India

Jio BlackRock Asset Management will launch its first exchange traded funds in India by August. The company hopes to emulate 'BlackRock’s' global success in passive investment in a market that is still developing. In the year following its launch, the joint venture between MukeshAmbani's Jio Financial Services (JFS) and the largest asset manager in world has managed to amass about 180 billion rupees in assets. This was achieved by establishing a solid base of cash, debt index and active equity funds. The plan is to begin with equity-focused ETFs. BlackRock manages approximately $5.1 trillion worth of ETF assets worldwide, which...

India's economy was doing well a few months back. India's economy was humming along nicely a few months ago. India is now counting the costs of the Iran War, which, according to economists, will continue to rise if the deadlock in the U.S.-Iran conflict?remains unresolved' and if oil supplies are blocked. India is the third largest oil consumer and importer in the world. It ships about 90% of its crude oil. This makes its economy one of the most exposed to war-related disruptions and war-related wars. India announced a series of measures on Friday to limit the impact of the...

India and Venezuela tried to strengthen their ties on Thursday in the 'energy sector. New Delhi said that Caracas views it as a 'preferred partner in this sector, at a moment when global oil supplies are disrupted due to the Middle East Crisis. Venezuela's interim president Delcy Rodriguez, along with a large delegation of ministers, is in India and met with Indian Prime Minster Narendra Modi Thursday. Rudrendra Tandon (East), Secretary in the Indian Foreign Ministry, said at a press briefing that the discussions between the two parties focused on cooperation in both upstream- and?downstream-energy projects. Tandon stated, "We work...

India's leading?carmakers have reported increased sales in May. Maruti Suzuki, the market leader, said that bookings for its compressed -natural -gas vehicles had risen by 40% as fuel prices rose because of the energy shock caused by the Iran War. India increased petrol and diesel prices four times in May to offset losses due to soaring crude oil costs related to the Iran conflict. This added to the automakers' woes, as they are also dealing with higher raw materials costs, supply chain disruptions, and labour issues. All automakers reported increased domestic sales on Monday. Mahindra &?Mahindra, a maker of SUVs,...

The Indian Supreme Court granted relief to Reliance Industries Ltd on Friday in a securities?fraud?case, overturning both a lower court decision and a 2020 order by the markets regulator that claimed the 'firm' engaged in manipulative trading. According to the order, the court ordered the Securities and Exchange Board of India to refund the 2.5 billion rupees (26.32 millions dollars) that it collected from Mukesh Ambani's company while the appeal was pending. RIL and SEBI didn't immediately respond to requests for comment. Requests for comment from RIL and SEBI were not immediately responded to. The case is about RIL's decision...

Turkey will cut its imports of Urals crude from Baltic and Black Sea port this month to the lowest level for almost a year and a half, according to LSEG, Kpler, and trading'sources. Turkey is the third largest importer in the world of seaborne Russian crude after India and China. It mostly buys Urals, and occasionally other grades. Kpler data indicates that Turkey's Urals exports will average 161,000 barrels per day in this month. This is down from an average of 189,000 barrels per day in January-April, and 302,000 barrels per day in May 2025. This is despite the fact...

Data from trade sources shows that Indian refiners have turned to imports of?lubricants from Latin America and Africa, after Middle East supplies were disrupted by the Israeli-U.S. War on Iran. The world's third largest oil importer and user bought the majority of its crude oil from the Middle East before the war began at the end February. Kpler's preliminary data shows that Indian refiners increased their imports of Venezuelan oil in April and may to cover the shortfall. They also continued to purchase Russian oil. India stopped buying oil from Iraq last month as the exports had been halted. It...

Nirmala Sitharaman, Indian Finance Minister, urged India to concentrate on fuels and fertilisers and to save foreign exchange amid the Gulf Crisis. Modi called for Indians this month to save fuel, avoid buying gold, and take other austerity measures to manage the energy crisis and economic headwinds. Sitharaman stated that it was important for the Prime Minister to call on all countries to conserve their foreign currency as much as possible. She added that this should be considered when focusing on the 3Fs (fuel, fertilizer and foreign exchange). India is suffering from the effects of high crude oil prices and...

According to a government official, industrial customers are increasingly buying diesel at cheaper retail outlets run by'state-run' companies, rather than from the bulk supply points. This is causing shortages at the pump in some areas. Sujata Singh, joint secretary of the federal oil ministry, stated that diesel sales have increased by 20-30% in some areas. Industrial buyers are paying 40-42 rupees per litre more than retail prices. In New Delhi, the retail price for a litre is 91.58 rupees. Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp., all state-run companies, are now losing money because they're selling diesel...

STOCKS: The benchmark BSE Sensex rose 0.16% to 75 318.39 while the broader NSE Nifty index grew 0.17% to 23,659, aided by a boost?from heavyweight Reliance Industries. Meanwhile, the Iran war-driven upswing of global borrowing costs weighed down on broader sentiment, and drove the rupee -to another record low. The Indian rupee fell 0.3% against the U.S. dollar to 96.82. Stalled U.S.-Iran peace?talks kept oil prices high, driving global bond yields higher?and hurting equities amid fears of 'further central bank?"rate hikes. Dollar to 96.82 as oil prices remain high due to the stalled U.S.Iran peace talks. This has pushed global...

Valdis Dombrovskis, EU Economy Commissioner, said that the extension of a waiver for Russian sanctions showed that 'G7 members are not always in agreement. Dombrovskis stated that the G7 was a forum to discuss and cooperate with like-minded allies. He said, "But, well... we're not always 100% in agreement on everything. This is unfortunately one of those topics." He praised, however, the joint statement after the G7 meeting. It was said to be a positive outcome of the meeting between the central bank governors and finance ministers. Dombrovskis stated that he was reassured by the United States, who said that...

Indian Oil Corp., the country's largest fuel retailer, has suffered a revenue loss on the sale of one cylinder of LPG of 617 rupees, compared to 171 rupees back in April after the Iran war pushed up the price, according to its finance chief. Anuj Jain, an analyst, said that the company lost 100 rupees on the sale of 14.2-kilogram LPG cylinders, which are mainly used for cooking. Indian state-run fuel retail outlets sell LPG to households at discounted prices. India, the second-largest LPG exporter in the world, is experiencing its worst gas shortages in decades. The government has cut...

The government announced a 7.8% growth rate in India's economy for the quarter of January-March, despite a weakening demand from abroad due to the conflict in the Middle East. The second print in a 'updated' data series, with a revised baseline year and a wider coverage, exceeded the 7.2% forecast in a survey of economists. The reading for January-March was a slight slowdown compared to the previous three month period. The government raised the growth rate for the three previous months from?7.8% to 8.0%. The data showed that gross value added (GVA), a better measure of economic activity at the...

A recent Indian official investigation of gold company Rajesh exports has alleged the company overstated the revenue of its Swiss refinery unit Valcambi by $159 billion. This is a figure that's never been seen in any of the country's previous accounting investigations. The extent of alleged misreporting released by the'markets regulator' on Wednesday has raised questions about how investors and analysts could have missed it, especially since India's state run insurance giant LIC owned 11% of the firm. Rajesh Exports denies any wrongdoing. In a Friday exchange statement, Rajesh Exports said that "the main point misinterpreted in regard to revenues...

Gold prices dropped on Friday and were set to?have a weekly loss? as tensions in Middle?East dampened hopes for a U.S. - Iran peace deal amid fears of rising inflation and rate hikes. As of 0718 GMT, spot gold was down by 0.3%, at $4,461.28 an ounce. It has dropped about 1.6% this week. U.S. Gold Futures for August Delivery fell by 0.4% to $4487.90. Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in Lebanon to reach a peace...

Gold prices dropped on Friday and were set to?for an overall loss? as tensions in Middle 'East tempered?hopes of a U.S. - Iran peace deal amid fears about rising inflation and rate hikes. As of 0548 GMT, spot gold was down by 0.6%, at $4,445.51 an ounce. The price of gold has dropped about 2% in the last week. U.S. Gold Futures for August Delivery fell by 0.7% to $4471.70. Israel has said that it will not withdraw its troops from Lebanon, despite the rejection of a ceasefire by Hezbollah's?militia. This undermines President Donald Trump’s efforts to stop fighting in...

Gold demand in India was subdued as buyers were on the sidelines because of?volatile overseas prices. Premiums?in China also eased slightly. On Friday, the price of domestic gold was around 158.400 rupees for 10 grams. Dealers quoted discounts This week you can save up to $87 per ounce on official domestic prices, including 15% import duty and 3% sales tax. Last week, you could save up to $106 per ounce. The wedding season is coming to an end. The retail demand is continuing to moderate and jewellery stores are reporting lower footfall in the country, said a Mumbai bullion dealer...

Gold prices dropped on Friday and were set to suffer a weekly loss as tensions in the Middle East dampened expectations for a U.S. Iran peace deal, amid fears of rising inflation rates and interest rate hikes. As of 0402 GMT, spot gold was down by 0.7%, at $4,442.94 an ounce. It is down about 2% this week. U.S. Gold Futures for August Delivery?fell by 0.8% to $4469.10. Hezbollah, a militia backed by Iran, rejected a ceasefire in Lebanon. Israel also said it would not withdraw its troops from Lebanon. This undermined the efforts of U.S. president Donald Trump to...

Gold prices dropped on Friday and were set to suffer a weekly loss as tensions in the Middle East tempered hopes of a U.S. Iran peace deal, amid fears about rising inflation rates and interest rate hikes. As of 0225 GMT, spot gold was down by 0.5%, at $4,452.20 an ounce. It is down about 1.8% this week. U.S. Gold Futures for August Delivery fell?0.6% at $4,478.50. Hezbollah, a militia backed by Iran, rejected a ceasefire in Lebanon. Israel also said it would not withdraw its troops from Lebanon. This undermined the efforts of U.S. president Donald Trump to stop...

The gold price rose?on Thursday as a result of lower?oil prices and a 'weaker dollar. Investors reassessed renewed expectations regarding a U.S. - Israel war against Iran. As of 0408 GMT, spot gold rose 0.7% to $4,464.69 an ounce. U.S. gold for August delivery rose 0.6% to $4491.70. Dollar eased making greenback bullion prices more affordable for holders other currencies. Gold's gains are still heavily dependent on oil and the dollar. It only rises when they retreat, so it is highly dependent on the positive U.S. Iran headlines to sustain any momentum," said Tim Waterer, Chief Market Analyst at KCM...

Gold prices rose on 'Thursday', supported by lower crude oil prices and a weakened?dollar as investors reassessed renewed expectations of a resolution to U.S.-Israeli conflict with Iran. As of 0218 GMT, spot gold rose 0.7% to $4,461.09 an ounce. U.S. Gold Futures for August Delivery gained 0.5%, to $4487.90. Dollar eased making greenback bullion prices more affordable for holders other currencies. Gold's gains remain largely at the mercy of the dollar and oil. It only rises when they pull back. This makes it dependent on positive U.S. - Iran headlines to sustain momentum, said Tim Waterer. The Trump administration announced...

As renewed hostilities?in?the Middle East pushed?oil?prices higher, and stalled U.S.Iran talks, investors awaited upcoming U.S.economic data. After a rise of more than 1% the previous session, spot gold dropped 0.3%, to $4,471.38 an ounce, by 0511 GMT. U.S. Gold Futures for August Delivery fell 0.5% to $4499.30. The market is examining the possibility that Trump will not push for a resolution to the peace deal with Iran, said Kelvin Wong. "If we see further escalation that could dampen any recovery that gold may have had." Gulf 'hostilities' flared up again on Wednesday. The U.S. Military said that Iranian missile attacks...

As 'investors' watched for a?development?in the Middle East, amid increasing inflation fears, and awaited US economic data to be released on Thursday, gold prices held steady. Gold spot was unchanged at $4485.17 an ounce as of 0319 GMT after rising by over 1% the previous session. U.S. Gold Futures for August Delivery fell 0.1% to $4,513.60. The market is now looking at the possibility that Trump will push for a resolution to a peace agreement, even though Trump wants to see a ceasefire with Iran. Kelvin Wong said. If we see a further increase in the price of gold, it...

An Indian official stated that New Delhi could reconsider the tariff concessions it made to Britain on Scotch Whisky, if London does not address New Delhi's concerns about its steel safety measures. The India-UK Free Trade Agreement, signed last May and expected to come into effect this year, has hit a snag after Britain proposed tighter safeguards for steel imports in order to protect the?domestic?industry. An Indian trade official told journalists on Monday that the ball was now in their court (UK). If they do not leverage their Free Trade Agreement, we can always revisit the concessions that we offered....