Mumbai: The Indian government might be hesitating to take hard decisions but China is marching ahead. According to Bloomberg, China increased gasoline and diesel prices for the second time in less than six weeks after the crude recorded its biggest monthly gain in a year.
Overnight stock markets in the US extended gains as Apple Inc. said it plans to pay dividend and buy back $10 billion worth of its stock. The development sparked a rally in technology stocks. S&P 500 gained 0.40% to 1,409 on buying in stocks of technology and financial services companies.
Asian markets opened on a positive note. Optimism about the global economy and buying in technology shares are helping the equity markets. South Korea’s Kospi at 2,052 is up 0.26%.
Brent crude is hovering around $125 a barrel. Prices eased from Monday’s levels of $126 a barrel on expectations that US crude stockpiles are rising and speculation that Saudi Arabia may boost output.
Back home, India’s sugar production increased by 14% to 21.2 million tonnes till March 15 in the current marketing year. The Indian Sugar Mills Association expects production to hit 26 million tonnes in the current season.
Due to a shortage of coal, India’s power generation utilities reported a generation loss of 8.7 billion units in the current fiscal till February. State-owned NTPC has recorded a generation loss of 7.86 million units.
Keep an eye on Reliance Industries stock. According to The Economic Times, gas output at the company- operated D6 block has dropped further by about 1 million standard cubic meters per day to 34.62 mmscmd from February.
The GMR Infrastructure run Delhi International Airport may have to wait two more months to raise its fees. The ministry of civil aviation was unable to give its comments on the proposed tariff hike to the Airports Economic Regulatory Authority in time. The airport was expecting to raise its fees beginning April.
The Kingfisher Airlines management will meet the aviation regulator on Tuesday to present a fresh recovery plan. The airline is expected to reduce its operating fleet and curtail its international operations.
Finally, WorldSpace is making a comeback. A Bangalore based company which acquired the WorldSpace licence is re-launching the services for mobile users in India. Read the Business Standard report.