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Fuel Prices Surge, ED Initiates Enquiry Into the ICICI-Videocon Scam et al

Professor of Financial Economics and Part-time Value Investor, Transfin.
Apr 2, 2018 1:20 PM 2 min read

End of Day Wrap-up (Monday / April 02 , 2018) #fuel #diesel #petrol #Blackstone #Comstar #Softbank #solar #ICICI #China #Transfin

Editor's comment: Fuel prices surge, diesel prices at an all-time high (INR64.69/L) and petrol at a 4 year high (INR73.83/L). Prices increase on back of drop in drilling activity in the US as well as by expectations that Washington would re-introduce sanctions against Iran. 


Enforcement Directorate (ED) initiates an enquiry into the c. INR32.50 bn ICICI-Videocon loan scam. Shares of ICICI plunge 6%.


SoftBank launches a USD930 m Indian joint solar energy venture with Chinese firm GCL System Integration Technology to work on photovoltaic technology, which is used in solar panels. Softbank to hold 60% of the venture’s shares and GCL will own 40%.


Blackstone Group buys Chennai-based auto parts maker Comstar Automotive Technologies Pvt. Ltd in a c. INR1,000 cr deal from private equity firm Argyle Street Management and the Chandaria family.


China levies tariff of up to 25% on 128 US products, including frozen pork. This is in response to US duties on imports of aluminium and steel. China’s Ministry of Commerce (MOFCOM) said it was suspending its obligations to the World Trade Organization (WTO) to reduce tariffs on 120 US goods, including fruit. The tariffs on those products will be raised by an extra 15%.


Govt plans 2nd tranche of Bharat-22 Exchange Traded Fund (ETF) and has set a target of 800 bn through PSU disinvestment. ICICI Prudential Mutual Fund, which is managing the ETF filed draft papers for a follow-on offer with SEBI.