9:35 am Oil Minister: Oil Minister Dharmendra Pradhan on Wednesday ruled out government intervention to disrupt the daily revision in petrol and diesel prices despite Rs 7.3 per litre spike in rates since July, saying the reform will continue.
He however remained non-committal on cutting taxes to soften the blow of relentless rise in prices since July 3, the government need to finance huge infrastructure and social projects has to be balanced with consumer needs.
Terming the criticism of spike in rates as unfair, he said the drop in prices for over a fortnight after the daily price revision was introduced on June 16 has been ignored and only “temporary” phenomenon of rising trend is being highlighted.
India relies on imports to meet 80 per cent of its needs and so domestic fuel rates have been aligned to movement of equivalent product prices in the international market since April 2002.
9:25 am Buzzing: Shares of Godrej Properties rose more than 3 percent in the early trade as it has bagged a residential project in Thane.
The company has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri Marg, Thane West.
This project will be developed under a development management agreement.
“The project spread over 14 acres and will offer approximately 1,95,000 square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development,” company said.
9:15 am Market Check: Equity benchmarks opened higher amid consolidation Thursday, with the Nifty reclaiming 10,100 level despite weakness in Asian peers.
The 30-share BSE Sensex was up 81.95 points at 32,268.36 and the 50-share NSE Nifty gained 23.70 points at 10,103.
Sun Pharma rallied nearly 4 percent, followed by Dr Reddy’s Labs, Lupin, Reliance Industries, Tata Motors, GAIL and Aurobindo Pharm.
Wipro plunged 3.5 percent. Kotak Mahindra Bank, HDFC Bank, HDFC, TCS, HUL, Tech Mahindra and Power Grid were also under pressure.
HPCL, BPCL and IOC rallied 3 percent each as the government ruled out oil price cut.
Thermax, Jubilant Foodworks, Tata Chemicals, Cyient and Deepak Fertilisers gained up to 4 percent.
The Indian rupee opened lower by 17 paise at 64.17 per dollar today against previous close of 64.
“In the absence of any major triggers, the rupee is expected to stay in a tight range with trading range for the day at 64-64.30,” Mohan Shenoi of Kotak Mahindra Bank said.