(IE) Oil prices edged higher on Tuesday after Israel struck Rafah in Gaza, while negotiations for a ceasefire with Hamas continued without resolution. Brent crude futures were up 9 cents, or 0.11%, at $83.42 per barrel at 0635 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.09%, to $78.55 a barrel. “Oil prices opened up this morning, with some roadblocks in the ceasefire talks between Israel and Hamas leading market participants to price for geopolitical tensions to potentially drag for longer,” said Yeap Jun Rong, market strategist at IG. Market participants will be looking ahead to…
Author: Aruna Sharma
REC Limited, a Maharatna Central Public Sector Enterprise under the Ministry of Power and a leading NBFC, has received a ‘No Objection Certificate’ (dated May 3, 2024) from the Reserve Bank of India, for setting up a wholly owned subsidiary in International Financial Services Centre (IFSC), Gujarat International Finance Tec-City (“GIFT”), Gandhinagar, Gujarat. The decision to expand operations into GIFT, a burgeoning hub for financial services in India, comes as REC continues to diversify its portfolio and explore new avenues for growth. The proposed subsidiary will engage in a range of financial activities as a finance company within GIFT, including…
(TS) Uttar Pradesh Chief Minister and BJP’s star campaigner Yogi Adityanath has held election campaigns for several NDA candidates ahead of the third phase of the Lok Sabha elections slated for May 7. The NDA has fielded new candidates on five seats, including Union ministers, two ministers from the Yogi government, and BJP’s national leaders for the third phase. Notably, Yogi initiated campaigning for NDA alliance candidates on March 27. BJP sources here on Sunday said CM Yogi urged the populace to vote for the lotus symbol to secure Narendra Modi’s third term as the Prime Minister. In addition to…
(TNIE) Mangalore Refinery and Petrochemicals Limited (MRPL) has earned a net profit of Rs 3,596 crore during FY 2023-24, up by Rs 2,638 crore profit in FY 2022-23. The board of directors of MRPL, a subsidiary company of ONGC and Schedule “A” Mini Ratna Category I Company, during its 262nd meeting held on May 3, approved it’s Standalone and Consolidated Audited Financial Results for the fourth quarter (Q4 FY 2023-24) and year (FY 2023-24) ended March 31, 2024. In 2023-24, the company earned a revenue of Rs 1,05,223 crore from operations (Rs 1,24,736 Crore in FY 2022-23) and a profit…
(TH) Representatives of 18 political parties from 10 countries will interact with a host of BJP leaders, including party president J P Nadda and External Affairs Minister S Jaishankar, during their visit to India on the ruling party’s invitation to get a first-hand experience of theLok Sabha polls. The BJP said the foreign leaders will also be given insights into the party’s election campaign and will be briefed about its strategies and the overall electoral process. They will meet Nadda on Wednesday, May 1, 2024 and also interact with Union minister Ashwini Vaishnaw. Australia’s Liberal Party, Vietnam’s Communist Party of Vietnam,…
(MC) State-owned REC Ltd on April 30 reported a net profit of Rs 4,079.09 crore for the quarter ending March 31, 2024, which is about 33 percent higher as compared to the year-ago period. The company’s net profit in the fourth quarter of the previous fiscal stood at Rs 3,065.37 crore. Net interest income for the quarter rose to Rs 4,407 crore, up 29 percent from Rs 3,409 crore reported a year earlier. Its total income for the fourth quarter came at Rs 12,706.66 crore from Rs 10,254.63 crore in the year-ago period. Shares of the state-owned company ended at Rs 509 on…
(PTI) Oil prices fell for a third day on Wednesday amid increasing hopes of a ceasefire agreement in the Middle East and rising crude inventories and production in the U.S., the world’s biggest oil consumer. Brent crude futures for July fell 70 cents, or 0.8%, to $85.63 a barrel by 0456 GMT. U.S. West Texas Intermediate crude for June declined 75 cents, or 0.9%, to $81.18 per barrel. Expectations that a ceasefire agreement between Israel and Hamas could be in sight, following a renewed push led by Egypt to revive stalled negotiations between the two, pushed oil prices lower. “The potential…
(DC) Indian Oil Corporation (IOC) on Tuesday reported halving of its March quarter net profit largely because of losses in the petrochemical business and shrinking margin after it announced a pre-election fuel price cut despite rising input costs. The net profit of Rs 4,837.69 crore in January-March compared to Rs 10,058.69 crore a year back and Rs 8,063.39 crore in the preceding October-December quarter, according to a stock exchange filing by the company. Profit was lower as refining margins dipped, the petrochemical segment turned negative, and the firm, last month, cut petrol and diesel prices by Rs 2 per litre…
(HBL) State-backed oil marketing companies (OMCs) slashed the prices of commercial 19 kg LPG cylinders by Rs 19 per cylinder with effect from Wednesday. With the latest revision in commercial LPG cylinder prices, a 19 kg cylinder now costs Rs 1,745.50 versus Rs 1,764.50 as of last month in the national capital. Commercial cylinder prices were slashed by Rs 19 in Mumbai as well. A 19 kg cylinder will now cost Rs 1,698.50 in Mumbai, down from Rs 1,717.50 last month. A commercial 19 kg cylinder would now cost Rs 1,911 in Chennai. In Kolkata, however, the prices of a commercial cylinder were revised…
(IE) The country’s gross GST collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent year on year driven by a strong increase in domestic transactions and imports. GST collections breach landmark milestone of Rs 2 lakh crore, the finance ministry said in a statement. “The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2.10 lakh crore. This represents a significant 12.4 per cent year-on-year growth, driven by a strong increase in domestic transactions (up 13.4 per cent) and imports (up 8.3 per cent),” the ministry said.…