Nifty, Sensex may continue with their winning streak – Thursday closing report
Moneylife Digital Team
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We had mentioned in Wednesday’s closing report that Nifty, Sensex may continue to trend up. On Thursday, the major indices continued to rise and ended with decent gains. On the NSE, there were 1,195 advances, 690 declines and 335 unchanged.
The trends of the major indices in the course of Thursday’s trading are given in the table below:
The Securities and Exchange Board of India (SEBI) barred Future Group CEO Kishore Biyani from accessing the securities market for a year. SEBI said Biyani and brother Anil, who was also banned from the market, traded in shares of Future Retail Ltd (FRL) through another unit using unpublished price sensitive information.
There may not be much relief in sight for consumers with petrol and diesel prices remaining high, driven by market forces, indicated Hindustan Petroleum Corporation (HPCL) Chairman and Managing Director, M K Surana. Speaking at a press interaction after announcing the third quarter earnings for fiscal 2020-2021, Surana said, “The increase in crude oil price is because of the mismatch or the anticipated mismatch between the pick-up in demand and the capacity to ramp up the production immediately…On a long term or medium-term basis, we do not expect crude oil prices to go substantially high and we anticipate it to remain between $50 and $60 a barrel. To that extent, the fuel prices do factor in that type of range of crude prices.”
Consolidated net profit of Hindustan Petroleum Corporation (HPCL) for the third quarter of 2020-2021 doubled to Rs 2,373.71 crore from Rs 1,027.23 crore in the year-ago period. The higher profit is on account of inventory, exchange gains, and higher sales. The public sector oil and gas company s consolidated total income increased to Rs 78,324.98 crore, up from Rs 75,048.60 crore in the same quarter of FY20. Gross refinery margin (GRM), a measure of the gain per barrel of crude oil processed, stood at $1.87 per barrel for the October-December 2020 period against $1.79 per barrel in the corresponding previous period. Inventory gains in the quarter under review stood at Rs 1,323 crore compared to Rs 43 crore in the year-ago quarter. HPCL reported a currency exchange gain of Rs 297 crore against Rs 82 crore last year.
Budget 2021: Capital Outlay For Energy Majors Sees A Rise moneycontrol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneycontrol.com Daily Mail and Mail on Sunday newspapers.
Indian Oil May Form Subsidiary For Retail Assets To Unlock Value IOC operates a pipeline network of 14,600 kilometres with a capacity to transport 94.42 million tonnes per annum of crude and fuels and 21.69 million cubic metres per day of gas.
Updated: February 02, 2021 5:36 pm IST
Indian Oil Corp could create a subsidiary for its retail assets to help unlock value, the head of finance at India s largest refiner said on Tuesday, a day after the government announced plans to monetise IOC s pipeline assets. Presently it is not on our radar but a possibility of any such thing to unlock the value cannot be ruled out, Sandeep Kumar Gupta said on an analysts call when asked if IOC plans to hive off its fuel retailing business into a separate company.