The News International Team
02:50pm Jet Airways, SpiceJet up 5-8%
Jet fuel (aviation turbine fuel) rates today slashed by Rs 7,520.52 per kilolitre, or 12.5 percent, to Rs 52,422.92 per kl, the sixth straight reduction in prices since August, as international oil prices slumped to five-year low levels.
This is the possibly the steepest cut in rates since ATF pricing was deregulated or freed in April 2002. The cut, effective today, is the sixth reduction in jet fuel rates since August.
The price was last cut by 4.1 percent, or Rs 2,594.93 per kl, on December 1.
Brent crude, a pricing benchmark for more than half of the world’s oil, sank 48 percent in 2014 as US producers and the Organization of Petroleum Exporting Countries (OPEC) ceded no ground in their battle for market share amid a supply glut.
Brent fell to USD 57.33 a barrel, the lowest since May 2009. ATF rates now are at their lowest level since February 2011, reports PTI.
Century Plyboard is hopeful of achieving the 25 percent revenue guidance for FY15, said Sajjan Bhajjanka, managing director in an interview to CNBC-TV18.
According to him, the company in H1FY15 has already achieved the performance of FY14 and so expects to double its net margins to around 10 percent compared to last year. EBITDA margins for FY15 would be around 15-16 percent, said Bhajjanka.
On pricing front, he does not envisage any price hikes because the price of wood has been stable compared to that of last year.
02:00pm Market Check
The market remained in a tight range with the Nifty consolidating near 8,270 level. The Sensex fell 26.68 points to 27472.74 and the Nifty declined 9.50 points to 8273.20.
The broader markets continued to outperform frontline indices with the BSE Midcap and Smallcap indices rising 0.6 percent and 1.1 percent, respectively. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.
Prashant Jain of HDFC Asset Management says, “We cannot expect gains in 2015 to be more than 2014 but expect equities to outperform other asset classes in the long term.” He is optimistic on the economic recovery, saying India is one of the few countries where interest rates will come down.
Bharti Airtel and Sesa Sterlite topped the buying list, up 1.8 percent each followed by SBI, L&T, ONGC, BHEL, Tata Steel and Cipla with 0.4-1 percent gain whereas HDFC, ITC, HDFC Bank, Reliance Industries, Dr Reddy’s Labs, NTPC and HUL fell 0.4-1 percent.
A day after data showed that coal output grew by 14.5 percent in November, coal secretary, Anil Swarup told CNBC-TV18 that Coal India’s output is expected to grow by 10 percent in 2015 at 507 million tonnes. For over a decade now, Coal India’s output has been rising by less than 5 percent a year. Swarup said arrangements are in place to despatch all these 507 million tonnes.
Maruti Suzuki posted strong numbers in December, slightly better-than-expected as sales for Ciaz Cnd celerio led to good overall growth. Sales grew by 20.8 percent year-on-year to 1.09 lakh units in December. Eicher Motors too posted a good sales in December, total commercial vehicle sales rising 20.7 percent to 3,387 units (Y-o-Y).
The rupee weakened marginally to 63.32 versus a close of 63 a dollar yesterday. Dealers said increased demand for the dollar from importers and a lower opening in the domestic equity market would weigh on the rupee.