Credit concerns rattle stock markets again
The Indian markets closed in the red for the fifth straight session on Monday as concerns about the credit quality of non-banking financial companies (NBFCs), which had spooked Dalal Street last Friday, continued to rattle investors.
Global cues also remained weak as the trade tensions between the US and China escalated further. The benchmark Sensex fell 537 points or 1.46 per cent to close at 36,305, while the broader Nifty closed 175 points or 1.6 per cent lower at 10,967. Read more
Brent crosses $80 for first time in 4 years
Brent crude climbed above $80 a barrel to its highest level since November 2014 after the Organization of the Petroleum Exporting Countries (Opec) and its allies signalled less urgency to boost output, despite US pressure to temper prices.
Opec gave a tepid response to President Trump’s demand that action be taken to reduce prices.
Brent may rise to $100 for the first time since 2014 as the market braces for the loss of Iranian supplies, according to Mercuria Energy Group and Trafigura Group. Read more
Bangladesh beats India in aviation safety score
Concerns over how safe it is to take a flight in India have arisen again after the incident last week when the crew of a Jet Airways aircraft failed to maintain cabin pressure.
Despite the Ministry of Civil Aviation immediately initiating an audit of all airlines, the government’s performance on oversight of safety rules has come under scrutiny.
The regulator’s performance has been lacklustre, according to an audit by the International Civil Aviation Organisation (ICAO) as part of its global Universal Safety Audit Program, 2017.
The audit looks at safety oversight to implement ICAO standards, based on eight parameters. Read more
Weak Rs squeezes margins of e-vehicle makers
The sharp and unexpected depreciation of the rupee (against the dollar) has come as a shock to the domestic electric vehicle industry, especially companies such as Tata Motors, M&M and BYD-Goldstone, which won large orders in tenders for electric cars and buses.
These orders were awarded between September 2017 and February 2018, when the Indian currency was stable around ~65 against the dollar.
It has depreciated by over 11 per cent since then. Supplies of these vehicles are being done in a phased manner and are yet to be completed. Read more
Ex-RAW officer exposes why Indian extradition efforts fail
A former Research & Analysis Wing (RAW) officer, Jitendra Kumar Ojha, who was posted in London for three years, has in a damning indictment alleged that India’s serial failure to extradite wanted Indians from Britain was because of sabotage from within the system. These include the eight cases of Hanif Patel — who was allegedly involved in serial bomb blasts in Surat — Ravi Shankaran — who allegedly stole material from the Indian Navy’s War Room and shared this with India’s enemies and defence suppliers — the late Iqbal Mirchi — who was suspected of being behind the multiple explosions in Mumbai in 1993 — and inaction against Lalit Modi of Indian Premier League (IPL) fame, who according to the Board of Control for Cricket in India (BCCI) made a killing out of the enterprise. Read more