India's economic engine is revving up, but navigating the global headwinds requires sharp strategy. The rupee's recent volatility against the dollar underscores the complexities facing Indian businesses, impacting everything from import-export trade to domestic inflation. This week alone, we've seen significant shifts in the IT sector, with major players announcing restructuring and a renewed focus on AI-driven solutions. Meanwhile, the burgeoning startup ecosystem continues to attract substantial funding, despite a cautious global investor sentiment. The government's recent policy announcements on infrastructure development and digitalization are poised to further shape the business landscape, creating both opportunities and challenges for entrepreneurs and established corporations alike. Understanding these market dynamics is crucial for success in today's rapidly evolving Indian economy. Stay informed with Abtak.com for the latest insights and analysis on key sectors including finance, manufacturing, and technology – empowering your business decisions in a dynamic market. Explore the complete business news section now to stay ahead of the curve.
NEW DELHI: Indian refiners are poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on two top Russian producers, industry sources said on Thursday, potentially removing a major hurdle to a trade deal with the United States. The change comes as India faces punishing 50% tariffs on its exports to the U.S. - with half of those duties in retaliation for Russian oil purchases - and negotiates a potential trade deal that could bring those tariffs in line with Asian peers in exchange for winding down crude imports from Moscow. India has emerged as the biggest buyer of discounted seaborne Russian crude in the aftermath of Moscow's 2022 full-scale invasion of Ukraine, importing about 1.7 million barrels per day in the first nine months of this year. The U.S. sanctions target Lukoil and Rosneft, Russia's two biggest oil producers. Privately-owned Reliance Industries, the top Indian buyer of Russian crude, plans to reduce or cease imports of Russian oil, including halting purchases under its large long-term deal with Rosneft, people familiar with the matter said. "Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines," a Reliance spokesman said in response to a query on whether the company plans to cut its crude imports from Russia. Indian state refiners including Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp are also reviewing their Russian oil trade documents to ensure no supply will be coming directly from Rosneft and Lukoil after the U.S. sanctioned the oil companies, a source with direct knowledge of the matter said on Thursday. India's oil ministry and the state refiners did not immediately respond to requests for comment. "There will be a massive cut. We don't anticipate it will go to zero immediately as there will be some barrels coming into the market" via intermediaries, a refinery source said, declining to be named as they were not authorised to speak with media. 'IT ALL DEPENDS ON BANKS' Wednesday's sanctions, the first of President Donald Trump's second term targeting Russia over its actions in Ukraine, come as his frustration grows with Russian President Vladimir Putin. "If the Trump administration does indeed back today's words by action, we anticipate that refiners seeking to retain access to U.S. capital markets will forego Russian barrels," RBC Capital analyst Helima Croft wrote in a note. The U.S. Treasury has given companies until November 21 to wind down their transactions with the Russian oil producers, according to a release on the sanctions on Wednesday. "It all depends on banks," another Indian refinery official said. "If banks clear payments then we will buy. Otherwise my intake will be zero." BIG BUYER Reliance, which is controlled by billionaire Mukesh Ambani and operates the world's biggest refining complex at Jamnagar in western Gujarat state, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian oil major Rosneft. The refiner also buys Russian oil from intermediaries. In recent days, Reliance has purchased spot crude cargoes from the Middle East and Brazil, which could be used to partly replace Russian supplies, traders said. It was seen in the market on Thursday scouting for supplies, said a Middle Eastern trader approached by Reliance. One of the sources said that before the U.S. move, Reliance was considering stopping Russian oil imports for the one of its two refineries that is export-focused due to a ban by the European Union on refined products produced from Russian oil that takes effect in January. Indian refiner Nayara Energy, whose biggest shareholder is Rosneft, also buys oil from the Russian state company. Nayara did not immediately respond to a request for comment. Indian state refiners rarely buy Russian oil directly from Rosneft and Lukoil as their purchases are typically made through intermediaries, trade sources said. Brent crude futures extended gains, rising more than 3% on Thursday.
U.S. President-elect Donald Trump said on Monday that on his first day in office he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, citing concerns over illegal immigration and the trade of illicit drugs. "On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders," Trump said in a post on Truth Social. Trump said the tariffs would remain in place until the two countries ...Read More >
Panaji (Goa) [India], November 27 (ANI): Filmmaker Madhur Bhandarkar, known for his films with gripping storylines, shared his experience of being part of the 55th International Film Festival of India (IFFI) and discussed his upcoming project, Wives of Bollywood. Speaking with ANI, he said, "I am very happy to be here. I have been attending for almost 20 or 22 years. I have been involved in various capacities -- sometimes as part of the standing committee, sometimes as a jury member, and sometimes as the chairman. It's a place where filmmakers from all over the world, as well as different sta ...Read More >
The newly elected President of the United States Donald Trump is extending his hands to unapologetically stand firm with United States most reliable ally, Israel. Donald Trump on 2nd December has issued a stark warning, declaring that there would be "hell to pay" in the Middle East if hostages held in the Gaza strip are not freed before his January 20, 2025, inauguration. During October 2023 terrorist attacks led by Hamas upon Israel, the terrorist group captured over 250 innocent individuals, with Israeli reports confirming dual Israeli-American nationals among the hostages. Currently, aroun ...Read More >
The best performers of the session on the Moroccan All Shares were Disty Technologies SA (CSE:DYT), which rose 4.94% or 12.00 points to trade at 255.00 at the close. Meanwhile, Ste de Travaux de Realisation d'Ouvrages et de Constuction Industielle SA (CSE:STR) added 4.62% or 2.14 points to end at 48.49 and Jet Contractors (CSE:JET) was up 4.50% or 68.00 points to 1,580.00 in late trade. The worst performers of the session were Disway SA (CSE:DWY), which fell 4.26% or 28.00 points to trade at 630.00 at the close. AFMA SA (CSE:AFM) declined 4.22% or 48.00 points to end at 1,090.00 and Stokvis N ...Read More >
ess than 24 hours after he asserted in Nigeria's Abuja that stepping out of the comfort zone, innovating and creating new paths has now become the very essence of today's India, Prime Minister Narendra Modi on Monday told the gathering of world's most influential leaders converged in Rio de Janeiro for the G20 Summit that the main reason for India's success lies in his government's 'back to basics' and 'march to the future' approach. Addressing the G20 session on 'Social Inclusion and the Fight Against Hunger and Poverty' at the bayside museum of modern art during the two-day 19th G20 Summit, ...Read More >
Bigg Boss 18: Shilpa Shirodkar is termed 'biggest backstabber' after Vivian Dsena... Deepak Kalal fights with passenger in flight? Know the truth behind viral video Delhi court fixes Nov 28 for hearing former CM Arvind Kejriwal's plea over sanction copy in... Where will the Champions Trophy 2025 be played? ICC to take final call on THIS date Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan recalls telling Amitabh Bachchan he made 'big mistake' by... Deepinder Goyal's Zomato opens Rs 8500 crore QIP share sale, sets floor price at Rs... Delhi Capitals co-owner pens emotional fare ...Read More >
HELSINKI - Finnish financial company Sampo Oyj (HEX:SAMPO) has completed the acquisition of its own A shares on November 26, as part of its ongoing share buyback program. The company reported that a total of 93,734 shares were purchased across various marketplaces at a weighted average price of €40.16 per share. The buyback initiative, which was first announced on June 17, 2024, originally set out to purchase up to €400 million worth of its own shares. Following a decision by Sampo's Board of Directors on September 16, 2024, the program was expanded to €475 million. The buyback is conducted u ...Read More >
At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close The rupee fell 2 paise to trade at 84.49 against the U.S. dollar in early trade on Friday (November 29, 2024) dragged down by significant foreign fund outflows and month-end dollar demand from importers. Forex traders said the rupee remains in a weakening mode due to dollar demand from importers and foreign banks. At the interbank foreign exchange, the rupee opened at 84.49 against the greenback, registering a fall of 2 paise over its previous close. On ...Read More >
JAKARTA (Reuters) - Indonesia and Canada on Monday signed a Comprehensive Economic Partnership Agreement (CEPA) that aims to strengthen economic ties between the two G20 members, three years after negotiations began. The agreement will take effect in 2026 and was signed in Jakarta by trade ministers of both countries. Indonesia's trade minister, Budi Santoso, said Indonesia appreciated Canada's support for its plan to prioritise its critical minerals sector, which was vital for its sustainable growth. "Together, we advance sustainable critical mineral management, supporting Indonesia's net ...Read More >
As per Moneycontrol's calculations, a 7 per cent growth in the remaining two quarters will put India's GDP at 6.5 per cent. The Indian economy would find it challenging to achieve over 7 per cent growth for the fourth consecutive year, economists said. They pointed out that the second-quarter (Q2) Gross Domestic Product (GDP) data, which was announced on November 29, has made the task even more daunting for the government. "A sharper than expected growth slowdown in Q2 has tilted risks to our outlook of 6.8 per cent for the current fiscal downwards," said DK Joshi, chief economist, Crisil. ...Read More >
The incoming US president has vowed to press for a quick deal to end Russia's war - leaving Kyiv scrambling to position itself ahead of his January inauguration Nato foreign ministers looked set to rebuff Tuesday a push from Ukraine for progress on joining their alliance ahead of Donald Trump taking power in the United States. The incoming US president has vowed to press for a quick deal to end Russia's war - leaving Kyiv scrambling to position itself ahead of his January inauguration. Ukraine's President Volodymyr Zelenskyy has said getting security guarantees from the Western alliance and ...Read More >
The escalating conflict could upset a hard-fought consensus that G20 negotiators reached around 5 a.m. on Sunday, after an overnight push to ready the joint statement for final review by leaders arriving in Rio. That preliminary consensus after six days of negotiations included streamlined language about global conflicts including the war in Ukraine, focusing on the need to negotiate peace rather than criticism of any participants. However, sources said even that "simpler" consensus may now be up for reconsideration following the Russian air strike and the prospect of further escalation. Un ...Read More >
In turn, Acura Capital executed a fictitious deal to attract other investors. Where $8 million were attracted. It is worth noting that at the moment the token price has fallen by half from the pre-sale price. As a reminder, Bohdan Prylepa was previously named the main suspect in a large-scale crypto fraud. The "businessman" embezzled a billion hryvnias that were intended for purchasing drones for the Armed Forces of Ukraine Furthermore, Prylepa's accomplices are under investigation: Saranenko, Shydlovskiy, Ivanov, Podpletko, Mazolyuk, and Vorobyov. These individuals allegedly helped block us ...Read More >
Trump warns BRICS nations against replacing US dollar Dec 2 (Reuters) - A gauge of emerging market stocks rose on Monday, driven by positive manufacturing data from China and expectations of continued policy support from Beijing, while India's rupee hit a record low because of weaker-than-expected economic data. As of 0932 GMT, the MSCI's index for emerging market stocks had risen by 0.7%, on track for its biggest percentage gain in over three weeks. China's blue-chip CSI 300 climbed 0.8%, and the Shanghai Composite index jumped 1.1% after a private survey indicated that Chinese factory act ...Read More >
The U.S. dollar continued its strong run on Monday, bolstered by soaring Treasury yields and expectations of limited Federal Reserve rate cuts. Meanwhile, the yen steadied ahead of a key speech by Bank of Japan Governor Kazuo Ueda, where he may hint at a possible rate hike in December, with markets pricing a 55% chance of such a move. Japanese Finance Minister Katsunobu Kato's warning on yen intervention caused a temporary pullback, while the dollar index touched a one-year high of 107.07. Analysts forecast further dollar gains as U.S. economic policies and performance outshine global peers. K ...Read More >
Euro zone government bond yields increased slightly as investors await upcoming inflation data that may influence the European Central Bank's policy direction. Concerns over potential tariff hikes from the U.S. could further impact ECB strategies. Germany's bond yields and political tensions in France also add to the economic uncertainties. On Tuesday, euro zone government bond yields saw a minor increase after hitting multi-week lows in the previous session. Investors are keenly awaiting inflation data later this week that could provide insight into the European Central Bank's potential poli ...Read More >
China and Hong Kong stock markets are experiencing a downturn due to rising concerns over the U.S.-China trade war, particularly regarding proposed tariffs and chip sales restrictions. The CSI300 and Shanghai Composite indexes fell, while Hong Kong's Hang Seng Index dropped 1.32%. Investors are wary of potential new restrictions on semiconductor and AI chip exports to China, further exacerbating market uncertainty. The automotive sector, led by BYD, also suffered from intense price competition among Chinese carmakers. Investor sentiment remains cautious, reflecting fears of escalating trade te ...Read More >
Mumbai, November 29: The Indian stock market opened in green on Friday as buying was seen in the Media and Pharma sector in early trade. At around 09.44 a.m., the Sensex was trading at 79,369.57 after gaining 325.83 points or 0.41 per cent, while the Nifty was trading at 24,019 after rising 104.85 points or 0.44 per cent. The market trend remained positive. On the National Stock Exchange (NSE), 1345 stocks were trading in the green, while 876 stocks were in the red. Nifty Bank was up 224.45 points or 0.43 per cent at 52,131.30. Nifty Midcap 100 index was trading at 56,397.95 after gaining 97. ...Read More >
Uber has launched India's first Shikara ride on Srinagar's Dal Lake, offering a unique and scenic experience. This new service allows passengers to enjoy the tranquil beauty of the lake while riding in a traditional Shikara boat. Booking is easy through the Uber app, with rides available daily from 10 AM to 6 PM. This initiative aims to boost tourism in the region while providing locals with a new way to experience the lake. With Uber's entry into the Shikara market, visitors can now enjoy a blend of modern convenience and traditional charm on Dal Lake. ...Read More >
Rupee has maintained its position as one of the best performing Asian currencies, despite the ongoing challenges and geopolitical crisis in the Middle East. Pankaj Chaudhary, Minister of State for Finance on Monday said that this stance indicates India's strong economic fundamentals. In a written reply in the Lok Sabha, he mentioned that Rupee's is market-determined, not limited to any target or specific level. He noted that, as of November 19, 2024, the domestic currency had dropped 1.4 percent against the US dollar in the current calendar year (CY) 2024 and decline was primarily driven by ...Read More >
The Chinese yuan was also facing its own challenges from the growing threat of more U.S. tariffs on China, pushing it down to a 13-month trough. Japan's tech-heavy Nikkei jumped 1.6% as of 0200 GMT, and South Korea's KOSPI advanced 1.7%. Taiwanese shares gained 1.1%. Australia's stocks benchmark rose 0.7% and reached a fresh all-time high. However, Chinese stocks were under pressure, with Hong Kong's Hang Seng edging slightly lower and mainland blue chips falling 0.3%. MSCI's broadest index of Asia-Pacific shares added 0.7%. Both S&P 500 and Nasdaq futures were flat after the cash indexes ...Read More >
Still, the ongoing U.N. climate talks have thrown a spotlight on their efforts to tackle global warming. While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings. G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. "The spotlight is naturally on the G20. They account for 80 percent of global emissions," U.N. Secretary Ge ...Read More >
Beijing: China has expressed its willingness to engage in dialogue with the United States following recent threats by former President Donald Trump to impose new tariffs on Chinese goods. The statement comes amid growing tensions between the two economic giants over trade practices, technology policies, and geopolitical issues. Chinese Foreign Ministry spokesperson, Wang Wenbin, said that China was open to "constructive dialogue" with the U.S., emphasizing the importance of cooperation to ensure global economic stability. "China believes that both countries should seek common ground and manag ...Read More >
TOI correspondent from Washington: In a warning shot that echoed across major world capitals and business majors on Tuesday, US President-elect Donald Trump said he will issue executive orders on day one of his presidency imposing new tariffs on all imported goods from China, Mexico and Canada, Washington's three largest trading partners, to stop the "invasion" of illegal migrants and drugs into the United States. In a post on his Truth Social platform, Trump put the onus of containing illegal border crossings squarely on two immediate neighbors on its southern and northern borders, saying "b ...Read More >
In the Indo-Pacific region, if one development would prove to be a landmark event in the region's modern history, it would be the signing of the Treaty of Comprehensive Partnership between North Korea and Russia in June 2024. The partnership has paved the way for strengthening bilateral ties between Moscow and Pyongyang and marked the onset of the global order transition, which was already underway. The institutionalization of the U.S., South Korea, and Japan's trilateral security cooperation has also given Russia and North Korea another strategic reason to collaborate. Therefore, with the geo ...Read More >
Trump's pressure on countries to remain tied to a US-dollar-based financial system could backfire, with potential increased motivation for BRICS to create alternatives. While the dollar's dominance persists due to existing economic strengths, recent global currency agreements indicate a cautious shift away from reliance on the greenback.Donald Trump's pressure on countries around the world to stay anchored to a US-dollar-based financial system is a tactic that risks backfiring, market watchers say. Dollar dominance looks set to continue for the foreseeable future and emerging nations' idea of ...Read More >
Major blast outside Badshah's nightclub in Chandigarh, glass window shatters; no casualty Amid linkup rumours with Abhishek Bachchan, Nimrat Kaur says 'that spotlight belonged to you': 'Main ta bahut lucky..' 'One Nation One Subscription': Centre's scheme to ensure access to research articles, journals EXPLAINED Shillong Teer Results TODAY November 26, 2024: Check winning numbers here Meet woman who has become the youngest to travel all 195 countries, she is from... Kerala lottery TODAY November 26 Live Sthree Sakthi SS 443 Tuesday, check winning ticket, prize money here The Matrix villa ...Read More >
Bhubaneswar: Internet facilities will be provided to all villages of the State by March 2025, said Odisha Electronics and IT minister Mukesh Mahaling in the Assembly on Monday. As per reports, Odisha IT Minister Mukesh Mahaling today said in the Assembly that internet facility will be made available to all the villages of the State by March 2025. There are 12602 5G towers in the State as of now. A task force has been formed at the district level to resolve the internet problem. Steps are being taken to install these towers. IT Minister Mukesh Mahalinga has informed this to the House. It is ...Read More >
Stock market today: The Indian stock market clocked healthy gains for the third consecutive session on Tuesday, December 3, led by gains in shares of select heavyweights, including Reliance Industries, HDFC Bank and Larsen and Toubro. Benchmark index Nifty 50 jumped 0.70 per cent to the level of 24,445.80, breaking above its 50 and 100-day exponential moving averages (DEMA). According to Trendlyne, an equity research platform, Nifty 50 is above its 100-day EMA of 24,306 and 50-day EMA of 24,364. However, the index is yet to breach its 50-day and 100-day simple moving averages (SMAs) of 24,643 ...Read More >
The steelmaker informed that it will reduce 5,000 jobs by 2030 and a further 6,000 jobs will be let go of via the sale of business activities or transfer to external service providers.Source : Thyssenkrupp Thyssenkrupp Steel Europe (TKSE) is planning to slash its workforce by roughly 40 per cent, the firm said on Monday. The steelmaker is looking to layoff nearly 11,000 workers as it announced a major restructuring move. The firm is a division of Thyssenkrupp AG and is the largest steelmaker in Germany. It has been facing pressure from cheaper Asian competitors, increasing power prices, and ...Read More >