Oman Financial News

Jaishankar will on Sunday embark on a six-day visit to Saudi Arabia, Germany and Switzerland with a larger aim to boost overall bilateral ties and deliberate on pressing regional and global challenges. He will first travel to the Saudi capital Riyadh on a two-day trip primarily to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting, according to the Ministry of External Affairs (MEA). The GCC is an influential grouping comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23. In Riyadh, Jaishankar is also expected to hold bilateral meetings with foreign ministers of several GCC member countries.

IMD) has forecasted heavy to very heavy rainfall across several states, including Maharashtra, Gujarat, Andhra Pradesh, Telangana, Meghalaya, and Mizoram on Monday. These areas have already been experiencing severe flooding due to prior heavy rain. Additionally, Cyclone ASNA has weakened, bringing some relief to affected regions. The IMD announced the weakening of Cyclone ASNA in a post on X. «Deep Depression (Remnant of CS ASNA) over northwest Arabian Sea weakened into a depression & lay centered at 05.30 hrs IST of 2 Sep over the same region about 200km southeast of Ras Al Hadd (Oman). Likely to weaken gradually into a well-marked low-pressure area during next 6 hours,” the agency stated.

Islamic State has described the 26-year-old Syrian man taken into custody after a stabbing rampage in the western German city of Solingen as a «soldier» of the group. Though largely crushed by a U.S.-led coalition several years ago, IS has managed some major attacks while seeking to rebuild. They include an assault on a Russian concert hall in March that killed at least 143 people and two explosions in the Iranian city of Kerman in January that killed nearly 100 people.

₹12,500 crore every month on foreign travel in FY 2023-24. Naidoo also highlights the popularity of weekend getaways and staycations, which fuels the demand. Contemporary retail experiences, including the open-plan layouts of stores and women sales personnel in the lingerie and swimwear sections, also make a difference.

Tax Intelligence (DGGI) has sent showcause notices to 10 foreign airlines operating in the country, for alleged non-payment of tax amounting to ₹10,000 crore, officials said. They include British Airways, Lufthansa, Oman Air, Emirates and Singapore Airlines, they said. The notices, sent over the past three days, deal with unpaid tax dues on the import of services by Indian branches from head offices, officials said. Airlines are not covered by a June 26 circular on valuation of supply of import of services by a related person, where the recipient is eligible for full input tax credit, an official said. DGGI sought segregated list This is the circular cited by Infosys following a recent integrated GST demand amounting to Rs 32,000 crore.

Indian Navy warship INS Teg is actively engaged in a search and rescue operation off the coast of Oman after an oil tanker capsized on July 15. As of now, the mission has successfully rescued eight Indian nationals and one Sri Lankan from the stricken vessel. The Indian Navy continues to search for additional crew members who remain missing. The operation was launched immediately after the tanker capsized, with INS Teg deploying advanced equipment and personnel to locate and assist the remaining crew. The Navy has coordinated with local Omauthorities and international maritime agencies to enhance the search efforts.

Nine crew members were rescued and another died as teams searched for others after an oil tanker capsized this week off the coast of Oman, according to the country's state news agency

Indian Ocean Region, Indian Navy deployed warship INS Teg to rescue crew members onboard a Comoros-flagged cargo vessel that capsized off Oman coast three days ago. Nine crew members — eight Indians and a Sri Lankan national — were successfully saved. «One crew member was found deceased. The search-and-rescue operations continue for the remaining members of the vessel's crew,» Oman's Maritime Security Centre said in a post on X. The nationality of the deceased person is not yet known. The vessel MT Falcon Prestige had capsized on July 14 and had transmitted a distress call around 2200 hours. The merchant vessel had a crew of 16, of which 13 were Indian seafarers.

Indian national was among six people killed in a rare shooting attack by Islamic State militant group near a Shia Muslim mosque in Oman's capital. The shooting on Monday night near the Imam Ali Mosque also claimed the lives of one policeman and four Pakistan nationals, while injuring 28 others. «Following the shooting incident reported in Muscat city on July 15, Foreign Ministry of Sultanate of Oman has informed that one Indian national has lost his life & another is injured,» Embassy of India in Muscat posted on X Tuesday. «Embassy offers its sincere condolences & stands ready to offer all assistance to the families,» it said.

Duqm, the nation's Maritime Security Centre said on social media website X. The Comoros-flagged Prestige Falcon had a 16-member crew — 13 from India and three from Sri Lanka — and search and rescue operations to locate missing seafarers are underway. The incident happened Monday 25 nautical miles southeast of Ras Madrakah.

Titan Ltd registered 9% year-on-year growth in its business for the first quarter ended June 2024. The company had added a total of 61 stores during the reporting period, taking the company's total retail presence to 3,096 stores. Segment wise, jewellery domestic operations rose 8% year-on-year. The company said the week of Akshaya Tritiya witnessed double-digit growth compared to the same period last year.

An attack by Yemen’s Houthi rebels has targeted a ship in the Gulf of Aden

Iran's Chabahar Port not only holds «great value» to landlocked Central Asian states but also «de-risks» commerce between India and Eurasia, Prime Minister Narendra Modi said on Thursday. External Affairs Minister S Jaishankar, who is in Astana to attend the SCO Summit, delivered Modi's remarks at the extended format meeting of the Shanghai Cooperation Organisation (SCO) Council of Heads of State here in the Kazakh capital. He also said, «While standing resolute on challenges, it is equally important to actively and collaboratively explore avenues of progress. The current global debate is focused on creating new connectivity linkages that would better serve a rebalanced world.» «If this is to gather serious momentum, it requires the joint efforts of many. It must also be respectful of the sovereignty and territorial integrity of states and be built on the foundation of non-discriminatory trade and transit rights to neighbours.»

Titan Company on Saturday said it is launching its jewellery brand Tanishq in Bangladesh as part of expansion plans in the international market. On Friday, the Tata Group-managed firm signed a JV agreement to this effect with Rhythm Group which will make Tanishq available across the Bangladesh market, according to a joint statement. The joint venture will commence with the opening of the manufacturing facility in Narayanganj, in Bangladesh, it added. Besides the domestic market, Titan is expanding Tanishq's presence in the international market and operates 17 stores across the UAE, US, Qatar, Singapore and Oman.

cricket matches so far. India have won 14, South Africa 11 and one match did not produce any results. In T20 World Cups, these two teams have clashed against each other 6 times.

₹494.95 per share, 34.13% higher than the issue price of ₹369. On BSE, Stanley Lifestyles share price today opened at ₹499 apiece, up 35.23% than the issue price.Market experts anticipated Stanley Lifestyles share price to open in the range of ₹540 to ₹550 apiece.According to BSE data, 96.98 subscriptions have been received for the luxury furniture company Stanley Lifestyles' initial public offering (IPO) on Tuesday, June 25, the last day of subscriptions.

Greenko Group is in talks with state-run power financier REC to raise funds for its green hydrogen and green ammonia project of 600 MW capacity, said two people close to the development. Greenko is looking to secure ₹2,200-2,400 crore from REC. Upon achieving financial closure, the company will enter into firm and definitive agreements with the lender, one of the persons said. The project has an offtake agreement with Norway's Yara and received pre-certification for ammonia. An offtake agreement is a contract to buy or sell goods in advance of production, which will facilitate financing for the project. Greenko has signed a term sheet with Yara Clean Ammonia in May this year, the trader and distributor of ammonia, for the supply of renewable ammonia from Phase 1 of AM Green's ammonia production facility in Kakinada, Andhra Pradesh.

₹537 crore initial public offering (IPO) of Stanley Lifestyles was available for subscription between June 21 and June 25 with a price band of ₹351-369. The issue saw overwhelming demand, being subscribed 97.16 times in the 3 days of bidding.

The Federal Investigation Agency (FIA) Anti-Human Trafficking Circle made the arrest on Sunday of the person identified as Azhar.

₹537.02 crore, comprising a fresh issue and an offer-for-sale.The Bengaluru-based furniture maker raised over ₹161.10 crore from anchor investors on Thursday ahead of its initial public offering.Stanley Lifestyles is a super-premium and luxury furniture brand in India involved in manufacturing and retail operations.Experts point out that in FY23, it was the fourth-largest revenue-generating player in the home furniture segment in India.Stanley Lifestyles is among the first few Indian companies in the super-premium and luxury furniture segment and one of the few Indian companies present across various price points, such as super-premium, luxury and ultra-luxury segments, through its various brands.Here are ten key points about Stanley Lifestyles and its IPO:A book-built issue of ₹537.02 crores, Stanley Lifestyles IPO combines a fresh issue and an offer-for-sale (OFS) by its promoters and shareholders. It comprises a fresh issue of ₹200 crore and an OFS of 91,33,454 shares, aggregating to ₹337.02 crore.The promoter-selling shareholders under the OFS are Sunil Suresh and Shubha Sunil, who will offload up to 11.82 lakh shares each.

This follows an unbeaten run in Group A matches held in the USA, despite challenging batting conditions in New York. India's consistent performance in the Group A matches, overcoming the tough batting conditions in New York, has positioned them favourably as they advance to the Super Eight.