Adaro Minerals Indonesia, Tbk, an Indonesian metals firm, announced on Sunday that it has signed a Memorandum of Understanding (MoU) with Hyundai Motor Company of South Korea regarding the supply of aluminium for the production of automobiles. On the eve of the G20 conference in Bali, Indonesia, the MoU was signed. According to the announcement,…
On November 16, the governor of the Reserve Bank of India, Shaktikanta Das, called a meeting with the heads of a few public sector banks and private sector banks to examine the sustainability of the country’s strong credit growth and determine whether any risks exist in the loan portfolios of the banks in light of…
According to the Society of Indian Automobile Manufacturers (SIAM), passenger car wholesales (dispatches to dealers) in India increased 29% year over year (YoY) to 2,91,113 units in October from 2,26,353 units in October 2021, driven by strong festival season demand. Again, the utility vehicle (UV) category outsold the passenger car (PC) sector during the month,…
Millions of public shareholders in listed companies that go through the Corporate Insolvency Resolution Process are being protected, according to market regulator SEBI (CIRP). The CIRP has so far mainly served the interests of banks and significant creditors, with shareholders losing control of a company the moment it entered the debt restructuring process and the…
The instructions that will encourage rupee settlement in international trade were announced by the commerce ministry on Wednesday. According to trade analysts, in some situations, it will allow exporters to receive the benefits stated by the foreign trade policy even if the export realization is in the domestic currency instead of the dollar. The Directorate…
Companies involved in solar energy have expressed shock at the government’s sudden removal of solar from “project import regulations,” which gave products intended for projects with discounted customs tariffs. In accordance with its previously stated aim, the Center introduced basic customs duties of 40% (plus a 10% social welfare surcharge) on imported solar modules and…
On Tuesday, the largest US private equity firm KKR announced that it has signed contracts to invest $400 million (about Rs 3,262 crore) in Serentica Renewables, a group company owned by billionaire Anil Agarwal that aims to offer clean energy solutions. Agarwal’s Twinstar Overseas, which also holds a majority position in Sterlite Power Transmission and…
Gold prices were little changed on Wednesday in the international markets, remaining close to a one-month high achieved in the previous session. gold was down 0.1% at $1,709.80 per ounce. US gold futures decreased by 0.1% to $1,714.10. On the Multi-Commodity Exchange (MCX), gold contracts were trading 0.16% higher at Rs 51,545 for 10 grams…
The Reserve Bank of India (RBI) said that foreign exchange reserves increased by $531.1 billion for the week ending October 28—the largest weekly increase since September 2021. Experts speculate that the huge increase of $6.6 billion in India’s foreign exchange reserves may have been caused by the delivery of US dollars from the Reserve Bank…
Early on Tuesday, oil prices barely changed as concerns about supply outweighed concerns about the economy and China’s adherence to its zero-COVID policy. U.S. West Texas Intermediate (WTI) crude increased 7 cents, or 0.1%, to $91.86 per barrel while Brent crude increased 7 cents, or 0.1%, to $97.99 a barrel by 0155 GMT. On Monday,…
