The RBI opened a forex swap window in August to meet the entire daily dollar requirements of three oil marketing companies as the rupee depreciated to an all-time low of 68.85 against the US currency.
Dealers have said the RBI may impose a separate window to oil companies to provide them with US dollars.
Kotak Mahindra Bank was the biggest loser from the Sensex pack, skidding 1.83 per cent, followed by Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank and Nestle. In contrast, Bajaj Finance, Bajaj Finserv, Tech Mahindra, Tata Consultancy Services, Titan, Infosys, HDFC Bank, HDFC and ITC were the gainers.
The oil ministry is rejecting the monetisation of new discoveries as their production will not be viable at the present price of $4.2 per mmbtu
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India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storage at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
'... as has been happening in the last three weeks, then the foreign exchange reserves will not be comfortable to ensure that the rupee does not fall drastically.'
Post-cessation, activities related to the safe shutdown of the field are underway.
The central bank is conducting a series of these meetings with individual banks as it prepares to announce the annual monetary and credit policy for the financial year 2011-12 on May 3.
From the Sensex pack, State Bank of India, ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank, HDFC Bank, Reliance Industries were among the major laggards. Bucking the trend, auto stocks Tata Motors and Mahindra & Mahindra closed with gains.
After withdrawing record funds in 2021-22, foreign portfolio investors (FPIs) continued their sell-off in the last fiscal too and pulled out Rs 37,631 crore from Indian equities amid aggressive rate hikes by central banks globally. The outflow trend is likely to reverse in the current financial year since India has the best growth potential in the financial year 2023-24 (FY24), VK Vijayakumar, chief investment strategist at Geojit Financial Services, said. Market analysts believe that FPI flows in the current financial year would be decided by a host of factors, such as the US Federal Reserve's policy stance, oil prices movement and development in the geopolitical situation.
Dilip Shanghvi's Sun Oil & Natural Gas, signed a deal for the transfer of Interlink Petroleum's interest in the Modhera and Baola fields.
No period in the recent history of Indian oil and gas sector will perhaps leave its long- lasting imprint than 2010 that saw the unfolding of two events that could shape the future of this fast growing sphere.
The year is not yet over and a few more duty hikes are not ruled out.
India's large foreign exchange reserves can cushion a short-term jump in oil prices, but a long drawn conflict in Iraq could hurt the economy
Rising geopolitical uncertainty, a falling dollar and the growing speculative interest in commodities trading will keep crude prices volatile.
Benchmark Brent oil futures prices more than halved between June 2014 and January 2015.
The rupee depreciated 31 paise to an all-time low of 80.15 against the US dollar in early trade on Monday tracking the strength of the American currency and firm crude oil prices. At the interbank foreign exchange, the rupee opened at 80.10 against the dollar, then lost ground to quote at 80.15, registering a fall of 31 paise from the last close. On Friday, the rupee closed at 79.84 against the dollar.
Unless there is a sharp uptick in oil prices, Fed may push back rate hike
From the Sensex pack, Mahindra & Mahindra, UltraTech Cement, Power Grid, State Bank of India, ITC, Titan, Tata Motors and ICICI Bank were among the major winners. Tata Consultancy Services, Bajaj Finance, Tech Mahindra, Asian Paints and HDFC were among the major laggards.
Government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.
Finance Minister P Chidambaram on Tuesday said that surging global oil prices may pull down India's economic growth by 0.5 per cent but expected stable interest rates to spur investment.
The company had scaled down capex in D1 and D3 fields to $5.93 billion from the $8.84 billion spending it had proposed in 2006.
The Indian industry wants the government adopt a multi-pronged approach to de-risk the country's oil needs by conserving energy, promoting alternative sources and building strategic reserves, a Federation of Indian Chamber of Commerce and Industry su
The RBI's Monetary Policy Committee brainstormed the impact of any future shocks on the inflation trajectory and stressed monitoring the cumulative effect of monetary policy actions over the past one year, which is still unfolding, revealed minutes of the rate-setting panel released on Thursday. The minutes of the meeting of the Monetary Policy Committee (MPC), headed by Reserve Bank Governor Shaktikanta Das, also indicated it would be premature to declare an end to the monetary tightening cycle, which started in May 2022 to check high inflation following the outbreak of the Russia-Ukraine war. The central bank, which effected six back-to-back hikes in the key short-term lending rate (repo) since May 2022 to check high inflation, decided to take a pause early this month.
The 28 discoveries include Charada structure and Matar field in Cambay basin (Gujarat) and YSAF in KG basin (off Andhra Pradesh coast), the company said. The discoveries made in FY'09 have been notified to the directorate general of hydrocarbons.
Transmeridian has been on the radar of ONGC Videsh Ltd (the overseas investment arm of ONGC) for sometime now.
The oil explorer's IPO received bids for 80.93 crore (809.3 million) shares against 2.64 crore (26.4 million) on offer as on 1600 hrs. Investment banking sources said that the portion reserved for qualified institutional buyers got subscribed 54 times, while the non-institutional and retail investors bid 9.77 times and 1.14 times respectively.
Celebrate Lohri with traditional Punjabi recipes.
The rising dependence on discounted crude oil has resulted in India's trade deficit with Russia hitting the second-highest place last year, after China, reveals Department of Commerce data. From April through January 2022-23 (FY23), India's maximum trade deficit was with China, at $71.58 billion. This was followed by Russia, where the deficit expanded sevenfold - from $4.86 billion in April-January of 2021-22 (FY22) to $34.79 billion during the same period in FY23.
Myanmar is likely to award at least one offshore oil and gas exploration block and refinery revamp project to Indian firms even as New Delhi is exploring the possibility of piping
India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
Oil and Natural Gas Corporation has discovered natural gas reserves in Krishna Godavari basin off the Andhra coast, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
The government had allowed companies in February last year to launch probe missions to find more oil and gas within already-producing areas.
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Chairman and managing director R S Sharma said, "Our oil production, after a ten-year flat growth, is projected to increase by about three million tonnes (annually) in the next two-three years and gas production from 62 million cubic metres per day is expected to cross 100 million cubic metres per day in the next five-six years."
The Reserve Bank has notified that all transfer of stake or interest in an oil and gas field to non-residents will be treated as FDI and will have to be reported under Foreign Exchange Management Act (FEMA).
Equity benchmarks Sensex and Nifty on Friday spurted by nearly 2 per cent, propelled by heavy buying in IT, metal and financial stocks amid a rally in global markets after lower-than-expected US inflation data. A strong rupee against the US dollar and unabated foreign capital inflows further bolstered sentiment, traders said. Easing US inflation triggered speculation that the US Federal Reserve might slow down the pace of interest rate hikes.
Equity benchmarks Sensex and Nifty faced heavy drubbing on Thursday, falling over 1 per cent each, in tandem with weak global markets following the US Federal Reserve's interest rate hike and its hawkish stance. The 30-share BSE Sensex tanked 878.88 points or 1.40 per cent to settle at 61,799.03. During the day, it tumbled 962.3 points or 1.53 per cent to 61,715.61.
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