LPG price hiked by Rs 16.50 per cylinder; ATF by 0.6%

The increase in rates of non-subsidised LPG and ATF accompanies the Rs 1.69 a litre hike in petrol and 50 paisa a litre in diesel announced yesterday.

rice of non-subsidised cooking gas (LPG) was today hiked by Rs 16.50 per cylinder and that of jet fuel by over half-a-per cent after international oil prices surged due to the ongoing Iraq crisis. The increase in rates of non-subsidised LPG and ATF accompanies the Rs 1.69 a litre hike in petrol and 50 paisa a litre in diesel announced yesterday. The price of non-subsidised LPG, which customers buy after using up their quota of 12 subsidised cylinders, was raised by Rs 16.50 per 14.2-kg cylinder, the first hike in six months. 

Each non-subsidised 14.2-kg cooking gas cylinder will now cost Rs 922.50 in Delhi, up from Rs 906, according to Indian Oil Corp (IOC), the nation's largest oil firm. Non-subsidised LPG rates were last month cut by Rs 23.50 per cylinder.
 A subsidised LPG cylinder in Delhi costs Rs 414. Today's hike breaks the declining trend that started in February with a Rs 107 cut in rates to Rs 1,134 per cylinder. It was followed by a Rs 53.5 per cylinder reduction in March to Rs 1,080.50, by Rs 100 to Rs 980.50 in April, by Rs 52 in May and by Rs 23.50 cut last month. IOC said losses on LPG have risen to Rs 449 per subsidised cylinder from Rs 432.71 in the previous month.
 The loss was Rs 762.50 in January. Separately, the price of jet fuel or aviation turbine fuel (ATF), at Delhi was increased by Rs 413.78 per kilolitre (kl), or 0.6 per cent, to Rs 70,161.76 per kl. The increase follows three straight monthly reduction, the last one of Rs 1,285.89 per kl, or 1.81 per cent, which came into effect on June 1. In Mumbai, jet fuel costs Rs 72,411.21 per kl as against Rs 71,940.36 per kl previously, IOC said. The rates vary because of differences in local sales tax or VAT. 

Copper futures trade higher anticipating improved demand from China

Copper futures traded up on MCX as speculators booked fresh positions in the industrial metal amid hopes that a rebound in China’s economy may boost the demand for the base metal, given that China is the world’s biggest copper consumer.

The contract for August delivery was trading at Rs 429.90,up by 0.23% or Rs 1.00 from its previous closing of Rs 428.90. The open interest of the contract stood at 9525.00 lots.

The contract for November delivery was trading at Rs 435.45,up by 0.28% or Rs 1.20 from its previous closing of Rs 434.25. The open interest of the contract stood at 582.00 lots on MCX.

Maruti Suzuki at record high, up 4% post June sales data.

Maruti Suzuki sold 1.12 lakh units in June, up 33.5 percent (up 12 percent month-on-month) compared to a year-ago period supported by sales of passenger cars like Alto, A-Star, WagonR, Dzire.

Shares of  Maruti Suzuki touched a record high of Rs 2,532 on the BSE, up 3.84 percent intraday Tuesday after India's largest car maker reported strong sales data in the month of June. It sold 1.12 lakh units in June, up 33.5 percent (up 12 percent month-on-month) compared to a year-ago period supported by sales of passenger cars like Alto, A-Star, WagonR, Dzire. 

 Domestic sales of the company jumped 31.1 percent to 1 lakh units compared to corresponding period of last year. Total exports of the company shot up 58.4 percent year-on-year (14 percent M-o-M) to 11,809 units in June while utility vehicle sales increased 0.1 percent Y-o-Y to 5,003 units. Pareek says domestic market share for June 2014 was seen at 45.8 percent but he is not so bullish on exports for FY15.

Passenger cars sales increased 32.3 percent on yearly basis to 86,223 units in June, wherein Dzire reporting sales growth of 27.4 percent and Alto, A-Star and WagonR growth was 52.1 percent. Swift, Estilo, Ritz and Celerio sales grew 6.2 percent on year-on-year basis. WagonR has seen very strong sales in June.  the company sold almost 17,000 units of WagonR and 5,000 units of Celerio (which was launched in February) in June. Its vans like Omni and Eeco reported 42.5 percent growth in sales at 9738 units during the same period. At 11:08 hours IST, the stock was quoting at Rs 2,530, up 3.76 percent on the BSE.

Crude oil prices rise on weak dollar, Iraq conflict eyed.

  Oil prices rose in Asia on Tuesday.

US benchmark West Texas Intermediate for August delivery rose 23 cents to $105.60 while Brent crude gained eight cents to $112.44 in late-morning trade. 

The dollar rose against the yen and euro in Asian trade Tuesday, but was still lower than levels seen last week before the release of weak US economic data. 

US consumer spending rose only marginally, while jobless claims, another barometer for the world's biggest economy, decreased less than expected. 

As oil is traded in the US currency, a weaker dollar makes the commodity cheaper for global buyers, spurring demand and boosting prices. 

Islamist militants who have overrun swathes of territory in Iraq's north on Sunday declared a caliphate in the regions they control, as fighting with government forces continued unabated. 

The militants, who began a lightning offensive on June 9, have yet to directly threaten the key oil-producing region in the country's south. 
The violence in Iraq has a direct bearing on global crude prices because the country is the second-biggest oil exporter in the 12-nation Organization of Petroleum Exporting Countries (OPEC) after Saudi Arabia. 

It has more than 11 percent of the world's proved resources and produces 3.4 million barrels a day. 

Rupee opens marginally higher at 60.13; likely to remain rangebound.

Rupee was trading at 60.13/14 marginally above its previous close of 60.17/18, tracking gains in the dollar versus other Asian currencies. 

However, the rupee is expected to continue to remain in a tight range ahead of the budget on July 10 with the geo-political situation in Iraq and central bank intervention being closely monitored. 

The dollar languished at seven-week lows against a basket of major currencies on Tuesday, having extended a month-long decline after a recent batch of mixed data cast doubts on the strength of the U.S. economic recovery. 

Petrol price hiked by Rs 1.69 per litre, diesel by Rs 0.50

Companies has also raised price of diesel by about 56 paise in the Capital

State oil marketing companies has increased the price of petrol by Rs 2 a litre, as rupee has depreciated following unrest in Iraq. Companies has also raised price of diesel by about 56 paise in the Capital Report stated that Oil marketing companies,wanted a steeper increase in petrol price, but they settled for Rs 2 a litre hike due to political reasons. The price of petrol was last increased by about 75 paise on March 1 this year.