'Shadow fleet': India imported 5.4 million tonnes of Russian oil, says CREA; Moscow relying on old tankers to dodge Western sanctions
India received 5.4 million tonnes of Russian oil worth 2.1 billion euros via 30 vessels operating under false flags between January and September 2025, a report reveals. This highlights Russia's use of a growing 'shadow fleet' to bypass Western sanctions, with India being a major recipient of these oil shipments.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/5FDIJhT
The Indian rupee is unlikely to see a sharp fall soon, having already depreciated 4% this year and trading in a narrow band. Union Bank of India anticipates the rupee to remain range-bound between 88.80 and 89.50 through December, with potential strengthening contingent on equity inflows or progress on the India-US BTA.
India's robust 8.2% GDP growth in the July-September quarter, a testament to the government's reform agenda and business-friendly policies, solidifies its standing as the world's fastest-growing major economy. This impressive expansion, driven by strong public investment, services, industrial output, and consumption, refutes earlier doubts and signals continued economic momentum.
India's economy surged past expectations, posting an impressive 8.2% real GDP growth in the second quarter of FY 2025-26, the highest in six quarters. This robust performance solidifies India's position as the world's fastest-growing major economy, driven by strong secondary and tertiary sector contributions. Private consumption also showed a healthy uptick.
India's new labour codes have drastically cut jail-bound offences to just six, down from 87, with 16 now compoundable. This reform aims to simplify compliance for businesses while bolstering worker protections. The government consolidated 29 laws into four codes, emphasizing decriminalization and rationalized penalties, fostering a more facilitative regulatory environment.
US sanctions on Rosneft and Lukoil are impacting Indian refiners less than anticipated, as wider discounts on Russian crude offset expected volume drops. Refiners are sourcing from non-sanctioned suppliers, with increased discounts nearly compensating for reduced Russian cargo intake. This shift, coupled with a well-supplied global market, keeps procurement costs stable.
Indian stock markets are nearing record highs. A significant surge in investor wealth occurred on Wednesday. This rally is fueled by hopes of interest rate cuts in India and abroad. Global market optimism and declining crude oil prices are also contributing factors. Foreign investors are returning as buyers. Corporate earnings are showing signs of recovery, leading to broad market participation.
The commerce ministry is mapping global non-tariff measures to boost export quality and technical compliance. The DGFT is compiling a database of regulatory requirements, urging exporters to submit information within seven days. This initiative aims to support the Export Promotion Mission and address challenges posed by NTMs, which can increase costs and cause shipment delays.
Gold prices surged on Tuesday, driven by increasing expectations of a US Federal Reserve rate cut in December following dovish comments from officials. This optimism pushed bullion higher for the third consecutive session, with traders increasing bets on easier monetary policy. City-wise prices also saw an uptick across major Indian cities.
Gold is poised for continued strength, acting as a safe haven against global turmoil. HSBC highlights robust demand from central banks and retail investors, driven by economic and geopolitical uncertainties. Despite a recent dip from record highs, the precious metal has stabilized, with expectations of further gains fueled by potential US Federal Reserve rate cuts and persistent inflation concerns.
India's top companies saw a significant market capitalization boost last week, adding over Rs 1.28 lakh crore. Reliance Industries and Bharti Airtel led the gains, with Reliance retaining its position as the nation's most valued firm. While most major players experienced growth, Bajaj Finance, LIC, and ICICI Bank saw slight declines in their valuations.
India's top 28 listed real estate developers achieved combined sales bookings of nearly Rs 92,500 crore in the first half of FY26. This surge was fueled by sustained residential property demand and a growing preference for established, branded developers. Prestige Estates Projects led with Rs 18,143.7 crore in pre-sales, followed by DLF and Godrej Properties.
The Finance Ministry is revisiting the merger of Oriental, National, and United India Insurance companies following their financial recovery. This move revives a 2018 proposal aimed at boosting efficiency. Alongside this, the government is assessing options for privatizing a general insurer and plans to raise the FDI cap in the insurance sector to 100%.
Indian equity markets anticipate a volatile week, influenced by upcoming domestic economic data like Q2 GDP and industrial production, alongside global market trends and foreign investor actions. Analysts suggest potential profit-booking if the rupee weakens, while also noting supportive domestic conditions and resilient flows. Investors will closely monitor US cues and trade developments for market direction.
India's newly notified labour codes formally bring millions of gig and platform workers under a social security framework for the first time. This historic shift provides access to benefits like provident fund and insurance, while placing new compliance responsibilities on platform companies. Experts note the execution of these reforms for a fluid workforce remains the biggest challenge.
The International Labour Organization emphasizes social dialogue as India implements four new labor codes, aiming for reforms that benefit both workers and industry. These codes introduce universal social security for gig workers, mandatory appointment letters, statutory minimum wages, and expanded safety mandates across sectors, prompting immediate compliance adjustments for businesses.
India's shrimp exports surged 18% to $2.43 billion in the first five months of FY26, driven by markets beyond the US. Exporters are successfully diversifying their global reach, with Vietnam, Belgium, China, and Russia showing significant gains. Despite facing higher US tariffs, early shipments to America saw a mild improvement, though a slowdown is anticipated.
India is seeking to deepen collaboration with Israeli startups in areas like cybersecurity, medical devices, and mobility to bolster its innovation ecosystem. Commerce and Industry Minister Piyush Goyal highlighted that technology-driven cooperation will be a key element of a proposed bilateral trade agreement, aiming to leverage Israel's frontier innovation and India's market scale.
India aims to rival global chipmaking leaders like the US and China within a decade, with plans advancing rapidly. The government's $10 billion incentive scheme is foundational, fostering manufacturing, assembly, and design capacity. By 2031-2032, India expects to achieve parity with current global leaders, leveraging its engineering talent and design capabilities.
Gold and silver ETFs experienced a significant downturn, with gold down over 6% and silver nearly 9%. Experts advise a long-term perspective and systematic investment plans (SIPs) to navigate volatility. While gold is seen as a debt alternative, silver's long-term potential is viewed as weaker. Despite recent dips, both metals show strong historical returns.
Tomato prices have surged significantly, with retail prices rising by 25% to 100% in the last month due to reduced supply caused by excessive rainfall. Wholesale prices in key supply regions like Maharashtra and Delhi have also seen substantial increases.
PhysicsWallah's post-listing surge has evaporated, with shares plummeting over 9% and erasing billions in market value. Despite the sharp decline, the edtech firm still trades above its IPO price. Experts cite strong fundamentals like brand recall and affordability, but caution against competition and regulatory risks.
Japan-China trade tensions escalate as reports suggest Beijing may halt Japanese seafood imports, potentially linked to the Fukushima wastewater release. This follows earlier bans and a recent resumption of some trade. The dispute intensifies amid broader diplomatic friction over Taiwan, impacting tourism and leading to official protests from both sides.
Gold prices experienced a notable recovery in futures trading, rebounding from their previous slump as investors eagerly positioned themselves ahead of the US Federal Reserve's forthcoming meeting minutes. This rally, which also impacted silver prices, underscores gold's renewed allure as a safe-haven amidst looming worries about inflated tech valuations and unpredictable stock market dynamics.
India's FMCG sector saw sales growth slow in Q3, with volume up 5.4% due to GST changes. Rural markets led expansion at 7.7%, outpacing urban areas. E-commerce remains a key driver, especially in metros, while modern trade shows revival. Inflation cooling is expected to boost consumption.
PhysicsWallah debuted strongly on the stock market, with shares rising significantly above its IPO price. This surge reflects investor confidence in the edtech firm's brand and hybrid model, though analysts suggest caution due to competition and profitability concerns. The IPO, one of the largest in India's edtech sector, was driven by institutional investors.
India's merchandise exports declined by 11.8% in October to $34.38 billion, while inbound shipments surged 16.63% to $76.06 billion. This significant increase in imports, driven by a threefold rise in gold inflows, widened the trade deficit to $41.68 billion.
Chinese-owned automakers are rapidly gaining market share in India's electric passenger vehicle segment, now holding nearly a third of the market. Brands like BYD, MG Motor, and Volvo are attracting buyers with advanced technology and competitive pricing, challenging established Indian players. This surge indicates a growing interest from more Chinese EV manufacturers in the Indian market.
Despite US objections, India continues to be a major buyer of Russian crude oil, ranking second globally in October with $2.5 billion in purchases. This trend persists as Western nations urge limitations on imports financing Russia's war in Ukraine. China remains the top buyer of Russian fossil fuels overall.
Indian toy exporters face a significant slowdown as US buyers divert orders to other nations following a 50% tariff imposition. Despite a strong start to the financial year, new orders for the upcoming festive season have plummeted by half.
India's 2025 primary market is witnessing a surge in large IPO subscriptions, a departure from previous cycles. Abundant institutional liquidity and sharper investor selectivity are driving this trend, with IPOs over Rs 5,000 crore averaging 17.7 times subscription. This indicates a maturing investor mindset rewarding scale, profitability, and brand-led growth.
Wholesale inflation turned negative in October, dropping to minus 1.21 percent. Prices for food, fuel, and manufactured items saw significant decreases. This broad-based correction, influenced by factors like GST rate cuts, also pushed retail inflation to a historic low. Economists anticipate the Reserve Bank of India may reconsider its policy stance following these developments.
Prem Watsa, the 75-year-old founder of Fairfax Financial, has built the company into a $100 billion asset management giant. With a strong focus on India, where it has invested $7 billion, Fairfax is now preparing for a succession plan to ensure its long-term culture and stability continue under the next generation, including his son Ben.
India will be the fastest growing major global economy, with Moody's forecasting a strong 6.5% expansion through 2027. This resilience comes despite US tariffs, as Indian exporters successfully diversify markets.
India and Russia are set to deepen civil nuclear energy cooperation at their upcoming annual summit, with a focus on small and modular reactors and increased equipment localization. Discussions between Rosatom and India's DAE chief explored new collaborations, including SMR development and advancements in the nuclear fuel cycle, alongside a review of the Kudankulam Nuclear Power Plant's progress.
India is set to revamp its transport infrastructure planning by replacing the Network Planning Group with a new body, the GatiShakti Transport Planning and Research Organisation. This centralized institution, operating under the Cabinet Secretariat, will prepare integrated five and ten-year roadmaps for all transport ministries, aiming for greater efficiency and a world-class infrastructure by 2047.
Franklin Templeton India has launched its new Multi-Factor Fund, employing a data-driven model to select top Indian companies. This systematic approach focuses on Quality, Value, Sentiment, and Alternatives to build long-term wealth. The fund aims to blend advanced technology with expert oversight for a comprehensive investment solution.
Finance Minister Nirmala Sitharaman commenced pre-Budget consultations for the 2026-27 fiscal year, engaging with leading economists and agricultural stakeholders. These crucial discussions aim to incorporate diverse feedback and sectoral insights into the upcoming budget. Industry bodies have already proposed tax reforms and manufacturing incentives, setting the stage for Sitharaman's February 1st presentation.
Lenskart's stock market debut fell short of expectations. The eyewear platform opened lower than its issue price. Investors showed caution due to high valuation and questions about profit quality. A shift in market mood also impacted the listing. Lenskart's future performance hinges on demonstrating sustainable profitability.
Following a successful summit, the US and China are easing trade tensions. Beijing has lifted export bans on key materials and suspended special port fees for US vessels, while Washington has reduced fentanyl-related duties and paused port charges on Chinese ships. These reciprocal steps signal a de-escalation after months of escalating tariffs.
Home-cooked thali prices in India saw a significant drop in October, with vegetarian options down 17% and non-vegetarian by 12% year-on-year. This decline was primarily fueled by a sharp fall in vegetable and pulse prices. While cooking oil and LPG costs rose, the overall affordability of meals improved, reflecting broader retail inflation trends.
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