Market News
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Iran war energy shock drives India's interest in ethanol and other biofuels
India and Southeast Asian nations are boosting biofuel use amid global fuel disruptions. This move aims to reduce reliance on imported oil and manage rising costs. However, challenges remain in developing supply chains and ensuring vehicle compatibility. Experts also highlight environmental concerns related to crop-based biofuel production. The shift towards biofuels is a significant development for energy security.
PM Modi likely to seek more energy supplies from UAE during short visit, sources say
Indian Prime Minister Narendra Modi will visit the UAE to discuss long-term energy supply deals and expand strategic oil reserves. The visit, part of a five-nation tour, aims to secure supplies disrupted by global conflicts. Modi will meet UAE President Sheikh Mohamed bin Zayed Al Nahyan to explore energy cooperation and other bilateral issues.
India asks US for Russian waiver extension as Iran war drags on
India has requested the United States to extend its waiver on Russian oil imports. This comes as the ongoing conflict in the Persian Gulf impacts global energy supplies. India emphasises that securing energy supplies remains a top priority for its citizens. Indian refiners are increasing Russian oil imports before the current waiver expires.
MSCI rejig: These 14 smallcap stocks may see inflows worth $135 million. Do you own?
MSCI's rejig will see 14 Indian smallcap stocks added to its smallcap index, potentially attracting $135 million in inflows. While Jubilant Foodworks and Kalyan Jewellers face net outflows due to their exclusion from the broader MSCI Standard index, other stocks like Escorts Kubota and IREDA are poised for significant inflows.
Federal Bank, Indian Bank, MCX & Nalco in MSCI Global
Global index provider MSCI has announced significant changes to its indices. Federal Bank, Indian Bank, Multi Commodity Exchange of India, and National Aluminium Company are set to join the Global Standard Index. This move is anticipated to bring substantial investment into these stocks. Adani Energy Solutions will not be added due to surveillance measures.
Aditya Birla group, KKR left in race for Sprng Energy
Aditya Birla Group and KKR are vying to buy Shell's renewable energy firm Sprng Energy. Binding financial bids are in, and Shell will negotiate with the top two contenders next week. India's National Investment and Infrastructure Fund and Actis are out of the running. The deal could be worth around $2 billion. Shell is reviewing strategic options for Sprng Energy.
Benchmarks snap 4-day losing streak; Nifty settles above 23,400
Domestic equity benchmarks Sensex and Nifty snapped a four-session losing streak to close higher on Wednesday, aided by value buying in beaten-down stocks. Market recovered from early volatility and profit booking to rebound sharply from intraday lows, with the Nifty settling above the 23,400 mark. Gains were led by metal, consumer durable and energy shares, while IT and auto stocks remained under pressure. However, overall sentiment stayed cautious amid elevated crude oil prices, persistent foreign institutional investor outflows, rupee weakness and lingering global inflation concerns. The Indian rupee also touched a fresh intraday record low of 95.80 against the US dollar.
Global oil supply to plunge below demand this year on Iran war, IEA says
Global oil supply is set to fall short of demand this year, with the Iran war severely impacting Middle East production. The International Energy Agency reports significant supply losses and a projected deficit of 1.78 million barrels per day by 2026. Demand is also expected to decline due to price spikes and economic slowdown caused by the conflict.
Dalal Street set for firm start as GIFT Nifty edges higher
Indian markets extended losses for the fourth consecutive session amid escalating US-Iran tensions and global market nervousness. Investors remained risk-averse, leading to sustained selling. Market sentiment is expected to stay fragile until geopolitical clarity emerges and energy prices stabilize.
Can Reliance Jio's fresh-issue play restore faith in India's billion-dollar IPOs?
Reliance Jio may change its IPO plan. Instead of existing investors selling shares, it could be a fresh issue. This means money goes directly into Jio Platforms for debt reduction and expansion. This move could restore investor faith in large Indian IPOs. It might set a new standard for future mega listings. The market will watch this development closely.
Stock Alert: JSW Energy, Heritage Foods, Satin Creditcare, Corona Remedies, Indian Hotels - Business Standard
Stock Alert: JSW Energy, Heritage Foods, Satin Creditcare, Corona Remedies, Indian HotelsBusiness Standard
Q1 fuel losses may eliminate entire fiscal-year earnings of Indian OMCs
Since the war broke out in the Middle East 10 weeks ago, state-owned oil marketing companies (OMCs) have ensured uninterrupted supplies of petrol, diesel and cooking gas LPG at rates that are way below cost, unlike many global energy systems that imposed rationing or passed through steep price increases.