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Friday, July 03, 2009
Market may slip tracking weak global cues after faltering US jobs data
The key benchmark indices may slip tracking weak global markets as worsening job markets in the U.S. raised doubts the global economy will recover soon. Meanwhile, the investors will keenly watch for any surprises in the Rail Budget which will be presented by Railway minister Mamta Banerjee today, 3 July 2009 the day after the dream economic survey presented by the finance minister Pranab Mukherjee yesterday.
As per media reports, another fare cut is unlikely because Lalu Prasad's Interim Railway Budget in February 2009 has already strained the Indian Railways' finances. Lalu Prasad had announced a 2% reduction in passenger fares. Similarly, any increase in freight rates looks unfeasible because of the current economic downturn. With the present economic conditions not providing much scope for either large-scale fare concessions or an across-the-board increase in freight rates, the highlight of the Railway Budget for 2009-10 is likely to be a big push to public-private partnership (PPP) initiatives to enhance the Indian Railways' capacity to earn higher revenues on a sustainable basis.
Asian stocks fell for a third day today as rising unemployment in the U.S. stoked concern the global economic recovery is faltering. The key benchmark indices in China, Japan, Hong Kong, South Korea, Singapore fell by between 0.15% to 1.03%.
The US markets recorded a sharp slump yesterday, 2 July 2009 on disappointing jobs data. The US markets will remain shut today on account of their Independence Day.
The Dow Jones plunged 223.32 points, or 2.6%, to 8,280.74. The S&P 500 index fell 26.91 points, or 2.9%, to 896.42 and the Nasdaq Composite Index fell 49.20 points, or 2.7%, to 1,796.52.
Labor Department said U.S. employers cut 4,67,000 jobs in June 2009, over 100,000 more than economists had forecast. That pushed the nation's unemployment rate to 9.5% a level not seen since August 1983.
Back home, the near-term major trigger for the stock market is the Union Budget 2009-10 on Monday, 6 July 2009. The Union Budget 2009-2010 attains significant importance in the wake of the global financial crisis. Despite the country being relatively unharmed compared to the West, the UPA government will have many tasks on its to-do list, which includes boosting growth and demand, continuing to maintain liquidity, balancing inflation and also containing the country's worrying fiscal situation.
Suggesting sweeping tax reforms, the Economic Survey released yesterday, 2 July 2009 for the fiscal year ending in March 2010, asked for rationalising the dividend distribution tax (DDT) so that dividend is taxed in the hands of receiver. As per the current dispensation, a company pays tax on dividend declared to shareholders which is called dividend distribution tax. The dividend is tax-free in shareholders hand.
The survey also called for a review and phasing out of surcharges, cesses and transaction taxes such as commodities transaction tax (CTT), securities transaction tax (STT) and fringe benefit tax (FBT).
The Economic Survey said economy could grow around 7% in the year ending March 2010 if the US economy recovers by September 2009. It further said economy could return to 8.5-9% growth in medium terms if reforms are pursued. It said government should free diesel and petrol prices at the earliest. The report said government should take advantage of the recent low price in oil costs to free petrol and diesel prices.
The Economic Survey has called for introduction of standardized credit default swaps on exchanges subject to strict contols, introduction of exchange traded derivatives such as interest rates swaps, foreign direct investment in multi format retail starting with food retail, raising foreign equity share in insurance to 49%, rationalising dividend distribution tax and revival of disinvestment plan to generate at least Rs 25,000 crore annually. The survey has also called for reforms in petroleum, fertilizers, food subsidies to reduce leakages, ensure targeting. The survey also called for an auction of third-generation mobile phone spectrum.
It also called for implementation of a goods and services tax (GST) by April 2010 to maximise revenues and simplify the tax regime. It also called for "greater urgency" to removing hurdles to investment in infrastructure by government and the private sector. The survey said inflation is no longer a worry and called for an urgent return to the targeted fiscal deficit of 3%.
The survey said it be challenging to fund $500 billion of planned spending on roads and power plants over five years as the economic slowdown and the global financial crisis have made it difficult to raise funds.
The survey has also called for passage of pending bills on pension, insurance and forward contract reforms.
Meanwhile, corporate India appears to be in a rush to raise funds by share sales to institutional investors. GVK Power & Infrastructure's qualified institutional placement was reportedly oversubscribed which closed yesterday. The company was looking to raise $125-150 million via QIP. Bajaj Hindusthan (BHL) on Wednesday raised Rs 723 crore through a QIP. A number of firms have announced plans this week to raise funds through shares sales to institutional investors, taking advantage of a solid surge in share prices in the past three months. Brokers expect companies to raise over $10 billion in the current financial year by way of share placements and initial public offers.
A glut in share sales by companies may keep a lid on share prices in the secondary market. On the flip side, the raising of funds will help corporates finance expansion and reduce debt. But it will result in equity dilution which the stock market normally does not like due to earnings dilution.
As per the provisional figures on NSE, foreign funds bought shares worth Rs 247.26 crore and domestic funds bought shares worth Rs 212.65 crore on Tuesday, 2 July 2009.
Daily News Roundup - July 3 2009
Reliance Industries will partially shut its old Jamnagar refinery for 2-3 weeks to carry out maintenance work. (FE)
Hindalco has received approval from lenders to amend terms of US$982mn loan it obtained to part finance the acquisition of Novelis. (BL)
Hindalco plans to raise US$500mn via QIP to fund its capex plans and retire debt. (ET)
NTPC is in talks with JBIC to raise US$500mn for green energy. (ET)
Tech M plans a second preference allotment of shares to increase its stake in Satyam. (FE)
L&T and Tata Projects have submitted offers for the Rs15bn balance of plant job of Coastal Energen. (BL)
Reliance Infrastructure won IT consultancy projects in 5 electricity distribution companies in Karnataka. (BL)
Shaw Wallace has sold its entire 10.27% stake in United Spirits for Rs9bn. (FE)
Punj Lloyd bagged 3 contracts worth Rs18.7bn from the Housing and Infrastructure Board of Libya. (FE)
Yes Bank plans to raise US$200mn tier-I equity capital either through a follow-on public issue or through a QIP. (BL)
US drug regulator has approved Ranbaxy Laboratories oral solution Oxcarbazepine. (BS)
Future Capital Holdings is setting up a mall development company to manage, develop and own retail properties in the country. (ET)
Adlabs Films has lined up a capex of Rs1.5bn for this fiscal. (FE)
Coal India will float tenders for development and operation of high capacity underground mines in 7 blocks on a long term basis within the next 2 weeks. (BL)
Max India approved issuance of shares for Rs4.5bn in one or more tranches. (BL)
Ashok Leyland bagged a Rs3bn order for 1500 buses from Tamil Nadu State Transport Corporation. (BL)
Emami raised Rs3.1bn through QIP. (BL)
Network18 sold 12.79% stake to SAIF III Mauritius for Rs1.2bn. (BS)
Strides Arcolab bought back US$18.5mn of its FCCBs at a 12% discount. (BL)
Jubilant Pharmaceuticals NV, a subsidiary of Jubilant Organosys, recalled its hypertension drug from the UK market on an order issued by the UK regulator. (BL)
Auditors say that Wockhardt will have to repay Rs14.1bn debt before end of 2009 if it fails to reschedule its debt through CDR program. (BS)
Areva France announced that it was disposing all its transmission and distribution businesses globally, including Areva T&D India Ltd. (FE)
HDIL has raised Rs16.8bn through QIP placement to KKR, Blackstone and fidelity. (BS)
Webel-SL Energy plans to raise Rs600mn by private placement of shares with QIB. (BL)
Maytas Infrastructure announced that its lenders have agreed to infuse Rs1bn capital along with restructuring of Rs16bn debt. (BS)
S Kumars Nationwide plans to raise Rs10bn through issue of shares on QIP basis to fund its expansion plans. (FE)
Drug price regulator, NPPA, issued notices to recover around Rs13bn from pharmaceutical companies for allegedly overcharging consumers. (ET)
Inflation remained in the negative territory for the 3rd week at -1.3% for the week ended June 20. (FE)
Economic survey 2008-09 reported a GDP growth of 6.7% after stimulus measures. (FE)
Economic survey has suggested allowing FDI in multi brand retailing. (FE)
Economic Survey re-iterated at divestment in profit making PSU’s, thus raising Rs250bn. (FE)
Economic survey suggested decontrolling of petrol prices. (FE)
Economic survey advocated bringing all regulators including commodities, FMC under SEBI. (FE)
Economic survey also indicated to phasing out of surcharges, cess and transaction tax and lift ban on farm futures, free sugar and fertilizer sectors. (FE)
Economic survey suggested major reforms in the telecom sector including auctioning spectrum for mobile services. (BL)
Economic Survey has recommended deregulation of coal sector by introducing 49% FDI. (ET)
Economic Survey has recommended implementing the GST throughout the country and also favors dual GST structure levied on both center and state. (BS)
MET department stated that the monsoon for the week ended July 1 was 29% below normal, improving from a 68% shortfall in the previous 7 days. (FE)
Ministry of road transport seeks fast track clearance for 30 public-private road projects. (BL)
The centre is planning to open the nuclear sector to private and foreign players. (BL)
Independence from global cues
Nothing fixes a thing so intensely in the memory as the wish to forget it.
Though most market players in India are currently focused on the Railway Budget and Union Budget one must not forget we are still in the midst of a global economic crisis. Even the Economic Survey has based its FY10 GDP growth projection on the global recovery, especially in the US.
The US economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5%, its highest level in 26 years. Euro-zone unemployment rate has also hit a 10-year high. Three more US banks have failed, bringing the year's total to 51. Meanwhile,, the ECB left its key lending rate unchanged at an all-time low of 1%.
However, the Asian markets are down but not as much as their western counterparts. Wall Street will enjoy an extended Independence Day weekend with US markets shut today. We expect a slightly lower opening, which should not be as bad as the one witnessed by the US and Europe. After yesterday's collapse, there might be a mild recovery.
The NSE Nifty could find strong option related support at 4200 levels. The Union Budget is just a couple of days away and further course of action should be decided post that only. Volatility will prevail ahead of Union Budget. Railway-related stocks may swing as Mamata Banerjee unveils the Railway Budget today. High time you get out of those counters today. Stocks which could be in action would be BEML, Titagarh Wagon, Kalindee Rail Nirman, Texmaco and Kernex Micro.
Monsoon seems to have picked up momentum after a delayed start. But, will economic growth too follow suit is anybody’s guess. Passage of a few crucial reforms is critical for India to return to its high growth path of 7-8%. The Economic Survey has made all the right prescriptions. The million dollar question is whether the UPA can muster enough gumption to follow the same.
Among the biggest worry is the ballooning fiscal deficit. The intent is clearly there as far as UPA II is concerned, what is needed badly is the courage to execute the remedies suggested in the Economic Survey.
FIIs were net buyers in the cash segment on Thursday at Rs2.47bn while the local institutions too poured in Rs2.13bn. In the F&O segment, the foreign funds were net buyers at Rs957.6mn. On Wednesday, FIIs were net buyers at Rs1.64bn in the cash segment.
The BSE says that it will probe the technical snag that led to discrepancies in scrip rates on Thursday. In fact, even the NYSE witnessed some "system irregularities" and had to extend the trading session.
The results season will kick off in the US on Wednesday, when Alcoa reports its financial data. Otherwise, a quiet week lies ahead with President Barack Obama out of the country and little economic data due. The central banks of South Korea and Australia are likely to keep rates on hold next week, while the Philippines is likely to cut rates. Indonesia will hold presidential elections on Wednesday.
US stocks tumbled on Thursday, with the Dow losing over 200 points, after a worse-than-expected jobs report hammered hopes that the economy is close to stabilizing.
The Dow Jones Industrial Average fell 212 points, or 2.5%. The S&P 500 index lost 27 points, or 2.9% and the Nasdaq Composite index was down 49 points, or 2.7%.
The New York Stock Exchange extended trading, so as to allow customers to put through orders that were impacted by system irregularities. The NYSE did not specify what the irregularities were.
Stocks tumbled at the open and remained in the red throughout the session as investors considered the broader implications of the dismal June jobs report. Declines were broad based, with all 30 Dow stocks falling, led by oil components.
Economically sensitive trucking and railroad stocks plunged, dragging down the Dow Jones Transportation average by 3.7%. Financial shares too tumbled. Market breadth was negative and volume was light with Wall Street pros checking out early for the holiday.
All US financial markets are closed Friday for the Independence Day holiday.
The jobs report was kind of a rude awakening, prompting people to think that the stock market rally doesn't mean the US economy is coming back. What it could mean is that there is a lot more pain to be endured before there can be a recovery.
Since bottoming at a 12-year low, the S&P 500 had surged over 40% through June 11. But in the weeks since then, it has lost 5% of that.
In the April-June quarter, the S&P 500 gained 15.2%, its best quarter in more than a decade. The Dow rose 11% and the Nasdaq 20%. Both indexes posted their best quarters since the second of 2003.
American employers cut 467,000 jobs from their payrolls in June, after cutting 322,000 jobs in May, the Labor Department reported Thursday. That made June the first month in four in which job losses rose from the previous month. Economists had expected 365,000 job losses.
The unemployment rate, generated by a separate survey, rose to 9.5% from 9.4%, short of forecasts for an increase to 9.6%.
The weekly jobless claims report was overshadowed by the June payrolls report. The number of Americans filing new claims for unemployment fell to 614,000 last week from a revised 630,000 the previous week, the Labor Department reported. Economists had forecast claims would fall to 615,000.
May factory orders rose 1.2%, the Commerce Department reported, versus forecasts for a rise of 0.9%. Factory orders rose a revised 0.5% in April.
Exelon has sweetened its hostile takeover offer for rival power generator NRG Energy. The all-stock offer is $8 billion versus the previous offer of $7 billion.
Johnson & Johnson will take an 18% equity stake in biotech Elan in exchange for a $1 billion investment. J&J will also buy Elan's share of its Alzheimer's disease treatment program with Wyeth. US-traded shares of Elan gained 11% in active New York Stock Exchange trading.
Energy prices tumbled, with US light crude oil for August delivery falling $2.37 to $66.94 a barrel on the New York Mercantile Exchange.
COMEX gold for August delivery fell $10.60 to settle at $930.70 an ounce.
Treasury prices rallied, lowering the benchmark 10-year note yield to 3.5% from 3.53%.
In currency trading, the dollar gained versus the euro and fell against the yen.
European shares fell sharply on Thursday. The pan-European Dow Jones Stoxx 600 index declined 2.4% to 204.47, erasing the prior session's gains. Germany's DAX index dropped 3.8% to 4,718.49, while the French CAC-40 index declined 3.1% to 3,116.41 and the UK's FTSE 100 index fell 2.5% to 4,234.27.
Indian markets ended on a flat note on Thursday amid choppy trades. Traders and investors remained restrained ahead of the Railway Budget tomorrow and the Union Budget which would be presented on Monday.
The Economic Survey for FY09 was presented in the parliament today in which the government stated that the Indian Economy may grow as much as 7.75% in the current fiscal year ending in March 2010. Markets indeed reacted positively as the BSE Sensex hit the day’s high in the afternoon trades. However, a sudden bout of profit booking in scrips across the sectors dragged the benchmark indices to day’s low.
Bulls however dint give up as buying momentum in the index heavyweights like DLF, Tata Steel, ONGC and Grasim lifted the benchmark indices to end almost flat.
Inflation numbers continue to fall for the third straight week, the annual rate of inflation on point to point basis, stood at -1.30% for the week ended June 20, 2009 as compared to -1.14% for the previous week ended June 13, 2009 and 11.91% during the corresponding week ended June 21, 2008 of the previous year.
However, Wholesale Price Index for 'All Commodities' for the week ended June 20, 2009 rose by 0.2% to 234.6 from 234.2 for the previous week.
Meanwhile, throughout the day there were price discrepancies and confusion on select stocks as some stocks were trading above the circuit filters on the BSE.
Finally, the BSE Sensex ended flat at 14,658 after touching a high of 14,764 and a low of 14,470. The index had opened at 14,694 against the previous close of 14,645.
The NSE Nifty gained 8 points or 0.2% to shut shop at 4,349.
Asian markets ended in the red; the Nikkei index in Japan slipped 0.7% at 9,876, Australia's S&P/ASX ended flat at 3,877. Hang Seng index declined 1.1% at 18,178.
Elsewhere in the Europe, stocks were trading in the red. The FTSE index was down 0.7% at 4,313. The DAX index slipped 1.5% at 4,837. CAC 40 index was down 1.2% at 3,178.
Coming back to India, among the BSE Sectoral indices BSE Metal index was the top gainer gaining 3.2%, followed by the BSE PSU index up 2%, BSE Realty index up 1.5% and BSE Pharma index up 1%.
The BSE Mid-Cap index ended marginally higher by 0.3% and BSE Small-Cap index was up 0.8%.
In the Sensex, the major gainers were ONGC, Tata Steel, Grasim, Sterlite, DLF, Sun Pharma, HDFC and NTPC.
On the other hand, major losers were BHEL, Reliance Industries, Bharti, RCom, Tata Motors and Maruti.
Among the big gainers in the broader market were Torrent Power, GMDC, Sintex Ind, PFC, IRB Infra and REC Ltd.
Outside the frontline indices, the top losers included REI Agro, Bank of Baroda, Mundra Port, Biocon, Areva, Renuka Sugar and TTML.
Shares of oil marketing companies ended with gains after the Government on Wednesday hiked retail prices of petrol and diesel. Petrol has now become costlier by Rs4 per litre while diesel prices have been raised by Rs2 a litre. At the same time, prices of politically sensitive PDS kerosene and LPG have been left untouched.
The last time fuel prices were raised was on June 4, 2008. It was followed by two rounds of price cuts in December 2008 and January 2009, as global crude prices tumbled from record peak of around US$147 a barrel struck in August 2008. As a result, petrol became cheaper by Rs10 a litre and diesel by Rs4 a litre. But, since then, crude oil prices have more than doubled from US$33.98 a barrel on February 12.
Shares of Hindalco gained by 1.4% to Rs84.5 after the company reached an agreement and received lenders consent on revised terms including covenant relaxations relating to the US$ 982mn bank loan.
The new terms allow the company significant flexibility to plan its future business and pursue its capital expenditure aspirations going forward. Under the new agreement reached banks have agreed to waive requirement to test covenants on consolidated financials
Shares of McNally Bharat were locked at 5% upper circuit to Rs132 after the company announced that it won two orders worth Rs468.8mn. The scrip touched an intra-day high of Rs138 and a low of Rs124 and recorded volumes of over 87,000 shares on BSE.
Bajaj Auto total sales in June stood at 193,202 units versus 196,741 translating in to a 1.8% decline. Motorcycle sales were at 167,945 versus 175,903 units. Three Wheeler sales were at 24,731 versus 19,629 units. Exports also grew at 67,726 as against 64, 878 units.
The stock was down 3.1% to Rs977 after hitting an intra-day high of Rs1005 and a low of Rs963 and has recorded volumes of over 0.12nm shares on BSE.
FIIs continue buying
Inflow of Rs 163.70 crore on 1 July 2009
Foreign institutional investors (FIIs) bought shares worth a net Rs 163.70 crore on Wednesday, 1 July 2009, lower than 228.90 crore on Tuesday, 30 June 2009.
The net inflow of Rs 163.70 crore on 1 July 2009 was a result of gross purchases Rs 1,448.60 crore and gross sales Rs 1,284.90 crore. The BSE Sensex gained 151.63 points or 1.05% to 14,645.47 on that day.
FII inflow in calendar year 2009 totaled Rs 24,708 crore (till 1 July 2009).
There are a total of 1672 foreign funds registered with the Securities & Exchange Board of India (Sebi).
Precious metals lose sheen again
Dollar strengthens on weak job report
Precious metal prices fell at USA on Thursday, 02 July, 2009. Prices lost some luster today after the dollar strengthened today following a disappointing job market report from the Labor Department.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Thursday, gold for August delivery ended at $931, lower by $10.3 (1.1%) an ounce on the New York Mercantile Exchange. Yesterday, prices had gone up by almost 1.5%. Last week, gold ended higher by 1%. This was the first weekly gain for the yellow metal in four weeks. Year to date, gold prices are higher by 5.3%.
For the month of June, 2009, gold ended down by 5.4%. Gold had ended the month of May higher by 9.8%. It was the highest monthly gain registered by gold in six months. For the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.
On 17 March, 2008 prices had skyrocketed to a high of $1,034/ounce. But prices have dropped somewhat (10%) since then.
On Thursday, Comex silver futures for July delivery lost 35.2 cents (2.6%) at $13.408 an ounce. Last week, silver ended lower by 0.5%.
Silver ended 13% down for the month of June, 2009. For the month of May, silver gained 26.6%. It was the biggest monthly gain for silver in more than two decades. For second quarter, silver rose 4.5%. Year to date, silver has climbed 18.6% this year. For 2008, silver had lost 24%.
In the currency market on Thursday, the dollar index, a six-currency measure of the greenback's value, rose, rose by almost 1%. The dollar index dropped by 6.4% in the second quarter and is lower by 0.5% on a y-t-d basis.
The Labor Department reported on Thursday, 02 July, 2009 that the U.S. economy shed jobs at a faster pace in June than in May. As per the report, nonfarm payrolls shrank by 467,000 in June, 2009, higher than the 325,000 decline expected and the 322,000 jobs lost in May.
The unemployment rate ticked higher to 9.5% in June from 9.4% in the previous month. There was only a very slight 8,000-downward revision to payroll losses in April and May.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for August delivery closed lower by Rs 65 (0.44%) at Rs 14,484 per 10 grams. Prices rose to a high of Rs 14,542 per 10 grams and fell to a low of Rs 14,418 per 10 grams during the day's trading.
At the MCX, silver prices for September delivery closed Rs 367 (1.7%) lower at Rs 21,624/Kg. Prices opened at Rs 21,990/kg and fell to a low of Rs 21,480/Kg during the day's trading.
Crude drops further
Price drops as weak job report rekindles demand concerns
Crude prices fell lower at Nymex on Thursday, 02 July, 2009. Prices fell today as disappointing job report at Wall Street once again rekindled fears about the recovery of the economy from current recession. The strong dollar was also the reason for today's slipping crude price.
On Thursday, crude-oil futures for light sweet crude for August delivery closed at $66.73/barrel (lower by $2.58 or 3.7%). For the week, crude ended lower by 3.5%. Trading is closed on Friday in observance of the Independence Day holiday.
For the month of June, 2009, crude ended higher by 5.5%. In May, crude had registered the largest monthly gain in a decade rising 30%. For the second quarter, crude ended higher by 40%. It was the largest quarterly gain for crude since Saddam Hussain's invasion of Kuwait in 1990's third quarter. Prices rallied in second quarter due to supply concerns and weak dollar. The dollar index dropped by 6.4% in the second quarter and is lower by 1% on a y-t-d basis. Crude prices had rallied 11.3% in the first quarter of 2009.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 57% since then. Year to date, in 2009, crude prices are higher by 52%.
In the currency market on Thursday, the dollar index, a six-currency measure of the greenback's value, rose, rose by almost 1%. The dollar index dropped by 6.4% in the second quarter and is lower by 0.5% on a y-t-d basis.
The Labor Department reported on Thursday, 02 July, 2009 that the U.S. economy shed jobs at a faster pace in June than in May. As per the report, nonfarm payrolls shrank by 467,000 in June, 2009, higher than the 325,000 decline expected and the 322,000 jobs lost in May.
The unemployment rate ticked higher to 9.5% in June from 9.4% in the previous month. There was only a very slight 8,000-downward revision to payroll losses in April and May.
Energy Information Administration reported yesterday that crude oil inventories rose 200,000 barrels to 28.6 million barrels in the week ended 26 June, 2009, rising for the first week since the week in five weeks.
Meanwhile, gasoline inventories increased 2.3 million barrels and distillate stockpiles, which include heating oil and diesel, gained 2.9 million barrels. Gains in both products came bigger than expectations. The report also showed that demand for petroleum products still remained weak. Total products supplied over the last four-week period have averaged 18.4 million barrels per day, down by 5.8% compared to the similar period last year.
Also at the Nymex on Thursday, August reformulated gasoline fell 6.82 cents, or 3.7%, to $1.7908 a gallon and August heating oil dropped 6.41 cents, or 3.6%, to $1.7016 a gallon.
August natural-gas futures fell 4.7 cents, or 0.5%, to $3.615 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for July delivery closed at Rs 3,238/barrel, lower by Rs 64 (1.93%) against previous day's close. Natural gas for July delivery closed at Rs 180.1/mmbtu, lower by Rs 3.7/mmbtu (2%).
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