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Crude oil prices fall on possible US-Iran talks; Brent near $72 per barrel
US-Iran war: Brent crude futures for August delivery, set to expire on Tuesday, fell 1.03%, or 75 cents, to $72.40 per barrel.
Morgan Stanley cuts oil forecasts on faster-than-expected flows via Strait of Hormuz
Morgan Stanley lowered its September quarter dated brent forecast by $15 to $74 a barrel. The prices are set to drop further by the September quarter next year to $70 a barrel.
Oil prices hold gains ahead of US-Iran talks
Brent traded above $73 a barrel after rising 1.8% in the previous session. Meanwhile, West Texas Intermediate was near $70 a barrel.
Oil Prices On June 30: Brent Crude At $73 As Iran Pushes For Strait Of Hormuz Control Ahead Of US Talks
Brent crude for September delivery traded above $73 a barrel after climbing 1.8% in the previous session, while West Texas Intermediate (WTI) hovered near $70 a barrel.
Stocks in news: Bajaj Auto, ZEE, BPCL, HDFC Bank, HUL, Tata Motors CV
Indian markets saw a subdued trading session on Monday, with key indices declining due to mixed global signals and profit-taking. Several prominent companies like Bajaj Auto, ZEEL, BPCL, HDFC Bank, and HUL are in focus today due to significant corporate developments. These include share buybacks, foreign investments, leadership appointments, and strategic acquisitions, signaling active corporate maneuvering amidst market fluctuations.
MGL rides PNG adoption wave, analysts see further upside
Mahanagar Gas shares have surged on government's push for piped natural gas adoption, aiming for a 20% customer base increase. This move is expected to significantly boost PNG consumption and accelerate volume growth. Despite a recent rally, the stock's valuation remains attractive, with analysts predicting future earnings growth and potential for a re-rating as margin pressures ease.
RBI buyback gets few bids despite cash crunch
The central bank's bond buyback saw a lukewarm market reception, attracting significantly less than the offered amount despite a liquidity deficit in the banking system. Banks held back, anticipating future inflows and preferring short-term papers. Meanwhile, the benchmark 10-year government bond yield dipped to its lowest since March, buoyed by falling oil prices and record overseas portfolio investments.
RBI buyback gets few bids despite cash crunch
The central bank's bond buyback saw a lukewarm market reception, attracting significantly less than the offered amount despite a liquidity deficit in the banking system. Banks held back, anticipating future inflows and preferring short-term papers. Meanwhile, the benchmark 10-year government bond yield dipped to its lowest since March, buoyed by falling oil prices and record overseas portfolio investments.
Power demand tops 250 GW as weak monsoon keeps heat on
India's peak power demand is soaring above 250 GW due to lingering heatwaves, outpacing a sluggish monsoon. Authorities are preparing contingency plans, including maximizing coal power and potentially directing gas-based plants to operate at full capacity. With forecasts of below-normal rains, electricity consumption for cooling and irrigation is expected to remain high, especially in August and September, as the nation braces for potential supply challenges.
Government lifts curbs on petrol, diesel sales at pumps as global oil prices fall
Fuel stations can now freely sell petrol and diesel to all customers. The government has removed restrictions on bulk buyers purchasing fuel at retail pumps, a move effective July 1. This decision follows a significant drop in global oil prices, which has drastically reduced the price difference between bulk and retail fuel rates. Previously, soaring oil prices had led to supply issues at petrol stations.
Corporate giants turn to urban regeneration as redevelopment race intensifies
India's largest corporate houses are increasingly focusing on urban regeneration, shifting real estate focus from land acquisition to redevelopment. Giants like Reliance, Adani and JSW are aggressively bidding for projects involving old housing colonies and slum rehabilitation in Mumbai.
Future growth will depend on governance quality in public, private institutions: HDFC's Parekh
India's future prosperity hinges on robust governance across public and private sectors, emphasized HDFC Bank Chairman Deepak Parekh. He highlighted that ongoing reforms are building a strong foundation for growth, with a call for further banking sector consolidation. Parekh also stressed the immense funding needs for domestic capacity building and the crucial role of self-reliance in a shifting global landscape.