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.
Among Sensex firms, Hindustan Unilever dropped the most by 3.20 per cent. UltraTech Cement, Kotak Mahindra Bank, Adani Ports, Titan, HDFC Bank and Axis Bank were also among the laggards. However, Bharti Airtel, ICICI Bank, Bharat Electronics and Sun Pharma were among the gainers.
Days ahead of India-EU annual summit, Commerce and Industry Minister Anand Sharma on Wednesday said a few ends are yet to be stitched for concluding the proposed Free Trade Agreement (FTA) between the two sides.
Reliance Industries Ltd, India's largest buyer of Russian oil and most impacted by the latest US sanctions, on Friday said it will comply with all applicable restrictions and will adjust its refinery operations to meet compliance requirements.
The talks are being held in Brussels between high-level delegations from India and EU, led by Commerce Secretary G K Pillai and Director General of European Commission Davis O'Sullivan.
There is positive sentiment for Tata Steel on the basis of strong domestic demand, a turnaround of European operations and moderate valuations. A combination of capacity expansion, efficiency gains, higher asset utilisation, and improved operating leverage may lead to margin expansions.
Since June, India's ministry of external affairs has intensified its diplomatic calendar, hosting several heads of state and government, foreign ministers, and key trade delegations.
'India is cosying up to Xi Jinping. They don't need the Russian oil. It's a refining profiteering scheme.'
BMW India CEO says gradual five-year import duty cuts under new FTAs create buyer hesitation and urges government to announce year-wise rates instead.
Indian OMCs have not been buying Iranian or Venezuelan crude which is actually sanctioned by US. OMCs have always complied with the price cap of $60 for Russian oil recommended by the US.
External Affairs Minister S Jaishankar has said the recent confrontation between India and Pakistan was not just a mere conflict between two neighbours, but it was about combating terrorism, which will eventually come back to haunt the West.
On August 7, the US president announced doubling tariffs on Indian goods to 50 percent for India's purchases of Russian crude oil, but gave a 21-day window to negotiate an agreement.
Communication channels between India and the US are open to resolve the ongoing tariff issues, and the glitch in trade ties is only temporary, given the long-term relationship between the two nations, government sources said on Wednesday. The US' 50 per cent tariffs on Indian exports to America came into effect from August 27, barring a few sectors.
Donald Trump's tariffs, meant as political punishment, have avoided the predicted chaos, lifting US growth, weakening rivals, and letting him claim victory in a resilient global economy, observes T T Ram Mohan.
'We need to be very vigilant as we are passing through some fraught times.'
Analysts believe Tesla will first focus on building the Model Y brand before expanding -- both in terms of volume and models.
India and EU on Monday agreed to resume stalled WTO talks immediately by adopting a flexible approach to narrow the differences on contentious issues like agriculture.
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.
'Pakistan is an ally who gives the US access.' 'If we have a presence there, it puts us that much closer to China and puts our assets closer to China and Iran.'
The deal fell through over unresolved disagreements over contentious issues, mainly on agriculture and automotive sector tariffs.
India on Thursday signed a free trade agreement, officially dubbed as the Comprehensive Economic and Trade Agreement (CETA), with the UK - its 16th trade pact so far - as the country aims to boost bilateral trade and investments.
A high-level meeting between the two sides will be held in New Delhi from Monday on the comprehensive economic agreement which aims at eliminating trade barriers to enhance commerce between India and the EU.
In his media statement following talks with his Croatian counterpart Andrej Plenkovic, Modi said both leaders agree that "terrorism is an enemy of humanity" and is inimical to forces that believe in democracy.
In response to US criticism of India's oil imports from Russia, the Indian Army shared a 1971 news clip highlighting the US's role in arming Pakistan.
The restructuring of tariffs by the US has led to a shift in the list of key product suppliers to the American market, with India emerging as one of the beneficiaries at the expense of China and Canada, an official said on Monday. As per an analysis, India's share in the USA's electronics exports has increased to 7.2 per cent to 3.5 per cent year-on-year in May, while China's share dipped to 11 per cent from 22 per cent during the same period.
Indian Pharmaceutical Alliance (IPA) on Friday said US President Donald Trump's move to impose 100 per cent import tariffs on pharmaceutical drugs from October 1 will impact only patented and branded products, not generic medicines.
'Trump is likely being purposefully vague, hoping that this lack of clarity will pressure India, fearing the worst, to agree to scale back its imports of Russian oil.'
President Trump addresses questions about US imports from Russia and India's stance on purchasing Russian oil, hinting at potential tariffs.
India's merchandise exports to the US rose by 16.93 per cent to $8.83 billion in May, while imports dipped by 5.76 per cent to $3.62 billion during the month, according to the commerce ministry data. During April-May, the country's exports to the US increased by 21.78 per cent to $17.25 billion, while imports rose by 25.8 per cent to $8.87 billion, the data showed.
US President Donald Trump expresses frustration with the lack of progress in trade talks with India, imposing a 25% tariff. The move comes amid concerns over trade deficits and India's reliance on Russian military equipment and energy.
United States President Donald Trump on Tuesday said India has not been a good trading partner and announced that he will raise the tariffs on New Delhi 'very substantially' over the next 24 hours because it is buying Russian oil.
The European Union may back off from its insistence on including non-trade issues like human rights in the proposed free trade pact with India.
India will not provide any duty concessions on British wines and is offering only limited import duty benefits on UK beer under the free trade agreement (FTA) between the two countries, announced on May 6, according to an official. The other sensitive agri products where India will not offer any reduction in the import duty include dairy products, apples, cheese, oats, animals and vegetable oils under the agreement with the United Kingdom.
External Affairs Minister S Jaishankar has asserted that India has zero tolerance for terrorism and will never give in to nuclear blackmail, emphasizing that New Delhi will deal with Pakistan purely bilaterally. He made these remarks during a joint press conference with his German counterpart in Berlin, where he also highlighted the importance of the strategic partnership between India and Germany, emphasizing the need for a free trade agreement between the two nations.
'What India has done will surely embolden more countries to stand up to Trump.'
One must wonder whether Mr Modi's efforts to wine and dine the Big Two of today's world were seen as a sign of weakness rather than a proffered arm of friendship, points out R Jagannathan.
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