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Petrol and diesel price today 5 May 2021: Fuel rates hiked once again; check prices in Mumbai, Delhi here

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Prices of Petrol and Diesel were hiked for the second day running on Wednesday. Petrol in Delhi now costs Rs 90.74 per litre, an increase of 19 paise against yesterday’s price. Diesel price was increased by 21 paise to Rs 81.12 per litre. Prices were changed yesterday after 18 consecutive days of stable prices. Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices on a daily basis in line with benchmark international price and foreign exchange rates.

Mumbai’s petrol cost is the highest across major cities today at Rs 97.12 per litre, up 17 paise since yesterday. Diesel in the country’s financial capital costs Rs 88.19 per litre, a jump of 21 paise. The divergence in prices between Delhi and Mumbai is owing to different prices in different cities. Petrol and Diesel prices are fixed on the basis of freight charges, local taxes, and VAT.

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Hyderabad, UP, Punjab, Haryana, Pune
Chennai: Petrol prices – Rs 92.70 per litre; Diesel prices – Rs 86.09 per litre
Kolkata: Petrol prices – Rs 90.92 per litre; Diesel prices – Rs 83.98 per litre
Pune: Petrol prices – Rs 96.76 per litre; Diesel prices – Rs 86.50 per litre
Bengaluru: Petrol prices – Rs 93.77 per litre; Diesel prices – Rs 86.01 per litre
Hyderabad: Petrol prices – Rs 94.34 per litre; Diesel prices – Rs 88.46 per litre
Noida (UP): Petrol prices – 89.05 per litre; Diesel prices – Rs 81.59 per litre
Mohali (Punjab): Petrol prices – Rs 93.00 per litre; Diesel prices – 84.02 per litre
Chandigarh: Petrol prices 87.31 per litre; Diesel prices – Rs 80.81 per litre
Gurugram (Haryana): Petrol prices – Rs 88.70 per litre; Diesel prices – Rs 81.71 per litre
Crude Oil price rises
Crude oil prices continue to increase as the bullish outlook on oil gains momentum. US WTI crude futures for June traded at $66.29 per barrel, while Brent crude futures were up at $69.46 per barrel, according to Reuters.

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Gold prices flat as international prices fall on strong US data; where is MCX gold headed?

Gold was trading flat to negative on Friday, mirroring the trend in international spot prices where strong US economic data and elevated Treasury yields dampened the yellow metal’s appeal. On the Multi Commodity Exchange, gold June futures were trading Rs 25 down at Rs 46,701 per 10 gram, as against the previous close of Rs 46,726. Silver July futures were also flat at Rs 68,627 per kg, down from the previous close of Rs 68,637. Analysts say that the trend in dollar has been pretty bearish as the rupee has appreciated in recent sessions. Otherwise, the subdued dollar, dovish Fed and massive stimulus bill announced by Biden are positive for gold. “Currently MCX gold price is hovering near the crucial 46600 zone, if it falls below that then the downtrend may continue till 45000. However, a reversal may again push prices to 48000,” Rahul Gupta, Head of Research, Emkay Global Financial Services, told Financial Express Online.

Globally, spot gold slipped 0.3 per cent to $1,765.15 per ounce, down nearly 0.6 per cent so far in the week. US gold futures were down 0.1% to $1,765.60 per ounce. Despite the decline, bullion was poised for its first monthly gain of this year, having jumped to a two-month high of $1,797.67 on April 22, according to Reuters. Benchmark US 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

Back in the domestic market, gold and silver prices corrected sharply in the previous session. The US GDP rose 6.4 per cent sequentially in the first quarter of 2021 and 5.53 lakh initial jobless claims were filed over the past week, with government support. “Mixed data came from the US economy, however, lower interest rates will provide support for gold and silver. For today we expect some profit booking in gold and silver over positive US GDP data,” Anuj Gupta, VP — Commodity and Currencies Research, IIFL Securities, told Financial Express Online. He advised traders to go for ‘sell’ in gold at Rs 46,800 with the stop loss of Rs 47,100 for the target of Rs 46,300 per 10 gram. “They can also go for sell in silver at Rs 68,900 with the stop loss of Rs 69,400 for the target of Rs 67,500,” he added.

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Zomato’s Rs 8,250-cr IPO set to hit D-street; Naukri.com parent to sell Rs 750-cr shares via OFS

Online food delivery platform Zomato is looking to raise a massive Rs 8,250 crore through its much-awaited initial public offering (IPO). In its DRHP, filed with the capital markets regulator Securities and Exchange Board of India (SEBI) today, Zomato said its IPO will be an amalgamation of fresh issue of equity shares and an Offer For Sale (OFS) by existing shareholder Info Edge Ltd — the parent firm of Naukri.com. With this, Zomato has begun the proceedings of one of the most awaited public issues on Dalal Street in recent years. Zomato’s IPO could be the largest to hit Dalal Street since SBI Cards and Payment Services in March 2020.

Issue details

Zomato will raise Rs 8,250 crore, of which Rs 7,500 crore will be a fresh issue, while another Rs 750 crore will be an OFS by Info Edge. On Tuesday evening, Info Edge, which holds over 18% stake in Zomato informed the bourses that its Board of Directors has given approval to participate in the OFS of Zomato. Zomato has also said that it might consider a private placement of Rs 1,500 crore ahead of the IPO. Such a move is likely to trim the size of the fresh issue that the company has so far proposed.

Zomato said it will utilise funds raised through the issue for organic as well as inorganic growth, along with general corporate purposes. In the financial year ending March 2020, Zomato’s total income stood at Rs 2,742 crore. Meanwhile in the pandemic struck 2020, the company’s income was at Rs 1,367 crore. Zomato continues to remain a loss-making entity as of now.

Valued at $5.4 billion

Zomato, an online food delivery company, counts Ant Financials, Info Edge, Sequoia, and Uber as some of its investors. The company has strengthened its position in the two-player food delivery market with the latest round of funding coming in February this year. Zomato received $250 million in its latest investment round at a post-money valuation of $5.4 billion, Info Edge had said in an exchange filing. In the latest rounds of fundraising, Tiger Global, Fidelity, and Kora Management were among those writing cheques for the company.

“Food services is a large market in India with ~$80 Bn (~50% organized). Online food delivery is expected to grow strongly to reach $22 billion by 2025 growing at 40% CAGR. Online penetration to increase from 7% today to ~10% in 2022 and ~ 20% by 2025,” Bernstein had said in a report last year. Zomato controls a 50% market share.

In a recent report, CLSA said that Swiggy and Zomato are fighting for India’s $11 billion online food delivery pie. Profitability is now taking the center stage in the industry as both Zomato and Swiggy try to improve their unit economics. CLSA believes profits will expand as volumes increase.

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JSPL board okays divestment in Jindal Power to World one for Rs 3,015 cr

Jindal Power and Steel (JSPL) on Tuesday said its board has approved divesting its entire equity interest in Jindal Power to Worldone, a promoter group company, for Rs 3,015 crore. The board of directors of JSPL has approved the divestment of its entire equity interest (representing 96.42 per cent of the issued and paid up capital) in Jindal Power by way of sale of shares, to Worldone Pvt Ltd, a promoter group company and a related party to the company, JSPL said in a regulatory filing.

The equity value is an all-cash offer of Rs 3,015 crore, the company added. JSPL said Worldone was selected by way of an elaborate bidding process run by an independent third-party merchant banker, Grant Thornton Advisory, wherein the acquirer submitted the highest binding bid on acceptable terms and conditions.

The proposed sale is subject to necessary approvals of shareholders of the company, regulatory clearances, go-ahead from lenders of the company and Jindal Power, contractual approvals and such other consents, permissions and sanctions as may be necessary in line with extant relevant guidelines.

JSPL said the long stop date for completion of the proposed sale is 12 months which maybe mutually extended by the parties thereto, failing which the proposed sale shall terminate. The company’s board also approved the execution of a binding share purchase agreement, a loan agreement and other ancillary agreements, in relation to the proposed sale and accordingly, the company has executed a share purchase agreement.

The share purchase agreement with the Worldone and Jindal Power captures the entire understanding between the parties in relation to the sale of shares held by the company.

The company’s board also approved entering into a loan agreement with Jindal Power to convert the existing capital advances and inter corporate deposits availed by JSPL from Jindal Power aggregating to Rs 4,386.28 crore into an unsecured loan.

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