Sunday, December 22

Tag: Business news

Russian oil discount shrinks 87% to $4/barrel as sellers game shipping, insurance to skirt G7 price cap
9Jul By adminNo Comments
Business

Russian oil discount shrinks 87% to $4/barrel as sellers game shipping, insurance to skirt G7 price cap

NEW DELHI: The love affair with Russian oil appears to be losing its charm for Indian refiners as discounts have shrunk to $4 per barrel from peaks of $25-30, with sellers going dark on shipping rates to cover the gap with benchmark Brent crude and skirt western price cap, people in the know told TOI.Russian crude now accounts for about 40% of India’s total oil imports, up from less than 2% in before the Ukraine conflict. Indian refiners began lapping up Russian crude as sellers began offering hefty discounts as Western buyers shunned those barrels as the US and the EU slapped sanctions on Russia, including its energy exports.Indian refiners buy Russian oil on delivered basis, wherein the seller arranges shipping and insurance, to avoid falling foul of the sanctions. This aspect became mo...
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Adani: Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years
9Jul By adminNo Comments
Business

Adani: Adani raises $1.4 billion from stake sale in 3 companies; $9 billion raised in 4 years

NEW DELHI: Billionaire Gautam Adani has raised $1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors.In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies.""In the most recent instance, Adani family has raised $1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said."This ensures higher capital availability at the group level, for g...
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Flipkart: Adani buys 30% in Trainman for Rs 3.5cr
8Jul By adminNo Comments
Business

Flipkart: Adani buys 30% in Trainman for Rs 3.5cr

NEW DELHI: Adani Enterprises, the flagship firm of billionaire Gautam Adani's group, has bought a close to 30 per cent stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman.Adani Enterprises last month announced that it has signed a pact to acquire 100 per cent of SEPL.In a stock exchange filing on Saturday, Adani Enterprises said Adani Digital Labs Pvt Ltd, a wholly-owned subsidiary of the company, has bought a 29.81 per cent stake in SEPL for Rs 3.56 crore.SEPL had a turnover of Rs 4.51 crore in 2022-23 (April 2022 to March 2023) fiscal year.While last month, Adani Enterprises had described SEPL as "an online train booking and information platform," on Saturday it described the firm as one into "e-commerce and website development."The announcem...
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India best-performing nation in South Asian region in terms of trade facilitation: UNESCAP
7Jul By adminNo Comments
Business

India best-performing nation in South Asian region in terms of trade facilitation: UNESCAP

NEW DELHI: India is now the best-performing nation amongst all the countries of South Asian region in terms of trade facilitation, as per the United Nations Economic and Social Commission for Asia Pacific's (UNESCAP) report. As per the Global Survey on Digital and Sustainable Trade Facilitation, India improved its score compared to 2021 survey. The 2023 survey, covering more than 140 economies and evaluating 60 trade facilitation measures, has positioned India at the forefront of global trade facilitation efforts, with an impressive score of 93.55 per cent in 2023 vis a vis 90.32 per cent in 2021. The 2023 survey has recognised India's exceptional progress across various sub indicators, with the country achieving a perfect score of 100 per cent in four key areas: Transparency, Formalitie...
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Rupee: Modi govt’s push to take Indian rupee global gets off to a slow start
7Jul By adminNo Comments
Business

Rupee: Modi govt’s push to take Indian rupee global gets off to a slow start

NEW DELHI: India’s year-old campaign to boost the rupee’s role in cross-border payments has made little headway, according to people familiar with the matter, underscoring the challenges for countries trying to reduce their dependence on the dollar.The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters such as the UAE and Saudi Arabia to South Asian nations to accept the Indian currency for trade settlements. But success has been elusive so far with total local currency trade volumes negligible at around 10 billion rupees ($120 million) since the project started, according to people familiar with the matter, who didn’t want to be named as the figures aren’t public. That compares with I...
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Tata Steel consolidated output falls 7.69% to 7.08 MT in Q1; sales grow 8% to 7.04 MT
6Jul By adminNo Comments
Business

Tata Steel consolidated output falls 7.69% to 7.08 MT in Q1; sales grow 8% to 7.04 MT

NEW DELHI: Tata Steel on Thursday its consolidated production declined to 7.08 million tonnes (MT) in the first quarter of FY24.The company's consolidated production was at 7.67 MT during April-June of the preceding financial year, Tata Steel said in a statement.Consolidated deliveries however rose 7.97 pc to 7.04 MT from 6.52 MT in the same period of the last fiscal.In India, Tata Steel India produced 5.01 MT of steel over 4.92 MT in the year-ago quarter. The deliveries in India rose to 4.80 MT from 4.07 MT a year ago.Tata Steel Europe saw its production fall to 1.81 MT from 2.44 MT in April-June FY23. In Europe, the deliveries fell to 1.97 MT from 2.14 MT in the same quarter a year ago.In Thailand, Tata Steel Thailand produced 0.26 MT, down from 0.31 MT Q1 in the preceding fiscal. In Th...
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Advisor shares top tips on ways to protect your money from inflation
6Jul By adminNo Comments
Money

Advisor shares top tips on ways to protect your money from inflation

CNBC FA Council member Lazetta Braxton shares her top tips tor how to adapt to inflationary times."The key is reevaluate your income and expenses," she says. It's how to ensure they align with the current circumstances.Inflation may have started to ease, but it remains well above most consumers' comfort level, and spending has slowed considerably, recent reports show.The core consumer price index for May was at 5.3%, while the personal consumption expenditures price index increased just 0.3% for the month when excluding food and energy."The bottom line is everybody is feeling squeezed," said certified financial planner Lazetta Rainey Braxton, co-founder and co-CEO of 2050 Wealth Partners.More from Your Money:Here's a look at more stories on how to manage, grow and protect your money for t...
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Sensex, Nifty close flat as auto, consumer stocks offset slide in financials
5Jul By adminNo Comments
Business

Sensex, Nifty close flat as auto, consumer stocks offset slide in financials

BENGALURU: Indian shares were little changed on Wednesday as a rise in auto and consumer stocks offset the slide in high-weightage financials.The Nifty index settled 0.05% higher at 19,398.50, while the S&P BSE Sensex fell 0.05% to 65,446.04.Both the indexes had hit all-time highs at each of the four previous sessions.Financials lost 0.82%, dragged by HDFC and HDFC Bank, down over 3% each, after the National Stock Exchange (NSE) announced the exclusion of HDFC from Nifty 50 beginning July 13.Fast moving consumer goods index hit a record high, led by ITC on a report that the process to demerge its hotels business was underway.Among individual stocks, Hero MotoCorp extended gains to a fresh two-year high on the launch of a bike developed with Harley Davidson, while rival Bajaj Auto adva...
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Icici Bank: Life-time highs: Why Sensex, Nifty are creating new records
3Jul By adminNo Comments
Business

Icici Bank: Life-time highs: Why Sensex, Nifty are creating new records

NEW DELHI: Both Indian indices continued their upward journey on Monday, with the BSE Sensex closing above the historic 65,000 level for the first time ever.The BSE Sensex, rallying for the fourth consecutive session, soared by 486.49 points or 0.75% to achieve a new all-time closing high of 65,205.05. Intraday, it reached a peak of 65,300.35, gaining 581.79 points or 0.89%.Similarly, the NSE Nifty climbed 133.50 points or 0.70% to close at a record high of 19,322.55. It also hit an all-time intraday peak of 19,345.10, surging by 156.05 points or 0.81%.Financial services stocks were the major gainers. Leading the charge, HDFC and HDFC Bank, prominent index heavyweights, witnessed gains of 1.75% and 1.08% respectively. This surge came after the approval of their $40 billion merger, with Ju...
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Gst: June GST revenues up 12%, cross Rs 1.6 lakh crore for fourth time
1Jul By adminNo Comments
Business

Gst: June GST revenues up 12%, cross Rs 1.6 lakh crore for fourth time

NEW DELHI: Finance minister Nirmala Sitharaman on Saturday said GST implementation has brought relief to the common citizens and helped raise revenues of the Centre and the states as her ministry reported that gross GST revenues in June rose 12% to Rs 1.6 lakh crore.Data released by the finance ministry showed that gross GST revenues crossed the Rs 1.6 lakh crore mark for the fourth time since the implementation of the tax reform on July 1, 2017. Collections have been Rs 1.4 lakh crore for 16 months in a row and Rs 1.5 lakh crore for the seventh time since the rollout. The average monthly gross GST collection for the first quarter of financial year 2021-22, FY 22-23 and FY 23-24 are Rs 1.1 lakh crore, Rs 1.5 lakh crore and Rs. 1.7 lakh crore, respectively, according to a finance ministry ...
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