Mercantile Financial News

Swan Energy paid ₹231.4 crore to lenders, the first full tranche of payment for acquiring Anil Ambani- promoted Reliance Naval and Engineering in a bankruptcy auction, the company said in a statement to the Bombay Stock Exchange. Swan Energy had to pay its first instalment of ₹292 crore in March but was given an extension by the bankruptcy tribunal after it paid ₹100 crore to lenders, ET had reported on October 10 Swan Energy partnered with resolution applicant Hazel Mercantile Ltd through its special purpose vehicle — Hazel Infra — to acquire RNEL under Insolvency and Bankruptcy Code (IBC).

Investing.com — Crude prices rose for the first time in four days, with global benchmark Brent recapturing key $90 per barrel pricing, as traders braced for the possibility of contagion from the Israel-Hamas war that could disrupt oil traffic in the Middle East — despite little evidence of such impact.

Investing.com — US crude oil stocks rose above the consensus of Wall Street analysts, with an unexpected rise at the federal level and at the storage hub tied to the delivery of contracts traded on the New York Mercantile Exchange, a government report showed Wednesday.

Investing.com — US crude stockpiles possibly fell as much as 2.7 million barrels last week, petroleum trade group API said Tuesday, reporting a second straight week of declines that suggested that strong exports were again influencing inventories.

From 8-½ month highs of nearly $3.50, US natural gas is clinging to low $3s now after a mini crash over two weeks.

NEW DELHI : The Gujarat administration has kept communication channels open with Tesla Inc. to support the US company’s plans in India, Gujarat chief minister Bhupendra Patel said in an email interview. The chief minister said the state has set the goal of raising its contribution to the nation’s economic output from a little over 8% now to 10% by 2026-27, by which time it hopes to become a $500 billion economy.

₹50 crore as upfront payment, in line with a National Company Law Tribunal (NCLT) order. On 5 October, the Ahmedabad bench of the NCLT had directed Swan Energy to make an upfront payment of ₹250 crore before seeking any more extensions to complete the corporate insolvency resolution process. Swan had filed an interlocutory application before the tribunal seeking an extension of time for making the upfront payment to implement the resolution plan for the company.

Swan Energy, the winning bidder of bankrupt Reliance Naval and Engineering, has deposited Rs 50 crore with lenders and sought a further extension to pay the entire first instalment, initially due in March 2023, said people with knowledge of the matter. To date, it has paid about Rs 100 crore of the first instalment, which is Rs 292 crore. It has to make payment in six instalments and the second instalment of Rs 313 crore is due in December this year.

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₹250 crore upfront before seeking any further extension to complete the corporate insolvency resolution process. A bench led by Justice Chitra Hankare held that “From the application, it appears that the applicant is ready to pay the amount in compliance of earlier order. Reliance Naval has submitted that the said amount is also not paid, and the amount is not given as per schedule.

₹753 crore had been credited into his Kotak Mahindra Bank account. However, the Kotak Mahindra Bank branch in Teynampet, where the pharmacy worker has the account, froze it, saying the erroneous deposit was due to a technical glitch. Mohammad Idris (30), the pharmacy worker has been staying in the Teynampet area for the last 10 years.

Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan, sources said. Swan Energy is yet to make the upfront payment of around Rs 250 crore as proposed in the resolution plan, even as the second extended deadline ended on September 14. The company has once again approached the NCLT seeking an unprecedented third extension of two months.

Investing.com — Things are beginning to look up for the natural gas bull, after months and months of haplessness.

Investing.com — US natural gas broke new ground with $3 pricing on Thursday, hitting nine-month highs after data showing a smaller-than-expected storage build last week in America’s favorite fuel for indoor heating and cooling.

Investing.com — Natural gas futures finished the last trading day of September down while posting weekly, monthly and even quarterly gains as the price of America’s favorite fuel for indoor heating and cooling neared the key psychological bullish $3 mark.

₹9,000 crore to a Chennai cab driver. In a regulatory filing, TMB informed about a board meeting on Thursday during which the resignation of S Krishnan was accepted. TMB added that the bank has updated the Reserve Bank of India (RBI) about the resignation for their guidance and S Krishnan will continue as MD and CEO till the guidance or advice is received from the central bank.

Popular investment management firm VanEck has announced its plans to roll out its Ethereum futures exchange-traded fund (ETF).

Relative Strength Index (RSI). On September 27, Wednesday, StockEdge unveiled that the RSI of several stocks was trending downwards, a signal that caught the attention of astute investors. In this article, we will explore the significance of RSI and delve into 10 stocks worth watching as their RSI trends down. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements.

NYSE Arca Exchange has submitted an updated application to list the Bitwise Bitcoin exchange-traded fund (ETF) Trust. 

Swan Energy plans to raise ₹1,435 crore by issuing preferential shares to Singapore-based foreign portfolio investor GCP INAB Pte Ltd in a move partly aimed at financing the acquisition of Anil Ambani-promoted Reliance Naval and Engineering (RNEL), people with knowledge of the development told ET. Last Friday, Swan Energy's board passed a resolution to raise the money by issuing preference shares at a premium of ₹495 to GCP INAB, it said in a notice to the exchange. On Friday, the company recalled its June proposal to raise ₹690 crore from the same investor by issuing preference shares. Swan Energy did not respond to ET's request for comments. The pricing of the preference shares is at a 66% premium to Friday's closing price of ₹298.4 apiece. The pricing is at a significant markup over the 52-week high of ₹379 a share (on January 1, 2023). Last December, the National Company Law Tribunal (NCLT) approved a ₹2,108-crore resolution plan offered jointly by Hazel Mercantile and Swan Energy for RNEL. The winning resolution applicant had to pay lenders in six instalments, the first of which — at ₹292 crore — was due in March this year.

Russia's fuel export ban counteracted fears that slowing economies and high interest rates could crimp demand. Brent futures were up 78 cents, or 0.84%, at $94.08 a barrel by 1443 GMT, while U.S. West Texas Intermediate crude (WTI) futures rose by $1.02, or 1.14%, to $90.65 a barrel. For the week, both benchmarks were relatively flat, after rising more than 10% in the previous three weeks on concerns about tight global supply. Russia's Transneft suspended deliveries of diesel to the key Baltic and Black Sea terminals of Primorsk and Novorossiysk on Friday, state media agency Tass said. Russia temporarily banned exports of gasoline and diesel to all countries outside a circle of four ex-Soviet states with immediate effect to stabilise the domestic fuel market, the government said on Thursday, without a specified end date. The ban will «bring new uncertainty into an already tight global refined product supply picture and the prospect that the impacted countries will be seeking to bid up cargoes from alternative suppliers,» RBC said in a note. Russian wholesale gasoline prices were down nearly 10% and diesel down 7.5% on Friday on the St.