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The rupee pared initial gains to settle lower by 2 paise at 81.80 (provisional) against the US dollar on Monday, tracking a recovery in crude oil prices. Forex traders said the rupee consolidated in a narrow range as the gains from weak American currency and positive domestic equities were negated by a recovery in crude oil prices. At the interbank foreign exchange, the local unit opened on a positive note at 81.76 but pared early Read More

Regulator Sebi is investigating market allegations against Adani group, whose 9 listed companies saw a 60 percent decline in their market capitalization between January 24 and March 1, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that the volatility in the stocks of these companies has not had any significant impact at the systemic level. Nifty 50 declined by around 4.5 percent during the same period. Read More

India’s fuel demand hit its highest level in at least 24 years in February, data showed on Thursday, with industrial activity in Asia’s third-biggest economy boosted by cheap Russian oil. Consumption of fuel, a proxy for oil demand, rose by more than 5% to 4.82 million barrels per day (18.5 million tonnes) in February, its 15th consecutive year-on-year rise, data showed. Demand was the highest recorded in data compiled by the Indian Oil Ministry’s Petroleum Read More

India’s fuel demand witnessed the sharpest rebound in February as petrol and diesel consumption rose by double digits after a winter lull in the previous month, preliminary industry data showed on Wednesday. Petrol sales of state-owned fuel retailers jumped 12 percent to 2.57 million tonnes in February, as compared to 2.29 million tonnes of consumption in the same period of last year. Sales were 1.57 percent higher than in COVID-marred February 2021 and 20 percent Read More

Three companies — FirstMeridian Business Services Ltd, IRM Energy Ltd, and Lohia Corp — have received capital markets regulator Sebi‘s go-ahead to raise funds through initial public offerings (IPOs). These firms, which filed their preliminary IPO papers with the markets regulator between September 2022 and January 2023, obtained the observation letters during February 21-24, an update with the Securities and Exchange Board of India (Sebi) showed on Tuesday. In Sebi parlance, observation implies the go-ahead Read More