Monthly Archives: February 2024

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Feb 29, 2024
Building a unified future: The role of IT consolidation in transforming BFSI operations

By Natasha Rock

In the last decade, the Banking, Financial Services, and Insurance (BFSI) sector has been transforming at speed, accelerating innovation to meet increasing customer service expectations. Especially in India, the concept of ‘anywhere, anytime’ banking is driving major technological developments in the industry. Currently, India ranks no. 1 in the world in terms of real-time digital payment transactions. According to McKinsey, the evolving IT infrastructure will push the global BFSI industry to achieve 25-40% in structural productivity gains to create capacity for new customers as well as workforce demands.

IT consolidation can infuse agility in banking operations

A proficient IT support tool can have a huge impact on employees’ productivity as they deal with day-to-day technical issues. By leveraging IT systems and resources centralised into a cohesive framework, financial institutions can effectively reduce multi-platform complexity, data duplication, and operational inefficiencies that often plague disparate systems. It becomes easier for help desk teams to work with a unified IT tool and offer frictionless support to users. Consolidation allows for more advanced tasks like diagnosis, scripting, and translation to be performed, in addition to instant support for any mobile device or computer that users are on. It simplifies IT management, enhances responsiveness, and eliminates redundant hardware and software, thus, diverting resources to business areas that drive more customer value.

AI-driven insights to supercharge IT productivity

AI solutions like Chat GPT-powered virtual assistants can build automation workflows for routine tasks and provide instant access to information to resolve user queries and technical issues in real-time. For example, AI can prioritise and categorise support tickets based on their urgency and complexity. Or help by creating and running IT automation scripts to ensure that IT teams can focus their efforts on critical issues, rather than being overwhelmed with routine tasks. Incorporating AI-driven insights into an all-in-one IT tool not only enhances the productivity of IT teams but also ensures they can stay ahead of potential issues, make informed decisions, and deliver exceptional support to the organisation.

Integrated network security to fortify IT workflows

As technology becomes more integrated into financial services, implementing resilient security becomes paramount. IT teams frequently exchange sensitive information regarding system configurations, security patches, and incident responses. Integrated security features within IT support like banking-grade protocols, elevated access restrictions, permission-based support, and audit trails will bolster security. Such a framework will eliminate the need for separate security tools which cause unnecessary delays in servicing and increase the risk of security breaches. Moreover, as operations scale up, a consolidated IT support solution will offer flexibility for data residency and storage customisation, granting the highest degree of control over data and retention policies for financial organisations.

The future of next-gen banking services

The trajectory of banking services is being rewritten by the twin forces of technology and innovation. The horizon is dotted with possibilities: digitalisation redefining customer transactions, AI-driven hyper-personalisation, high-level security, and beyond.

The stakes are high, and inaction is not an option. The role of consolidated IT tools is nothing short of transformative for the BFSI sector. Integrated solutions can redefine the operational landscape in profound ways by centralising diverse IT functions. It can also facilitate better decision-making and response times for IT agents. These tools ensure that BFSI IT teams can adapt to the rapid changes in the financial industry, whether it’s the adoption of fintech innovations, evolving regulatory requirements, or the growing demand for remote and mobile banking services.

As technology continues to advance, IT tools will remain instrumental in the sector’s quest for agility, efficiency, and resilience. In the BFSI landscape, where precision, security, and customer satisfaction are non-negotiable, robust IT tools are the bedrock of sustainable success, propelling IT teams to navigate an ever-evolving financial world.

The author is solutions lead – IT management and support, APAC, GoTo

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Feb 29, 2024
FPIs shift focus back on Indian market; invests Rs 7,600 cr in a week

Foreign investors seem to have shifted their focus back on the Indian equity markets as they turned net buyers last week with an investment of over Rs 7,600 crore.

This came following a net outflow of Rs 3,920 crore by foreign portfolio investors (FPIs) from equities in the preceding week (February 7-12), data with the depositories showed.

It appears that the sustained selling in India witnessed from early January is over but they might sell again at higher levels, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Also read: Narrowing valuation gap with China may boost India flows

As per the data, FPIs have purchased equities worth a net sum of Rs 7,666 crore in the week ended February 17.

Given a more stable economy, strong macros and prospects of higher economic growth, FPIs are now willing to look beyond valuation and other concerns, and pay a premium to the Indian markets, which has the potential to deliver better returns, Srivastava added.

FPIs have been net sellers since the beginning of the year and till February 10, they were net sellers to the tune of Rs 38,524 crore in 2023, including Rs 28,852 crore in January amid concerns of the continuing rate hikes by the major central banks globally to curb in inflation.

Also, the outflows from Indian equities could be attributed to relatively higher valuations, which prompted the FPIs to shift their focus towards other markets having relatively attractive valuations.

Markets such as China, which saw significant erosion in their equity markets due to a series of strict lockdowns, attracted foreign investors after it opened up given its attractive valuation.

The distinctive feature of stock market performance this year is India’s underperformance with NSE’s benchmark index Nifty 50 down by 1.4 per cent so far. On the other hand, Taiwan index is up by 8.3 per cent and Shanghai composite is up by 3.4 per cent.

Also read: Minda acquires 15.7% stake in Pricol; firm’s promoters say not selling shares

In terms of sector, FPIs have been buyers in autos and auto components and construction, while they were sellers in banking and financial services in which they are sitting on good profits, Vijayakumar said.

So far this year, foreign investors have pulled out a net sum of Rs 30,858 crore from equities, while invested a net amount of Rs 5,944 crore in the debt markets.

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Feb 23, 2024
Gold prices correcting as dollar firms; traders should buy around 55,500 zone but not over leverage

By Bhavik Patel

After the best start of the year in a decade, gold has struggled to attract new investor attention this month. After a strong rally of almost $300 in 2 months, gold has shed nearly $130 from its highs. The reason behind this correction is the resumption of the USD rally. It started with robust jobs data that came higher than expected followed by rise in inflation. Retail sales also came higher than expected which all points to the fact that inflation will remain high as people are spending and the labor market is strong.

We still believe 2023 is stronger than 2022 as currently gold is facing hard impact due to the headline driven market but pretty soon technical indicators will come into play, and at that point, investors will believe that gold is becoming oversold and valuable at current pricing.  In COMEX, support of $1850 is already breached so now next support comes around $1825 and $1780. We believe around this zone, technical indicators will come into play and gold will look attractive. Despite all data indicating the US will see soft landing, the bond market continues to see otherwise. The US bond yield curve remains inverted with the spread between two-year and 10-year bond yields at its widest point in four decades. Even though the Fed will not cut rates in 2023, USD will not be able to sustain at higher levels which will be beneficial for gold.

In MCX, 50% retracement comes around 55,500 if we take from the lows of 52,130 and recent high of 58,847. So gold is near to its 50% correction which is healthy looking at the strong run up. Gold is currently taking support around the 50-day moving average but there is no indication suggesting bottom has been placed. We believe the correction will continue albeit at a smaller pace and re-test the support around $1786 and 55,500-55,000 in MCX. Any investors looking to buy can accumulate around that zone but should not over leverage or commit a large portion of their holding as indicators have not established any bottom in charts.

(Bhavik Patel is a commodity and currency analyst at Tradebull Securities. Views expressed are the author’s own. Please consult your financial advisor before investing.)

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Feb 23, 2024
MSCI to announce changes in free float status of Adani Group stocks today; what does it mean?

Morgan Stanley Capital International (MSCI) on Thursday said that some Adani group stocks should no longer be designated as free float after investors raised concerns over the eligibility of the Adani companies for some of its indexes. The changes for the Adani stocks associated with its MSCI Global Investable Market Indexes (GIMI) will be announced later today, as part of its regular review for February, according to the report. “MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float pursuant to our methodology,” it said in a statement.

MSCI defines the free float of security as the proportion of shares outstanding that are considered available for purchase in public equity markets by international investors. Hindenburg founder Nathan Anderson, in response to the MSCI statement, tweeted, “We view this as validation of our findings”. Adani Enterprises (1.30% weightage), Adani Ports (0.51%), Adani Total Gas (1.35%), Adani Green (0.79%), Adani Transmission (0.94%, Adani Power (0.27%), ACC (0.22%) and Ambuja Cements (0.37%) are the stocks that are a part of the MSCI India index while Adani Wilmar and NDTV are not part of it.

In the aftermath of the report, Adani Group stocks fell drastically and wiped out over $100 billion off Adani’s seven main listed stocks in just a few days. Adani Enterprises also called off its fully subscribed follow-on public offer (FPO) with the aim to protect investors’ interests. Though Adani Group stocks have started to recover now with Adani Enterprises shares touching the upper circuit in the previous session.

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Feb 23, 2024
Petrol and Diesel Rate Today, 16 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Fuel prices continued to stagnate on Thursday, 16 February 2023, keeping costs steady for about eight months now. In Delhi, petrol is priced at Rs 96.72, while diesel in the National Capital is retailing at Rs 89.62 per litre. In Mumbai, petrol is retailing at Rs 106.31 per litre, and diesel is selling at Rs 94.27 per litre. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel. The Punjab government decided to impose a cess of 90 paise per litre on petrol and diesel in a meeting of the state cabinet. Kerala Finance Minister KN Balagopal also announced a cess on petrol, diesel and liquor in the second full budget of the LDF government. A social security cess of Rs 2 per litre will be slapped on petrol and diesel.

Oil pricesangled upward in early Asian trade on Thursday as the market shrugged off a giant U.S. crude inventory build and the International Energy Agency boosted its demand outlook.Brent crudefutures rose 26 cents to $85.64 per barrel by 0131 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 34 cents to $78.93, according to Reuters.

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day. Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.

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Feb 21, 2024
Market Outlook: Nifty, Sensex end mild in green; to remain muted on fears of hawkish US Fed, global volatility

Indian equity indices concluded Wednesday’s muted session in green. The Sensex closed above 61,250 and the Nifty settled above 18,000. The top gainers of the Sensex were Tech Mahindra (up 5.79%), Reliance Industries Ltd (up 2.22%), Bajaj Finserv (up 1.44%), Bharti Airtel (up 1.24%) and Mahindra & Mahindra (up 1.19%).

Markets Ahead: US inflation data spikes fears

Midcap index rises more than Nifty 50: Deepak Jasani, HDFC Securities

Recovery in IT helps Nifty close in green: Vinod Nair, Geojit Financial Services

The US inflation, though it slowed down compared to the previous month, came in higher than expected at 6.4% YoY. Higher inflation, combined with a strong labour market, has raised concerns that the Fed will remain hawkish for an extended period. Despite a sluggish start in the domestic market, recovery in the IT and auto sectors contributed to a positive finish. A reversal in the FII pattern to net buying has also helped maintain optimism in the domestic market.

Nifty Technical View: Nifty formed bullish candle

17,900 key support zone: Shrikant Chouhan, Kotak Securities

Technically, post the 17,900 breakout the market is comfortably trading above 17,850, which is largely positive. The Nifty has also formed a bullish candle and a higher bottom formation on intraday charts which supports further uptrend from the current levels. For the trend following traders, 17,900 would act as a key support zone, above which the index could move up to 18,100-18,150. On the flip side, below 17,900, bulls may prefer to exit out from the trading long position.’

Bullish reversal of price trend suggested: Rupak De, LKP Securities

Nifty has given a falling channel breakout on the daily timeframe, suggesting a bullish reversal of the price trend. The trend looks positive now for the near term, with the 14 DMA sitting below price. The momentum indicator RSI is in support of the price trend, with a current reading above 50. Over the near term, the index may move up towards 18,350–18,400. On the lower end, support is placed at 17,950.

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Feb 18, 2024
Why sleep hygiene is crucial for students preparing for competitive exams like JEE 

By Vinod Agrawal

Aspiring candidates preparing for renowned academic competitions, such as the Joint Entrance Examination (JEE) in India, often encounter a highly stressful environment due to intense competition.

Often overlooked, sleep hygiene is a concept that incorporates a host of practices and habits that can considerably influence the quality and duration of one’s sleep. Sleep is an essential element of well-being encompassing various factors, including the quality of the sleep environment and the consistency of sleep patterns. Unfortunately, many students overlook the significance of sleep owing to their focus on academic success.

Some of the crucial benefits of embracing good sleep hygiene by students include-:

Cognitive enhancement

Sleep is crucial for cognitive function. During sleep, our brains consolidate new knowledge and experiences, improving memory retention and understanding of complex subjects. As a result, students who prioritise getting adequate sleep tend to have sharper cognitive abilities. This can be a powerful factor in mastering tricky topics included in competitive exams.

Reduced stress and anxiety

Preparing for competitive exams can be a daunting task that often leads to feelings of stress and anxiety. Unfortunately, they can have a negative impact on a student’s ability to learn and perform to the best of their abilities.

Getting enough sleep is crucial for managing stress and anxiety. It helps balance the body’s hormones and regulate brain activity, positively influencing mental health. Research has shown that students who consistently get enough high-quality sleep are better equipped to cope with the pressures of exam preparation.

Elevated mood

Getting enough quality sleep can have a significant positive impact on how we feel emotionally. Well-rested individuals tend to feel happier and more motivated. This mental state promotes productive studying and a positive learning attitude. Contrarily, not getting enough sleep can cause a student to become irritable and lose motivation, hampering exam preparation.

Steps to enhance sleep hygiene

Uniform sleep schedule

Establishing and maintaining a consistent sleep schedule is vital to regulating our sleep-wake cycle for optimum sleep quality. Students preparing for prominent exams like JEE should ensure a uniform sleep pattern, even on weekends.

Furthermore, activities like listening to soft music and reading a book during bedtime can set the foundation for quality sleep. Moreover, avoiding using smartphones and TV before going to bed is essential to avoid disrupting a peaceful sleep.

Regular exercise

Consistent physical activity adds significantly to your sleep quality. However, aspirants should avoid vigorous exercise close to bedtime, as it is counterproductive to sleep.

Students should take regular breaks throughout the day, as extended study sessions can lead to fatigue, impacting focus.

Also, completing the study sessions 2-3 hours before bedtime would give enough time for unwinding and relaxing. Lastly, in the case of prolonged sleep problems, students shouldn’t shy away from seeking professional guidance, as underlying medical conditions may demand treatment.

To accomplish the desired results, students and educational institutions must embrace a holistic approach to exam preparation, recognising that physical and mental well-being are paramount for academic excellence and a thriving career.

The author is the managing partner and head, FIITJEE Dwarka center.

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Feb 16, 2024
Sensex tanks 470 pts, Nifty falls below 17700 in early trade on Wed, Feb 22; Sapphire Foods, SBIN shares plunge

Indian benchmark equity indices opened broadly lower on Wednesday amid negative global market sentiment. The BSE Sensex fell 476 pts or 0.78% to 60,196.57 and NSE Nifty 50 plunged 146 pts or 0.82% to 17,680.05. The top gainers on Nifty were Tata Consumer (up 0.82%), Bajaj Auto(up 0.81%), Coal India (up 0.61%), Larsen & Toubro (up 0.45%) and Britannia (up 0.45%) while Adani Enterprises (down 4.19%), Eicher Motors (down 1.35%), BPCL (down 1.27%), IndusInd Bank (down 1.14%) and Grasim (down 1.14%).

State Bank of India shares fell 1.10% to Rs 517.50 in the early morning trade. The bank has successfully raised Rs 4,544 crore Non-Convertible, Taxable, Perpetual, Subordinated, Unsecured, Fully Paid Up Basel III compliant AT 1 Bonds at a coupon of 8.20% p.a.

Sectoral Indices

The sectoral indices were trading broadly in red. Bank Nifty fell 0.53%, Nifty Auto was down 0.22%, Nifty PSU Bank slipped 0.68% and Nifty IT dipped 0.79% while Nifty Pharma was up 0.28%.

Asian and US stock markets

All major Asian markets were trading in red with China’s Shanghai Composite index falling 0.40%, Japan’s Nikkei 225 sinking 1.49%, Hong Kong’s Hang Seng slipping 0.49% and South Korea’s KOSPI dipping 1.47%.

The US markets ended Tuesday’s session broadly lower with Dow Jones Industrial Average tanking 697.01 pts or 2.06% to 33,129.59, tech-heavy Nasdaq sank 294.97 pts or 2.50% to 11,492.30 and S&P 500 plunged 81.75 pts or 2% to 3,997.34.

FII and DII data

Foreign institutional investors (FII) bought shares worth a net Rs 525.8 crore, while domestic institutional investors (DII) sold equities worth a net Rs 235.23 crore on 21 February, according to the provisional data available on the NSE.

NSE F&O Ban

The National Stock Exchange has put Vodafone Idea on its F&O ban list for 22 February. According to the NSE, stocks are prohibited in the F&O sector once they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.

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Feb 15, 2024
Kaman Rajasthan Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

As anticipation mounts for the upcoming Kaman Constituency Election in Rajasthan, voters are eagerly awaiting the big battle that kicks off with the announcement of key dates by the Election Commission of India. Here, we provide you with essential details about the Kaman Constituency Assembly Election 2023 that every voter should be aware of.

Kaman Constituency Rajasthan Assembly Election 2023: Voting Date

The voting date for the Kaman Assembly Constituency Election 2023 has been officially announced by the Election Commission. As per the ECI, Kaman Assembly Constituency will go to polls on November 25. Stay tuned for updates as we bring you the latest information.

Kaman Rajasthan Election 2023: Candidates

Watch this space as prominent political parties, including the Indian National Congress (INC)Bharatiya Janata Party (BJP)and Bahujan Samaj Party(BSP) along with others, are poised to reveal their candidates for the Kaman Assembly Constituency Election 2023 post the official declaration of voting dates by the Election Commission of India.

Stay informed as we bring you the latest updates on the Kaman Assembly Constituency Election 2023, keeping you abreast of all the developments and insights that matter to you.

Kaman Constituency RJ Election Result: What happened in 2018

Zahida Khan from Kaman of Rajasthan, won the seat with 110789 votes. He defeated Bharatiya Janata Party’ Jawahar Singh Beadham who had polled 71168 votes. The winning margin was 39621 votes.

2018 Kaman Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesZahida KhanIndian National Congress110789

Candidate List Party Name Votes Gained (Vote %) Zahida Khan Indian National Congress 110789 (58.04%) Jawahar Singh Beadham Bharatiya Janata Party 71168 (37.28%) Ishwari Dayal Bahujan Samaj Party 3808 (1.99%) Maksood Khan Independent 1907 (1%) None Of The Above None Of The Above 1127 (0.59%) Bal Kishan Aam Aadmi Party 897 (0.47%) Ramesh Chand Khurana Independent 503 (0.26%) Jaikam Ali Independent 258 (0.14%) Rakesh Kumar Loktantrik Janta Dal 187 (0.1%) Anaand Swaroop Independent 132 (0.07%) Shyam Sundar Urf Shyam Bharatiya Yuva Shakti 102 (0.05%)

Kaman Constituency RJ Election Result: What happened in 2013

In the Rajasthan Assembly election of 2013, Ku Jagat Singh won from the Kaman seat garnering 74415 votes and defeated Indian National Congress candidate Zahida Khan who bagged 71058 votes. The candidate who came third was Lok Jan Shakti Party’ Sher Mohammad ( Mannaka).

Ku Jagat Singh got 74415 votes while Zahida Khan got 71058 votes.

2013 Kaman Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesKu Jagat SinghBharatiya Janata Party74415

Candidate List Party Name Votes Gained (Vote %) Ku Jagat Singh Bharatiya Janata Party 74415 (46.88%) Zahida Khan Indian National Congress 71058 (44.77%) Sher Mohammad ( Mannaka) Lok Jan Shakti Party 2704 (1.7%) Gopi Chand Nationalist Congress Party 1897 (1.2%) Mohammad Zahoor National People’s Party 1546 (0.97%) Yatish Kumar Sharma Independent 993 (0.63%) Aash Mohammad ( Piproli) Samajwadi Party 936 (0.59%) Hanif Khan Independent 881 (0.56%) Harveer Independent 756 (0.48%) Nirmala Independent 725 (0.46%) Hafiz Manzoor Ali Khan Social Democratic Party Of India 566 (0.36%) Mohammad Khan Independent 548 (0.35%) Ash Mohamad (nauganva) Vanchitsamaj Insaaf Party 463 (0.29%) None Of The Above None Of The Above 352 (0.22%) Sher Mohammad ( Jodhpur) Independent 197 (0.12%) Toran Singh Bharatiya Yuva Shakti 170 (0.11%) Najmuddin Independent 167 (0.11%) Ansar Independent 142 (0.09%) Laxman Das Rajasthan Vikas Party 136 (0.09%) Hetram 72 (0.05%)

Kaman Constituency RJ Election Result: What happened in 2008

Zahida of the INC was the winning candidate from the Kaman constituency in the RJ Assembly elections 2008, securing 57332 votes while 49467 votes were polled in favour of Nasru Khan of the BJP. The margin of victory was 7865 votes.

2008 Kaman Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesZahidaINC57332

Candidate List Party Name Votes Gained (Vote %) Zahida INC 57332 (47.2%) Nasru Khan BJP 49467 (40.72%) Madan Mohan Singhal BSP 9951 (8.19%) Vrijendra IND 1110 (0.91%) Lala Ram CPI 919 (0.76%) Harveer IND 749 (0.62%) Mahboob NLHP 433 (0.36%) Ishwari Dayal LJP 293 (0.24%) Brijendra Singh SP 272 (0.22%) Omveer Singh RJVP 247 (0.2%) Rasid IND 240 (0.2%) Bal Kishan IND 206 (0.17%) Arjan IND 88 (0.07%) Deen Mohammad IND 61 (0.05%) Sumer Singh BHBP 57 (0.05%) Ishab IND 45 (0.04%)

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Feb 14, 2024
Petrol and Diesel Rate Today, 11 February: Fuel prices steady; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad:Fuel prices continued to stagnate on Saturday, 11 February 2023, keeping costs steady for about eight months now. In Delhi, petrol is priced at Rs 96.72, while diesel in the National Capital is retailing at Rs 89.62 per litre. In Mumbai, petrol is retailing at Rs 106.31 per litre, and diesel is selling at Rs 94.27 per litre. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc. The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Chennai: Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreKolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreBengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litreLucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreNoida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litreGurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litreChandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litreMumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreDelhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their prices daily in line with international benchmark prices and forex rates. Any changes in petrol and diesel costs are implemented from 6 am every day. Oil Minister Hardeep Singh Puri recently asked OMCs to cut the retail prices of petrol and diesel if the crude oil prices in the international market come down and also if OMCs under recovery come down. OMCs incurred a loss of Rs 21,200 crore on account of selling petrol and diesel below the cost price.

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