As investors took profits on worries that future interest rate increases by central banks might stifle economic growth and global fuel demand, oil prices declined on Thursday, erasing some of the gains made the day before. The price of Brent crude futures had decreased by 27 cents, or 0.4%, to $73.76 per barrel. American West…
According to the World Steel Association (World Steel), India’s crude steel production increased by 4.1 percent to 11.2 MT in May 2023, despite a 5.1% decline in global output to 161.6 MT. Chinese crude steel production in May totaled 90.1 MT, maintaining its position as the world’s top producer of steel despite a 7.3 percent…
IT giant Wipro, based in Bengaluru, announced on Tuesday that its Rs 12,000 crore share purchase plan will begin on June 22 and end on June 29. The board of the IT behemoth approved a plan in April of this year to purchase up to 26,96,62,921 equity shares from its owners, or 4.91% of its…
Along with the decline in Asian currencies, the rupee slightly declined versus the dollar. In the morning session, the local currency was trading at 82.03 per dollar, down 0.11 percent from its previous close of 81.94. The dollar index, which gauges how well the US dollar performs versus a basket of other currencies, was down…
The lowest commodity prices since March 3, improved economic indicators, foreign money inflows, and the Indian rupee all contributed to its best week since that date. The local rupee was helped by the broad-based decline in the value of the dollar following the Fed’s rate-pause announcement. According to the official data, there have been over…
According to its top management, industry heavyweight Tata Steel expects to spend a combined Rs 16,000 crore on capital projects for its domestic and international operations during the current fiscal year. According to the company’s CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee, Tata Steel has allocated Rs 10,000 crore…
The largest hydropower business in India, NHPC Ltd., is in discussions with three of the top banks in Japan about financing its growth into solar energy. According to finance director Rajendra Prasad Goyal, NHPC is in talks with Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc., and the Japan Bank for International Cooperation…
On June 15, the Indian Rupee was modestly worse versus the US Dollar, reflecting declines in Asian rivals. The rupee was trading at 82.18, down 0.1 percent from its previous close, after starting the day at 82.17. Yesterday, the Federal Reserve temporarily suspended its record-breaking run of interest rate increases, giving the economy more time…
Due to falling costs for food, gasoline, and manufactured goods, the wholesale price-based inflation rate in May decreased by (-) 3.48 percent, reaching a three-year low. The inflation rate based on the wholesale pricing index (WPI) has been negative for two months in a row. The value for April was (-) 0.92 percent. The WPI…
On Wednesday, KEC International, a company that specializes in construction engineering, announced that it had received orders totaling Rs. 1373 crore across all of its companies. KEC International Ltd., a significant global infrastructure EPC player, and RPG Group Company, announced in a regulatory filing that it has “secured new orders totaling Rs 1373 crore across…
