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Saturday, 11 May 2013

Latest News and Market Updates

Diesel price hiked by 90 paise per litre effective midnight

Diesel prices were on Friday, hiked by Rs 1.02 per litre, the fourth increase in rates this year. State-owned oil firms, which had been mandated in January to raise prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out, skipped raising rates in April to avoid troubles for the government during the second half of Budget session of Parliament.

The companies have made up for skipping the April revision by increasing rates by Rs 0.90 per litre, excluding local sales tax or VAT.

The increase comes to Rs 1.02 per litre in Delhi where the fuel will now cost Rs 49.69 a litre compared to Rs 48.67 previously, Indian Oil Corp , the nation's largest fuel retailer, said in a press statement.

Coalgate: Law minister Ashwani Kumar resigns

Despite support from Prime Minister Manmohan Singh, law minister Ashwani Kumar was virtually left with no option but to resign, especially after Congress party supremo Sonia Gandhi met Manmohan Singh on Thursday over the coal scam report to discuss the adverse comments made by Supreme Court. Ashwani Kumar resigned after meeting PM in the evening.

Even as late as last Saturday, the Prime Minister had came out firmly in defence of the law minister saying there was "no question" of the minister resigning in the wake of revelations that he had vetted the CBI's status report on the coal blocks allocation case before it was submitted to the Supreme Court.

Nifty closes at highest level in 2013, autos on fire

The market has been on a high this week with theNifty closing at its highest level in 2013 but just short of the psychological important 6100-mark. The Sensex too matched the Nifty move, ending the day above 20,000 level.

The Sensex surged 134.54 points to 20073.58 while the Nifty closed 41.85 higher at 6092.00. About 1183 shares have advanced, 1229 shares declined, and 164 shares are unchanged.


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