Penny stocks Ballarpur Industries, A2Z Infra, GTL Infra, Peninsula Land, Orient Green, SITI Networks, Shriram EPC Shine; Amber Enterprises, Godrej Agro Top BSE SmallCap gainers!

Petrol Price Over Rs 103/litre in Mumbai; Highest Ever. Know Latest Fuel Rates

There is clear lack of conviction buying at higher levels in markets. Sensex is trading with minor gains on Wednesday even as BSE SmallCap mimics the BSE Sensex performance.

However certain penny stocks are hogging the limelight on Wednesday.Penny stocks such as Ballarpur Industries, A2Z Infra, GTL Infra,Peninsula Land, Orient Green, SITI Networks, Shriram EPC  are seen outperforming with some of these penny stocks witnessing only buyers in today’s market with no sellers.

There is a positive momentum in paper stocks and Ballarpur Industries is merely reflecting the same. JK Paper is up by more than 6 per cent.

Capri Global Capital is the top BSE SmallCap index gainer at the time of filing  this report; up by more than 7 per cent on intraday basis on Wednesday. S Chand is also showing lot of buying interest and the stock too is trading above 7 per cent on intraday basis.Venkys is seen gaining more than 6 per cent on intraday basis.

Amber Enterprises is up by more than 5 per cent while Godrej Agro up by more than 4 per cent.Amber Enterprises, HFCL, Capri Global Capital put together are contributing most to the BSE SmallCap index gains. HFCL is trading above Rs 70 per share and is showing good momentum.

PNB Gilts , Dhanlaxmi Bank and PNB Housing are the top losers in the BSE SmallCap index.

Petrol Price Over Rs 103/litre in Mumbai; Highest Ever. Know Latest Fuel Rates

Petrol and diesel prices remained unchanged on Wednesday after reaching record highs in the country on the previous day. Fuel prices in India have been on a steep hike since the beginning of last month. The state-run oil marketing companies have revised the rates of petrol and diesel at least 28 times in the last seven weeks.

Petrol retails at over Rs 100-per-litre mark in eight states and union territories — Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka, Jammu and Kashmir and Ladakh. Petrol has already surged past Rs 100 in Mumbai, Hyderabad and Bengaluru among the metro cities.

The petrol is selling at all time high of Rs 103.63 for a litre in Mumbai. On May 29, the retail price of petrol hit Rs 100-a-litre mark. A litre of petrol costs Rs 97.50 in Delhi. In Chennai, you have to shell Rs 98.65 for a litre of auto fuel. Petrol is being sold at Rs 97.38 in Kolkata.

Diesel price is also on sharp rise in the last few weeks. In Mumbai, a litre of diesel is priced at Rs 95.72 per litre. Diesel will cost you Rs 88.23 in Delhi, Rs 92.83 in Chennai and Rs 91.08 in Kolkata.

The price of auto fuel in India depends on international crude oil prices, rupee-dollar exchange rate. The central government and states levy various taxes — excise duty and Value Added Tax (VAT) on petrol and diesel. Central and state taxes make up for 60% of the retail selling price of petrol and over 54% of diesel. Oil marketing companies like the Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum Corporation Limited revise the rates daily.

Oil prices rose on Wednesday after industry data showed US crude inventories had slumped more than expected. US West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at 0217 GMT, according to Reuters. Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, the news agency reported. All eyes are on what the Organization of the Petroleum Exporting Countries and allies (OPEC+) plan to do when they meet on July 1 as they gauge the demand recovery.

Central Bank of India, Indian Overseas Bank shortlisted for divestment: Report

Indian Bank opens Rs 4,000-cr QIP issue; sets floor price at Rs 142.15/share

Sensex at a record high, Nifty above 15,850; auto, energy stocks rise

NITI Aayog has shortlisted the Central Bank of India and the Indian Overseas Bank for divestment, according to a report. The government is likely to amend banking acts to privatise the two-state run banks.

The Central government has shortlisted the Central Bank of India (CBI) and the Indian Overseas Bank (IOB) for divestment, according to a report on Monday.

The government is likely to amend the Banking Regulations Act and Banking Law Act during the monsoon session of Parliament to privatise the two-state run banks, the report suggests.

The move comes after Union Finance Minister Nirmala Sitharaman had announced during her Budget 2021 speech in February that two public sector banks (PSBs) would be privatised in 2021-22.

According to the CNBC Awaaz report, the Central Bank of India and the Indian Overseas Bank might see 51 percent sale in the first phase of disinvestment.

NITI Aayog recently submitted a report to the core group of secretaries on disinvestment mentioning the names of these two banks. The government think tank is responsible for suggesting names of PSUs in strategic sectors to be merged, privatised, or made subsidiaries of other PSUs.

Once the names get a nod from the core group of secretaries, headed by the Cabinet Secretary Rajiv Gauba, the report will go to an alternative mechanism (AM) for its approval and eventually to the Cabinet headed by the Prime Minister for the final approval.

Earlier this month, a PTI report citing sources said, the two state-owned banks being picked up for privatisation by the government are likely to come out with an attractive voluntary retirement scheme (VRS) to get rid of the extra flab.

An attractive VRS will make them lean and fit for takeover by the private sector entities that are keen to enter the banking space, the sources said.

Changes on the regulatory side to facilitate privatisation would start after the Cabinet approves the names.

Meanwhile, the banking sector regulator Reserve Bank of India (RBI) also said it is in discussion with the government over the privatisation of PSBs.

The government has budgeted Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions during the current financial year.

Indian Bank opens Rs 4,000-cr QIP issue; sets floor price at Rs 142.15/share

State-owned Indian Bank on Monday launched its qualified institutional placement (QIP) of shares to raise around Rs 4,000 crore, setting the floor price at Rs 142.15 per share.

The committee of directors on capital raising in its meeting held on Monday approved and authorised the opening of the QIP on June 21, Indian Bank said in a regulatory filing. The committee approved the floor price for the QIP at Rs 142.15 per equity share.

Floor price is the minimum price set for an issue, below which an offer cannot be made. “The bank may, in accordance with the special resolution of the shareholders, at its discretion offer a discount of up to 5 per cent on the floor price in the QIP,” it added.

Further, a meeting of the committee is scheduled to be held on June 24, 2021 to consider and approve the issue price, including a discount for the equity share to be allotted to eligible qualified institutional buyers (QIBs), pursuant to the QIP, it said.

In March this year, the committee of directors had accorded approval for raising equity capital aggregating up to Rs 4,000 crore through QIP in one or more tranches. Indian Bank stock closed 4 percent higher at Rs 145.50 apiece on BSE.

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