The Organization of the Petroleum Exporting Countries (OPEC) and association including Russia, known as OPEC+, agreed to increase output by 648,000 barrels per day (bpd) in July and 648,000 bpd in August. Ahead of the meeting, sources told Reuters that Saudi Arabia and other OPEC members could increase oil output to offset a drop in…
UltraTech Cement, an Aditya Birla Group company, plans to invest ₹12,886 crore to add capacity of 22.6 million tonnes per year with a mix of brown-field and green-field expansion across the country. The fresh capacity addition comes at a most competitive cost of $76 per tonne. Over completion of the latest round of expansion, the…
The rupee declined 12 paise to 77.62 against the U.S. dollar in trade on Thursday, tracking the strength of the American currency in the global market. At the inter-bank foreign exchange, the rupee opened at 77.61 against the U.S. dollar, then lost ground to priced at 77.62, registering a fall of 12 paise from the…
The government’s wheat procurement in the current year down by more than 54% on year to 18.65 million tonne (mt) till Tuesday. With an arrival of only around 81,000 tonne of wheat on Tuesday in mandies mostly in Uttar Pradesh and Madhya Pradesh, purchase of the grain by the Food Corporation of India (FCI) and…
Steel prices have decreased to ₹64,000-65,000 a tonne from ₹71,000 last month on expectation of a supply surplus on levy of 15% export duty. Prices were flying at ₹76,000 a tonne in April. Interestingly, the excess supply comes amid forecast of weak demand with onset of south-west monsoon slowing down infrastructure activities from this month….
India’s growth rate slipped to a four-quarter low of 4.1% in the January-March period as a resilient post-pandemic rebound was disrupted by the Russia-Ukraine war that inflated prices of oil and other key commodities, and impeded the global supply chains. As Yet, in 2021-22, the country re-captured the fastest-growing major economy tag from China after…
Oil prices up in early Asian trade on Wednesday after European Union leaders agreed to a partial and phased ban on Russian oil and China closed its COVID-19 lockdown in Shanghai. Brent crude for August delivery was up 78 cents, or 0.7%, at $116.38 a barrel. The front-month contract for July delivery expired on Tuesday…
Mahindra & Mahindra (M&M) plans to introduce an electric version of XUV300 SUV in the January-March quarter of the current financial year. At 4.2 meters in length, the electric version will be longer than the current ICE powered XUV300. Also, the company will invest ₹1,900 crore till FY24 for creation of additional production capacity for…
Coconut oil manufacturers are doubtful about a rally in prices, at least in the short term, at a time when rival edible oils are moving high. The excess production in the growing regions for the fall, thanks to good climatic conditions in the last two harvest seasons. The industry people expect the current harvest also…
The rupee fall 13 paise to 77.67 against the U.S. dollar in early trade on Tuesday, weighed down by the rush in crude oil prices. At the inter-bank foreign exchange, the rupee opened at 77.65 against the U.S. dollar, then lost ground to price at 77.67, registering a fall of 13 paise from the last…
