India

Two sources claim that Coal India Ltd., the world's biggest?coal manufacturer, will open its first overseas trading office in Singapore. The company aims to diversify by trading iron ore and critical and strategic minerals. The move comes as Indian state-run firms step up their efforts to secure overseas supply of critical minerals like lithium and bauxite to reduce dependency on China. However, such efforts so far have not yielded much fruit. Sources involved in the discussion, who requested anonymity because the talks were not public, stated that Coal India had applied to Singapore authorities to register an office. This 'will...

Abakkus Investment Managers says that India's Nifty50 companies have shown a robust profit growth, which has improved the outlook for domestic markets. However, global risk aversion, and a healthy IPO pipeline, could dampen a broader rally in the short term. The 'benchmark Nifty 50' and Sensex have fallen 7.9% and 9.8% respectively year-to date amid inflation driven by crude and a record of $25 billion in outflows from abroad. Comparatively, peers in the region, like South Korea and Taiwan have each gained about 50%. Abakkus manages assets totaling $5.2 billion and sees rising crude prices, global yields, and volatility in...

In its most recent tender, Abu Dhabi National Oil Co. sold at least 14,000,000 barrels of'spot crude' to Asian refiners for premiums. ADNOC had issued its eighth tender?since? the start of June, as the state oil company of the United Arab Emirates continued to try and move crude produced within the Strait of Hormuz despite persistent shipping delays. ADNOC has now sold more than 108 million barrels of crude oil through eight different tenders. Sources said that Japanese refiner Cosmo Oil purchased 2 million barrels on Upper Zakum crude at a price premium of $10.50 per barrel over Dubai's benchmark...

Reliance Industries announced a partnership with Britain's Rolls-Royce on Friday to develop and produce an engine for India’s fighter jet programme. The?country is aiming to build its most advanced stealth combat aircraft. The Advanced Medium Combat Aircraft prototype is expected to be ready in 2028. It will play an important role in India's air combat strategy. India approved last year a framework to build its most advanced stealth jet fighter and invited interest by defence firms weeks after a conflict with Pakistan, a nuclear-armed neighbor. The country has also approved the model of the Advanced Medium Combat Aircraft (AMCA), a...

India's equity benchmarks fell this week, after two weeks of gains. The lingering unrest in the Middle East and high crude oil prices dampened risk appetite for stocks in the world's third largest crude importer. This week, the Nifty 50? fell 0.8% to 24,366 while the BSE Sensex dropped 0.6% to 78.009.25. They ended Friday with little change. Brent crude prices rose 4.6% this week to $87 a barrel, due to the lack of progress made in peace talks between Iran and the U.S. to end a long-running war in the Middle East. The U.S. said on Thursday that it...

India's trade deficit in goods grew more than expected, reaching a six-month high of $31,98 billion during July. The Middle East conflict pushed up India's oil imports and global freight costs. Data shows that India's external imbalance is under increasing pressure as the wider trade deficit weighs on its rupee and inflows of capital. According to a poll the merchandise trade deficit for July was higher than expected at $30.20 billion. This is compared to a previous month's deficit of $30.43. Exporters and industry data show that freight rates from South 'Asia have increased sharply over the past few weeks....

Bank of America is set to acquire up to a 49.9% share in Jio Financial Services' non-bank lending arm in a deal worth 182.68 billion rupees ($1.92 billion). The lender is expanding its presence in India's rapidly growing financial sector. The deal is a continuation of a recent trend of large foreign investment in Indian banks and nonbank lenders. These institutions are experiencing a high demand for credit, and low delinquency rate. Recent deals include MUFG's investment into Shriram Finance in Japan, Emirates NBD of Dubai's purchase of 60% stake in RBL Bank, and Sumitomo Mitsui Financial Groups' investment in...

In a deal worth 182.68 billion rupees (about $1.92 billion), Bank of America will take up to 49.9% stake in Jio Financial Services' non-bank lending division. The U.S. lender is expanding its presence in India’s rapidly growing financial sector. Bank of America and Jio Credit announced on Wednesday a preferred allocation of equity shares, warrants, and other securities. BofA initially holds a stake of 26.5% in the transaction. This could increase to 49.9% if warrants are exercised. As part of this deal, Jio Credit will sell shares and warrants up to 66.13 Billion Rupees. BofA CEO Brian Moynihan stated that...

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, a stake 18% 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...

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...

Gold prices fell on Thursday, after rising more than 4% the previous session. A surprise U.S. Treasury "liquidity" move pushed down bond yields as well as the dollar. Meanwhile, rising oil prices and hawkish Fed signaling prompted profit taking. By 1140 GMT, spot gold had fallen 0.9% per ounce to $4479.12. Bullion was earlier at $4,525.79, after prices rose to a two-month high on Wednesday. U.S. Gold Futures slipped?0.2% to $4,535.70. Treasury Department announced on Wednesday that it will double its liquidity-support buyback operation for longer-dated bonds and notes, helping to ease the pressure in the bond markets. The U.S....

Gold prices fell on Thursday after a?4?% gain in the previous session. A surprise U.S. Treasury move to increase liquidity pushed bond yields down and the dollar, while higher oil prices and hawkish U.S. Fed signaling prompted profit taking. By 0946 GMT, spot gold had fallen 0.7% per ounce to $4487.93. Bullion prices were at $4,525.79 earlier, after they reached a two-month high on Wednesday. U.S. Gold Futures were little altered at $4,544.50. Treasury Department announced on Wednesday that it would double its liquidity-support purchase operations for longer-dated bonds and notes, helping to ease the pressure in the bond market....

Gold prices fell Thursday, as investors took profits after the price of gold climbed to its highest level in more than two months. This was due to a U.S. Treasury announcement that it would provide liquidity support for long-term bonds. The unexpected announcement weakened dollar values and reduced Treasury yields. By 0750 GMT, spot gold had fallen 0.7% per ounce to $4488.19. Bullion was earlier at $4,525.79 - its highest price since June 2 - after a more 4% increase on Wednesday. U.S. Gold futures were little changed at $4,462.30. Treasury Department announced it would double its liquidity support 'buyback...

Gold prices fell Thursday, as investors took profits after the price of gold climbed to an 'over two-month high on a surprise U.S. Treasury's announcement of liquidity support for long-duration bond, which weakened the dollar and sent Treasury rates lower. By 0604 GMT, spot gold was down by 0.7% to $4,487.63 an ounce. Bullion was earlier at $4,525.79. This is its highest price since June 2 after a more-than-4% gain on Wednesday. U.S. Gold Futures was?little different at $4,545.60. Treasury Department announced that it would double its liquidity support 'buyback operations' for bonds and notes with longer maturities. This came...

Indian?shares declined on Wednesday as high crude oil prices and rising global bond yields dampened appetite for risk assets globally. The Nifty 50 index has dropped for seven consecutive sessions, the longest losing streak since 11 months. Its drop of 2.1% is over this period. The BSE Sensex fell in six of seven sessions by 2.1%. The Nifty 50 fell 0.32% on the day to 24,078.30, and the Sensex dropped 0.42% at 76,909.68. Sudeep Shah, SBI Securities' head of technical research and derivatives, said that the Indian market has a weakened appetite for risk, with the Nifty index experiencing a...

Executives and analysts say that Indian steel mills face increasing pressure on their margins due to higher "coking coal" prices as a result of the Iran War and supply disruptions in Australia and China. India, after China the largest crude steel producer in the world, imports 95% of its coal, at least half from Australia. Nearly 40% of the cost of steel production is accounted for by coking coal. Indian steelmakers are increasing their spending in order to meet the strong domestic demand, driven by infrastructure development and economic growth. This could lead to squeezed margins and a delay in...

Investors are awaiting the minutes of the U.S. The Federal Reserve's meeting in July will provide new clues about its outlook for monetary policy. Spot gold remained unchanged at $4,337.59 an ounce as of 0558 GMT, after dropping nearly 2% Tuesday due to higher Treasury rates, while U.S. Gold Futures fell 0.7% to $4391.20. U.S. yields have backed off their earlier highs after a global bond sale saw long-term borrowing rates in major economies reach the highest levels in decades. Kelvin Wong is a senior analyst at OANDA. He said that the reduced expectations of Federal Reserve interest rates increases...

Indian?shares declined on Wednesday as high crude oil prices and rising global bond yields dampened appetite for risk assets worldwide. As of 9:45 a.m. IST, the Nifty '50 fell 0.35%, to?24.070.65, and the BSE Sensex dropped 0.32%, to 76.991.33. In the six previous sessions, the 50-stock index has dropped by 1.7%. 13 of 16 major sectors posted losses. Small-caps and middle-caps both fell by 0.5%. U.S. president Donald Trump said Tuesday that no talks are taking place with Iran. He also insisted that the 'Strait of Hormuz is open, contrary to Iran's claim that the waterway remains closed for?shipping. Brent...

Gold prices fell on Tuesday due to?higher Treasury rates and oil prices?. Traders were also waiting for the minutes of the U.S. Federal Reserve policy meeting in July for clues about the future interest rate outlook. As of 0624 GMT spot gold fell 0.4%, to $4397.42 an ounce. U.S. futures for delivery in December dropped 0.5%, to $4452.90. The yields on the benchmark 10-year U.S. Treasury notes extended gains and raised the opportunity costs of holding non-yielding gold. Prices of oil?increased after Iran announced it would adopt a 'fully offensive' military posture following a breakdown in negotiations to end the...

Gold prices rose on Monday due to a weaker US dollar and the fading expectation of an increase in U.S. Federal Reserve rates. Investors also continued to monitor the geopolitical tensions within Middle East. By 11:56 am EDT (1555 GMT), spot gold had risen 1.2% to $4,426.52 an ounce. U.S. gold futures for delivery in December edged up 1.1% to $4,484.10. Bart Melek is the global head of commodity strategies at TD Securities. He said that gold prices appear to be pricing in a stagflationary climate, with softer unemployment and expectations that Fed will tolerate 'current inflation levels. The US...

Gold prices rose on Monday due to a weaker US dollar and the fading expectation of an increase in U.S. Federal Reserve rates. Investors also continued to watch geopolitical tensions across the Middle East. By 09:25 am EDT (1325 GMT), spot gold had risen 0.28%, to $4387.95 an ounce. ?U.S. Gold futures for delivery in December edged up 0.2% to $4,444.40. Bart Melek is global head of commodity strategies at TD Securities. He said that the gold market seems to be pricing in a stagflationary climate, with softer unemployment and expectations that Fed will 'tolerate current levels of inflation. The...

Gold prices rose on Monday, as a weaker dollar and diminishing expectations of an increase in U.S. Federal Reserve rates next month boosted bullion. Gold spot rose 0.5%, to $4.398.58 an ounce at 1032 GMT. Prices reached a two-month high in the last week. U.S. Gold Futures for December Delivery edged up 0.4% to $4,455.50. Gold is now cheaper for those who hold other currencies than the U.S. dollar index. "Softer 'inflation', employment and consumer data reduce the risk of another hike. This strengthens the case that the Fed may end up cutting rates," said Ole Hansen. He is the...