Crude oil's long price slide might be ending, feel some experts. Last Friday, the price of Brent crude, seen as a benchmark for what India uses, saw a low of $75.3 a barrel - it is now trading around $79. The fall has been nearly a third from its high seen in June, only five months earlier.
India imported goods worth $4.23 billion in June from sanctions-hit Russia, up 6.8 times as compared to last year, as demand for shipments of crude oil grew at the fastest pace during the month. Crude oil worth $3.02 billion was imported in June, which translates into a share of 71 per cent of the total imports from Russia, commerce and industry ministry data showed. Similarly, during the April-June quarter, India's imports from Russia were valued at $9.27 billion, up 369 per cent on year.
Oil fell below $59 a barrel for the first time since May 2009 on Tuesday, extending a six-month selloff as slowing Chinese factory activity and weakening emerging-market currencies added to concerns about demand.
The drop in oil to around $50 a barrel this year has triggered steep cutbacks in production of US shale oil
The growth rate has been the lowest since October, 2009, when it contracted by 6.6 per cent.
Banks may reduce their interest rates.
'Many countries believe that if they join BRICS, they will be seen as emerging countries and their stature will be enhanced.' 'G-20 still has common action plans while BRICS does not do that much.'
Pakistan's current account deficit (CAD) increased to a 4-year high of $17.4 billion in the fiscal year of 2021-22, indicating more troubles for the ailing economy of the cash-strapped country. The State Bank of Pakistan (SBP) on Wednesday reported that the country recorded a CAD of $17.406 billion in FY22 compared to a gap of just $2.82 billion in FY21. According to Dawn newspaper, the massive CAD speaks a lot about the severe problem of the balance of payments.
India has asked oil cartel Organization of the Petroleum Exporting Countries to raise crude oil production to stem the relentless rise in international oil prices that have threatened to derail import dependent economies such as India.
Exports in January 2014 stood at $26.89 billion.
Narendra Modi is India's most successful prime minister and the greatest global leader of current generation, billionaire Mukesh Ambani said on Wednesday as he flaunted his group Reliance Industries' Gujarati heritage and its over USD 150 billion (Rs 12 lakh crore) investment in last 10 years.
Indian Oil Corp is ranked highest at 161st in the Fortune 500 list.
India's exports increased 3.79 per cent to $26.75 billion in January, helping the trade deficit to narrow to $9.92 billion.
The declining exports would have implications for the job market.
Stocks of Indian companies with exposure to Europe fell on Tuesday amid concerns about the impact on their sales in case the Russia-Ukraine crisis worsens and the US and its allies impose economic sanctions on Russia. While top conglomerates, including Reliance Industries, the Tata group, and Aditya Birla Group, said they did not have any significant exposure to Russia, executives of some of the oil and gas, pharmaceutical, and tea companies said they were monitoring the situation closely as they earned substantial income from the region. Russian President Vladimir Putin on Monday ordered troops into two breakaway regions of eastern Ukraine after announcing that Russia would recognise their independence.
The imports during August registered an increase of 32.64 per cent, mainly on account of high growth in import of non-oil items, which increased by 39.57 per cent. Imports during April-August went up by 31.07 per cent.
While the corporate sector has benefited from massive capital expenditure, leading to sky-rocketing stock prices, investors would do well to keep an eye on the macroeconomic picture and government finances, not just corporate profits, for signs of trouble, alerts Debashis Basu.
The government said on Monday that a prolonged US-led war against Iraq, along with the conflict's impact on oil prices, could hurt the nation's export performance.
Contrary to expectations, global oil prices, which have touched a 21-year high, are unlikely to fall substantially even if oil producer cartel OPEC raises production, industry officials said on Thursday.
The rupee bounced back by 10 paise to end at 68.62 on Friday.
The State Department said as India's number one overseas market, the US purchases close to one-fifth of its exports. India is also the fastest growing major market for American goods.
"At the moment, the fall is arrested (and it) is very clear. The growth is happening. We will only be looking at the steady growth. It may be slow but steady," Commerce Minister Nirmala Sitharaman told reporters in New Delhi.
Indian economy is gathering momentum in the second quarter, though inflation would continue to average above the central bank's comfort zone of 6 per cent, said an article in the RBI's monthly bulletin released on Thursday. The consumer price index (CPI) based retail inflation shot up significantly to 7.44 per cent in July, from 4.87 per cent in the preceding month, mainly due to soaring prices of tomato, vegetables and other food items. In his address to the nation on the Independence Day, Prime Minister Narendra Modi vowed to take more steps to contain price rise.
OPEC was in continuous talks with the World Energy Forum and the International Energy Agency to ensure market stability.
Benchmark indices settled lower on Friday, with the Sensex declining 111 points on the back of a sharp fall in index heavyweight Reliance Industries. The BSE benchmark went lower by 111.01 points or 0.21 per cent to settle at 52,907.93. During the day, it tanked 924.69 points or 1.74 per cent to 52,094.25. The NSE Nifty dipped 28.20 points or 0.18 per cent to close at 15,752.05.
Corporate India's net profit as a percentage of gross domestic product (GDP) dipped in the 2022-23 financial year (FY23) -- after rebounding sharply in FY22 -- amid a decline in global commodity prices. Top 500 companies' combined net profit stood at 4.1 per cent of the GDP for FY23, down from 4.3 per cent in the previous financial year when it had gone up from just 3.5 per cent in FY21. "The year-on-year (YoY) decline was led by global commodities, which contributed adversely to the ratio, while the financial sector contributed positively.
The ban on onion export is temporary and will be reviewed every two weeks until its prices decline below Rs 15 per kg.
The attack did not result in any human losses, it said, adding that the remnants of the intercepted and destroyed ballistic missiles fell in separate areas around Abu Dhabi.
Amid the ongoing festival season and ahead of the elections for five state assemblies, the Centre is closely monitoring inflation, particularly in food items, to enable it to take steps to increase their supplies. "There is a complete no-nonsense attitude when it comes to food inflation, and instructions have been issued at all levels to be very sensitive to any possible price movements in any commodity," a senior official explained. Sources have said that all departments dealing with food items have been instructed to keep a close eye on all commodities and maintain a weekly record of their price movements.
Shreekant Sambrani remembers P R S 'Biki' Oberoi, personal friend and hospitality icon, who passed into the ages this week.
There have been growing global concerns over China's sweeping claims of sovereignty over all of the South China Sea, a huge source of hydrocarbons.
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
The amendments to the six-and-half-decade law provides that stock holding limit on commodities will only be imposed under exceptional circumstances like national calamities, famine with a surge in prices, the minister said.
Consolidated earnings of Bharat Forge in Q3FY23 missed estimates, largely due to higher-than-expected interest burden, although operational numbers (including standalone numbers) were close to consensus. Still, the management guidance was positive and appeared to be based on logic.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
On Tuesday, Petroleum Minister Dharmendra Pradhan met Russian oil giant Rosneft's chief executive officer Igor Sechin and discussed raising crude imports from that country, in addition to talks about going for more acquisitions.
India has given a four-month ultimatum to Iran to offer a discovered oil field if it wanted to export 5 million tonnes of liquefied natural gas to New Delhi.
There is no direct impact of the Russia-Ukraine crisis on India in terms of bilateral trade but a surge in oil prices poses considerable risk to the economy, an analyst report said on Friday. International oil prices which have surged past $100 per barrel "pose risks to external stability and currency movement," a Bank of Baroda Economics Research report said. Russia has launched military operations against Ukraine, stoking fears of significant disruption in the region, including loss of life. The West is ramping up financial sanctions against Russia and support for Ukraine.
The global economy weakened in the second quarter of 2011, as growth moderated in both advanced and emerging market economies under the impact of high oil and other commodity prices.
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