Morning Alert.. *Fuel consumption increased 4.6% to record hig | Equity99
Morning Alert..
*Fuel consumption increased 4.6% to record high in FY24; fell 0.6% in March*
Fuel consumption in India, a proxy for oil demand, increased 4.6 per cent, to hit a record high of 233.32 million tonne (mt) in FY24.This was lower than the 10.57 per cent rise seen in FY23. The demand fell by 0.6 per cent on an annual basis in March as a result of lesser petroleum coke use, data released by the Petroleum Planning and Analysis Cell (PPAC) has shown. Consumption of fuel was 21.09 mt in March, down from 21.22 mt in March 2023. The monthly numbers were pulled down by the lower consumption of petcoke, a by-product created by the refining of bitumen into crude oil. Used in the manufacturing of steel, glass, paint, and fertilizers, petcoke usage fell 16.8 per cent in March to 1.63 mt. Oil demand usually picks up late February, and rises in tandem with the temperature. Case in point, consumption rose by 13.7 per cent in March, on a sequential basis. Sales of diesel, the most used fuel in the country, rose 3 per cent to 8.03 mt in March. In the past 12 months, sales had reached an all-time high of 8.21 mt in May, 2023. Petrol sales also reached a four-month high, rising 5.1 per cent to 3.14 mt in October. Sales stood at 2.99 mt in the same month of the previous year.
*Bond yield touches 2-month high; tracking a rise in US Treasury yields*
The yield on the benchmark 10-year government bond rose to a two-month high on Monday, tracking a rise in US Treasury yields. The benchmark yield settled at 7.15 per cent, the highest since January 30, against 7.12 per cent on Friday. In April, the yield on the 10-year benchmark government bond has hardened by 10 basis points (bps). “Yields rose because of the rise in US yields. Rates have been rising globally, so India can't be an outlier. It (benchmark yield) should find some footing around these levels, not rise too much, but it is difficult to say as we have the Consumer Price Index (CPI) data lined up,” said Naveen Singh, vice president of ICICI Securities Primary Dealership. The newly auctioned 10-year government bond, introduced for the first time on Friday, swiftly emerged as the second most traded bond, after the benchmark bond. Market participants said that it might ascend to benchmark status after its second issuance. The government auctioned Rs 20,000 crore worth of the bond, and the coupon was set at 7.10 per cent. The current benchmark bond took more than two months to become the most traded bond and dethrone its predecessor. The outstanding amount on the existing 10-year paper has reached Rs 2 trillion.
*Global market action*
Dow Jones – Down by 0.02% or 9.60 points
FTSE – Up by 0.41% or 32.31 points
CAC – Up by 0.72% or 57.99 points
DAX – Up by 0.79% or 143.93 points
Gift Nifty – Up by 0.26% or 58.50 points
*FII/DII activities*
FII – Sold 684.68 Cr worth of shares
DII – Bought 3470.54 Cr worth of shares.
*Stocks with high delivery Percentage*
Westlife Foodworld Ltd – 92.8%
Eris Lifesciences Ltd – 86.1%
Pfizer Ltd – 85%
Krishna Institute of Medical Sciences Ltd – 84.8%
GR Infraprojects Ltd – 83.5%
*Primary market updates*
Listing today
Aluwind Achitectural Ltd (NSE SME) – Subscribed 8.19x
Creative Graphics Solutions India Ltd (NSE SME) – Subscribed 201.86x
*Commodities updates*
Gold – Rs 73275/10gm, Silver – Rs 81875/kg, Brcrude – Rs 7171/barrel, Copper – Rs 815.6/kg.
*Corporate News*
Private equity firm Bain Capital to sell remaining Axis Bank holding.
At Rs 3.55 trillion, REC clocks highest ever loan sanctions in FY24.
Dixon enters into Share Purchase Agreement and Shareholders' Agreement for proposed acquisition of majority stake in Ismartu India Pvt Ltd.
Poonawalla Fincorp: Finance Committee of the Company has approved allotment of 7,500 secured, redeemable, rated, listed, NCDs of the face value of Rs 1 Lakh each, aggregating to Rs 75 crores, through private placement.
