Market News
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IEX share price surges over 3% following board's approval to launch Coal Exchange
Indian Energy Exchange shares surged 3% as it announced in-principle approval for a Coal Exchange. February saw a 30.4% growth in electricity trading volume to 12,550 million units and a 15.2% increase in renewable energy certificates traded.
US crude prices back above $100 a barrel amidst concerns over Kharg island
The International Energy Agency said that the supply of emergency barrels from reserves of Asian member countries will begin immediately, while those from the Europe and Americas will begin by the end of March.
Indian Oil Corporation's Sri Lanka operation will maintain fuel line, provide energy security
Lanka Indian Oil Corporation (LIOC) assured continued fuel supplies amid the West Asia conflict. Managing Director K Raghu emphasized energy security for Sri Lanka.
Stocks in news: Tata Steel, Kaynes Tech, GAIL, Somany Ceramics, TVS Motor
Indian markets continued their downward trend on Thursday. Several companies saw significant news. BofA Securities invested in Kaynes Technologies. GAIL assured uninterrupted gas supply to Bengaluru. South Indian Bank launched EPF payment services. DCM Shriram approved renewable energy investment. TVS Motor launched a new electric scooter. Tata Steel moved court over a GST demand.
'Alternate sources in play to meet peak power demand this summer'
India anticipates sufficient power supply this summer. New coal and renewable energy capacities will meet demand. Battery storage is also coming online. This comes as gas-fired power generation may be reduced. Peak power demand is projected to rise significantly. The government has alternative resources to ensure adequate supply.
'$95 for 2 months' US agency predicts prolonged conflict
Brent is up 27% since the start of the war as the Strait of Hormuz is effectively shut and some oil production in the region has been curtailed. "We make the assumption in our modelling that the effective closure of the Strait of Hormuz will cause oil production in the Middle East (West Asia) to fall further in the coming weeks. We assume this shut-in production will gradually ease as transit through the Strait resumes," the EIA, the primary federal authority in the US for energy statistics, said in its short-term energy outlook.
India ready to support oil markets as IEA agrees record release
India has pledged to support global oil markets by taking appropriate measures, aligning with the International Energy Agency's record 400 million barrel oil release. This move aims to stabilize prices that have surged due to the U.S.-Israeli war with Iran, which has disrupted India's own energy supplies.
OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady
Saudi Arabia significantly boosted oil production in February as a safeguard against potential disruptions from U.S. and Israeli strikes on Iran. Despite this, OPEC maintained its forecast for robust global oil demand growth this year, while acknowledging the need to closely monitor geopolitical events. The International Energy Agency is set to release updated oil forecasts soon.
China stocks extend gains as lower oil prices boost market sentiment
Investor sentiment improved after oil prices declined, easing concerns that rising energy costs could push inflation higher. Crude prices came under pressure after the International Energy Agency suggested releasing what could be the largest coordinated emergency oil stockpile in its history to help stabilize global energy markets.
Crude oil back above $90 a barrel. How elevated energy prices may impact various Indian sectors?
Crude oil prices surged to nearly $120 a bbl due to the US-Iran conflict, disrupting Middle Eastern energy production. Prices have fluctuated significantly, impacting global markets and raising concerns over economic repercussions, especially for India reliant on imports from the Strait of Hormuz.
Stocks in news: Nazara Technologies, IndiGo, Hindustan Zinc, NTPC Green, RIL
Indian markets saw a strong rebound on Tuesday, recovering some losses. Global cues improved and crude oil price worries eased. Several companies are in focus today. Nazara Technologies saw a significant block deal. IndiGo's CEO stepped down. RIL is boosting LPG production. Vedanta calls for unlocking domestic resources. NTPC Green Energy added new solar capacity.
International Energy Agency proposes largest ever oil release from strategic reserves: Report
The International Energy Agency is reportedly planning its largest-ever release of oil reserves to combat soaring crude prices. This move, aimed at mitigating the impact of the U.S.-Israel war with Iran, would surpass the 182 million barrels released in 2022 following Russia's invasion of Ukraine.