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Both indices <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> opened the day in greens. As of 9:30 am, Nifty was up by 0.34%, trading at 24,488 points, while Sensex inched up 167 points to trade at 80,206.95 points. All broad market indices opened the day in green, except for India VIX, which fell by over 3% in early trade. Metal and IT indices inched up over 1%, while bank, FMCG and private bank opened in red. <keyword id="22163816" type="General" weightage="20" keywordseo="shri-ram-finance" source="keywords">Shri Ram Finance</keyword>, Bharti Airtel, LTI Mindtree, Hindalco and Coal India gained early advantage in morning trade today, while Tech Mahindra, Nestle India, HDFC Bank, Maruti and ONGC lost significant ground. Mr. Aditya Gaggar, director of Progressive Shares notes that the monthly expiry day yesterday ended on a muted note at 24,406. The level of 24,200 is acting as rock-solid support for the Index and as long as the index holds it, the uptrend will remain intact. On the flip side, a level of 24,560 is considered an immediate hurdle. Bank Nifty is a major laggard and recovery in it seems slightly difficult. "On the downside, 50DMA level i.e. 50,680 is immediate support while on the higher side, multiple hurdles are there with 51,200 being the primary one. From the <keyword id="22551519" type="General" weightage="20" keywordseo="Auto-segment" source="keywords">auto segment</keyword>, both <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword> and Tata Motors DVR have ended their consolidation of over 4 months by giving a breakout with considerable volumes. <keyword id="22551518" type="General" weightage="20" keywordseo="Gas-and-OMCs-stocks" source="keywords">Gas and OMC's stocks</keyword> from the energy segment look strong and a couple of counters have already given a strong breakout (<keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="261" meta.entityid="BPCL">BPCL</keyword>, HPCL, IOC- On the verge of consolidation breakout, Petronet- Record Level Breakout). The FMCG counters are witnessing a round of profit booking but the overall uptrend is intact and such correction will offer a better entry point to add good quality stocks. We continue to remain bullish on the tech sector", he continued

Stock market today: Sensex, and Nifty see cautious greens on opening on July 26th

The export of <keyword id="6367091" type="General" weightage="20" keywordseo="petrol" source="Orion">petrol</keyword> by Indian oil marketing companies (<keyword id="88586" type="General" weightage="20" keywordseo="OMCs" source="Orion">OMCs</keyword>) rose 142% in a year between 2020-21 and 2021-22, while there was a minuscule rise of less than 1% in the export of diesel during the same period. According to official figures, the OMCs exported 668 thousand metric tonnes (TMT) of petrol in 2021-22, which was 142% more than 276 TMT of petrol exported by the country in 2020-21. In 2020-21, the OMCs exported 1,985 TMT of diesel, while in 2021-22, it exported 1,994 TMT of diesel, a growth of less than 1% over the previous year. The three OMCs, namely the <keyword id="6356834" type="General" weightage="50" keywordseo="indian-oil-corporation" source="Orion">Indian Oil Corporation</keyword>, <keyword id="6374014" type="General" weightage="80" keywordseo="hindustan-petroleum" source="Orion">Hindustan Petroleum</keyword>, and <keyword id="156368" type="General" weightage="50" keywordseo="bharat-petroleum-corporation" source="Orion">Bharat Petroleum Corporation</keyword>, export petrol and diesel to several nations across the world. OMCs export surplus petrol and diesel to other countries only after meeting domestic demand in the country. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/verdict-on-demonetisation-cannot-be-interpreted-as-upholding-the-move-cpim/articleshow/96682871.cms">Verdict on demonetisation cannot be interpreted as upholding the move: CPI(M)</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/rishabh-instruments-files-draft-papers-with-sebi-to-mobilise-funds-via-ipo/articleshow/96683706.cms">Rishabh Instruments files draft papers with SEBI to mobilise funds via IPO</a>

Petrol export by OMCs rose 142% between 2020-21 and 2021-22

Mumbai, Apr 7 () National oil companies are staring at inventory losses as they have to bring down refinery throughputs because of the plunging demand for fuels following the nationwide lockdown to contain the deadly coronavirus infection. India is the world's third-largest energy consumer but the Covid lockdown has shut businesses, suspended flights, stopped trains and brought almost the entire vehicular movement to a halt, impacting fuel demand. For the full the month of March, total retail volume has come down by 17 per cent, led by a 26 per cent dip in diesel demand and a 17 per cent fall in petrol and practically demand for aviation fuel is down 33 per cent, according to the national data shared by IOC on a year-on-year basis. The only fuel that saw a demand spike in the month was cooking gas that, too, after panic buying since the national lockdown. Overall, LPG demand rose 1.7 per cent in the month, according to the IOC data. There are 27.59 crore active LPG customers in the country. All the national companies have seen a massive spurt in demand for the cooking fuel as people resorted to panic buying, leading to an average 40 per cent rise in demand in the first week of the lockdown. While IOC, which controls more than 50 per cent of the market, did not share its sales data, both BPCL and HPCL have said their diesel and petrol sales have fallen by over 55 per cent. HPCL Chairman Mukesh Kumar Surana told that the refinery throughput has come down to around 70 per cent. "While the Vizag refinery is running at full capacity, the same at Mumbai is only around 80 per cent," he said. From the demand side, he said even though all the filling stations are open there is hardly any demand. While diesel demand is down 40 per cent as trucks are off roads, petrol demand has more than halved as people remain indoors because of the lockdown. Only emergency service vehicles are on the roads. There is practically any demand for ATF too, he said. R Ramachandran, the refinery director at BPCL has the same thing to narrate. While refineries are running at under 70 per cent, from the demand side the story is more disappointing. "Our diesel and petrol sales are down over 60 per cent and there is virtually no demand for ATF as only a few cargo flights are operational," he told . However, he expects diesel demand to improve as more trucks come on to roads to deliver essential goods and ecommerce deliveries join them as the lockdown remains in force. But the companies are fearing inventory losses due to the massive plunge in demand. Though the company has only minimal inventory level, Ramachandran said, "losses are sure for the month and April and going forward if the lockdown extends". However, the HPCL chairman sounded a bit more confident of managing inventory as he looks to export some fuels if the lockdown gets extended. Surana also said, "since HPCL being a net buyer of refined products, we are regulating our throughput so that we can avoid shutdowns" and the resultant inventory losses." While HPCL has an installed capacity for 15 million tonnes it produces around 18 million tonnes but sells around 28 million tonnes. BEN MRMR

Plunging fuel demand has OMCs worried on all fronts

<keyword id="6402706" type="ORGANIZATION" weightage="80" keywordseo="oil-marketing-companies">Oil marketing companies</keyword> (<keyword id="88586" type="COMPANY" weightage="80" keywordseo="OMCs">OMCs</keyword>) reduced the price of non-subsidised cooking gas, which customers buy after using up their quota of 12 subsidised cylinders. The price was slashed by Rs 23.50 per cylinder from June 2. 

	OMCs cut the price after appreciation of the rupee and reduction in international crude oil prices.
 The price of a non-subsidised 14.2 kg <keyword id="4431230" type="UNKNOWN" weightage="80" keywordseo="cooking-gas-cylinder">cooking gas cylinder</keyword> in Delhi is now Rs 905, down from Rs 928.50. A subsidised gas cylinder costs Rs 414. <keyword id="6354412" type="COMPANY" weightage="80" keywordseo="indian-oil">Indian Oil</keyword>, a state-owned oil and gas corporation, said that losses on <keyword id="6360114" type="ORGANIZATION" weightage="80" keywordseo="LPG">LPG</keyword> have come down to Rs 432.71 per subsidised cylinder from Rs 449.14 in the previous month. The fuel retailers revise <keyword id="59783" type="UNKNOWN" weightage="80" keywordseo="Jet-fuel">jet fuel</keyword> and non-subsidised cooking gas prices on the first of every month, based on the average international prices in the preceding month. Oil marketing companies are now incurring combined daily under-recovery of about Rs 262 crore on the sale of <keyword id="6356109" type="COMPANY" weightage="80" keywordseo="diesel">diesel</keyword>, <keyword id="6482075" type="UNKNOWN" weightage="80" keywordseo="kerosene">kerosene</keyword> and domestic cooking gas below cost.

Non-subsidised LPG Cylinder Price Slashed By Rs 23.50

The one-hour <keyword id="23618998" type="General" weightage="100" keywordseo="Muhurat-trading" source="keywords">muhurat trading</keyword> session, which marks <keyword id="20963892" type="General" weightage="20" keywordseo="Diwali-2024" source="keywords">Diwali 2024</keyword> and the onset of Hindu Samvat 2081 on both NSE and BSE, is set to commence at 6 pm today and will conclude at 7 pm. Generally, investors and traders make symbolic stock buys during this hour-long session, since it is believed that purchases made during this time herald wealth and prosperity for one’s investments for the year to come. If you are looking for <keyword id="19910146" type="General" weightage="20" keywordseo="stock-recommendations" source="keywords">stock recommendations</keyword> to add to your portfolio, here are a few value picks by SAMCO and Kotak Securities you can consider: <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> Ltd Holding period: 1 year Last Traded Price: Rs 1,734.30 Per the firm, “The bank has maintained a robust 10-year profit CAGR of 21.74%, operating with a NIM (net interest margin) of 3.5% and a low net NPA (non-performing assets) of 0.3%. Advances and deposits have shown steady growth. Currently, the stock trades below its 10-year average price-to-book value and at a price-to-earnings ratio of 19, offering a favorable risk-reward profile with a substantial downside buffer”. <keyword id="22086440" type="General" weightage="20" keywordseo="Vindhya-Telelinks" source="keywords" meta.keywordsubtype="org" meta.entityname="Vindhya Telelinks" meta.hostid="261" meta.entityid="Vindhya Telelinks">Vindhya Telelinks</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 1,992.55 SAMCO notes that this key cable manufacturing, which is a joint venture between Universal Cables Limited and Madhya Pradesh State Industrial Development Corporation, has shown robust growth over the last 5 years, nearly doubling revenues with a 14.3% CAGR. The company holds significant investments in Birla Cable Ltd, Birla Corporation Ltd, and Universal Cable Ltd, totaling Rs 3,618 crore—surpassing its market capitalization of Rs 2,545 crore. This solid investment base underscores Vindhya Telelinks’ strong fundamentals and financial potential. <keyword id="23763358" type="General" weightage="20" keywordseo="Ramco-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Ramco Industries" meta.hostid="261" meta.entityid="Ramco Industries">Ramco Industries</keyword> Ltd Holding Period: 1 year Last Traded Price: Rs 244.89 SAMCO observes that over the past decade, sales grew at a 7% CAGR, while the share price rose at a 14% CAGR. Known for its financial stability, Ramco Industries boasts a low debt-equity ratio of 0.07 and has consistently paid dividends since FY17, currently yielding 0.31%. The stock’s attractive price-to-book multiple of 0.5 offers a solid margin of safety, highlighting its investment appeal. <keyword id="22786675" type="General" weightage="20" keywordseo="Gravita-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Gravita India" meta.hostid="261" meta.entityid="Gravita India">Gravita India</keyword> Holding Period: 12 months Last Traded Price: Rs 2,119 Kotak explains that Gravita India is the market leader in India’s emerging recycling industry with a focus on lead recycling. Gravita India is increasing its recycling capacity by a massive 72% to 500 ktpa by FY27E. “We expect the company’s earnings per share to grow by 31.8% in FY25E &amp; 31.6% in FY26E. We also expect an upside of 15% or more on this stock over the next 12 months”, adds Kotak’s note. <keyword id="23763359" type="General" weightage="20" keywordseo="S-H-Kelkar" source="keywords" meta.keywordsubtype="org" meta.entityname="S H Kelkar" meta.hostid="261" meta.entityid="S H Kelkar">S H Kelkar</keyword> and Company (SHKL) Holding Period: 12 months Last Traded Price: Rs 289.90 The company is a flavors &amp; fragrances (F&amp;F) supplier and has started to make inroads into the global market. SHK is well-placed to drive double-digit revenue growth. The company is a small but emerging contender in the vast F&amp;F market, with potential for margin expansion—higher-margin geographies &amp; operating leverage—allowing for over 15% return upside in the next 12 months. Kotak Securities further notes that FY25 will likely see more broad-based growth across sectors. However, the OMCs (oil marketing companies) may likely drag down overall profits. Most sectors and stocks are quite overvalued, with the degree of overvaluation ranging from: (1) low for most large-cap consumers, IT services, and pharmaceuticals (2) medium in the investment space (3) high in the case of several low-quality companies. "As the broader market valuations are rich, opportunities arising from market correction can be used to add quality stocks (with attractive valuations) from a long-term investment perspective," explains the research firm's note. SAMCO further advises adding a little glitter to your portfolio using GoldBees and SilverBees ETFs since there are recessionary fears in the US and geopolitical tensions across the world. Even central bankers like RBI have been adding gold to their vaults like never before. At present, markets are looking to secure their return on capital rather than seeking a return on capital. "Thus all of these make a strong case to add gold and silver to the portfolio. They will give stability to your portfolio this Samvat," adds SAMCO's note.

Muhurat trading 2024: 5 stock picks you can consider this time around

<keyword id="19964206" type="General" weightage="100" keywordseo="sugar-stocks" source="keywords">Sugar stocks</keyword> were in the limelight on Friday, a day after the government permitted the use of <keyword id="21250424" type="General" weightage="20" keywordseo="sugarcane-juice" source="keywords">sugarcane juice</keyword> and <keyword id="22572023" type="General" weightage="20" keywordseo="sugar-syrup" source="keywords">sugar syrup</keyword> for <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> in the 2024-25 ethanol supply year (ESY). Shares of <keyword id="22132945" type="General" weightage="20" keywordseo="Triveni-Engineering" source="keywords">Triveni Engineering</keyword> &amp; Industries jumped 7.62 per cent, <keyword id="20207681" type="General" weightage="20" keywordseo="Dhampur-Sugar" source="keywords">Dhampur Sugar</keyword> Mills rallied 7.55 per cent, <keyword id="22979412" type="General" weightage="20" keywordseo="Avadh-Sugar-Energy" source="keywords" meta.keywordsubtype="org" meta.entityname="Avadh Sugar &amp; Energy" meta.hostid="261" meta.entityid="Avadh Sugar &amp; Energy">Avadh Sugar &amp; Energy</keyword> zoomed 7.20 per cent and <keyword id="22979413" type="General" weightage="20" keywordseo="Dalmia-Bharat-Sugar" source="keywords">Dalmia Bharat Sugar</keyword> and Industries surged 5.79 per cent on the BSE. The stock of <keyword id="20682741" type="General" weightage="20" keywordseo="Shree-Renuka-Sugars" source="keywords" meta.keywordsubtype="org" meta.entityname="Shree Renuka Sugars" meta.hostid="261" meta.entityid="Shree Renuka Sugars">Shree Renuka Sugars</keyword> climbed 5.38 per cent, Praj Industries soared 5.33 per cent, Dwarikesh Sugar (3.77 per cent) and Balrampur Chini Mills (3.46 per cent). "This spike followed the government's decision to allow sugar mills to use cane juice or syrup to produce ethanol for the ethanol supply year (ESY) 2024-25," Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, said. The government on Thursday permitted the use of sugarcane juice and sugar syrup for ethanol production in the 2024-25 ethanol supply year, reversing last year's ban. In December 2023, the government prohibited the use of sugarcane juice or sugar syrup for ethanol production in the 2023-24 ESY (December-November) to ensure adequate sugar availability for domestic consumption and keep prices in check. "Sugar mills and distilleries are allowed to produce ethanol from sugarcane juice/sugar syrup, B-Heavy molasses as well as C-Heavy molasses for ESY 2024-25 as per the agreement/allocation with OMCs (oil marketing companies)," the food ministry order said. The Food Ministry and Petroleum and Natural Gas Ministry will periodically review the diversion of sugar for ethanol production vis-a-vis sugar production in the country to ensure year-round availability of sugar for domestic consumption, it added. India is the world's second largest sugar producing country after Brazil.

Sugar stocks soar as govt permits use of sugar in ethanol production; Triveni Engineering, Dhampur Sugar rally over 7%

<keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> dipped over 250 points in early trade today to trade at 24,213.70 points, while <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> was down by 0.34% to trade at 24,213.70 as of 9:40 am on August 8th, 2024. <keyword id="20114187" type="General" weightage="20" keywordseo="Cipla" source="keywords" meta.keywordsubtype="org" meta.entityname="Cipla" meta.hostid="261" meta.entityid="Cipla">Cipla</keyword>, ITC, Tata Motors, HDFC Bank, and Dr Reddy gained an early edge during trade, while ONGC, Shri Ram Finance, JSW Steel, Infosys and BPCL dipped by over 1% each, and were amidst the leading laggards. Almost all broad market indices were trading in red, incurring marginal losses, with the exception of India VIX, which inched up by 2.42%. Amidst <keyword id="21114756" type="General" weightage="20" keywordseo="sectoral-indices" source="keywords">sectoral indices</keyword>, media, pharma, realty, healthcare and consumer durables were trading in green, while other indices were trading in red. Aditya Gaggar, director of Progressive Shares noted that Indian equities ended 7th August trade higher at 24,297. After 2 days of correction, Nifty50 has formed a green candle but its long-legged DOJI pattern still indicates indecisiveness. As long as the Index holds its support level of 23,960, it can soar higher to 24,550 followed by 24,700. " From the Energy sector, we retain our positive stance on OMC stocks (BPCL &amp; HPCL), Gas stocks are also indicating a continuation of their uptrend. Stock-specific buying can be seen in the FMCG segment (<keyword id="20648052" type="General" weightage="20" keywordseo="balrampur-chini" source="keywords">Balrampur Chini</keyword> and HUL, ITC). A strong trendline reversal was seen in the <keyword id="20458349" type="General" weightage="20" keywordseo="metal-sector" source="keywords">metal sector</keyword>, activity of today's trade will confirm the continuation or reversal of the trend. The <keyword id="20072634" type="General" weightage="20" keywordseo="pharma-stocks" source="keywords">pharma stocks</keyword> are soaring higher and we are bullish on several stocks namely Alkem, IPCA Labs, and <keyword id="20825787" type="General" weightage="20" keywordseo="natco-pharma" source="keywords">Natco Pharma</keyword>. Investors should keep an eye on the chemical and textile segment", he continued. Said Shrikant Chouhan, Head Equity Research, Kotak Securities, "unless Nifty/Sensex breaks 24,400/79,900, the broader market will remain within a trading range, between 23,900/78,300 and 24,400/79,900 levels. We believe 24,150/79,150 could be the crucial support zone for day traders. As long as the market stays above this level, the upward movement is likely to persist. On the upper side, Nifty could rise to 24,400-25,550/80,000-80,450. On the contrary, below 24,150/79,150, it may retest 24,050-23,900/78,800- 78,300 levels. A drop below 23,900/78,300 could push the indices to 23,650/77,500 levels. The strategy should be to buy Nifty if it crosses 24,400 levels".

Stock market today: Sensex dips over 250 points, Nifty also opens in red on August 8, 2024

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, the <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> opened the day in green. While the Sensex was up by 0.089% to trade at 81,524.79, the Nifty was up by 0.2% to trade at 24,907.80 as of 9:35 on July 31st, 2024. <keyword id="20026009" type="General" weightage="20" keywordseo="Asian-Paints" source="keywords" meta.keywordsubtype="org" meta.entityname="Asian Paints" meta.hostid="261" meta.entityid="Asian Paints">Asian Paints</keyword>, NTPC, Hindalco, ITC, and Bharti Airtel gained early lead during the day's trade, while Tata Consumers, Power Grid Corporation of India, Coal India, Axis Bank and Tata Motors were amongst the leading laggards. India VIX rose by 1.63% in early trade, while small cap indices also dipped in early trade. Amidst sectoral indices, PSU banks, private banks and realty opened the day in red. Mr. Aditya Gaggar, director of Progressive Shares explains that late profit booking dragged the index lower to end 30th July trade at 24,857. Nifty50 has made a DOJI candlestick pattern indicating indecisiveness between the <keyword id="19962351" type="General" weightage="20" keywordseo="Bulls" source="keywords">bulls</keyword> and <keyword id="20769136" type="General" weightage="20" keywordseo="Bears" source="keywords">bears</keyword>. The psychological level of 25,000 will continue to act as a strong barrier while immediate support is placed at 24,800 followed by 24,660. "For Bank Nifty, a level of 51,900 acts as a stiff hurdle while 51,250 serves as immediate support. From the <keyword id="19980368" type="General" weightage="20" keywordseo="Energy-space" source="keywords">Energy space</keyword>, OMC stocks are strengthening their positive momentum (BPCL, IOC, HPCL). As indicated yesterday, the <keyword id="20041689" type="General" weightage="20" keywordseo="FMCG-sector" source="keywords">FMCG sector</keyword> corrected over 1%; some more downside is still left before resuming the primary uptrend. Stock-specific buying can be anticipated in the IT segment. Few fertilizer counters have given a strong breakout, namely Chambal Fertilizers and GNFC. Shrikant Chouhan, Head Equity Research at Kotak Securities highlighted that yesterday, the benchmark indices continued non-directional activity, the Nifty ended 21 points higher while the Sensex was up by 100 points. Among Sectors, the energy index rallied over 1% whereas intraday profit bookings were seen in selective pharma and healthcare stocks. "Technically, after an intraday rally again the market witnessed profit booking near 24,950/81,800, which is mildly negative. We are of the view that the larger texture of the market is positive. However, a fresh uptrend rally is possible only after the dismissal of 24,950/81,800. Above that, the market could move up till 25,050-25,200/82,000-82,400. On the flip side, below 24,800/81,200 we could see further weakness till 24,700/81,000. If the markets are really strong then we can see a strong reversal after hitting the levels of 24,700/81,000. In case the market sustains below 24,700 then we could see the level of 24,500 in the near term", he continued.

Stock market today: Sensex, Nifty inch up marginal gains to open the day in green

Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> opened the week in green, with Sensex inching up over 300 points to trade at 81,635.77, while Nifty was up by 0.33% to trade at 24,917.85 points as of 9:30 am on July 29th, 2024. NTPC, BPCL, IndusInd Bank, ICICI Bank and Shri Ram Finance gained early advantage and were amidst the top gainers during morning trade, while <keyword id="20204400" type="General" weightage="20" keywordseo="tata-consumers" source="keywords">Tata Consumers</keyword>, Titan, Power Grid Corporation of India and Bharti Airtel were amidst the leading laggards. Amidst broad market indices, India VIX opened 5.26% up, while Nifty small cap 100 was up by 1.07%. Small cap 250 was up by 1.11% and micro cap was up by 1.31%. Amidst sectoral indices, Nifty bank was up by 1.01%, while media was up by 1.78%. PSU Banks were up by 2.78%, Private banks were up by 1.03% and Oil and gas was up by 1.23% in early trade. FMCG, <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">Pharma</keyword> and Healthcare indices opened the day in red. Mr. Aditya Gaggar, director of Progressive Shares notes that with strong underlying momentum, the <keyword id="20024474" type="General" weightage="20" keywordseo="Index" source="keywords">index</keyword> is heading towards the psychological barrier of 25,000 and an early indication from GIFT Nifty suggests the same. "Bharat Forge, and Tata Motors/DVR. Gas and OMC counters outperformed the energy segment and stocks such as BPCL, HPCL, IOC, and Petronet look strong and are likely to continue their journey toward the north. <keyword id="19962351" type="General" weightage="20" keywordseo="Bulls" source="keywords">Bulls</keyword> tightened their grip on the FMCG and IT segments and we are bullish on the same. The metal sector reversed from its trendline support coupled with a hidden bullish divergence in the RSI suggests a resumption of its uptrend. In case of Pharma space, one should adopt buy on dips strategy as a strong rally has already been seen", he continued. Shrikant Chouhan, Head – Equity Research, Kotak Securities is of the view that, the short term market texture is bullish but due to temporary overbought conditions we could see range bound activity in the near future. "For the trend following traders now, 24,675-24,600 / 80,900-80,600 would act as a key support zones. As long as the market is trading above the same, the bullish texture is likely to continue. On the higher side, 25,000/81,600 could be the immediate hurdle for the bulls. Further upside may also continue which could lift the market up to 25,150/82,200. On the flip side, below 24,600/80,600 the sentiment could change. Below the same traders may prefer to exit out from the trading long positions. For day traders, buying on dips and sell on intraday rallies would be the ideal strategy", noted Chouhan.

Stock market today: Sensex inches up over 300 points in early trade, Nifty opens in green

Mumbai, The rupee depreciated 6 paise to settle at 83.39 (provisional) against the US dollar on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets. However, a firm trend in domestic equity markets and recent foreign fund inflows supported the domestic currency, forex traders said. At the interbank foreign exchange market, the local unit opened at 83.32 and oscillated between the intra-day peak of 83.30 and the lowest level of 83.40 against the greenback. The local unit finally settled at 83.39 (provisional), registering a loss of 6 paise from its previous close. On Wednesday, the rupee declined 4 paise to close at 83.33 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.34 per cent higher at 104.42. <keyword id="19955354" type="General" weightage="20" keywordseo="anuj-choudhary" source="keywords">Anuj Choudhary</keyword>, <keyword id="19955353" type="General" weightage="20" keywordseo="research-analyst" source="keywords">Research Analyst</keyword>, <keyword id="19952951" type="General" weightage="20" keywordseo="sharekhan" source="keywords">Sharekhan</keyword> by BNP Paribas, said the Indian rupee depreciated on Thursday on strong US dollar and dollar demand from oil marketing companies (OMCs). Weak Asian currencies and a rise in crude oil prices also weighed on the rupee. However, the surge in domestic markets and FII inflows cushioned the downside. "We expect the rupee to trade with a slight negative bias on strong US dollar and weak Asian currencies. Demand for dollars from importers and OMCs towards the end of the financial year may put downside pressure also weigh on the rupee. "However, strong domestic markets may support the rupee at lower levels. Traders may take cues from final GDP, weekly unemployment claims, pending home sales and revised consumer sentiment data from the US. USD-INR spot price is expected to trade in a range of Rs 83.20 to Rs 83.70," Choudhary said. Brent crude futures, the global oil benchmark, rose 0.52 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 86.54 per barrel. On the domestic equity market front, Sensex surged 655.04 points, or 0.90 per cent, to settle at 73,651.35 points. The Nifty rose 203.25 points, or 0.92 per cent, to close at 22,326.90 points. Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday as they purchased shares worth Rs 2,170.32 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-april-2024/slidelist/108846222.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-april-2024/slidelist/108846222.cms" target="_blank">Upcoming smartphones launching in India in April 2024</a><a href="https://www.businessinsider.in/sports/webstories/most-runs-to-most-sixes-srh-vs-mi-ipl-match-shatters-multiple-records/slidelist/108840366.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/most-runs-to-most-sixes-srh-vs-mi-ipl-match-shatters-multiple-records/slidelist/108840366.cms" target="_blank">Most runs to most sixes – SRH vs MI IPL match shatters multiple records</a><a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/from-ai-photo-editing-to-international-upi-payments-here-are-upcoming-whatsapp-features/articleshow/108815797.cms" target="_blank">From AI photo editing to international UPI payments, here are upcoming WhatsApp features</a>

Rupee falls 6 paise to settle at 83.39 against US dollar

After reporting <keyword id="21767878" type="General" weightage="20" keywordseo="record-profits" source="keywords">record profits</keyword>, state-owned <keyword id="20459282" type="General" weightage="100" keywordseo="fuel-retailers" source="keywords">fuel retailers</keyword> <keyword id="19908045" type="General" weightage="20" keywordseo="Indian-Oil-Corporation" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Oil Corporation" meta.hostid="153" meta.entityid="Indian Oil Corporation">Indian Oil Corporation</keyword> (<keyword id="6354733" type="General" weightage="20" keywordseo="IOC" source="Orion">IOC</keyword>), <keyword id="19908646" type="General" weightage="20" keywordseo="BPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="BPCL" meta.hostid="153" meta.entityid="BPCL">BPCL</keyword> and <keyword id="20052221" type="General" weightage="20" keywordseo="HPCL" source="keywords" meta.keywordsubtype="org" meta.entityname="HPCL" meta.hostid="153" meta.entityid="HPCL">HPCL</keyword> posted up to 90 per cent slump in their June quarter earnings as margins fell and they booked under-recovery on the sale of domestic cooking gas LPG at government-controlled rates. IOC, the nation's largest oil firm, reported 81 per cent drop in standalone net profit in April-June - the first quarter of current 2024-25 fiscal year - to Rs 2,643.18 crore as opposed to a profit of Rs 13,750.44 crore a year back, according to a company filing. Net profit also declined sequentially, when compared to an earning of Rs 11,570.82 crore in March quarter. Hindustan Petroleum Corporation Ltd (HPCL) posted 90 per cent drop in profit to Rs 633.94 crore as compared to an earning of Rs 6,765.50 crore in April-June 2023 and Rs 2,709.31 crore in the preceding March quarter. Bharat Petroleum Corporation Ltd (BPCL) net profit dropped to Rs 2,841.55 crore in April-June from Rs 10,644.30 crore a year back and Rs 4,789.57 crore in January-March, its filing showed. The three fuel retailers made extraordinary gains from holding petrol and diesel prices despite a drop in cost. The price freeze was justified in the name of recovering losses they had suffered in the previous year when they did not raise retail prices despite a surge in cost. The gains arising from the price freeze were eroded with petrol and diesel prices being cut by Rs 2 per litre each just before general elections and a fall in refining margins. Also, the three had uncompensated <keyword id="20866844" type="General" weightage="20" keywordseo="LPG-subsidy" source="keywords">LPG subsidy</keyword> - IOC booking under-recovery of Rs 5,156.23 crore in April-June, BPCL Rs 2,015.10 crore and HPCL Rs 2,443.71 crore, according to the filings. As per an order of the oil ministry, when market determined price (MDP) of LPG cylinders is less than its effective cost to customer (ECC), oil marketing companies (OMCs) have to retain the difference in a separate buffer account for future adjustment. However, as on June 30, 2024, the three firms had a net negative buffer as the retail selling price was less than MDP. The three retailers IOC, BPCL and HPCL had reported record profits totalling about Rs 81,000 crore in FY24 (2023-24), which was far more than their annual earnings of Rs 39,356 crore in pre-oil crisis years. This is because they resisted calls to revert to daily price revision and pass on softening in rates to consumers on grounds that prices continue to be extremely volatile - rising on one day and falling on the other - and that they needed to recoup losses incurred in the year, when they kept rates lower than cost. IOC in 2023-24 posted a standalone net profit of Rs 39,618.84 crore compared to Rs 8,241.82 crore in 2022-23. While the company could argue that FY23 was impacted by the <keyword id="21626914" type="General" weightage="20" keywordseo="oil-crisis" source="keywords">oil crisis</keyword>, the FY24 earnings are higher than even the pre-crisis years - Rs 24,184 crore net profit in 2021-22 and Rs 21,836 crore in 2020-21. BPCL posted a net profit of Rs 26,673.50 crore in FY24, higher than Rs 1,870.10 crore earnings in 2022-23 and Rs 8,788.73 crore in FY22. HPCL's 2023-24 profit of Rs 14,693.83 crore is compared with a Rs 8,974.03 crore loss in FY23 and a profit of Rs 6,382.63 crore in 2021-22, according to the filings. The losses in FY23 had led to the finance minister announcing Rs 30,000 crore equity infusion in the three firms. Mid-way through the year, that support was halved to Rs 15,000 crore. The support was to happen by way of equity infusion via a rights issue. But after the record profits of 2023-24, the equity infusion plan has now been scrapped. Finance Minister Nirmala Sitharaman had on February 1 last year, while presenting the annual Budget for the 2023-24 fiscal (April 2023 to March 2024), announced an equity infusion of Rs 30,000 crore in IOC, BPCL and HPCL to support the three state-owned firm's energy transition plans. In the interim budget that the finance minister presented in February this year ahead of the general elections, the capital support to the three oil companies was halved to Rs 15,000 crore. In the full budget for 2024-25, both plans have been scrapped. While other state-owned oil companies like Oil and Natural Gas Corporation (ONGC) and GAIL (India) Ltd too have lined up billions of dollars of investment to achieve net-zero carbon emissions, the equity support was limited to the three fuel retailers, which had suffered huge losses in 2022 when they held retail petrol, diesel and cooking gas (LPG) prices despite a spike in raw material (crude oil) prices, following Russia's invasion of Ukraine. The board of IOC and BPCL had last year approved rights issues to raise to Rs 22,000 crore and Rs 18,000 crore, respectively. The government was to participate in the rights issue. The three companies, which control roughly 90 per cent of India's fuel market, 'voluntarily' have not changed petrol, diesel and cooking gas (LPG) prices, resulting in losses when input costs were higher and profits when raw material prices were lower. They posted a combined net loss of Rs 21,201.18 crore during April-September 2022 despite accounting for Rs 22,000 crore announced but not paid LPG subsidy for the previous two years. Subsequent softening of international prices and government giving out LPG subsidies helped IOC and BPCL post annualised profit for 2022-23, but HPCL was in the red. In FY24, things changed dramatically, and the three firms posted record earnings.

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

<ul><li>Most PSU oil stocks gave over 60% returns in the last one year with the exception of ONGC and BPCL.</li><li>ONGC and OIL stock is trading at a discount to international peers in spite of its recent run-up.</li><li>Analysts are divided on GAIL as its petchem capex and losses are a cause of concern.</li><li>OMCs like Indian Oil, HPCL and BPCL have closed the valuation gap and a rally is unlikely from hereon, believe brokerages. </li></ul>Few stocks can claim to have juice left as markets hit staggering heights as 2023 bid goodbye. Public sector unit or PSU oil stocks like ONGC, OIL and GAIL are a rare few which still hold value. Thanks to production expansions, regulatory consistency and more the government owned companies are set to better days ahead. Most of the oil stocks have given over 60% returns in the last one year, with the exception of BPCL and ONGC. Yet, the upstream companies especially are trading at a discount, claim brokerages. Thus, going ahead, Antique Stock Broking believes that ONGC and Oil India remain among the cheapest upstream stocks globally despite a rally in the last six months. “We believe the current valuations do not fully reflect the jump in realization of both oil and gas over the last 6-18 months and the resultant cash flow,” it said. Both the companies are expected to see significant free cash flows starting FY24, after the gas prices increased via Administered Pricing Mechanism by the government. Not only will it improve margins, but improved price realization would lead to much more attractive returns on their annual capex. “We believe positive momentum in the upstream sector would be led by a shift towards companies with undemanding valuation, while we find fundamental support led by steady earnings and cash flows on the back of regulatory consistency, stable commodity prices, and margins and triggers in the core production outlook,” said a report by Emkay. The long-term fundamentals of the stocks are intact say analysts even as government's changes in windfall tax might cause shortt-term movements. ONGC &amp; OIL: The production rise Oil India’s production has already increased in the current financial year, while ONGC is expected to commission KG 98/2 gas fields soon. There are other production increases planned as well. ONGC targets to increase production to 50mmtoe by FY28 from 40mmtoe in FY23. It will be driven by 23 ongoing projects, with a total capex of ₹60,000 crore. Oil India’s production increase plans will commence sooner as it expects IndraDhanush Gas Grid (IGGL) to be completed by March 24. Apart from increased production, it also aims to secure a premium pricing for its gas, adding to the stock’s appeal. “The management expects to secure a 20% premium on the current gas pricing formula for gas produced through new wells. The company is confident that wells utilizing IOR/EOR techniques will also qualify for the 20% premium, provided the company meets the minimum threshold achieved in the last decade,” said a report by Motilal Oswal. Moreover, dividend yield of both these companies is also good – at around 5-6%, beating their PSU peers who average at around 4%. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year returns </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36.6% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">76% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GAIL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">72.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Oil </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">65% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35% </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: BSE GAIL: Value unlocking in offing On GAIL, which too is an upstream company, analysts are divided. The stock has seen a good run-up with the rise in oil prices last year, but did not see a fall when these crude prices fell. That’s due to the company’s plan to achieve transmission volume of 130-132 mmscmd by FY25. “The stock has been even stronger due to optimism of higher transmission volumes. We believe that despite the recent strong gas consumption data, India’s medium-term gas demand outlook is weak and LT (low temperature) outlook is even weaker,” said a report by Kotak Institutional Securities. Added to that, its petchem business delivered losses for the fifth consecutive quarter in Q2. Its LPG business is expected to return to profitability in the second half of the current financial year but losses could also come back during the summers, worry analysts. “Despite weak profitability, GAIL’s further large capex in petchem has been a key worry,” says Kotak. Sharekhan however believes that GAIL can post a strong earnings recovery over FY23-26, across business segments supported by stabilising global LNG supplies and improving price environment for its commodity businesses. It identifies other triggers for the stock price too, like value unlocking. “GAIL is evaluating for monetization of city gas distribution CGD assets and the same helps to unlock value from its stake in GAIL Gas,” said Sharekhan. OMCs: Capacity expansions too far in the future Oil marketing companies like Indian Oil, HPCL and BPCL on other hand too are planning capacity expansions. But only HPCL’s is likely to see benefit of volume growth over FY24-FY26 due to the expansion of its Visakh refinery, and petchem expansion at subsidiary, HMEL Bhatinda. IOCL is implementing refinery and chemicals expansion projects, but its volume growth is likely to flow through after FY26. BPCL’s volume growth from petrochemical expansion at Bina and Kochi can be visible only after FY28. OMC stocks have been gaining momentum due to fall in crude oil prices, but most experts see prices inching up to $80/barrel on account of geopolitical tensions. Brokerages believe that a further rally from the current prices for these stocks is unlikely. “We acknowledge that a higher discount on Russian crude is not likely and that proximity to general elections will limit any near-term upside to marketing margins despite moderation in crude oil prices,” said a report by Bob Caps.

State-owned oil stocks have more juice left in the barrel

Amid a severe economic crisis, most of the petrol pumps in the Punjab region of <keyword id="3001" type="General" weightage="100" keywordseo="pakistan" source="Orion">Pakistan</keyword> ran out of petrol disrupting the routine life of people. In distant places where there have been no supplies for the pumps for more than a month, the situation is terrible, Dawn reported. The lack of gasoline in Punjab remains despite assurances that there are an adequate supply and government threats to take harsh action against hoarders. On the other side, the Pakistan Petroleum Dealers Association (PPDA) has blamed all Oil marketing companies (OMCs) for failing to ensure appropriate supplies in response to demand, leaving the pumps empty and forcing drivers to go for gas in urban areas, according to Dawn. The OMC Association of Pakistan (OMAP), which rejected the claim, stated that some gas stations were participating in stockpiling gasoline and creating fake shortages in order to increase earnings in light of the anticipated hike in gasoline prices. Amid severe fuel shortages due to the poor economy, several petrol pumps in major and small cities of Punjab have been closed, Dawn reported. The situation appears to be worst in certain large towns, such as Lahore, Gujranwala, and Faisalabad, where numerous petrol pumps have reportedly been running on a poor or nonexistent supply of petrol for many days as a result of pressure from the oil marketing companies (OMCs). "In Lahore, around 70 of the total 450 pumps are dry. The areas where the pumps are closed due to shortage of petrol include <keyword id="3803340" type="General" weightage="50" keywordseo="shahdra" source="Orion">Shahdra</keyword>, Wagah, <keyword id="16459199" type="General" weightage="50" keywordseo="litton-road" source="Orion">Litton Road</keyword> and <keyword id="16459200" type="General" weightage="50" keywordseo="jain-mandar" source="Orion">Jain Mandar</keyword>," Pakistan Petroleum Dealers Association's secretary of information <keyword id="16457769" type="General" weightage="50" keywordseo="khawaja-atif" source="Orion">Khawaja Atif</keyword> told Dawn. According to local media, petrol is severely in limited supply in several cities of Pakistan. The majority of the gas stations are shut. Few are open, and those that only offer a little quantity of gasoline. At these gas stations, there are long lines of cars and bikes. Notably, the oil companies of Pakistan are on the verge of 'collapse' due to a reeling economic crisis and devaluation of the currency. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/electric-2-wheelers-grew-300-in-india-in-2022-cybermedia-research/articleshow/97793610.cms">Electric 2-wheelers grew 300% in India in 2022: CyberMedia Research</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/game-of-thrones-spider-man-no-way-home-among-most-pirated-content-in-india-in-2022/articleshow/97795322.cms">Game of Thrones, Spider-Man: No Way Home among most-pirated content in India in 2022</a>

You Searched For "OMCs" and got 13 results

Stock market today: Sensex, and Nifty see cautious greens on opening on July 26th

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Petrol export by OMCs rose 142% between 2020-21 and 2021-22

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Plunging fuel demand has OMCs worried on all fronts

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Non-subsidised LPG Cylinder Price Slashed By Rs 23.50

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Sugar stocks soar as govt permits use of sugar in ethanol production; Triveni Engineering, Dhampur Sugar rally over 7%

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Stock market today: Sensex dips over 250 points, Nifty also opens in red on August 8, 2024

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Stock market today: Sensex, Nifty inch up marginal gains to open the day in green

Ira Alok Puranik

Stock market today: Sensex inches up over 300 points in early trade, Nifty opens in green

Ira Alok Puranik

Rupee falls 6 paise to settle at 83.39 against US dollar

PTI

After record profits, state-owned fuel retailers Indian Oil, BPCL and HPCL see profit slump in Q1

PTI

State-owned oil stocks have more juice left in the barrel

Katya Naidu

Pakistan pumps run out of petrol, disrupts routine life of people says a Dawn report

ANI

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