Khan said that India, which is a part of Quad, has imported oil from Russia despite American sanctions.
The resolution was adopted by a vote of 33 in favour, China and Eritrea voting against and 12 abstentions, including India, Armenia, Bolivia, Cameroon, Cuba, Kazakhstan, Namibia, Pakistan, Senegal, Sudan, Uzbekistan and Venezuela.
Titan, Maruti Suzuki India, Asian Paints, Mahindra & Mahindra and Hindustan Unilever Limited were the biggest drags on the Sensex, tumbling up to 5.05 per cent. In contrast, ITC, Dr Reddy's Laboratories, Tech Mahindra and UltraTech Cement were among the gainers.
The wholesale price-based inflation in February rose to 13.11 per cent on hardening of prices of crude oil and non-food items, even though food articles softened. After two months of mild easing, WPI inflation accelerated in February and remained in double digits for the 11th consecutive month, beginning April 2021. WPI inflation last month was 12.96 per cent, while in February last year, it was 4.83 per cent. The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, beginning February 24, has put pressure on the wholesale price index, even though food articles saw softening across categories of vegetables to pulses to protein-rich items.
Finance Minister Nirmala Sitharaman on Thursday said inflation management cannot be "singularly" left to the monetary policy as a majority of activities are outside its purview in the current context. Speaking at a seminar organised by economic think-tank Icrier, the finance minister said that both the fiscal policy and the monetary policy have to work together to contain inflation. Consumer price index (CPI) based inflation or retail inflation is ruling above the Reserve Bank's comfort level of 6 per cent since January.
The US actions can be seen as a riposte to India's neutral position on the Ukraine crisis, its continuing import of Russian arms and oil thus undermining Western sanctions, argues Colonel Anil A Athale (retd).
Investor wealth worth over Rs 13.44 lakh crore was wiped off on Thursday as the domestic equity markets tumbled along with global risk assets, after Russia launched military operations against Ukraine. Amid intensifying rout in the global financial markets, the 30-share BSE Sensex plummeted 2,702.15 points or 4.72 per cent to end at 54,529.91. The carnage on Dalal Street eroded investor wealth worth Rs 13,44,488.54 crore, taking the total market capitalisation (m-cap) to Rs 2,42,24,179.79 crore on the BSE.
Singh, in his address to the Indian-American community in San Francisco, also sent a subtle message to the United States that New Delhi does not believe in a diplomacy of 'zero-sum game' and its relationship with one country cannot be at the expense of the other.
Lavrov said a rupee-rouble payment system for trade with India was put into place earlier and it could be strengthened further.
The change of heart in the US and India was propelled by the increased threat of China to both countries, explains Ambassador T P Sreenivasan.
This includes over $15 billion of proposed investment in the infrastructure sector in the Indo-Pacific and $9 billion for shoring up American defence in the region.
After selling dollars for the past few months, the Reserve Bank of India (RBI) may take a hands-off approach before its annual account closing by not trying to prop up the rupee as geopolitical tensions show signs of stabilising with global crude oil prices easing from its $140 peak. The central bank was a net buyer of dollars between April and September, and then turned a net seller in the following months, the data released by the RBI showed. The RBI continued to be a net buyer of $36.6 billion in this fiscal year - between April and January. In 2020-21, it purchased $68 billion on a net basis.
Conventional wisdom is that when the US sneezes, emerging markets like India catch a cold. And yet the Indian stock market went up last year, points out Debashish Basu.
Tehran plans to lift exports by 500,000 barrels per day
External Affairs Minister S Jaishankar is set to hold separate bilateral talks with his Chinese counterpart Qin Gang and Russia's Sergey Lavrov at a beach resort in Goa on Thursday on the sidelines of a conclave of the Shanghai Cooperation Organisation (SCO) amid rapidly evolving regional security situation.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Ultratech Cement was the top gainer in the Sensex pack, spurting nearly 5 per cent, followed by Axis Bank, IndusInd Bank, HDFC, Bajaj Finserv, Infosys and Bajaj Finance.
UN Secretary General Antonio Guterres has termed Russian President Vladimir Putin announcement of a special military operation in Ukraine as the "saddest moment in my tenure", while Security Council members blasted the Russian leader for the "unprovoked and unjustified' action and for delivering a "message of war".
The Russia-Ukraine conflict would have nil or negligible impact on India's foreign trade, and the crisis may give domestic exporters an opportunity to ship more wheat in the global markets, sources said on Thursday. India's central pool stood at 24.2 million tonnes, twice more than the buffer and strategic needs, they said. More than a quarter of the world's wheat export comes from Russia and Ukraine.
Tightening Russian gas supplies to Europe has led to scramble for tankers before winter sets in.
In 2017, a consortium led by Russian state oil company Rosneft agreed to buy Essar Oil for $12.9 billion in India's biggest foreign acquisition of a homegrown company. Rosneft's buyout of Essar's assets was meant to herald a wave of energy investments in India - over six decades after Esso, Caltex and Shell invested in India's refining sector in the 1950s. But the government has tripped up in its efforts to sell Bharat Petroleum Corporation Ltd (BPCL), formerly Burmah Shell, a blue chip public sector company. Bidders include a couple of global funds and resources firm Vedanta.
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
Blinken also underlined that diplomacy is the only way to definitively end the Russian conflict in Ukraine.
Equity indices chalked up losses for the second straight session on Monday, in tandem with a bearish trend overseas as ratcheting up of hostilities in Ukraine and prospects of further rate hikes by the US Fed soured global risk sentiment. The rupee slipping to another all-time low against the US dollar amid foreign fund outflows added to the gloom, traders said. After tumbling over 800 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 200.18 points or 0.34 per cent lower at 57,991.11.
Foreign portfolio investors (FPIs) pulled out as much as Rs 17,537 crore from the Indian markets in just three trading sessions of March as investors' sentiment got dented by the uncertainty triggered by the Russia-Ukraine conflict and rising crude oil prices. As per depositories data, they pulled out Rs 14,721 crore from equities, Rs 2,808 crore from debt segment and Rs 9 crore from hybrid instruments between March 2-4. This took the total net outflow to Rs 17,537 crore.
Biden said that the Saudi Crown Prince told him he was not "personally responsible" for Khashoggi's murder.
On the Sensex chart, all 30 shares closed with gains -- with Bajaj Finance, SBI, Bajaj FinServ, L&T and Titan rising as much as 5.13 per cent. The BSE gauge Sensex zoomed past the 58,000-mark by rebounding over 1,700 points and the Nifty recaptured the 17,000-level on Tuesday after a massive plunge in the previous session. The 30-share Sensex surged 1,736.21 points or 3.08 per cent to end at 58,142.05 - recouping the losses suffered on Monday. Likewise, the NSE Nifty soared 509.65 points or 3.03 per cent to settle at 17,352.45.
'If the Russian forces do capture Kyiv and set up some sort of provisional government, they might run into an insurgency, for which the geography is just right, it could prove costly for them.' 'In that event, the whole exercise could turn out to be counter-productive -- and costly in both foreign policy and domestic terms.'
Retail inflation hit an eight-month high of 6.07 per cent in February, remaining above the RBI's comfort level for the second month in a row, while wholesale price-based inflation soared to 13.11 per cent on account of hardening of crude oil and non-food item prices, government data showed on Monday. The previous high for retail inflation was 6.26 per cent in June 2021. The consumer price index (CPI) based retail inflation, which is taken into account by the Reserve Bank of India (RBI) while deciding its monetary policy, rose mainly because of costlier food items, as per the data released by the National Statistical Office (NSO).
The 2+2 was attended by Secretary of State Antony Blinken and Secretary of Defence Lloyd Austin and their Indian counterparts S Jaishankar and Rajnath Singh respectively.
Since October, FPIs have sold over $26 billion worth of stocks, which is the largest selling ever seen in India, observes Akash Prakash.
A strengthening dollar overseas also kept the rupee under pressure amid demand from importers. Goldman Sachs followed JP Morgan, HSBC and Nomura in cutting India's economic growth forecast and also said it expects the rupee to touch 72 against the dollar in the next six months.
India's Permanent Representative to the UN Ambassador T S Tirumurti said India remains on the side of peace.
The finance ministry said on Tuesday that high energy and commodity prices due to the Russian invasion of Ukraine may provide an upside risk to inflation and continued vigil is required. "Going forward, elevated energy and commodity prices may act as an upside risk to the inflation outlook in the near-medium term. "Given the inherently unsustainable nature of high prices, international commodity prices are expected to level off early with an increase in supplies outside the crisis zone," the department of economic affairs said in its latest monthly economic report for February.
Heightened geopolitical uncertainties will lead the Reserve Bank's rate-setting panel to opt for a status quo at the next week's meeting, Axis Bank's chief economist Saugata Bhattacharya said on Monday. Bhattacharya said he had earlier expected a tightening action at the policy meet scheduled for April 6-8 but the increased uncertainties on the geopolitical front due to the Russian invasion of Ukraine and its impact on commodity prices makes him now think that RBI will defer such an action. He said the central bank's Monetary Policy Committee (MPC) may hike rates in the second half of FY23 by up to 0.50 per cent.
If they can sit together and hammer out 'Black Sea Initiative' deal for much needed food shipments, surely, they should be able to address the madness of the larger military conflict?
He said as per the US, India was a sovereign state, so "what are we then?" he asked.
'The US will not want to tangle with China landwards.' 'Nor will the US confront the Chinese navy seawards on India's account.'
'Please get us home': An Indian family stranded in Almaty, Kazakhstan.
However, rural demand continued to remain a concern for FMCG companies during the quarter.
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