India

The U.S. president Donald Trump issued a executive order Wednesday that imposed an additional 25% tariff for goods coming from India. He claimed the country had directly or indirectly imported Russian crude oil. India, along with Brazil will be subject to the highest tariffs. This puts it at a disadvantage in comparison to regional competitors like Vietnam and Bangladesh. Tariffs will be implemented 21 days after the date of the Executive Order. A. PRASANNA CHIEF ECONOMIST ICICI SECURITIES PRIMARY DEALERSHIP MUMBAI The additional rate will take effect after 21-days, but will be added to the 25% that was already in...

India, which imports more than one-third of its oil from Russia, will likely turn to other suppliers in the Middle East, Africa, and elsewhere if forced to reduce Russian imports by possible U.S. sanctions. Why is India importing Russian oil? India began buying Russian oil at a discounted price after the West imposed sanctions against Moscow for its invasion of Ukraine 2022. Russia is now India's top supplier, with 35% of India’s total supplies. This is up from a little over 2% just before the Ukraine war. The global crude price surged to $137 a barrel in response to fears...

India's ruling and main opposition parties condemned the threat of U.S. president Donald Trump to increase tariffs on Indian goods over its Russian oil purchase, as a sign of political unity at a time when a trade dispute with Washington is intensifying. Trump announced in July that he would impose 25% tariffs on Indian goods. U.S. officials cited geopolitical factors as obstacles to a U.S. India trade agreement. Manish Tewari is a member and leader of Congress in the Indian opposition. He said that Trump's "disparaging comments hurt the dignity of Indians and their self-respect". He added, "It's time to...

Donald Trump, the U.S. president, threatened again on Monday to increase tariffs on Indian goods over their Russian oil purchases. New Delhi, however, called the attack "unjustified", and pledged to protect its own economic interests. This further exacerbated the trade gap between the two nations. In a post on social media, Trump stated that "India not only buys massive amounts of Russian Oil but they also sell it for a large profit to the Open Market." They don't give a damn how many Ukrainians are killed by the Russian War Machine. He added, "I will substantially raise the Tariffs paid...

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

The New York Times reported that Indian officials said they would continue to buy oil from Russia, despite the threats of sanctions that U.S. president Donald Trump had said he would impose. Could not verify immediately the report. Requests for comments were not immediately responded to by the White House, India’s Ministry of External Affairs and Ministry of Petroleum and Natural Gas. In a Truth Social posting last month, Trump said that India could face additional sanctions for purchasing Russian oil and arms. He later stated that he didn't care what India did with Russia. Trump informed reporters on Friday...

Coal India (which produces about 80% the coal in India) reported a decline in quarterly profits on Thursday, as shipment volumes and price fell amid weak demand for electricity. The company's net profit for the first quarter of 2018 fell 20% on an annual basis to 87.43 trillion rupees (998 million dollars). Revenue from operations fell 4.4% to 358,42 billion rupees. In the first half 2025, coal-fired electricity generation in India declined by almost 3%. Meanwhile, overall power output growth declined by 1.5% as a milder summer -- driven by earlier-than-expected monsoon showers -- reduced demand for coal. Coal India’s...

The International Energy Agency (IEA) said that global coal demand is expected to plateau over the next two-years after reaching a record in 2024. The IEA data revealed that coal demand is forecast to increase by 0.2% globally in 2025, after a decline of less than 1% during the first half. This will be followed by a slight drop in 2026, which would bring the demand down just below the levels in 2024. The Chinese demand for electricity is expected to drop by less than 1% between 2025 and 2050 due to a decline in the growth of electricity demand....

Bloomberg News reported Wednesday that One Rock Capital Partners is one of a few bidders left for BP's Castrol lubricants division. The report was based on people familiar with this matter. One Rock refused to comment while BP didn't immediately respond to a?request for comment outside of regular business hours. The report stated that the private equity firm was bidding on the entire asset. Canada Pension Plan Investment Board is another interested party but is only interested in a minority stake. Deliberations continue. According to the report, One Rock and CPPIB may decide not to proceed with their offers. In...

The energy ministry announced on Tuesday that Kazakhstan, which is one of the fastest-growing oil producing countries in the world plans to increase its fuel exports into China, India, and Central Asia. It hopes to capitalize on the growing demand for fuel in these regions. The government has approved a long-term strategy for the development of the oil refining sector between 2025 and 2040. Currently, the country has export restrictions for gasoline and diesel. After modernisation, the country now has three large oil production plants in Pavlodar, Shymkent, and Atyrau, with a combined annual output of 17 million metric tonnes...

After the latest round European Union sanctions, Indian private refiners who have used cheap Russian crude in order to boost their margins will need to find ways to work around it and depend more on traders for finding new markets for products. In recent years, refiners like Reliance Industries or Nayara Energy have benefitted from the pressure that sanctions imposed on Russia's crude oil prices due to its invasion in Ukraine. Many of these refiners have exported their refined products to European buyers. In its 18th package against Russia, which was approved on Friday by the European Union, it banned...

Nayara Energy, a Russian-backed refiner in India, condemned Monday the European Union sanctions against it and said that it was exploring its legal options to combat the latest "restrictive" measures. The EU approved Friday its 18th package against Russia for its war in Ukraine. This includes sanctions on Nayara Energy - a refinery owned by Rosneft, the Russian oil giant. In a press release, it stated that "Nayara Energy condemns strongly the European Union’s unjustified and unilateral decision to impose restrictions on our company." Rosneft owns 49.13% of Nayara, and a similar amount is held by Kesani Enterprises Co Ltd.,...

India's Jindal Steel said that the launch by the government of an antidumping investigation into cheap stainless imports was delayed because of trade uncertainty resulting from new U.S. duties on Indian goods. Abhyuday Jindal, Managing Director of the company, said that the Indian Stainless Steel Development Association – a domestic trade organization of which it is a part – filed a complaint with the Federal Trade Ministry's Directorate General of Trade Remedies in late July. India will be subject to a 25% duty on all shipments it makes to the U.S. starting Friday. President Donald Trump warned that additional charges...

The gold price held steady Tuesday, as the dollar strengthened and countered bets on a rate cut in the United States. Market participants were waiting for President Trump to announce his new Federal Reserve appointments. By 0947 am, spot gold had risen 0.1% to $3,376.80 an ounce. After reaching its highest level in over a year on Monday, ET (1347 GMT), gold prices rose 0.1% to $3,376.80 per ounce. U.S. Gold futures rose also 0.1% to $3,430. Gold priced in greenbacks is now more expensive for foreign buyers due to the dollar's 0.2% increase. Bob Haberkorn is a senior market...

The dollar rose on Tuesday, but gold prices were still near their two-week highs on the back of growing expectations that U.S. rates will be cut in September. By 0919 GMT, spot gold was down 0.2%, at $3,365.45 an ounce. Bullion reached its highest level since July 24 at $3,385.29. U.S. Gold futures were unchanged, at $3.423.20. The dollar index increased by 0.2%, from the one-week low reached earlier in session. This reduced gold's appeal for other currency holders. U.S. data released on Friday revealed that employment growth in the United States was slower than expected in July. Payroll revisions...

Gold edged higher on Tuesday for a 4th session, supported by a weaker dollar and lower Treasury yields. Weaker-than-expected U.S. job data boosted expectations of a September rate cut. As of 0239 GMT, spot gold rose 0.1% to $3375.89 an ounce. U.S. Gold Futures gained 0.1%, reaching $3,430.40. Dollar index was near its lowest level in a week, making gold more accessible to holders of currencies other than the dollar. The yield on 10-year Treasury notes, the benchmark note, fell to a new low. OANDA Senior Market Analyst Kelvin Wong stated that "short-term momentum for the bullish story has improved...fundamental...

JFE Holdings posted a net profit of 7.1 billion yen (48 million dollars) on Monday, down 74% compared to a year ago and below analysts' expectations. Analysts surveyed by LSEG had predicted that JFE Holdings would report a quarterly net profit of 16.1 billion yen. In the same period last year, the company made 27.5 billion yen. It reported that its crude steel production during the period was 5,28 million metric tonnes, down from 5,48 million tons one year earlier. The company also suffered from lower export profits and foreign exchange fluctuations. JFE Holdings has maintained its profit forecast of...

The U.S. Copper prices stabilized on Friday, after the largest one-day drop in history the day before. Market participants continued to evaluate a surprise decision by U.S. president Donald Trump to exempt refined metal from import tariffs of 50%. After a 22% plunge on Thursday, U.S. Comex September copper futures last rose 0.8% to $4.391 per lb or $9,680.5 per metric tonne. In official open-outcry trade, the benchmark three-month price of copper at the London Metal Exchange dropped by 0.2% to $9.592 per ton. The price pressure is being applied by the rising stock in LME registered warehouses, and the...

Gold prices were stable on Friday but are on track for a third successive weekly loss, due to a stronger dollar, and lowered expectations of U.S. interest rate cuts. Meanwhile, uncertainty over U.S. tariffs against trading partners provided support. As of 0733 GMT, spot gold was unchanged at $3,288.89 an ounce. Bullion has fallen 1.4% this week. U.S. Gold Futures declined 0.3% to $3339.90. Gold is now more expensive to other currency holders due to the dollar index reaching its highest level since 29 May. Gold remains weighed down by lower bets on Fed rate cuts through 2025. The U.S....

The physical gold demand on key Asian markets has improved this week, as the price drop has sparked a renewed interest in buying. However, volatility is keeping some buyers cautious. On Wednesday, spot gold fell to its lowest level for a whole month and was on track to suffer a third consecutive loss. This week footfall was higher than the previous week. "Buyers were asking about the price trends and made small purchases," said an Indian jeweller based in Pune. The domestic gold price was around 97.700 rupees for 10 grams of gold on Friday, after reaching 100.555 rupees the...

TVS Motors, India's largest electric two-wheeler manufacturer by sales, beat its quarterly profit expectations on Thursday due to strong local sales and exports. It also said that it would seek alternatives for rare-earth magnetic materials in light of China’s export ban. The company that also produces three-wheelers had previously flagged challenges with securing magnets which are crucial for electric motors. China, which is the largest producer of rare earth magnets in the world, implemented export restrictions in April. Some shipments have resumed to the U.S., Europe and other countries. However, Indian companies are still waiting for Beijing's approval. TVS will...

According to preliminary government data reviewed on Tuesday, India's finished-steel imports fell nearly 30% during the first three month of the fiscal year that began in April due to a consistent fall in shipments out of China and Japan. Data showed that the world's second largest crude steel producer imported 1,4 million metric tonnes of finished steel between April and June, a decrease of 28.8% compared to a year ago. The data shows that China's exports fell by 45.8% and those of Japan by 65.2%. The data shows that China exported 0.3 million tonnes of finished steel to India in...

In their most recent earnings reports, some of the top technology firms in the world, such as U.S.-based Alphabet and South Korean chipmaker SK Hynix, as well Indian IT services provider Infosys have given upbeat guidance, despite an uncertain U.S. Trade Policy. The erratic U.S. Trade Action has overshadowed corporate operations, upending supply chains and leaving firms to navigate fluid Tariffs. This is on top of other economic uncertainties like regulatory changes and currency fluctuations. Alphabet, SK Hynix, and Infosys, all of which reported earnings above market expectations, predicted brighter times to come. Alphabet and SK Hynix have both announced...

After three years of negotiation, Britain and India will sign a formal free trade agreement during the visit by Prime Minister Narendra Modi to the UK on Thursday. After three years of negotiations, the British Parliament and India's Federal Cabinet will need to approve the deal. This is likely to happen within a year. The following are the main points of the Agreement: Tariff Cuts India reduces tariffs on almost 90% of UK products Whisky and Gin levy will fall from 150% down to 75% then to 40% within a decade Tariffs on automobiles to drop from 100% plus to...