Companies and Markets

Companies & Markets

Price regulation may return to oil sector

Price regulation may come back to the oil sector.

According to sources, the Centre may once again use its influence on public sector oil marketing companies to temporarily hold back any further increase in auto fuel prices, even if it means incurring losses on sale of petrol and diesel.

At a meeting of PSU oil companies with oil minister Dharmendra Pradhan, this suggestion came up strongly to prevent a consumer backlash over fuel price rise despite international crude oil price being less than half of the levels prevailing in 2014.

Cooking oil prices zoom to fresh highs in festive season

At the height of the festive season, which began with Ganesh puja to be followed by Dussehra and Diwali, prices of cooking oils have started flaring.

Palm oil and soybean oil have shot up by about 10 per cent in a month.

According to industry data, prices of RBD palmolein has increased to $735 a tonne (C&F Mumbai) as of September 8 from $672 a tonne a month earlier, up by 9.4 per cent.

Similarly, crude palm oil has increased to $730 a tonne (C&F Mumbai) as of September 8 from $667 a tonne a month earlier, up by 9.5 per cent.

Ericsson files insolvency case against RCom

Ericsson’s Indian subsidiary has filed insolvency petitions against Reliance Communications and two of its companies to recover unpaid dues, the Indian mobile operator said in a stock exchange filing on Wednesday.

The Swedish telecoms equipment maker, which signed a seven-year deal in 2014 to operate and manage Reliance Communications’ nationwide network, is seeking a total of Rs 11.55 billion  ($180 million) from the three companies, the filing said.

Global metal prices surge on manufacturing growth

International metal prices have shot up in recent months on the back of a strong pick up in global manufacturing activity, a weaker dollar and production disruption leading to prices of steel, copper, alumina and zinc gaining by 25-35 per cent during the year.

The Goldman Sachs Commodity Index (GSCI), LME (London Metal Exchange) and GSCI Industrial Metals Index have appreciated by 28-35 per cent over the past one year.

Floods may cost South Asia $215b a year by 2030

As global attention focused on hurricanes Harvey and Irma, more than 41 million people across South Asia battled floods and displacement.

From Afghanistan in the west to Bangladesh in the east, floods could cost South Asia —home to a fourth of the world’s people — as much as $215 billion each year by 2030, according to the World Resources Institute’s global flood analyzer launched in 2015.

SBI Life plans India’s first billion-dollar IPO in 7 years

SBI Life Insurance will launch next week what will be India’s first billion-dollar initial public offering since 2010, paving the way for a record-setting year for IPOs in the country. SBI Life, a unit of top Indian lender State Bank of India (SBI), will open the share sale to the public on September 20 and close it on September 22, according to a filing.

Nilekani’s return Infy promoters may need to make open offer

Nandan Nilekani’s return to Infosys as chairman and co-founder NR Narayana Murthy exerting his power could amount to a change in control under Sebi regulations, requiring promoters to make an open offer, shareholder advisory firm SES has said.

The Bengaluru-based firm has been in the eye of the storm over the past few months, with the two sides —promoters and the earlier board of the company — clashing over issues such as corporate governance lapses and alleged irregularities in the acquisition of Panaya.

Nifty tops 10,000 as global frictions ease

NSE’s Nifty-50 index regained 10,000-level last seen in early August with good buying seen in banks, capital goods, utilities and oil and gas stocks. Improvement in global geopolitical situation and gain in other major Asian and European market boosted sentiments.

Nifty-50 first crossed 10,000 mark on July 25, 2017 and after trading above 10,000 level for 11 sessions fell below 10,000 level on August 8, 2017.

Buying in Indian stocks was led by domestic institutional investors after range bound trading seen in last few weeks, while foreign investors were net sellers.

Saab picks Adani as partner for fighter jets bids

Sweden’s Saab will tie-up with India’s Adani Group to bid for a contract to make fighter aircraft in India, an aerospace consultant aware of the proposed partnership told Reuters on Thursday.

The partnership will compete with US defence giant Lockheed Martin in a two horse-race to equip the Indian military with single-engine jets to be produced locally under Prime Minister Narendra Modi’s “Make-in-India” initiative.