Parliamentary panel seeks changes in crude import norms.
Quarterly earnings of corporates, trading activity of foreign investors and inflation data are the key factors that are expected to drive the momentum in the equity markets this week, analysts said.
Benchmark Sensex and Nifty closed at new lifetime high levels on Monday on foreign fund inflows and buying in index majors HDFC Bank and Reliance Industries. The 30-share BSE Sensex jumped 529.03 points or 0.80 per cent to settle at its new all-time closing high of 66,589.93. During the day, it climbed 595.31 points or 0.90 per cent to hit its lifetime intra-day peak of 66,656.20. The NSE Nifty went up by 146.95 points or 0.75 per cent to end at a new record high of 19,711.45.
More than three months after RBI scrapped a long-standing payment mechanism used to pay for Iranian crude imports, India has resumed payments to the nation's second largest oil supplier using an alternative system.
Presently, state-run Oil and Natural Gas Corporation and Oil India Ltd have to bear roughly one-third of the losses on sales of petrol, diesel, domestic LPG and kerosene by way of giving discounts on crude oil they sell to refiners. ONGC and OIL reaped huge profits as crude oil prices rose internationally, prompting the government to consider taking away any earnings over and above $75 per barrel through a WPT.
rediffGURU Niharikka Budhwani offers advice on how to correct lifestyle disorders with the right diet and nutrition.
Ministry to propose a new subsidy mechanism to cap upstream firms' share.
A shortlist using artificial intelligence would be prepared to identify eligible candidates and match them to the suitable internship opportunity. The shortlist would be shared with the companies on Tuesday, October 15.
Foreign portfolio investors (FPIs) have net sold domestic shares worth over $10 billion so far this month amid a shift to China, which not only offers attractive valuations compared to India but has also announced several measures to support the economy and the stock market in recent weeks. If the trend doesn't reverse, this will be the first time that overseas funds will yank out more than $10 billion from Indian equity markets in a month.
Russian energy giant Rosneft has appointed a former Indian Oil Corporation (IOC) director to its board in signs it may be looking at boosting trade links with India. G K Satish, who retired as director for business development at IOC in 2021, is one of the three new faces appointed to the 11-strong board of directors of Rosneft, according to a statement issued by the Russian firm. Satish, 62, is the first Indian to be appointed to the board of Rosneft.
'The impact of COVID-19 on the economy has been so overwhelming that even a significant drop in global oil prices, which in normal times would have brought cheer, has posed new challenges for the government,' observes A K Bhattacharya.
Public sector oil companies are likely to incur a loss of Rs 50,000 crore (Rs 500 billion) in the current fiscal on selling fuel below cost, Indian Oil Corporation chairman Sarthak Behuria said on Tuesday.
The Oil Sector Officers' Association said 50,000 officers in 14 oil PSUs will strike work from Tuesday over non-revision of wages that was due from January 1, 2007. A strike by officers may immediately impact oil and gas production from offshore fields of Oil and Natural Gas Corppration and would also affect production of fuels like petrol, diesel, LPG and kerosene from refineries if the strike lasts more than two days.
Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Monday said India is the only country where rates of petrol and diesel have come down between November 2021 and April 2024. Replying to various queries during Question Hour in Rajya Sabha, the minister also informed that the government is encouraging dialogue between Oil Marketing Companies (OMCs) and dealers regarding margins for the latter. Puri noted that petrol and diesel were deregulated during the UPA government.
The airline, however, has not secured approval from airports to fly again.
As crude oil prices set new records, the government-owned oil companies are working on a multi-pronged strategy to cut costs and stave off an impending crises. IOC, which is the country's largest company by sales, is cutting inventories, processing more sour crude oil which is cheaper and increasing refinery utilisation.
