Oil Oil prices made modest gains in early trade on Friday but were heading for a second straight week of losses, as the market looked for more signs of a strong recovery in fuel demand in China to offset looming slumps in other major economies. Brent crude futures rose 16 cents, or 0.2%, to $82.33 a barrel at 0110 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents, or 0.2%, to $76.06 a barrel. So far this week, Brent has dropped by 4.8%, extending a 1.1% loss from the previous week. WTI has fallen by 4.5% after sliding 2% in the prior week. Mixed signs of a fuel demand recovery in China, the world's top oil importer, have kept a lid on the market. ANZ analysts pointed to a sharp jump in traffic in China's 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been "relatively absent" from markets. Read More The prospect of an economic rebound in China after COVID-19 curbs eased has buoyed … [Read more...] about Oil heads for weekly loss awaiting China recovery signs
Why crude inventory
Economic Survey 2023: CEA Nageswaran says FY24 GDP growth forecast hinges on oil staying below $100/barrel
The Economic Survey for 2022-23 is Nageswaran's first as the Chief Economic Adviser (Illustration: Moneycontrol) The Economic Survey's GDP growth forecast of 6.5 percent for 2023-24 hinges on global crude oil prices staying below $100 per barrel, Chief Economic Adviser (CEA) V Anantha Nageswaran said on January 31. Addressing the media following the tabling of the Economic Survey for 2022-23 in Parliament, Nageswaran pointed towards the crude oil price assumed by the Reserve Bank of India (RBI) in its forecasts. "It is difficult for us to give a prediction for the oil price. RBI takes a number that is below $100 per barrel. And we can live with that number and be able to achieve the growth rates that we have projected in the Survey," Nageswaran said. "The uncertainties with respect to the oil market are tremendous. As long as they stay at a number that is less than $100 per barrel, I think the real GDP growth projections will remain undisturbed," the CEA added. In its … [Read more...] about Economic Survey 2023: CEA Nageswaran says FY24 GDP growth forecast hinges on oil staying below $100/barrel
Oil weakens as market awaits signs of China demand recovery
SINGAPORE – Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies. Brent crude futures fell 34 cents, or 0.4 percent, to $81.83 a barrel by 0740 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 37 cents, or 0.5 percent, to $75.51. Both contracts have dropped by more than 5 percent so far this week, with mixed signals on fuel demand recovery in China, the world’s top oil importer, keeping a lid on prices. ANZ analysts pointed to a sharp jump in traffic in China’s 15 largest cities following the Lunar New Year holiday, but also noted that Chinese traders had been “relatively absent”. The prospect of an economic rebound in China after COVID-19 curbs eased has buoyed the oil market so far this year, along with a weaker dollar that makes the commodity cheaper for those holding other currencies. The … [Read more...] about Oil weakens as market awaits signs of China demand recovery
Tech giants call time on stocks rally, U.S. payrolls loom
LONDON/SYDNEY – A global stock rally, powered by hopes of central banks ending aggressive rate rises, ran into roadblocks on Friday following weak earnings from U.S. tech giants and as key U.S. jobs data loomed. The MSCI World Stock Index slipped 0.2 percent, but was still near its highest since last August following a sharp rebound in recent weeks on hopes that central bank rate hikes are nearing an end. Wall Street stock futures fell sharply, with contracts on the tech-heavy Nasdaq 100 2 percent lower, on disappointing earnings from Google, Apple and Amazon. S&P 500 futures slid 0.9 percent. Investors are also watching the fallout from this week’s plunge in shares of India’s Adani group, which continued to nosedive on Friday with market losses amounting to $115 billion in the wake of a U.S. short-seller’s report. In Europe, the Stoxx 600 share benchmark fell 0.6 percent. Germany’s benchmark 10-year bond yield inched 2 basis points (bps) higher to 2.097 percent, having on … [Read more...] about Tech giants call time on stocks rally, U.S. payrolls loom
Budget 2022: FM focuses on speeding up cargo movement, improving logistics network
Representative Image In her budget speech on Tuesday morning, Finance minister Nirmala Sitharaman reiterated the importance of the PM Gatishakti Mission, which Prime Minister Modi announced on Independence Day last year. This masterplan will oversee all major infrastructure projects across different line ministries. The plan will be used to develop 100 PM Gati Shakti Cargo terminals in the next three years, as Sitharaman said the logistics efficiency is one of the seven engines of the masterplan. The development of multimodal logistics parks, roads, cargo terminals etc. under the Gati Shakti framework is likely to improve pan-India connectivity and reduce the logistics costs. The highway network will be expanded by 25,000 km and Rs 20,000 crore will be mobilised in innovative ways of financing to complement Budgetary resources, the minister said. "The data exchange among all mode operators will be brought on a unified logistics interface platform designed for application … [Read more...] about Budget 2022: FM focuses on speeding up cargo movement, improving logistics network
GAIL: Disappointing results, not out of the woods
GAIL’s valuation, given the deterioration, appears to be stretched without an upside PRO Only Highlights - Quarterly performance largely backed by improved realisations - Medium-term triggers China plus and protectionist measures for tyre industry - Valuations not inexpensive; but improved medium-term outlook Highlights Revenue declined 8 percent QoQ 94 percent YoY fall in EBITDA EBITDA margin at 0.7 percent Petrochem & LPG/LHC segment reported a loss No meaningful upside GAIL's (CMP: Rs 94.94; Market Capitalization: Rs 62,431 crore) third-quarter results were disappointing and below expectations, hit by lower volumes, weak realisation, one-time inventory loss, and prolonged supply issues. Standalone revenue declined 8 percent sequentially while profit after tax (PAT) declined 84 percent QoQ/93 percent YoY. The management commentary indicated that a significant recovery will begin only in FY24. Q3... … [Read more...] about GAIL: Disappointing results, not out of the woods
Manufacturing PMI declines to three-month low of 55.4 in January
A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction. (Representative image) India's manufacturing sector activity continued to expand in January, with the S&P Global Purchasing Managers' Index (PMI) coming in at 55.4, down from December's 26-month high of 57.8, data released on February 1 showed. A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction. This is the 19th consecutive 50-plus print for India's manufacturing PMI. At 55.4, the January PMI print is at a three-month low. Catch all the LIVE updates on Budget 2023 Read More "The manufacturing industry started 2023 on a firm footing, with a robust increase in new work intakes underpinning a further expansion in production," said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. "Despite some loss of growth momentum, the sector looks set to at least remain in … [Read more...] about Manufacturing PMI declines to three-month low of 55.4 in January
Taking Stock | Sensex rises 224 points, Nifty ends flat in a volatile session
Indian equity benchmarks ended mixed in yet another volatile session on February 2 despite the budget, presented a day earlier, being hailed as growth-oriented, as the selloff in Adani group stocks continued to roil the market. The 30-pack Sensex gained 224.16 points, or 0.38 percent, to close at 59,932.24, while the broader Nifty was down six points, or 0.03 percent, at 17,610.40. The market opened lower, with the Nifty slipping below 17,500 but recovered soon after and traded flat for most part of the session. Last hour buying, however, helped the Sensex to cross 60,000 and close near the level. "Despite a growth-oriented budget, drop in crude prices and upside in the global market, the domestic market is not able to gain because of the Adani saga having a ripple impact on the investors," said Vinod Nair, Head of Research at Geojit Financial Services. Premium valuations continue to weigh on the Indian market compared to other emerging markets, which are expecting upside … [Read more...] about Taking Stock | Sensex rises 224 points, Nifty ends flat in a volatile session
Berger Paints India Q3 net profit declines 20.5%; what do brokerages say?
Shares of Berger Paints India hit their lowest levels in 52 weeks in early trade on February 3, a day after the company posted a decline in its consolidated net profit for the December quarter. However, the recent correction in the stock triggered bargain buying from lower levels which helped it recoup its losses. At 10.52 am, shares of Berger Paints India traded 1.92 percent higher at Rs 551.00 on the National Stock Exchange as they recovered from their 52-week low of Rs 527.15. The paint manufacturer's consolidated net profit for the Oct-Dec period declined 20.5 percent on year to 200.9 crore dragged by higher expenses and a weak operational performance. Change in product mix, adverse impact of an extended monsoon and use of high-cost inventory weighed on the company's EBIDTA margin which contracted 239 basis points on year to 13% in the quarter ended December. One basis is one-hundredth of a percentage point. However, resilient volume growth on the back of judicious … [Read more...] about Berger Paints India Q3 net profit declines 20.5%; what do brokerages say?
Automation Is A Strategy, Not (Only) A Means Or An End
Share to Twitter Share to Linkedin Romi Stein is CEO & cofounder of OpenLegacy , leading its strategic vision of digital-driven integration for legacy systems. In previous blogs, I have touched on automation from different aspects or levels. On the micro level, we have seen that back-of-house activities can, and should, be as automated as possible for various reasons, such as economic efficiencies and compliance. But at the customer-facing side of things, automation should support human activities. On the macro level, combining AI and automated processes can provide startling new abilities and opportunities. Machine learning and neural networks utilizing existing resources and processes are already beginning to make waves (Walle and ChatGPT are just the beginning). There are many ways to look at technological development, most often in three or four stages: invention, innovation and diffusion—or R&D, growth, maturity and decline. … [Read more...] about Automation Is A Strategy, Not (Only) A Means Or An End