This Thursday, Sensex and Nifty are expected to open higher following the upside in Wall Street stocks as all three major US indices closed at record highs. Stocks of IOC, BPCL, and HPCL will be the focus from today due to yesterday’s slump The Oil Minister Dharmendra Pradhan today requested the government involvement to disrupt the daily revision in petrol and diesel prices.
Dharmendra Pradhan said that the government has no business to interfere in the day-to-day functioning of the oil marketing companies.
The minister said that an analysis of the global trends indicates that the retail fuel prices will likely ease out in the days to come. Yesterday, TV news channels reported citing sources that the government may ask the oil marketing companies to absorb the further increase in global crude oil prices which is unlikely to pass further rise in fuel prices due to higher inflation. The Indian Oil Corporation fell as much as 6.2% to the day’s low of Rs 408; Bharat Petroleum Corporation plunged 8.4% to the day’s low of Rs 489. while Hindustan Petroleum Corporation lost 8% to the day’s low of Rs 443.7.
The Coal India is planning to diversify new mining areas although it believes the fossil fuel to remain as the primary source of power generation for at least the next two decades, a company official has said.The Aditya Birla Group company, Hindalco Industries plans to prepay another Rs 1,100-crore debt this month to further deleverage its balance sheet.