City New Delhi Financial News

Ukraine war have fallen to an 11-month low as the price tag on the discounted oil rises, figures show. Since the invasion of Ukraine nearly two years ago, India has bought hundreds of millions of barrels of cut-price Russian crude, saving itself billions of dollars while bolstering Moscow's war coffers. The purchases have catapulted it to second place among Russia's customers behind China, and Indian officials have made no secret of their decision to prioritise national interest over international sanctions against Moscow. But the price of Russian crude has risen in the face of OPEC+ production cuts and increased demand from China, analysts say, making it less attractive to Indian customers. Indian refiners bought 1.45 million barrels per day of Russian oil last month, their lowest amount since last January and down nearly 16 percent from November, according to global energy trade intelligence platform Kpler. The «interplay between India and China» was a key driver of the change, Viktor Katona, lead crude analyst at Kpler told AFP, «as both countries now vie for the same barrels». The biggest beneficiary of the change is Moscow: Russian crude has been trading above $85 per barrel, reports say, even though a coalition of the G7, EU and Australia imposed a $60 price cap a year ago. New Delhi's reduced imports will be welcomed by some European policymakers who have raised concerns over how Indian refiners have processed Russian crude into fuel for the European market, effectively bypassing the EU's sanctions. New Delhi and Moscow have ties dating back to the Cold War, and Russia remains by far the biggest arms supplier to the world's most populous country. India has shied away from explicit condemnations of Russia

Alipov has claimed that the scope of extensive cooperation in defence remains unprecedented– offering a wide range of combat-tested military hardware and a full transfer of technology. “we are working on joint development and manufacturing of the most sophisticated systems, ensuring a significant contribution to the “Make in India” and “Self-reliant India” initiatives,” Alipov said at a session earlier this week in New Delhi at VIF-Valdai Club.

NEW DELHI : A failed bid by Algeria to join the Brics grouping has impacted a $1.5 billion oil and gas project between the country’s state-run Sonatrach and Indian conglomerate Larsen & Toubro Ltd, three people aware of the development said. Despite the engineering multinational in a favourable position to bag the contract, the award did not go through and the tender was cancelled.

NEW DELHI : ONGC Videsh Ltd has incorporated a wholly owned subsidiary called OVL Overseas IFSC Ltd in Gujarat’s GIFT City that will function as a treasury hub catering to OVL and its 25 subsidiaries, including step-down subsidiaries, across 15 countries. “... OOIL expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million metric tonnes oil and oil equivalent (MMToe) by 2040 from overseas assets," ONGC Videsh said in a statement on Wednesday.

New Delhi: American aircraft manufacturer Boeing is under scrutiny once again for its 737 MAX aircraft after part of an Alaska Airlines Boeing 737 Max-9's fuselage blew out in midair on 5 January, forcing an emergency landing. India’s Directorate General of Civil Aviation (DGCA) immediately ordered three Indian airlines to conduct a one-time inspection of emergency exits on all their Boeing 737 Max-8 aircraft out. On Monday, Boeing shared instructions with airlines for inspecting their 737 Max-9 aircraft, after US regulators grounded 171 such planes because of the Alaska Airlines incident.

26 January Republic Day Parade, scheduled to be held in national capital Delhi. On Tuesday Karnataka Chief Minister Siddaramaiah took to microblogging platform X to hit out at Indian government by accusing them of ‘denying’ the Karnataka tableau because ‘there is Congress government’ in the state.

NEW DELHI : Bhavish Aggarwal-led Ola Electric has sold more than 8,200 scooters to promoter group company ANI Technologies Ltd, which is looking to launch and expand its electric bike taxi service in various Indian cities. Ola Electric, which has filed draft papers for an initial public offering, confirmed the numbers to Mint. However, Ola Electric’s draft papers, filed on 22 December and that cite financials till 30 June, make no mention of the related-party transaction, implying these sales occurred in the six months after June.

MUMBAI , NEW DELHI : Businesses looking to open shop in Gujarat’s Gift City are struggling for office space, as the demand for real estate has far outstripped supply in the special economic zone (SEZ). Companies are staring at wait times of several months to a few years before new office space opens up for leasing, multiple real estate executives, consultants and business owners said. They also said monthly office rentals have more than doubled from ₹40-50 per square foot two years ago to around ₹90-120 per sq.

NEW DELHI : After an expected spurt in the next fiscal year, government capital expenditure (capex) may grow at a more sedate pace in the years ahead as the Centre sets its sights on fiscal consolidation, two people aware of the plans said. The Union government may boost capex allocation by 25% to a record ₹12.5 trillion in 2024-25, Mint reported in November. However, the Centre is also keen to bring the fiscal deficit below the targeted 4.5% by 2025-26.

₹1,180.2 crore by PC Jeweller. The NCLT adjourned the case until 29 January after considering the ongoing settlement talks. SBI initiated insolvency proceedings in June 2023 against PC Jeweller for the default and, besides NCLT, the bank has approached the Debt Recovery Appellate Tribunal to expedite the recovery process.

Narendra Modi have been deemed unacceptable by the business community, and this call to boycott aims to express solidarity and register disapproval against such disrespectful behaviour. The Confederation of All India Traders (CAIT) stated it has «urged traders and exporters to refrain from conducting business dealings with the Maldives».

Bangladesh Prime Minister Sheikh Hasina swept the country’s 7 January elections to achieve a fourth straight term in power, with her Awami League party winning a heavy majority of the parliamentary seats up for contest. It is another matter that these were not contested in any real sense, as the main opposition Bangladesh Nationalist Party (BNP) had boycotted the polls.

NEW DELHI : The Union government may allocate ₹2.2 trillion towards food subsidy in the forthcoming budget to pay for higher farm support prices and an extended free food scheme, a top official said. The allocation, which could be 10% higher than last year’s, would be at a time the government is focused on ensuring food security and keeping food inflation in check. While the food subsidy allocation for 2023-24 was ₹1.97 trillion, the outgo in the current fiscal has already crossed ₹2 trillion, Union food and public distribution department’s secretary Sanjeev Chopra said.

BENGALURU , NEW DELHI : Top leaders of Ola Electric and Firstcry stand to make a windfall in their companies’ upcoming public listing, an analysis of their draft red herring prospectus (DRHP) by Mint showed. The top 10 executives of Bhavish Aggarwal-led e-scooter manufacturer Ola Electric are sitting on a potential cash value of ₹16,792 crore, of which Aggarwal’s stake alone is worth a little more than ₹16,000 crore. The rest of the executives were granted stock options over the years, through the company’s employee stock ownership plan (Esop) policy.

NEW DELHI : Adverse comments against India’s prime minister by three ministers of Maldives appear to have set off a chain reaction of holiday cancellations to the island nation. An executive committee member of Outbound Tour Operators Association of India said some travel companies have calculated that between 6 and 7 January, the industry might have seen up to 8,000 cancellations for hotel bookings in the Maldives by small groups from India.

NEW DELHI : Mutual funds may get to invest in companies traded in Gujarat’s Gift City exchanges beyond the normal cap that applies for their overseas investments. The move comes at a time the government is opening up the special economic zone for direct listing of Indian firms. A 16-member expert panel appointed by the International Financial Services Centres Authority (IFSCA) last week recommended a special carve-out for mutual funds wanting to invest in Gift City.

NEW DELHI : New Delhi summoned the Maldivian high commissioner in India on Monday, after distasteful comments by Maldivian ministers raised the diplomatic temperature between the neighbours. Maldivian high commissioner Ibrahim Shaheeb was summoned to India’s ministry of external affairs (MEA) in New Delhi on Monday morning. “Our High Commission in Maldives had strongly raised and expressed concerns about the comments made in regard to the prime minister by certain ministers in the Maldives government with the foreign office today," an MEA official said.

Indians who have never wanted to go to the Maldives on vacation now don't want to go vacationing to the Maldives. Which makes boycotting the Maldives as a holiday destination a wee bit easier.

In his upcoming book, Bisaria, who was serving as Indian High Commissioner to Islamabad in that period, also writes that India was willing to send an aircraft of the Indian Air Force to Pakistan to bring back Wing Commander Abhinandan Varthaman, but the Pakistani government refused permission. Varthaman (now Group Captain) downed a Pakistani jet on February 27, 2019, before his MiG 21 Bison jet was hit in a dogfight. Pakistan had launched the retaliation for the Balakot airstrikes a day before.

Hundreds of master kite makers, teams of pilots and contestants coming from all over the world including a team from South American nation Peru participated in the inauguration of the Ahmedabad International Kite Festival, the most important cultural event in the State of Gujarat.

NEW DELHI : The Supreme Court on Monday issued a notice to the government seeking a response to a plea filed by online gaming companies on tax demands adding up to ₹1.5 lakh crore. The court, however, did not issue a stay on the tax notices issued by the government. A three-judge bench of the Supreme Court led by Chief Justice D.Y.