State-run OMC cuts diesel, petrol prices for third time in July

State-run OMC cuts diesel, petrol prices for third time in July

 

   MUMBAI, AUG 1: The government-run oil marketing companies late Friday cut the retail prices of petrol and diesel for the third time this month by Rs 2.43 per litre and Rs 3.60 per litre, respectively, effective from Saturday.

  After the cut, petrol prices in Delhi will become Rs 64.47 per litre, down from Rs 66.90 per litre. The new diesel price will be Rs 46.12 per litre compared with previous rate of Rs 49.72 per litre.

  On July 16, the base diesel and petrol prices were reduced by Rs 2 per litre, although some states including Delhi raised local taxes, which nullified this reduction.

  "Since last price change, there has been a decrease in international prices of both Petrol and Diesel. USD/INR exchange rate has, however, depreciated during this period. Combined impact of both these factors warrants a downward revision in prices, the impact of which is being passed on to the consumers with this price decrease," a statement by the Indian Oil Corporation Ltd (IOCL) said late Friday evening.  

   "The movement of prices in international oil market and USD/INR exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes," the statement added.

  IOCL also said that prices of non-subsidised LPG cylinders (14.2kg) in Delhi have been reduced to Rs 585 from Rs 608.50 per cylinder, a cut of Rs 23.50 per cylinder. The price of subsidised LPG will, however, remain the same.

  State-owned fuel retailers viz IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp revise petrol and diesel prices on 1st and 16th of every month based on average imported cost and dollar/rupee exchange rate in the previous fortnight.

Magma Fincorp Q1 net profit flat on higher NPA provision

 Magma Fincorp Q1 net profit flat on higher NPA provision

 

  

  MUMBAI, AUG 1 : Magma Fincorp Ltd Saturday said its first quarter consolidated net profit remained little changed after the company made higher provision for non-performing assets as per the revised regulatory framework for Non-Banking Finance Companies.

  Magma Fincorp reported consolidated net profit of Rs 452.2 million for the quarter ended Jun 30, 2015 compared with Rs 434 million a year ago, while total income rose nearly 12% to Rs 6.08 billion during the same quarter from Rs 5.44 billion a year ago.

  On Nov 10, 2014, the Reserve Bank of India revised NBFCs rule to mark bad loans. NBFCs from Nov 10 have to mark a loan as bad loans if the interest has not been paid for 90 days or 3 months as against earlier rule of six months.

  To compile with this rule, the company had to make extra provision for NPAs causing the same to jump to Rs 872.46 million in the June quarter from Rs 468.35 million a year ago.

   Friday, share prices of Magma Fincorp ended at Rs 91.10, up 3.29% on the Mumbai Stock Exchange.

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Indore: Pulses Closed Steady in Physical Market

Indore: Pulses Closed Steady in Physical Market

At Indore market , Chana Kantewala ended at Rs. 4450 per quintal, unchanged as compared to previous close. Arrivals were reported at 500 quintals, down by 500 quintals as compared to previous day. Chana Dal finished at Rs. 5550 per quintal, unchanged against previous close. Masoor Medium Barik at Indore market ended at Rs. 6850 per quintal, steady as against previous close. Estimated market supply was at 400 quintals, steady as against previous dayn#39;s arrival. Moong Chamki at Indore market ended lower at Rs. 6000 per quintal, lower by 7.69 per cent from previous dayn#39;s price level. Todayn#39;s arrivals are at 800 quintals, steady as against previous dayn#39;s arrival. Urad Local at Indore market finished strong at Rs. 7400 per quintal, higher by 1.37 per cent from previous trading day. Arrivals were reported at 500 quintals, unchanged as compared to previous dayn#39;s arrival. Tur MH Line at Indore market finished weak at Rs. 7400 per quintal, lower by 1.33 per cent as compared to previous day. Trade sources reported arrivals at 150 quintals, steady as against previous dayn#39;s arrival. Pulses in Indore Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Indore Chana Kantewala 4450 0 Indore Chana Dal 5550 0 Indore Masoor Medium Barik 6850 0 Indore Moong Chamki 6000 -500 Indore Urad Local 7400 +100 Indore Tur MH Line 7400 -100 nnbsp;

Turmeric in Physical Market Trading Steady in Sangli

Turmeric in Physical Market Trading Steady in Sangli

At Sangli market , Turmeric Rajapuri/Selam Finger is trading at Rs. 8800-8900 per quintal, unchanged as compared to previous close. Total arrivals are at 1500 quintals, steady as against previous dayn#39;s arrival. Turmeric Medium is offered at Rs. 8200-8300 per quintal, steady against previous close. Turmeric Desi Kadappa at Sangli market is quoted at Rs. 7500-7600 per quintal, steady as against previous close. Turmeric in Sangli Market (Prices in Rs. per quintal) Market Commodity/Variety Price Change Absolute Sangli Turmeric Rajapuri/Selam Finger 8800-8900 0 Sangli Turmeric Medium 8200-8300 0 Sangli Turmeric Desi Kadappa 7500-7600 0 nnbsp;