BackOpening Bell 2 January | Meet on agenda for PSU banks to begin today
Brent crude gained almost 2% to $58.5 a barrel; oil rose after tumbling last year
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Mumbai: US markets were closed on 1 January for the New Year holiday. Brent crude gained almost 2% to $58.5 a barrel. Oil rose after tumbling last year.
To overcome its numerical disadvantage in the Rajya Sabha, the government plans to introduce every bill in the Lok Sabha and eventually call a joint sitting of Parliament to get it cleared if the legislation is stonewalled in the upper House, reports Mint.
The central government increased the excise duty on petrol and diesel in an effort to capitalize on falling global crude prices to narrow the fiscal deficit. Read more.
A two-day brainstorming session of the finance minister, the Reserve Bank of India governor and chiefs of state-owned banks on Friday and Saturday will likely set the agenda for banking sector reforms. Read more.
Oil marketing companies have reduced jet fuel prices by 12.5%, reports Business Standard. The move can bring some relief to airlines.
Helped by discounts and new models, auto sales in December grew at most companies, reports Mint. Car buyers also advanced purchases in anticipation of a price hike in January, the report says.
Future Group will consider selling its stake in an insurance joint venture after the government notifies the regulations governing foreign investment in insurers, reports Mint. The asset sale will help the group reduce debt.
Refrigerants manufacturer SRF Ltd said it has agreed to purchase the global pharmaceutical propellant business from US chemicals maker DuPont, reports Mint. Pharma propellants are used in inhalers.
Lastly, Hyundai Motor Co. and Kia Motors Corp., South Korea’s largest automakers, forecast their weakest sales growth in nine years as they run out of capacity to increase output and competition intensifies. Read the Bloomberg report.
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