South Asia

?India raised petrol and diesel by more than 3% or 3 rupees per litre for the first time in 4 years, according to retail stores in?Delhi? on Friday. This was to recoup losses due to rising crude oil prices. After the U.S. and Israeli attacks on Iran began, the global oil price spiked up to over $120 per barrel. Then it dropped back down to $100 or $105. India is among the last major economies to raise fuel prices at retail. Diesel will now cost 90.67 rupies per litre in Delhi, and petrol will be 97.77 rupees. This represents a...

Shares of Indian jewellery retailers fell on Monday after Prime Minister Narendra modi asked people to refrain from purchasing gold for one year in order to protect their foreign exchange reserves. This sparked fears of tariff increases to curb the imports of metal. Oil prices have soared since the Iran War, which has put pressure on India's balance-of-payments and the rupee. India is the third largest oil consumer and importer in the world, importing more than 90% its crude 'oil and half its natural gas needs. Modi's comments about gold on Sunday were made in tandem with other measures that...

Reliance Jio Platforms, owned by Indian billionaire Mukesh Ambani, is preparing to apply for regulatory approvals to list in Mumbai. This is expected to be the largest-ever stock offering in India. Jio Platforms is the second largest telecom company in the world by number of users, after China Mobile. TELECOM BUSINESS Reliance Jio Platforms is part of Ambani’s oil-to retail conglomerate,?Reliance Industries. Reliance Jio Infocomm is its most well-known business. It has more than 500,000,000 subscribers and is the largest telecom company in the country. In 2016, when Jio was launched, it offered free voice and data to rivals like...

Sources say that Mukesh ambani's company Reliance Jio has shifted to a pure fundraiser for its planned Mumbai listing, selling 2.5% of the shares and abandoning earlier plans which would have allowed shareholders to exit. Investors include Alphabet, Google, and Vista Equity Partners, as well as Indian billionaire Ambani’s Jio Platforms. Jio Platforms is the second largest?telecom company in terms of users, after China Mobile. One source said that investors were not interested in selling and wanted to remain invested for the long-term. The company 'had earlier held discussions with 'its foreign investors to each sell 8% their individual holdings...

The rupee fell to a record low as the risk sentiment was impacted by high crude oil prices related to Middle East conflict. The Nifty 50 fell?0.36% - to 24,032.80, and the BSE Sensex dropped 0.33% - to 77.017.79. The rupee slid - to 95.4325 against the U.S. Dollar. Brent crude reached an intraday peak of $115.3 a bar on Monday, after Iran intensified its attacks against the UAE and other ships in the Gulf. This included several in the Strait of Hormuz. Oil prices fell to about $113 a barrel on Tuesday, as the U.S. Navy began to loosen...

On Tuesday, Indian shares dropped and the rupee reached a new low as investors assessed March-quarter earnings. As of 9:56 a.m. IST, the?Nifty 50 index was down 0.45% to 24,010.20 and the BSE Sensex fell 0.41% at 76.954.34. The rupee has reached a new low. Brent crude soared to an intraday peak of $115.3 per barrel on Monday, after Iran intensified?attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait of Hormuz. Oil prices remain high despite the fact that they have dropped to $113 early on Tuesday due to a'signal the U.S....

Indian shares opened lower on Tuesday, as investors assessed March quarter corporate earnings and a rise in 'crude oil' prices due to the Middle East conflict. As of 9:15 a.m. IST the Nifty 50 index was down 0.28% to 24,052.60 while the BSE Sensex fell 0.21% to 77,103.72. Brent crude soared to a intraday high of $115.3 per barrel on Monday, after Iran increased its attacks against the UAE and vessels in the Middle East Gulf region, including several in the Strait o'Hormuz. Oil prices remain high despite signs that the U.S. Navy may be easing Iran's strait closure. The...

Reliance Industries, India's largest chemical company, is reducing output of alkylates while?diverting the feedstock in order to increase production of liquefied gas (LPG), as India struggles with shortages due to the Iran War. The operator of 'the world's largest refining complex runs its alkylation unit on a minimum rate, reducing exports of gasoline-blending components. Reliance exports alkylates primarily to the U.S., from its export-focused refinery that produces 704,000 barrels per day. The company claimed that LPG production had increased by'more than threefold compared to pre-war levels. The company stated in a press release that the move was made to fill...

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

Three sources with knowledge of the situation said that India's state-run oil refineries are using a special FX credit line provided by the largest bank in the country to help ease the pressure on the rupee. This is a sign that the rupee may fall even further. Three sources familiar with the matter said that India's?state-run oil refiners are making limited use of a special FX?credit line offered by the country's largest bank to ease pressure on?the rupee. This is indicating concerns about a further fall in the rupee. Forex traders claim that the currency has been affected by dollar...

Three sources with knowledge of the matter said that India's state oil refineries are only using a limited amount of the "special FX credit lines" offered by India's largest banks to help ease the pressure on the rupee. They expressed concern about the rupee falling further. The rupee is under pressure again, and has dipped near its record low of 95.21. This comes after several steps taken by the Reserve Bank of India to support the currency. According to FX traders, the currency has been affected by dollar purchases related to oil in recent sessions. India's biggest imports are crude?oil,...

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

India's Tata sons, an umbrella organisation that includes Tata Motors?, TCS?, and Tata Steel?, is under pressure to go public. This, despite the fact that the charitable trusts which control two-thirds? of the company are battling internal disagreements. Tata Sons was not listed until now. The Shapoorji Pallonji Group, its second largest shareholder and a major internal stakeholder, is pushing for the listing. The Reserve Bank of India's rules may also force it to?list, unless an exception is obtained. What is the structure of TATA Group? Tata Sons, the 108-year old salt-to steel conglomerate, is unique in its structure. A...

Thoma Bravo may sell its stake in construction software maker Command Alkon as it tries to maximize returns on software that is seen to be more resistant to broader AI disruption risk, according to four sources familiar with the matter. Thoma Bravo is working with Evercore's investment bankers to sell its 55 percent stake in Command Alkon. Other private equity firms have expressed interest in the last few weeks. Sources who spoke on condition of anonymity about the private discussions said that Command Alkon could be valued at over $1.5 billion. Thoma Bravo refused to comment while Heidelberg Materials Evercore...

Gold dropped to a'more than a week low on 'Friday as U.S. Treasury Yields?and -the- dollar rose, and inflation fears due to the U.S./Israel war against Iran reinforced bets on higher interest rates. Gold spot was down 2.3% to $4,555.63 an ounce at 1:19 pm EDT (1719 GMT), after it had hit its lowest price since May 4, earlier in the day. Prices have fallen 2.5% so far this week. U.S. Gold Futures for June Delivery fell 2.7% to $4,560.20. "There were a few reasons for the sell-off in (precious metals). The dollar is strong right now. Not only are...

As U.S. Treasury yields and the dollar rose, gold fell to its 'lowest level in over a week on Friday. Meanwhile, inflation fears due to the Middle East conflict reinforced bets that interest rates would rise. By 9:40 am EDT (1340 GMT), spot gold had fallen 2.6% to $4,527.80 an ounce, its lowest price since May 5. Prices have fallen 4% this week. U.S. Gold Futures for June Delivery fell 3.2% to $4,535 "There were a few reasons for the sell-off in (precious metals). The dollar is strong right now. Edward Meir is an analyst with Marex. Benchmark 10-year U.S....

JSW Dulux, an Indian paint manufacturer, expects to achieve double-digit growth in volume in fiscal year 2027. However margins are likely to be under pressure due to volatile costs associated with Middle East uncertainty. The warning shows how the increase in raw material prices linked to crude oil and the war in the Middle East are impacting India's painting sector, even though demand is strong. Paint makers are forced to raise prices due to the higher costs, and disruptions to gas supplies also affect production. There are challenges... many workshops aren't running at full speed because there isn't enough gas,"...

Tata Sons is the holding company for 31 group companies, including TCS and Tata Motors. The discussion about going public will likely come up on Saturday at a meeting of two trusts who are major shareholders. Tata Sons was not listed until now. Tata Sons is under pressure from its 'internal stakeholders', which includes the second-largest shareholder,?Shapoorji Paloonji Group (SP). Reserve Bank of India rules?may? also?require them to list, unless they are able to secure an exemption. What is the structure of TATA Group? Tata Sons, the 108-year-old salt-to steel conglomerate, is unique in its structure. A group of philanthropic...

This week, gold discounts in India reached a new record as a sharp increase in import duties slowed demand and triggered investor sales. Meanwhile, Chinese premiums remained firm due to investment demand. Dealers in India quoted discounts This week, you can save up to $207 per ounce on official domestic prices, including 15% import duties and 3% sales taxes. A jeweller in Hyderabad said that the'sudden rise in price' prompted investors and jewellers to sell while retail buyers and jewellers stayed out of it. India increased import duties on gold and Silver to 15% this week from 6%. India, the...

The gold price remained largely unchanged on Thursday as investors focused on the latest developments in Middle East and President Xi Jinping's meeting with the U.S. At 1:01 pm EDT (1701 GMT), spot gold was down by 0.1% to $4,680.26 an ounce. U.S. Gold Futures for June Delivery fell by 0.4% to $4686.20. The U.S. Dollar was up by 0.3%, making greenback-priced gold more expensive for holders other currencies. Iran's state media reported that 30 vessels had allegedly crossed the Strait of Hormuz, despite reports of attacks in the area. Bart Melek is the global head of commodity strategies at...

Gold remained largely unchanged on 'Thursday as investors digested a rise in U.S. Inflation due to increased energy costs associated with the Iran War. As of 0931 GMT, spot gold was up 0.1% to $4,689.79 an ounce. U.S. Gold futures for June delivery dropped 0.2% to $4,696.20. China's Xi Jinping said that the trade talks are?making good progress on Thursday at the beginning of a two day summit. However, he warned that disagreements over Taiwan may?damage relationships and even lead conflict. Gold is still hovering at $4,700 while markets digest the latest U.S. inflation figures. Carlo Alberto De Casa, a...

Gold prices rose on Thursday as a result of a 'weaker' dollar. Investors were also looking for any signs of progress with the Iran War and focused mainly on talks between U.S. president Donald?Trump & Chinese president Xi Jinping. As of 0440 GMT, spot gold was 0.4% higher, at $4,706.70 an ounce. U.S. Gold Futures for June Delivery rose 0.2% to $4,713.40. Dollar eased making greenback bullion prices more affordable for holders other currencies. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating at the moment because everyone is watching what happens in the high level talks between the...

The gold?price remained steady on Thursday as investors centered their attention on the?conversations?between a?U.S. The Iranian war was the focus of attention between President Donald Trump and Chinese president Xi Jinping. As of 0212 GMT, spot gold remained unchanged at $4,688.43 an ounce. U.S. Gold Futures for June Delivery fell 0.2% to $4,695. GoldSilver Central's Managing Director Brian Lan said, "Gold is consolidating right now as everyone is watching what happens in the high level talks between the U.S.A. and China." Lan said: "I think (gold) is also a window for those investors who want to get into metal." Trump...

Bullion dealers reported that gold discounts in India reached a record high of over $200 per ounce on Wednesday. This was due to the surge in price after the 'import duty increase, which triggered investor selling in a weakening 'demand. India raised its import tariffs for gold and silver from 6% to 15% on Wednesday as part of an effort to reduce overseas purchases of these metals and relieve pressure on the country’s foreign exchange reserves. "Discounts were insane in the physical market." "We were double-checking before we executed deals," said the bullion division chief of a Mumbai-based bank who...