West Asia conflict triggers sharp sell-off in Indian markets, with realty, banking and auto stocks leading losses amid energy shock fears.
India's merchandise trade deficit widened to a record $41.68 billion in October, as gold imports trebled and outbound shipments registered their sharpest contraction in 14 months, according to data released by the commerce department.
Two days after Russian President Vladimir Putin concluded his visit to India, during which he assured that Moscow would remain a reliable energy supplier, the Kremlin on Monday said that India, as a sovereign nation, is free to buy oil from sources it deems beneficial. It expressed confidence that New Delhi will continue to prioritise its economic interests.
Brokerage Bernstein has warned Prime Minister Narendra Modi that India risks squandering recent economic gains unless it accelerates structural reforms, particularly in jobs, manufacturing and innovation.
'India should understand that we are not going to make the same mistakes with India that we made with China 20 years ago.'
The government has sharply reduced excise duty on petrol to 3 and diesel to zero, offering major relief to consumers. Here's how the price cut will impact fuel rates and inflation.
The country's exports rose marginally by 0.61 per cent to $36.56 billion in January, while trade deficit widened to a three-month high of $34.68 billion, government data showed on Monday.
The ongoing West Asia conflict is expected to severely impact the supply of affordable housing in India, as rising input costs further erode already thin developer margins. Fluctuations in crude oil and gas prices, coupled with higher freight costs, are driving up prices of essential construction materials like cement and steel, making new projects increasingly unviable for developers.
India is in communication with Iranian officials to ensure the safety and secure passage of its ships through the Strait of Hormuz, following recent firing incidents involving Indian vessels.
India imports nearly 60 percent of its LPG, with most cargo previously coming through the Strait of Hormuz, now closed for commercial shipping.
Indian benchmark stock indices Sensex and Nifty rebounded nearly 1 per cent, snapping a three-day decline, driven by rallies in Reliance Industries and Sun Pharma, alongside positive global market trends and easing geopolitical tensions.
The core issues to be settled -- access to Hormuz, Israel's aggression in Lebanon, the question of Iran's nuclear programme, sanctions relief and compensation -- are thorny enough to require weeks of patient negotiation. The most likely outcome of the opening sessions is that both sides take the measure of each other, establish what is and is not negotiable, and return home without having broken anything. That would count as progress.
India's peak power demand is projected to hit 270 GW this summer, surpassing last year's record of 250 GW.
The government has introduced a mandatory 25-day gap between LPG cylinder bookings due to supply concerns arising from global disruptions and tensions in the Strait of Hormuz. This measure aims to prevent hoarding and prioritise essential non-domestic sectors, while domestic LPG production is being increased to mitigate shortages.
The Indian stock market is poised for a volatile week, influenced by the Reserve Bank of India's monetary policy decision, crucial global macroeconomic data, and the escalating geopolitical tensions in West Asia, according to market analysts.
Trump also called upon China, France, and Japan, among others, to send ships to the Strait of Hormuz.
Finance Minister Nirmala Sitharaman announces increased domestic LPG production to offset import disruptions caused by Middle East tensions, alongside assurances of fertiliser availability and the clearing of UPA-era oil bonds.
India's foreign secretary Vikram Misri on Thursday participated in a high-level meeting hosted by the United Kingdom on the evolving situation in West Asia, underlining concerns over maritime security, energy supply disruptions and the need for diplomatic de-escalation.
The latest flashpoint in West Asia has derailed India's preliminary plans to resume crude oil imports from Iran, officials said. In January, officials of the Ministry of Petroleum and Natural Gas had told Business Standard that the government had been studying proposals for the same, given that India was trying to expand sources of imports. "We are always monitoring the situation when it comes to crude flows.
If TVK MLAs and ministers are perceived as clean, or demonstrably cleaner than their predecessors, the credibility dividend will be enormous. The voter will feel rewarded, points out Ramesh Menon.
The Indian rupee rebounded against the US dollar following intervention by the Reserve Bank of India, amidst ongoing concerns about foreign capital outflows, rising crude oil prices, and geopolitical instability.
'Refiners may soon be forced to adjust operations, curtailing runs as product exports stall and directing output solely to domestic markets.'
Prime Minister Narendra Modi has called on the people of Karnataka to commit to nine pledges focused on sustainability, health, and local empowerment to drive development in the state and across India.
Domestic fuel sales at 11.39 million tons in February were 0.2 per cent lower than 11.41 million tons of petroleum products consumption in the same month a year ago.
The Indian rupee weakened against the US dollar due to rising crude oil prices, geopolitical tensions in the Middle East, and foreign fund outflows.
Delhi Police have dismantled a fake auto parts racket operating in Karol Bagh, arresting two individuals and seizing counterfeit spare parts valued at Rs 25-30 lakh.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
Donald Trump has warned Iran to open the Strait of Hormuz within 48 hours or face military action, escalating tensions amid regional conflict and impacting global oil supplies.
Analysts predict that the ongoing conflict in West Asia, crude oil price fluctuations, and the US Federal Reserve's interest rate decision will significantly influence the Indian equity market this week.
Karex, the Malaysian company that makes roughly one in five of the world's condoms -- about five billion a year, supplying Durex and Trojan among others -- announced this week that it is raising prices by up to 30 percent. The reason is the Strait of Hormuz.
India restricts subsidised LPG connections for households with piped natural gas (PNG) to ensure equitable distribution and address global energy supply concerns, pushing for faster PNG adoption.
Chief negotiators from India and the US are set to begin three-day talks in Washington to recalibrate the bilateral trade agreement (BTA) framework, following significant changes in the US tariff landscape, including a new 10 per cent tariff imposed on all countries.
Russian President Vladimir Putin's visit to India this week aims to secure energy supplies, stabilise defence deliveries and ensure bilateral trade continues smoothly despite strong Western sanctions, GTRI said on Tuesday.
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
The Trump administration maintains the US is 'not at war' with Iran, despite military engagement reaching a critical legal threshold under the War Powers Resolution, potentially leading to a confrontation with Congress.
India is sending a shipment of diesel and petrol to Sri Lanka to help alleviate the country's energy crisis amidst regional instability.
Modi said that the West Asia crisis has been going on now for more than three weeks and is having a very adverse impact on the global economy and on people's lives. He said the entire world is urging all parties for the earliest resolution of this crisis.
Prime Minister Narendra Modi addressed Parliament on the West Asia crisis, advocating for dialogue and diplomacy, ensuring the safety of Indians in the region, and addressing concerns about fuel and food security.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
...reopen for up to six months. Until then, the Strait stays nearly closed. The world pays. And no one, including the man who started this, can say when it ends, notes Prem Panicker in his must read blog on the Iran War.
