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Safe-haven gold sprints towards 1-week high on Middle East conflict

9 Oct 2023

By Ashitha Shivaprasad (Reuters) – Gold prices scaled a one-week high on Monday after military conflict between Israeli forces and Palestinian Islamist group Hamas raised political unrest in the Middle East, bolstering the safe-haven appeal of the metal. Israel’s troops were battling on Monday to clear out Hamas gunmen more than two days after they …

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Indian police registers forgery case against Hero MotoCorp, its chairman

9 Oct 2023

BENGALURU (Reuters) -India’s Delhi Police has registered a case against Hero MotoCorp and its chairman, Pawan Munjal, on allegations of forgery and fraud, according to a police representative and a copy of the first information report seen by Reuters on Monday. The report (FIR), filed by Brains Logistics, accused the company, Munjal and others of …

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India’s HPCL aims to cut diesel purchase from other cos following output boost

9 Oct 2023

NEW DELHI (Reuters) – India’s Hindustan Petroleum Corp will cut its diesel purchases from other refiners as it has commissioned a 3 million tonnes per annum (mtpa) hydrocracker at its recently upgraded Vizag refinery, its head of refineries S Bharathan said on Monday. State-owned HPCL buys fuels from refiners such as Mangalore Refinery and Petrochemicals, …

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India’s Adani Ports stock drops on Haifa port worries over Israel conflict

9 Oct 2023

By Sethuraman N R BENGALURU (Reuters) -Shares of billionaire Gautam Adani’s Adani Ports And Economic Zone fell as much as 4.5% on Monday, as investors grew wary over possible escalation of a conflict in Israel, where the company owns a major port. Adani Ports is closely monitoring the conflict in Israel and is prepared with …

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India watching military conflict in the Middle East closely, oil minister says

9 Oct 2023

NEW DELHI (Reuters) – India, the world’s third-biggest oil importer, is watching the ongoing conflict in the Middle East closely, the country’s oil minister Hardeep Singh Puri said on Monday. Oil prices rose over $3 a barrel on Monday as military clashes between Israel and the Palestinian Islamist group Hamas deepened political uncertainty across the …

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Indian auto dealers’ body forecasts strong festive season after Sept sales jump

9 Oct 2023

BENGALURU (Reuters) – India’s retail vehicle sales rose 20% in September, a dealers’ body said on Monday as it forecast a strong festive season, with easing monsoon worries and higher rural demand helping sentiment. With a 42-day festive season just around the corner, the Federation of Automobile Dealers Association (FADA) also said it shifted its …

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India’s markets regulator permits MCX to launch new derivatives platform

8 Oct 2023

NEW DELHI (Reuters) – Multi Commodity Exchange of India (MCX) has received approval from the country’s market regulator to launch its proposed commodity derivatives platform, put on hold last month, the MCX said in a statement on Sunday. In late September, the Securities and Exchange Board of India (SEBI) asked MCX to drop its plans …

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Uganda halts work at CNOOC’S Kingfisher oil project after death

7 Oct 2023

KAMPALA (Reuters) – Uganda’s petroleum regulator says it has suspended work at CNOOC’S Kingfisher oil project area after a fatal incident on Friday. “This regrettable incident follows several safety incidents at this authority … previously brought to the attention of CNOOC Uganda Limited,” the Petroleum Authority of Uganda said in a letter to CNOOC Uganda …

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India’s September fuel demand slips 2% month-on-month

6 Oct 2023

(Reuters) -India’s fuel consumption dropped 2% month-on-month in September, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Friday. Total consumption in September, a proxy for oil demand, totaled 18.18 million metric tonnes, down from 18.57 million tonnes in August. However, it was up 7.6% compared with the same …

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