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EquityPandit
BUSINESS

Ola Electric Raises $100 Mn From Bank of Baroda

Ola Electric, the electric vehicles (EV) arm of cab aggregator Ola, on Monday announced that it had raised $100 million (Rs 744.5 crore) in long-term debt from the Bank of Baroda. The company claimed this to be the largest long-term debt financing agreement for the Indian EV industry. This 10-year debt will be used in funding and financial closure of Phase-I of the Ol a Futurefactory, Ola’s global manufacturing hub for its electric two-wheelers.

Last December, Ola had said it would invest Rs 2,400 crore in setting up Phase-I of the factory. Earlier this month, Ola CEO Bhavish Aggarwal had announced on Twitter that the factory’s Phase-I was nearing completion and that the company’s electric scooters would soon hit the market.

“Today’s agreement for long-term debt financing between Ola and Bank of Baroda signals the confidence of the institutional lenders in our plans to build the world’s largest two-wheeler factory in record time.

We are committed to accelerating the transition to sustainable mobility and manufacture made in India EVs for the world and we are happy that Bank of Baroda has joined us in our journey,” said Aggarwal.

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OIL & GAS

Centre Cuts Jet Fuel and Diesel Taxes, Raises Petroleum Crude Export Tax

Aniruddh Shrivastava

The central government on Tuesday hiked the windfall tax, a tax levied on an unforeseen or unexpectedly large profit, on crude petroleum producers by 4.41%, scrapped Rs 4 per litre levy on Aviation Turbine Fuel (ATF) exports, and reduced the cess on the export of diesel from Rs 11 to Rs 5 per litre.
The Centre has cut the taxes on jet fuel to zero from 4 per litre and diesel to 5 per litre from 11 per litre. All the changes will come into effect from today, August 3.

Also, the government has levied fresh taxes on the export of petrol, diesel and Aviation Turbine Fuel (ATF) and on domestic sale of crude oil. This is in pursuance of runaway global prices. The plan is to review the taxation levels every fortnight.

Tuesday’s revision takes the cess on the production of each tonne of petroleum crude to Rs 17,750 from Rs 17,000 which was imposed from July 20.
The levy is aimed at checking windfall profits for domestic oil producers who sell their output at international parity prices even to domestic refineries. Between July 1 and July 19, it was Rs 23,250 a tonne.

OIL & GAS

Petrol, Diesel Prices Remain Unchanged Today

Nilesh

Oil companies have recently adopted a practice of changing petrol and diesel prices in a couple of days instead of a daily basis. Petrol price was raised 25 paise and diesel prices were raised by 13 paise in Delhi, yesterday.


Petrol remained unchanged at Rs 96.66 per litre and diesel at Rs 87.41 per litre in Delhi. In Mumbai, the prices continued to on of Rs 102.58 per litre today. Diesel also remained unchanged at Rs 94.70 a litre, the highest among metros. Petrol prices have reached very close to hitting all-time high across the country.


Fuel prices have now been hiked on 25 days and remained unchanged on 23 days since May 1. The 25 hikes have raised the petrol prices by Rs 6.26 per litre in Delhi. Similarly, diesel has also increased by Rs 6.68 per litre.

OIL & GAS

LPG Rate Hiked for Second Time in December

Amrita Chakravorty

Cooking gas LPG price on Wednesday was increased by Rs 50 per cylinder, the second hike in rate this month following firming of international prices.
Also, aviation turbine fuel (ATF) price was raised by a steep 6.3 per cent. Non-subsidized LPG price was increased to Rs 694 per 14.2-kg cylinder from Rs 644 earlier, according to a price notification of state fuel marketing companies.
This is the second increase in rate this month. On December 1, the price was hiked by a similar Rs 50 per cylinder. Before that, the price had remained unchanged at Rs 594 a cylinder since July.
This was the same rate at which subsidized LPG refills are also sold. Since May, most cooking gas customers have not received subsidies as the combination of international oil price collapse and domestic refill rate increases brought parity between subsidized and market rates.
A subsidized cooking gas cylinder was priced at Rs 497 in Delhi in June 2019. Since then, prices have cumulatively gone up by Rs 147.
This is the second increase in ATF price this month. Rates had gone up by 7.6 per cent on December 1. Like LPG, ATF prices to are revised on the 1st and 16th of every month based on the average rate of benchmark international fuel and foreign exchange rate in the preceding fortnight.

OIL & GAS

Oil Prices Hold as Investors Weigh Lockdown Against Vaccine

Amrita Chakravorty

In the early Asian trading session, oil was little changed as investors weigh weak near-term fuel demand due to the tightened pandemic restrictions against distribution of vaccines in some regions.
Oil Futures were traded nearly at $47 a barrel after soaring 0.9 per cent on Monday. New York is heading towards second lockdown after a surge in number of coronavirus cases, while London will be having England’s toughest restrictions from Wednesday. The tighter pandemic restrictions come as the US had started delivering its first batch of Covid-19 vaccines.
Meanwhile, OPEC (Organization of Petroleum Countries) cuts its projected oil demand level for the first quarter of the coming year as OPEC+ group, which includes the OPEC, Russia, and other allies has decided to increase the crude oil production by 500,000 barrels per day from January.
On January 4, OPEC+ will held its meeting to further consider any possible cut in the increased monthly supplies although a report from the group on Monday suggests that it can incrementally restore production level over the next quarter without increasing supply in the market.

OIL & GAS

Oil Prices Rose to 9-Month High, Brent Crude Pushing $50 Level

Amrita Chakravorty

Oil prices on Friday rose above $50 a barrel for the first time since March, as the Covid-19 vaccination rollouts to keep hopes alive of rise in the crude oil demand to be built up next year.
After gaining 3 per cent on Thursday, Brent was trading up 11 cents about 0.2 per cent at $50.36 a barrel. US oil also gained almost 3 per cent and was trading up 14 per cent or 0.3 per cent at $ 46.92 a barrel in the previous session, marking a sixth consecutive week gains. The promising vaccine trials raised the hopes around the world for a potential Covid-19 vaccine shot to fight against the infectious coronavirus disease.
On Tuesday, Britain became the first country to roll out COVID-19 vaccine with a 90 year-old woman to receive the first Pfizer-BioNTech Covid-19 vaccine shot. The US could start vaccinations from the coming weekend as the vaccine met the expectations for emergency use. While Canada has approved the vaccine on Wednesday, with initial shots due from the next week. Outside advisers of the US Food and Drug Administration (FDA) have voted to endorse the emergency use of vaccine for a nation that has lost more than 285,000 lives due to Covid-19.

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