Rupee strengthened 2 paise to 91.62 against the US dollar on Friday after the United States announced a 30-day waiver allowing Indian refiners to purchase Russian oil. This move comes amid the ongoing war in West Asia and aims to ease pressure on global energy supplies.“This stop-gap measure will alleviate pressure caused by Iran’s attempt … Read more
The government has also directed producers to supply LPG, propane and butane to state-run refiners. (AI image) Middle East crisis impact: The government has activated emergency provisions to ensure there is no shortage of liquefied petroleum gas (LPG) in wake of the ongoing US-Israel-Iran war that has hit India’s imports of the energy source. India, … Read more
Air travel across the Middle East and the Gulf region has been severely disrupted as airlines cancel thousands of flights amid the escalating West Asia conflict.The crisis has forced carriers worldwide to suspend routes, reroute aircraft and revise schedules, leaving thousands of passengers stranded. Middle East crisis Hits Aviation: 1,500 Flights Scrapped As Air India … Read more
Asian stocks mostly fell on Friday as the ongoing conflict in the Middle East continued to unsettle global markets, while oil prices remained elevated despite some efforts to ease supply concerns.After a difficult week on trading floors, investors are heading into the weekend uncertain about when the US-Israel war on Iran and Tehran’s attacks across … Read more
Jefferies has a buy on L&T with a reduced target price of Rs 4,500 from Rs 4,715 earlier. Analysts said global engineering & construction companies with West Asia exposure, including L&T, are down between 10-24% since the Iran-US-Israel conflict began. 37% of L&T’s order book is from the region, with Saudi Arabia at a lion’s … Read more
NEW DELHI: State-run GAIL India Thursday said its supplies from Petronet LNG may be hit due to curtailments from QatarEnergy, even as the government is in talks with Australia and Canada to purchase gas.On Wednesday, Petronet had informed stock exchanges about the force majeure notice from QatarEnergy which was forced to stop production after a … Read more
The average long-term US mortgage rate edged higher this week, ending a three-week decline as bond yields rose amid oil-price pressures linked to the war with Iran.The benchmark 30-year fixed mortgage rate increased to 6% from 5.98% last week, mortgage buyer Freddie Mac said on Thursday. A year ago, the average rate stood at 6.63%, … Read more
US stock markets fell on Thursday as investors turned cautious after the previous session’s rally, while rising oil prices and geopolitical tensions weighed on sentiment.The Dow Jones Industrial Average dropped 801 points, or 1.6 per cent, dragged down by losses in stocks such as Caterpillar and Goldman Sachs. The S&P 500 declined 0.9 per cent, … Read more
Maharashtra continues to remain India’s largest state economy in absolute terms, but its economic growth has been the slowest among the country’s four biggest state economies over the past four years, according to official data.The state’s Gross State Domestic Product (GSDP) is projected at Rs 42,67,771 crore in 2024-25, the highest among all states, reported … Read more
Rising tensions in West Asia and the possibility of disruption to shipping through the Strait of Hormuz could pose a serious threat to India’s tea exports to key Gulf markets, industry representatives have warned.The Tea Association of India said a large share of the country’s tea shipments to the Persian Gulf region moves through the … Read more