In times such as now, equity allocation needs to be increased. One could also look at other options like FDs.
One may expect equity investors to be aware of the markets’ being subject to volatility. Volumes have been written about how a long-term strategy should see one’s equity market investments rise even in a volatile market. So, it would be reasonable to expect those with a clear time horizon and goal-oriented investments to do well. Let’s take a look at what investors could do in situations like now, where the markets have drifted downwards and are now staying in a range.
The worst thing would be to cash out one’s equity assets. Typically, investors get in when the markets are trending higher. There are lots of fence sitters when the markets are rising. It is when the markets have run up almost to the top that the stampede to get in begins. That’s the wrong time.
Again, when the markets have started sliding, investors want to sit out the slump. But they suddenly lose their nerve when markets go down the tube, on a continuous losing trend. At some such point, a stampede starts. They just book their losses and exit out, costs be damned. Most people don’t look at the market at all till there is a frenzy again.
By the asset allocation principle, one would need to commit more money to equities at present, as their values would have eroded and they’d have a smaller share in the asset allocation pie. Hence, equity allocation actually needs to be increased. Though it may be a gut-wrenching decision at this point, it will prove a winner over time. Even if one is not doing that, one could at least wait out this slump.
One should continue with Systematic Investment Plans (SIPs). Customers want to know if they should stop SIPs at this point, since the markets are down. On the contrary, all purchases done in this period through SIPs would help the investors get a higher number of units, ultimately helping them when the markets turn for the better.
Running after gold, as it is giving exceedingly good returns now, is also not advised. Gold is going up due to speculative activity. Gold exchange traded funds (ETFs) worldwide are collecting huge corpus and buying gold to be kept in their vaults. There is no productive use for this gold. It is just that there is a widespread expectation that gold will trend higher. It could do so, but this is speculative activity. Due to currency debasement and uncertainty in the world, gold is a comfort investment. Keep it that way. Invest between five and 10 per cent of your corpus in gold and other precious metals, through ETFs or similar options, instead of direct physical investments. Physical investments have additional costs and are also subject to wealth tax. Silver had already shown what can happen when there is massive speculation – it dropped 30 per cent in three days, when higher margins were imposed.
For those who invest in stocks, they could look at picking defensive themes like fast moving consumer goods, pharma and so on. The profitability of companies is coming down. In such situations, large market capitalisation companies and others with leadership positions in their industries could be good bets. Such companies have better pricing power and ability to weather the storm. If investments are through mutual funds (MFs), schemes investing in the above areas would be good bets.
For those with a long time horizon, of three to five years and beyond, mid-cap and small-cap companies would be good picks, as their prices are beaten down and offer good valuations now. If the goals are long-term, these investments could be a good idea.
For those wanting to put in a large sum of money in equity assets, they could break up the money and invest over time to take advantage of market fluctuations and spread their risks. In case of MF investments, these can be done in debt funds and can be transferred to appropriate equity funds over time.
OPTIONS
Volatility in equity markets often results in retail investors looking at other available investment avenues. For fixed income investors, fixed income monthly plans (FMPs) are a good idea. The underlying investments in FMPs, viz corporate paper (CPs) and corporate deposits (CDs), are now offering over 10 per cent returns.
If a person is in the dividend option, they could get 8.6 per cent or more returns, post-tax.This is attractive and is well above what the Public Provident Fund (PPF) offers. Best of all, this comes in an FMP with just over one year duration. There are bank fixed deposits (FDs,) company FDs and bond offerings which are attractive, too.
There is another excellent option before retail investors. Since the interest rate cycle is more or less at the peak and is expected to taper in about six months, there is potentially money to be made by investing in government securities - the G-sec funds which will give very good returns when the markets turn. Other funds holding corporate paper can similarly give good returns. Or, one could invest in dynamically managed debt funds, which a fund manager would manage and time the entry and exits of various investments, which is critical here.
Predicting the direction of the market is fraught with danger; even experts can’t do so. Taking a long-term view and investing and taking advantage of the present situation is the wise thing to do.
Saturday, June 11, 2011
MTNL, pvt telcos to share towers
The telecom PSU plans to get back in black in two years; BSNL too has started discussions to lease out its towers.
Mahanagar Telephone Nigam Ltd (MTNL) plans to share its passive infrastructure, including towers, with private service providers as part of its efforts to boost revenue and put the state-owned company back in black in two years.
MTNL, which offers services in Delhi and Mumbai, has about 1,400 towers and plans to add 700 more this financial year. It had reported a loss of around Rs 2,800 crore for 2010-11.
MTNL
Has services in Delhi & Mumbai only
Has about 1,400 towers
Plans to add 700 more this FY
Has reported Rs 2,800 crore loss for 2010-11
BSNL
Provides services across India, except Delhi & Mumbai
Has 40,000 towers
Posted a loss of Rs 1,823 crore for 2009-10
Expected to report Rs 2,500 crore loss for 2010-11
A senior company official told Business Standard that MTNL had invited expression of interest (EoI) for sharing of base transceiver stations (BTS) and other passive infrastructure in Delhi. Subsequently, an EoI for sharing of BTS sites in Mumbai would be called, he said.
BTS are mainly installed over towers. But sometimes, these are also installed indoor. Majority of MTNL’s BTS sites are at its own exchange sites.
The company had earlier shared some of its BTS sites with other service providers on an experimental basis. Following its success, MTNL has planned to extend it to both the circles it operates in, according to the official.
The development comes close on the heels of another state-run telecom company, BSNL’s, plan to hive off its tower business to a separate subsidiary to unlock value. BSNL, which provides services across the country except Delhi and Mumbai, has 40,000 towers. It has also started discussions with private players to lease out its towers.
Amid declining revenues and market share in a cut-throat competition, both telecom players are trying hard to generate additional revenues, and leasing out towers to private service providers is one such step.
For 2009-10, BSNL posted a loss of Rs 1,823 crore, the first time since its inception in 2000. It is expected to report about Rs 2,500 crore loss for 2010-11.
The leasing of towers is in the interest of these companies, as there are already many infrastructure providers, who will lease out towers to telecom companies, if not MTNL and BSNL.
Most new telecom service providers are not looking to invest in towers, while incumbents such as Bharti Airtel and Vodafone-Essar have spun off their tower businesses.
Mahanagar Telephone Nigam Ltd (MTNL) plans to share its passive infrastructure, including towers, with private service providers as part of its efforts to boost revenue and put the state-owned company back in black in two years.
MTNL, which offers services in Delhi and Mumbai, has about 1,400 towers and plans to add 700 more this financial year. It had reported a loss of around Rs 2,800 crore for 2010-11.
MTNL
Has services in Delhi & Mumbai only
Has about 1,400 towers
Plans to add 700 more this FY
Has reported Rs 2,800 crore loss for 2010-11
BSNL
Provides services across India, except Delhi & Mumbai
Has 40,000 towers
Posted a loss of Rs 1,823 crore for 2009-10
Expected to report Rs 2,500 crore loss for 2010-11
A senior company official told Business Standard that MTNL had invited expression of interest (EoI) for sharing of base transceiver stations (BTS) and other passive infrastructure in Delhi. Subsequently, an EoI for sharing of BTS sites in Mumbai would be called, he said.
BTS are mainly installed over towers. But sometimes, these are also installed indoor. Majority of MTNL’s BTS sites are at its own exchange sites.
The company had earlier shared some of its BTS sites with other service providers on an experimental basis. Following its success, MTNL has planned to extend it to both the circles it operates in, according to the official.
The development comes close on the heels of another state-run telecom company, BSNL’s, plan to hive off its tower business to a separate subsidiary to unlock value. BSNL, which provides services across the country except Delhi and Mumbai, has 40,000 towers. It has also started discussions with private players to lease out its towers.
Amid declining revenues and market share in a cut-throat competition, both telecom players are trying hard to generate additional revenues, and leasing out towers to private service providers is one such step.
For 2009-10, BSNL posted a loss of Rs 1,823 crore, the first time since its inception in 2000. It is expected to report about Rs 2,500 crore loss for 2010-11.
The leasing of towers is in the interest of these companies, as there are already many infrastructure providers, who will lease out towers to telecom companies, if not MTNL and BSNL.
Most new telecom service providers are not looking to invest in towers, while incumbents such as Bharti Airtel and Vodafone-Essar have spun off their tower businesses.
Volatile market conditions ahead, investors should be cautious: Analysts
The domestic stock markets are currently under the influence of the interplay of many macroeconomic factors. The market movement will depend on how these factors play out in the next few weeks. Primary among them is quantitative easing. Investors have to track these factors closely before they invest further in the stock markets.
Sluggish US economy
The US economy has slowed down according to the latest data. The report, known as the 'Beige Book' , based on anecdotal information gathered by officials at the Fed regional banks, says that for the period April and May there has been a softening in the GDP growth in the US. This has currently been attributed to the burden of high gas prices that has weakened consumer spending .
The US Fed's Governor Ben Bernanke felt the slowdown due to high gas prices and Japan's crises is temporary and growth should pick up later this year without additional support in the form of another round of quantitative easing.
Quantitative easing II
Despite the recent weakening economic data, the Fed's enormous treasury buying programme is expected to conclude in June 2011. Many investors say quantitative easing two (QE2) has boosted stock prices in the US since late last year. Further, the stimulus has driven commodity prices higher due to carry trade, and has depressed the dollar.
With QE2 coming to an end the opposite is happening . The stock markets are on a decline trend and the dollar has strengthened against other currencies. The ending of QE2 is expected to unwind the carry trades in commodities and bring commodity prices lower.
Global liquidity pie shrinking
The end of QE2 will shrink the global liquidity pie. The Asian markets such as Hong Kong were a key beneficiary of the flood of liquidity that entered the global financial system as a result of the Fed's actions last November.
But if liquidity in the whole world is shrinking, then it becomes a question of which markets can attract this contracting liquidity. Analysts are of the opinion that emerging markets such as China are poised to attract the shrinking global liquidity due to their superior GDP growth.
Sluggish US economy
The US economy has slowed down according to the latest data. The report, known as the 'Beige Book' , based on anecdotal information gathered by officials at the Fed regional banks, says that for the period April and May there has been a softening in the GDP growth in the US. This has currently been attributed to the burden of high gas prices that has weakened consumer spending .
The US Fed's Governor Ben Bernanke felt the slowdown due to high gas prices and Japan's crises is temporary and growth should pick up later this year without additional support in the form of another round of quantitative easing.
Quantitative easing II
Despite the recent weakening economic data, the Fed's enormous treasury buying programme is expected to conclude in June 2011. Many investors say quantitative easing two (QE2) has boosted stock prices in the US since late last year. Further, the stimulus has driven commodity prices higher due to carry trade, and has depressed the dollar.
With QE2 coming to an end the opposite is happening . The stock markets are on a decline trend and the dollar has strengthened against other currencies. The ending of QE2 is expected to unwind the carry trades in commodities and bring commodity prices lower.
Global liquidity pie shrinking
The end of QE2 will shrink the global liquidity pie. The Asian markets such as Hong Kong were a key beneficiary of the flood of liquidity that entered the global financial system as a result of the Fed's actions last November.
But if liquidity in the whole world is shrinking, then it becomes a question of which markets can attract this contracting liquidity. Analysts are of the opinion that emerging markets such as China are poised to attract the shrinking global liquidity due to their superior GDP growth.
Barack Obama calls on private sector to create jobs
WASHINGTON: US President Barack Obama on Saturday called for the private sector to create more jobs, but underlined the government's role in promoting professional education.
"Now, government is not -- and should not be -- the main engine of job-creation in this country. That's the role of the private sector, " the president said in his weekly radio and internet address.
"But one thing government can do is partner with the private sector to make sure that every worker has the necessary skills for the jobs they're applying for," Obama added.
His comments came after labor department figures showed only 54,000 new jobs had been created in May, just a quarter of the February-April pace; the unemployment rate had edged up to 9.1 percent.
The White House and economists cautioned that the poor data was likely a monthly blip, but it has fueled allegations that Obama's economic policies are failing, 18 months ahead of the presidential election.
The president noted that the US economy had not got into what he called a "mess" overnight, and would not resolve its problems quickly.
"It's going to take time," he warned.
Obama pointed to the importance of investing in wind power, solar power, and biofuels to make America less dependent on foreign oil and to clean up the environment.
"These are steps we know will make a difference in people's lives -- not just twenty years from now, or ten years from now, but now, and in the months to come," the president said.
"Now, government is not -- and should not be -- the main engine of job-creation in this country. That's the role of the private sector, " the president said in his weekly radio and internet address.
"But one thing government can do is partner with the private sector to make sure that every worker has the necessary skills for the jobs they're applying for," Obama added.
His comments came after labor department figures showed only 54,000 new jobs had been created in May, just a quarter of the February-April pace; the unemployment rate had edged up to 9.1 percent.
The White House and economists cautioned that the poor data was likely a monthly blip, but it has fueled allegations that Obama's economic policies are failing, 18 months ahead of the presidential election.
The president noted that the US economy had not got into what he called a "mess" overnight, and would not resolve its problems quickly.
"It's going to take time," he warned.
Obama pointed to the importance of investing in wind power, solar power, and biofuels to make America less dependent on foreign oil and to clean up the environment.
"These are steps we know will make a difference in people's lives -- not just twenty years from now, or ten years from now, but now, and in the months to come," the president said.
My success story will inspire comman man: Narayana Murthy
BANGALORE: A self-proclaimed common man who created uncommon wealth for shareholders, employees and the founders got a warm farewell at the 30th annual general meeting of Infosys. N R Narayana Murthy on Saturday chaired the AGM for the last time as he hangs up his boots in August at Infosys — his "middle child".
Addressing shareholders, among whom sat people with just 15 shares and those with lakhs, Murthy said: "I am an average person with many below-average attributes.... My little story should be a confidence-booster for every average person in the world (so) that he or she can make a difference, at least in a small way, to this world."
Such typical humility apart, what's incontestable is the fact that Murthy will go down as the architect of one of the biggest wealth-creation stories in India. Infosys employees, through stock options, have benefited to the extent of Rs 50,000 crore as the company has distributed 27% of its equity among them. The dividend distributed among the shareholders amounts to Rs 11,623 crore. The market capitalisation of Infosys, with 4.5 lakh shareholders, has annually grown at a compounded rate of 50% since 1994, making it India's second most valued technology company.
Watched by his newlywed son Rohan, daughter-in-law Lakshmi, wife Sudha and the families of other founders and senior executives, Murthy said turning 30 — Infosys is in its 30th year of operations — is a good time to reflect and look ahead. Thirty is also a time to break new ground.
The company, which announced four new members to its board — V Balakrishnan, Ashok Vemuri, BG Srinivas and Anne Fudge — is positioning itself for a new version: Infosys 3.0. Murthy said: "The crucial things we have to do are: be firm in pursuing our values, recognize our weaknesses, embrace meritocracy, be open-minded about learning from people better than us, learn from our mistakes and not repeat them, be humble, honest and courteous, be firm in taking quick decisions."
"The Infosys journey has been an integral part of my life. My colleagues say Infosys is an inseparable part of me, and I am an inseparable part of Infosys. I have been a No. 1 actor in every major decision taken in this company so far. I have rejoiced in every milestone of the company." He admitted: "It is not easy for me to deliver my last address at this forum. As I speak, a mosaic of images from the past whizz through my mind. The list seems endless, and it would be difficult to narrate them all. The day we assembled in my tiny apartment in Mumbai to decide that respect from every shareholder was the most valuable thing for us, was momentous.
Addressing shareholders, among whom sat people with just 15 shares and those with lakhs, Murthy said: "I am an average person with many below-average attributes.... My little story should be a confidence-booster for every average person in the world (so) that he or she can make a difference, at least in a small way, to this world."
Such typical humility apart, what's incontestable is the fact that Murthy will go down as the architect of one of the biggest wealth-creation stories in India. Infosys employees, through stock options, have benefited to the extent of Rs 50,000 crore as the company has distributed 27% of its equity among them. The dividend distributed among the shareholders amounts to Rs 11,623 crore. The market capitalisation of Infosys, with 4.5 lakh shareholders, has annually grown at a compounded rate of 50% since 1994, making it India's second most valued technology company.
Watched by his newlywed son Rohan, daughter-in-law Lakshmi, wife Sudha and the families of other founders and senior executives, Murthy said turning 30 — Infosys is in its 30th year of operations — is a good time to reflect and look ahead. Thirty is also a time to break new ground.
The company, which announced four new members to its board — V Balakrishnan, Ashok Vemuri, BG Srinivas and Anne Fudge — is positioning itself for a new version: Infosys 3.0. Murthy said: "The crucial things we have to do are: be firm in pursuing our values, recognize our weaknesses, embrace meritocracy, be open-minded about learning from people better than us, learn from our mistakes and not repeat them, be humble, honest and courteous, be firm in taking quick decisions."
"The Infosys journey has been an integral part of my life. My colleagues say Infosys is an inseparable part of me, and I am an inseparable part of Infosys. I have been a No. 1 actor in every major decision taken in this company so far. I have rejoiced in every milestone of the company." He admitted: "It is not easy for me to deliver my last address at this forum. As I speak, a mosaic of images from the past whizz through my mind. The list seems endless, and it would be difficult to narrate them all. The day we assembled in my tiny apartment in Mumbai to decide that respect from every shareholder was the most valuable thing for us, was momentous.
Friday, June 10, 2011
Punj Lloyd trades firm, but brokerages sceptical
The stock of Punj Lloyd has been on the upswing after the company reported a good financial performance for the fourth quarter ended March 31. However, brokerages are sceptical about the company's performance going forward, owing to its ongoing Libya and ONGC crisis.
The infrastructure major has reported a consolidated net profit of Rs 18 crore for the fourth quarter ended March 31,, as against a net loss of Rs 302 crore in the corresponding quarter last fiscal.
“We see the following negative catalysts for Punj Lloyd: Weak order inflow trend continuing in FY12; further deterioration in execution and receivables cycle; and lower-than-expected FY12 margins,” said Goldman Sachs. While maintaining ‘sell' on Punj Lloyd, it revised the price target to Rs 57 from earlier Rs 62.
Roadblocks
According to Credit Suisse, “Given the low margins on order book and adjusted order book decline of over 30 per cent Y-o-Y (adjusted for non-moving Libya orders), it may be difficult for financial performance to improve next year. Therefore, we believe consensus numbers are at risk. Adjusted for auditor qualifications and assets in Libya, the stock is trading at 1.4x its adjusted book value of Rs 49/share.”
An Emkay report, which maintained a ‘hold' rating on Punj Lloyd, with a price target of Rs 91, said: “So far, Punj Lloyd has shown chequered performance — with good performance in few quarters and disappointment in many quarters. Further, progress on large orders remains tardy impacting the revenues and corresponding EBIDTA margins.” Until there is stabilisation of operations with no negative surprise, a change in rating is not warranted, the report opined.
Punj Lloyd still has outstanding issues with cost over-runs in its ONGC project and has claims outstanding of Rs 243 crore, which has been qualified by the auditor.
Another domestic brokerage Batlivala & Karani said: “The current order book of the company stands at Rs 22,800 crore, and is 2.2x FY-12E sales, which is low compared to its peers. Out of this, work on Rs 3,000-crore worth of projects in Libya is currently halted. Net addition to the order book has been very low during FY11 due to cancellation of Rs 6,250-crore Libyan orders.”
The infrastructure major has reported a consolidated net profit of Rs 18 crore for the fourth quarter ended March 31,, as against a net loss of Rs 302 crore in the corresponding quarter last fiscal.
“We see the following negative catalysts for Punj Lloyd: Weak order inflow trend continuing in FY12; further deterioration in execution and receivables cycle; and lower-than-expected FY12 margins,” said Goldman Sachs. While maintaining ‘sell' on Punj Lloyd, it revised the price target to Rs 57 from earlier Rs 62.
Roadblocks
According to Credit Suisse, “Given the low margins on order book and adjusted order book decline of over 30 per cent Y-o-Y (adjusted for non-moving Libya orders), it may be difficult for financial performance to improve next year. Therefore, we believe consensus numbers are at risk. Adjusted for auditor qualifications and assets in Libya, the stock is trading at 1.4x its adjusted book value of Rs 49/share.”
An Emkay report, which maintained a ‘hold' rating on Punj Lloyd, with a price target of Rs 91, said: “So far, Punj Lloyd has shown chequered performance — with good performance in few quarters and disappointment in many quarters. Further, progress on large orders remains tardy impacting the revenues and corresponding EBIDTA margins.” Until there is stabilisation of operations with no negative surprise, a change in rating is not warranted, the report opined.
Punj Lloyd still has outstanding issues with cost over-runs in its ONGC project and has claims outstanding of Rs 243 crore, which has been qualified by the auditor.
Another domestic brokerage Batlivala & Karani said: “The current order book of the company stands at Rs 22,800 crore, and is 2.2x FY-12E sales, which is low compared to its peers. Out of this, work on Rs 3,000-crore worth of projects in Libya is currently halted. Net addition to the order book has been very low during FY11 due to cancellation of Rs 6,250-crore Libyan orders.”
RBI urged to re-look tight money policy as industry output dips
With hardening interest rates impacting consumer demand, the Chief Economic Advisor (CEA) to the Finance Ministry, Dr Kaushik Basu, on Friday virtually called the Reserve Bank of India to re-look its tight monetary stance.
“The RBI will have to balance its monetary policy tightening in view of growing concerns, particularly in consumer goods front, where higher interest rates are impacting demand,” Mr Basu told reporters here.
This comment comes less than a week before the central bank is to hold a mid-quarter review of its monetary policy. As part of its anti-inflation measures, the RBI has raised its key policy rates nine times since March 2010.
According to the latest Index of Industrial Production (IIP) data, the output in the consumer goods sector slowed to 2.9 per cent in April 2011 from 13.8 per cent in the year-ago period.
Even as there are fears of economic growth moderation, the RBI is widely expected to raise policy rates as part of its current tight monetary stance to tame inflation. The central bank may, however, desist from an aggressive increase (last time it went in for 50 basis points hike) given the slowdown in industrial output in April this year.
India's April 2011 industrial output grew 6.3 per cent compared with 13.1 per cent a year ago period, on account of poor showing in consumer goods, manufacturing and mining sectors.
Concerned over the falling industrial growth rate, the Finance Minister, Mr Pranab Mukherjee, told reporters today that “the IIP growth figures are disturbing. We need to wait for the longer-term IIP growth to see the trend”.
Factory output numbers
Meanwhile, the growth in factory output numbers for the fiscal 2010-11 has been revised upward to 8.2 per cent in the new series (with base as 2004-05) from 7.8 per cent projected in the series with 1993-94 as base year. Dr Basu said there will be a marginal upward revision in 2010-11 GDP figures following change in IIP growth for that year.
“There will be a small upward revision in 2010-11 GDP growth figure due to change in IIP growth. We are in the midst of re-calculation of our growth prospects. We will be able to come out with clear assessment by the end of the month,” Dr Basu said.
On the diesel price hike, Dr Basu said that the government should soon take a decision in this regard.
“We are committed to our fiscal consolidation target. We don't want to divert from it. We will very soon have to take stock of diesel prices,” Dr Basu said.
“The RBI will have to balance its monetary policy tightening in view of growing concerns, particularly in consumer goods front, where higher interest rates are impacting demand,” Mr Basu told reporters here.
This comment comes less than a week before the central bank is to hold a mid-quarter review of its monetary policy. As part of its anti-inflation measures, the RBI has raised its key policy rates nine times since March 2010.
According to the latest Index of Industrial Production (IIP) data, the output in the consumer goods sector slowed to 2.9 per cent in April 2011 from 13.8 per cent in the year-ago period.
Even as there are fears of economic growth moderation, the RBI is widely expected to raise policy rates as part of its current tight monetary stance to tame inflation. The central bank may, however, desist from an aggressive increase (last time it went in for 50 basis points hike) given the slowdown in industrial output in April this year.
India's April 2011 industrial output grew 6.3 per cent compared with 13.1 per cent a year ago period, on account of poor showing in consumer goods, manufacturing and mining sectors.
Concerned over the falling industrial growth rate, the Finance Minister, Mr Pranab Mukherjee, told reporters today that “the IIP growth figures are disturbing. We need to wait for the longer-term IIP growth to see the trend”.
Factory output numbers
Meanwhile, the growth in factory output numbers for the fiscal 2010-11 has been revised upward to 8.2 per cent in the new series (with base as 2004-05) from 7.8 per cent projected in the series with 1993-94 as base year. Dr Basu said there will be a marginal upward revision in 2010-11 GDP figures following change in IIP growth for that year.
“There will be a small upward revision in 2010-11 GDP growth figure due to change in IIP growth. We are in the midst of re-calculation of our growth prospects. We will be able to come out with clear assessment by the end of the month,” Dr Basu said.
On the diesel price hike, Dr Basu said that the government should soon take a decision in this regard.
“We are committed to our fiscal consolidation target. We don't want to divert from it. We will very soon have to take stock of diesel prices,” Dr Basu said.
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