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MCX Crude oil August futures may fall to Rs 7300/bbl this week amid rising COVID cases in China

WTI crude oil futures fell for the second consecutive week, down more than 6% and closed at $97.6 per bbl, as prospects of demand sapping lockdowns in China and recession fears in the US outweighed tight supplies. US gasoline demand, the major demand sector for crude oil, tumbled last week to 8.06 million barrels a day, the lowest seasonally since 1996. However, oil prices pared early losses and bounced back from a four-month low, as Saudi Arabia was not expected to unilaterally announce any oil production increase after Biden’s visits, while prospects of a less aggressive tightening from the Fed lent further optimism to oil bulls.

Meanwhile, US crude oil inventories rose by 3.254 million barrels in the week ended 8th July, after an 8.235 million increase in the previous period, while gasoline stocks rose by 5.825 million barrels, and distillate stockpiles increased by 2.668 million barrels. Along with that, US weekly production fell to 12 mbpd from 12.1 mbpd in the previous week, which also underpinned prices at lower levels.

MCX Crude oil August futures outlook

We might see further weakness in crude oil prices amid rising covid cases in China. China, the world’s second-largest oil consumer, on Sunday reported 691 new COVID cases for Saturday, up from 547 the previous day, with locally transmitted cases at the highest since 23rd May. Meanwhile, Shanghai has announced to hold mass Covid testing exercises from 19 ? 12th July, which raises concerns about further lockdowns, hurting fuel demand. On top of that, US energy envoy Amos Hochstein indicated confidence that major producers in the Middle East have spare capacity and are likely to boost supplies following President Joe Biden’s visit to the region.

Moreover, the new chief of Libya National Oil Corp. said the country’s oil output will resume from all shuttered fields and ports after meeting groups that have blockaded the facilities for months, which led to output falling to a 20-month low of 610,000 bpd in June. We expect MCX Crude oil August futures to decline towards Rs 7,300 per bbl this week.

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Sebi invites applications to hire 24 officials in IT department

Capital markets regulator Sebi on Thursday invited applications for as many as 24 senior-level executives in the information technology department. The recruitment drive would beef up the headcount at the Securities and Exchange Board of India (Sebi) for faster and more effective execution of its regulatory role. While inviting applications, Sebi has cautioned candidates against falling prey to any unscrupulous elements who may try to deceive them by false promises of securing jobs in the regulator, according to a public notice.

In case any candidate comes across such an offer, the same may be immediately brought to the notice of the regulator with full details, such as name and contact details, of the elements indulging in such practice.In its notice, Sebi has invited applications from Indian citizens for the post of Officer Grade A (Assistant Manager) in the Information Technology stream.

The markets regulator had earlier invited applications for the recruitment of 120 Officer Grade A (Assistant Manager) in different streams. Before that, in March 2020, the regulator invited applications for 147 senior-level officials and around 1.4 lakh people applied for these positions.Candidates can apply for the posts through online mode till July 31. The regulator will conduct examinations for the recruitment of these positions during August-September.

To apply for this position, the applicants are required to have a bachelor’s degree in engineering in any discipline or a bachelor’s degree in any discipline with a post-graduate qualification in computer application or information technology from a recognised university or institute.Formed by the government in 1988, Sebi was given statutory powers after the passage of the Sebi Act in 1992 after the Harshad Mehta scam hit the Indian markets.

As per its preamble, Sebi is mandated to protect the interests of investors in securities as well as promote and regulate the securities markets. It regulates business in stock exchanges and other securities markets, registers and regulates various market intermediaries, including brokers, merchant bankers, registrars, portfolio managers and investment advisers, as well as foreign portfolio investors, credit rating agencies, mutual funds and venture capital funds. Besides, Sebi is mandated to check fraudulent and unfair trade practices, insider trading and other manipulative activities.

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GSP Crop Science plans Rs 500-crore IPO next year

Agro-chemical firm GSP Crop Science Pvt Lt is looking to launch a Rs 500-crore IPO (Initial Public Offering) by next year, according to its managing director Bhavesh Shah. The company, which needs funds for expansion of its business operation, plans to soon file a draft red herring prospectus with capital markets regulator Sebi, he said.

Established in 1985, Ahmedabad-based GSP Crop Science manufactures technical grade ingredients and formulates insecticides, fungicides and herbicides, intermediates, biopesticides, seed-treatment chemicals and public health products.”We are in the beginning stage of IPO. About Rs 500 crore funds will be raised through IPO,” Shah said in an interview with PTI.

The company intends to launch new products and set up a new production line at Dahej in Gujarat. The funds raised through initial share sale will be utilised for this, he added. GSP Crop Science whole-time director Tirth Shah said the company’s move to launch the IPO is mainly driven by improvement in its financial performance in last few years and expansion plans.

The company’s revenue has risen year-on-year basis and it stood at Rs 1,350 crore during 2021-22 financial year, up from over Rs 1,000 crore in the previous year, he said. The company expects about 15-20 per cent increase in the annual revenue in the current fiscal, he added.

Currently, GSP Crop Science has three units, two in Gujarat and one in Jammu. The fourth one is planned at Dahej. Much of its sales come from Maharasthra, followed by Gujarat and other states.

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