Key Sectors in Focus on Oct 3: Auto, Oil Manufacturers, Gas Distributors & More

  • Stock Market News
Key Sectors in Focus on Oct 3: Auto, Oil Manufacturers, Gas Distributors & More
Credit: © Reuters.

By Malvika Gurung -- Oil Companies: The Government has cut the windfall profit tax on domestically produced crude oil from Rs 10,500/tonne to Rs 8,000/tonne, removed a Rs 5/litre export levy on ATF and halved the duty on diesel to Rs 5/litre from Rs 10, in line with easing crude oil prices in international markets.

Crude oil prices have been under pressure recently and have plummeted 11.2% in September, logging their worst month in almost a year.

Auto Companies: Auto manufacturers have announced their sales figures for September, with the domestic passenger vehicle industry recording its best-ever monthly performance in September, led by robust festive demand and improved production units due to easing semiconductor supplies.

The September-ending quarter sales surpassed the Rs 10-lakh mark, as the industry volumes in the month rallied 91% YoY to 3,55, 946 units.

Gas Distribution Companies: Natural gas prices have been hiked by 40% to record levels by the Govt, which would steeply raise CNG and PNG prices. Their prices have jumped over 70% in the past year.

Telecom Companies: PM Modi has launched 5G services in India on Saturday, which will provide super fast internet speed on mobile phones.

Bharti Airtel (NS: BRTI ) became the first Indian telecom operator to launch its 5G services across 8 cities, including Varanasi, Nagpur and Siliguri, while top competitor Reliance (NS: RELI ) Jio plans to start its services by Diwali, and no update on the launch has been provided by the beleaguered telco Vodafone Idea (NS: VODA ).

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