Markets

“Our preliminary assessment is the virus came from overseas. We still can’t determine how it got here. It might’ve been on contaminated seafood or meat, or spread from the faeces of people inside the market,” state media quoted Yang Peng as saying. … [Read more...] about New wave of Beijing outbreak spreads to neighbouring Liaoning

SAO PAULO: Brazilian state-run oil firm Petrobras has "preventively" stopped supplying imported aviation gasoline after chemical tests on an imported batch raised potential issues, a move that caused major fuel distributors BR Distribuidora and Raizen to suspend the sale of the product, according to filings on Monday.Oil multinational BP said in a statement that its aviation fuel unit had immediately suspended sales of aviation gasoline to clients and resellers in Brazil as a precaution after Petrobras' announcement.Petroleo Brasileiro SA, as Petrobras is formally known, said on Saturday that the batch of imported aviation gasoline, or avgas, complied with the requirements laid out by Brazilian oil regulator ANP. However, internal tests led the company to notice certain chemical differences from other imported avgas batches."Petrobras is studying the hypothesis that a variation in chemical composition has affected the sealing and lining material in the fuel tanks of small planes," the … [Read more...] about Brazil’s aviation gasoline market disrupted amid quality concerns

Major gainers in the Sensex pack were Tech Mahindra, HCL Tech, RIL, Bharti Airtel, Infosys, HUL, ITC, Sun Pharma, Tata Steel, Nestle, Maruti and Titan, rising upto 5.53 percent. On the other hand, major losers were Bajaj Finance, HDFC Bank, HDFC, Powergrid, ICICI Bank, SBI, Kotak Bank, NTPC, LT, Bajaj Finserve, Ultrachem and TCS, falling upto 2.41 percent. … [Read more...] about Sensex ends nearly 100 points higher, Nifty closes above 10,800

investor pull out due to Covid-19 concerns, and is poised to raise the reserves to new record levels to buffer the financial markets against any contagion.The RBI bought a net $4.4 billion from the spot dollar market in May, after it sold $5.2 billion in March-April, data from the central bank showed. The RBI’s intervention helped the rupee gain 29 paise against the dollar during the month. The RBI also purchased an additional $219 million in May from the forward market, the data showed.“The RBI’s foreign exchange policy is reverting to the Jalan-Reddy practice of building high reserves to guard against contagion,” said Astha Gudwani, an economist at the Bank of America. “Experience suggests that higher forex reserves actually lead to higher FPI inflows by comforting investors.”India’s foreign exchange reserves rose to a record $513 billion as the central bank accumulated the inflows from portfolio investors as well as foreign direct … [Read more...] about RBI’s dollar buys in May cover Mar-Apr sales to stem rupee slide

NOIDA: Traders and mall owners in Noida welcomed the chief minister’s decision to allow stores to open for five days a week and keep the markets closed only on weekends. This way, shop owners will get to do business for 20 days a month, instead of the 12 days they had been getting earlier under the odd-even rule.Though a decision has been taken at the government level, a formal notification on the opening of shops is yet to be issued by the Noida administration. Shop owners urged the district administration that they be allowed to operate between noon and 8pm on weekdays, saying there was no point opening stores early in the morning due to lack of customers.“Though the state government has taken a decision, an order from the local administration is awaited. However, we welcome the chief minister’s decision,” said Sushil Kumar Jain, convenor of the Confederation of All India Traders in NCR and president of the Sector 18 market owners’ association.Noida and … [Read more...] about UP allows shops and malls to stay open for 5 day a week