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Petrol, diesel prices touch all-time high, check fuel prices in your city

According to the latest price revision, the petrol price in Delhi is now Rs 101.89 per litre and earlier, it was Rs 101.64 per litre. The price of diesel in Delhi is Rs 90.17 per litre, and earlier, it was Rs 89.87 per litre, according to the Indian Oil Corporation.

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The prices of petrol and diesel skyrocketed on Friday and this is the second consecutive day when the price touched an all-time high. On October 1, the price of petrol went up by 25 paise in the national capital and the price of diesel went up by 30 paise.

According to the latest price revision, the petrol price in Delhi is now Rs 101.89 per litre and earlier, it was Rs 101.64 per litre. The price of diesel in Delhi is Rs 90.17 per litre, and earlier, it was Rs 89.87 per litre, according to the Indian Oil Corporation.

Meanwhile, the petrol in Mumbai is even more expensive as it has now crossed the mark of Rs 107.95 and the diesel is priced at Rs 97.84.

The price of petrol and diesel, itself gets revised by the state-run oil refineries like Bharat Petroleum, Indian Oil, and Hindustan Petroleum, they revise the price by taking account of the crude oil prices in international markets as well as the rupee-dollar exchange rates. The changes in price get effective from 6 am every day.

Here are the petrol and diesel prices in your city:

Kolkata: Petrol price- Rs 102.47 and Diesel price- Rs 93.27

Chennai: Petrol price- Rs 99.58 and Diesel price- Rs 94.74

Bengaluru: Petrol price- Rs 105.44 and Diesel price- Rs 95.70

Jaipur: Petrol price- Rs 108.88 and Diesel price- Rs 99.45

Lucknow: Petrol price- Rs 98.99 and Diesel price- Rs 90.59

Noida: Petrol price- Rs 99.21 and Diesel Rs 90.45.

In other news, a Haryana police constable died in an encounter while nabbing the criminals who fled to Uttarakhand’s Haridwar on Thursday night. The police have now arrested all the four criminals and one of them is admitted to AIIMS hospital, as he faced minor injuries in the encounter.

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Budget 2023: Traders’ body seeks relief for middle class, small merchants

A traders’ body has sought relief for the middle-class people and small traders in the upcoming budget. The Chamber of Trade and Industry (CTI)- a Delhi-based association of traders- has written a letter to Union finance minister Nirmala Sitharaman expressing their concerns.

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A traders’ body has sought relief for the middle-class people and small traders in the upcoming budget. The Chamber of Trade and Industry (CTI)- a Delhi-based association of traders- has written a letter to Union finance minister Nirmala Sitharaman expressing their concerns.

In a statement, the CTI lamented that middle class and the nearly 20 lakh traders of Delhi have got no relief in the budget in the past eight years but expressed hope that they will get some in this session.

CTI Chairman Brijesh Goyal suggested that taxpayers who are senior citizens should get social security and retirement benefits based on the basis of taxes paid in the past.

The traders’ body in its pre-budget recommendation letter to the finance minister said that government should restore and increase the cash transaction limit for ease of doing business.

It said that cash transaction limit has not increased for twenty years and was reduced from Rs 20,000 to Rs 10,000, six years ago, to promote digital payments. The Rs. 20,000 limit was running for 22 years and needs to expanded, it said.

Read Also: Budget 2023: Government bond yields may rise, rupee upswing capped

Article 40A of the Income Tax Act states that any payment in cash above ₹ 10,000 to any person in a day shall not be allowed as a deduction in the computation of Income.

The CTI also demanded affordable loans for the middle-class, separate schemes and packages to promote the manufacturing sector and the Make in India initiative, and an export hub to promote trade.

Union Budget 2023 will likely be the last full Budget of the Narendra Modi-led government in its second term with the next Lok Sabha polls due in April-May of 2024.

The budget will be presented tomorrow, February 1, 2023, in a paperless form, like the last two budgets.

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Budget 2023: Government bond yields may rise, rupee upswing capped

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Government bond yields may witness a rise this week as investors prepare for another year of record government borrowing, according to a report which adds that the Indian currency’s rise may also be capped amid meetings of major central banks.

According to a poll of economists conducted by news agency Reuters, the Union government is expected to announce a record gross borrowing of 16 trillion rupees ($196.28 billion) for 2023-24 when it presents the budget tomorrow.

Another poll predicts the fiscal deficit target at 6% of gross domestic product (GDP).

An earlier report by Reuters said that India was

Reuters reported on Friday the country was likely to keep its gross market borrowing below 16 trillion rupees ($196 billion) for 2023/24 as it does not want to destabilise the bond market with any negative surprises.

Chief investment officer for debt at IDBI Mutual Fund, Raju Sharma, believes that any figure below 15.50 trillion rupees could see some positive reaction.

India’s benchmark bond yield ended at 7.3874% on Friday, having gained 4 basis points (bps) last week after rising 5 bps in the week prior. Market participants expect the benchmark bond yield to trade in the 7.30%-7.50% band this week.

Another key number is the funds to be raised via green bonds during the fiscal year as the government raised Rs 80 billion last week, in its first-ever green bond issuance by selling five- and 10-year bonds at a coupon of 5-6 basis points lower than prevailing yields.

A major chunk was however bought by local investors.

Industry insiders believe that it doesn’t make much sense to increase the ticket size if the bonds are majorly being bought by local players.

After two weeks of ups, the rupee saw a minor dip last week at it ended at 81.5225 per dollar. The rupee may see a volatile upswing or downwards spike due the budget and three major global central bank meetings.

Analysts say that forex traders will keep an eye for any incentives to entice foreign investments and any update on India’s inclusion in global bond guides.

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Adani Group holding back India’s future, draped in tricolour while systematically looting nation: Hindenburg

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”,

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Adani Group

Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm’s report as “calculated attack on India.”

In a 413-page response titled “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,” Hindenburg Research accused the Adani Group of holding back India’s progress by draping itself in the Indian flag while systematically looting the nation.

Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country’s future was being held back by the Adani Group, “which has draped itself in the Indian flag while systematically looting the nation.”

Hindenburg stressed that it’s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.

The firm’s statement comes in response to the Adani Group’s note to its stakeholders in which it rebutted the allegations levelled by the short seller firm.

The note claimed that the report was a deliberate attempt to target a specific company but also to tarnish India’s image.

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In its note, Adani Group termed the allegations as a “calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”

Adani Group claimed that the research group’s report contains nothing new other than “selective and incomplete extracts of disclosed information which has been in the public domain for years.”

However, in its statement, Hindenburg said the Adani Group’s response largely either confirmed or attempted to sidestep their findings.

It said that their report asked 88 specific questions of the Adani Group who in response, failed to “specifically answer 62 of them.”

 Instead, Hindenburg claimed, Adani Group mainly grouped questions together in categories and provided generalized deflections.

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