India

India's Oil and Natural Gas 'Corp (ONGC) hopes to sign agreements soon with Venezuela 'to operate two oil 'blocks under the South 'American nation's 'new petroleum 'law', its finance chief'said 'on Wednesday. ONGC Videsh (ONGC Videsh is the overseas investment arm of the state-run ONGC) holds a stake of 40% in the San Cristobal oil field, and along with other Indian firms, an 18% share in the Carabobo-1 Project. "Now, we are able to work freely on Venezuelan projects." We had restricted our operations in Venezuela because of sanctions-related risks," said finance director Anupam agarwal on a?analyst's call following the...

Reliance Brands is the luxury retail arm of Reliance Retail. They have partnered with Kim Kardashian's SKIMS in order to bring this shapewear brand into India. This comes as global companies race to enter India's growing fashion and beauty market. The company, which is a subsidiary of Mukesh-Ambani's Reliance Industries, said that it would launch the SKIMS name across both physical and digital channels?starting in Delhi and Mumbai. Indian beauty retailers are racing to introduce international brands into the country as Gen Z and younger consumers gravitate towards global trends in beauty and brands backed by celebrities, thanks to social...

India's benchmark Nifty has seen a sharp swing in price following the introduction of a new formula for calculating closing prices?for stocks that have derivatives contracts. The BSE Sensex and the volatility of Wednesday's session triggered a rare, third-straight session divergence. This led to heavy losses among traders. HDFC Bank, ICICI Bank, and Reliance Industries account for more than?27%. The Sensex is composed of 30 stocks that are all also included in the Nifty 50. WHAT IS THE NEW METHOD TO DETERMINE CLOSING PRICE? India introduced on Monday the Closing Auction Session, a separate window of 20 minutes that starts...

Indian shares dropped on Tuesday, ahead of?the Central Bank's Wedensday Policy Decision. The blue-chip Nifty?50 reversed the sharp rise from the previous session as investors adapted to a new closing auction mechanism?for stock with futures and option?contracts. Investors re-aligned their positions ahead of the weekly expiration of derivative contracts for Nifty. The volatility index reached its highest level in one week, at 12.1875. The Nifty dropped 0.64%, to 24,614.90. Meanwhile, the BSE Sensex fell 0.27%, to 78.428.95. The indexes gained 0.7% and 1.6% respectively on Monday. This was an unusual divergence after the launch of the new system. The new...

This week, it's all central banks. Rising energy prices are likely to keep rate-setters in Tokyo, Washington and London alert even if oil is below $100. Tariffs from the United States are now back on the list of worries for markets that worry about inflation and growth risks due to war. Rae Wee, Dhara Ranasinghe and Alun John are in London. Lewis Krauskopf is in New York. 1/ DOUBLE THREAT Investors are now watching two chokepoints for energy shipping to see how much oil and natural gas comes out of the Middle East. Houthi attacks may make the Bab el-Mandeb...

Two sources with knowledge of the situation said that top Russian energy companies approached Indian refiners to request more gasoline following Ukrainian strikes which knocked out a large portion of Russia's refueling capacity. India is Russia's largest buyer of seaborne crude oil. Moscow's attempt to secure Indian gasoline represents a reversal of their energy relationship and highlights the impact of the Ukrainian attacks. Moscow is experiencing its worst gasoline shortage. One source with knowledge on the subject said that at least one cargo of Indian gas has already been shipped to Russia. More are expected. Nearly 40% of Russia's refinery...

World Leaks, a ransomware group, has released on the dark Web a large cache of files relating to India's largest nuclear plant. These include purported blueprints for parts of its facilities as well as supplier details. The information was labelled by World Leaks as being from Reliance Group. Kudankulam Nuclear Power Plant is located in the southern state of Tamil Nadu and is the largest among India's seven nuclear plants. It's also the center of Prime Minister Narendra Modi’s ambitious plans to increase the country's capacity for?atomic energy?. Reliance Group of Indian businessman Anil Ambani, one of the plants' contractors,...

India's Oil?and?Natural?Gas Corp. will build a 1,75 million metric tons (about 13,000,000 barrels) strategic petroleum reserve at Mangalore, in southern India. The company announced this in a late-night stock exchange filing on Thursday. India, which is the third largest oil consumer and importer in the world, was severely affected by the blockade imposed on the Strait of Hormuz - during the Iran War. Around a fifth (25%) of all energy in the world passes through this?waterway. India has increased its energy cooperation, with countries such as the United Arab Emirates, Japan and others, in order to strengthen its emergency stockpile....

The International Monetary Fund lowered its global growth forecast for 2026 again on Wednesday, to 3.0%. It warned of the ongoing risks caused by the Middle East war, trade fragmentation, and possible corrections in the market expectations regarding AI. Global lender said the war had prevented a more severe downturn in the global economy, and that the demand-driven growth in the tech industry helped?to _offset the drop in energy supply caused by the war. Growth is expected to rebound in 2027 at 3.4%, which is below the 3.5% average seen in 2024-2025. The IMF increased its headline inflation forecast for...

Long/short hedge fund results prove that fundamentals are still important, and Europe continues underestimating its global power. In this midweek article, I will highlight some key stories that caught me eye?this week and may have been lost in the daily flood of market news. The pump doesn't work The late U.S. John McCain said in 2014 that "Russia is just a gas station posing as a nation." If that's the case, reports of Russia's people running out of fuel in the 4.5 year long war with Ukraine seem both absurd and very significant. The attacks on Russia's infrastructure have led...

The Danish brewer, Carlsberg, has filed a confidential application for an IPO of its Indian operations, the company announced on Thursday. It joins a growing number of multinationals seeking to tap India's booming equity markets. The 'confidential - route allows companies to keep the IPO filings they make with the country’s markets regulator secret until the launch. Two sources familiar with the matter said that Carlsberg India's planned listing would not raise new capital, but it would allow its parent company to sell a portion of its stake. The brewery is a fully owned subsidiary of Carlsberg Group. This move...

Two industry sources confirmed on Wednesday that Russia began importing gasoline by sea from India in an effort to reduce fuel shortages caused by Ukrainian attacks against its energy infrastructure. Fuel shortages have been felt in all 11 time zones of Russia, with long queues and record gasoline prices. The Kremlin announced on Tuesday that Russia is in contact with other nations and discussing the importation of fuel at reasonable prices. The Indian oil ministry and the Russian energy ministry have not responded to requests for comment. A source in the industry said that at least 60,000 tons of gasoline...

India's Hindalco Industries reported a?"rise" in its first-quarter profits on Friday, thanks to higher aluminum prices and an accelerated production ramp-up. Aditya Birla Group's?firm is one of India's largest aluminium and cobalt producers. The consolidated net income for the three-month period ended June 30 increased by 75.1% to 70.13 billion rupies ($736.12 millions). The Middle East conflict, which has blocked almost 9% global supply, caused the aluminium prices to rise?about 45 percent year-over-year during the second quarter of the year. This was the fourth consecutive quarter that metal prices improved. According to a 'Jefferies Note, the spot copper price also...

The Reserve Bank of India announced on Thursday that it has included Tata Sons on its list of "upper-layer nonbanking financial companies", a category which faces stricter regulations. This will keep pressure on one the country's largest holding firms to go public, unless they receive an exemption. The?RBI stated that the classification will not affect Tata 'Sons' pending request to give up their NBFC registration. Tata Sons in India, which is the umbrella organization for 31 companies, including TCS and Tata Motors Passenger Vehicles, is under pressure to go public. This, despite the fact that the two-thirds of its conglomerate...

The top executive of BYD in Brazil said that the Chinese automaker will launch its first Brazilian-made plug-in hybrid flex fuel car on Tuesday, after a two year?investment. In an interview, Senior Vice-President Alexandre Baldy revealed that the Song Pro Super Hybrido Flex Fuel, which hits dealerships in Brazil on Wednesday features a powertrain capable of running on gasoline, electricity or ethanol. He added that the GL version's range on electric power alone is 60 km (37 mi) and 120 km for a higher-end GS model. Baldy stated that the vehicle was built at BYD’s Camacari factory in northeastern Bahia...

Gold fell 2% on the Friday, as the U.S. Dollar rebounded after a session in which it had fallen to a low of more than ONE MONTH. However, the metal is still on course for its first gain monthly in five months as the inflation data was weaker and expectations of future rate hikes by the U.S. were reduced. At 12:18 pm EDT (1618 GMT), spot gold fell 1.4% to $4,044.87 an ounce after dropping 2% earlier. U.S. Gold futures for August delivery fell 1.5% to $4043.80. Gold is up 1% this month, the biggest gain since February. Oil prices...

Gold fell more than 1% on Friday as the U.S. dollar gained ground. The dollar recovered its footing but was still on course to post its best monthly gain since February, as investors reduced their rate hike bets following the Federal Reserve meeting last week. Spot gold fell 1.1%, to $4.055.41 an ounce at 1050 GMT. However, it was on track for a 0.5% weekly increase. Prices have also risen by about 1.7% this month. U.S. Gold Futures for August Delivery dropped by 1.2% to $4053.60. Independent analyst Ross Norman stated that "gold struggles to gain meaningful momentum and is...

Tata Steel reported better-than expected first-quarter profits on Thursday. The company, India's largest?steelmaker, grew its net profit by 11.6% from a year earlier, despite higher costs for?coking coke. The Tata Group's company reported a net profit of 23.18 billion rupees (about $242.3 million) for the quarter ending June 30. This was an increase of 11.6% compared to a year ago. According to data compiled and analyzed by LSEG, analysts had on average expected a net income of 22.95 bn rupees. Elara Capital analysts said that prices of domestic flat steel products such as cold-rolled and hot-rolled coils rose both sequentially...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

Vedanta, an Indian conglomerate that converts metals into oil, announced on Thursday the appointment of Arun Misra to its chief executive position for a term lasting one year starting August 1. The company also reported a 72% increase in their first-quarter profit. Misra, who currently leads Vedanta subsidiary Hindustan Zinc, will take on the new position. Vedanta’s net profit for the quarter ending June 30 rose to 54.73 milliards rupees ($572.4 millions), boosted by higher base metals prices. Prices of base metals grew in April-June due to supply disruptions, and a steady demand. Geopolitical tensions around the Middle East also...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

The World Gold Council reported on Thursday that India has seen an increase in unofficial gold imports since the government increased import tariffs earlier this year. This has led to a widening of margins for grey market operators, and hurting organised players. India, the world's second largest gold consumer, after China, increased import tariffs by more than two-thirds to 15%, on May 13, to reduce demand, reduce the trade deficit, and ease the pressure on the rupee. The arbitrage is huge. Sachin Jain is the chief executive officer of WGC India. He said that grey market inflows, and the disruption...

Two Indian sources said this week that India's state run Steel Authority of India (SAIL) and Indonesia's Krakatau Steel are planning to invest up to $350 million into a'stainless-steel slab plant' in Indonesia. Sources said that the plant is expected to become operational in the next 3 to 4 years. SAIL and Krakatau Steel have signed a preliminary joint venture agreement in Indonesia to produce stainless steel plates during the visit of Indian Prime Minister Narendra Modi. Sources said that SAIL will'send a technical team next month to Indonesia to prepare a feasibility study. After this, the two companies will...

Data released on Tuesday showed that 'India's industrial production growth increased to 7.3% in the month of June. This was due to a strong manufacturing sector, boosted by government spending and an expansion in electricity generation. The economists polled expected the industrial output to grow to?5.7% from a revised 5.0%?a month before. In May, government began using producer prices instead of wholesale prices to calculate factory output. KEY NUMBERS * Electricity production increased 10.6% on an annual basis in June, compared to a revised 10.3% increase a month before. The mining activity increased 1% year-on-year from a revised fall of...