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Jewellers may be louped in for idle gold mobilisation
The government is exploring a revamped Gold Monetisation Scheme, aiming to involve jewellers for the first time to tap into the vast amount of household gold. This initiative seeks to reduce India's reliance on imported bullion, especially with gold prices and import duties impacting jewellery demand. Discussions involving ministers, the RBI, banks, and industry representatives are underway, with an announcement anticipated before the festive season.
Crude inventory hits 1-year high on stronger imports
India's crude oil reserves have surged to a near one-year peak, reaching 104 million barrels by June's end. This rebound follows a significant drawdown in the preceding months, driven by strong import volumes that replenished stocks. Current reserves can sustain approximately 21 days of consumption, easing concerns over supply disruptions, particularly with the Strait of Hormuz transit now more stable.
Coal gasification pilot yet to take off despite ₹6,233 cr incentives
Nearly a year after awarding ₹6,233 crore for coal gasification projects, none have progressed beyond planning. Despite multiple task force meetings, ground work hasn't commenced, with commissioning now pushed to FY30. Meanwhile, a new ₹37,500 crore scheme has been launched, excluding first-round participants who now face disadvantages due to delays and lack of access to more generous incentives.
State oil companies lose ₹75,000 cr in Q1 on low prices: Oil minister Hardeep Singh Puri
State-run oil companies reported a significant loss of ₹74,781 crore in the April-June quarter due to selling fuel below market rates. Despite a global crude price drop, domestic pump prices remain unchanged as refiners process higher-priced crude. A reduction in retail fuel prices may be considered if current crude prices persist, while bulk diesel prices have narrowed the gap with retail rates.
Air India cuts fuel surcharges for North America, Europe flights
Air India has significantly reduced fuel surcharges on flights to North America, Australia, Europe, and the UK, effective July 1. This move follows a recent easing of oil prices after an earlier surge linked to the West Asia conflict. The airline had initially implemented higher surcharges in April due to rising operational costs. These revised rates offer considerable savings for travelers on these international routes.
Air India slashes fuel surcharges on long-haul international flights as oil prices fall: How airfares will change
The fuel surcharge for flights to North America and Australia has been lowered to $200 per ticket from $280. For services to Europe and the UK, the surcharge has been reduced to $125 from $205.
BPCL raises stake in Brazil's IBV to 100% with ₹2,312 crore deal
BPCL has acquired the remaining 39.14% stake in Brazil's IBV for ₹2,312 crore, taking full ownership of the oil and gas company as it looks to strengthen India's energy security.
BPCL Arm Acquires Remaining 39.1% Stake In IBV Brasil Petroleo For Rs 2,312 Crore
Following the transaction, BPRL Ventures BV's shareholding in IBV Brasil Petroleo has increased to 100% from 60.86%.
Coal India's June supplies to power sector rise 5.9% on strong electricity demand - livemint.com
Coal India's June supplies to power sector rise 5.9% on strong electricity demandlivemint.com
India, China ink edible oil trade pact to boost soybean oil imports
India's edible oil industry, represented by IVPA, has inked a significant pact with China's CFNA to boost bilateral trade. This collaboration aims to increase soybean oil imports from China while simultaneously enhancing India's exports of mustard and soybean meals. The agreement is poised to strengthen market ties and foster innovation, especially as China becomes a key supplier of soybean oil to India, addressing the nation's substantial edible oil import needs.
Influencer boom masks growing ad fatigue as brands chase clicks over brand-building: Kantar
Indian marketers might be overestimating influencer impact, as a Kantar report reveals Gen Z fatigue with sponsored and AI ads. While creator content's reach is up, its brand connection is weak. Consumers are increasingly wary of AI-generated ads, finding them misleading and irritating. Experts warn that focusing solely on short-term metrics and over-reliance on AI risks alienating audiences and damaging long-term brand equity.
Reliance Jio, Amazon Leo spar over proposed satellite network framework
The framework creates a new category of companies that would operate satellite communication networks. Licensed telecom, satellite internet providers would then use this infrastructure to deliver satellite internet services. Jio has opposed granting spectrum rights to these infrastructure providers.