Category «Market»

Oil prices are falling as Joe Biden advocates for lower US fuel prices

Brent crude prices

As U.S. President Joe Biden pushed for lower fuel prices, putting pressure on significant U.S. corporations to lessen the burden on drivers during the nation’s peak summer demand, oil prices fell in early trade on Wednesday. While Brent crude prices declined $1.33, or 1.2 percent, to $113.32 a barrel at 0031 GMT, U.S. West Texas …

Crude oil prices are down 6%, while ONGC, Oil India, and Adani Total are down 17%

crude oil prices

Oil prices fell almost 5% to a three-week low on Friday, prompting investors to fear that interest rate rises by major central banks would slow the global economy and reduce energy demand. Shares of energy companies fell up to 17% on the BSE in Monday’s session. In intra-day trading on the BSE, Mangalore Refinery & …

Dollar continues 20-year high vs yen amid inflation fears; Aussie falls

Asian trading hours

The dollar extended its overnight run into Asian trading hours on Tuesday, reaching new two-decade highs against the yen as concerns over continuing inflation drove up US bond rates. The dollar gained ground against the euro, pound, and Swiss franc. It also rose against the Australian dollar, with the market divided on whether the country’s …

Sugar stocks continue to decline, falling up to 9% as the government bans exports

Sugar company shares

Sugar company shares were under pressure for the second day in a row, tumbling up to 9% on the BSE in Wednesday’s trade after the government announced export limits on sugar on Tuesday. Sugar exports will be regulated by the government, with a limit of 10 MT for the current sugar season. Sugar mills have …

Despite India’s energy problem, power equities are gaining traction

India's power consumption

In April, India’s power consumption reached an all-time high of 132.98 billion units, owing to the country’s rising mercury levels. The country’s electricity demand is likely to grow to 220 gigawatts in the next two months, according to India’s power ministry, as the meteorological department predicts above-normal maximum temperatures in the west-central, north-west, north, and …

Lankan equities plummet as trading resumes after a two-week hiatus amid a worsening crisis.

Sri Lankan stocks fell and were set for another day of trading stoppage when the market opened for the first time in two weeks, during which the economic situation worsened. Within seconds after resuming trading, the Sri Lanka Stock Exchange Colombo All-Share Index plunged as much as 6.7 percent, while the blue-chip index fell 5.2 …

Zomato falls 5% on reports of CCI probe against unfair business practices

Zomato falls 5% on reports

Shares of Zomato plunged to Rs 82.15 on the BSE in Tuesday’s intra-day trade on the back of heavy volume following reports that the Competition Commission (CCI) on Monday ordered a detailed probe against food delivery platforms, Zomato and Swiggy, for alleged unfair business practices with respect to their dealings with restaurant partners. The stock of the …

Amazon jumps on plan to split stock by 20-to-1 ratio, buy back up to $10 bn

Amazon jumps on plan to split stock

Amazoncom Inc. .is planning to split its stock for the first time in more than two decades in a move that will end an era of four-digit stock prices for the biggest U.S. technology companies. Amazon intends to boost its outstanding shares by a 20-to-1 ratio, under a plan disclosed late Wednesday, joining other technology giants like …

IGL surges 10% on reports of CNG price hike; MGL rises 8% in choppy market

IGL surges 10% on reports of CNG price

Shares of city gas distribution (CGD) companies, Indraprastha Gas (IGL) and Mahanagar Gas (MGL), rallied up to 10 percent in the intra-day trade on Tuesday amid reports of IGL announcing a hike in prices of compressed natural gas (CNG) in the Delhi-NCR region. The prices have been hiked by 50 paise per kilo in Delhi while Re 1 per kilo in …