If you thought Prime Minister Narendra Modi's recent call for "tough decisions" signalled the onset of a jerky price-increase regime, you might now have a reason to rethink. The government does not seem inclined, at least in the petroleum sector, to effect sudden and steep upward price revisions to tame its huge subsidy burden and rein in fiscal deficit.
The petroleum ministry had on Wednesday reversed the quarterly revision in prices of domestic liquefied petroleum gas (LPG) and kerosene that was to happen on account of an increase in state taxes. The revision would have increased LPG price by up to Rs 5.5 a cylinder and made a litre of kerosene eight paise more expensive.
Pradhan said LPG and kerosene prices had not been raised in the public interest and OMCs had absorbed the burden, despite the pressure of zooming crude oil rates on the government. Amid reports the ministry could move the Cabinet for raising kerosene and LPG prices, as recommended by an expert committee, Pradhan clarified there was no fresh proposal to raise cooking gas prices or change the duty structure for diesel.
The committee, headed by former Planning Commission member Kirit Parikh, had in October suggested that price of diesel be raised by Rs 5 a litre, of kerosene by Rs 4 a litre and of domestic LPG by Rs 250 a cylinder immediately, to cut fuel subsidy bill by Rs 72,000 crore.
"Even in diesel, we have not passed on the entire burden to consumers. We have only continued the 50-paise-a-month hike in practice for the past 17 months," Pradhan said. Sources said the ministry was likely to propose continuation of the monthly increase in diesel prices till the present Rs 3.40-a-litre loss on the fuel was fully offset.
Pradhan also said the UPA government's Aadhar-based LPG subsidy transfer was an ill-prepared political stunt and his government supported technology-based delivery solutions for direct benefits transfer. He added the ministry was looking at several proposals for new pipelines to improve India's gas pipeline network, even as the much-delayed Turkmenistan-Afghanistan-Pakistan-India project continued.
>>> Nifty - Weekly <<<
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Lot of Extension wave from bulls - suggest more rally on card. Looks like short sellers are in danger. If you want to short - think twice before doing it. Lot of choppiness and volatile may prevail. Though upmove should continue.
>>> Nifty - Hourly <<<
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Friday upmove on the later part of the trade - shows selling is not safe. Price remains inside the pitchfork shows the strength of the bulls.
>>> Bank Nifty - Daily <<<
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Clear Support form Trend Line and RSI break out shows how Bulls took full control on Banking Sector. A better picture is equal to 1000 of words. Hope no more words needed to explain.
>>> Charts Performance of the Week <<<
>>> UCO Bank <<<
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UCO Bank Met First Target with a Profit of Rs.16000/- Also met all the other targets till 110 and hit a high of 114.5 in next few days.
>>> IDFC <<<
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Yes IDFC once again hit our Target 134 with a profit of 8000. Still we see some rally left. Soon we may re-enter for it.
>>> L&TFH <<<<
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Its a hit on trading call, as we have mentioned this same stock on Special Coverage also on last weekly review. Though the stock hit first target on our trading side, still have a lot of potential to move as a short term investment piece. Lot of action left from this counter.
>>> Ambuja <<<
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Ambuja - Booked Part profit and exited due to volatile in market.
>>> IDBI <<<
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Again a Part Profit on IDBI too. Volatile made us to exit earlier with small Profit of 8000 only.
>>> HINDZINC <<<
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One more Part Profit on HindZinc with 6000. But on later trade price hit the first target also.
>>> INFY - Stock for Next Week <<<
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Yes we are long in INFY - If the resistance mentioned on chart crosses - then good upmove coming. Just Buy and enjoy the rally.
>>> Performance - For the Month end of June 2014 <<<
>>>Click the image to see on full screen <<<Send your queries to niftyforall@yahoo.com.
>>> Special Covreage - JET AIRWAYS <<<
Jet Airways said it has expanded its codeshare pact with Italian airline Alitalia.
Codeshare is a commercial agreement between two or more airlines that share the same flight, with all partners able to sell seats on that flight.
As part of the expanded codeshare agreement, while the Jet Airways passengers will get seamless connectivity to Italy from Mumbai, Delhi, Kochi, Amritsar, Bangalore, Chennai, Kolkata and Udaipur, the Alitalia passenger can fly directly to India from Rome, Venice, Naples, Turin, Florench, Verona and Bologna.
Alitalia too said that its enhanced codeshare agreement with Jet Airways will certainly strengthen its role in the development of traffic flows between Italy and India.
"We look forward to expanding the codeshare agreement with Jet Airways, which is, for Alitalia, an important partner for reaching India," Alitalia's Business Deputy General Director Giancarlo Schisano said.
New development on Jet airways may increase their revenue, So what about technicals - Let's see..
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We are long in Jet Airways from 265 onwards for 290+. If price able to cross 290 then sky is the limit. Forget Market and Budget, Just Buy Buy Buy for Rally.
