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Market News - Coal India workers strike hit production,Retail onion prices hit

Protests by workers at Coal India Ltd on September 24 hit output by about 56%, a senior company official told Reuters.The workers' strike over implementation of reforms including allowing 100% foreign direct investment (FDI) in coal mining - which India approved last month to attract global miners to India - paralyzed operations.


The company, which accounts for over four-fifths of India's coal output and employs about 300,000 people, registered a 30% attendance due to the strike. India depends on coal-based utilities for three-quarters of its electricity generation. Coal India produced a total of 466,000 tonnes of coal on September 24, which compared to a business-as-usual production estimate of 1.05 million tonnes, the official said.

Petrol and diesel prices today: The oil marketing companies (OMCs) on Tuesday raised the prices of petrol and diesel for the eighth straight day following a drone attack on the Saudi oil plants. In the last eight days, petrol prices have risen by Rs 2.1 and diesel rates have surged by Rs 1.64.

Demand for gold, imports nosedive to three-year low post-budget

The September quarter has proved to be one of the worst for jewelers with an increase in import duty, followed by a sharp increase in prices, pushing gold's price to an all-time high. The demand for gold, imports and import bills also fell sharply after the increase in duty and prices.

Despite some moderation in prices in the last 10 days, they are yet to come to a level that encourages investments in the precious metal. While the high price has hit jewelers hard, it comes as good news for the government as the gold import bill has started falling at a time when crude oil prices are rising. On a monthly basis, the import bill for gold in August was at $1.36 billion, a 36-month low.

Retail onion prices hit Rs 60 per kg in Mumbai on reduced supply
Onion prices have jumped in the Mumbai retail market to trade at Rs 60 a kg on reduced supply from wholesale mandis. In other metro centers also, the retail onion price is hovering between Rs 58-65 a kg.


Coal India | Gold | Petrol Prices | Diesel Prices | Onion Prices | Mcx | Commodity



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