In December 2019, the India arm of Deloitte Touche Tohmatsu surprised many with its ultra-competitive bid to become the transaction advisor for the country's largest strategic divestment in Bharat Petroleum Corporation (BPCL). The multinational major quoted just Rs 1; the second-highest bidder, SBI Caps, reportedly quoted Rs 15-17 crore. For Deloitte, the motivation was to bag a prestigious deal adding a national energy company to its portfolio. No doubt, it expected BPCL to go to a marquee buyer in quick time.
Lewis Hamilton and the FIA were in a standoff at this month's Miami Grand Prix over piercings
Owing to a big rise in the market capitalisation of group companies such as Adani Green Energy and Adani Transmission, the group promoters, the Gautam Adani family, have closed the wealth gap with Mukesh Ambani, the promoter and owner of Reliance Industries Ltd (RIL). Ambani continues to top India's billionaire league table. The Ambani family's net worth was estimated to be Rs 8.06 trillion (around $108 billion) on Tuesday against the Rs 6.87 trillion (around $92 billion) of the Adani family.
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, "We can negotiate on anything, but I am the last man standing for you. "Nobody can offer the range of crudes we do with certainty," an official who was part of the negotiating team recalls. Perhaps that explains why Saudi Arabia is less concerned about losing its place as India's premier oil supplier to an upstart like Russia, which emerged from nowhere to become India's biggest crude oil supplier in September and October.
Equity benchmark Sensex rebounded 454 points on Thursday, boosted by gains in index heavyweight Reliance Industries amid a positive trend in global markets.
2019 appears a story of two halves for Indian equities - a more difficult first half might precede a stronger second half, said Abhiram Eleswarapu, bottom, left, Head of India Equity Research, BNP Paribas in an interview with Ashley Coutinho.
This is the highest closing for both the indices since May 15.
A summary of Friday's action in the UEFA Nations League.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
If IOC is not allowed to run its own affairs, then we can see it close down in the next 10 to 15 years, warns Sudhir Bisht.
The inaugural WTC final is scheduled to be held in Southampton from June 18-22.
Sectorally, BSE healthcare, capital goods, power, oil and gas, metal, auto, energy and banking indices fell up to 3.53 per cent.
Stick to export-focussed plays, large-caps, say analysts
Hardik Pandya garners praise as he guides GT to playoffs
Hubert Hurkacz battled back from a set and a break down to beat Casper Ruud 5-7 6-3 6-2 on Saturday and reach the Canadian Masters final.
The Anil Dhirubhai Ambani Group, which is raising Rs 11,700 crore through the public offer of Reliance Power, has seen a value erosion of Rs 48,000 crore in the last seven days.
Though most analysts expect the global central banks to keep the liquidity tap open, valuations of Indian markets, they say, are beginning to look stretched. Against this backdrop, they remain cautious, with some even expecting a minor correction from here on.
Asian Paints was the top loser in the Sensex pack, shedding 3.30 per cent, followed by Infosys, HCL Tech, ONGC, M&M, TCS, IndusInd Bank and L&T. On the other hand, ITC, Kotak Bank, Bajaj Finance, HUL and ICICI Bank were among the gainers, spurting up to 5.45 per cent.
As many as 205 stocks touched their one-year low on the Bombay Stock Exchange.
Equity benchmarks Sensex and Nifty ended marginally lower on Tuesday as investors booked profits at higher levels amid a mixed trend in global markets.
At the BSE, 1,879 companies declined, while 685 advanced and 131 remained unchanged.
A round-up of Friday's action in the UEFA Nations League.
These include Adani Enterprises, BEML, TVS Motor, KEC International, Sintex Industries, Ceat and Suzlon Energy.
Nanpakal Nerathu Mayakkam is a masterpiece, and like most masterpieces of the cinema, it's a great act of folly, observes Sreehari Nair.
Yes Bank was the top gainer in the Sensex pack rising 5.80 per cent, followed by Tata Motors, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Bank and Tata Steel.
Sustained foreign fund inflows and strengthening rupee are among the main reasons behind the market rally.
Usually, a fall in oil prices is followed with a cut in retail prices of auto fuels and the government passes on the benefit to consumers. However, Morgan Stanley believes gains this time around will remain capped.
India's ambitious plans to generate an additional 180,000 Mw of power in the next seven years will face hurdles if Indonesia, the second largest supplier of thermal coal, goes ahead with plans to cap coal exports to serve domestic demand.
Investors booked profits in range-bound trade, led by PSU, oil & gas, energy, infrastructure, telecom, realty, healthcare, bankex, FMCG, capital goods and power counters.
The 31-year-old leaves as England's top goalscorer with 53 goals and most-capped outfield player with 119 appearances.
Experts attribute this trend to a combination of end of capital expenditure cycle, increased automation, RIL's preference for time-bound labour contracts, and telecom and retail's outsourced human resource model.
"I am also quitting as member of Legislative Council," Thackeray said in a webcast.
The government on Thursday more than doubled the price of natural gas that is used to produce electricity, make fertilisers, turned into CNG and piped to household kitchens for cooking, on the back of a spike in global energy prices. The price of gas produced from old regulated fields, such as the nation's largest gas field of Bassein of ONGC, will rise to a record high of $6.10 per million British thermal unit (mmBtu) from the current $2.90 per mmBtu, according to the oil ministry's Petroleum Planning and Analysis Cell (PPAC). The new price, which is likely to result in a hike in CNG and piped cooking gas rates, will be for six months beginning April 1.
Sectorally, BSE metal, basic materials, energy, realty, power, oil and gas, finance, FMCG, bankex and telecom indices fell up to 1.71 per cent.
New Zealand pacer Tim Southee said their World Test Championship triumph will take at least a couple of weeks to sink in.
NTPC was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by ICICI Bank, Titan, L&T, SBI, Sun Pharma and Nestle India. On the other hand, HCL Tech, Kotak Bank, Tech Mahindra, Hero MotoCorp and Infosys were among the laggards.
The story of Iceland is the story of life, notes Payal Singh Mohanka after a recent journey to that fascinating land.
Reliance Industries Ltd (RIL) was the star performer in Friday's session, spurting over 6 per cent to its all-time high, Other Sensex gainers included Bajaj Finance, PowerGrid, ICICI Bank, Maruti, Axis Bank and SBI. On the other hand, IndusInd Bank, HCL Tech, ITC, M&M HDFC and Infosys shed up to 2.94 per cent.
