World
Oil drops again below $40 as OPEC ramps up production
Oil prices went below the $40-mark for the second time within a month on the previous trading day on Monday, following a decision of the Organisation of Petroleum Exporting Countries (Opec) late last week to keep producing optimally in an already saturated market.
 
As per latest OPEC data, its new reference basket of 12 crude oils closed at $38.08 a barrel on Friday.
 
With the OPEC strategy designed to choke competition from the American shale industry, US light crude dropped $2 on Monday to less than $38 a barrel.
 
The Indian basket, comprising 73 percent sour-grade Dubai and Oman crude, and the balance in sweet-grade Brent, plunged to $38.61 on Monday for a barrel of nearly 160 litres.
 
In November, global price had gone below the $40-mark for the first time in 11 years.
 
Oil prices have been under pressure for several months due to concerns over oversupply, but the slump has deepened in the recent period.
 
Crude-oil production has remained robust despite the large drop in prices in the last year, as US producers continue to cut costs and OPEC members keep producing at full tilt.
 
The November drop below $40, after having been in the $43-47 range earlier, was attributed to uncertainties created by the terror attacks in France last month.
 
Oil prices have fallen by more than 50 percent in a little over a year from levels of well over $100 a barrel, provoked by the slowdown in China and other emerging market economies and the end of sanctions against Iran.
 
Indian oil and gas, energy and power companies stocks fell on Monday after the dip in global crude oil prices.
 
As a result, the barometer 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange shed 154 points, or 0.60 percent, during the late-afternoon session.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Delhi announces new odd-even formula
In a change from its earlier plan, the Delhi government announced on Tuesday that private vehicles with odd and even registration numbers will ply on odd and even dates respectively from January 1.
 
"It will be datewise," Transport Minister Gopal Rai told the media, days after the government said odd numbered vehicles would ply on Mondays, Wednesdays and Fridays and those with even numbers on Tuesdays, Thursdays and Saturdays.
 
Rai clarified that odd numbered vehicles would be allowed on the roads on odd dates "like 1, 3, 5 and so on" and even numbered vehicles on even dates "like 2, 4, 6 and so on".
 
The rationing of the vehicles on Delhi's roads, aimed at curbing alarming levels of air pollution, would not apply to Sundays when all vehicles can ply, the minister said.
 
The complete blueprint for the ambitious odd-even formula would be ready by December 25, Rai said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

User

Nifty, Sensex continue to look weak – Tuesday closing report
While the downside in Nifty may be restricted, it will be bullish only if closes above 7,850
 
We had mentioned in Monday’s closing report that Nifty, Sensex may put in a short rally and that Nifty may not be out of the woods yet but may bounce back till 7,850. The Indian stock markets continued with their bearish trends and the major indices lost around 0.85% in Tuesday’s trading. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
The prevailing logjam in parliament coupled with prospects of a US rate hike and the decline in oil and gas stocks subdued Indian equity markets. Initially, both the bellwether indices of the Indian equity markets opened on a negative note following their Asian peers. Besides, prospects of a US rate hike prompted selling among foreign investors and continued weakness in rupee's value depressed them. In addition, oil and gas, energy and power companies stocks fell after a dip in global crude oil prices.
 
Markets observers said that the investors' sentiments were subdued due to the logjam in parliament which has dimmed the prospects of the Goods and Services Tax (GST) bill getting passed during the winter session.
 
The catastrophic loss of property and lives due to the floods in Tamil Nadu could cost insurance companies around Rs1,500 crore though exact estimates will be known only later. “We have received around 800 claims and the initial estimate of the loss is around Rs.500 crore," a senior official of United India Insurance Co. Ltd. told IANS. The official said the flood loss for the general insurance industry could be around Rs1,500 crore. But if one takes into account the uninsured moveable and immovable properties, then the amount would be several times more. The heaviest rains in a century battered the districts of Chennai, Kanchipuram, Cuddalore and Thiruvallur over the past month, leaving around 325 people dead and causing widespread destruction. 
 
US-headquartered IT company Cognizant, with major operations in Chennai, on Tuesday announced Rs260-crore ($40 million) aid for flood relief measures here and assistance as loans, grants to its employees and business partners. It announced a contribution of Rs65 crore ($10 million) towards flood relief steps and another Rs195 crore ($30 million) as assistance (loans, grants and healthcare assistance). Cognizant is one of Chennai's largest employers with more than 60,000 employees and 11 facilities. 
 
Global software major Infosys announced on Monday it is creating 250 new jobs over the next three years in Ireland to develop new technologies and support innovation in financial institutions. The expansion will create 95 jobs at its first dedicated product-centric research and development (R&D) centre outside India and open a second Irish facility to house up to 155 techies for providing client servicing, Infosys said in a statement. 
 
Bringing relief to scores of Indians aggrieved by bounced cheques, a bill permitting the filing of cases at the place where a cheque is presented for clearance and not the place of issue was approved by parliament with the Rajya Sabha giving its nod on Monday. Minister of State for Finance Jayant Sinha moved the Negotiable Instruments (Amendment) Bill, 2015, which was passed by the Lok Sabha in the monsoon session, in the upper house to seek to replace an ordinance that was re-promulgated earlier. The amendment seeks to overturn a Supreme Court ruling which said cases have to be initiated where the cheque-issuing branch was located, and provides that cases of cheque bouncing can now be filed only in a court that has jurisdiction over the bank branch of the payee. Over 1.8 million cheque bounce cases are pending in various courts, Sinha told the house.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)