Wednesday, June 4, 2008
The world's single-largest oil deposit sits right here in North America. Time magazine calls it "Canada's biggest buried treasure." It's an area with up to 2.5 trillion barrels of oil, locked in Alberta sand. That's eight times the total reserves of Saudi Arabia, enough to satisfy the world's demand for petroleum for the next century. Now that could bring in more supply and a pause for SPIKING Oil Prices.
MCX - Sell Gold
Mcx IntraDay - Sell Gold Aug 12214 Tgt 12140-12115 SL 12290 (Less Risk Sell Gold Mini @ 12225)
Barking Left
Furious with the oil price hike announced today, the Left Parties said that they will go for a weeklong militant protest movement from tomorrow to June 11. Party leaders said that they will conduct "hartaal", "rail-roko" and even road blockage to manifest their anger against the government decision. Accusing the UPA government of contributing to inflation, the parties demanded that the government review today's decision, decrease excise duties even more, and impose windfall taxes on private companies. BUT ONE THING U NOTICED IS THAT THEY DIDNOT WITHDRAW SUPPORTT FROM GOVT. .. AS I TOLD U THEY WILL ONLY BARK ..VERY PREDICTABLE
Highlights
Highlights of petroleum product price hikes, tax revisions
Following are the highlights of the petroleum product price
hikes and tax revisions announced by the government:
* 3 rupees/L hike in diesel price.
* 5 rupees/L hike in petrol price.
* Govt hikes LPG prices by 50 rupees per cylinder.
* Customs duty on crude cut to nil.
* Govt cuts excise duty on diesel, petrol by 1 rupee/L.
* Customs other petro products cut to 5% vs 10%.
* Govt cuts customs duty on petrol, HSD to 2.5% from 7.5%.
* Excise duty cut to cost 66.60 bln rupees.
* Duty cut on oil pdts to cost govt 226 bln rupees.
Following are the highlights of the petroleum product price
hikes and tax revisions announced by the government:
* 3 rupees/L hike in diesel price.
* 5 rupees/L hike in petrol price.
* Govt hikes LPG prices by 50 rupees per cylinder.
* Customs duty on crude cut to nil.
* Govt cuts excise duty on diesel, petrol by 1 rupee/L.
* Customs other petro products cut to 5% vs 10%.
* Govt cuts customs duty on petrol, HSD to 2.5% from 7.5%.
* Excise duty cut to cost 66.60 bln rupees.
* Duty cut on oil pdts to cost govt 226 bln rupees.
Mcx Close 4-Jun
MCX
4-Jun-08
CLOSING RATE:- CRUDE:-5251,GOLD:-12205,SILVER:-23608,COPPER:-334.8,ZINC:-84.8,NICKEL:-965. 5,LEAD:-86.3,NATURAL GAS:-530.1
4-Jun-08
CLOSING RATE:- CRUDE:-5251,GOLD:-12205,SILVER:-23608,COPPER:-334.8,ZINC:-84.8,NICKEL:-965. 5,LEAD:-86.3,NATURAL GAS:-530.1
Essar Oil
Essar Oil may have to settle for half the stake in Kenya Petroleum Refineries (KPRL) than what it had desired. Essar Energy Overseas, a subsidiary of Essar Oil in January this year, had entered into an agreement with the government of Kenya to acquire 50 per cent stake in KPRL, a four million metric tonne per annum refinery, in Mombasa, Kenya. The government of Kenya holds the remaining 50 per cent in KPRL. However, according to a new arrangement by the Kenyan Government, a Libyan company, Tamoil Africa Holdings and Essar Oil will now own 25 per cent stake each in the company. Tamoil Africa reportedly, has offered a better deal to the Kenyan Government.
Fuel price spiral may squeeze airlines. The over 18 per cent hike in aviation turbine fuel effected by oil companies for June 2008 may step up the pressure on the profitability of listed airline companies.
It may also delay break-even for low-cost carriers such as SpiceJet and Deccan Aviation.
The latest hike takes the total year-on-year increase in ATF prices to over 85 per cent (from Rs 39,000/ kilolitre levels to Rs 73,000 per kl).
It may also delay break-even for low-cost carriers such as SpiceJet and Deccan Aviation.
The latest hike takes the total year-on-year increase in ATF prices to over 85 per cent (from Rs 39,000/ kilolitre levels to Rs 73,000 per kl).
News 4-Jun-08
Headlines for the day
4-Jun-08
Corporate News Headline
Infosys Technologies granted two patents in the area of holography and mobile communications by the United States Patent and Trademark Office. (BS)
ONGC won oil regulator DGH´s approval for giving stakes in its gas rich Krishna Godavari basin block to Petrobras of Brazil and StatoilHydro of Norway. (ET)
ABB India bagged orders worth Rs. 2.95 bn from JSW Energy for its 1200 MW power plant in Maharashtra. (ET)
Economic and Political Headline
The RBI has permitted Indian companies to invest in excess of 400% of their net worth in energy and natural resources sectors, such as oil, gas, coal and mineral ores to impart more flexibility in overseas investment. (BS)
India´s central bank raised capital requirements for consumer finance companies to reduce ``systemic risk´´ after the global credit market seizure pushed funding costs higher. (Bloomberg)
The US Federal Reserve Chairman Ben S. Bernanke announced that interest rates are ``well positioned´´ to promote growth and stable prices. (Bloomberg)
4-Jun-08
Corporate News Headline
Infosys Technologies granted two patents in the area of holography and mobile communications by the United States Patent and Trademark Office. (BS)
ONGC won oil regulator DGH´s approval for giving stakes in its gas rich Krishna Godavari basin block to Petrobras of Brazil and StatoilHydro of Norway. (ET)
ABB India bagged orders worth Rs. 2.95 bn from JSW Energy for its 1200 MW power plant in Maharashtra. (ET)
Economic and Political Headline
The RBI has permitted Indian companies to invest in excess of 400% of their net worth in energy and natural resources sectors, such as oil, gas, coal and mineral ores to impart more flexibility in overseas investment. (BS)
India´s central bank raised capital requirements for consumer finance companies to reduce ``systemic risk´´ after the global credit market seizure pushed funding costs higher. (Bloomberg)
The US Federal Reserve Chairman Ben S. Bernanke announced that interest rates are ``well positioned´´ to promote growth and stable prices. (Bloomberg)