News Overview

The message for the week was that rate cuts are ruled out for the time being.

In India, petrol and diesel pricing is influenced by factors such as freight charges, value-added tax (VAT), and local taxes.

The IPO comprises a combination of fresh equity shares valued at ₹500 Crore and an offer-for-sale (OFS) of shares worth ₹300 Crore by the promoters.

The company, headquartered in Hyderabad, is also exploring a pre-IPO placement to raise approximately ₹300 Crore before finalizing the red herring prospectus with the Registrar of Companies.

The spike in oil prices is positive for oil extractors as it results in better realization per barrel. In recent times, that is limited due to the windfall tax on oil. Oil refines also tend to gain from higher oil prices as it generally improves the gross refining margins (GRMs) and also leads to higher valuation of inventory. There are two sectors that take a hit. Oil marketing companies (OMCs) would typically see their marketing margins come down, more so in the Indian context where the effort is to ensure that petrol and diesel are available at reasonable costs. ik

On the nifty index, Bajaj Finance, Mahindra & Mahindra, HDFC Bank, Maruti Suzuki, and JSW Steel closed as the top gainers on the chart on Friday.

On April 22, VI will end its follow-on public offer (FPO) of ₹18,000 Crore. The issue was subscribed to 49% by the second day of bidding.

The week saw the oil & gas index closing 33 bps lower as the windfall tax only had a limited impact on the sector. Indian oil companies in the upstream segment gain from higher oil prices as it boosts realization per barrel, improves GRMs and leads to inventory translation at higher levels. There are concerns over oil price volatility in the Brent markets but what should favour oil stocks is that oil prices look all set to remain robust for some time now. The oil prices are not expected to pose a problem as the OPEC is likely to boost supplies of crude oil at higher levels.

Being a PA enables companies to facilitate and transfer customers' funds to merchants. However, this approval is not the final authorization or license, which is anticipated to be granted within six to twelve months

Jio Financial Services announced a 50:50 joint venture with US-based BlackRock for wealth management and broking in India on April 15.