InterGlobe Aviation, the operator of India's leading airline IndiGo, delivered a better than expected performance across most parameters in Q2FY24. The company posted its fourth consecutive quarter of net profit of Rs 188 crore. It had reported a loss of Rs 1,583 crore in the same quarter a year ago.
With another quarter of steady growth in demand, cement companies are expected to report strong year-on-year (Y-o-Y) growth in earnings, according to analysts. The September quarter (Q2FY24) also witnessed a resumption of price hikes in certain markets. UltraTech Cement, India's largest cement producer, reported a 15 per cent Y-o-Y increase in cement sales in the country for the quarter under review.
Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
The main Opposition BNP of former premier Khaleda Zia, 78, who is under house arrest, is boycotting the elections amidst violence.
Jet fuel prices are about 33% lower than the same period a year ago.
Less-than-expected rainfall and a poor spatial distribution, experts say, can rekindle fears of a rise in food and fuel inflation that can have an impact on the RBI's monetary policy. The fear of less than optimal rainfall due to El Nino this year, analysts believe, is the biggest short-term risk for the markets, which they said has not been fully priced in yet by them. Monsoon set over Kerala on June 08, a week later than its scheduled date.
Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
Indian Oil Corporation, the country's largest oil marketing company by sales, will open the country's first hydrogen fuel-dispensing station in New Delhi next month. The new-age pump will be set up in Dwarka.
The United Nations Security Council has called for urgent humanitarian pauses and corridors throughout Gaza to allow unhindered humanitarian access in the strip, finally overcoming deadlock and adopting a resolution in the month-long Israel-Hamas conflict.
Russian oil supplies to India will continue to flow unhindered and suppliers will come up with ways to sidestep secondary sanctions, a Russian official told Business Standard.
Indian Oil Corporation (IOC), the nation's largest oil firm, has walked away with half of the natural gas that Reliance Industries Ltd and its partner bp of the UK offered in the latest auction of the fuel used to generate power, produce fertilizer, turned into CNG and used for cooking purposes. IOC got 2.5 million standard cubic meters per day out of the 5 mmscmd of gas auctioned last month, sources with knowledge of the matter said. The oil refining and marketing company, which was the top bidder even in the previous auction of gas from the eastern offshore KG-D6 block of Reliance-bp, bid the volumes on behalf of seven fertilizer plants.
Jyothi Vennam and Ojas Deotale emerged champions in a thrilling archery showdown, securing a remarkable second archery gold medal for India at the 2023 Asian Games in Hangzhou.
International oil and gas giant Royal Dutch Shell is all set to foray into distribution of Aviation Turbine Fuel, fuel for airplanes.
Sharif, the three-time former premier, said that there is a need for all the political parties to sit together and form a government to pull Pakistan out of its difficulties.
Gandhi was unusually more proactive and practically led the Opposition protest against the rise in the prices of petrol, diesel and LPG cylinders during the Question Hour.
It is time he stood up and assured the middle class that they can count on him as one of their own, says Dr Sudhir Bisht.
Consumption-related stocks, such as hotels, and quick service restaurants (QSRs), have been hitting the ball out of the park ahead. On the other hand, the Miss World Pageant scheduled for later this year in New Delhi, too, could provide some tailwind to these stocks, especially hotels and aviation. However, analysts suggest investors put their best foot forward and buy these counters only on a decline given the recent rally and economic headwinds.
Mossad agents negotiating the potential renewal of the ceasefire deal between Israel and Hamas left Qatar on Saturday due to an impasse in the talks.
"The people of Gaza need food, water, medicine, shelter. Today, I asked the Israeli cabinet to agree to the delivery of life-saving humanitarian assistance to civilians in Gaza...and the aid should go to civilians, not to Hamas. Israel agreed that the humanitarian assistance can begin to move from Egypt to Gaza. If Hamas diverts or steals the assistance it will have demonstrated once again that they have no concern for the welfare of the Palestinian people.. and it will stop the international community from being able to provide this aid," Biden said.
Six decades and more later, we are now captives of our identities. Every poll is based on elaborate calculations of electability of candidates on the basis of their castes and other narrow definers. That, along with voter promiscuity, is what defines our political culture, which remains stubbornly resistant to any change, asserts Shreekant Sambrani.
While tenants can't escape the impact of rising rentals entirely, they can adopt a few strategies to reduce the impact.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
After his visit to Brussels, McGurk will visit Israel where he is slated to meet with Prime Minister Benjamin Netanyahu, Defence Minister Yoav Gallant and senior security and intelligence officials.
In the reprisal attacks, several missiles struck the city of Kharkiv with two children among those injured, the Ukrainian military said.
The S&P BSE Sensex and the Nifty50 have hit record highs amid the poll outcome-triggered bull frenzy at the bourses. Most analysts feel that the indices are on course to rise further over the next few months - till the general elections - albeit amid intermittent corrections - largely triggered by global developments. Bharatiya Janata Party's (BJP's) win in the three state elections of Madhya Pradesh (MP), Rajasthan and Chhattisgarh, analysts at Jefferies believe, reinforces the consensus expectations of a Modi win 2024 national elections with a greater likelihood of over 300 seats for the BJP.
At the heart of Paytm's slide lies the abject failure of its Super App strategy, notes Indrajit Gupta.
SpiceJet grounded all its aircraft due to payment woes
According to the Qatar government, the agreement includes the release of 50 civilian women and children hostages currently held in the Gaza Strip in exchange for the release of a number of Palestinian women and children detained in Israeli prisons, the number of those released will be increased in later stages of implementing the agreement.
For India, it is a symbol of will and a successful feat of arms.
The sector may be overcrowded with a fair number of large players and the entry of the Adani Group through its two key acquisitions, followed by the takeover of majority stake in Sanghi Industries via Ambuja Cements. Since every major player is in expansion mode, there could be a capacity surplus and hence, price wars.
Digital literacy is emerging as the professional language of 2024. It is the ability to process complex data sets, deploy critical communication technologies appropriately and validate your importance at your workplace, explains Jagdeep Kochar, managing director, Baker & Taylor India.
India must be prepared to deal with climate disasters, geopolitical confrontations, and social strife linked to global events, asserts Jayant Sinha, chairman of Parliament's Standing Committee on Finance.
The UN secretary-general said the rich only made promises, never came good on them.
The unexpected missile attack on a second India-bound ship carrying Russian crude, just three weeks after the first, has complicated matters for domestic refiners. India now counts the Vladimir Putin-led nation as its biggest oil supplier, according to Paris-based market intelligence agency Kpler, and these attacks come on top of US sanctions since December, where vessels that bring crude to India are facing heightened scrutiny. Panama-registered Pollux, which loaded crude at the Sheshkaris oil terminal in the Russian port of Novorossiysk on January 24, was scheduled to deliver the medium, sour Urals grade to Paradip port on February 28.
The officials attributed the delay to the failure of Iran to pay what it owes, not on nuclear proliferation.
Jailed ex-Pakistan premier Imran Khan's party-backed independent candidates on Friday sprang a surprise by winning 86 seats out of the 201 results declared following unusual delays and allegations of rigging, as the country appeared heading towards a hung assembly.
India is 'deeply concerned' at the deteriorating security situation and astounding loss of civilian lives in the ongoing conflict.
Despite the best ever quarterly net profit of Rs 3,091 crore during April-June of financial year 2023-24 (Q1FY24), challenges are mounting for InterGlobe Aviation-run IndiGo in the near term, said analysts. Given this, most brokerages have retained their ratings from 'buy to underperform', as well as their target price for the stock. For instance, Motilal Oswal Financial Services has retained its 'neutral' rating on the scrip as it believes the low-cost airline is facing teething issues at present.
Prime Minister Narendra Modi on Thursday thanked Qatari Emir Sheikh Tamim bin Hamad Al-Thani for the release of eight Indian nationals, who were sentenced to death after being arrested in Doha in August 2022.
Kajaria Ceramics, the country's leading listed tile manufacturer, has seen its stock fall by 7 per cent over the past month amid concerns about rising input costs and sluggish domestic demand. Other listed stocks also experienced weakness in September, although there was some recovery in October. While strong exports are expected to help stabilise domestic market prices, the surge in gas prices over the past couple of months may have impacted margins in the second half of FY24.
