Lanka IOC, the subsidiary of Indian Oil Corporation in Sri Lanka, kept its pumps open throughout Tuesday as the cash-starved government’s fuel entity’s fuel stations did not operate in the island nation due to the worsening energy crisis. On Monday, The Sri Lankan government announced that only essential services will operate from midnight till … Read more
Recently, Chairman of Karakoram National Movement, Mumtaz Nagri has said that Pakistan may cede Gilgit Baltistan, the Pakistan-occupied Kashmir region, to China on lease to pay off its increasing debt. The recent statement sent shockwaves across the region and travelled through the border to India. The heavily isolated and neglected Gilgit Baltistan could turn into … Read more
The government has begun close monitoring of imports amid concerns over the rising current account deficit (CAD) that could undermine India’s macroeconomic balance. A senior government official said revenue authorities are being vigilant after the trade deficit hit a record $24.3 billion in May but ruled out any knee-jerk reaction that could impact the economic … Read more
Foreign investors continue to desert Indian equity markets and pulled out close to ₹46,000 crore so far this month following monetary policy tightening by the Reserve Bank and US Federal Reserve, high oil prices and volatile rupee. The net outflow by foreign portfolio investors (FPIs) from equities reached ₹2.13 lakh crore until now in 2022, … Read more
Despite pandemic-related uncertainties, India remains a favourable destination for foreign investment. In 2021, around 44 per cent of 1,200 global business heads in developed economies were planning to make first-time or additional investments in India. Several nations said that they found India a lucrative destination because of its domestic market, and not only as a … Read more
India on Friday handed over to Sri Lanka a large humanitarian assistance consignment worth more than SLR 3 billion (over Rs 65,35,00,000), as the island nation grappled with the worst economic crisis and shortage of essential items. Indian High Commissioner in Sri Lanka Gopal Baglay, Sri Lanka’s Minister of Health, Keheliya Rambukwella, Minister of … Read more
India’s foreign exchange reserves in nominal terms (including valuation effects) rose by $30.3 billion in 2021-22 fiscal against $99.2 billion expansion in FY2020-21, the Reserve Bank of India (RBI) data showed on Wednesday, 22 June 2022. On a balance of payments basis, excluding valuation effects, foreign exchange reserves increased by $47.5 billion … Read more
A shortage of cash dollars and forward market intervention by the Reserve Bank of India which has pushed onshore 1-year forward premiums to their lowest levels in more than a decade could pressure the rupee to new lows, traders and analysts said. The one-year annualised forward premium stood at 2.91% at 0830 GMT, compared to … Read more
Stock Market Essentials For June 20 Events Today Greenlam – fund raise from non-promoters Delhivery – lock in period ends Issue Price:- Rs 487; CMP:- Rs 467 Venus Pipes – lock in period ends Issue Price:- Rs 326; CMP:- Rs 329 PSU Banks: Nirmala Sitharaman to hold review meeting with officials AGMs: Tata Coffee Sovereign … Read more
Sri Lanka has reached out to several companies suggested by Russia’s embassy in Colombo to buy crude oil, Energy Minister Kanchana Wijesekera said on Sunday, in an attempt by the debt-ridden island nation to get oil on credit to keep its only oil refinery running. Wijesekera told the media that the Russian ambassador in Colombo … Read more