil companies. There will only be a marginal impact on inflation," said T.K. Bhaumik, chief economist at Reliance Industries Ltd.
"We will earn 40 million rupees a day," Finance Director B Mukherjee of HPCL told.
India's top state-run refiner, Indian Oil Corp, will get an extra revenue of 2.75 billion rupees ($69.3 million) a month from a rise in retail prices of petrol and diesel, Finance Director S. Narasimhan said.
The direct impact of this increase would be 15 basis points on headline inflation and the indirect impact would be around 30-35 basis points," said Indranil Pan, chief economist at Kotak Mahindra Bank. "With this pass-through in fuel prices, the possibility of a rate cut in April has vanished considerably," Pan said.
"It's a technical bounce-back supported by global cues. The market will not go down substantially from these levels, but one should wait for the momentum to build up before venturing in," said Sanjeev Patkar, head of research at Dolat Capital.
"We (steel producers) said that rise in input costs have forced us to increase steel prices. But on minister's appeal, we have agreed to reduce the price of bars by 1,000 rupees per tonnes and hot-rolled coils by 500 rupees per tonne," said Navin Jindal, who attended the meeting.
--
Stay Beautiful
arun.T
"We will earn 40 million rupees a day," Finance Director B Mukherjee of HPCL told.
India's top state-run refiner, Indian Oil Corp, will get an extra revenue of 2.75 billion rupees ($69.3 million) a month from a rise in retail prices of petrol and diesel, Finance Director S. Narasimhan said.
The direct impact of this increase would be 15 basis points on headline inflation and the indirect impact would be around 30-35 basis points," said Indranil Pan, chief economist at Kotak Mahindra Bank. "With this pass-through in fuel prices, the possibility of a rate cut in April has vanished considerably," Pan said.
"It's a technical bounce-back supported by global cues. The market will not go down substantially from these levels, but one should wait for the momentum to build up before venturing in," said Sanjeev Patkar, head of research at Dolat Capital.
"We (steel producers) said that rise in input costs have forced us to increase steel prices. But on minister's appeal, we have agreed to reduce the price of bars by 1,000 rupees per tonnes and hot-rolled coils by 500 rupees per tonne," said Navin Jindal, who attended the meeting.
--
Stay Beautiful
arun.T
Comments