Market News
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Petroleum vulnerability rising, India must build crude buffers and cut import dependence, EY cautions
India faces mounting vulnerability due to its soaring dependence on imported crude oil, now exceeding 90%. A recent EY report urges augmenting strategic reserves, currently sufficient for only five days of consumption and developing a comprehensive purchase and release strategy.
India needs 2,000 GW new power capacity in 20 years, says Adani Green's Sagar Adani
India needs to add nearly 2,000 gigawatts of new power generation capacity over the next two decades to meet rising demand and reduce reliance on imported fuels, according to Adani Green Energy Executive Director Sagar Adani. He emphasized that electrification, supported by renewables, hydro, thermal, and nuclear power, is the clearest path to energy security, affordability, and sustainability for the nation.
Sebi rejects Anil Ambani's settlement request over Reliance Infrastructure
India's market regulator has rejected Anil Ambani's settlement bids concerning allegations of misusing nearly $700 million in company funds. The Securities and Exchange Board of India cited parallel investigations by other agencies, stating the transactions could be for personal enrichment. This marks the second settlement rejection for Ambani, with the group categorically denying the claims.
Stocks to buy below ₹100: Mehul Kothari of Anand Rathi recommends three shares to buy or sell
Next week, Bank Nifty's trading range is set between 57,000 and 59,000, with breakouts suggesting future trends. Analyst Mehul Kothari advises buying Trident, UCO Bank, and MMTC under ₹100, as the Indian market remains strong amid mixed signals and easing crude oil prices.
Oil prices fall over 3% as more tankers move through Strait of Hormuz
Brent crude futures settled at $71.99 a barrel, down $3.27, or 4.34%. US West Texas Intermediate finished at $69.23 a barrel, down $2.69 or 3.74%
CBIC rolls out green channel to speed emergency imports during oil spill crises
In a significant move to bolster environmental protection, the Central Board of Indirect Taxes and Customs has launched a dedicated 'green channel' for swift customs clearance during oil and hazardous spill emergencies. This initiative, driven by a Coast Guard request, aims to expedite the movement of crucial response equipment, thereby enhancing India's preparedness for marine pollution incidents and fulfilling international maritime commitments.
Centre invites bids for green urea plants to curb import reliance
The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC, the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework.
Tech volatility weighs on global stocks; oil falls towards four-month low
Global stocks fell as Apple's price hikes rattled tech shares, while oil slid on easing supply fears and gold edged higher on a weaker US dollar
Crude oil prices tumble 5% as Strait of Hormuz traffic rebounds; Brent plunges 20% in June
Brent crude prices plummeted to $72 as supply concerns eased with resumed shipping through the Strait of Hormuz. The weekly decline reaches 10%, while June losses hit 20%, reflecting the impact of improved stability in Middle Eastern oil exports.
Byju's Lenders Close In On Settlement, Target 30% Stake In Aakash
Creditors and stakeholders negotiate a resolution after years of legal and financial turmoil.
Hormuz traffic eases, ships continue using disputed Oman route
Despite a projectile striking a vessel, ships are continuing to use a non-Iranian-approved passage through the Strait of Hormuz. Traffic levels saw a slight dip from Wednesday's peak, but many commodity vessels, including oil tankers, are still transiting. Iran insists only its designated routes are authorized, leading to a temporary pause in a mariner evacuation program.
Middlemen offer Iranian oil to Indian refiners after US waiver, traders say
Middlemen and Iran's state oil company are offering discounted Iranian crude to Indian refiners after the US granted a 60-day sanctions waiver. However, refiners have limited room for fresh purchases due to existing supply commitments, while payment and banking uncertainties continue to delay commercial negotiations despite renewed interest.