Indian Oil Corporation Ltd. (IOCL), a state-run company, announced on Wednesday that its board of directors has approved the construction of a petrochemical complex at Paradip in the Indian state of Odisha, at an estimated cost of ₹ 61,077 crores. The PSU refiner said in a statement that the petrochemical complex will include a world-scale…
The unseasonal rainfall has harmed the crops, therefore prices of basic necessities like wheat, jeera, chana, and various fruits and vegetables are anticipated to rise. Unseasonal rains are predicted to raise the costs of goods that are in limited supply and lower the returns for farmers in the case of perishable goods and areas where…
After three sessions of gains, oil prices declined on Thursday when U.S. Federal Reserve Chair Jerome Powell reiterated his commitment to containing inflation, including the likelihood of additional interest rate increases. U.S. West Texas Intermediate crude (WTI) dropped 84 cents, or 1.2%, to $70.06 while Brent crude futures dropped 80 cents, or 1%, to $75.89…
JK Tyres & Industries stated on Tuesday that the industry is anticipated to increase at a double-digit rate due to a rebound in demand for compact automobiles and two-wheelers in India during the past two years. “The last couple of years back, when the auto sector was experiencing a slight slowdown because of Covid, the…
Rupee remained unchanged on Tuesday and ended the day at 82.6662 versus the dollar. The Indian rupee has essentially been flat over the previous week, as we predicted. This happened in spite of solid foreign investment and falling crude oil prices. The net inflows of foreign portfolio investors were close to $600 million in the previous…
Current gold prices, future gold prices, and gold price forecasts: Despite encouraging global signals for the metal, the gold rate is slightly down on Wednesday, while the silver rate is up 0.25%. Gold April futures were trading at Rs 58,540 per 10 kilos on Multi Commodities Exchange, down Rs 39 or 0.07%. Silver May futures…
The windfall tax on domestically produced crude oil has been decreased, while the tax on diesel has been increased by the Finance Ministry. The revised levy became effective on Tuesday. A notification states that the windfall levy, formally known as Special Additional Excise Tax (SAED), has been reduced from $4,400 per tonne to $3,500 per…
When the Federal Reserve and other major central banks declared a concerted push to enhance dollar flows into the global financial system, experts suggested the U.S. dollar index is expected to remain bearish in the upcoming days. The announcement was made on March 19 by the Bank of Canada, the Bank of England, the Bank…
Foreign portfolio investor (FPI) inflows have been impacted by the halting of the dollar-to-rupee carry trade, according to analysts. Statistics indicate that in 2022, FPIs sold more than $16.5 billion worth of Indian shares, or $68 million per day. Including GQG investments in the Adani Group, FPI sales in 2023 to date total more than…
The Solvent Extractors’ Association (SEA) of India predicts that the production of the rapeseedmustard crop will be around 115.25 lakh tonnes (lt) in 2022-23. In 2021–2022, SEA anticipated that the crop would be 110 lt. On announcing the all-India estimate for the rapeseed-mustard crop in 2022–2023, SEA stated that India is on track to produce…
