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Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.
'The tunnel was dug up two km and the work was going on smoothly. I could have never imagined such an incident'
Among the Sensex firms, HDFC Bank, Bharti Airtel, Infosys, UltraTech Cement, Tata Steel, Wipro, Kotak Mahindra Bank, Reliance Industries, Tech Mahindra and JSW Steel were the major laggards. Power Grid, Titan, Mahindra & Mahindra and NTPC were among the gainers.
"We will be guided by our national interest," he said.
'The fact still remains that we will have to deliver, so the pressure is now on us to make sure we get our resources, our supplies lined up at acceptable costs.'
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
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.
India imported 11 million tonnes of crude oil from Iran in the fiscal year ending March 31, 2014, down from 13.14 million tonnes in the previous fiscal
Economics and politics both have major roles in determining oil prices.
Top losers in the Sensex pack included M&M, SBI, Yes Bank, Asian Paints, HDFC, Tata Steel and L&T, shedding up to 2.55 per cent. The broader NSE Nifty settled 79.80 points, or 0.72 per cent, down at 10,996.10.
A driver who accidentally hits a person and subsequently informs the police or takes the victim to the nearest hospital will not be prosecuted under the stringent provisions of the recently enacted Bharatiya Nyaya Sanhita (BNS), a senior government functionary said on Tuesday.
Oil ministry this week issued written instructions to the billionaire Mukesh Ambani-run firm to make a 'pro-rata' cut in gas supplies to all existing customers if the production from its KG-D6 field cannot support new customers, two sources with direct knowledge of the information have said.
Indian Ambassador to the US Harsh Vardhan Shringla said India has stopped importing oil from Iran after the United States refused to extend exemption from sanctions earlier this month.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
Power plants, involving investments of Rs 100,000 crore, facing closure.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
Saudi Arabia's deep pockets and a strong financial system could help the country to ride out a low-price environment in order to protect its market share.
Petrol doped with 20 per cent ethanol was rolled out on Monday at select petrol pumps in 11 states and union territories as part of a programme to increase use of biofuels to cut emissions as well as dependence on foreign exchange-draining imports. At present, 10 per cent ethanol is blended in petrol (10 per cent ethanol, 90 per cent petrol) and the government is looking to double this quantity by 2025. Prime Minister Narendra Modi launched the higher 20 per cent ethanol blended petrol two months ahead of the planned rollout in April, at the India Energy Week (IEW) 2023 in Bengaluru.
Experts say local demand, government policies in retail and refining sector are attracting foreign players.
Buoyed by higher demand for crude oil and imported coal, Indian ports recorded a growth of 11 per cent in traffic during the April-June quarter of 2022-23. This shows that the economy is opening up, a report by DAM Capital said. The volume increase assumes significance since both prices of crude oil and imported coal have been soaring this year. Indian coal companies were pressed for supply amid a thermal coal crisis earlier in the year.
Indian refiners, who buy about 7,000 barrels a day of Iraqi crude from the spot market, have made alternative arrangements for supplies if there is a war in Iraq, Oil Minister Ram Naik said on Thursday.
The Reserve Bank of India's rather sudden and unilateral decision to discontinue the Asian Clearing Union, a move that effectively stops settlements in dollars and the Euro, will most impact Mangalore Refinery, which sources 60 per cent of its crude needs from Iran.
Both the countries have formed a strategic partnership for setting up joint projects in construction, oil and gas, minerals and metallurgy. Besides, Kazakhstan will supply uranium to India for peaceful purpose.
India on Saturday said the state-run State Trading Corporation, which is among the 125 Indian companies alleged to have paid kickbacks to the Saddam Hussain government
The referendum by the Russian authorities on the annexation of occupied territories of Ukraine was largely seen as a "sham referendum" and has been widely criticised by various countries.
Prices may go up because of higher energy costs, caused by the rise in shipping charges, with commercial vessels taking a longer route to avoid the troubled Red Sea region, the finance ministry said on Monday. Iran-backed Houthi rebels of Yemen are repeatedly attacking ships in the Red Sea. While the global economy is grappling with challenges such as sticky inflation, sluggish growth, and mounting fiscal pressure, India's external sector could face "potential risks" due to the ongoing geopolitical tensions, according to the finance ministry's report on the review of the Indian economy.
Making sense of the international crude market is incredibly hard.
Natural rubber prices move in sympathy to Crude Oil prices, and the added firmness is due to fall in production in key producing countries.
As Ayodhya readies itself for the glittering, much-awaited consecration ceremony of the Ram Mandir on January 22, and as millions of pilgrims and devotees pour into the holy city for the momentous event, companies are rushing to do their bit and be a part of the mega celebrations. Some are offering a part of their profits as donations, telcos are beefing up the number of cellular towers to ensure better connectivity, and there are those distributing jalebis and food platters.
Biden said that the Saudi Crown Prince told him he was not "personally responsible" for Khashoggi's murder.
US sanctions against Iran kick in from November 4, which will block payment routes. Sources said India and Iran are discussing reverting to rupee trade after November 4.
The ongoing oil price decline is mainly a result of oversupply in the global market
Saudis are interested in expanding their relationship with India, given it is becoming the main driver of crude demand growth in Asia
Italy, Greece, South Korea, Taiwan and Turkey also figure in the list released by Pompeo, who said over 20 countries have cut their oil imports from Iran, reducing purchases by more than one million barrels per day.
Apart from hiking prices to curb demand, you can expect moves to curb speculators.
The country is heavily dependent on import. Last oil year (2010-11), country had to import 87 lakh tonnes of vegetable oils at the cost of over Rs. 40,000 crore (Rs 400 billion).
Reliance Industries (RIL's) annual report released on Sunday highlighted the company's focus on new energy solutions, with chairman and managing director (MD) Mukesh Ambani stating that the age of fossil fuels will not continue much longer. RIL has sought shareholders' approval to give Ambani another five-year term as MD till 2029 at nil salary. The recently demerged Jio Financial Services, which "will leverage the prowess of digital and retail businesses", was expected to be listed soon.
Fuel supplies in many parts of the country were affected on the second day of the indefinite strike by oil PSU executives that also resulted in refineries running below capacity and impacted oil and gas production.
He is currently on a two-day swing to the crucial State of Iowa. On January 15, Iowa would kick off the 2024 Republican presidential primary season.
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