INSUBCONTINENT EXCLUSIVE:
This report was compiled from agency feeds.
Bank of America Analysts See Oil at $100 Next YearBank of America Merrill Lynch amalysts have
raised the bogey of $100 crude
Brent crude cost that much per barrel in September 2014
A team of commodity strategists led by Francisco Blanch forecast a second quarter $90/bbl Brent price target for 2019 and said the
strategists could see a risk of $100/bbl oil next year, though it could happen earlier
For this year, they forecast an average price of $70 a barrel for Brent crude, the international benchmark
They forecast $75 for next year
Their previous forecast was $60.
Falling Rupee: FY19 Trade Deficit at 4-year HighA India Rating report says continuing fall in the rupee
will push trade deficit up to a four-year high of $178.1 billion or 6.4% of GDP this fiscal year
The report blamed higher crude and gold imports for the fall in rupee
In FY18, trade deficit had stood at $156.8 billion or 6% of GDP
The estimate comes amid a depreciation in the rupee against the dollar, wherein it has shed over 5% to breach the Rs 67-mark to the dollar
Auto Sales Vroom in AprilThe automobile industry took off on a strong note in April registering an overall growth of 17.44% in April 2018
to more than 23.79 lakh units from the year earlier period
Domestic passenger vehicle sales rose 7.5% to 2,98,504 units in April from 2,77,683 units in the same month last year
Domestic car sales were up 4.89% to 2,00,183 units as against 1,90,854 units in April 2017
Total two-wheeler sales in April rose 16.92% to 19,58,241 units compared to 16,74,787 units in the year-ago month
Sales of commercial vehicles were up 75.95% to 72,993 units in April, SIAM said
Airbus Deal: Leaked DocumentsThere has been considerable alarm in the government after it received classified documents pertaining to
recent defence contracts along with an anonymous letter to top functionaries alleging corruption and fixing in a 2,000-crore Airbus deal to
sell helicopters to the Indian Coast Guard, reports ET
The internal investigation by Airbus into allegations of malpractices raised by an employee is believed to be the reason for cancellation of
the coast guard chopper deal.
Freeze on fuel prices hike coincidental, say IOC Chief Indian Oil Corporation Chairman Sanjiv Singh yesterday
said the decision of oil PSUs not to hike petrol and diesel prices since April 24 was aimed at stabilising them and it 'incidentally'
coincided with Karnataka elections
He said before prices were stabilised, there were daily spikes varying from 25 paise to 35 paise, resulting in change in fuel prices by Rs
two or Rs three every 15 days
"We strongly believe this was unrealistic
So, we thought of stabilising that", said Singh
Government May Set Up Arbitration Council via Ordinance The government has decided to take the ordinance route to implement the proposed
The ordinance is all set to be taken up by the Cabinet in its next meet
The council, to be head-quartered in Delhi, will take over the undertakings of International Centre for Alternative Dispute Resolution.
YOU
ALSO NEED TO KNOWFortis: Munjal-Burman Bid Emerges WinnerAfter a marathon meeting, the Fortis board late on Thursday chose the Hero
The board selected this offer after considering recommendations of an expert advisory committee it had set up last month to evaluate binding
ET reports that the board was divided in its decision
While the original members of the board supported the Munjal-Burman offer, new members Suvalaxmi Chakraborty, Ravi Rajagopal and Indrajit
estimated at Rs 3,000 crore is threatening to escalate into a legal slugfest with court ordered mediation for an amicable settlement coming
their mother, filed a suit claiming rights over their share of the business empire
SC Rejects Dalmia Bharat's Plea Challenging NCLT's Binani Order The Supreme Court has rejected Dalmia Bharat plea challenging the NCLT
Kolkata bench order directing the lenders of the Binani Cement to consider Ultratech's revised bid, ET Now reported
Dalmia Bharat had expressed disappointment with the NCLT order and said that it will explore all options including challenging the NCLT
order before a higher authority
Jaypee Group Offers 2,000 Shares to Home Buyers Jaypee group has offered 2,000 equity shares of Jaypee Infratech for free to each home
buyer as part of its Rs 10,000 crore proposal to revive the bankruptcy-hit real estate firm, sources said
Earlier this week, Jaypee group promoter Manoj Gaur made an offer of over Rs 10,000 crore before the lenders of Jaypee Infratech to protect
the interest of all stakeholders including financial creditors, home buyers and minority shareholders
Top VideoHonda X Blade First Ride ReviewTop Quote'Pricey Crude Bad News Even for Oil Producers in Long Term'FUNDAMENTALSRupee Down: The
rupee yesterday dropped by five paise to end at a fresh 15-month low of 67.32 against the American currency on steady dollar demand from
Bonds Down: Government bonds (G-Secs) dropped on heavy selling pressure from banks and corporates
The 7.17% 10-year benchmark bond maturing in 2028 eased to Rs 96.32 from Rs 96.36, while its yield inched up to 7.72% from 7.71%
The 6.68% G-Secs maturing in 2031 weakened to Rs 89.6825 from Rs 89.70, while its yield held stable to 7.94%
The 6.79% G-Secs maturing in 2027 went-down to Rs 93.4925 from Rs 93.50, while its yield ruled steady to 7.81%
The 6.84% G-Secs maturing in 2022, the 8.20% G-Secs maturing in 2022 and the 7.80% G-Secs maturing in 2021 were also quoted lower to Rs
96.40, Rs 101.39 and Rs 100.40 respectively.
Call Rates Stable: The overnight call money rates held stable at its previous closing level of
5.90%, It resumed higher at 6.05% and moved in a range of 6.05% and 5.70%.
Liquidity: The Reserve Bank of India, under the Liquidity
Adjustment Facility, purchased securities worth Rs 5,608 crore in 9-bids at the overnight repo operation at a fixed rate of 6.00% as on
Thursday, while it sold securities worth Rs 10,766 crore in 50-bids at the overnight reverse repo auction at a fixed rate of 5.75% as on May
