Oil prices surged 4% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles. Brent crude futures were up $2.44, or 4%, at $63.26 a barrel by 11:09 ET (1609 GMT). U.S. West Texas Intermediate (WTI) crude futures were […]
Day: December 5, 2019
Goldman Sachs raises 12-month target price of RIL to Rs 1,850 per share
Goldman Sachs Equity Research has increased the 12-month target price of the shares of Reliance Industries to Rs 1,850 per share. The equity research firm also raised the earnings estimate for financial year 2021-22. On Wednesday, shares of RIL on the BSE closed at Rs 1,552.55, lower by Rs 26.30 or 1.67 per cent. The […]
Release innocent people arrested during fuel price hike protests: Rouhani
Iran’s President Hassan Rouhani on Wednesday called for the release of innocent people who were arrested during nationwide protests against a fuel price hike last month. Demonstrations erupted in Iran on November 15 against the unexpected decision to raise the price of petrol by as much as 200 per cent. Iran has yet to give […]
Saudi Aramco considers pricing at top to become world’s biggest IPO
Saudi Aramco is considering pricing its initial public offering at the top end of a marketed range, which would make it the world’s biggest-ever new listing, people with knowledge of the matter said. The Gulf energy giant has discussed pricing its IPO shares at 32 riyals apiece, after marketing them at 30 to 32 riyals […]
Saudi Aramco’s bookrunners recommend pricing IPO at top end: Reports
Saudi Aramco’s bookrunners have recommended pricing its initial public offering at 32 riyals ($8.5) per share, the top of an indicative price range, three sources familiar with the deal said, potentially making it the world’s biggest IPO. At that level, Aramco would have a market valuation of $1.7 trillion, comfortably overtaking Apple as the world’s […]
OPEC grapples with oil oversupply, negotiations over production cuts begin
The world may be heading for an even greater oversupply of oil, and that possibility which could drive down fuel and energy prices is hanging over members of the OPEC cartel as they head into negotiations Thursday. The oil-producing nations will decide whether to stick with production cuts they’ve endured for the past three years, […]
Larsen & Toubro hits over 3-month low, stock down 11% in one month
Shares of Larsen & Toubro (L&T) hit an over three-month low of Rs 1,287, down 2 per cent on Wednesday, thue falling 3.5 per cent in the past two trading days, after media reports said Maharashtra Chief Minister has ordered a review of all projects/proposals cleared by earlier government in the last six months. The […]
Sembcorp picks up remaining stake in Indian venture to become sole owner
Sembcorp Utilities (Sembcorp) entered into a non-binding term sheet with its local Indian partner, Gayatri Energy Ventures Pte Ltd to acquire the remaining 5.95 per cent stake in Sembcorp Energy India Limited (SEIL). Following the completion of the proposed acquisition, Sembcorp will become the sole owner of SEIL. The purchase price for the shares is […]
Tata Power-ICICI Bank JV acquires UP based Prayagraj power project
A joint venture of Tata Power and ICICI Bank on Wednesday acquired real estate baron Manoj Gaur’s biggest power plant at Prayagraj in Uttar Pradesh by agreeing to takeover Rs 6,000 crore of debt of the company. Renascent Power Ventures Pvt Ltd, the wholly-owned subsidiary of Resurgent Power Ventures Pte, has acquired 75 per cent […]
Indian Air Force chief Bhadauria, officers safe after Hawaii shooting incident
New Delhi: Indian Air Force chief RKS Bhadauria and officers of his team were said to be safe following a shooting incident at the Pearl Harbor Naval Shipyard in Hawaii on Wednesday. At least three people were injured, two of them critically, when the gunman opened fire at the US military facility before taking his […]
After roads, tailwinds favour private sector investment in airports
Recently, Zurich Airports International AG won the bid to develop and operate the greenfield Jewar airport near Delhi for 40 years. The Swiss firm’s bid to share revenue of Rs400.97 per passenger with the Airports Authority of India beat competition by a wide margin. But, keen participation by leading business firms such as Adani Enterprises […]
Petrol, diesel prices steady for 4th day ahead of OPEC meet. Check today’s rates
NEW DELHI : For the fourth consecutive day today, the price of petrol and diesel remained the same as all eyes are on key meeting of OPEC and its allies which will guide crude oil rates. In New Delhi, a litre of petrol is now retailing at ₹74.91 and diesel ₹65.78. In Mumbai, a litre […]