Newsmakers: Jet fuel price slashed, Honda Cars sales, RBI policy review and more

Key business news events for the day

• 1/5

Oil companies slash jet fuel price by 12%Aviation Turbine Fuel (ATF) or jet fuel price was on Monday slashed by nearly 12 per cent. ATF price in Delhi was reduced by Rs 4,765.5 per kilolitre (kl) or 11.94 per cent to Rs 35,126.82 per kilolitre, oil companies announced.

• 2/5

Coal India in dilemma over production, pricingAmid sluggish demand, Coal India is facing dilemma over the production and finding it difficult to further stock the fuel, even as the PSU major is not keen to rationalise prices and rather looks at methods to boost sales to keep weak subsidiaries in profit. Coal India has reached a situation when the production cannot be optimised due to inability to stock coal further which has already reached 40 mt due to sluggish demand.

• 3/5

Honda Cars sales decline 6.52% in JanuaryHonda Cars India reported a decline in its domestic sales at 17,135 units in January. It had sold 18,331 units in the same month last year, Honda Cars India (HCIL) said in a statement.

• 4/5

FinMin slashes gross budgetary support of RailwaysFinance Ministry has slashed the gross budgetary support of railways, which is already facing a shortfall in meeting earning target, to Rs 32,000 crore from the Rs 40,000 crore announced in the last rail budget. Gross Budgetary Support (GBS) of Rs 40,000 crore was announced in the 2015-16 Rail Budget. However, the Finance Ministry slashed it to Rs 28,000 crore, a decrease of Rs 12,000 crore in November last year citing low spending by Railways in the first six months of the current fiscal.

• 5/5

Banking stocks fall up to 5% ahead of RBI policy reviewShares of banking stocks such as SBI, ICICI Bank and Axis Bank fell up to 4 per cent in trade on Monday ahead of Reserve Bank of India's monetary policy review due on Tuesday. The S&P BSE Bankex was the top sectoral loser and tumbled 1.40 per cent on the Bombay Stock Exchange (BSE), dragged down by stock of ICICI Bank, SBI and Bank of Baroda, which lost 5.63 per cent, 3.92 per cent and 2.82 per cent, respectively.