ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, has made a big natural gas discovery in Iran with in-place reserves being estimated at around 10 trillion cubic feet.
Cairn Energy of the United Kingdom has again struck oil in Barmer basin of Rajasthan, Petroleum Minister Ram Naik said on Friday.
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
Whether this remains under control in the coming months will depend on the future intensity and spread of the Russia-Ukraine war, and the effectiveness of the Indian government's response, points out A K Bhattacharya.
Reliance Industries, the country's largest private sector oil firm, has bagged a deep sea oil and gas block in Gulf of Oman and is looking for oil assets in Qatar, Iran and Saudi Arabia.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
The RBI also asked the oil marketing companies to smoothen their daily dollar demand so that upcoming bunched up demand was covered in advance in forward markets or on days with low dollar demand.
'Midcap and smallcap indices are trading in the expensive zone.'
Cairn Energy Plc of the United Kingdom on Tuesday announced third significant discovery in Rajasthan this year, with gross in-place reserves of 400 million barrels.
Petroleum Minister Ram Naik on Wednesday hoped the high international crude oil prices will ease as soon as the winter season demand for oil in western countries is over.
China has discovered an offshore oilfield with 200 million cubic metres of reserves in the Bohai Bay.
'As long as economic growth remains steady, creating jobs and generating stable incomes, the rise in home loans should not create problems.' 'If the growth trajectory changes course over the medium term and interest rates rise along with inflation, the expanding trend in home loans may not sustain.'
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
A winter soup that's yummy, hearty, and healthy enough.
Global trends and the Covid situation in China would drive the equity markets this week, which may also see volatility amid the scheduled derivatives expiry on Thursday, said analysts. According to analysts, investor sentiment remained subdued last week amid surging Covid cases in China and a few other nations. Also, stronger US growth data has cemented expectations of the Federal Reserve continuing with its hawkish stance, which added to the muted trend.
What the reserves offer for now is improved import coverage of about 13 months, almost double the 2013 level of less than seven months. And, ammunition to arrest a rapid rupee slide, says Anup Roy.
It's the ultimate recipe to try with tomato prices skyrocketing.
On the sidelines of crude oil price rise, Indian oil majors including Reliance Industries, Oil and Natural Gas Corporation and Essar Oil are eyeing exploration opportunities at the oil-rich sand beds of Alberta in Canada. The firms are believed to be drawing up plans in consultation with the central government and considering tie-ups with international firms for sand-oil exploration.
Foreign exchange reserves of the oil producers have increased by $1.1 trillion over the past decade.
Retail inflation dipped marginally to 6.44 per cent in February, mainly on account of a slight easing in prices of food and fuel items though it remained above the Reserve Bank's comfort level of 6 per cent for the second month in a row. As per the government data released on Monday, the Consumer Price Index (CPI)-based inflation was at 6.52 per cent in January and 6.07 per cent in February 2022. The retail inflation rate for the food basket worked out to be 5.95 per cent in February, marginally lower than 6 per cent in January.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
The department believes dividend from CPSUs is a return on investment made by the government.
What was in the world of reasonable oil prices a sunny economy slips into gloom and doom.
The last year has seen public sector undertakings (PSUs) outperforming the Nifty50, albeit by a small degree. But PSU valuations are still, on average, less than half of private sector peers at price-to-equity or PE 8.7x for the Nifty PSU Index versus 20.9x for the Nifty50. There are several reasons for lower valuation.
Modi wants the BJP to gets an additional 10% of the vote share from what it won in 2019. Plans are afoot to get new faces to replace MPs with poor chances of winning. Sources say more than 100 MPs are like to be axed, notes Modi biographer Ramesh Menon.
Higher crude oil prices also translate into better corporate earnings for India's top companies
The wholesale price-based inflation eased to a five-month low of 13.93 per cent in July on easing prices of food articles and manufactured products. The WPI-based inflation softened for the second consecutive month in July, raising hopes of further decline in wholesale prices in the months to come. The Wholesale Price Index-based inflation, after scaling a record high of 15.88 per cent in May, declined to 15.18 per cent in June. It was 13.43 per cent in February. It was 11.57 per cent in July last year.
The Reserve Bank on Wednesday said that global crude oil prices, which are nearing the $100 a barrel mark, could impact inflation in India. "High and volatile crude oil prices in the international markets pose a major risk to domestic price stability," the RBI said in its report on 'Trend and Progress in Banking'.
'We are engaging in substantial open market sales of both wheat and rice to control food inflation; special measures of market intervention in vegetables, pulses and oil seeds were also taken to cushion the impact.'
You can't go through life without a jar of South Indian tomato chutney in the you fridge.
For every rupee fall against the dollar, the under-recovery will increase by Rs 8,000 crore
Equity benchmark Sensex declined over 215 points on Wednesday, weighed by losses in index heavyweight Reliance Industries, Bajaj Finserv and Tata Steel, after the Reserve Bank raised the key interest rate by 35 basis points. Subdued Asian markets and continued selling by foreign investors also weighed on sentiment, traders said. Extending its losses for the fourth straight session, the 30-share BSE Sensex ended 215.68 points or 0.34 per cent lower at 62,410.68.
Tehran plans to lift exports by 500,000 barrels per day
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.
'We are in a sweet spot.' 'Equity, on a standalone basis, will continue to remain the asset class to stay invested in.'
Cairn India, a unit of UK-based Carin Energy, will have the potential to account for 20 per cent of India's oil production in the next decade once oil starts flowing from its three fields in Rajasthan.
Petroleum Minister Mani Shankar Aiyar on Monday hoped that international crude oil prices will ease in the near future and said India was in a comfortable position to sustain prices at around $50 a barrel.
The Reserve Bank of India on Thursday liberalised the policy governing borrowings by oil companies, a move aimed at helping them muster funds to meet their crude import requirements.
ONGC Videsh Ltd and its partners Indian Oil Corporation and Oil India Ltd have dropped plans to develop an oil field in Iran after the discovery was found to be commercially unviable.
M&M was the biggest loser in the Sensex chart, falling 6.39 per cent, followed by Tech Mahindra, Nestle India, Bajaj Finance, Axis Bank, ITC, JSW Steel, HDFC Bank and RIL. On the other hand, Sun Pharma, Tata Motors, Bharti Airtel, L&T and Infosys were among the winners, rising up to 2.10 per cent.
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