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INR crashes to fresh record low as oil surges past $100 mark amid Middle East tensions
The Indian rupee crashed to its all-time closing low of 92.35 (provisional) against the US dollar on Monday, losing 53 paise during the session, as global crude oil prices saw a sharp spike, and the greenback strengthened amid worsening conflict in the Middle East. Withdrawal of foreign funds amid intense selling in domestic equity markets further pressured the rupee. Indian shares slumped on Monday as the Iran-Israel-U.S. war entered its 10th day and the Strait of Hormuz, a critical trade route, remained shut for the sixth consecutive day. The benchmark BSE Sensex ended down 1,352.74 points, or 1.71 percent, at 77,566.16 after hitting a low of 76,424.55 earlier. The broader NSE Nifty index hit an intraday low of 23,697.80 before recovering some lost ground to close down 422.40 points, or 1.73 percent, at 24,028.05. At the interbank foreign exchange, the rupee opened at 92.22 and rose briefly to 92.15 but kept losing ground through the session before eventually settling at its ...
US urged India to buy Russian oil already at sea to ease supply fears, Energy Secretary says
America has asked India to purchase Russian oil currently at sea. This move aims to ease fears of supply shortages and price increases due to the West Asia conflict. Energy Secretary Chris Wright stated this is a short-term measure to stabilize the market. He mentioned discussions with Indian authorities about redirecting oil to Indian refineries.
What Iran war means for Vedanta, Tata Steel and other metal stocks? CLSA analysts explain
Rising tensions in the Iran war could reshape the outlook for Indian metal stocks, with CLSA flagging Vedanta as a key beneficiary due to its aluminium, zinc and oil exposure. Tata Steel may also gain from stronger steel spreads, while energy costs, freight disruptions and geopolitical risk could keep commodity prices elevated.
Nayara Energy lawsuit against SAP over software service halt in Delhi HC next week
Nayara Energy is taking SAP India to the Delhi High Court. SAP suspended critical software services for Nayara, citing European Union sanctions. Nayara argues its contract is with SAP India, an Indian company, and not subject to foreign sanctions. The court will hear the case next week. This dispute highlights foreign law impacting Indian operations and energy security.
Gainers & Losers: Indigo, Paras Defence among 7 big movers on Wednesday
Indian markets tumbled as the Iran-Israel war escalated, dragging energy stocks lower. Nifty and Sensex fell sharply, while select stocks like Coal India and Bajaj Hindusthan Sugar bucked the trend.
Qatar halts LNG output after attacks; disruptions to hit Indian supplies, city gas firms flag concerns
Qatar has stopped liquefied natural gas production following attacks. This halts supplies to India, affecting industrial consumers and city gas companies. Petronet LNG cannot send ships through the Strait of Hormuz. This disruption impacts India's energy needs and domestic sectors. Companies are seeking clarity on future gas availability.
Buy the fear? Indian markets delivered strong returns after past wars even as Middle East tensions roil stocks
Indian equity benchmarks plunged as West Asia tensions and a Strait of Hormuz shutdown threat jolted global markets and spiked crude prices. Despite near-term risks to energy supplies and India’s import exposure, historical data show strong two-year rebounds after past geopolitical conflicts.
Oil shock from Iran war raises risks for India’s stock market; here’s how
Escalating Middle East tensions are pushing oil prices higher, significantly impacting India's beaten-up equities and widening their underperformance against global peers. Analysts warn of further downside for Indian assets due to the country's heavy reliance on imported energy, potentially driving inflation and weakening the economy and currency.
ONGC, Oil India shares gain up to 2% as US, Israel attack on Iran lifts oil to over $80. What’s next for prices?
Middle East tensions are driving up crude oil prices, impacting Indian energy stocks like ONGC and Oil India. Escalating attacks and potential disruptions in the Strait of Hormuz could significantly boost oil prices, raising India's import bill and inflation risks. Analysts warn of substantial price hikes if the conflict widens.
Industrial users stare at propane, natural gas shortage after Qatar halted production
Indian industries face potential propane and natural gas shortages. Qatar has halted liquefied natural gas production following a drone attack. This impacts industrial customers, though household piped natural gas supplies remain unaffected. Companies are monitoring the situation closely. Global energy prices and shipping costs are also rising.
Indian ship owners seeks diplomatic intervention for safe passage in West Asia
Indian ships are stranded in West Asia. The Indian National Shipowners Association reports 27 Indian flagged vessels are stuck. These ships are valued at over 10,000 crore rupees. The Hormuz Strait closure is impacting vital energy supplies for India. The association is urging the government to intervene for safe passage of ships and seafarers.
Clean Max Enviro Energy bulk deal: Citigroup sells 8.3 lakh shares worth Rs 70 crore
Citigroup offloaded ₹70 crore worth shares in Clean Max Enviro Energy Solutions at a 20% discount to its IPO price after a weak debut on National Stock Exchange of India. The stock ended sharply lower amid muted retail participation despite institutional interest.