Oil prices rose around 2 percent on Tuesday amid production cuts by OPEC and Russia as well as signs of lower US oil stocks, but grim Chinese economic data raised fears for global growth.
A consortium of bankers approved the resolution plan submitted by Royale Partners to acquire Essar Group’s EPC Constructions, preferring the Mauritius investment fund over steel giant ArcelorMittal.
US oil prices edged down on Friday as concerns over economic growth were rekindled after talks fell short of offering concrete steps to end the Sino-US trade conflict, although OPEC-led production cuts bolstered sentiment in crude markets.
Prashant Jain, joint managing director and CEO of JSW Energy, believes there will be a quicker and better resolution if the stressed power assets go to National Company Law Tribunal (NCLT).
In a booster for some banks, reports indicate that banks are close to resolving 7-8 power projects under ‘Samadhan’, a debt resolution scheme led by State Bank of India’s (SBI).
Petrol prices edged higher after a 2-day halt across all major cities. In Mumbai, petrol and diesel prices were at Rs 74.53 per litre and Rs 65.43 per litre, respectively.
Oil prices dipped on Thursday on swelling US supply, although the mood in global markets was increasingly confident amid hopes the United States and China may soon end trade disputes that have undermined global economic growth
External Affairs Minister Sushma Swaraj Wednesday held talks with her Iranian counterpart Javad Zarif on a range of key bilateral and regional issues, including the peace and reconciliation process in Afghanistan.
The government is expecting about Rs 40,000 crore of investment in the 14 blocks it put up on auction for prospecting of oil and gas in the second round of open acreage licensing policy (OALP), Oil Minister Dharmendra Pradhan said on Monday.
Tata Power is in focus after Brihanmumbai Electric Supply and Transport (BEST) extended the power purchase agreement (PPA) with the company. Praveer Sinha, MD & CEO of Tata Power, spoke to CNBC-TV18 about the agreement and cost structure.