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Coal, the dirtiest fossil fuel, is finally preparing for long goodbye

Sat, 03/23/2024 - 22:08
Coal's days are numbered, of course. Advances in solar and wind have made those technologies far cheaper than coal power in most parts of the world, and similar gains for batteries

Govt allows UAE's Adnoc to export oil from Indian strategic storage

Sat, 03/23/2024 - 09:45
The government has allowed Abu Dhabi National Oil Company (Adnoc) to export crude oil it has stored in underground strategic storages at Mangalore to give operational flexibility to the foreign firm, an order of the Ministry of Commerce and Industry said on Saturday. At present, crude oil, which is the raw material for producing fuels like petrol and diesel, is not allowed to be exported except through the state-owned Indian Oil Corporation (IOC). In an order, the ministry said the condition of export being allowed only through IOC will continue, but "AMI (Adnoc Marketing International (India) RSC Limited India) is exempted from STE conditions and is allowed to re-export crude oil from their commercial stockpile at Mangalore strategic petroleum reserve, at their own cost". India, the world's third-biggest oil importer and consumer, imports over 85 per cent of its oil needs and has built strategic storages at three locations to store up to 5.33 million tonnes of oil as insurance ...

Gold, silver prices tumble amid weak trends in the global markets

Fri, 03/22/2024 - 12:59
Gold price tumbled Rs 875 to Rs 66,575 per 10 grams in the national capital on Friday amid weak trends in global markets, according to HDFC Securities. The precious metal had settled at Rs 67,450 per 10 grams in the previous trade. In addition, silver also plunged Rs 760 to Rs 76,990 per kg against the previous close of Rs 77,750 per kg. "Spot gold prices (24 carats) in the Delhi markets are trading at Rs 66,575 per 10 grams, down by Rs 875 from the previous day," Dilip Parmar, Research Analyst at HDFC Securities, said. In the overseas markets, spot gold at Comex was trading at USD 2,167 per ounce, down USD 35 from the previous day's level. "Gold prices are down nearly 2 per cent from their all-time hit yesterday weighed by profit-booking/ long liquidation, and a sharp rebound in the dollar index, following events like rate cuts by the Swiss National Bank, better than expected PMI and housing data from the US," Pranav Mer, VP, Research (Commodity & Currency) at BlinkX and JM ...

Amid record forex reserves, rupee hits new closing low of Rs 83.43

Fri, 03/22/2024 - 12:06
RBI intervention not seen; Delivery of $/Re swap boosts reserves

RBI conducts three VRR auctions in a day as overnight rates go past MSF

Fri, 03/22/2024 - 09:51
The weighted average money market rate closed at 6.77 per cent on Friday, compared to 6.73 per cent on Thursday. The MSF rate currently stands at 6.75 per cent

RBI board reviews domestic economic situation, outlook and challenges

Fri, 03/22/2024 - 08:57
The Reserve Bank of India's (RBI) central board on Friday reviewed the domestic economic situation and outlook, including the challenges posed by the global financial market volatility. The board also approved the bank's budget for the accounting year 2024-25, the central bank said in a statement. The 607th meeting of the Central Board of Directors of the RBI took place in Nagpur under the chairmanship of Governor Shaktikanta Das. "The Board reviewed the global and domestic economic situation and outlook, including the challenges posed by geopolitical developments and global financial market volatility," the RBI said. Further, the board also discussed the RBI's activities, including the progress made in digital payments, consumer education and awareness during the current accounting year 2023-24. Directors of the central board Satish K Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia attended the meeting. Deputy governors Michael Debabrata Patra,

Global trade outlook positive, geopolitical uncertainties remain: UNCTAD

Fri, 03/22/2024 - 08:26
Global trade dipped 3% to $31 trillion in 2023 after peaking in 2022

India's forex kitty rises by $6.40 billion to $642.50 billion: RBI data

Fri, 03/22/2024 - 08:09
India's forex reserves increased by USD 6.396 billion to USD 642.492 billion for the week ended March 15, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had risen by USD 10.47 billion to USD 636.095 billion. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves took a hit as the central bank deployed the kitty to defend the rupee amid pressures caused majorly by global developments since last year. For the week ended March 15, the foreign currency assets, a major component of the reserves, increased by USD 6.034 billion to USD 568.386 billion, the data showed. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased by USD 425 million to USD 51.14 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by USD 65

Inflation outlook for the upcoming months positive: Finance Ministry

Fri, 03/22/2024 - 07:15
Retail inflation, based on the Consumer Price Index (CPI), has been declining since December and was at 5.09 per cent in February

Rupee falls 35 paise to hit all-time low of 83.48 against US dollar

Fri, 03/22/2024 - 07:05
The rupee depreciated 35 paise to settle at an all-time low of 83.48 against the American currency on Friday, tracking a surging greenback against major crosses in the overseas markets and weak Asian peers. Forex traders said foreign fund outflows also weighed on the local unit. At the interbank foreign exchange market, the local unit opened weak at 83.28 against the greenback, and finally settled at a record low of 83.48 (provisional), registering a fall of 35 paise from the previous close of 83.13. In intraday trade, the rupee touched a low of 83.52 against the American currency. The rupee had earlier recorded its lowest closing level of 83.40 on December 13, 2023. According to Anuj Choudhary, Research Analyst, Sharekhan by BNP Paribas, the US dollar strengthened on weak euro and pound. Euro declined as the Swiss National Bank (SNB) surprised the markets by cutting interest rates by 25 bps to 1.5 per cent, which raised the odds of a rate cut by the European Central Bank (ECB) i

India's economic outlook for next fiscal positive, says finance ministry

Fri, 03/22/2024 - 06:40
The finance ministry on Friday said with an uptick in private investment and inflation trending down, India's outlook for the next fiscal looks positive. The Monthly Economic Review also said that inclusion of Indian bonds in Bloomberg bond index from January 2025 should bolster inflows. It said robust investment activity is driving growth amid a steady rise in consumption. "The continued focus on public investment seems to have crowded in private investment," said the February edition of the review by Department of Economic Affairs. The National Statistical Office (NSO) has revised upwards the GDP growth estimate for current fiscal to 7.6 per cent from 7.3 per cent. India grew above 8 per cent for three consecutive quarters, reaffirming its position as a standout performer amid sluggish global growth trends. Various agencies echo a similar sentiment revising the FY24 growth estimates of India closer to 8 per cent, the ministry said. "On the whole, India looks positively toward

Investors, once eager to pump in billions in Indian startups, losing steam

Fri, 03/22/2024 - 02:07
In January and February, India's startups raised about $900 million - a pace that signals another slow year after a six-year low of just $8 billion in 2023, Venture Intelligence data shows

EMPS 2024: Electric two-wheeler makers fear Rs 300-400 crore blow

Thu, 03/21/2024 - 12:08
Under the new Electric Mobility Promotion Scheme, subsidy for electric two-wheelers has been halved to Rs 5,000 per kilowatt hour, with a cap of only Rs 10,000 per vehicle

18 states to borrow record Rs 60,032 crore at last bond auction of FY24

Thu, 03/21/2024 - 11:54
The cut-off yield on 10-year papers was set in the range of 7.44 per cent - 7.50 per cent on Tuesday, against 7.36 per cent - 7.41 per cent at the previous auction

We need to accelerate India's growth at 9-10% over next 3 decades: Kant

Thu, 03/21/2024 - 11:51
Discussing India's anticipated growth, Kant suggested transitioning people from agriculture to manufacturing-led smart cities to create better-quality jobs and foster economic development

Market borrowings by Uttar Pradesh may surge 12% to Rs 5.73 trillion

Thu, 03/21/2024 - 07:42
State governments raise funds from the market to meet budgetary requirements by floating government securities (G-sec) and bonds bearing different maturities

Manufacturing boost propels business activity to 8-month high in March

Thu, 03/21/2024 - 04:57
HSBC Flash India Composite PMI (Purchasing Managers' Index) Output Index rises to 61.3

India's coal import rises marginally to 212 MT in April-January period

Thu, 03/21/2024 - 02:41
The country registered a marginal rise of 1.65 per cent in coal imports to 212.24 Million Tonnes (MT) in the April-January period of the ongoing fiscal, over the year-ago period. India's coal import was 208.78 MT in the corresponding period of the previous fiscal, according to data compiled by mjunction services ltd. mjunction services ltd is a B2B e-commerce platform. During the April-January period of the current fiscal, the volume of non-coking coal imports was 136.47 MT, slightly lower than 136.90 MT imported during the same period last financial year, according to the data. Coking coal import was at 47.32 MT during the April-January 2023-24, higher than 46.09 MT recorded in the April-January period of FY23. The coal import in January through the major and non-major ports also increased to 19.81 MT, over 16.97 MT in the corresponding month of the previous fiscal. Of the total imports in January, non-coking coal import was at 12.10 MT, against 10.01 MT imported in January last

Here's how the US lobbied India to reverse laptop licensing policy

Thu, 03/21/2024 - 01:59
US officials have often been concerned about India's sudden policy changes which they say create an uncertain business environment

India's March business activity ends fiscal year on strong note: PMI

Thu, 03/21/2024 - 01:44
HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.3 this month from February's final reading of 60.6

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