India

Indian stocks rose for the third consecutive session on Thursday. Gains were driven by shares of Reliance Industries, and sectors like financials and metals. The Nifty 50 gained 1.21%, reaching 25,549; the BSE Sensex rose 1.21%, to 83 755.87. This followed a 1% gain in the two previous sessions, which led to nine-month highs. The two major indexes are now about 3% lower than their previous highs, which were reached in September 2024. The Nifty 50 has risen by about 8% this year and the Sensex is up by 7%. On the day, 11 of the 13 sectors that are...

The government announced on Tuesday that India's thermal power plant coal stock had reached a new record of 58.25 millions tonnes. This is enough to cover 25 days of consumption and boost energy security before the monsoon. Why is it important? The record stockpile occurs as India prepares for the monsoon season, which can disrupt coal mining and transport. CONTEXT India is the second largest coal consumer in the world. To meet increasing power demand, and to reduce dependence on imports, it has increased domestic coal production. The achievement comes as part of a larger push to increase coal-fired power...

China is the largest buyer of Iranian oil, accounting for approximately 13.6% of the purchases made by the world’s biggest crude importer this year. This leaves Beijing exposed to any disruption in supply caused by conflict in the Middle East. Beijing, the world's largest oil importer and buyer from Venezuela, has been able to reduce its import bill by billions of dollars in recent years. How much Iranian oil does China buy? China purchases 90% of the Iranian oil shipped, but this is limited due to U.S. Sanctions aimed at cutting funding for Tehran's Nuclear Programme. According to Kpler, China...

Adani Group chairman Gautam Adani denied on Tuesday any wrongdoing as a response to U.S. accusations of bribery. He told shareholders that no one from the group had been charged under U.S. Foreign Corrupt Practices Act. Adani stated at the annual general meeting of the company that "despite all the noise no one in the Adani Group was charged with violating FCPA or conspiring against justice." He said that the Adani Group had never given up, despite the constant scrutiny and storms. Adani, along with several other executives, were indicted by U.S. authorities on November 28, alleging that they had...

Daimler Trucks is building up inventory to address supply problems linked to Chinese export restrictions. Daimler Trucks says it has learned lessons from the chip crisis. Recent export regulations in China are causing concern for the automotive industry. They fear that this will affect supply of rare Earths which is needed to make magnets. Exporters are required to apply for new licenses since April. These licences are being granted slowly. China is the dominant market for raw materials used in various components, from electric motors to the window mechanisms of cars and trucks. Karin Radstrom, CEO of Daimler Truck, told...

Reliance Industries, owned by billionaire Mukesh Amani, announced on Thursday that it had sold shares in Asian Paints worth 901 million dollars. India's largest Paintmaker is currently facing Potential antitrust scrutiny While its growth is being New aggressive tactics are a challenge Aditya Birla Group is one of the new entrants Birla Opus Urban consumers as well Cutting back Spending discretionary money is a good idea. Reliance Industries has announced that it sold its stake via affiliate Siddhant Commercials. This company held a 4.9% stake until March in the paintmaker. Shown Below Reliance Industries retains approximately 8,7 million shares after...

Two people familiar with the situation said that fashion retailer Shein, along with partner Reliance Retail, plan to expand their Indian suppliers and begin overseas sales of India made Shein branded clothing within six to twelve months. The China-founded, Singapore-headquartered e-commerce firm has been discussing plans with the Indian retailer since before the U.S. imposed tariffs on Chinese imports that intensified the need to diversify sourcing, the people said. They said the goal is to increase Indian suppliers from 150 to 1,000 within a single year. Shein issued a statement in which it said that its trademark was licensed for...

Sources close to De Beers have confirmed that at least six consortiums are interested in the diamond giant, including Anil Agarwal and Indian diamond companies, as well as Qatari investment funds. De Beers will be carved out from Anglo American, as the London listed miner refocuses its efforts on iron ore and copper. However, the global diamond price is under pressure. Two sources confirmed that Agarwal is a member of the larger group of interested parties. Vedanta, which operates mines in Zambia, South Africa and elsewhere, has a chairman named Agarwal. Both Anglo and Agarwal declined to comment. Two sources...

As concerns grow about the impact of China's new restrictions on mineral exports, some European auto part plants have suspended production. BMW has also warned that its supply network is affected by a shortage of rare earths. China's April decision to suspend the export of rare earths, magnets, and other related products has disrupted supply chains for automakers, aerospace companies, semiconductor firms, and military contractors all over the world. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. China produces 90%...

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Draft papers dated on Monday show that Central Mine Planning and Design Institute Ltd. (CMPDIL), a subsidiary of state-run coal miner Coal India, filed for an IPO. Coal India announced last week that activities related to the listing of CMPDIL (Bharat Coking Coal Limited) and CMPDIL (CMPDIL) were "in progress". This was after a local newspaper, Hindu Businessline, reported citing a senior executive that Coal India would be filing IPO papers for its units "soon". Coal India still hasn't filed any public documents for BCCL. CMPDIL won't issue new shares for the offering. The draft prospectus revealed that Coal India...

Reliance Industries, owned by Indian billionaire MukeshAmbani, will begin production of solar photovoltaic panels this year. A company executive announced the news on Thursday. Partha P. Maitra, Reliance Industries' President of Strategy and Initiatives, said: "We are building three larger factories... to meet the clean energy needs." India is scrambling to reach its clean energy target after failing in 2022. Global Energy Monitor's report shows that the country has increased investments in this sector over the last year. However, it needs to double the capacity additions within the next five to reach its goal of 500 GW of non-fossil energy...

JSW Steel, an Indian steelmaker, said it filed a review application before India's highest court on Wednesday in relation to the rejection by the court of its $2.3 billion acquisition plan of Bhushan Power and Steel. The Supreme Court of India, in its ruling on the resolution plan for JSW Steel to acquire BPSL, ordered the liquidation of the company four years after it was acquired. The court halted liquidation proceedings on May 26 after JSW Steel, and some BPSL creditors informed the Supreme Court they would be filing a review against the order. The court said the liquidation proceedings...

Tesla's European new car sales fell by 27.9% from a year ago in May, even though sales of fully-electric vehicles in the region grew by 27.2%. The revised Model Y has yet to show any signs of reviving Tesla's fortunes. The European Automobile Manufacturers Association's (ACEA) data showed that overall car sales in Europe increased by 1.9%. Plug-in hybrids and alternative fuel cars saw the biggest growth. Why it's important Tesla's European Sales have fallen for the fifth consecutive month as customers opt for cheaper Chinese EVs, and in some cases protest against Elon Musk. Tesla's European Market Share dropped...

China's imports of iron ore are expected to be their highest month in this year in June, a sign of resilience not mirrored by the steel industry's sluggishness. According to analysts LSEG & Kpler, China is expected to import nearly 110 million metric tonnes of this key raw material for steel. Kpler estimates that 109.56 millions tons of cargo will arrive in June, while LSEG predicts 109.1million. It would be an increase of about 11% over May's official imported 98.13 millions tons, and the best month since December's 112,49 million tons which was the second highest on record. Why are...

Hindustan Zinc (India's largest producer of refined metal) has approved a 120 billion rupees (1,39 billion dollars) project to increase capacity. The miner announced this on Tuesday. The company plans to build a 250-kilo-tonne (KT) metals complex in Rajasthan, a state in northern India where it operates a zinc smelter. This (project) is only the beginning of a larger plan. We will release more parts within a month or so," said CEO Arun misra, adding that the company aims to double its production from 1.02 MT to 2 MT per year. The company has said that it will use its...

Prices of copper rose on Monday, after higher consumer spending raised hopes that metals demand would increase in China. By 0950 GMT, the benchmark three-month price of copper at the London Metal Exchange had risen by 0.2% to $9,660 per metric tonne. Metals investors were focused on retail sales that exceeded expectations, even though China's factory production growth in May was at a six-month minimum. You've still got all of these consumer products, like washing machines, air conditioners and electric vehicles. "As long as people continue to buy all of that stuff, it is good for base metals," Dan Smith...

The Shanghai Futures Exchange saw most metals trade lower on Monday as mixed Chinese economic data reinforced investor caution. Escalating tensions between Israel, Iran and other countries also weighed on investor sentiment. As of 0224 GMT the SHFE's most-traded contract for copper was unchanged at 78.390 yuan per metric ton ($10,910.69), while zinc dropped 0.8% to 21.780 yuan. Aluminum fell 0.2% to 20,375 yuan and nickel was down 0.6% at 119,370. Lead also declined 0.3%. Tin edged up 0.2% to 264,820. Metals analysts at a Beijing futures company said that the conflict has created a new level of uncertainty in...

The gold discounts in India reached their highest level in over a month this week, due to a rise in prices that were near record highs. Meanwhile, the rising rates in other major Asian cities also dampened demand. On Friday, domestic gold prices traded at around 98.300 rupees for 10 grams, having rebounded from a monthly low of 90.890 rupees and approaching the all-time record of 99.358 rupees. Indian dealers were forced to offer discounts due to the price spike Up to $56 per ounce less than official domestic prices. This includes a 6% duty on imports and a 3%...

A member of the executive board of Thyssenkrupp said that the EU already has the tools it needs to mitigate the impact of Trump's tariffs and Chinese steel overcapacity. One of these is stopping Russian imports. After the invasion of Ukraine by Russia, the European Union has banned all steel imports. Shipments will be reduced gradually. Thyssenkrupp's Ilse Henne, a board member of the company, said that the EU can help the steel industry to weather Trump tariffs as well as a Chinese glut in supply by stopping those practices completely. There is still Russian steel entering Europe. How much?...

Vedanta, an Indian conglomerate that converts metals into oil, said Wednesday that President Donald Trump’s decision to double the aluminium tariffs from 25% to 50% is a threat to Indian industry which already struggles with soaring imports. The global markets have been shaken by the latest round of Trump's tariffs on steel and aluminium, which went into effect on Wednesday. Vedanta's spokesperson said that the 50% tariff announced by Trump was damaging to India's aluminium industry. The industry is already being pressured from a surge in imports, which threatens to create excess and put domestic market access at risk. The...

As concerns grow about the impact of China's new restrictions on exports of critical minerals, some European auto part plants have stopped production. BMW has also warned that its supply network is affected by rare earth shortages. China's April decision to suspend the export of rare earths, magnets, and other related materials has disrupted supply chains for automakers, aerospace companies, semiconductor companies, and military contractors. China is using this move to demonstrate its dominance in the mineral industry that is key to green energy and as leverage against the U.S. president Donald Trump. Around 90% of rare earths are produced...

A source with first-hand knowledge of the situation said that India's largest iron ore producer NMDC was testing a new formula to price its products in order to protect its profits from global benchmarks. NMDC (the state-run company that sells its iron ore locally) releases monthly prices of iron ore based on inventories, international price and domestic market dynamics. Source refusing to identify themselves as the plan has not been made public, said that the company intends to launch its new formula following initial trials. The source continued, "We are making baby steps." Source: The new formula won't link prices...

U.S. auto executives have warned of an imminent shortage of rare-earth magnetic materials from China, which are used in everything from anti-lock brake sensors to windshield-wipermotors. This could lead to the closing of automobile factories within weeks. In an unreported letter to Trump Administration officials dated May 9, the head of the group representing General Motors (GM), Toyota, Volkswagen, Hyundai, and other major automakers expressed urgent concerns. The Alliance for Automotive Innovation sent a letter to the Trump Administration stating that "Without reliable and consistent access to these magnets and elements, automotive suppliers won't be able to produce critical automotive...