NEW DELHI: The government has directed oil refineries to increase the production of liquefied petroleum gas (LPG) and divert the additional output for domestic household use in view of geopolitical disruptions affecting fuel supplies, Ministry of Petroleum and Natural Gas announceed on Monday.The move comes amid constraints in LPG availability due to global supply pressures,…
Mumbai: Warburg Pincus-backed housing finance company Truhome Finance ( formerly Shriram Housing) has filed draft papers with capital markets regulator SEBI to raise Rs 3,000 crore through an initial public offering.The IPO will comprise a fresh issue of equity shares of face value Rs 10 aggregating up to Rs 1,500 crore and an offer for…
India will not participate in the International Energy Agency’s (IEA) proposal to release strategic petroleum reserves to stabilise global oil markets, government sources said on Monday, even as crude prices surge amid the escalating Middle East conflict, reported PTI.The decision comes as G7 nations consider coordinated releases of emergency oil reserves to calm markets after…
US stock markets tumbled on Monday as a sharp spike in oil prices following the Middle East conflict rattled investors and raised fears about the resilience of the global economy.The S&P 500 fell 1.3%, coming off its worst week since October. The Dow Jones Industrial Average dropped 721 points, or 1.5%, to 9:35 a.m. Eastern…
Nobel Laureate Philippe Aghion (Credit-University of Oxford) The ongoing conflict in the Middle East is unlikely to trigger a global economic collapse on the scale of the 2008 financial crisis, Nobel Prize-winning economist Philippe Aghion has said, even as he warned that a prolonged war and sharply rising oil prices could slow global growth, AFP…
Lower office rentals are helping Navi Mumbai emerge as a preferred destination for multinational companies and global capability centres (GCCs), with rents in the city about 21% below the average of major Tier-I markets, according to a report by real estate data analytics firm CRE Matrix.The report, ‘Navi Mumbai Rising: A Comprehensive Perspective on India’s…
The rupee slumped to a record closing low of 92.35 (provisional) against the US dollar on Monday, losing 53 paise during the session amid a sharp spike in global crude oil prices and a strengthening US currency as tensions escalated in the Middle East, reported new agency PTI.Forex traders said heavy foreign fund outflows and…
As the Middle East war continues to cast a shadow over energy supplies, G-7 nations are considering to jointly release strategic oil reserves. According to a report by Financial Times, finance ministers of the Group of Seven are set to discuss a potential joint release of strategic emergency reserves, on Monday, in a bid to…
India is focused on securing its energy supplies and protecting its citizens, as the Middle East conflict continues to escalate. Speaking in the Rajya Sabha on Monday, external affairs minister S Jaishankar said that national interest, including energy security will always be top priority and that the government is committed to ensure “that it takes…
Oil markets skyrocketed beyond the $100 mark on Monday as Middle East conflict continues to intensify, fueling fears about energy supplies disruption and shipping routes across the region. Brent crude, the global benchmark, climbed past $118 a barrel. US benchmark West Texas Intermediate followed a similar trajectory as the light, sweet crude grade jumped 30%…