OMC stocks tank over reports of proposed curbs on fuel pricing
Stocks of three state-owned oil marketing companies (OMCs) tanked by as much as six per cent on Wednesday following reports that the government was mulling placing curbs on their newly acquired powers to determine transport fuel prices on a daily basis. According to market observers, the slide in OMC scrips followed reports that the Government proposed to curb the pricing powers of OMCs in view of the steep hike in the cost of petroleum products over the past almost three months, even though international crude oil prices have remained stable. The selling pressure in OMCs' stock prices also dragged the benchmark indices -- BSE Sensex and NSE Nifty -- lower. “Most Indian equity benchmarks declined as shares of oil marketers sold off on reports that the government may ask these companies to absorb fuel price increase,” Dhruv Desai, Director and COO of Tradebulls said.
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Sunday EditionView All
24 Sep 2017 | TN RAGHUNATHA | Mumbai
In a clear indication of an irreconcilable rift between it and its senior alliance partner BJP, the Shiv Sena on Saturday staged simultaneous protests at 12 places across the metropolis against the hike in prices of fuel, essential commodities and domestic gas cylinders. Amid intense speculation that Sena president Uddhav Thackeray — during his Dussehra rally to be held next week — might announce withdrawal of his party’s support to the...
STATE EDITIONSView All
24 Sep 2017 | PNS | Ranchi
Chief Minister Raghubar Das on Saturday said that the foundation for new power plant at Patratu — a joint venture of Jharkhand Government and National Thermal Power Corruption (NTPC) will be laid soon. During a meeting with NTPC Chairman Gurdeep Singh here on Thursday CM said that the plant will not only fill the energy gap in State but will also be able to supply power to other States...