Petrol and diesel price May 4: Fuel cost unchanged; Check prices in Delhi, Mumbai, other cities here Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: Petrol prices have been left untouched for the 27th day running by oil marketing companies (OMC) on May 4. Prices have been steady since April 6 after OMCs hiked prices by Rs 10 per litre through 14 price hikes across major cities. Petrol in the National Capital of Delhi is currently priced at Rs 105.41 per litre, after the last hike of 80 paise nearly a month ago. Diesel in the city is priced at Rs 95.87. In Mumbai, a litre of petrol and diesel cost Rs 120.51 and Rs 104.71, respectively. Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with benchmark international prices and foreign exchange rates. Prices have increased across states but the magnitude of the revision in prices varies from state to state. Any changes in petrol and diesel prices are implemented with effect from 6 am every day. Retail petrol and diesel prices differ from state to state on account of local taxes like VAT or freight charges. Petrol prices have touched fresh highs recently, hitting as much as Rs 122.93 per litre in Sri Ganganagar, Rajasthan. Mumbai: Petrol price: Rs 120.51 per litre, Diesel price: 104.71 per litre Delhi: Petrol price: Rs 105.41 per litre, Diesel price: Rs 95.87 per litre Chennai: Petrol price: Rs 110.85 per litre, Diesel price: Rs 100.94 per litre Kolkata: Petrol price: Rs 115.12 per litre, Diesel price: Rs 99.83 per litre Bengaluru: Petrol: Rs 111.09 per litre, Diesel: Rs 94.79 per litre Noida: Petrol: Rs 105.47 per litre, Diesel: Rs 97.03 per litre Gurugram: Petrol: Rs 105.86 per litre, Diesel: Rs 97.10 per litre Chandigarh: Petrol: Rs 104.74, Diesel: Rs 90.83 per litre Crude Oil price Crude oil prices moved higher on Tuesday morning, as investors gauged the threat to supply following reports that the European Union was working on sanctions against Russia. Brent crude futures were up 90 cents to trade near $105.87 per barrel. U.S. West Texas Intermediate (WTI) crude futures were up $1 to hover around $103.41 a barrel.
Services miss estimates; Software better than expected: Services business grew 0.6% q-o-q cc and missed HCLT’s Q3FY23 guidance, mainly due to a 3.8% q-o-q cc decline in the ER&D segment. Growth in the IT&BS segment moderated slightly to 1.6% q-o-qcc but was in line with estimates. BFSI and Life Sciences were the key growth drivers, while communications were the drag among verticals. Growth was led by the Americas region, while Europe and ROW posted declines.
Decline in bookings reflects delays in decision-making: HCLT won 10 large deals in services and three large deals in Software with net-new deal TCV of $2.1bn, down 8% y-o-y. Deal wins were driven by the services portfolio, were centered on cost optimisation and vendor consolidation and came mainly from BFSI, manufacturing and Life Sciences verticals. Management highlighted a ramp-down in discretionary spending in Hitech and communications verticals but pointed to a strong deal pipeline.
FY24 guidance in line with expectations: HCLT has guided for 6-8% y-o-y growth for overall business and 6.5-8.5% y-o-y cc growth in services segment and 18-19% margins in FY24—all in line with our assumptions. We maintain our FY24-25 cc revenue growth and margin estimates and expect HCLT to deliver 6.5% cc revenue growth and 18.4% margins in FY24. However, we lower our earnings forecasts by 2% to factor the higher tax rate indicated by the management.
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Raise PT: HCLT has fared better in Q4, particularly in North America and BFSI, unlike its peers. However, rising demand uncertainty as a US recession nears remains a concern. HCLT’s stock at CMP trades at 17x PE and offers a 5% yield, which in our view should limit downsides and derating. Hence, we raise our target PE to 17x (16x earlier) and raise our PT to Rs 1,125, offering 8% potential upside.