BUSINESS
ONGC shares up 8% as crude hits fresh high
Shares of state-run oil exploration company ONGC rose sharply on Monday in line with skyrocketing global crude oil prices. Ongoing hostilities between Russia and Ukraine as well as lack of fresh supplies pushed crude oil price to a 14-year high of $130 per barrel on Monday. Global crude oil prices have risen over 40 per cent in the past one-month period.
Oil price at highest level since 2008; Asian markets slump
Oil prices have soared to the highest level since 2008 after the US said it was discussing a potential embargo on Russian supplies with its allies, BBC reported. Brent crude -- the global oil benchmark -- spiked to above $139 a barrel, before easing back to below $130, BBC reported. Energy markets have been rocked in the recent days over supply fears triggered by the Russian invasion of Ukraine.
Stock Markets: Sensex, Nifty crash as crude prices soar
India's key indices -- S&P BSE Sensex and NSE Nifty50 -- fell sharply during the opening session on Monday amid skyrocketing crude oil prices. Notably, the Ukraine crisis pushed Brent crude oil price to $130 a barrel on Monday. The trend is expected to trigger an inflationary trend and ultimately a reversal in monetary policy stand.
Inflationary fears: Rupee hits record low at over 77 to USD
High commodity prices as well as outflow of foreign funds from equity markets dragged Indian rupee to a new record low against the US Dollar. Accordingly, rising prices of crude oil along with other commodities triggered by the Russia-Ukraine war had kept a weak pressure on the rupee.
Gold Rush: Ukraine war pushes up global prices to $2K
Inflationary fears triggered a rush for safe haven investments during the ongoing market volatility that pushed up the global gold price to $2,000 per ounce on Monday. Accordingly, the fears of supply shortages due to the Russian-Ukrainian conflict along with robust demand has kept prices higher. Besides, sanctions on Russia, which is a major producer of Gold, is expected to reduce the supply.
CBI to seek two week custody of ex-NSE CEO Chitra Ramkrishna
The Central Bureau of Investigation (CBI), which arrested the former Managing Director (MD) and Chief Executive Officer (CEO) of National Stock Exchange (NSE) Chitra Ramkrishna on Sunday night, is likely to seek two week custodial remand of her.
Russian banks switch to Chinese UnionPay after withdrawal of Visa and MasterCard
The step, which came shortly after Mastercard and Visa pledged to cease operations in Russia and disconnect all the country's banks from their payment systems, will enable the holders of new cards to use them for paying and withdrawing cash abroad, RT reported. On Saturday, international financial service providers Visa and Mastercard said they would suspend operations in Russia within the next several days.
NSE ex-CEO Chitra Ramkrishna arrested by CBI
Arrested from her Delhi residence, Ramkrishna will be produced before the Rouse Avenue Court on Monday, and the agency will seek her custody for questioning. Earlier, ex-Group Operating Officer Anand Subramanian was arrested on the night of February 24 after several rounds of questioning. He was later sent to CBI custody till March 6. The CBI is trying to corroborate the evidences collected by them with the questioning of Subramanian.
CredAvenue fastest Indian fintech unicorn after raising $137 mn
Debt marketplace CredAvenue on Sunday announced that it is India's fastest fintech to join the unicorn club with a Series B fundraising round of $137 million. The fundraising round was led by New York-based global private equity and venture capital firm Insight Partners, B Capital Group, and Dragoneer, with participation from existing investors. As a result, the company's post-money valuation has grown to $1.3 billion.
Scam dark period of NSE history, says court denying Ramkrishna anticipatory bail
The Delhi court, which dimissed the anticipatory bail plea of National Stock Exchanges's (NSE) former Managing Director and CEO Chitra Ramkrishna in the fraud case, termed the scam as a "dark period" in the bourse's history. The Rouse Avenue Court's order, accessed by IANS, shows that the court was not happy with the conduct of Ramkrishna as NSE chief.
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