The government is close to taking a decision on capping the number of subsidised LPG cylinders to “economically not weaker” sections to bring down the subsidies by up to Rs 10,000 crore annually, Minister of State for Petroleum and Natural Gas RPN Singh said today. The government is also looking at partial decontrol of diesel, he said. Singh said the government gives Rs 36,000 crore in subsidy on LPG and a lot of people who are “not economically weaker sections” and don’t require them, take benefit, adding, the government is looking at reducing the subsidy on LPG by capping the amount (number) of cylinders given on subsidy.
Thursday, July 19, 2012
Shares in Coal India rose 1.7 percent to Rs 360.20 after CLSA upgraded the stock to “outperform” from “underperform” and raises its target price to Rs 390 from Rs 340. CLSA said production has improved “substantially” in the April-June quarter and sees a “high” probability that fiscal 2012/13 targets will be met.
One person was killed and at least 90 were injured in a clash between workers and the managerial staff at Maruti Suzuki India’s Manesar plant, forcing stoppage of work. (BS) ONGC Videsh Ltd will team up with Petronet LNG and Indian Oil Corporation to bid for up to 20% stake in Russia’s Novatek LNG project. (BS) CRH Plc, Irish building materials group, has entered the fray to buy Jaiprakash Associates' cement plants in Gujarat and Andhra Pradesh, after the company's discussions with the AV Birla Group got stuck due to differences over valuation and other issues. (ET)
The human tendency to regard little things as important has produced very many great things.- Georg Christoph Lichtenberg. A little better morning is in store after the main Indian stock indices snapped a five-day losing streak on Wednesday. Global cues are pretty good and this could bring some gains at least early on in today’s session. Asian markets are mostly higher this morning. US equity benchmarks closed up as well, spurred by encouraging technology results and positive data on the housing sector. US housing starts jumped in June to the highest level in four years.
Indian markets are set to begin on a positive note led by positive global cues. SGX Nifty is trading 52.50 points higher. Events for the day: Results: Dish TV India, Dr. Reddy's Laboratories, Hero Motocorp, Kotak Mahindra Bank, L&T Finance Holdings. Headlines for the day: TDSAT sets aside Rs50 cr penalty on telcos over SIM card issue. Violence at Maruti's Manesar plant, production affected. MTNL employees plan indefinite protest from Jul 24. Corporation Bank to seek more time to pare bulk deposits.
The key benchmark indices open on a firm note on higher Asian stocks. The BSE Sensex was up 112.27 points or 0.65%. The market breadth was strong. Index heavyweights Reliance Industries (RIL) and ITC gained in early trade. India's largest car maker by sales Maruti Suzuki India lost close to 5% after the company stopped production at its Manesar, Haryana factory on Wednesday, 18 July 2012, after workers attacked managers at the plant and set fire to company property. Telecom stocks were mostly higher. Asian stocks rose on Thursday after strong US housing data overnight and after broadly reassuring comments from Federal Reserve Chairman Ben Bernanke in his second day of testimony to Congress on Wednesday, 18 July 2012.