Trade Financial News

Reliance Industries Ltd. has paused further purchases of Venezuelan crude after US President Donald Trump authorized a 25% tariff on countries buying the South American country’s oil. India’s largest privately owned refiner is expected to take delivery of a cargo of Merey crude that’s currently en route from Venezuela, but additional buying has been put on hold, according to people familiar with the situation, who asked not to be identified because the matter is sensitive. Reliance secured waivers from the US last year to resume importing crude from Venezuela, and Kpler estimates the refiner has taken 6.5 million barrels since the start of the year. Trump’s executive order on Monday, however, will target any nation taking Venezuelan oil with “secondary” tariffs, with effect from April 2.

Subscribe to enjoy similar stories. India’s policymakers should be drawing up strategies to deal with the new age of trade barriers. Instead, they seem to be looking forward to it with a certain confidence, even optimism.

Nifty, traded lower on Wednesday, halting a seven-day rally, as investors took a breather and awaited clarity on impending U.S. tariffs. Barring auto stocks, all sectoral indices were in the red. The BSE Sensex was down 551 points, or 0.71%, at 77,465.56, while the Nifty50 declined 131 points, or 0.55%, to 23,537 around 1:42 pm. In the last seven sessions, Sensex gained 4,189 points, while the Nifty added 1,271 points.

Subscribe to enjoy similar stories. President Trump’s trade war is forcing America’s closest allies to choose between fighting back, or acquiescing. The trouble is, nobody has figured out which is the best way to get Trump to do what they want.

Subscribe to enjoy similar stories. Despite the growing wave of nationalistic cinema in India, overseas audiences remain largely unmoved by its fervour. While films like Chhaava, Sky Force, and The Kashmir Files have struck a chord domestically, their overseas performance tells a different story.

Subscribe to enjoy similar stories. It’s time to hedge America. Even though President Donald Trump has declared that April 2 will be America’s Liberation Day, stock investors may reach a different conclusion.

Subscribe to enjoy similar stories. U.S. stocks have sold off this year on concerns about a burgeoning trade war and an accompanying economic slowdown.

Reliance Power Ltd.(up 9.05%), Power and Instrumentation(Gujarat)Ltd.(up 5.00%), Karma Energy Ltd.(up 2.12%), NHPC Ltd.(up 1.65%), Jaiprakash Power Ventures Ltd.(up 1.60%), Jyoti Structures Ltd.(up 1.43%), Power Grid Corporation of India Ltd.(up 1.17%), Transformers & Rectifiers(India)Ltd.(up 1.05%), NLC India Ltd.(up 1.02%) and Adani Energy Solutions Ltd.(up 0.94%) were among the top gainers.

gold April futures contracts at MCX on Wednesday opened flat with a negative bias, down by Rs 20 or 0.02% at Rs 87,534/10 grams, while the silver May futures opened higher by Rs 220 or 0.22% at Rs 99,373/kg. On Tuesday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 87,554 per 10 grams with a gain of 0.32%, and silver May futures contract settled at Rs 99,153 per kilogram with a gain of 1.70%.

Exide Industries and Amara Raja surged up to 5% in Wednesday's intraday trade after the Central Board of Direct Taxes (CBDT) expanded the scope of Safe Harbour Rules, including lithium-ion batteries used in electric and hybrid vehicles under the definition of core auto components, according to a notification. Safe Harbour Rules provide businesses immunity from detailed tax scrutiny if they comply with predefined pricing norms under the Income-tax Rules, 1962.

Coforge Ltd.(up 1.22 per cent), HCL Technologies Ltd.(up 0.72 per cent), Persistent Systems Ltd.(up 0.67 per cent), MphasiS Ltd.(up 0.54 per cent) and LTIMindtree Ltd.(up 0.39 per cent) were among the top gainers.

Ashok Leyland Ltd.(up 3.79 per cent), Samvardhana Motherson International Ltd.(up 2.87 per cent), Bosch Ltd.(up 2.26 per cent), Mahindra & Mahindra Ltd.(up 1.53 per cent) and Exide Industries Ltd.(up 1.25 per cent) were among the top gainers.

Domestic benchmark index NSE Nifty fell 22.61 points to 23646.05, while the BSE Sensex traded 161.0 points down at 77856.19.

However, foreign fund inflows supported the rupee at lower levels.

Zomato shares faced pressure in today’s trade, dropping 5% to an intraday low of Rs 199.90 on the BSE after global brokerage BofA Securities downgraded the stock and cut its price target, citing profitability concerns in the quick commerce and food delivery segments. According to a report by CNBC-TV18, which cited BofA’s latest note, the brokerage downgraded Zomato to «neutral» from its previous «buy» rating and reduced the price target to Rs 250 from Rs 300.

Siemens Energy India. The equity allotment ratio for the demerger has been set at 1:1, meaning Siemens shareholders will receive one equity share of Siemens Energy India for each Siemens share they own as of the record date.

MOIL Ltd.(up 1.57%), Ashapura Minechem Ltd.(up 0.62%), Gujarat Mineral Development Corporation Ltd.(up 0.61%), Oriental Trimex Ltd.(up 0.42%), Coal India Ltd.(up 0.34%), KIOCL Ltd.(up 0.20%), Madhav Marbles & Granites Ltd.(up 0.17%), Lexus Granito(India)Ltd.(up 0.15%) and NMDC Ltd.(up 0.09%) were among the top gainers.

The NSE Nifty index traded 1.35 points up at 23670.0, while BSE Sensex was down 60.05 points at 77957.14 as of 10:29AM(IST)on March 26.

«But eventually as it happens every time, the markets are always a leading indicator and they have stabilised for now. So, I do not see that kind of a pain setting in in the near future,» says Amnish Aggarwal, Prabhudas Lilladher. What should be a very basic strategy? For our viewers who are watching the show they want to benefit from your expertise. What would you advise them, if you have endured the pain now, wait for the gain? Amnish Aggarwal: As the situation stands, we might have seen the worst kind of a panic in the market and it happened in the previous quarter, you can say in the run up to March where there was a lot of panic that economy is going down, markets are going to crash.

The Asian financial center’s roadmap — an updated version was published last month — could serve as a blueprint for the US Securities and Exchange Commission, currently consulting the public to develop a “workable regulatory framework” for digital coins.

Marico Ltd.(up 1.81%), Nakoda Group Of Industries Ltd.(up 1.72%), Sheetal Cool Products Ltd.(up 1.29%), Nakoda Group Of Industries Ltd.(up 1.27%), Hatsun Agro Products Ltd.(up 0.98%), Bikaji Foods International Ltd.(up 0.93%), Heritage Foods Ltd.(up 0.89%), LT Foods Ltd.(up 0.54%), JHS Svendgaard Laboratories Ltd.(up 0.49%) and Procter & Gamble Hygiene & Healthcare Ltd.(up 0.46%) were among the top gainers.