Higher discounts on Russian oil this month may help Indian refiners reduce crude sourcing costs and trim fuel marketing losses even as Brent crude crosses $95/barrel, weakening the country's finances

oil refinery, crude oil, oil

The combined market valuation of eight of the 10 most valued firms plunged by Rs 2,28,690.56 crore in a holiday-shortened last week, with HDFC Bank and Reliance Industries taking the biggest hit, amid an overall weak trend in equities.
Last week, the BSE benchmark fell 1,829.48 points or 2.69 per cent, and the Nifty declined 518.1 points or 2.56 per cent.
Equity markets were closed on Tuesday on account of Ganesh Chaturthi.
From the top-10 pack, Reliance Industries, HDFC Bank, ICICI Bank, Infosys, ITC, State Bank of India, Bharti Airtel and Bajaj Finance were the laggards while Tata Consultancy Services (TCS) and Hindustan Unilever were the gainers.
The market valuation of HDFC Bank plummeted by Rs 99,835.27 crore to Rs 11,59,154.60 crore. Shares of the company fell by nearly 8 per cent last week.
The valuation of Reliance Industries plunged Rs 71,715.6 crore to Rs 15,92,661.42 crore. The company's shares declined over 4 per cent past week.
ICICI Bank's valuation dropped Rs 29,41

HDFC Bank

Not thinking about an IPO as of now, says chairman

Dr Krishna Ella

The Reserve Bank is likely to maintain status quo on policy rates for the fourth time in a row at its bi-monthly monetary policy review meeting early next month, as retail inflation continues to remain high and the US Federal Reserve has decided to keep a hawkish stance for some more time, according to experts.
The Reserve Bank had raised the benchmark repo rate to 6.5 per cent on February 8, 2023 and since then it has retained the rates at the same level in view of the stubbornly high retail inflation and certain global factors including elevated crude oil prices in the international market.
The Reserve Bank Governor-headed six-member Monetary Policy Committee (MPC) meeting is scheduled for October 4-6, 2023. The last meeting of the MPC, the highest rating-setting panel, was in August.
"We do expect the RBI to hold on to a status quo position this time as inflation is still high and liquidity tight. In fact, going by RBI forecast on inflation, it would be above 5 per cent in Q3 too

RBI, Reserve Bank of India

The US provided Canada with intelligence after the killing of Sikh separatist Hardeep Singh Nijjar, but communications intercepted by Ottawa were more definitive and led it to accuse India of orchestrating the plot, The New York Times has reported citing sources.
The report came on Saturday as the top US diplomat in Canada confirmed that there was shared intelligence among Five Eyes partners that had prompted Canadian Prime Minister Justin Trudeau's offensive allegation against India in the killing of a Khalistani extremist on Canadian soil.
The allegations have infuriated India, which rejected the allegations as "absurd" and "motivated" and expelled a senior Canadian diplomat in a tit-for-tat move to Ottawa's expulsion of an Indian official over the case. India also accused Canada of being a safe haven for terrorists.
Nijjar, the chief of the banned Khalistan Tiger Force (KTF), was killed in Surrey in British Columbia on June 18. India had designated Nijjar as a terrorist in ...

Hardeep Singh Nijjar, Hardeep Nijjar

Here is the best of Business Standard's opinion pieces for today

MSMEs

Increased spending on back of improved finances, says Deloitte study

festival season

According to Ravi Nathani, an independent technical analyst, the Nifty FMCG index seems range-bound, while one can adopt a 'sell on rise' strategy for the PSU Bank index.

markets, stock market, sensex, correction, nifty, shares, growth, profit, economy, gain

The Delhi government has inked an agreement with Switch Mobility for 950 low-floor electric buses.
Delhi Transport Minister Kailash Gahlot told PTI that the 12-metre buses would start arriving within four to six months.
These e-buses will be equipped with CCTV cameras, panic buttons and GPS devices, Gahlot said, adding that Delhi has the highest number of electric buses in the country.
In a post on X, Delhi Transport Commissioner Ashish Kundra said, "Delhi Government  signs an agreement with @SwitchMobility for 950 low-floor 12-meter electric buses under National bus programme."
Switch Mobility is the electric vehicle division of Hinduja Group's flagship company Ashok Leyland.

e-bus, Electric bus

NEW DELHI (Reuters) -     India is unlikely to export sugar in 2023-24 season as output will be less than a year earlier, Kona Haque, head of research at ED&F Man Commodities said on Thursday.

Sugar

Jindal Hunting Energy Services Ltd (JHESL) is looking to export oil country tubular goods from its plant located at Nashik in Maharashtra.
Piping products used in oil and gas production are referred as oil country tubular goods (OCTG).
JHESL is a 51:49 per cent joint venture (JV) company between US-based Hunting Energy Services and domestic pipes maker Jindal SAW.
On September 18, the JV inaugurated a plant with an annual capacity of 70,000 metric tonnes, which has been set up at a cost of USD 25 million to manufacture and supply pipes and tubes with premium connections to OCTG market in oil and gas sector.
JHESL will first cater to the domestic market and continue to explore markets like Middle East and Africa, Neeraj Kumar, Group Chief Executive Officer and Whole-Time Director, Jindal SAW Ltd, told PTI in an interaction.
When asked about the timeline for the exports, Kumar said there are certain approvals that need to be received for supplying OCTG.
JHESL already has approvals 

Oil refinery

Fiscally, Chinese governments at various levels are under stress, he told the annual Bund Summit conference

A Chinese national flag flutters outside the headquarters of the People's Bank of China, the Chinese central bank, in Beijing

The mounting Chinese military presence in waters that were long dominated by the US fleet is sharpening the possibility of a showdown between superpowers

south china sea, china, sea

Company executives and government officials are counting on esports as an instrumental part of their post-Covid comeback

Tencent

Evasion by companies may be to the tune of up to Rs 12,000 crore

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Jindal SAW-Hunting Energy JV eyes M East, Africa to supply OCTG from India

China central-bank adviser proposes structural reforms to revive economy

Bullhorns and water cannons: China ships wall off South China Sea

19th Asian Games: Tencent at the wheel, esports gets its biggest moment

Tax troubles: 80 online gaming companies likely to face GST evasion notice

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After lower sales in August, Russia ups discount on crude sale to India

M-cap of 8 of 10 firms lose Rs 2.28 trn; HDFC, Reliance biggest laggards

Bharat Biotech plans to invest Rs 3,000-4,000 crore in post-Covid shift

RBI likely to keep interest rate unchanged as inflation still high: Experts

US provided Canada intel on separatist Nijjar's killing, reports NYT

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