BackOpening Bell 5 November | Record low crude prices to ease India’s fuel bill
The price cuts and low crude rates will be good news for India, which is an importer of crude oil
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Mumbai: US crude futures have fallen to a multi year low. Prices fell as Saudi Arabia cut prices for exports to US customers amid speculation stockpiles increased last week, reports Bloomberg. Brent crude is hovering at $82.85 a barrel in morning trade.
The price cuts and low crude rates will be good news for India, which is an importer of crude oil. But the slump is weighing on global equities.
Overnight, US markets fell on selling in energy shares. S&P 500 at 2,012 is down 0.28%. Tracking the losses, Asian markets also opened weak.
Back home, the ministry of road transport and highways is fragmenting road projects that failed to find bidders into smaller stretches to make them more attractive, reports Mint. Road projects are being broken into smaller segments to remove sections that are pending clearances.
HDFC Ltd has seen overseas investors raising their stake in the company to a record-high of nearly 78% during the September quarter, reports PTI. According to the report, the company has become the first listed Indian company among 30 Sensex firms to have over 75% shareholding by foreign institutional investors.
Idea Cellular Ltd opposed the extension of permits for Bharti Airtel Ltd and Vodafone India Ltd in Delhi beyond November saying it violates auction rules, reports The Economic Times. Airtel and Vodafone have asked the department of telecom for permission to operate in Delhi for at least six months after November.
Jindal Steel and Power Ltd reported consolidated net profit of ₹ 400 crore in the September quarter, down 12% from the same period a year ago, mainly owing to higher interest and depreciation cost, reports Mint. The company will have to take additional debt, if it is ordered to pay penalty on its de-allocated coal blocks, reports The Hindu Business Line.
Emami Ltd and Marico Ltd are in talks to acquire ayurvedic hair oil brand Kesh King, reports The Times of India. According to the report, the brand is seeking a valuation of over ₹ 2,000 crore.
Drug maker Wockhardt Ltd’s steps to have the US lift bans on products from two of its plants are unlikely to be approved until next year, reports Reuters. Last year’s bans by the US Food and Drug Administration over quality control lapses halted exports to the US and were responsible for the drop in September quarter net profit.
Shriram Transport Finance Co. Ltd is expecting a revival in business, driven by the fall in diesel prices and improvement in infrastructure activities, reports Business Standard. It expects its assets to grow at better pace in second half of the fiscal.
A subsidiary of Thomas Cook (India) Ltd entered into an agreement to acquire 49% stake in US-based MFXchange Holdings Inc. MFXchange provides applications and outsourcing solutions for the US commercial property and casualty insurance sector.
Lastly, it will be a results heavy day. Bata India Ltd, Alembic Ltd, Escorts Ltd, Colgate Palmolive (India) Ltd, Hotel Leela Venture Ltd, Heidelberg Cement India Ltd, GSK Consumer Healthcare Ltd, IRB Infrastructure Developers Ltd, Jyothy Laboratories Ltd, Shoppers Stop Ltd and Tata Global Beverages Ltd are some of the companies that will release their earnings for the September quarter today.
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