A senior government official confirms that Indian vessels do not require permission to navigate the Strait of Hormuz, despite regional tensions. Several Indian ships, including LPG tankers, have safely crossed the strait, ensuring continued supply of essential commodities to India.
India has denied making any payments to Iran to secure safe passage for its vessels through the Strait of Hormuz, following reports that Indian vessels were fired upon in the region.
Egypt, Pakistan, Saudi Arabia and Turkey met in Islamabad in what analysts say is the formal opening of a new diplomatic formation that could reshape the post-war regional order. Their immediate goal is a ceasefire; their larger ambition is to ensure that neither Iran nor Israel emerges from this war in a dominant position. Pakistan's foreign minister then flew directly to Beijing and mooted a Chinese role as guarantor of any eventual agreement. Prem Panicker continues his must read daily blog on the Gulf War.
An Indian-flagged crude oil tanker, Jag Laadki, safely sailed from the UAE's Fujairah port despite an attack on the terminal and is scheduled to reach India. The Indian government is working to ensure the safe passage of remaining Indian-flagged vessels in the region.
The Reserve Bank of India (RBI) has opted to keep its key interest rates unchanged at 5.25%, anticipating a global economic recovery following a ceasefire in the US/Israel-Iran conflict, despite ongoing inflationary pressures and currency fluctuations.
The Indian government has increased measures to secure fuel and gas supplies following the Strait of Hormuz closure, urging citizens to avoid panic buying. Refineries are operating at high capacity, and sufficient stocks of petrol and diesel are available nationwide.
"We have been importing 3 million barrels of crude oil per month from Iran. There is no change in that status... there has been no disruption in supplies... We continue to import same volumes (this month)," Essar Oil Managing Director and CEO Naresh Nayyar said.
S&P Global Ratings warns that Indian oil marketing companies like IOC, BPCL, and HPCL may face reduced profit margins due to rising crude oil prices and government pressure to maintain stable retail prices.
Indian benchmark equity indices experienced a significant downturn, with the Sensex plummeting over 800 points and the Nifty falling sharply, driven by rising crude oil prices, geopolitical tensions, and foreign capital outflows.
10 stocks from the Nifty 200 index that offer good growth potential and scope to deliver decent returns from current levels, based on brokerage estimates.
Indian stock markets experienced a significant rally following the announcement of a US-Iran ceasefire, coupled with a drop in crude oil prices. The Sensex and Nifty both closed nearly 4 per cent higher, mirroring gains in global markets.
External Affairs Minister S Jaishankar addresses the Indian Ocean Conference, expressing deep concern over the West Asia conflict and its economic repercussions on energy, trade, and food security. India calls for a swift return to peace and opposes targeting civilians and infrastructure.
Even if there is an early agreement on a cessation of hostilities in West Asia, the price shock will not go away easily, points out A K Bhattacharya.
Indian equities are experiencing their sharpest rebound in years, with the BSE 500 index rallying 12.1 per cent so far this month, echoing Covid-era recoveries despite ongoing geopolitical uncertainty and earnings risks.
Two more Indian-flagged LPG tankers have safely navigated the Strait of Hormuz, ensuring continued cooking gas supply to India amidst regional conflict. These tankers are expected to reach Indian shores soon, following the successful transit of previous vessels.
Two more Indian-flagged LPG tankers have begun their journey from the Persian Gulf, navigating the Strait of Hormuz amidst regional conflict, following disruptions caused by recent tensions in the Middle East.
United States Senator Lindsey Graham on Sunday claimed that Indian Ambassador to the US Vinay Mohan Kwatra spoke to him last month about India buying less Russian oil and asked him to tell President Donald Trump to relieve the 25 per cent tariff.
The Indian rupee saw a significant appreciation against the US dollar following President Trump's suspension of military strikes against Iran and the Reserve Bank of India's decision to maintain its key interest rate. Market sentiment was further buoyed by positive comments from the RBI regarding the health of the banking sector.
Markets will look for clear guidance on how the MPC interprets the uncertainty and what it implies for the future course of monetary policy, points out Rajeswari Sengupta.
India has expressed strong concern over the targeting of commercial shipping in the Strait of Hormuz during the West Asia conflict, urging for the restoration of unimpeded navigation and global commerce.
India's peak power demand is projected to hit 270 GW this summer, surpassing last year's record of 250 GW.
Brokerage Bernstein has warned Prime Minister Narendra Modi that India risks squandering recent economic gains unless it accelerates structural reforms, particularly in jobs, manufacturing and innovation.
Prime Minister Narendra Modi addresses the Rajya Sabha, detailing India's strategies to navigate the global energy crisis sparked by the West Asia conflict, including securing diverse energy sources and expanding strategic oil reserves.
Which are the world's most vital straits, important to shipping?
Mumbai hotels and restaurants are facing potential closures due to a critical shortage of commercial LPG cylinders, with similar disruptions reported across India. The crisis stems from revised government priorities for domestically produced natural gas, impacting the hospitality sector and potentially affecting tourism.
...reopen for up to six months. Until then, the Strait stays nearly closed. The world pays. And no one, including the man who started this, can say when it ends, notes Prem Panicker in his must read blog on the Iran War.
Chinese President Xi Jinping has called for the Strait of Hormuz to remain open for normal passage of ships, describing it as an 'international waterway' amid rising tensions between the US and Iran.
Despite ongoing tensions in West Asia, the successful arrival of the LPG carrier 'Nanda Devi' in Gujarat ensures a steady supply of liquefied petroleum gas to India, highlighting the country's efforts to secure its energy needs.
An Indian-flagged LPG vessel successfully transited the Strait of Hormuz, reducing the number of Indian ships stranded in the Persian Gulf. India is in talks with Iran to ensure safe passage for its tankers, and Indian refiners continue to purchase crude oil and LPG from Iran despite regional tensions.
The Indian government has revised its natural gas allocation priorities, placing LPG production alongside CNG and piped cooking gas at the top, due to disruptions in imported gas supplies caused by the conflict in West Asia.
'We are targeting a 2.5x to 3x increase in valuation by FY31.'
Indian benchmark stock indices Sensex and Nifty rebounded nearly 1 per cent, snapping a three-day decline, driven by rallies in Reliance Industries and Sun Pharma, alongside positive global market trends and easing geopolitical tensions.
Aviation Turbine Fuel (ATF) prices have more than doubled to a record high, impacting airlines and consumers, while commercial LPG rates also see a significant increase.
Maharashtra minister Mangal Prabhat Lodha defends his request for LPG cylinders for Jain temples, claiming criticism is part of a larger anti-Hindu narrative.
India's private sector activity saw a significant recovery in April, driven primarily by robust growth in manufacturing output and sales, following a three-year low in March attributed to the West Asia conflict.
On Saturday, it was reported that a drone strike had targeted the Fujairah Port in the UAE, triggering a fire.
Delhi Police have arrested a 33-year-old man for allegedly manufacturing and storing counterfeit automobile parts and packaging materials in a godown in west Delhi.
If TVK MLAs and ministers are perceived as clean, or demonstrably cleaner than their predecessors, the credibility dividend will be enormous. The voter will feel rewarded, points out Ramesh Menon.
Responding to concerns raised by Leader of the Opposition Rahul Gandhi in the Lok Sabha, Petroleum Minister Hardeep Puri said it is the foremost priority of the government that the kitchens of over 33 crore families, especially the poor and the underprivileged, do not face any shortage of gas.
The question is whether the clocks allow enough time for two deeply mistrustful sides to get there, and whether the surface calm holds long enough for the paddling to produce something before the ceasefire ends on April 22, notes Prem Panicker in his must read blog on the Iran War.
