The Coal Ministry has cancelled the mining leases of West Bengal Power Development Corporation, Monnet Ispat & Energy and staterun NTPC for delays in operationalizing coal blocks and missing production targets, Parliament was informed on Monday. The Ministry penalized a total of 45 companies for delays in commencing operations and missing production targets, according to…
Palm oil continued in a downward direction with its prices dropping to a near 13-month low as leading producers, Malaysia and Indonesia struggled with rising production amidst low export demand. On Bursa Malaysia Derivative Exchange, crude palm oil for delivery in October ruled at 3,646 Malaysian ringgit (MYR) a tonne ($818.68), the lowest since June…
Indian rupee appreciated 9 paise to 79.81 against the U.S. dollar in early trade on Monday, supported by the fall in crude oil prices. At the interbank foreign exchange, the rupee opened at 79.86 against the American dollar. In early trade, the local currency witnessed a high of 79.81 and a low of 79.87 against…
Gold produced a marginal gain last week as the dollar retreated from the high. However, silver continues to suffer and saw a marginal drop. On the Multi Commodity Exchange (MCX), gold futures advanced 1.1 percent to end the week at ₹50,644 (per 10 gram). But silver futures posted a loss of 0.8 percent as it…
The Indian rupee touched a new record low mark of 80 against the U.S. dollar today. Sentiment has been hit hard for the rupee as an unusual surge in U.S. inflation secured expectations that the Federal Reserve would hike policy rates by a record margin later this month and make the dollar the highest returning…
Ahead of the meeting of the committee of secretaries, the sugar industry has sought the release of 10 lakh tonnes (lt) of additional export quota to mills and bringing back export under the “free” category from next season starting October 1. A sizeable quantity is likely to be cleared even if the government does not…
Gold prices rose on Monday in international markets, helped by a slight pullback in the U.S. dollar and as investors dialled down bets of a 100 basis point interest rate hike by the Federal Reserve this month. Spot gold had advanced 0.4% to $1,713.49 per ounce after falling to its lowest in nearly a year…
Indian equity benchmark indices closed 1% lower for the week ended July 15 amid volatility, weak GDP data, and rising global inflation, which fueled the fears of a further rate hike by central banks across the world. However, reduced FIIs selling, lower crude oil prices, and a good monsoon provided some support to the market. During the…
Global steel prices, including export prices of Indian mills, have seen a 13-15% downward correction, month-on-month on seasonal demand weaknesses, recessionary pressures across the world, and an economic slowdown eyeing at China. For Indian hot rolled coil the benchmark offering prices are at $ 639 per tonne, fob East Coast, down by $93. The HRC…
Crude palm oil prices, which hit a record high of Malaysian ringgit 7,268 (₹1,30,824) a tonne on March 9, have decreased by half of it’s high price in four months on the back of changing oil market dynamics. Indonesia, the major producer, and exporter, lifted its export ban within three weeks of imposing it in…
