BUSINESS
India, China bought 80% of Russian crude in May: IEA
"India has increased purchases from almost nothing to close to 2 million barrels per day, while China has raised liftings by 500,000 barrels per day to 2.2 million barrels per day," the IEA said in its oil market report. Russia-origin seaborne crude exports averaged 3.87 million barrels per day in May, the highest since Russia invaded Ukraine in February 2022.
Indian stock markets reach close to 52 week high levels
The Nifty of the NSE opened at 18,723.30 and touched a high of 18,864.70 to close at 18,826 points. The 52-week high point was 18,887.60. Similarly, the Sensex of BSE opened at 62,960.73, touched a high of 62,520.36 and closed at 62,917.63 points. The highest level was 63,583.07 points.
Finance Ministry officials meet Moody's executives, seek upgraded rating
The Finance Ministry officials were led by Chief Economic Advisor V. Anantha Nageswaran. Sources said that India has asked Moody's executives as to how "Indonesia had a higher rating than India?" Moody's has retained its sovereign rating for India at the lowest investment grade of 'Baa3' with a 'stable' outlook.
Moody's warns of 'highly uncertain' funding prospects for Pakistan
The credit rating company, in an issuer comment report, said: "Whether Pakistan will join another IMF programme may only become clear after elections, which are due by October 2023. Negotiations for any future IMF programme would also take some time, even if they succeed."
GST council may mull steps to prevent fake generation of ITC in next meeting: Official
The GST Council is scheduled to meet on July 11. Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event. He further informed that the finance ministry may consider imposing countervailing duty on steel imports from China.
Chanchal Kumar appointed new Civil Aviation Secretary
According to an order passed late on Tuesday, he will initially serve as the Officer on Special Duty in the Ministry of Civil Aviation, holding the rank and pay equivalent to the Secretary to the government of India, starting from August 1. Upon the retirement of incumbent Rajiv Bansal on August 31, Chanchal Kumar will take over as Secretary.
Coal stock reaches 110.58 million tonnes, records 44% YoY growth
At the same time, in terms of coal dispatch to the power sector, the cumulative achievement for 2023-24 as on June 13 amounted to 164.84 million tonnes, registering a growth of 5.11 per cent compared to the corresponding period of last year, when it was 156.83 million tonnes, thus ensuring a steady supply of coal to meet the energy requirements of the power sector.
Homegrown boAt logs Rs 4,000 cr in net sales in FY23
In FY23, around 15 million products were made in India by the company. The company said that this milestone has been achieved on the back of its sustained presence in the audio category, establishing a leadership position in the hyper-growth wearables category.
India's export, import fell in May, trade deficit rises to 5-month high
Imports also slid 6.6 per cent to $57.1 billion against $61.13 billion during the corresponding period of last year. As a result, the trade deficit rose to a five-month high of $22.1 billion. India has been consistently witnessing trade deficit for many years now. It occurs mainly due to high demand for crude oil, gold and electronic goods, which form a main chunk of India's import basket.
Government slashes import duty on soyabean, sunflower oils
Basic import duty on refined soyabean oil and refined sunflower Oil reduced from 17.5 per cent to 12.5 per cent. The move will augment earlier measures taken by the government to reduce the prices of edible oils in the domestic market. The basic import duty is an important factor which impacts the landed cost of edible oils which in turn affects the domestic prices.
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