Oil prices edged up on Wednesday on signs of near-term supply tightness but remained near their lowest in two weeks a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025. Brent futures rose 13 cents or 0.18% to $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate … Read more
With Elon Musk leading the new Department of Government Efficiency (DoGE) under Donald Trump’s presidency in the US, the tech billionaire will be able to cut down on a lot of waste in the US government, ace global investor Mark Mobius has said. In an interaction with IANS, Mobius said that as a “government efficiency … Read more
The Indian rupee is likely to inch up at the open on Wednesday on the back of a mild uptick in its Asian peers before U.S. inflation data that will hold cues on what the Federal Reserve will do at its next meeting. The 1-month non-deliverable forward indicated that the rupee will open at 84.38-84.3850 … Read more
Oil Corp expects to complete expansion of its refineries in Panipat, Gujarat and Barauni by December of next year, said sources familiar with the information on Tuesday. "We see all three refinery expansions converging by December 2025," one of the source said, adding that the crisis in Ukraine and COVID pandemic were primary reasons for … Read more
Indian auto parts maker Samvardhana Motherson International reported a smaller-than-expected increase in second-quarter profit on Tuesday, hurt by slower demand. The company, which supplies Maruti Suzuki, Mercedes Benz, Audi and other automakers, said consolidated net profit rose over four-fold to 8.8 billion rupees ($104.27 million) for the three months ended Sept. 30. However, that missed … Read more
India's industrial output rose 3.1% year-on-year in September, backed by manufacturing activity, government data showed on Tuesday. Economists polled by Reuters had expected a growth of 2.5%. In August, industrial output had contracted for the first time in nearly two years. Manufacturing output climbed 3.9% year-on-year in September, electricity generation grew 0.5% and mining activity … Read more
The U.S. dollar held near a 6-1/2-month peak against major peers and bitcoin was solidly poised just below record highs on Wednesday as markets sized up so-called Trump trades ahead of key U.S. inflation data later in the day. The dollar is reaping the benefits of Republican Donald Trump's victory in the U.S. presidential election … Read more
Public sector banks (PSBs) showed strong performance in the first half of current fiscal (FY25) with 11 per cent annual growth as their aggregate business stood at Rs 236.04 lakh crore in the April-September period, the government said on Tuesday. Global credit and deposit portfolio grew by 12.9 per cent and 9.5 per cent (year-on-year), … Read more
Petroleum Minister Hardeep Singh Puri said on Tuesday that India’s current biofuel blending rate has reached 16.9 per cent, putting the country on track to reach the 20 per cent target set for 2025-26. “As a result of the Govt. of India’s biofuel initiatives, we have saved Rs 91,000 crore in import bills parallelly … Read more
The government on Tuesday approved 12 research projects worth Rs 13.3 crore under the National Technical Textiles Mission. The 10th Mission Steering Group, under the chairmanship of Union Textiles Minister Giriraj Singh, the ministry approved 12 research projects. The research projects were approved across key strategic areas of geotextiles, sustainable and smart textiles and composites, … Read more