Indian equities have seen a sharp drop on Wednesday as the conflict in West Asia shows no signs of de-escalation even on the fifth day. The Nifty is down over 500 points in early trading resulting in investor wealth worth…
West Texas Intermediate was above $75 a barrel post rallying 11% across two days, the biggest rise in four years. Brent ended near $81.
Qatalum, a joint venture between Qatar Energy and Norsk Hydro, has the capacity to produce around 0.65 million tonnes of aluminium annually.
Sources have also told CNBC-TV18 that Gujarat Gas has cut 50% of its gas supply to the industrial sector. The company has around 70% gas imports in its raw material basket, mostly from Qatar.
Gold and silver rebounded on March 4 after a sharp fall on March 3 due to renewed safe-haven demand amid geopolitical tensions. Gold rose to ₹5,186.60 per 10 grams, while silver increased to ₹85.10 per 100 grams.
According to brokerage firm Citi, Qatar halting LNG production raises the near-term risk for India’s gas value chain. Gujarat Gas, according to Citi is the most exposed due to its dependance on Qatar and Spot LNG, Citi wrote.
Brokerage firm Goldman Sachs expects order inflows to remain strong and sees medium-term tailwinds from a supportive budget allocation.
Local authorities as well as onsite safety teams acted swiftly and the situation was fully contained, according to JSW Infra, adding that no injuries were reported.
The Indian rupee is set to open at a record low of 92.10-92.15 per US dollar on March 4, due to rising Middle East tensions, higher crude oil prices, and foreign fund outflows.
Tata Power shares are trading at a 12-month forward Enterprise Value to EBITDA multiple of 10 times, which is lower than its long-term median of 11 times.