DIESEL EXPORT DEAL
Tanker carrying Russian diesel halts off US coast, shipping data shows
President Donald Trump last month announced a surprise deal with Moscow to import diesel from Russia to help lower prices at the pumps ahead of this month's US midterm elections.
Recent Ukrainian attacks have reduced Russia's oil processing capacity by 30%, sources say
Ukraine's attacks on Russian oil refineries add to Moscow's difficulties in addressing domestic fuel shortages as it ships diesel to international markets under an export deal with US President Donald Trump.
Q2 Earnings Scorecard: Which sectors outperformed and which fell behind?
The September quarter results indicate strong revenue and profit growth in sectors like automobiles and banking. In contrast, sectors such as IT and pharmaceuticals showed weakness amid inflationary pressures. Automobile sector leaders like Maruti Suzuki and Bajaj Auto reported significant growth in sales and exports. L&T's orders surged, while the cement sector faced challenges with fluctuating prices.
Middle East oil price war heralds post-conflict glut: Bousso
The Strait of Hormuz has become a bustling corridor for Middle Eastern oil, with exports rising sharply since September. However, the ongoing constraints in demand and refining capacity alongside dwindling global crude inventories mean that producers are slashing prices to lure in buyers within a fiercely competitive arena. Analysts foresee a possible surplus driven by increased output from Gulf nations, and a stable peace could exacerbate market dynamics.
Trump's midterm setback may put India under pressure for quick trade deal on US terms: GTRI
Amid electoral challenges, US President Donald Trump is likely to ramp up pressure on India to seal a trade deal. This potential agreement would require India to decrease import tariffs on US goods while the US keeps its tariffs intact. Analysts caution that such an arrangement may breach WTO MFN principles, undermining India's trade credibility. Additionally, compromising energy security and development aspirations could have serious implications.
Indian oil refiners expect healthy margins amid global supply disruptions
A combination of these factors offer Indian refiners an opportunity to capitalise on stronger diesel, gasoline and aviation turbine fuel (ATF) cracks. Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation and Hindustan Petroleum Corporation (HPCL) reported record refining performances in the September quarter (Q2) and expect the run to continue.
GRSE shares jump 9% after signing Rs 32,000 crore Indian Navy contract for five next-generation corvettes
GRSE shares surged nearly 9% after securing a Rs 32,000-crore Indian Navy contract to build five Next Generation Corvettes. The nine-year project will strengthen indigenous defence manufacturing, enhance maritime capabilities and reinforce GRSE's warship-building position, adding significantly to its order book and long-term business prospects.
Stocks in news: Reliance Industries, Jio Platforms, M&M, CDSL, ITC, NTPC, IOCL and Hero MotoCorp
Indian equity benchmarks closed higher on Friday, with significant gains recorded in the Nifty 50 and BSE Sensex. Several major companies, including Reliance Industries and Jio Platforms, published positive quarterly earnings results. Reliance Industries saw a 41% increase in net profit, supported by strong performances in various sectors. Other companies like Sun Pharma and Indian Oil Corporation also reported significant changes in their net profits.
US oil companies aim to squeeze more out of refineries as war supply crunch weighs
US oil companies are enhancing refinery capacities and reopening closed plants due to global supply disruptions. ExxonMobil and Chevron reported record profits, attributed to soaring commodity prices and refinery margins. Additionally, ongoing conflicts have severely impacted refining output, particularly in Russia and Iran. Analysts suggest that it may take until next year for supply chains to stabilize.
ET Prime Special Series: Multibagger or IBC - Part 82: This auto ancillary’s name tells only 20% of the story. What’s the other 80%?
The shift towards electric vehicles, or EVs, is forcing traditional auto-component suppliers to reconsider their future. For some, it threatens core products. For others, it creates opportunities in components that can survive the death of the combustion engine. This supplier finds itself on both sides of that transition. Its original business is exposed to ICE vehicles, while its manufacturing division has developed products relevant to EVs. Alongside, the company is pursuing other initiatives. Will these translate into stronger profits, or will rising financial obligations limit the benefits?
Russian oil refineries boost output as drone attacks halt after US-brokered deal, sources say
Russian oil refineries have increased crude processing by 25% in the second half of October. This increase followed the cessation of persistent drone attacks on the facilities by Ukrainian forces. Amid these attacks, authorities had previously banned the export of gasoline and diesel to manage internal fuel shortages. After the attacks stopped, refineries swiftly restarted operations, which allowed for increased diesel production.
No pressure from US to cut Russian oil imports, Oil minister Hardeep Singh Puri says
Oil Minister Hardeep Singh Puri said India has faced no US pressure to reduce Russian crude imports. US President Donald Trump waived fresh sanctions and duties on Russian energy exports under a new law, sparing India from potential tariffs of up to 100%.
US courting Reliance's refining muscle to keep oil flowing, not curb Russian crude, analyst says
Marco Rubio's recent visit to Jamnagar emphasizes strengthening energy ties between the US and Reliance Industries. With a capacity of 1.4 million barrels per day, Jamnagar plays a crucial role in global diesel exports. The US seeks to stabilize energy flows while urging India to diversify away from Russian oil. Reliance is also positioned to process Venezuelan crude, enhancing Washington's interests in the region.
US Treasury proposes a rule to crack down on high-tech investments in China, other adversaries
The U.S. Treasury Department plans to enforce a rule limiting high-tech investments in China and Russia. This initiative aims to curb investments that may boost military capabilities in identified countries. The proposed restrictions will apply specifically to investments exceeding $50,000 and exclude many financial options. Treasury will review public comments before finalizing the rule, indicating a longer compliance process. Additionally, the ongoing tech rivalry between the U.S.
Putin agrees to resume trilateral talks on Ukraine war with Kyiv and Washington, Kremlin says
Vladimir Putin has agreed to resume negotiations with Washington and Kyiv regarding the conflict in Ukraine. The trilateral talks will focus on establishing a post-war security system for both countries. Ukrainian President Volodymyr Zelenskyy insists on a leaders' summit to address ongoing hostilities. Recent discussions have yielded minimal progress amid continued military confrontations in Ukraine. U.S. envoy Steve Witkoff noted a slight momentum in peace efforts following multiple high-level meetings.
Ukraine to be able to buy military supplies via NATO agency, FT reports
NATO has announced that Ukraine will be able to procure weapons and military equipment through its procurement agency. This new arrangement aims to provide Ukraine with faster and more cost-effective access to defense supplies. Additionally, NATO offers procurement expertise and support services to enhance Ukraine's military capabilities. The decision follows recent tensions between the United States and Ukraine regarding intelligence sharing.
Russia to ship its first diesel cargo to US today
Russia lifted its self-imposed ban on diesel exports on October 9, introduced to tackle domestic shortages triggered by Ukrainian drone attacks on refineries, after reaching the deal with Trump to supply diesel to global markets.
Marco Rubio tours Jamnagar as Washington courts Reliance's refining muscle
Rubio arrived in Jamnagar a day after calling India a crude-refining "superpower" and urging more processing of Venezuelan crude there. The day also included a visit to Reliance's Vantara animal-rescue centre and giga factories being developed by the conglomerate.
Marco Rubio, S Jaishankar discuss energy ties as India-US trade deal nears finalisation
US Secretary of State Marco Rubio and S Jaishankar discussed energy security, defence, technology and regional issues in Mumbai. Rubio said the India-US trade deal was close to finalisation, with a few issues remaining.
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