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With over 50 percent of the above 18 population now being administered with the first dose, India reached a crucial landmark on 21 October. The country took 278 days to administer a total of 100 crore vaccine doses.

Praise has poured in for India reaching the 100-crore-vaccination milestone from all quarters, from both domestic and global voices.

Congratulating the people & healthcare workers of India, NITI Aayog Member-Health VK Paul said it was remarkable to reach the 100-crore-dose mark for any nation, especially counting that it was attained in just over nine months since the vaccination program had started in India.

"This extraordinary feat was not possible in this short period of time without strong political leadership, intersectoral convergence, dedicated efforts of the entire health and frontline workforce and the people themselves," Poonam Khetrapal, World Health Organization Regional Director, South-East Asia said.

India's progress must be viewed in the context of the country's commendable commitment and efforts to ensure these life saving vaccines are accessible globally, she added.

Among the Union Ministers, Health Minister Mansukh Mandavia was the first to tweet his congratulations to the country, sharing an image of a counter targeting 100 crore doses, which had run down to zero.

Prime Minister Narendra Modi earlier tweeted as "India scripts history".

"100 crore is not just a statistics. It's the self confidence of more than 100 crore people," Commerce and Industry Minister Piyush Goyal tweeted.

"Despite vaccine hesitancy, despite the opposition’s efforts to derail the process, PM Shri Narendra Modi ji’s leadership has done the incredible. Big thanks to all the health workers," Labour and Environment Minister Bhupender Yadav said.

Hesitancy remained a major talking point for the central government with Railways Minister Ashwini Vaishnaw appealing to people to shun COVID19 vaccine hesitancy. "This is a significant milestone. Railways employees have also played an important role in achieving this milestone. We have to make sure that the people receive full vaccination," he said.

Taking a dig at opposition-ruled states, Aviation Minister Jyotiraditya Scindia also pointed to 'mishandling on the part of some state governments, as the list of challenges India had to face before reaching this milestone.

Anurag Singh Thakur, I&B, and Youth Affairs & Sports chose to praise the work of scientists and health workers in helping India achieve this unprecedented feat.On the occasion, Uttar Pradesh Chief Minister Yogi Adityanath said this proves that the defeat of the Covid is now guaranteed.

A number of ambassadors from other countries also took to Twitter to congratulate India. "Congratulations India on administering 1 billion vaccine doses. I received both my vaccine doses as part of India's vaccination program - thanks to the Indian government," Australian High Commissioner Barry O' Farrell, said.

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The index hit 3-year high of 3,111 level led by gains from Power Grid and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.

While the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, TataWhile the market is struggling amid profit booking, the S&P BSE Power index is up over 2 percent. The index hit a 3-year high of three ,111 level led by gains from power system and Bharat Heavy Electricals which jumped over 5 percent each followed by NTPC, Tata Power, KEC and NHPC among others.

BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for supply of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .

Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.

According to a report by Motilal Oswal, "Demand has been improving with coal reporting a 33 percent YoY increase in offtake for 1QFY22. With improving offtake and realizations, we see operating leverage coming into play in FY22. Notwithstanding any longer negative shocks, we expect coal’s profitability to recover in FY22E (+24 percent YoY)."

"The capex run-rate is probably going to extend within the near term, but higher dispatches and a few normalizations in receivables should aid cash generation and maintain dividends (dividend yield: 12 percent)," the brokerage added.

As Power stocks outperformed over 174 stocks hit a new 52-week high on BSE including power system Corporation, Power Finance Corporation, NTPC, Coal India, Diamond Power, and NHPC among others.

The equity market was trading at day's low at the time of scripting this copy, following weak Asian cues with Sensex down 488.20 points, or 0.81 percent, at 59,589.68 and therefore the Nifty falling 125.20 points, or 0.70 percent, at 17,729.90.

The market was largely dragged by sectors like realty, the index fell over 3 percent, followed by IT, banks and pharma stocks.

According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, markets might consolidate for a short time before making a decisive move. There are conflicting signals which may influence the markets within the short term. The rise in US 10-year bond yield may be a negative for emerging markets like India, particularly if this trend sustains and gathers momentum, going forward. A rise in Brent crude to USD 80 may be a negative for India's macros.

"We are witnessing sectoral rotation in Indian markets now. Buying in banks and autos may be a reflection of accelerating confidence within the domestic economy theme. there's profit booking in IT since the segment has given excellent returns of 82 percent one-year return," he added.

NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme. Power, KEC and NHPC among others.

BHEL is focused after the corporate won an order from Goa Shipyard for warship gun mount. "Goa Shipyard has placed a maiden order on Bharat Heavy Electricals Limited (BHEL) for the availability of an upgraded Super Rapid Gun Mount (SRGM), the most gun onboard most Warships of the Indian Navy," company said in its handout .

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Power Grid, on the opposite hand, received shareholders’ approval to boost up to Rs 6,000 crore through bonds or debentures on a personal placement basis and REC received shareholders' approval to boost up to Rs 85,000 crore through issuance of non-convertible bonds or debentures.

NTPC registered a fresh 52-week high after the corporate confirmed the winning of 1.9 GW solar projects under Central Public Sector Undertaking (CPSU) scheme.

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Sensex, Nifty end flat amid volatility; auto stocks gain, IT drags

BSE Midcap and Smallcap indices are trading flat. On the sectoral front, auto, oil & gas and realty indices up 1-3 percent, while IT and Pharma indices down 1-2.5 percent.

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Topic :- Time:3.00 PM

Nifty spot close above 17860 level will result in some upmove and close below above mentioned level will mean some further decline in the market. Avoid open positions for tomorrow.

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Topic :- Time:2.10 PM

Just In:

India has China on its toes as Modi govt engages Taiwan to solve domestic chip shortage.

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Topic :- Time:2.00 PM

Nifty is likely to turn volatile now in last hour. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the Nifty. Currently nifty is trading at 17881 spot level.

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Topic :- Time:1.30 PM

CRUDEOIL Trading View:

CRUDEOIL is trading at 5516.If it breaks and trade below 5510 level then expect it to decline further and if it manages to trade and sustain above 5530 level then some upmove can be further seen in Crudeoil.

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Topic :- Time:1.10 PM

Just In:

Bharat Bandh 2021: Farmers block highways, roads at many places to protest against three farm laws.

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Topic :- Time:1.00 PM

Nifty is still trading with mix sentiments and in a small range. Nifty spot if breaks and trade below 17860 level then expect some decline in the market and if it manages to trade and sustain above 17900 level then some upmove can follow in the market.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 719.00.If it breaks and trade below 718.40 level then expect some decline in it and if it manages to trade and sustain above 720.40 level then some upmove can be seen in Copper.

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Topic :- Time:12.00 PM

Nifty is showing some recovery from lower levels. Nifty spot if manages to trade and sustain above 17880 level then expect some quick upmove and if it breaks and trade below 17840 level then some decline can follow in it.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex, Nifty off highs on profit-taking; IT index declines 2%

2. CCI levies Rs 752-cr penalty on United Breweries; stock declines 4%

3. SpiceJets plan to hive off cargo business challenged by creditors

4. Tata Steel, ONGC lead surge in advance tax; top 20 firms pay 47% more in Q2

5. Live news: Farmers hold Bharat Bandh; Modi launches digital health plan

6. Jet Airways staff approaches labour dept over non-payment of gratuity

7. DIPAM shortlists Cyril Amarchand Mangaldas as legal advisor for LIC IPO

8. KPR Mill rallies post stock split, gains 20% in 2 trading sessions

9. PVR, Inox hit 52-week high as theatres to reopen in Maharashtra from Oct 22

10. 30 firms may float public issues in Oct-Nov to mop up Rs 45,000 cr

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Topic :- Time:11.00 AM

After positive opening nifty is trading in red zone. Nifty spot if breaks and trade below 17840 level then expect some decline in the market and if it manages to trade and sustain above 17860 level then some upmove can follow in the Nifty.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 27 Sept,2021:

Nifty to trade volatile and is likely to follow global cues.

Nifty spot if manages to trade and sustain above 17900 level then expect some upmove and if it breaks and trade below 17800 level then some decline can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.

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A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said in a statement.

Rating agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 per cent from the sooner 8.5 per cent.

A ramp-up in COVID-19 vaccination, healthy advance estimates of Kharif (summer) crop and faster government spending were the factors that led to the revision, the agency said during a statement.

It is often noted that after the 7.3 per cent contraction in 2020-21, there have been expectations of a better growth number in 2021-22.

However, the second wave of COVID-19 infections early into the financial year, which spread even within the hinterland, made analysts more circumspect. The RBI expects the economy to grow at 9.5 percent.

Icra on Monday said it expects the last half of the financial year to possess brighter prospects.

The widening coverage of COVID-19 vaccines is probably going to spice up confidence, which can successively re-energise demand for contact-intensive services, helping to revive the portions of the economy affected most by the pandemic,” its chief economist Aditi Nayar said.

The robust Kharif harvest is probably going to sustain the consumption demand from the farm sector while the expected acceleration within the central government spending after the withdrawal of the sooner cash management guidelines will recharge this key driver of aggregate demand, she added.

The key risk to its revised projection of 9 per cent GDP growth may be a potential third wave and therefore the existing vaccines being ineffective against newer mutations of the virus, she said.

Nearly three-fourths of Indian adults could receive their second vaccine shot by the top of 2021 if the typical 7.9 million doses each day recorded between September 1-26 is sustained, Icra estimated.

Nayar said late sowing has helped bring the Kharif acreage nearly at par with last year's record area. In line with this, the primary advance estimates of crop production for 2021-22 signalled a strong rise in Kharif output, barring coarse cereals and oilseeds, quelling the concerns raised by the uneven monsoon and episodes of flooding.

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Based on these, the agency has revised up its GVA (gross value added) growth estimate for agriculture, forestry and fishing to three per cent each in the second and third quarters of 2021-22 from the sooner projection of a tepid 2 per cent rise, she added.

The Centre's spending contracted 4.7 per cent in April-July 2021 year-on-year, and stood at 28.8 per cent of the 2021-22 Budget Estimates, the agency said, expecting better government spending to spice up growth in the last half of the year.

However, it said that trends from the economic sector remain lacklustre in September 2021, with semi-conductor non-availability weighing upon auto production and a flattening out of GST e-way bills.

Moreover, heavy rains have dampened electricity demand and are likely to distort trends in mining and construction.

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Though a sustained bull run in the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

The Indian rupee edged lower by 5 paise to trade at 73.73 against the US dollar in opening deals on Monday thanks to fresh demands for dollar from banks and importers.

Though a sustained Bull Run within the domestic equity market and the dollar’s weakness against key rivals overseas lent some support to the rupee and checked its further fall, analysts said.

At the interbank exchange, the rupee opened on a weak note at 73.70 and slid further to 73.73 because the trade progressed, logging a loss of 5 paise against the greenback over its previous close.

On Friday, the Indian currency had closed 4 paise down at 73.68 against the US dollar.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.11 percent to 93.22.

On the domestic equity market front, the BSE Sensex was trading 114.73 points or 0.19 percent higher at 60,163.20. Similarly, the NSE Nifty was trading 23.25 points or 0.13 percent up at 17,876.45.

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Meanwhile, global petroleum benchmark Brent futures advanced 1.19 percent to USD 79.00 per barrel.

Foreign institutional investors were net buyers within the capital market on Friday as they purchased shares worth Rs 442.49 crore, as per exchange data.

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Benchmark indices ended higher with the Nifty closing above 17,500 amid mixed global cues.

At close, the Sensex was up 514.34 points or 0.88% at 59,005.27, and the Nifty was up 165.10 points or 0.95% at 17,562. About 1551 shares have advanced, 1602 shares declined, and 165 shares are unchanged.

JSW Steel, Bajaj Finance, ONGC, IndusInd Bank, and Bajaj Finserv were the top Nifty gainers. Maruti Suzuki, BPCL, Hero MotoCorp, Bajaj Auto, and Nestle were among the top losers.

Except for power and auto, all other sectoral indices ended in the green, with the reality, it, and metal indices up 2-3 percent. BSE midcap index rose nearly 1 percent, while smallcap index was up 0.2 percent.

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Topic :- Time:3.00 PM

A nifty spot close above 17520 levels will result in some further up move in coming sessions and a close below above-mentioned level will result in some sluggish movement. Avoid open positions for tomorrow.

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Topic :- Time:2.00 PM

Nifty is trading at 17472. If it breaks and trades below the 17460 levels then some decline can follow in the market and if it manages to trade and sustain above the 17520 levels then some upmove can be seen in the market.

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Topic :- Time:1.40 PM

GOLD Trading View:

GOLD is trading at 46199.If it manages to trade and sustain above 46220 level then some upmove can be seen in it and if it breaks and trade below 46160 level then some decline can follow in GOLD.

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Topic :- Time:1.10 PM

Indian stock market is trading highly volatile. Nifty spot if breaks and trade below 17420-17400 levels then expect some quick decline in the market and if it manages to trade and sustain above 17460 levels then some upmove can be seen in the Nifty.

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Topic :- Time:12.45 PM

IPO Alert:

Paras Defence IPO fully subscribed; retail portion booked over 8 times

Paras Defence and Space Technologies IPO is so far subscribed 4.41 times as it received bids for 3.15 crore shares against the IPO size of 71.40 lakh shares.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 704.60.If it manages to trade and sustain above 705.20 level then expect some upmove in it and if it breaks and trade below 704.00 level then some decline can be seen in the Copper.

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Topic :- Time:12.00 PM

Nifty is likely to turn more volatile now. Nifty spot if manages to trade and sustain above 17440 level then expect some upmove and if it breaks and trade below 17400 level then some more decline can be seen in the market. Investors should wait for some time its time for intraday trading.

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Topic :- Time:11.55 AM

After several months of relatively good news on the COVID-19 front, spikes in Delta Variant cases are causing many countries around the world to re-introduce restrictions. While Japan has taken measures in 13 of its 47 prefectures, across the world the U.S. is doubling down on travel restrictions. China has begun closing airports and axing flights to stem the spread, while in Europe, Germany is dealing with a fourth wave of infections, largely caused by the Delta variant.

What does this mean for the markets?

Economic recovery is still top priority, however if major markets are forced into lockdowns, we may see bouts of volatility in the near future.

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Topic :- Time:11.45 AM

Just In:

Matix Fertilisers & Chemicals settles Rs 4,500-crore debt with lenders outside NCLT ambit.

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Topic :- Time:11.30 AM

\News Wrap Up:

1. Sensex, Nifty volatile; banks bleed, realty stocks gain

2. HCL Tech hits new high on 5-year deal with US-based MKS Instruments

3. Evergrande will walk out of its darkest moment: Company chairman

4. Worlds richest 500 lose $135 bn as Evergrande sparks market rout

5. HDFC Bank says it will double retail loans, sees robust demand

6. No GST on back-office sector, says govt in intermediary services dispute

7. Sebi tweaks MF compensation circular ahead of implementation on Oct 1

8. SBI Cards plunges 6% as 4% equity changes hands on Exchanges via block deal

9. NDTV freezes at 10% upper circuit for 2nd straight day; hits 52-week high

10. KEC International rallies 12% in 2 days on acquisition of Spur Infra

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Topic :- Time:11.00 AM

After positive opening nifty is trading in red zone. Nifty spot if breaks and trade below 17340 level then expect some further decline in the market and if it manages to trade and sustain above 17360 level then some upmove can follow.

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Topic :- Stocks under F&O ban on NSE

1. Exide Industries

2. Indiabulls Housing Finance

3. Vodafone Idea

4. IRCTC

5. NALCO

6. Punjab National Bank

7. SAIL

8. Sun TV Network

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Topic :- Stocks in News

Kitex Garments: The company has signed the Memorandum of Understanding (MoU) with Telangana State Government for investing Rs 2,406 crore in Telangana.

Websol Energy System: Sumit Kumar Shaw, Chief Financial Officer has tendered resignation.

Universal Autofoundry: The company on October 1 will consider the issue of bonus shares, and migration from BSE SME Segment to the Main Board of BSE.

HCL Technologies: The company announced a five-year, digital transformation deal with MKS Instruments Inc., a global provider of instruments, systems, subsystems, and solutions for advanced manufacturing processes, to improve performance, productivity, and speed to market.

The Mandhana Retail Ventures: Rakesh Jhunjhunwala sold additional 98,094 equity shares in the company on September 17 and September 20, reducing shareholding to 10.32% from 10.77% earlier.

Action Construction Equipment: The company launched its Qualified Institutions Placement for fundraising. The floor price has been fixed at Rs 254.55 per share for the offer.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 21 Sept 2021:

Nifty to trade volatile and is likely to follow global cues. Trade as per market trend and avoid big positions.

Nifty spot if manages to trade and sustain above 17420 levels then expect some further upmove and if it breaks and trade below 17300 levels then some furthermore profit booking can follow in the market.

Investors should not panic due to this fall, We can see a sharp recovery in the market very soon. Use all lows as an opportunity to go long. 

Please note this is just an opening view and should not be considered as the view for the whole day.

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An internal audit found that Chinese influence at the World Bank led to data manipulation and ultimately a rigged national ranking for China in past Ease of Doing Business indexes. While the regulators investigate the matter and the global investor community remains dazed at the findings, Moneycontrol looks at what this means for India.

The Washington, DC-based International Bank for Reconstruction and Development Group said on September 16 it's pending publication of its Doing Business report after an indoor audit found “undue pressure” by top bank officials to control data had resulted in country rankings changed to favor China.

The investigations showed that the report, considered a worldwide benchmark to gauge investment climate across nations, had boosted China’s ranking in 2017.

Then International Bank for Reconstruction and Development president Jim Yong Kim then chief executive Kristalina Georgieva, who is now director of the International fund, are implicated within the findings. Moneycontrol takes a glance.

What is the Doing Business Report?

The Doing Business report outlined the amount of business regulation in 190 economies. It assessed the business climate on 12 broad parameters integral to starting, sustaining, and winding down a business. The 2020 report was the 17th within the series of annual studies.

The quantitative indicators ranged from handling construction permits, getting electricity, getting credit, protecting minority investors, paying taxes, and trading across borders. These might be compared across 190 economies—from Afghanistan to Zimbabwe—and over time. The study presented an in-depth analysis of costs, requirements, and procedures that a selected sort of private company is subjected to altogether countries and provided nations with specific prescriptions on how and when to reform key laws.

Why is it so crucial?

Nations around the world monitored the annual reports since they set the convenience of Doing index for the subsequent year. The index is that the formal ranking of countries – from most business-friendly to worst. it's competitive, changes quickly, and has in recent years garnered huge media attention. This report of sorts showed whether nations had improved or degenerated in their efforts to make a more liberal economic ecosystem, a minimum of for the typical business.

The growing significance of the index was partially thanks to rising interest across the developing world from countries including India, South Africa, Indonesia, Nigeria, Brazil, and China, which are continuously engaged in seeking more foreign direct investment.

What had been done?

On instructions from former International Bank for Reconstruction and Development president Jim Yong Kim and ex-CEO Kristalina Georgieva, the Doing Business team was instructed to re-evaluate China’s data to stay its rank at 78. Internal audits had been triggered in June 2020 by repeated allegations of knowledge manipulation. firm WilmerHale had prepared an independent report at the request of the bank’s ethics panel. Both raised concerns about China’s influence at the planet Bank.

They found that Kim discussed the report and China’s performance with senior Chinese officialdom in September 2017, a significant breach of practice and ethics because the results are never disclosed before the worldwide launch of the report. Also, the then executive for China met with members of the planet Bank’s East Asia and Pacific regional office on September 14 to tell them that if China’s rankings improved, everyone would be “relieved.”

How did it get so bad?

This isn’t the planet Bank’s first brush with scandal. In January 2018, Paul Romer, the planet Bank’s chief economist, announced that past releases of the index would be corrected and recalculated going back a minimum of four years. Romer apologized to Chile, saying the previous director of the group liable for the index had repeatedly manipulated its methodology, unfairly penalizing the country’s rankings during the administration of left-wing President Michelle Bachelet.

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Now, after reviewing all the knowledge available so far on Doing Business, including the findings of past reviews, audits, and therefore the final report released by the planet Bank, the management decided to discontinue the Doing Business report.

Why does this matter for India?

Since the Narendra Modi government took charge in 2014, it's focused on improving India’s rankings. the govt said in multiple fora that its target was to be counted as a part of the highest 50 clubs as soon as possible. It also initiated a good sweep of reforms to continuously improve conditions of doing business on the bottom across local, state, and national levels.

As a result, India’s rankings improved dramatically over the past five years. within the latest rankings, it rose 14 places to 63rd position in 2019, up from 74th within the previous year. The country was also placed within the list of “economies with the foremost notable improvement” for the third year during a row. Overall, India’s position jumped from a coffee 142 in 2014, an unparalleled feat.

The government had also extensively marketed its achievements both domestically and abroad. Continuously invoked at political rallies and television debates, the term “ease of doing business” had become an inherent part of the political discourse within the country.

Where does the govt stand on the issue?

After the controversy broke out, Kaushik Basu, who was International Bank for Reconstruction and Development chief economist from October 2012 to October 2016, said that while pressure from governments had always been the case, it had never given in. He said that to India’s credit, both the present and former Indian governments had never put pressure on the planet Bank for favorable reviews.

The sudden discrediting of the rankings has brought into question the framework of the report, its intent, and therefore the entire process. While the Centre has not yet officially commented on the matter, reports have stated that some officials fear this may discredit India’s overall simple doing business endeavor.

However, most officials believe it'll help in exposing how China bullies multilateral institutions to accommodate its demands. With global opinion on the matter slowly becoming clear, they hope this may cause more businesses to shift from China to India. India is currently wooing businesses to shift their supply chains from China through a variety of incentives

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The World Bank Group on September 16 said it ended publication of its Doing Business report after an investigation cited "undue pressure" by top bank officials.

Economist Kaushik Basu dubbed reports of manipulation of the World Bank's Doing Business ranking as "shocking".

Basu was Chief Economist of the World Bank from October 2012 to October 2016.

He said that when the Doing Business report was under his charge, the organization never gave in to pressure from governments.

He also clarified that the World Bank never faced pressure from the current or previous Indian government, led by Narendra Modi and Manmohan Singh respectively.

"The news of manipulation of World Bank's Doing Business Ranking is shocking. DB was under my charge from 2012 to 2016. There was pressure from govt. We NEVER gave in. Sad that this changed. I may add, to India's credit, I never had pressure from India's govt—current or previous," Basu tweeted.

The World Bank Group on September 16 said it ended publication of its Doing Business report, after an investigation cited "undue pressure" by top bank officials, including then-Chief Executive Kristalina Georgieva, to boost China's ranking in 2017.

The report ranks the country based on the investment climate.

An internal report had raised "ethical matters, including the conduct of former Board officials as well as current and/or former Bank staff".

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A board investigation conducted by the law firm WilmerHale cited "direct and indirect pressure" from senior staff in the office of then-World Bank President Jim Yong Kim to change the report's methodology to boost China's score, and said it likely occurred at his direction.

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Central excise and state VAT (Value Added Tax) make up for almost half of the retail selling price of petrol and diesel.