WhatsApp Financial News

Private sector fuel retailers Jio-BP, Rosneft-backed Nayara Energy and Shell haven't yet been able to fully regain the market share they gave up in 2022 after the beginning of the Russia-Ukraine war that triggered a turmoil in the global oil market and made domestic fuel sales loss making for some time. The three private sector retailers had a combined market share of 8.7% in petrol sales in February, lower than 10% in the same month of 2022, according to industry data. For diesel, their share was 9.3% as against 10.8% two years earlier. Their share, however, is up from last year's 7.4% in petrol and 4.9% in diesel. The market share for all three private companies is lower than their respective shares two years ago in both petrol and diesel. Nayara Energy leads the private players, accounting for more than half of their combined sales. Nayara also operates the largest network of petrol pumps among private retailers. It has 6,590 pumps while Jio-BP, the joint venture of Reliance Industries and BP, operates 1,700 pumps, according to the oil ministry data. Shell has just 340 fuel stations and less than 1% share in domestic sales of petrol and diesel.

Balyasny Asset Management, the multistrategy hedge fund co-founded by the comparatively jolly personage of Dmitry Balyasny, has promoted a new class of partners. 

Fresh from announcing bonuses, which were down a mere 10% or so according to Bloomberg, Deutsche Bank has promoted a new class of managing directors (MDs).  

Balyasny Asset Management (BAM) appears to have made one of Millennium's London portfolio managers an offer he couldn't refuse. 

Adani Electricity Mumbai has topped the chart in the performance ranking of power distribution companies for 2022-23, a statement said on Monday. Torrent Power Surat and Torrent Power Ahmedabad were at second and third spots in the 12th edition of Integrated Rating of Discoms released by Union Minister for Power and New & Renewable Energy R K Singh. As many as 14 out of 55 distribution companies received the highest A+ rating. Utilities of Gujarat, Haryana, Karnataka, Madhya Pradesh and Andhra Pradesh were in A+ / A category, a power ministry release stated. In all, out of the 55 utilities which have been rated, 14 have received a performance rating of A+, 4 have received A, 7 have received B, 13 have received B-, 11 have received C and 6 have received the rating of C-. No utility has received the lowest rating of D, the ministry said.

Dharavi Redevelopment Project — a special purpose vehicle set up through a joint venture between the Adani Group and Maharashtra government — on Monday said it will begin a survey next week to determine eligibility of the slum residents for their rehabilitation. Starting with Kamla Raman Nagar from March 18, the survey will collect data from lakhs of informal tenement residents, according to a statement. «The data will be used by the state government to determine their rehabilitation eligibility criteria under the proposed redevelopment project,» it said. A specially developed app will be used to capture the data and every informal settlement will be given a unique number, which will be followed with laser mapping of each lane.

GE Aerospace on Monday said it has signed a flight operations software contract with Air India. «This strategic collaboration marks a significant milestone as Air India becomes the first enterprise in India to adopt GE's FlightPulse pilot app together with Safety and Fuel Insight for its entire group,» it said in a release.

«In the last 11 months, we have sold 7.56 lakh units in passenger, commercial including three-wheelers. The trend indicates we are crossing the eight lakh mark by March 2024,» M&M's national sales head Baneswar Banerjee told PTI on the sidelines of the launch of a dealership by Landmark group. The company without any timeline stated that it will introduce three pure electric utility vehicles, amid the EV charging ecosystem still evolving in the country.

Shares of Au Small Finance Bank Ltd.(up 2.27 per cent) ended the day as top gainers in the pack.

On the BSE, JTL Infra(down 19.99 per cent), Filatex Fash(down 19.98 per cent), Sindhu Trade(down 19.97 per cent), VMV Holidays Ltd.(down 18.58 per cent) and BCL Industries(down 17.45 per cent) stood among the top losers in today's trade.

Narendra Modi will inaugurate 10 new Vande Bharat trains across various routes in the country, pushing the total number of operational trains past the half-century mark. These new additions come a little over two months since the last batch of trains were launched. 10 New Vande Bharat's Routes The 10 new trains cover a range of routes, including 1. Lucknow-Dehradun 2. Patna-Lucknow

Madras High Court ruling as «atrocious,» the Supreme Court has agreed to examine a plea challenging the judgment related to watch and downloading child pornographic content privately. The Madras High Court had asserted that simply downloading and watching child pornography does not constitute an offense under the Protection of Children from Sexual Offences (POCSO) Act and the Information Technology law. The High Court's decision, which was delivered on January 11, garnered widespread attention as it quashed criminal proceedings against a 28-year-old individual accused of downloading pornographic material involving children on his mobile phone. According to the High Court, the existing laws do not consider mere viewing of child pornography as an offense under the Information Technology Act, 2000. Expressing concern over the prevalence of pornography consumption among today's youth, the High Court suggested a more nuanced approach to address the issue. It emphasized the importance of education and counseling rather than punitive measures. The ruling highlighted the necessity of guiding and advising young individuals who may be grappling with the consequences of exposure to adult content.

Kolkata: The CBI visited Bongaon in North 24 Parganas district on Monday in connection with its investigation into the attack on an Enforcement Directorate (ED) team that went to arrest TMC leader Shankar Adhya on January 5, officials said. The ED team was attacked by a mob when they went to search properties linked to him in connection with the alleged ration scam. Adhya, the former chairman of the Bongaon Municipality, was arrested following the searches that lasted for around 17 hours, they said. The mob allegedly tried to prevent the ED team from taking Adhya with them, hurling stones at their vehicles. The CRPF personnel accompanying the team had to baton charge to control the situation, they added. The CBI team that went to Adhya's house was accompanied by forensic sciences personnel, officials said.

Congress on Monday said that the coastal road, which is important for Mumbaikars, should remain toll-free. The first phase of the coastal road between Worli and Marine Drive in south Mumbai was inaugurated by Chief Minister Eknath Shinde. The 53-km-long coastal road, named 'Dharmaveer Sambhaji Maharaj Coastal Road, will be connected to the Bandra-Worli Sea Link and extend to Dahisar. Speaking to reporters, the Congress' Mumbai unit chief Varsha Gaikwad said, «A route of the coastal road was partially thrown open to the public today after its inauguration was postponed several times. Former chief minister, late Vilasrao Deshmukh, had conceptualised the project, and then CM Prithviraj Chavan took major steps to implement it. The current leaders should not try to take complete credit for the work.»

diplomatic protest with India over Prime Minister Narendra Modi's visit to Arunachal Pradesh last week, reiterating its claim over the area by saying India's moves will «only complicate» the boundary question. Prime Minister Modi on Saturday dedicated to the nation the Sela Tunnel built at an altitude of 13,000 feet in Arunachal Pradesh that will provide all-weather connectivity to strategically located Tawang and is expected to ensure better movement of troops along the frontier region. The Rs 825 crore tunnel, constructed on the road connecting Assam's Tezpur to West Kameng district of Arunachal Pradesh, is being billed as the longest bi-lane road tunnel in the world at such an altitude. The Sela Tunnel will provide for better movement of troops and weaponry to various forward locations along the Line of Actual Control (LAC) with China, according to military officials.

HC order directing a CBI probe in the Sandeshkhali matter pertaining to the attack on ED officials. However, the Supreme Court expunged remarks made by the High Court against state police and government. In an order passed on March 5, the Calcutta High Court had ordered an independent CBI probe and directed the West Bengal Police to hand over the accused mastermind behind the attack, Sheikh Shahjahan, from the custody of the CID to the CBI on the same day.

US Embassy in New Delhi processed more than 1,000 visitor visa applicants for interviews during the 'Super Saturday' drive. The US Ambassador to India Eric Garcetti joined the embassy team to support the surge and assist in the fingerprint verification process, according to a press release from the embassy. 'Super Saturday' drives, initiated sporadically since 2022, are set to become a quarterly feature going forward.

₹91 to ₹96 apiece of face value of ₹10 each. Enfuse Solutions IPO will open for subscription on Friday, March 15, and close on Tuesday, March 19.

Bharat Electronics Ltd. traded 0.9 per cent down at Rs 213.45 at 01:14PM (IST) on Monday, even as BSE benchmark Sensex dropped 392.98 points to 73726.41. The stock had closed at Rs 215.4 in the previous session. The stock quoted a 52-week high and 52-week low of Rs 216.7 and Rs 89.68, respectively.

Election Commission held a briefing here in the national capital on Monday for all its observers for the General Election to Lok Sabha and General Election to Legislative Assemblies 2024. Chief Election Commissioner Rajiv Kumar will address the meeting, according to sources. The aim of the meeting for over 2000 observers is to streamline strategy to ensure that the model code is implemented during the elections. The observers will monitor polls to ensure the process is «free and fair.»

Hungary's new immigration law which was planned to begin on March 1 introduces stricter conditions to existing regulations for third-country nationals (TCNs). The new regulation outlines 24 types, including 8 for the purpose of employment. The residence permit for other purposes, which was a rather flexible category, has been abolished. The previous immigration law in Hungary specified 18 types of residence permits. One of the biggest changes is that the new law introduces separate categories of work permits for highly-skilled workers and low-skilled guest workers, and a new permit for investors.