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Emkay Global Financial Services has come out with its report on metal sector.
Motilal Oswal has come out with its report on media sector. The research firm is neutral on Zee and buy on Sun.
"As we understood in the last article, Derivatives derive their values from the assets they represent." says Sahaj Agrawal, AVP- Derivatives, Kotak Securities
Motilal Oswal is bearish on JSW Steel and has recommended sell rating on the stock with a target of Rs 526 in its May 15, 2012 research report.
FinQuest Securities is bearish on Shree Cements and has recommended sell rating on the stock with a target of Rs 2417 in its May 17, 2012 research report.
R K Global has recommended hold rating on Asian Paints with a target of Rs 3845, in its May 10, 2012 research report.
Dolat Capital is bullish on Dr Reddys Labs and has recommended accumulate rating on the stock with a target of Rs 1938 in its May 15, 2012 research report.
Prabhudas Lilladher is bullish on Cummins India and has recommended accumulate rating on the stock with a target of Rs 495 in its May 16, 2012 research report.
Motilal Oswal is bullish on Larsen and Toubro (LT) and has recommended buy rating on the stock with a target of Rs 1417 in its May 15, 2012 research report.
Sunidhi Securities is bullish on Arshiya International and has recommended buy rating on the stock with a target of Rs 195 in its May 15, 2012 research report.
A C Choksi is bullish on Bharat Petroleum Corporation (BPCL) and has recommended buy rating on the stock with a target of Rs 835 in its May 16, 2012 research report.
Nirmal Bang is bullish on Eicher Motors and has recommended buy rating on the stock with a target of Rs 2578 in its May 17, 2012 research report.
Firstcall Research is bullish on Shriram City Union Finance and has recommended buy rating on the stock with a target of Rs 706 in its May 12, 2012 research report.
Firstcall Research is bullish on Ingersoll Rand and has recommended buy rating on the stock with a target of Rs 512 in its May 14, 2012 research report.
Mahindra Satyam, a part of Mahindra group, rose as much as 7.8% intraday to hit a high of Rs 72 on Friday as the company reported a better than expected growth of 73.38% quarter-on-quarter in its consolidated net profit of Rs 534 crore for the fourth quarter of FY12 due to one time gain.
State-owned BEML, earthmoving and other heavy industrial equipment manufacturer for the mining and civil engineering industries fell as much as 13% on Friday to touch an intraday low of Rs 444.90 after the Karnataka police frozen company's bank accounts.
Shares of Koutons Retail gained as much as 15.4% to hit an intraday high of Rs 8.48% on Friday after the company said it has considered the preferential issue of equity shares to promoters and others by way of preferential allotment/private placement/QIP/ADR/GDR/FCCB issues or by any other means for a value upto USD 200 million yesterday.
On May 17, 2012 Fidelity Investment Trust Fidelity Emerging Markets Fund has sold 87,041 shares of VST Industries at Rs 1,814.15 on the NSE.
On May 17, 2012 Julius Baer Multistock Global Emerging Markets Stock Fund has sold 424,775 shares of Supreme Tex Mart at Rs 1.57 on the BSE.
State Bank of India (SBI) rallied as much as 4% intraday on Friday to touch a high of Rs 1,922.80 after excellent performance in quarterly numbers. The bank reported a higher than expected profit after tax of 4,050 crore for the fourth quarter of financial year 2011-12 due to improvement in asset quality.
On May 17, 2012 RPG Cellular Investments Holdings Pvt Ltd has sold 225,000 shares of FGP at Rs 2.64 on the BSE. However, Universal Industrial Fund Limited has bought 225,000 shares at Rs 2.64 on the BSE.
Future Capital Holdings' 2.5 crore shares representing 38.6% of equity of the company have changed hands at an average price of Rs 129.58 per share. The promoters hold 56.3% stake in the company.
Shares of country's largest lender State Bank of India gained 1%, outperforming other bluechips amid falling markets. The reason was its results that schedule to be announced today. Analysts on average expect strong numbers during the quarter.
Shares in oil companies gain on media reports that petrol and diesel prices will rise soon after Parliament's budget session ends on May 22.
Shares of Tata Motors, country's largest commercial vehicle maker fell as much as 7.5% to touch an intraday low of 268.55 on the BSE as the company's global vehicle sales growth in April was flat from a year earlier.
Shares of India Infoline shot up more than 11% on Tuesday after excellent performance reported by the company in fourth quarter earnings.
Fertilisers stocks shot up quite sharply after CNBC-Awaaz reported that Fertiliser Ministry has approved hike of 10% in urea prices on Tuesday.
Two days after announcing in Parliament that India will have to tighten its belt, Finance Minister Pranab Mukherjee has hinted at austerity measures that will be taken. Pranab said that there will soon be a ban on the purchase of new vehicles by the government departments.
Dr Shankar Acharya of ICRIER says he wouldn't lay much emphasis on the recent WPI inflation numbers. Government data shows India's consumer price inflation rose in April to 10.36%.
India's consumer price inflation accelerated in April to 10.36%. Sonal Varma of Nomura Financial Advisory Securities says, it is not a very surprising number. âÂÂThe number is basically reflecting the increase in food inflation we have seen in this month,â she asserts.
Half of corporate India's forex exposure are unhedged, according to the RBI, The Financial Express reported. External commercial borrowing due for repayment this year is around USD 9 billion this year.
India's consumer price inflation accelerated in April to 10.36%, making life harder for the RBI as it looks to kickstart a flagging economy.
NC Saxena, member, National Advisory Committee and R Seshasayee, executive vice-chairman, Ashok Leyland and former president, CII presented their views on CNBC-TV18 about the recommendations regarding land acquisition by the Standing Parliamentary Committee.
There has been hectic industry lobbying against the TRAI 2G auction recommendations and the ball is now in the government's court.
Fighting an ever expanding trade deficit accentuated by a weakening rupee, commerce minister Anand Sharma assured today that the government was serious about bringing growth back to kick-start the economy.
The Standing Committee on Land Acquisition has submitted its report in Parliament on Thursday. It endorses acquisitions made by governments only for social welfare projects and not for profit.
Foreign direct investment and portfolio flows into India remain strong, finance ministry officials told global ratings agency Fitch on Thursday, while making a pitch for a ratings upgrade.
India is trying to press for a ratings upgrade with officials at Fitch Ratings agency, who are in New Delhi to take stock of the economy, a government official said on Thursday.
Even though increasing vegetable price in April is a major cause of worry, Chetan Ahya, Morgan Stanley is expecting the Reserve Bank of India to cut rates this year.
Citing deteriorating global economic situation and its impact on India, a worried government today announced that it would resort to "unpopular" austerity measures to deal with fiscal problems.
The only benefit of a falling rupee goes to exporters. However, we are a net importing country. Our trade deficit is huge. This is the most important thing to check rupee fall, said Abraham Chacko, Executive Director, Federal Bank on the sidelines of a press conference held here in Mumbai.
Worried over deteriorating global economic situation and its impact on India, the government today announced that it would resort to "unpopular" austerity measures to deal with fiscal problems but made it clear there is no pressing of "panic button".
The BSE Sensex and NSE Nifty showed a nice rebound in late trade on Friday led by outstanding performance by SBI in fourth quarter numbers and sharp recovery in rupee from record low to near previous close. However, the global markets stayed under pressure due to eurozone concerns and weak US data.
The BSE Sensex was flat after showing recovery of more than 250 points from intraday low of 15,809.71. However, European markets extended losses, with the France's CAC, Germany's DAX and Britain's FTSE falling 1-1.5%.
The BSE Sensex and NSE Nifty recouped entire losses led by buying interest in banks, oil gas and FMCG stocks. Even the rupee recovered from record low of 54.89 a dollar to 54.72 a dollar, but it was still down 25 paise as compared to previous close of 54.47 a dollar.
The BSE Sensex and NSE Nifty pared somewhat losses in afternoon trade due to buying interest at lower levels in beaten down stocks. Even country's largest lender State Bank of India helped the market trim losses as the bank reported higher than expected profit after tax of Rs 4,050 crore.
The Sensex and the Nifty took heavy knock on Friday due to consistent fall across all the sectors. Rising concerns over Eurozone and disappointing US data dented the sentiment. Even the Indian rupee depreciated by 40 paise to record low of 54.86 a dollar as euro and other Asian currencies too were under pressure.
The BSE Sensex and NSE Nifty showed somewhat recovery, though both were down nearly 1% each. The Indian rupee fell to a record low against the dollar for the third consecutive day on Friday as risk aversion made a strong comeback with Asian stocks showing deep cuts and euro falling to a four-month low.
SENSEX-RUPEE-ICICI-INFOSYS-TATA-MOTORS:Sensex hits new 4-month low, rupee weakens
The BSE Sensex and NSE Nifty started of trade with 1.2% gap down on Friday morning, reacting sharply to rising concerns over Spain and Greece in Eurozone, and weak US economic data.
The BSE Sensex and NSE Nifty closed flat on Thursday amid never-ending Greece concerns and faltering rupee against dollar. Reliance Industries, State Bank of India, ITC and HDFC helped the market throughout the session whereas the fall in LT, ICICI Bank, ONGC, BHEL and TCS weighed in second half of trade.
SENSEX-NIFTY-LARSEN-TOUBRO-BAJAJ-AUTO:Sensex erases gains; LT, Bajaj fall
The BSE Sensex and NSE Nifty shed somewhat gains in afternoon trade due to fall in LT, ICICI Bank, ONGC and technology stocks. Weak opening of European markets too added somewhat pressure on the market.
The BSE Sensex continued to hold about 150 points gains led by short covering. Meanwhile the NSE Nifty remained above the 4900 level quite nicely led by support from stocks like Reliance Industries and ITC. SBI, Bharti Airtel and HDFC Bank too were quite supportive.
The BSE Sensex and NSE Nifty stayed 1% higher in morning trade led by short covering in most beaten down stocks. Banks, metals, auto and FMCG stocks saw buying interest today. Index heavyweight Reliance Industries gained 1%.
Indian ADRs ended lower on Thursday. In the IT space, Infosys was down 2.14% at USD 42.48, Wipro was down 0.57% at USD 8.74 and Patni was up 0.27% at USD 18.59.
Indian ADRs ended lower on Wednesday. In the IT space, Wipro was down 3.19% at USD 8.79, Patni was down 2.01% at USD 18.54 and Infosys was down 1.54% at USD 43.41.
Indian ADRs ended lower on Tuesday. In the IT space, Infosys was up 1.82% at USD 44.09, Wipro was up 0.78% at USD 9.08 and Patni was down 0.42% at USD 18.92.
Indian ADRs ended lower on Monday. In the IT space, Wipro was down 0.99% at USD 9.01, Infosys was down 0.98% at USD 43.3 and Patni was down 0.31% at USD 19.
Indian ADRs ended mixed on Friday. In the IT space, Infosys was down 1.64% at USD 44.73, Wipro was down at 1.09% at USD 9.10 while Patni was up 0.21% at USD 19.06.
Indian ADRs ended higher on Thursday. In the IT space, Wipro was up at 0.77% at USD 9.2, Patni was up 0.37% at USD 19.02 and Infosys was up 0.09% at USD 44.46.
Indian ADRs ended lower on Wednesday. In the IT space, Infosys was down 1.33% at USD 44.42, Patni was down 0.79% at USD 18.95 and Wipro was down at 0.44% at USD 9.13.
Indian ADRs ended higher on Monday. In the IT space, Patni was up 0.84% at USD 19.14, Infosys was down 1.8% at USD 44.85 and Wipro was down at 2.02% at USD 9.23.
Indian ADRs ended lower on Friday. In the IT space, Infosys was down 2.25% at $45.67, Wipro was down 1.26% at $9.42 and Patni was down 0.11% at $18.98.
Indian ADRs ended lower on Wednesday. In the IT space, Infosys was up 0.51% at USD 47.61, Patni was down 0.52% at USD 19.25 and Wipro was down at 0.21% at USD 9.64.
Indian ADRs ended lower on Friday. In the IT space, Infosys was up 0.41% at USD 47.06, Wipro was down 0.31% at USD 9.77 and Patni was unchanged at USD 19.30.
Japan's Nikkei average shed 3 percent on Friday to log a seventh straight week of losses, its longest such run since the third quarter of 2001, as investors sold stocks and other risky assets on concerns over slowing global growth and a deepening euro zone crisis.
German government bond yields hit record lows on Friday, the U.S. dollar rose and shares fell as the escalating bank crisis in Spain, a ratings downgrade for Greece and sluggish U.S. data spurred investor demand for safe-haven assets.
With stocks in Asia dropping to near their 2012 lows and investors fleeing risk assets on growing worries about Europe's debt crisis, several market watchers say it's time for Europe's central bank to step up bond purchases and ease monetary policy further.
At 8:20 hours IST: Asian markets were trading sharply lower due to rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for US economic recovery.
Stocks hit a four-month low on Thursday as rising Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for US economic recovery.
The euro slipped along with world stocks on Thursday as deepening turmoil in Greece and Spain kept investors wary of riskier assets, with weak US economic data adding to the cautious mood.
MARKETS-USA-STOCKS:US STOCKS SNAPSHOT - Stocks lower after Philly Fed data
Gustavo Bagattini of RBC Capital Markets spoke to CNBC-TV18 about Greece being on the top of everybody's minds in Europe.
Mecklai graph of the day: US treasury yields inching towards record low. The TIC purchases (Treasury International Capital) represent the net balance of domestic and foreign investment in the US treasury.
Asian shares recovered some ground on Thursday from the previous day's sell-off, but investors found little reason to chase risk amid deepening turmoil in Greece and fears of contagion to other stressed euro zone economies.
At 8:20 hours IST, Asian markets were trading higher. Shanghai Composite rose 8.11 points or 0.35% to 2,354.30 and Hong Kong's Hang Seng gained 76.97 points or 0.40% at 19,336.80.
Uncertainty surrounding Greece will continue to tug at markets Thursday, as traders await the pricing of the big Facebook IPO.
Stocks closed lower in a choppy session on Wednesday, with the SP 500 logging its fourth straight decline as investors worried about Greece's future as a member of the euro zone.
The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalised, euro zone central bank sources said on Wednesday.
The euro pared losses and bond prices slid on Wednesday after comments by German Chancellor Angela Merkel bolstered hopes that Greece would remain in the euro zone, while U.S. stocks rose on encouraging U.S. economic data.
It's been a tough week for the market. A gap down is what you can expect to wake up to. It was another negative session on Wall Street with the SP closing just shy of 1,300, as US data and fears over Europe weigh. This even as the much hyped Facebook issue is priced at USD 38 a share.
A Greek overhang remains on the global markets while back home, there seems to be no near-term respite for our currency. So, how will the rupee fare in trade today after plunging to an all-time low of 54.49 to the dollar? And will our market break the 5800 barrier? Read on for more...
India is seen particularly vulnerable at a time of global risk aversion given the concerns about its fiscal and current account deficits, and slowing growth at a time of persistently high inflation.
European markets provisionally closed at their lowest level since the start of 2012 led by a fresh slide in euro zone banks, after attempts to form a government in Greece failed. And back home, the Nifty gained 35 points to close at 4,942 while the Sensex closed up 112 points.
The Sensex fell for a fifth session in row on Monday as higher-than-expected inflation reduced the prospects of further interest rate cuts, while a spike in global risk aversion further dented sentiment.
Eurozone concerns continue to loom over the markets while back home we have big earnings results from LT, SBI, JSW Steel and Ashok Leyland to watch out for today.
Moneycontrol.com got Aditya Damani, director of KM Global Financial Services Pvt Ltd, to answer the stock queries you posted on our Facebook page. Below are his comments.
It's been five turbulent days for equities in India, and unluckily the consensus is that things will not let up anytime soon.
The US markets faded in the final minutes of trading to close flat but still managed to break their longest losing streak in nine months.
With the Nifty back below the 5000 level, experts debate the pros and cons of the short-term versus long-term investment strategy.
With the Nifty back below the 5,000 level, are Indian equities an attractive option now?
The US markets recovered more than half their losses, but still closed in negative territory as political uncertainty in Greece kept investors on edge.
In an interview to CNBC-TV18 SP Tulsian of sptulsian.com shared readings on stocks across various sectors like Future Capital, TISCO.
The volatility in the Indian market has hounded the investors to a large extent over the past few days. A falling rupee, coupled with a bearish market has forced investors to change trading strategies.
In an interview to CNBC-TV18, Rajat Rajgarhia of Motilal Oswal Securities says that investors should look to use the weakness in the market to reallocate their portfolios.
In an interview to CNBC-TV18, Rajen Shah, CIO, Angel Broking gets stock specific in a falling market. He analyses Voltas, Crompton Greaves, Godrej Properties and Mahindra Lifespace.
Managing partner of Pacific Paradigm Advisors Punita Kumar Sinha advices investors to stay away from defensives and buy into high-dividend paying companies.
In the current market environment, VK Sharma of HDFC is telling his clients to hold their capital for a while. At this point in time the market is not giving any kind of confidence that it is going to go up while on the downside the moves have been pretty short, but he thinks the longer moves are now going to come in.
Due to the panic mode in the market, portfolio manager PN Vijay advices investors to stick to largecap companies or bluechip stocks and avoid contrarian calls.
Morgan Stanley has an âÂÂunderweightâ on SBI with a target of Rs 1,300. They expect profits to drop 3% sequentially and they believe asset quality will be the key driver to stock performance.
The potential trigger of a rally from lower levels will most likely be the policy response that will come sooner or later from Bernanke and Draghi, says Chris Wood of CLSA.
It's been an uninspiring end after a strong start at the bourses. Late trade saw the markets grinding below 4,900 giving up most of the gains. The
Impact of 50 bps rate cut 125 bps CRR cut may not be passed through to borrowers when cost of money is expected to stay at elevated levels into the short term, says Moses Harding, Head - ALCO and Economic Market Research, IndusInd Bank.
Market analyst SP Tulsian of sptulsian.com, explains to CNBC-TV18, during his analysis of the dayâÂÂs trading, about the increased volatility in Voltas and picks Heidelberg and Century Textiles as the best buys in the cement sector.
Siddharth Bhamre of Angel Broking explains to CNBC-TV18 that tje fall in the rupee was purely on sentimental grounds and advises investors not to create or hold onto short positions in the market
After a decent 150 point gain in the Sensex, there were positive signs in the Indian market at the start of dayâÂÂs trade. By the end of the day, the market lost quite a bit. As the volatility in the market continues, in an interview with CNBC-TV18, Jagdish Malkani, Member NSE/BSE, compared the market rally to a 'long nightmare'.
The BSE Sensex and NSE Nifty erased all signs of gain in the early hours of trade and the pullback does not seem to have lasted. Following further fall in European markets, the Indian markets too slipped.
Anil Manghnani, Modern Shares Stock Brokers expects the market to bounce back now, a pullback to maybe 5,100-5,200 and then a resumption of the downtrend.
While the overall bearish trend remains intact, Sudarshan Sukhani of s2analytics.com says there will not be too many intraday trading opportunities today.
Yesterday, the Indian market lost over 1.5%. As of now, the chances for Nifty to have already made a trading bottom yesterday are far higher than anything else, says Sushil Kedia, president of ATMA.
Sudarshan Sukhani of s2analytics.com expects to see a mild recovery in the market today, due to which he has a slightly bullish bias for today.
Sudarshan Sukhani of s2analytics.com tells CNBC-TV18 that traders should start building short positions again because the downtrend is back.
Jai Bala, chief market technician at Cashthechaos.com says the outlook for the market is negative and that the Nifty is headed towards 4800.
The market seems to be unwilling to let go of its downward slide, and therefore Sudarshan Sukhani of s2analystics.com says trades should be on the short side.
Hold short position with a stop loss of 17000. Exit long and sell on rise to 16490-16747 with a stop loss of 17000. Cover short positions at 16036-15326 range, says Hitendra Vasudeo.
It has been a steady downwards trend for the Nifty throughout this week and Sudarshan Sukhani, s2analytics.com sees the market closing the week on a lower note.
The Nifty stayed lower for the second consecutive session on Wednesday amid Greece concerns and depreciating rupee. It declined 25.15 points to end at 4,974 yesterday.
The Indian market has been trading weak for sometime now. Today, the Nifty has broken the 5,000 mark. The picture is very negative for the market, says Jai Bala, chief market technician of cashthechaos.com.
On Friday, the Nifty closed below the 5,100 level. In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, a lot of shorts could have been covered on Friday afternoon. "DonâÂÂt short now. This is not the time to go short on the Nifty," he advises.
Fine dining operator Speciality Restaurants' initial public offer has been subscribed 1.44 times so far on final day, as per data available on NSE website. Maximum bids for the issue were seen in the range of Rs 146-150 a share as against price band of Rs 146-155.
SMC Global has come out with its report on Speciality Restaurants' IPO issue. According the the research firm, the fundamental of the company looks average.
Aditya Birla Money has come out with its report on Speciality Restaurants (SRL)'s IPO issue. The research firm recommends only long term investors to subscribe to the issue.
KM Global Finserv has come out with its report on Speciality Restaurants' IPO issue. The research firm recommends investors to avoid subscribing to the issue of the company as the issue price is too high.
Nirmal Bang has come out with its report on Speciality Restaurants' IPO issue. According the the research firm, the investors can "AVOID" the issue on expensive valuation.
The managing director of Specialty Restaurants Anjan Chatterjee tells CNBC-TV18 that they expect their IPO to suceed despite the poor market conditions.
Speciality Restaurants, which runs popular food chains such as Mainland China, Oh! Calcutta and Sigree, launched its initial public offer of 117.4 lakh shares today. It plans to raise Rs 171.4 crore at lower end of price band of Rs 146-155 a share and Rs 181.96 crore at higher band.
Speciality Restaurants has agreed to sell shares worth Rs 26.41 crore to five anchor investors, it said in a regulatory filing on Tuesday, ahead of its USD 34 million initial public offering.
KM Global Finserv has come out with its report on Plastene India Limited's IPO issue. According the the research firm, investors should avoid subscribing to this issue as the underlying business of the company is volatile and the stock has been valued above its listed peers.
Mumbai-based Monarch Health Services Ltd (MHSL) proposes to offer public 15 lakh equity shares of Rs 10 each at a fixed price of Rs 40 a piece aggregating to Rs 6 crore.
Pharma major, Dr Reddy's Laboratories announced today that it has launched Clopidogrel tablets, USP, a bioequivalent generic version of Plavix in the US market.
Commerce Minister Anand Sharma today told reporters that he opposes the exclusion of industry from the purview of âÂÂpublic purposeâ under the Land Acquisition Bill.
Indigo Airlines has improved its market share to 23.8% in April, from 19% seven months ago, in the process eating up the lunch of its larger rivals like Jet Airways and Air India.
Coromandel International expects healthy demand and consequently good volumes in the coming season. In an interview with CNBC-TV18, Kapil Mehan, MD of Coromandel International said that the company has entered a contract for phosphoric acid valued at $850. The company also expects to improve production levels by 30-40%, added Mehan.
Last September, less than two weeks after an IPO plan was approved, the private equity owners of India's Lilliput Kidswear got a call that set off a chain of events that could wipe out their investment.
Dr Reddy's Laboratories and Aurobindo Pharma have received US Food and Drugs Administration (FDA) approval to sell a generic version of Clopidogrel tablets, the two companies said on Friday.
LupinâÂÂs CFO S Ramesh tells CNBC-TV18 that he anticipates strong growth in FY13-14 from US.
The TRAI has recommended it will restrict the number of minutes of advertising time that all channels can carry to 12 minutes an hour. Vikash Mantri of I-Sec tells CNBC-TV18 that broadcasters might find it difficult to compensate via higher rates versus lower volumes.
LT today said it has bagged new orders worth Rs 2,592 crore in the first quarter of this fiscal in various segments, including commercial and residential buildings
Maharashtra is in the process of preparing an exit policy for SEZ developers and then convert the surrendered land-banks into local industrial parks.
Shantanu Dasgupta, Whirlpool of India, says that this summer season has played a spoilsport for the industry and he does not expect immediate turnaround for the industry. He is however confident of putting up a good performance in time to come.
Big Bazaar director, Rakesh Biyani squashed the rumours of the division's sale and told CNBC-TV18 that the unit is on a strong growth trajectory
Honda Motor Co Ltd's Acura brand is recalling 52,615 TL sedans from model years 2007 and 2008 in the United States to replace the power steering hose that could leak over time and potentially cause a fire
MEDIAGENERAL:Berkshire Hathaway to buy Media General newspapers
The oil ministry has sought cash compensation of Rs 49,000 crore from the finance ministry to compensate state fuel retailers for selling fuels at government-set cheaper rates in the Jan-March quarter, an oil ministry source said on Thursday.