The default payment currency for all contracts for import of crude oil is US dollar as per the international trade practice.
Hausmann warned that India’s petroleum exports may not be sustainable. India’s refined petroleum exports have been on the rise and has helped India register net export growth in FY23 even as non-oil exports remained stagnant.
SBI’s slipped nearly 3 per cent after India’s largest lender posted a 178 per cent rise in net profit to Rs 16,884 crore. The stock closed at Rs 573.15 on BSE.
Air India’s narrow-body order now stands at 140 A321neo aircraft (against 70 earlier) and 70 A320neo planes (against 140 earlier), the orders data shows. In the case of the 40 wide-body planes on order with Airbus, the airline now has a 50:50 split–20 each of A350-900 and A350-1000 aircraft. In the original order, Air India had gone for six A350-900 and 34 A350-1000 planes.
After one month of the listing date, 76 per cent of NII and 52 per cent of retail investors exit a company, she said.
With inflation expected to remain sticky, the Monetary Policy Committee of the RBI, which will begin its meeting from Wednesday, is expected to keep the repo rate unchanged.
The rupee slipped by 2 paise to settle at 83.34 (provisional) against the US dollar on Thursday due to FII outflows and weak local equities.
Tata Motors posted a profit of Rs 3,783 crore for the quarter ended September 2023 as against a loss of Rs 1,004 crore in the same period a year ago.
In an interview with Indian Express, Kapur spoke about the importance of research and development (R&D), the scope for automating industrial processes, and the China-plus-one strategy.
The Indian currency, however, remained under pressure due to continuous upward movement in the crude oil price triggered by evolving geopolitical situation and outflow of foreign funds, forex traders said.