News

Oil ticks higher as tight supply trumps macroeconomic gloom Oil prices hovered above $90 a barrel on Friday, on track to end the week higher as investors chose to focus on tighter supply, despite broader macroeconomic uncertainty. Both oil benchmarks hit 10-month highs earlier this week after Saudi Arabia and Russia extended their voluntary supply cuts of a combined 1.3 million barrels per day (bpd) to the end of the year. However, both benchmarks ended Thursday slightly lower amid volatile trade on multiple signals warning of weaker demand in t...
Oil ticks higher as tight supply trumps macroeconomic gloom
Oil ticks higher as tight supply trumps macroeconomic gloom
Source: Reuters
8/09/2023 7:35:20 PM
Oil India plans net zero by 2040, to invest $2 billion in projects - sources Oil India Ltd aims to invest 165 billion rupees ($1.98 billion) in clean energy projects to meet its 2040 net zero carbon emissions goal, said two sources familiar with state-run energy companies' net zero strategy. The companies are investing billions of dollars in projects aimed at reducing emissions as one of the world's biggest emitters of greenhouse gases, aims for zero by 2070. State-run energy companies - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, G...
Oil India plans net zero by 2040, to invest $2 billion in projects - sources
Oil India plans net zero by 2040, to invest $2 billion in projects - sources
Source: Reuters
8/09/2023 3:56:19 PM
Reliance Industries surges on partnering with NVIDIA to develop foundational large language model for AI in India Reliance Industries is currently trading at Rs. 2450.25, up by 18.75 points or 0.77% from its previous closing of Rs. 2431.50 on the BSE. The scrip opened at Rs. 2436.40 and has touched a high and low of Rs. 2455.65 and Rs. 2423.40 respectively. So far 318533 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2,635.17 on 19-Jul-2023 and a 52 week low of Rs. 2,012.14 on 20-Mar-2023. Last one week high and low of th...
Reliance Industries surges on partnering with NVIDIA to develop foundational large language model for AI in India
Reliance Industries surges on partnering with NVIDIA to develop foundational large language model for AI in India
Source: Accord Fintech
8/09/2023 3:45:36 PM
GAIL rises as its arm commences PNG supply to industrial customers in Adityapur GAIL (India) is currently trading at Rs. 127.05, up by 1.00 points or 0.79% from its previous closing of Rs. 126.05 on the BSE. The scrip opened at Rs. 127.05 and has touched a high and low of Rs. 127.35 and Rs. 125.90 respectively. So far 475797 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 128.10 on 08-Sep-2023 and a 52 week low of Rs. 83.00 on 26-Sep-2022. Last one week high and low of the scrip stood at R...
GAIL rises as its arm commences PNG supply to industrial customers in Adityapur
GAIL rises as its arm commences PNG supply to industrial customers in Adityapur
Source: Accord Fintech
8/09/2023 11:42:02 AM
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain Oil extended losses on Friday, further receding from this week's 10-month highs, as fears about the health of China's slowing economy and a stronger U.S. dollar wiped out the gains triggered by supply cuts from major producers Saudi Arabia and Russia. Brent crude futures dropped 51 cents, or 0.6%, to $89.41 a barrel by 0355 GMT, while U.S. West Texas Intermediate crude (WTI) futures declined 58 cents, or 0.7%, to $86.29. Both benchmarks reached 10-month highs earlier this week o...
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain
Oil falls on stronger U.S. dollar, China worries; heading for weekly gain
Source: Reuters
8/09/2023 9:12:58 AM
India`s GAIL expects to source 20 to 25% of LNG on short-term or spot basis India's top distributor of natural gas, GAIL (India) Ltd, expects to secure about 20% to 25% of its supply of liquefied natural gas (LNG) on a short-term or spot market basis, its marketing director, Sanjay Kumar, said on Thursday. The rest will be via long-term contracts, Kumar told the Gastech industry conference in Singapore, adding that the company would tap spot markets to meet seasonal demand or volatility.
India`s GAIL expects to source 20 to 25% of LNG on short-term or spot basis
India`s GAIL expects to source 20 to 25% of LNG on short-term or spot basis
Source: Reuters
7/09/2023 10:05:47 AM
Oil prices edge up on anticipated US crude stock draw Oil prices edged higher on Thursday, after industry data showed U.S. crude oil inventories were expected to have fallen last week, signaling tightening supplies on top of extended production cuts in Saudi Arabia and Russia. U.S. crude oil inventories were projected to fall by 5.5 million barrels in the week ending Sept. 1, according to market sources citing American Petroleum Institute figures released after market settlement. Official inventory data from the U.S. Energy Information Adm...
Oil prices edge up on anticipated US crude stock draw
Oil prices edge up on anticipated US crude stock draw
Source: Reuters
7/09/2023 9:13:23 AM
Hold Gujarat Gas Ltd For Target Rs.435 - ICICI Securities Stronger propane prices drive another Morbi price hike by Gujarat Gas Gujarat Gas (GUJGA) has hiked industrial gas prices at Morbi by INR 2.5/scm, the second hike in Q2, post a INR 2/scm hike taken in Aug’23. The decision has been driven by an improvement in propane prices in last 2-3 months. Prices have steadily improved since then, with Aug’23 prices at USD 470/t and Sep’23 prices declared at USD 550/t – coupled with an increase in import duties to ~18% from <6...
Hold Gujarat Gas Ltd For Target Rs.435 - ICICI Securities
Hold Gujarat Gas Ltd For Target Rs.435 - ICICI Securities
Source: ICICI Securities Ltd
6/09/2023 2:36:22 PM
Oil jumps above $90 as Saudi Arabia extends production cuts Oil prices jumped dramatically on Tuesday after Saudi Arabia announced that it would extend its production cuts until the end of the year, while Russia said it would extend its export cuts of 3,00,000 barrels per day (bpd) for the same period, Oil Price reported. Russia extended its voluntary decision to curb crude exports by 300,000 bpd until December 2023, acting in concert with Saudi Arabia, with the alleged aim of maintaining stability and balance in the oil markets. ICE Brent price...
Oil jumps above $90 as Saudi Arabia extends production cuts
Oil jumps above $90 as Saudi Arabia extends production cuts
Source: IANS
6/09/2023 11:18:08 AM
Oil gains on supply woes after OPEC+ output cuts Oil prices ticked up in early Asian trade on Wednesday after rising over 1% in the previous session, as markets worried about a supply shortage after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year. Brent crude futures rose by 14 cents to $90.18 a barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI) futures gained 12 cents at $86.81 a barrel. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-mo...
Oil gains on supply woes after OPEC+ output cuts
Oil gains on supply woes after OPEC+ output cuts
Source: Reuters
6/09/2023 8:53:47 AM
Oil India surges on getting nod for equity contribution of upto Rs 1738 crore in NEGDCL Oil India p is currently trading at Rs. 285.25, up by 7.75 points or 2.79% from its previous closing of Rs. 277.50 on the BSE. The scrip opened at Rs. 284.85 and has touched a high and low of Rs. 288.10 and Rs. 280.80 respectively. So far 79536 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 296.95 on 23-Aug-2023 and a 52 week low of Rs. 168.30 on 28-Sep-2022. Last one week high and low of the scrip stood at Rs...
Oil India surges on getting nod for equity contribution of upto Rs 1738 crore in NEGDCL
Oil India surges on getting nod for equity contribution of upto Rs 1738 crore in NEGDCL
Source: Accord Fintech
5/09/2023 12:04:51 PM
Oil prices mixed on receding support from China`s steps to revive economy Oil prices were mixed on Tuesday as support from China's measures to shore up its economy vanished, offsetting expectations of an extension in supply cuts by two leading OPEC+ members Saudi Arabia and Russia Brent crude futures for November fell 10 cents, or 0.11%, to $88.90 a barrel. U.S. West Texas Intermediate crude (WTI) October futures rose 33 cents, or 0.39%, to $85.88 at 0029 GMT. Saudi Arabia is widely expected to extend voluntary oil cuts into October and Russia will unveil...
Oil prices mixed on receding support from China`s steps to revive economy
Oil prices mixed on receding support from China`s steps to revive economy
Source: Reuters
5/09/2023 9:04:49 AM
Refex Industries gains on getting nod to further invest in Refex Green Mobility Refex Industries is currently trading at Rs. 686.10, up by 11.90 points or 1.77% from its previous closing of Rs. 674.20 on the BSE. The scrip opened at Rs. 675.70 and has touched a high and low of Rs. 692.25 and Rs. 675.70 respectively. So far 5762 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 923.95 on 02-Aug-2023 and a 52 week low of Rs. 136.75 on 02-Sep-2022. Last one week high and low of the scrip stood ...
Refex Industries gains on getting nod to further invest in Refex Green Mobility
Refex Industries gains on getting nod to further invest in Refex Green Mobility
Source: Accord Fintech
4/09/2023 12:04:59 PM
Oil rises on China, US economic data and OPEC+ cut expectations Oil prices ticked up in Asian morning trade on Monday, as market sentiment was buoyed by positive China and U.S. economic data, as well as expectations of ongoing crude supply cuts from major producers. Brent crude was up 17 cents, or 0.2%, at $88.72 a barrel at 0015 GMT. U.S. West Texas Intermediate crude (WTI) rose 25 cents, roughly 0.3%, to $85.80. The sustained upward price movement comes after both contracts settled at their highest levels in more than half a year last week, breaki...
Oil rises on China, US economic data and OPEC+ cut expectations
Oil rises on China, US economic data and OPEC+ cut expectations
Source: Reuters
4/09/2023 8:49:46 AM
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd FY23 AGM: 5G, AI, FMCG, GREEN ENERGY in focus We attended the 46th AGM of RIL on 28th Aug’23, and following are the key highlights from the event: * The AGM highlighted the company’s ambitious plans across business verticals, particularly the upcoming nationwide rollout of 5G technology in India, a transformative AI revolution, expansion within the FMCG sector, and investments in the field of green energy. * Jio: Expects nationwide 5G coverage in India by Dec’23; la...
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
3/09/2023 10:20:49 AM
India cuts windfall tax on petroleum crude The Indian government will cut the windfall tax on petroleum crude to 6,700 rupees ($81.03) per metric ton from 7,100 rupees starting on Saturday, according to a government notification issued on Friday. The government will also raise the windfall tax on diesel to 6 rupees per litre from 5.50 rupees, the notification said. The windfall tax on aviation turbine fuel will increase to 4 rupees per litre from 2 rupees, while the levy on petrol will remain at zero, according to the notificati...
India cuts windfall tax on petroleum crude
India cuts windfall tax on petroleum crude
Source: Reuters
2/09/2023 10:45:43 AM
Oil set to snap two-week losing streak on tightening supplies Oil prices were set to snap a two-week losing streak as they rose for a fourth consecutive session on Friday due to tightening supplies and expectations of the OPEC+ group of oil producers extending output cuts to the end of the year. Major benchmarks rose slightly in early Asian trade, with the U.S. West Texas Intermediate crude (WTI) up 7 cents, or 0.1%, at $83.70 a barrel, while Brent crude was also up 7 cents at $86.90/bbl as of 0107 GMT. Analysts expect Saudi Arabia to extend a vol...
Oil set to snap two-week losing streak on tightening supplies
Oil set to snap two-week losing streak on tightening supplies
Source: Reuters
1/09/2023 9:18:52 AM
EOGEPL achieves record sales volume of 2.18 BCF in Q1FY24, posts 12% rise in PAT to Rs 81 crore Essar Oil and Gas Exploration and Production Ltd (EOGEPL), a leader in the unconventional hydrocarbon space, on Thursday announced its Q1FY24 results with a revenue of Rs 190 crore, EBITDA of Rs 150 crore and a net profit of Rs 81 crore. The PAT (profit after tax) for the quarter increased by 12 per cent YoY backed by improvement in sales volume. However, quarterly revenue and EBIDTA was lower by ~14 per cent YoY due to softening of crude oil prices by 24 per cent, which was cushioned by i...
EOGEPL achieves record sales volume of 2.18 BCF in Q1FY24, posts 12% rise in PAT to Rs 81 crore
EOGEPL achieves record sales volume of 2.18 BCF in Q1FY24, posts 12% rise in PAT to Rs 81 crore
Source: IANS
31/08/2023 4:28:55 PM
India will buy oil from all sources who offer the `lowest possible prices` - oil minister  India will buy oil from all sources that offer it at "lowest possible prices", the country's oil minister told broadcaster ET Now on Wednesday.
India will buy oil from all sources who offer the `lowest possible prices` - oil minister
India will buy oil from all sources who offer the `lowest possible prices` - oil minister
Source: Reuters
30/08/2023 11:38:58 AM
Oil prices rise on large US stockpile draw, hurricane jitters Oil prices extended gains on Wednesday after industry data showed a large draw in crude inventories in the U.S., the world's biggest fuel consumer, and as concerns about a hurricane in the Gulf of Mexico kept investors on edge. Brent crude futures for October rose 17 cents, or 0.2%, to $85.66 a barrel by 0133 GMT. The October contract expires on Thursday and the more active November contract was at $85.08 a barrel, up 17 cents. U.S. West Texas Intermediate crude futures gained 24 ce...
Oil prices rise on large US stockpile draw, hurricane jitters
Oil prices rise on large US stockpile draw, hurricane jitters
Source: Reuters
30/08/2023 9:04:29 AM
Hold Reliance Industries Limited target price at Rs 2,660 - Emkay Global Financial Services Ltd RIL hosted its 46th AGM today, wherein CMD Mukesh Ambani laid out a five-year succession road map, while recommending his three children on the company’s board. JioAirFiber’s commercial launch date is set on September 19, 2023. 5G adoption stands at 50mn (~11%). O2C’s transition into a sustainable, green, circular and consumer-integrated business has been reiterated. In new energy, 100GW of renewable rather than solar energy capacity was reiterated with wind power also being...
Hold Reliance Industries Limited target price at Rs 2,660 - Emkay Global Financial Services Ltd
Hold Reliance Industries Limited target price at Rs 2,660 - Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
29/08/2023 2:59:58 PM
BP urges more oil, gas investment while speeding energy transition Global oil major BP said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost energy spending and shift to coal, BP CEO Bernard Looney said in New Delhi. "We need to do both. We need to invest in today's energy system re...
BP urges more oil, gas investment while speeding energy transition
BP urges more oil, gas investment while speeding energy transition
Source: Reuters
28/08/2023 3:14:45 PM
India's Reliance appoints Ambani children to company board  India's Reliance Industries Ltd on Monday appointed Isha, Akash and Anant Ambani, the three children of chairman Mukesh Ambani, as directors to the board of the oil-to-telecoms conglomerate. Reliance also said that Nita Ambani, wife of Mukesh Ambani and mother of the three children, has stepped down from the board, without giving a reason. The announcement flags the long-anticipated leadership transition at India's largest private sector firm. The billionaire chairman has ...
India's Reliance appoints Ambani children to company board
India's Reliance appoints Ambani children to company board
Source: Reuters
28/08/2023 3:07:33 PM
Indian refiner BPCL to spend $18.16 billion in oil, green energy over 5 years Indian refiner Bharat Petroleum Corp plans to invest $18.16 billion over five years to grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net zero goal, Chairman G Krishnakumar said on Monday. Companies in India, the world's third largest emitter of greenhouse gases, are investing billions of dollars to cut their emissions, but they are also investing in fossil fuel as India's economic expansion is expected to drive petrochemical and fuel demand. ...
Indian refiner BPCL to spend $18.16 billion in oil, green energy over 5 years
Indian refiner BPCL to spend $18.16 billion in oil, green energy over 5 years
Source: Reuters
28/08/2023 3:01:34 PM
GAIL gains on getting nod to increase capacity of Gurdaspur Jammu Natural Gas Pipeline GAIL (India) is currently trading at Rs. 117.85, up by 1.40 points or 1.20% from its previous closing of Rs. 116.45 on the BSE. The scrip opened at Rs. 116.75 and has touched a high and low of Rs. 118.00 and Rs. 116.25 respectively. So far 227348 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 122.85 on 31-Jul-2023 and a 52 week low of Rs. 83.00 on 26-Sep-2022. Last one week high and low of the scrip stood at R...
GAIL gains on getting nod to increase capacity of Gurdaspur Jammu Natural Gas Pipeline
GAIL gains on getting nod to increase capacity of Gurdaspur Jammu Natural Gas Pipeline
Source: Accord Fintech
28/08/2023 2:23:59 PM
Buy Reliance Industries Limited target price at Rs 2,900 - JM Financial Institutional Securities Key takeaways from FY23 Annual Report RIL has reiterated its capex commitment of USD10bn over 3 years in the New Energy business, and its readiness to double its investment, to achieve Net Carbon Zero target by 2035; it has also restated the business roadmap and reported rapid progress in the setting up of the 5 Giga factories. In regards to the O2C business, it highlighted that global petchem margins weakened during FY23 amidst lower demand from China while refining margin was strong due ...
Buy Reliance Industries Limited target price at Rs 2,900 - JM Financial Institutional Securities
Buy Reliance Industries Limited target price at Rs 2,900 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities
28/08/2023 12:57:37 PM
Gulf Oil Lubricants rises on getting nod to acquire 51% stake in Tirex Transmission Gulf Oil Lubricants India is currently trading at Rs. 578.00, up by 11.15 points or 1.97% from its previous closing of Rs. 566.85 on the BSE. The scrip opened at Rs. 571.15 and has touched a high and low of Rs. 580.00 and Rs. 564.25 respectively. So far 2204 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 644.00 on 23-Aug-2023 and a 52 week low of Rs. 390.00 on 03-Apr-2023. Last one week high and low of the scri...
Gulf Oil Lubricants rises on getting nod to acquire 51% stake in Tirex Transmission
Gulf Oil Lubricants rises on getting nod to acquire 51% stake in Tirex Transmission
Source: Accord Fintech
28/08/2023 9:49:45 AM
Oil ticks higher after China moves to support flagging economy Oil prices ticked higher on Monday, along with equity markets, after China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further U.S. interest rate hikes that could dampen fuel demand. Brent crude rose 22 cents, or 0.3%, to $84.70 a barrel by 0049 GMT while U.S. West Texas Intermediate crude was at $80.08 a barrel, up 25 cents, or 0.3%. Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore sai...
Oil ticks higher after China moves to support flagging economy
Oil ticks higher after China moves to support flagging economy
Source: Reuters
28/08/2023 9:07:48 AM
BP urges more oil, gas investment while speeding energy transition Global oil major BP said the world must invest in the production of oil and gas to avoid to sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions. Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost energy spending and shift to coal, BP CEO Bernard Looney said in New Delhi. "We need to do both. We need to invest in today's energy system...
BP urges more oil, gas investment while speeding energy transition
BP urges more oil, gas investment while speeding energy transition
Source: Reuters
27/08/2023 8:52:08 AM
Indian refiner HPCL meets up to 23% of oil need with Russian grades Indian refiner Hindustan Petroleum Corp Ltd is meeting up to 23% of its oil needs through discounted Russian grades, its chairman Pushp Kumar Joshi said at the company's annual shareholder meeting on Friday. Indian refiners, which rarely used to buy Russian oil, have been snapping up discounted barrels after many Western countries shunned purchases from Moscow following its invasion of Ukraine. HPCL's Russian oil intake is limited by the configuration of its refineries, Joshi sa...
Indian refiner HPCL meets up to 23% of oil need with Russian grades
Indian refiner HPCL meets up to 23% of oil need with Russian grades
Source: Reuters
25/08/2023 5:21:15 PM
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd QIA to invest in RRVL; 0.5% dilution for RIL shareholders QIA picks 0.99% stake for INR82.8b Deal reaffirms RRVL’s robust valuation * Reliance Industries (RIL) has announced that Qatar Investment Authority (QIA) would invest INR82.8b in Reliance Retail Ventures Ltd (RRVL) through a wholly owned subsidiary. This investment is set at a pre-money equity valuation of INR8.3t. At an estimated net debt of INR332b in FY25, the RRVL’s enterprise value stands at INR8.6t and equity pe...
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd
Buy Reliance Industries Ltd For Target Rs. 2,920 - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
25/08/2023 2:25:17 PM
Oil heads for weekly fall on demand worries, dollar strength Oil prices fell slightly in early Asian trade on Friday, on track for a weekly decline as weak manufacturing activity hurt the global demand outlook and the dollar remained buoyant. Brent crude fell 16 cents, or 0.2%, to $83.20 a barrel by 0013 GMT, while U.S. West Texas Intermediate crude fell 18 cents, or 0.2%, to $78.91 a barrel. Crude prices are set to fall between 2%-3% for the week, a second consecutive week of decline. Oil settled modestly higher in the previous session after ...
Oil heads for weekly fall on demand worries, dollar strength
Oil heads for weekly fall on demand worries, dollar strength
Source: Reuters
25/08/2023 8:56:52 AM
Oil slips, US Fed chief's speech in spotlight Oil prices slipped on Thursday on disappointing economic data from key economies, with investors awaiting a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for clues on interest rate moves. Brent crude fell 99 cents, or 1.2%, to $82.22 a barrel by 1352 GMT. U.S. West Texas Intermediate crude fell $1.08, or 1.4%, to $77.81 a barrel. Manufacturing data from a host of purchasing managers' index (PMI) surveys on Wednesday painted a grim picture of the health of economies ac...
Oil slips, US Fed chief's speech in spotlight
Oil slips, US Fed chief's speech in spotlight
Source: Reuters
24/08/2023 7:46:01 PM
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services Outlook intact amid steady performance * ONGC’s reported EBITDA stood at INR194.5b (-25% YoY, +19% QoQ), 8% above our estimate, due to slightly higher gas realization and lower profit petroleum. * As per earlier guidance, management expects oil production from KG-DWN98/2 to commence by Aug’23 in an optimistic scenario and by Oct’23 in a worst-case scenario. The peak oil production is likely to be ~40-45kbopd. * Although the levy of windfall tax by the Center with a ...
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
24/08/2023 2:27:20 PM
Japan`s average gas prices hit 15-year high The average retail gasoline price in Japan climbed to a new high in 15 years by rising for the 14th consecutive week, industry ministry data showed Wednesday. The national average price for regular gasoline as of Monday rose 1.8 yen from a week earlier to 183.70 yen per liter as of Monday, hitting its highest level since August 2008, according to the Ministry of Economy, Trade and Industry, Xinhua news agency reported. The hike came amid a weaker yen and the Japanese government's gr...
Japan`s average gas prices hit 15-year high
Japan`s average gas prices hit 15-year high
Source: IANS
24/08/2023 9:40:29 AM
India diesel exports to Singapore set for highs in August , drop for Europe -trade India's diesel exports to Singapore are set to hit a 19-month high in August and exceed 330,000 metric tons, boosted by cheaper freight costs and low inventories in the Asian oil hub, traders and analysts said. The country's exports of the fuel for August to Europe, on the other hand, are poised to fall to their lowest this year, according to one shiptracker, as shipments to the east are more profitable, but that situation may not last. The rise in Indian diesel exports to Singa...
India diesel exports to Singapore set for highs in August , drop for Europe -trade
India diesel exports to Singapore set for highs in August , drop for Europe -trade
Source: Reuters
24/08/2023 9:36:10 AM
Oil prices fall on weak economic data, interest rate worry Oil prices slipped in early Asian trade on Thursday as weak manufacturing data in major economies outweighed optimism around a larger-than-expected drop in U.S. crude stocks. Markets are also looking for hints on the outlook for how long interest rates will remain at current levels ahead of a speech by Federal Reserve Chair Jerome Powell at a central bank symposium in Jackson Hole, Wyoming, starting on Thursday. Brent crude fell 27 cents, or 0.3%, to $82.94 a barrel by 0002 GMT, while U...
Oil prices fall on weak economic data, interest rate worry
Oil prices fall on weak economic data, interest rate worry
Source: Reuters
24/08/2023 9:08:42 AM
Buy Oil India Ltd For Target Rs.345 - Motilal Oswal Financial Services Outlook intact amid stable performance * Oil India (OINL) reported in-line EBITDA at INR23b (down 12% YoY) in 1QFY24. Oil sales volumes were 5% below our estimates at 0.75mmt, while gas sales declined 8% YoY to 0.54bcm, due to lower offtake from customers amid maintenance shutdowns. Net oil realization, after accounting for the impact of windfall tax, came in at USD74.3/bbl for the quarter. * We expect the crude prices to gradually increase to ~USD90/bbl by 4QFY24 and remain at that lev...
Buy Oil India Ltd For Target Rs.345 - Motilal Oswal Financial Services
Buy Oil India Ltd For Target Rs.345 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services
23/08/2023 1:00:09 PM
Add Reliance Industries Ltd For Target Rs. 2,650 - ICICI Securities FY23 Annual Report – broad-based earnings strength; FCF remains negative The FY23 annual report of Reliance Industries (RIL) throws up some interesting data points: i) Capex of INR 1.4trn had grown by a material INR 423bn in FY23, ii) resultant, net debt (including spectrum and other deferred payment liabilities) expanded sharply to INR 1.05trn, despite a material INR 428bn of increase in cash + equivalents for the year, iii) net working capital (excluding cash) increased by INR 220b...
Add Reliance Industries Ltd For Target Rs. 2,650 - ICICI Securities
Add Reliance Industries Ltd For Target Rs. 2,650 - ICICI Securities
Source: ICICI Securities
23/08/2023 11:34:26 AM
Linde India jumps on securing LoA from Indian Oil Corporation Linde India is currently trading at Rs. 6119.00, up by 355.85 points or 6.17% from its previous closing of Rs. 5763.15 on the BSE. The scrip opened at Rs. 5825.05 and has touched a high and low of Rs. 6120.00 and Rs. 5825.05 respectively. So far 5859 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 6,120.00 on 23-Aug-2023 and a 52 week low of Rs. 2932.85 on 02-Nov-2022. Last one week high and low of the scrip st...
Linde India jumps on securing LoA from Indian Oil Corporation
Linde India jumps on securing LoA from Indian Oil Corporation
Source: Accord Fintech
23/08/2023 10:05:46 AM
Oil prices ease on concerns over rate hikes, China gloom Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand. Brent crude dipped 17 cents, or 0.2%, to $83.86 a barrel by 0031 GMT while U.S. West Texas Intermediate crude was at $79.56 a barrel, down 8 cents, or 0.1%. Both benchmarks lost about 0.5% on Tuesday. Markets are awaiting hints on the outlook for interest rates from policy makers w...
Oil prices ease on concerns over rate hikes, China gloom
Oil prices ease on concerns over rate hikes, China gloom
Source: Reuters
23/08/2023 8:53:37 AM
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade India's July crude oil imports from Russia dipped for the first time in nine months, while inbound shipments from Saudi Arabia tumbled to their lowest in 2-1/2 years following OPEC+ cuts, tanker data from trade and industry sources showed. Both China and India, the world's biggest and third-biggest oil importers, cut imports from Russia and Saudi Arabia in July after prices rose and as the two oil producers reduced output and crude oil shipments. Saudi Arabia volunteered to cut ...
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
India`s July Russian oil imports dip; Saudi import down to 2-1/2-yr low -trade
Source: Reuters
22/08/2023 12:08:18 PM
Oil dips on possible easing of tight supply, China woes hurt demand outlook Oil edged lower on Tuesday as the market waited to see if Iraqi oil exports resume, which could ease the supply tightness caused by the OPEC+ cut, while a faltering Chinese economy continued to undercut the global demand outlook. Brent crude was down 8 cents at $84.38 a barrel and U.S. West Texas Intermediate crude was trading 7 cents lower at $80.65 a barrel at 0241 GMT. WTI's contract with September expiry slipped 8 cents at $80.04 a barrel. "Crude oil struggled to keep its h...
Oil dips on possible easing of tight supply, China woes hurt demand outlook
Oil dips on possible easing of tight supply, China woes hurt demand outlook
Source: Reuters
22/08/2023 8:55:06 AM
Haryana to roll out policy for CNG infrastructure The Haryana government is set to launch a significant initiative -- the 'Right of Use and Right of Way' policy -- aimed at facilitating the smooth establishment of the CNG and PNG distribution network.This policy is poised to play a pivotal role in enhancing infrastructure flexibility and catalyzing progress, said Chief Secretary Sanjeev Kaushal on Monday. He was presiding over a comprehensive review meeting, convened by the Department of Industries and Commerce, Haryana, markin...
Haryana to roll out policy for CNG infrastructure
Haryana to roll out policy for CNG infrastructure
Source: IANS
21/08/2023 4:23:42 PM
BREAKING NEWS : Mentha oil prices rose 18% in 18 days amid lower production estimates. Mentha oil has surged 18% in just 18 days, hitting a 4-month peak due to reduced production projections. Anticipated robust winter demand from FMCG industries and consistent export inquiries, backed by a resilient economy, will further bolster its prices. Additionally, the export market could benefit from rupee depreciation. These factors collectively shape a promising outlook for mentha oil's market trajectory.   The years 2022–23 witnessed a significant decline in the p...
BREAKING NEWS : Mentha oil prices rose 18% in 18 days amid lower production estimates.
BREAKING NEWS : Mentha oil prices rose 18% in 18 days amid lower production estimates.
Source: PR Agency
21/08/2023 2:50:51 PM
Buy Gail India Ltd For Target Rs .130/140 - LKP Securities Future Outlook • India's largest Natural Gas entity has a massive gas transmission pipeline network and in our view is in a sweet spot given the surging gas demand in India. • Its transmission volumes should get a boost since major gas pipelines are getting commissioned in the medium term Technical Commentary • A robust base formation has been established at the lower end of the price range, indicating consistent buying interest across various price levels. &...
Buy Gail India Ltd For Target Rs .130/140 - LKP Securities
Buy Gail India Ltd For Target Rs .130/140 - LKP Securities
Source: LKP Securities
21/08/2023 2:48:36 PM
Oil prices climb on expectations of lower OPEC+ exports in August Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. Brent crude climbed 75 cents to $85.55 a barrel by 0301 GMT, while U.S. West Texas Intermediate crude was at $82.05 a barrel, up 80 cents. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Both front-month benchmark prices snapped a 7-...
Oil prices climb on expectations of lower OPEC+ exports in August
Oil prices climb on expectations of lower OPEC+ exports in August
Source: Reuters
21/08/2023 9:17:55 AM
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services Outlook intact amid steady performance * ONGC’s reported EBITDA stood at INR194.5b (-25% YoY, +19% QoQ), 8% above our estimate, due to slightly higher gas realization and lower profit petroleum. * As per earlier guidance, management expects oil production from KG-DWN98/2 to commence by Aug’23 in an optimistic scenario and by Oct’23 in a worst-case scenario. The peak oil production is likely to be ~40-45kbopd. * Although the levy of windfall tax by the Center wi...
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services
Buy ONGC Ltd For Target Rs.220 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
20/08/2023 11:18:38 AM