India

Mukesh Ambani’s Reliance Jio has signed a deal to bring Starlink satellite Internet services to India. This is a surprising move by the billionaires who had been at odds with each other for months about how India should allocate spectrum to them. This deal comes on the heels of a similar announcement made by Starlink with India's No. 2 telecom player Bharti Airtel a day before. Starlink will be available in the retail stores of Indian telecom operators, giving Starlink direct access to thousands of outlets in India. The two deals are contingent upon Starlink receiving government approval for operations...

Nayara Energy is a private Indian refiner that is majority owned by Russian companies, including Rosneft. It will offer a $217.5-million share buyback to assist its minority shareholders in leaving the delisted company. Rosneft, along with its partners, closed the acquisition of Nayara Energy (formerly known as Essar oil) for nearly $13 billion in 2017. Before the closing of the deal, Essar Oil shares were delisted. Nayara announced that it has decided to make an offer of 731 rupees each ($8.39), totaling 18.94 billion rupees, to over 200,000 minority investors who have not participated in previous delisting or exit offers....

The Indian two-wheeler manufacturer Ola Electric was sent a letter by the federal government for failing to meet a critical milestone in setting up its battery "gigafactory". Ola has been selected for the 2022 government production-linked incentive scheme (PLI). This will allow the company to build a local battery manufacturing plant of 20 gigawatts in Tamil Nadu, a southern state. The 181 billion rupees ($2,07 billion) scheme required that companies set up manufacturing plants within two years. Ola Electric had previously stated that it would start commercial operations at its manufacturing facility by April. The company's statement on Tuesday said...

Howard Lutnick, the U.S. Secretary of Commerce, said that on Sunday tariffs against Canada and Mexico would go into effect starting on Tuesday. However President Donald Trump will decide whether or not to keep with the planned 25% rate. Lutnick said on the Fox News show "Sunday Morning Futures" that "that is a fluid scenario." There will be tariffs on Mexico and Canada on Tuesday. We'll leave it up to the president and his team of negotiators to decide what they are. Lutnick’s comments were Trump's first indication that he may not impose all the threatened tariffs of 25% on...

The Indian National Space Promotion and Authorisation Centre, or IN-SPACe, launched on Wednesday a fund of 5 billion rupees ($57.58 millions) to assist early-stage technologies in becoming commercial and to reduce the reliance on imported goods as the country strives to increase its market share within the global space industry. In a press release, the space regulator stated that the Technology Adoption Fund would also link government agencies with the private sectors, in order to position India as an important partner on a market that is becoming increasingly competitive. The fund offers financial support up to 60% for small and...

L.R. Jain, chief executive of Indian Strategic Petroleum Reserves Ltd (ISPRL), said that India has begun to look for oil storage facilities overseas and is currently in talks with Oman about leasing a facility capable of holding approximately 5 million barrels crude oil. Jain, CEO of Indian Strategic Petroleum Reserves Ltd. India, which is the third largest oil consumer and importer in the world, imports more than 80% of its oil requirements and is increasing its strategic reserve capacity to protect itself against any disruptions to global oil supply. Jain said that if the talks with Oman are successful, it...

China and Pakistan are upgrading and reconstructing Pakistan's rail network, and developing its Gwadar Port, while Chinese firms can invest in offshore oil and gas development of the South Asian nation, reported the official Xinhua News Agency on Thursday. Asif Ali Zadari, the president of Pakistan, is visiting China between February 4-8. He will attend the Asian Winter Games opening ceremony. Since 2013, Chinese financial and investment support has been a boon to the struggling economy of Pakistan. Both countries share a long-standing distrust of India, their common neighbor, and want to protect themselves from U.S. influence in the region....

In India, foreign companies often face difficulties due to the high tax demands imposed on them by India. These include levies on large M&A deals or duty evasion. The following are the most important tax disputes that have occurred in the past and currently involving foreign companies. Kia, a South Korean car manufacturer, has been accused by officials of evading $155 million worth of taxes through misclassification. The company, however, is disputing this privately with the officials. Kia imports parts of a vehicle in separate shipments, assembling the vehicles in India. They pay a lower applicable tax, avoiding the higher...

Indian shares fell on Monday, after U.S. president Donald Trump imposed tariffs on Canada and Mexico, causing concerns about a wider trade war. The Nifty 50 fell 0.52% to 23,361.05, and the BSE Sensex dropped 0.41% at 77,186.74. Stock markets in Asia and Europe fell as Trump's new tariffs caused fears that global growth would be affected. The domestically focused smallcaps and the midcaps both lost 0.9% and 2.1% respectively. The Indian rupee fell to 87 dollars per dollar for the very first time, as other regional currencies also declined. Anirudh Garg is the partner and fund manager of Invasset...

Reliance Retail launched an app to sell fashionwear in India from China's Shein, under a license deal. This comes almost five years after Shein's App was banned in India following a diplomatic dispute. Reliance is owned by Mukesh Ambani. A person who has direct knowledge of Reliance’s launch plans said that the app was launched on Saturday morning. The launch was not announced by the firm. Shein nor its parent company Reliance Industries did not respond to any requests for comments made outside of normal business hours. Shein India Fast Fashion is a departure from Reliance’s strategy to add brands...

The budget document released on Saturday revealed that India will spend $646.88 million to purchase oil for its Strategic Petroleum Reserves (SPRs). Indian Strategic Petroleum Reserve Ltd. (ISPRL), the company that manages federal oil stocks, operates three SPRs with a combined production capacity of approximately 5 million tons in southern India. Abu Dhabi National Oil Co. (ADNOC) and other companies use a portion of this capacity for commercial operations. Budget proposals include allocations of about 1.8 billion rupies for the operation and maintenance SPRs, and approximately 3.35 billion rupies for land purchase and construction of caverns. India, which is the...

India's Oil and Natural Gas Corp. (ONGC) announced a loss for the third quarter on Friday as a buoyant fuel market failed to compensate the explorer against lower crude oil realisations. The profit of the state-owned company fell by 17% in October-December to 82.40 trillion rupees, or $952 million. This was far below the analysts' average estimate of 179.31 trillion rupees. Profits from joint ventures or operations outside of the country are not included in its standalone earnings. ONGC is responsible for around 71% domestic crude oil production. The company's operating revenue fell by 3% year-on-year, to 337.17 bn rupees....

India's government is confident that the strong domestic steel demand will offset the European Union plans to tighten import quotas starting in April. A source with first-hand knowledge of the issue confirmed this. The European Commission announced on Tuesday that it will tighten steel import restrictions from next month, in an effort to protect the European steel industry from soaring imports. The EU will lower import quotas (also known as safeguards), limiting the amount that can be imported tariff-free into the 27-nation bloc. The source declined to identify herself as India had not publicly responded to the EU move. The...

India has discontinued a part of a scheme which encouraged households and institutions in India to deposit gold as a form of interest payment. Gold deposits were available for 1 to 3 years, 5 to 7 years, and 12-15 years under the gold monetisation program, which was introduced in 2015. The Finance Ministry announced late Tuesday that the 5-to-7-year and 12-to-15-year deposits had been discontinued. It cited the changing market conditions and the performance of the scheme. The ministry stated that banks can continue to provide short-term gold deposit based on their commercial viability. This move will reduce future government...

Maros Séfcovic, the European Union's Trade Commissioner, was scheduled to meet with Donald Trump's top officials in charge of trade on Tuesday. The goal is to avoid U.S. tariffs that could be imposed on EU products as soon as next week. Sefcovic has had two prior discussions with U.S. trade representative Jamieson Greer and Commerce Secretary Howard Lutnick that have not altered Trump's plans for raising U.S. tariffs to match those charged by major trading partners, and to counter their non-tariff barriers. The USTR and Washington's EU delegation office did not immediately comment on the discussion. The meetings take place...

India's benchmark indices rose on Monday, led by heavyweights in information technology and finance, amid foreign capital flows and eased tariff concerns. The NSE Nifty50 was up 0.56% to 23,790.2 at 10:33 am IST. Meanwhile, the BSE Sensex gained 0.60%, reaching 78,444.19. With the recent correction, Nifty is trading at 17,8x forward earnings for one year. Sweta JAIN, research analyst of Anand Rathi Share and Stock Brokers, said that this is a discount from its median 5-year and 10-year earnings, which offers value opportunities to investors. Both benchmarks have recovered their losses for the year, but they are still down...

This week, gold discounts in India reached a record-high of more than eight months as the demand for gold fell after spot prices soared past records. Indian dealers offer a discount Up to $41 per ounce compared to official domestic prices. The domestic gold price hit a record of 89 796 rupees for 10 grams this week. It has risen by over 15% this year. The price is constantly rising. It's reaching new heights every week. "Customers are waiting, just sitting there and watching for a dip," said New Delhi bullion dealer. India's gold exports will drop 85% from the...

Manappuram Finance in India announced on Thursday that Bain Capital will invest 43.85 billion rupies ($508m) to purchase an 18% stake. This comes at a time when gold prices are at record highs, making it attractive for the company to offer loans. The asset manager is going to subscribe for Manappuram shares and warrants, at 236 Rupees each. This represents a 30% premium on its average six-month trading price. Bain Capital is classified as a promoter post-investment, and it will control the company jointly with its existing promoters. India's households, which are the second largest gold consumers in the world,...

The shares of Indian steel companies increased on Wednesday, after a government agency recommended a temporary tariff on certain steel products to reduce imports. This raised hopes that their earnings could be boosted. Early trade saw metal shares rise as high as 1.6%. JSW Steel, the industry leader in steel production, and Tata Steel ranked among the top 10 gainers of the benchmark Nifty50 index. The index rose by 0.2%. JSW Steel and Tata Steel shares rose about 3%, while SAIL's SAIL stock grew 3.5% and Jindal Steel and Power's Jindal Steel and Power shares gained 1%. India has launched...

State news agency SPA reported that the Saudi Industry and Mineral Resources Ministry awarded mining exploration licences on Tuesday to several local as well as international firms. Licenses were granted to Indian miner Vedanta, and a consortium including local Ajlan & Bros as well as China's Zijin Mining. The first mineralized belts of the Kingdom are located in Madinah at Jabal Sayid and Aseer, Al Hajar. Both are rich in precious and base metals including gold, silver, copper, zinc and other precious metals. According to SPA, the licenses cover a combined area of 4,788 sq km (1,849 sq mi). The...

India's Commerce Minister said that a proposed free-trade agreement with New Zealand would significantly strengthen bilateral ties. He suggested that trade could increase 10-fold within ten years. After a ten-year hiatus, India and New Zealand resumed FTA negotiations following a meeting with Prime Minister Narendra Modi, and Christopher Luxon from New Zealand, who was visiting India. At a meeting of business leaders, Trade Minister Piyush Goyal stated that the deal could increase trade ties for farm products, essential minerals, pharmaceuticals and tourism. The talks are being held against the backdrop of rising global trade tensions after U.S. president Donald Trump...

Rusal, the Russian aluminium giant, announced on Friday that it has agreed to purchase a 26% share in an Indian alumina refining company for $243.75 millions and will acquire up to 50% over time. This move should help reduce Rusal's reliance on third party raw materials. Rusal is the largest aluminum producer in the world outside of China. Although the sanctions against Moscow for the conflict in Ukraine have not directly targeted Rusal, it has lost 40% of its alumina supply after Australia stopped exports to Russia, and Rusal closed its alumina refining plant in Ukraine. Rusal reduced its deficit...

The gold discounts in India reached their highest level in almost eight months this week, due to the record-high prices and customers staying away from other major hubs. Jewelers are reporting fewer sales. The rising price of bullion has caused a significant drop in demand. On Thursday, the domestic gold price reached a new record of 87.886 rupees for 10 grams. This week, Indian dealers offered a discount Up to $39 per ounce, including import duties of 6% and sales taxes of 3%, compared to a discount from $10 to $21 the previous week. A Mumbai-based dealer from a bullion...

Tata Steel Nederland, the Dutch arm for the Indian steel giant Tata Steel, announced on Wednesday that some of its U.S. customers, particularly from the automotive industry, are lobbying to have the supplier exempted of U.S. steel import tariffs. TSN's spokesperson said that the exemptions were the most important factor in reducing the effect of tariffs. He added that it was still too early to make any comments on the effects for the industry. "We've been closely in touch with our customers for some time, and have assessed the implications of the recent change in the government in the U.S....