On Thursday, the government reduced the windfall tax on locally produced crude oil and diesel exports, boosting the intraday share prices of Reliance Industries and ONGC by more than 1.5%. Shares of Reliance Industries began trading at Rs. 2,571 before rising more than 1.5% to reach an intraday high of Rs. 2,618. ONGC reached a…
On Thursday, the Indian Rupee depreciated against the US dollar and opened at Rs. 82.63. On the heels of risk aversion in international markets and a rise in crude oil prices, the domestic currency is anticipated to weaken today. The US Fed signalled that rates may rise considerably higher than previously anticipated to manage inflation,…
The first month of the oil year 2022–2023 saw an increase in imports of 34.24 percent (November to October). Data from India’s Solvent Extractors’ Association show that edible oil imports rose to 15.28 lt in November 2022–23 from 11.38 lakh tonnes (lt) in November 2021–22. (SEA). India imported 9.31 lt of CPO in November, up…
Despite the fact that the first anticipated polar vortex in four years could arrive as soon as next week, natural gas prices fell further on Wednesday as traders tried to fix a market that had risen nearly 30% over the previous five sessions. The Henry Hub on the New York Mercantile Exchange saw a decline…
Early on Thursday in Asian trading, oil prices remained broadly constant as investors balanced the prospect of future interest rate increases from central banks around the world against optimism about the outlook for Chinese demand. Brent crude futures were up 1 cent, trading at $82.71 a barrel, while U.S. crude futures were down 4 cents,…
On Wednesday, the Indian rupee started the day 21paise higher at 82.59 to the dollar due to rising risk on international equities markets, FII inflows, and falling oil prices. “The rupee is likely to strengthen today as a result of the weaker dollar and the upbeat outlook for the world’s financial markets.The expectation that the…
Early trade on Wednesday saw a decrease in oil prices as industry data revealed a significant gain in U.S. crude stocks rather than the expected decline. This confirmed concerns about a weaker demand even as supply is becoming more constrained. West Texas Intermediate (WTI) crude futures for the United States decreased by 30 cents, or…
Following a significant increase the day before, gold prices were around a six-month high on Wednesday as markets anticipated an interest rate increase from the Federal Reserve later in the day as well as their comments on lessening inflationary pressures. As evidence that price pressures in the nation have peaked and are expected to retreat,…
The first half of the current fiscal year saw India import 131.92 million tonnes (mt) of coal for a whopping 2.31 lakh crore, or about $28 billion at Wednesday’s exchange rate, the highest amount thus far in value terms since FY19. The high value of imports was caused by rising global coal costs, which were…
Two significant macroeconomic indices issued on Monday indicated conflicting trends. Consumer Price Index (CPI)-based retail inflation fell to an 11-month low of 5.88% in November from 6.77% in October, but the Index of Industrial Production (IIP)-based measure of industrial output shrank by 4% from 3.2% growth in September to 4.0%. For the first time in…
