India is set to reduce its direct imports of Russian crude from late November, following new US sanctions on Rosneft and Lukoil, effective November 21.
Benchmark equity indices Sensex and Nifty extended their gains for the third straight session on Wednesday, driven by last-hour buying in bank, metal, and FMCG shares.
'Both initiatives are welcome moves and we would commit ourselves with focused attention aligned with the national priorities, and pursue our exploration initiatives.'
Oil India's IPO will open on schedule inspite of the market volatility, stated government sources.
The government on Monday fixed the issue price of the share at Rs 1,050 per share, raising about Rs 4,982 crore (Rs 49.82 billion). The public issue of OIL, which closed on September 10, was subscribed nearly 31 times, generating demand for shares worth over Rs 85,576 crore (Rs 855.76 billion).
The asset it owned by Venugopal Dhoot and a US oil and gas explorer.
Stock markets closed higher for the second straight session on Tuesday, driven by gains in bank, IT and capital goods shares.
India's purchase of Russian oil has risen to 2 million barrels per day in August, as refiners continue to prioritise economic considerations in their sourcing decisions. As much as 38 per cent out of an estimated 5.2 million barrels per day of crude oil imported in the first half of August came from Russia, according to global real-time data and analytics provider Kpler.
Benchmark equity indices Sensex and Nifty tumbled more than 1 per cent on Friday due to across-the-board selloff, especially in metal, IT and commodity stocks, tracking sluggish global markets.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners.
Stock market is gearing up for an eventful week ahead where key triggers such as quarterly earnings from corporates, the US Fed interest rate decision and the upcoming Union Budget for 2026-27 would grab the limelight, analysts said.
Inflation data, trading activity of foreign investors and global trends would dictate sentiment in the stock market this week, according to analysts.
Equity benchmark indices Sensex and Nifty advanced for the third straight session on Tuesday driven by firm global cues and optimism over India-US trade agreement, even as investors turned to profit-booking at higher levels.
Benchmark BSE Sensex fell 558 points on Thursday amid heavy selling in IT shares, as concerns over AI-led disruptions and waning hopes of a Fed rate cut after firm US economic data weighed on investor sentiment.
Inflation data, quarterly earnings and global trends will be the major driving factors for stock markets this week, analysts said. Moreover, the trading activity of foreign investors would also influence the equity market trends.
India's eight key infrastructure sectors registered a four-month high growth rate of 3.7 per cent in December last year, driven by a jump in the output of fertiliser and cement, according to official data released on Tuesday.
Reliance Industries Ltd has consistently remained compliant with international sanctions and is expected to adhere to upcoming measures on Russian oil, analysts said, estimating that oil sourced from Russia contributes just 2.1 per cent to its consolidated EBITDA. Reliance operates the world's largest single location refining complex, with more than half of the capacity exclusively dedicated for exports.
State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
In an event-heavy week ahead, stock markets are expected to track Q3 corporate earnings from several blue-chip firms, including TCS and Infosys, while inflation data and global trends would also dictate investors' sentiment, analysts said.
Macroeconomic data announcements, global trends and trading activity of foreign investors would be major driving factors for market movement this week, analysts said. Unabated capital infusion by domestic institutional investors have supported the positive trend in the stock market last week, traders said.
India's annual oil import bill could rise by $9-11 billion if the country is compelled to move away from Russian crude in response to US threats of additional tariffs or penalties on Indian exports, analysts said. India, the world's third-largest oil consumer and importer, has reaped significant benefits by swiftly substituting market-priced oil with discounted Russian crude following Western sanctions on Moscow after its invasion of Ukraine in February 2022.
State-owned Indian Oil Corp and Oil India Ltd on Tuesday confirmed making an 'approach' to take over the Middle-East focussed oil firm Gulfsands Petroleum Plc for an undisclosed cash amount.
Driven by GST reforms, robust festive demand, and softening raw material prices, the FMCG industry expects volume-based growth, supported by a mid-single digit revenue rise and improved operating margins in the December quarter.
India's eight key infrastructure sectors grew at a slower pace of 1.8 per cent in November against 5.8 per cent in the same month last year, amid a dip in production of crude oil, natural gas, refinery products, and electricity, according to official data released on Monday.
The timing, however, would be decided in consultation with the government and after the approval of the company's board. An 11 per cent fresh equity would be sold in the IPO while the government would divest 10 per cent of its stake at the IPO price.
India's exports contracted 11.8 per cent to $34.38 billion in October, showed government data released on Monday. Imports jumped 16.63 per cent to $76.06 billion.
OIL, which produces 3.5 million tonnes a year of oil, will offer 2.64 crore equity shares to public in the IPO, while the government will simultaneously sell 10 per cent of its stake in the company to state refiners. An 11 per cent fresh equity would be sold in the IPO while the government would divest 10 per cent of its stake at the IPO price.
Petroceltic is headquartered in Dublin with offices in Edinburgh, London, Algiers, Varna, Cairo and Rome.
The offer will be open from September 7 to 11 and the price-band has been fixed between Rs 950 and Rs 1,050 per equity share. OIL, which produces 3.5-million tonnes of oil annually, will offer 2.64-crore equity shares to the public through the IPO.
WPI inflation data, trading activity of foreign investors and global cues would dictate trends in the stock market this week, analysts said.
The Mumbai Bench of the National Company Law Tribunal (NCLT) on Tuesday gave its approval to Vedanta Limited's demerger proposal, clearing the way for the group to reorganise its operations into five distinct, sector-specific entities.
From the Sensex firms, Mahindra & Mahindra, Maruti, Adani Ports, Bajaj Finserv, Titan, and HDFC Bank were among the major laggards. However, Hindustan Unilever, Trent, HCL Tech, Asian Paints, and Tata Steel were among the gainers.
So far, 254 blocks of oil and gas have been auctioned.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Among the Sensex constituents, Eternal, Tata Steel, Kotak Mahindra Bank, UltraTech Cement, Maruti Suzuki India, Sun Pharmaceuticals, Tech Mahindra, HDFC Bank, Tata Motors Passenger Vehicles, Infosys, Trent, Mahindra & Mahindra, Reliance Industries and HCL Technologies were the gainers. However, Asian Paints, Bharti Airtel, Bajaj Finance, PowerGrid, Axis Bank, ICICI Bank and Titan were among the laggards.
From the 30-Sensex firms, InterGlobe Aviation, Sun Pharma, Asian Paints, Reliance Industries, Hindustan Unilever, and Tata Steel were among the biggest laggards. However, Trent, UltraTech Cement, Maruti, and Power Grid were among the gainers.
Among the Sensex constituents, Eternal, Trent, Bharti Airtel, Infosys, Tech Mahindra, UltraTech Cement, ICICI Bank, HDFC Bank, Bajaj Finance, Tata Consultancy Services, Bharat Electronics Ltd, Larsen & Toubro and Tata Motors Passenger Vehicles were the laggards. However, Tata Steel, Sun Pharmaceuticals, ITC, NTPC, Reliance Industries, HCL Technologies, PowerGrid, and Asian Paints were among the gainers.
