Union Minister Nitin Gadkari on Monday said American electric car major Tesla is set to start its operations in India next year and would also look at setting up of a manufacturing unit based on demand. The Road, Transport and Highways minister has been pushing for green fuel and electric vehicles for cutting India's huge Rs 8 lakh crore crude imports. Tesla Inc. co-founder and chief executive Elon Musk had in October said the company will enter the Indian market in 2021.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
Equity benchmark indices Sensex and Nifty on Friday reversed their six-session losing streak and rebounded more than 1 per cent on value buying in auto, IT, financial and energy stocks. Better than expected quarterly financial results of corporates also boosted investor sentiments even as uncertainties persisted over the escalating tensions in the Middle East, according to analysts. In a largely range-bound trade, the 30-share BSE Sensex rose 634.65 points or 1.01 per cent to settle at 63,782.80 points.
Billionaire Gautam Adani on Monday said his infrastructure conglomerate will invest between $50-70 billion in organic and inorganic growth opportunities across the entire energy value chain over the next decade. Speaking at an industry event, he said the port-to-energy group will invest over $20 billion in renewable energy generation alone. "Over the next decade, we will invest over $20 billion in renewable energy generation.
Nestle India was the top gainer in the Sensex pack, rising 3.23 per cent, followed by Kotak Bank, HUL, Bharti Airtel, RIL, TCS, PowerGrid and Titan.
India, the world's largest edible oil buyer, does not plan to cut edible oil duties despite firm domestic prices, Agriculture Minister Ajit Singh said on Saturday.
Tehran plans to lift exports by 500,000 barrels per day
Last year money-making hardly took any effort, this year you will need to pick and choose.
The situation is unlikely to improve in the near- to medium-term, as the crop outlook is far from satisfactory in most of the major wheat-exporting countries. Matters have got even worse because some of the other cereals, notably maize, are being diverted to bio-fuel production as a response to spiralling crude oil prices. The worst-affected, predictably, are the low-income, food-deficit countries, mostly in sub-Saharan Africa, who face 25 per cent rise in their food bill.
The S&P BSE Sensex gained 57 points to end at 26,064 and the Nifty50 climbed 17 points.
As fuel prices surged in September, the government's decision to ask companies to cut price by Rs1 each on a litre of petrol and diesel came as a dampner for private players.
The US is working with countries, including India to reduce their dependence on Iranian oil, a top official has said, noting it understands the energy needs of New Delhi and its long-standing ties with Tehran.
India's economy is expected to grow 7.5-8 per cent this fiscal year with exports playing a key role in the country's success story, CII president TV Narendran said on Monday. However, he said the country needs to remain prepared for any fallout of next wave of COVID-19 pandemic, and the impact of the ongoing Russia-Ukraine war. "We are confident that the economy can retain a high growth trajectory this year. "So, we are very optimistic on the export front. "Exports will be a key component of India's success story going forward," Narendran said.
It is time the political leaderships in this country arrived at a common ground over issues of foreign and security policy concerns. There has to be a greater communication between the government and the Opposition leaderships for the nation to present a unified face against the rest of the world, advises N Sathiya Moorthy.
This is good news for the central government at a time when crude oil prices are rising.
Top losers in the Sensex pack included ICICI Bank, IndusInd Bank, Bajaj Finance, Kotak Bank, HDFC, Infosys and SBI. On the other hand, HUL, Hero MotoCorp, PowerGrid, Maruti and Asian Paints were among the gainers. NSE Nifty slumped 230.35 points or 2.50 per cent to close at 8,967.05.
Benchmark indices gain 30% this year, buoyed by global liquidity, new government
Forex traders said a stronger dollar also dragged the rupee down.
Dr Ali Bakhtiari, an oil analyst from Iran, believes oil may not cool down, though it may go a bit lower from the present level in the short-term.\n
Reliance Industries was the biggest loser in the Sensex pack, falling 2.62 per cent, followed by Nestle India, IndusInd Bank, UltraTech Cement, M&M and SBI.
Brent hit a session high of $114.69 a barrel, its loftiest since September last year.
A depreciating rupee, which briefly hit 80 to the dollar on Tuesday, may boost India's exports but price-inelastic imports of crude oil and gold would mean limited relief on the trade deficit, which clocked a record $26.2 billion in June. Due to global risk aversion on the back of geo-political tensions and aggressive policy tightening by the Fed, the dollar has appreciated against most currencies, including the rupee. And, with other currencies depreciating, India's comparative advantage in this respect may be limited.
Refining and petrochemicals contribute around 90 per cent to RIL's overall revenue and profit.
Consolidated sales jumped 38% to Rs 77,130 crore (Rs 771.3 billion).
After raising interest rate by a cumulative 250 basis points in 11 months, the Reserve Bank of India (RBI) on Thursday unexpectedly kept benchmark rate unchanged as global banking woes added uncertainty to the economic outlook. Five out of six members of MPC voted to remain focused on the withdrawal of accommodation to ensure inflation aligns with target while focusing on growth, RBI Governor Shaktikanta Das said on Thursday. The Monetary Policy Committee of the central bank decided to take a pause after a rate hike seen in previous six consecutive policies.
The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago
Billionaire Mukesh Ambani's Reliance Industries has signed a pact to invest an undisclosed amount in a giant petrochemical hub being built in the UAE. The oil-to-telecom conglomerate will join the recently-formed Ta'ziz joint venture of Abu Dhabi state energy giant Adnoc and state holding company ADQ for developing the Ruwais Derivatives Park in western Abu Dhabi. A company statement said an agreement has been signed for Reliance to invest in the project but did not give details. Unconfirmed reports put the investment at about $1.5 billion.
If a 5% to 10% fall in the equity market gives you sleepless nights, you are not cut out for a 75% to 80% allocation to equities and must reduce it.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
Reliance Industries has posted good growth in Q1 of the current financial year.
India has not been able to compete with countries such as Bangladesh and Vietnam.
All Sensex components ended in the red, with Tata Steel cracking 6.39 per cent, followed by ONGC, Maruti, Titan, ICICI Bank, HDFC and Bharti Airtel.
From the Sensex pack, Bharti Airtel fell 3.42 and Kotak Mahindra Bank declined 3.31 per cent. ICICI Bank, ITC, HDFC Bank, UltraTech Cement, HCL Technologies and Maruti were the other major laggards. Tata Motors, Hindustan Unilever, Asian Paints, Sun Pharma, Nestle, Tata Consultancy Services, Wipro, Bajaj Finance, Axis Bank and IndusInd Bank were among the gainers.
Axis Bank was the top loser in the Sensex pack, tanking over 28 per cent, followed by Bajaj Finance, IndusInd Bank, ICICI Bank, Maruti and L&T. NSE Nifty nosedived 1,135.20 points or 12.98 per cent to settle at 7,610.25.
The falls meant that both crude futures were at their lowest levels since mid-April
The Street expects lower earnings from RIL's shale business to be offset by the sharp uptick in refining margins and the gradual improvement in petrochemical earnings.
SBI was the biggest gainer in the Sensex pack, rallying up to 12 per cent, followed by Sun Pharma, HDFC, Tata Steel, Bajaj Finance, Maruti, ICICI Bank and Bharti Airtel.
Global investors are fast losing appetite for equities, as deflation seems more of a reality. With commodity prices collapsing, few safe havens are left for investors, with many of the BRICS(Brazil, Russia, India, China and South Africa) losing their charm.
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