In early trading on Wednesday, the rupee was moving in a limited range vs the US dollar, with local equities showing little movement. Because of the ongoing withdrawals of foreign funds, forex traders reported that investor mood was negatively impacted by the rupee’s narrow trading range. The local currency’s value versus the dollar at the…
Speaking on the necessity of implementing abated coal solutions for the energy transition, Michelle Manook, Chief Executive Officer of the World Coal Association, which has since been renamed FutureCoal, said that Coal India Ltd. will invest around $54.5 billion in abated coal projects over the next ten years. The coalition believes that coal is essential…
In contrast to IT service providers, a large number of domestic IT engineering service providers—among them, two Tata Group companies—are now reporting that non-American areas account for the bulk of their income. For example, Tata Elxsi and Tata Technologies said that Europe and India account for a significant amount of their sales. Although Tata Elxsi…
With anticipation that OPEC+ will intensify production cutbacks to support prices, which have dropped for the past four weeks due to lessening concerns about Middle East supply disruptions brought on by the Israel-Hamas war, oil futures saw a little increase on Monday. Brent crude futures had gained 66 cents, or 0.8%, to $81.27 per barrel,…
According to Fitch Ratings, strong industrial activity would likely fuel a 7% annual increase in domestic power demand in 2023–2024. The rating agency stated in a report that it anticipates a further shortening of the receivable days (or payment cycle) in the near future. Based on strong industrial activity, Fitch Ratings projects that India’s electricity…
Due to losses in domestic equities and a strong dollar in international markets, the rupee fell 4 paise to 83.27 (provisional) against the US dollar on Friday. Forex dealers stated that the rupee was able to limit losses due to recent FII inflows and crude oil prices that were trading close to four-month lows. Following…
Due to strong selling pressure following the Reserve Bank’s tightening of consumer credit standards, shares of bank and non-bank financial companies fell as much as 7% during Friday’s morning trading session. Shares of State Bank of India, Axis Bank, Canara Bank, and Bank of Baroda all saw decreases of 3.34 percent, 3%, and 2.67 percent,…
In order to prepare for the energy shift, India’s largest oil and gas producer, ONGC, plans to invest over Rs 1 lakh crore in building two petrochemical factories that will transform crude oil directly into high-value chemical goods, senior company officials announced on Wednesday. One of the main energy sources is crude oil, which is…
As a result of reduced import tariffs, India’s imports of edible oils—palm, soybean, and sunflower—rose 17% year over year to a record 16.47 million tonne (MT) in the 2022–2023 oil year (November–October), according to the trade association Solvent Extractors Association of India (SEA). The amount of these cooking oils imported peaked in 2016–17 at 15.1…
In early trade on Wednesday, the US dollar dropped from its high levels after US inflation data came in lower than anticipated, giving the rupee a 32-paise boost to 83.01 against it. The US dollar declined after US inflation slipped to its lowest level since September 2021, according to forex traders, and the rupee began…
