Page 37 - Crude Oil Price

Berger Paints expects better margin with drop in input costs: Official

Berger Paints is expecting an improvement in margin with a decline in input costs mainly due to falling crude oil prices, and also weighing a modest increase in rebates during the current fiscal to boost sales, a top company official said. Despite the expected rise in rebates, the paint maker remains confident in its ability to maintain a healthy growth trajectory, aiming at an EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin of 16-17 per cent in the 2023-24 financial year, its managing director and CEO Abhijit Roy said. "While we have witnessed a decline in input costs due to the reduction in crude prices, the competitive nature of the industry may lead to a slight increase in rebates. "Nevertheless, this increase will not be significant as it aligns with the pricing levels we experienced prior to the COVID-19 pandemic," Roy told investors in an analysts' meeting. The company also does not foresee any dent in demand in the current fiscal, he ...

Pakistan may pay for discounted Russian crude in Chinese currency: Report

Pakistan may use Chinese Yuan to pay for the 750,000 barrels of discounted Russian crude oil set to be imported in June, a media report said on Thursday, as the cash-strapped country struggles with high external debts. Pakistan placed its first order for discounted Russian crude oil last month, a decision expected to provide some relief to the people already hit by skyrocketing inflation. Pakistan will pay the price of crude most probably in China's currencyYuan and the Bank of China may play its role for transactions, a senior official of the Energy Ministry told The News International newspaper. However, the official refused to divulge the fine details about the mode of payment and the discount, stressing that it was not in the country's interest. Russia also does not want to disclose the details, fearing backlash from the other countries buying oil directly from Moscow, the official said. Russia will provide URAL crude in the test cargo, and most probably, Pakistan Refinery Limi

Saudi Arabia cuts oil prices in Asia markets as energy market weakens

Aramco sells about 60% of its crude shipments to Asia, most of them under long-term contracts, pricing for which is reviewed each month

Global economic uncertainty means higher oil prices; forecasts unreliable

The economic outlook and Chinese consumption growth are key to demand expectations, while Russia is the wild card in terms of supply

India's crude steel output grows 4% to over 125 MT in FY23: SteelMint

India's crude steel production rose by 4.18 per cent to 125.32 million tonnes (MT) in 2022-23, according to research firm SteelMint. In the preceding 2021-22 fiscal, the country produced 120.29 MT of steel, the research firm stated. The production of finished steel was 121.29 MT, up 6.77 per cent from 113.60 MT a year ago. Domestic consumption of steel rose by 12.69 per cent to 119.17 MT against 105.75 MT in 2021-22. A SteelMint analyst attributed increasing infrastructure activities to higher production and consumption of steel in India. Steel exports fell by 50 per cent to 6.72 MT from 13.49 MT a year ago. Imports surged about 29 per cent to 6.02 MT in FY23 from 4.67 MT in 2021-22. The production of pig iron was at 5.85 MT in FY23, down 6.53 per cent from 6.26 MT in the preceding year.

Oil prices extend losses on fears of recession, slower oil demand

Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in US gasoline inventories raised concerns about

India reimposes windfall tax on crude oil, levy on diesel exports scrapped

Latest move to reimpose windfall tax on crude oil means that now only domestically produced crude oil will attract a windfall tax of Rs 6,400 per tonne while petrol, diesel and ATF will remain exempt

Bull run enters 9th day for benchmarks; IT shares crack; AU SFB soars 17%

CLOSING BELL: IDBI Bank shares, too, surged 10 per cent after a Reuters report said the RBI has begun evaluating at least five potential bidders interested in picking up a majority stake in the lender

Sensex rises 235 pts, Nifty tops 17,800 in fag-end; Divis Labs zooms 10%

CLOSING BELL: Among sectors, the Nifty Pharma index leaped over 2 per cent today as India saw over 7,000 fresh cases of Covid-19

Oil steady after surprise build in US crude stocks offset supply concerns

Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in U.S. crude and gasoline inventories, offsetting concerns about tightening supply

Bulls ride on bank stocks to end higher for 7th session; Sensex up 311 pts

CLOSING BELL: The Nifty50 added 98 points to end at 17,722 level

Cost of Iraqi oil to India drops as competition from Russia bites

The price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January, according to data published by India's ministry of commerce and industry

Sensex, Nifty end flat after choppy day; financials fall, Godrej Prop up 9%

CLOSING BELL: Bajaj Finance, Asian Paints, IndusInd Bank, ICICI Bank, Nestle India, HUL, Reliance Industries, HDFC Bank, Axis Bank, and SBI were the top laggards on the Sensex index

India's Russian crude oil imports double of Iraq at 1.64 mn barrels per day

India's imports of crude oil from Russia touched a new high of 1.64 million barrels per day in March and is now double of the purchases from Iraq - the nation's traditional top oil supplier. But the purchases appear to have plateaued as growth has slowed. Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a sixth straight month by supplying more than one-third of all oil India imported, according to energy cargo tracker Vortexa. Refiners continue to snap up plentiful Russian cargo available at a discount to other grades. From a market share of less than 1 per cent in India's import basket before the start of the Russia-Ukraine conflict in February 2022, Russia's share of India's imports rose to 1.64 million barrels per day in March, taking a 34 per cent share. The purchases from Russia in March were double of 0.82 million barrels per day (bpd) of oil bought from Iraq, which has been India's top oil supplier

Sensex up 144pts, Nifty nears 17,600 as RBI pauses hike; realty stocks jump

CLOSING BELL: Shaktikanta Das said the move was only "a pause and not a pivot"

HDFC duo, L&T lift Sensex 583 pts, Nifty atop 17550 day ahead of RBI policy

CLOSING BELL: Buying momentum in IT, HUL, and ITC shares also lent support

Sensex ends choppy day 115 pts up, Nifty near 17,400; OMC, gas stocks slide

CLOSING BELL: Gas stocks, including Mahanagar Gas and Indraprastha Gas, dropped up to 6 per cent after the government kept domestic gas prices unchanged

ONGC, Oil India surge up to 6% as oil prices rise post OPEC+ output cut

Sustained higher crude oil prices and gas realisations can result in better profitability for upstream oil and gas companies, analysts said

Oil prices surge post OPEC+ output cuts, markets narrow odds on Fed hike

Oil prices surged on Monday after Saudi Arabia and other OPEC+ oil producers announced a surprise round of output cuts, a potentially ominous sign for global inflation

Sensex soars 1,031 pts, ends FY23 0.7% up; Nifty regains 17,350; RIL shines

CLOSING BELL: Nestle India, Infosys and ICICI Bank were the other major gainers among the Sensex 30 on Friday, up over 3 per cent each.