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

LIC gears up to appeal against a hefty GST demand exceeding Rs 290 cr, encompassing penalties and interest

LIC, Life Insurance Corporation

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

NABARD to issue social sector bonds on Tuesday

Bonds, Govt bond

India has fallen one notch to the 87th position out of 165 countries on the economic freedom index, according to a report released on Thursday.
The country was at the 86th spot in previous year's rankings.
The 'Economic Freedom of the World: 2021 Annual Report' by Canada's Fraser Institute has been released in India in conjunction with New Delhi-based think tank Centre For Civil Society.
"From 1980 to now, India's rating has gone up considerably, from 4.90 to 6.62 but, our rank has fallen. This means while India is improving considerably in absolute terms but is not doing enough relative to other countries," it said.
However, in South Asia, India is doing pretty well, as per the report.
India reported marginal increase in the size of government (7.64 from 7.57) and and regulation of credit, labour and business (5.98 from 5.96), while it was down slightly in legal system and property rights (5.29 from 5.3) and freedom to trade internationally (6.19 from 6.27).
A score closer to 10

Indian Economy

The Ministry of Home Affairs has conducted a special campaign for reducing pending matters, including "swachhta" drives, on a monthly basis from November 2022 to August 2023.
A total of 3,438 "swachhta" (cleanliness) campaigns have been conducted at various sites by the ministry with a special focus on field and outstation offices having public interface, according to an official release.
During the period, 632 references by Members of Parliament, 37 parliamentary assurances, six cabinet proposals, 213 state government references and 47 PMO references were disposed of.
Also, a total of 38,550 public grievances received between November 2022 and August 2023 have been disposed of by the ministry, the release said.
A total of 25,504 sq. ft. of space has been freed in the offices of Central Armed Police Forces. Further, for coordinating with all the divisions within the ministry efficiently, an intra-ministry portal has been developed.
This has been the best practice of the ministry .

home ministry

The Centre on Thursday directed sugar traders, retailers, wholesalers, big chain retailers and processors to disclose their stocks on a weekly basis on a government portal as a proactive measure to combat hoarding and speculation.
The food ministry, in a statement, said the country has sufficient stocks for domestic consumption with absolutely no shortage for festivals.
The government has been successfully maintaining the stable retail price of sugar in the country, it noted.
However, as a proactive measure to "combat hoarding and curb unscrupulous speculation" in the sugar market, the ministry has issued orders to mandatory disclose stock positions for traders, wholesalers, retailers, big chain retailers and processors of sugar on the portal (https://esugar.nic.in) on every Monday, it added.
"This mandatory weekly stock disclosure for these entities is another proactive step in the Government of India's efforts to maintain a balanced and fair sugar market," the ministry said.
By 

Sugar

Soon after Sumit Nagal shared his financial struggle in an interview with the PTI, support began to pour in for India's top tennis player with leading beverage company PepsiCo India and the DLTA rushing to his aid.
The Delhi Lawn Tennis Association (DLTA) has decided to release a one-time support of Rs 5 lakh while PepsiCo has also pledged to support Nagal for three years.
"We have taken details from Sumit Nagal and Rs 5 lakh will be deposited in his account. DLTA President Rohit Rajpal has approved the support," DLTA administrator Ranbir Chauhan said.
Nagal had claimed in an interview with PTI that his annual budget to survive on the ATP Tour is no less than Rs one crore and after arranging for his funds, he was left with just 900 Euros in his account.
Rajpal said, "He deserves much more. Sports people have to be treated like national assets. They needed to be taken care of. Tennis is a brutal and tough game. It requires travel on weekly basis, that makes it tough. We are talking 

Sumit Nagal

Amid strains in ties between New Delhi and Ottawa over the killing of a Khalistani leader, families of those who are either studying or working in Canada are worried and demanded that both nations resolve the issue amicably.
India on Thursday "suspended till further notice" its visa services in Canada. The move comes amid the escalating diplomatic row that erupted following Canadian Prime Minister Trudeau's allegations of a "potential" involvement of Indian agents in the killing of a Khalistani separatist Hardeep Singh Nijjar in June. India has rejected the charge as absurd.
The escalating diplomatic row between India and Canada has left many families in Punjab anxious.
Canada is one of the preferred countries for people from Punjab to study and settle down.
Rishipal, a local shopkeeper in Kapurthala, said that he is worried about the safety of his daughter, who went to Canada eight months ago on a study visa.
Gopal, a resident of Gandhi Nagar locality in Ludhiana district, said t

India Canada

Countries across the world are scaling back their climate ambitions from the high points of the past few years

Green Consensus

Margins have likely peaked in Q1 as commodity headwinds start to bite

Oil drums, Oil

Govt's dependence on foreign funds should be limited

JP Morgan

Aviation services provider Celebi India may invest around USD 80 million in the business in the next four years as it eyes more airports besides enhancing cargo capacity, a top company executive has said.
The company, which offers ground handling services and cargo operations, also plans to switch to an all-electric fleet across the airports it renders services at present, according to Murali Ramachandran, President for India & S-E Asia at Celebi Aviation Holdings, said.
The company currently has the mandate to provide ground handling services at nine airports -- Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Cochin, Ahmedabad, Mopa (Goa) and Kannur -- and handle cargo operations at Delhi airport through a joint venture with Delhi International Airport Ltd (DIAL).
"Celebi has already invested around USD 250 million (since its entry in the Indian market in 2007). In terms of expected investment, we will be adding USD 28 million in ground handling in the next four years. Around USD ..

Airports, nearby areas may not get 5G network services anytime soon

Airlines, airport, aviation, flights

The Indian contingent will vie for medals in Rowing, Shooting and gold in women's cricket

Asian Games Day 1 Highlights. Photo: Team India

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Skid marks may appear in Street as oil prices wear out tyre stocks

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Aviation services provider Celebi may invest $80 million in next 4 years

Asian Games 2023 September 25 schedule: India event timings, live streaming

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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

LIC to challenge Rs 290 cr GST bill issued by Bihar tax authority

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

Index inclusion benefit: Banks, FIs rush to raise Rs 18,000 cr in 2 days

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