In order to replace a reticent IndianOil (IOC) for the potential purchase of a 50% stake in Tullow Oil Plc’s USD 3.4 billion oilfield project in Kenya, India’s leading international oil company ONGC Videsh has found a new partner in Oil India Ltd. However, the aggressive Chinese energy giant Sinopec has entered the fight and…
Due to strong export demand and predictions of fewer supplies at the end of the current marketing year, jeera yesterday finished up 2.12% at 45660. Prices increased as concerns about the crops grew as a result of hailstorms and unseasonal rains in Rajasthan, the main producing state. This season, the market is anticipating decreased yield…
Gold yesterday increased by 1.1% to conclude at 60379 as the dollar index continued to decline and moved farther away from a two-month high of 103.6 the day before. Investors are keeping an eye on the debt ceiling standoff and adjusting their expectations for the Fed’s next action. GOP negotiators reportedly left a debt ceiling…
Following a recovery in the dollar and weaker Chinese currencies, the Indian rupee concluded the prior week on a negative note. The local unit dropped for the second consecutive week to close at 82.77, the lowest level since February 2023. The rupee fell after reaching 82.50, despite significant inflows of foreign capital. Foreign institutions have…
Early Friday morning Asian trading saw a minor decline in oil prices as hopes that a U.S. debt default will be avoided were weighed against persistent inflation statistics that might signal future interest rate increases from central banks around the world. Brent futures were down 2 cents at $75.84 per barrel on today morning. West…
In April 2023, India’s coal output increased by 8.85% to 73.14 million tonnes (MT), and the total amount of coal shipped during the month increased by 11.66% to 80.35 MT compared to the same period last year. According to the coal ministry, there were 71.96 MT of coal available in April 2022, while production was…
On profit booking yesterday, the price of turmeric decreased by -2.47% to 8282 in anticipation of an increase in local supplies. In anticipation of a drop in pricing, traders are likewise expressing less interest at current price levels and refraining from mass purchasing. Given that farmers are receiving a fair price for their produce, supplies in…
The price of aluminium yesterday increased by 0.26% to 208.85 as China’s output of the metal decreased by 1.2% from March to April due to power restrictions in the region’s southwest. The National Bureau of Statistics reports that China produced 3.33 million tonnes of aluminium in March, down from 3.37 million tonnes in February but…
The largest stainless steel producer in the nation, Jindal Stainless (JSL), has set aside Rs 2,500 crore in capital for FY24, which will be mostly utilized to complete its recent acquisitions. In addition, the business wants to rank among the top three stainless steel producers outside of China. JSL made plans to invest $157 million…
The dollar gained on Wednesday as traders reduced their bets on the Federal Reserve cutting interest rates soon in the wake of strong U.S. consumer spending statistics and as a result of the safe-haven status of the dollar under the threat of a U.S. government default. Although nothing is finalized yet, negotiations between Republican senior…
