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Petrol and Diesel Rate Today, 17 January: Fuel prices are unchanged; Check prices in Delhi, Mumbai, and other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, and Hyderabad: Fuel prices remain unchanged on Tuesday, 17 January 2023, keeping costs steady for more than seven months now. In Delhi, petrol price 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 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, some states have also reduced VAT prices on fuels. Himachal Pradesh government on January 8 increased value-added tax (VAT) on diesel by Rs 3 per litre. The hike varies as per different fuel stations. On the other hand, the govt slashed taxes on petrol by 0.55 paise. After the revision, the VAT on diesel will now go up to Rs 7.40 per litre from Rs 4.40 per litre, pushing prices in the state to Rs 86 per litre.

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

Kolkata: Petrol rate today: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litre

Bengaluru: Petrol rate: Rs 101.94 per litre, Diesel rate: Rs 87.89 per litre

Lucknow: Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litre

Noida: Petrol rate: Rs 96.79 per litre, Diesel rate: Rs 89.96 per litre

Gurugram: Petrol rate: Rs 97.18 per litre, Diesel rate: Rs 90.05 per litre

Chandigarh: Petrol rate: Rs 96.20 per litre, Diesel rate: Rs 84.26 per litre

Mumbai: Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litre

Delhi: Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 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. Public sector 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 prices fell in early trade on Tuesday as recession fears dominated headlines out of the World Economic Forum’s meeting in Davos, draining optimism that stoked the market last week on prospects of a fuel demand recovery in top oil importer China. Brent crude futures were down 38 cents, or 0.5%, at $84.08 at 0114 GMT, extending a 1% loss in the previous session. US West Texas Intermediate (WTI) crude futures slid $1.16, or 1.5%, to $78.70 from Friday’s close. There was no settlement on Monday due to a U.S. holiday for Martin Luther King Day

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Mutual funds’ SIP collection jumps 31 pc to Rs 1.5 lakh cr in 2022 on higher retail participation

Contributions to mutual fund schemes through systematic investment plans or SIPs remain unfazed by the market volatility in 2022 with inflow growing to Rs 1.5 lakh crore in 2022, a surge of 31 per cent from a year earlier, due to higher retail participation.

In comparison, an inflow of Rs 1.14 lakh crore through the route was registered in 2021 and Rs 97,000 crore in 2020, data from the Association of Mutual Funds in India (AMFI) showed.

Going ahead, SIP numbers are expected to continue to remain strong in 2023 as investors are increasingly appreciating the importance of regular investing through the route, Kaustubh Belapurkar, Director – Manager Research at Morningstar Investment Adviser India, said.

“As newer investors come to the fore, the SIP numbers will continue to increase. While SIP numbers will remain strong, lump sum flows will be dependent on market levels and volatility, we have seen investors book profits when markets run up and re-allocate to equities when markets are lower,” he added.

Priti Rathi Gupta, Founder and MD at LXME, said the trend of investing through SIP would gain even more momentum this year to enable the financial inclusion of investments by people beyond traditional instruments which will further contribute towards the increase in the assets under management (AUM).

SIP is an investment methodology offered by mutual funds wherein an individual saver can invest a fixed amount in a chosen scheme periodically at fixed intervals – say once a month, instead of making a lump sum investment. The SIP instalment amount can be as small as Rs 500 per month.

The SIP book has grown consistently from Rs 11,305 crore in December 2021 to an all-time high of Rs 13,573 crore in December 2022. This was also the third time in a row when monthly SIP contributions touched over Rs 13,000 crore.

During the calendar year, SIP inflows averaged more than Rs 12,400 crore per month, helping investors to stay in the stock market and benefit from Rupee cost averaging. The steady inflow suggests resilience in domestic inflows, which have been a solid counterbalance to FPIs (Foreign Portfolio Investors) selling.

“The consistent inflow in 2022 is primarily because of higher retail participation through the SIP route which has become a strong habit for them. This happened despite the fluctuation in the broad market. The inflow from new retail investors from Tier 2 towns onwards has also built up in the last 5 years as mutual funds have become more accessible through the digital channels,” Swapnil Bhaskar, Head of Strategy at Niyo (neo-bank for millennials), said.

Further, SIPs’ assets under management (AUM) climbed 19 per cent to Rs 6.75 lakh crore at the end of December 2022 from Rs 5.65 lakh crore in December-end 2021.

Currently, mutual funds have about 6.12 crore SIP accounts through which investors regularly invest in mutual fund schemes.

Industry experts believe that a staggered investment approach (via SIP or STP) in equity markets seems the ultimate solution to ride the wave of uncertainty as corrections would bring down the average cost of total investments or in case the bull run continues, investors would not lose out on opportunity cost.

The 42-player mutual fund industry mainly depends on SIPs for inflows, with equity mutual funds attracting Rs 1.6 lakh crore in 2022, way higher than Rs 96,700 crore seen in 2021.

The consistent monthly increase in SIP flows has helped the industry to add Rs 2.2 lakh crore to the AUM in 2022 to 39.88 lakh crore from Rs 27.72 lakh crore at the end of December 2021.

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Sah Polymers IPO bumper listing, shares debut with 30% premium over IPO price; stock trading at Rs 89 on NSE

Sah Polymers shares witness a stellar debut on the stock exchanges as stock lists with 30% gains over the IPO price, supported by healthy subscriptions and better financial performance. Sah Polymers shares debuted at a price of Rs 85 on the National Stock Exchange (NSE) and jumped 5% to Rs 89 within minutes. The company’s Rs 66 crore IPO was subscribed 17.46 times, backed largely by retail investors and high-net-worth individuals. The company set the issue price at Rs 65 per share, the upper end of the band of Rs 61-65 per share offered. Premium listing for the stock was expected as ahead of the listing, Sah Polymers shares commanded a grey market premium of 10-15%, and the public offer received a healthy response.

Santosh Meena, Head of Research at Swastika Investmart expected Sah Polymers to have a positive listing. “The market for polymers is anticipated to reach US$790 billion by 2027, expanding at a CAGR of 5.5% from 2022 to 2027. Sah Polymers’ business has a wide range of clients from different industries and regions, as well as a robust product offering. A management team with expertise is also advantageous. The business has recorded significant growth on the financial front,” Meena said.

The IPO, which consisted of only a fresh issue of 1.02 crore equity shares, received bids for 9.8 crore shares against 56.1 lakh shares on offer, according to exchange data. The initial public offer got subscribed to 17.5 times on the last day of the offer. The category for the Retail Individual Investors (RIIs) portion received 39.8 times subscriptions and high net-worth individuals 32.7 times. Investors could bid in multiples of 230 equity shares with the minimum investment by retail investors at the upper end of the price band being Rs 14,950 for one lot, while the maximum would be Rs 1,94,350 for 13 lots.

Sah Polymers earlier said that it will use these funds to up a new manufacturing facility for producing a new variant of Flexible Intermediate Bulk Containers (FIBC), repayment of borrowings, and also fund the working capital requirements. The Udaipur-based bulk packaging solutions provider is primarily engaged in the manufacturing of high-density polyethylene (HDPE) FIBC bags, polypropylene (PP), woven sacks, and woven polymer-based products among others. In India, the company has a presence in six states and a union territory. Apart from this, Sah Polymers has a presence in six regions across the world. The company is 100% owned by the promoters with Sat Industries holding 91.79% shares and Sat Invest having the rest.

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