Saudi Arabia accounts for around 10% of the total global supply of 100 mbpd and is the second largest supplier of crude and cooking gas to India.
Saudi Arabia accounts for around 10% of the total global supply of 100 mbpd and is the second largest supplier of crude and cooking gas to India.

Saudi Aramco claims suspended oil production would come online by Sept end

  • Saudi Aramco CEO Amin Nasser said the production capacity, suspended due to terror attacks on its plants at Abqaiq and Khurais, would be fully restored by the end of September
  • Saudi Aramco had assured India that it will honour its supply contracts despite the production cuts

Mark to Market
View All
Adam Neumann, CEO of WeWork (Photo: Reuters)
Videos
View All

Your morning ritual now travels with you!

Try Mint E-paper
Oyo founder Ritesh Agarwal is spending a major part of his time in the US to expand his company’s presence in the world’s largest economy (Photo: Ramesh Pathania/Mint)
Oyo founder Ritesh Agarwal is spending a major part of his time in the US to expand his company’s presence in the world’s largest economy (Photo: Ramesh Pathania/Mint)

Oyo  to  raise  $200  mn for luxury push in US

  • Oyo’s strategy to raise debt for buying hotels in the US is one that it has followed in India and Europe as well
  • The company, which bought Hooters Casino Hotel in Las Vegas last month, has identified the premium hotels segment as its area of focus outside India

Long Reads
Plain Facts
For 335 publicly traded firms on the BSE 500 index excluding banks, financials, and oil and gas companies, ICR worsened to 3.3 times in the June quarter from 3.33 times in the March quarter (Photo: Mint)
For 335 publicly traded firms on the BSE 500 index excluding banks, financials, and oil and gas companies, ICR worsened to 3.3 times in the June quarter from 3.33 times in the March quarter (Photo: Mint)

Debt woes worsening despite RBI rate cuts

  • Aggregate profit growth declined 5.41% in Q1FY20 from a growth of 20% in the year earlier for 335 listed firms
  • The interest coverage ratio, which measures the ability of businesses to pay interest on their loans, fell to a 13-quarter low in the June quarter

Gautam Thapar (Photo: Ramesh Pathania/Mint)

Day’s most important news delivered to your inbox with our newsletters!

Subscribe for free
(Photo: Reuters)
(Photo: Reuters)

Oil prices sink 5% as quick Saudi output recovery seen

  • In the space of several minutes in afternoon European trading, North Sea Brent crude oil for delivery in Nov tumbled from $67.75 to $65
  • The spike in the oil price had stoked fears that costlier energy and geopolitical instability could weigh on an already slowing global economy

Rosneft chairman Igor Sechin with oil minister Dharmendra Pradhan in Delhi on Tuesday.  (Photo: PTI)
Finance Minister Nirmala Sitharaman (Photo: Reuters)
Finance Minister Nirmala Sitharaman (Photo: Reuters)

'Blueprint ready': Govt mulling fourth booster dose to revive economy

  • The blueprint for the stimulus is ready, which would be announced by FM Nirmala Sitharaman in the next few days, a govt official said
  • The first set of announcements was made on 23 August that included rollback of the enhanced surcharge imposed on foreign portfolio and domestic investors

External affairs minister S. Jaishankar at a media briefing in New Delhi (Photo: Pradeep Gaur/Mint)
External Affairs Minister S Jaishankar during a press conference on completion of first 100 days of MEA in the present government, in New Delhi, Tuesday, Sept. 17, 2019.  (Photo: PTI)
External Affairs Minister S Jaishankar during a press conference on completion of first 100 days of MEA in the present government, in New Delhi, Tuesday, Sept. 17, 2019. (Photo: PTI)

PoK part of India, expect to have physical jurisdiction over it: Jaishankar

  • The government has maintained that henceforth talks with Pakistan would be only about PoK and not on Kashmir
  • 'Our position has, is and will always be very clear on PoK, that it is part of India and we expect one day we will have physical jurisdiction over it,' Jaishankar told reporters

Out of the 87,000 debenture holders who had been asked to be party to the resolution plan being deliberated upon by banks, only 24,400 debenture holders, or less than 30%, had responded before the due date earlier this month
Out of the 87,000 debenture holders who had been asked to be party to the resolution plan being deliberated upon by banks, only 24,400 debenture holders, or less than 30%, had responded before the due date earlier this month

DHFL's resolution plan hits a major roadblock

  • Only a small segment of bondholders have agreed to be on board the proposed resolution
  • The process has been further complicated as certain bondholders have also initiated a process to take DHFL to bankruptcy court

The OnePlus 7T
Currently, the EPFO is paying an interest rate of 8.55% for 2018-19 under EPF withdrawal claims ( Photo: Priyanka Parashar/Mint)
In recent months, the IAF has initiated a major upgradation of its Ambala air base for the deployment of the Rafale. (Reuters )
In recent months, the IAF has initiated a major upgradation of its Ambala air base for the deployment of the Rafale. (Reuters )

Why Rafale jets may be inducted into IAF by next summer only

  • India will have to wait till April-May before the delivery of jets begins
  • Rafale jet is a very good aircraft and when it comes into the subcontinent, it will be a game changer because it has significant capabilities, says B. S. Dhanoa, Chief of the Air Staff

BSE Sensex plunged 642.22 points, or 1.73%, to 36,481.09 on Tuesday (Photo: Bloomberg)
BSE Sensex plunged 642.22 points, or 1.73%, to 36,481.09 on Tuesday (Photo: Bloomberg)

A lost year for markets as all 2019 gains erased

  • The oil prices scare has added yet another worry for government that is trying to combat an economic slump
  • Sell-off in stocks continues for second straight day despite Saudi assurance

The customs duty on TV panels had earlier pushed electronics makers to import TV sets from neighbouring markets such as Vietnam and Thailand
The customs duty on TV panels had earlier pushed electronics makers to import TV sets from neighbouring markets such as Vietnam and Thailand

Govt scraps import duty on open cell LED TV panel

  • Panels make up over 60-70% of the cost of manufacturing LED TV sets
  • The demand for TV in India has seen a slump amid consumer slowdown, more competition and increased GST on large TV sets

The RBI's latest decision will lower banks’ capital requirements and thus the loss absorbing buffer on these loans (Mint file)
The RBI's latest decision will lower banks’ capital requirements and thus the loss absorbing buffer on these loans (Mint file)

Moody’s says RBI’s decision to cut risk weight on consumer loans credit negative

  • The RBI last week reduced risk weight on consumer loans such as personal loans to 100% from 125%
  • According to Moody's, the strong growth of personal loans in recent years was supported by the yields offered by these unsecured loans

Indian originals are, incidentally, also grabbing eyeballs overseas (Photo: AP)
Indian originals are, incidentally, also grabbing eyeballs overseas (Photo: AP)

Amazon Prime Video targets ‘many Indias’ for growth

  • The service currently offers content in Hindi, Tamil, Telugu, Kannada, Malayalam, Marathi, Bengali, Punjabi and Gujarati
  • Amazon content is currently watched in about 4,000 Indian towns and cities

Xiaomi India MD Manu Kumar Jain with Xiaomi's IoT products.
Airtel Payments Bank Bharosa Savings Account will allow you one debit transaction per month. ( Priyanka Parashar/Mint)
The new iPhone 11 will be sold in India at a starting price of  ₹64,900
Latest data shows that WPI- and CPI-based inflations are digressing further from each other
Latest data shows that WPI- and CPI-based inflations are digressing further from each other

Static WPI inflation adds to slowdown worries

  • Wholesale prices of manufactured products in August were at the same level as a year ago, signalling that producers lacked pricing power
  • RBI has been focusing only on CPI-based inflation after a 2015 monetary framework pact with the Centre

Gold, silver price today: On MCX, gold prices traded near  ₹37,900 per 10 gram while silver at  ₹47,075 a kg
Bhubaneswar airport: The airlines have been intimated about the re-carpeting of the runway by Airport Authority of India. (Ramesh Pathania/Mint)
Bhubaneswar airport: The airlines have been intimated about the re-carpeting of the runway by Airport Authority of India. (Ramesh Pathania/Mint)

Bhubaneswar airport to remain partially shut for 8 months

  • The runway re-carpeting will be done in two phases from November
  • The re-carpeting of the runway is a regular maintenance work and was last taken up at the Biju Patnaik International Airport in 2007

BSP supremo Mayawati. (ANI)
Prime Minister Narendra Modi (Mint file)
China came up with a distant second with 340,000 resident non-immigrants in the US. (Pradeep Gaur/Mint)
China came up with a distant second with 340,000 resident non-immigrants in the US. (Pradeep Gaur/Mint)

Indians are the largest resident non-migrants in US

  • In 2016, there were 580,000 Indians in the US as resident non-immigrant
  • Of these, 440,000 were temporary workers, which includes those on H-1B visas and 140,000 were students

Ramkumar Ramamoorthy, CMD, Cognizant India.
Commerce and industry minister Piyush Goyal (PTI file)
Investors can also choose to have the demat and trading accounts with different service providers.
Investors can also choose to have the demat and trading accounts with different service providers.

Demat, trading accounts can be unbundled

  • Investors can also choose to have just a demat account
  • However, if at any time, they intend to sell the securities, they will need to open a trading account and link the demat account to it

Photo: Mint
Photo: Mint

Bajaj Finance to raise Rs8,500 crore via QIP

  • Bajaj Finance board approves raising of capital through QIP for an aggregate amount not exceeding Rs8,500 crore by issue of equity shares
  • Stock of Bajaj Finance closed 1.54% lower at Rs3,365.65 on the BSE

All these benefits are available only when IDF is set up as per the prescribed guidelines and fulfil required conditions (Photo: Mint)
Former Kolkata police commissioner Rajeev Kumar (Mint file)
The 282ft building has several breakout zones (Photo: Kumar/Mint)
Most financial advisers and planners say that Indians are under-insured in terms of health cover. (Photo:iStock)
The video of 'sweet maggi' is currently being circulated by netizens on Twitter. Screengrab: Hemanshi's World/YouTube
The video of 'sweet maggi' is currently being circulated by netizens on Twitter. Screengrab: Hemanshi's World/YouTube

Recipe of 'sweet maggi' in milk goes viral, Twitter is not lovin' it

  • The video of 'sweet maggi' has received over 963 retweets on Twitter
  • The video of 'sweet maggi' is currently being circulated by netizens on Twitter with several reactions, videos, memes and jokes

DDA also approved reduction of permission charges for usage of additional activity under the educational category plots. (HT)
DDA also approved reduction of permission charges for usage of additional activity under the educational category plots. (HT)

From ATM to bank lockers to yoga centre: DDA's new master plan proposes new norm

  • The decision was taken during the authority meeting of the urban body chaired by Lt Governor Anil Baijal at the Raj Niwas
  • The approved proposals will be sent to the Ministry of Housing and Urban Affairs for consideration and final notification

Won’t buy products that combine investment and insurance (Photo: Sai Sen/Mint)
Won’t buy products that combine investment and insurance (Photo: Sai Sen/Mint)

Tailor your money plan to your risk appetite

  • Risk-averse Madans took a planner’s help to smoothen their financial life
  • The family is on course to achieve their goals with minimal exposure to risky assets, and having a planner has smoothened their risk-averse financial journey

Photo: Aniruddha Chowdhury/Mint
People without helmets will not be granted oil in Bihar's Darbhanga town. (ANI )
Photo: iStock
Continued slump in the value of the rupee means fuel prices are likely to go up, making your commute expensive (Photo: iStock)
Continued slump in the value of the rupee means fuel prices are likely to go up, making your commute expensive (Photo: iStock)

Four ways in which the falling rupee can impact your money

  • Apart from paying high fuel prices, you may also end up shelling more for education and travel abroad
  • One of the biggest mistakes people make while planning for an overseas education is ignoring inflation

Today it looks almost impossible that as a nation we will move to the habit of abiding by rules
Today it looks almost impossible that as a nation we will move to the habit of abiding by rules

Opinion | An aspiring $5 trillion nation needs new role models

India will get to a new habit of following rules, but we need role models to look up to

Take a trip to Victoria
Individuals can also open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the scheme
Individuals can also open, maintain and hold foreign currency accounts with banks outside India for carrying out transactions permitted under the scheme

What is Liberalised Remittance Scheme and what’s it used for?

  • According to the prevailing regulations, resident individuals may remit up to $250,000 per financial year
  • The remitted amount can also be invested in shares, debt instruments, and be used to buy immovable properties in overseas market

There were only 7 new VC funds raised in the first half of this year, compared with 11 a year earlier (Photo: Hemant Mishra/Mint)
The IL&FS group has an outstanding debt of Rs94,216 crore.
The IL&FS group has an outstanding debt of Rs94,216 crore.

IL&FS group firms to sell 494 acres land to pare debt

  • IL&FS, IL&FS Township & Urban and IL&FS Engineering currently hold 9%, 40% and 31% stakes, respectively, in Hill County Properties Ltd
  • HCPL houses various land parcels/development rights for properties aggregating to nearly 494 acres spread across six sites in Telangana, AP and UP

If India is better placed when compared with the other emerging markets, it could attract more investments (Photo: Reuters)
The study covered 26 major economies such as the US, UK, Australia, Germany, Japan and several developing countries such as India, Mexico and South Africa (Photo: iStock)
Narendra Modi eats food with his mother Heeraben Modi at her residence, in Gandhinagar on Tuesday (Photo: ANI)
5 Images

From meeting mother to releasing butterflies: How Modi spent his 69th birthday

Prime Minister Narendra Modi on Tuesday met his nonagenarian mother Heeraben on his 69th birthday and had lunch with her. He performed Narmada Aarti to river Narmada and took part in 'Namami Devi Narmade festival', which is being organised across the state to mark filling up of the Sardar Sarovar dam to its full capacity. Modi also took a safari ride at Jungle Safari Tourist Park and watched animals there. He also released basket full of fluttering butterflies at the Butterfly Garden here on his 69th birthday.

Coffee Day Enterprises has executed definitive agreements with entities belonging to Blackstone Group and the Salarpuria Sattva Group for investment in GV Techparks Private Ltd. (Reuters)
Coffee Day Enterprises has executed definitive agreements with entities belonging to Blackstone Group and the Salarpuria Sattva Group for investment in GV Techparks Private Ltd. (Reuters)

Coffee Day to sell GV Tech Park to Blackstone for Rs2,700 crore

  • Coffee Day Enterprises is selling real estate property GV Tech Park as part of efforts to raise funds for paring the debt
  • Shares of Coffee Day Enterprises ends 2.09% down at Rs72.75 apiece on the BSE

Securities and Exchange Board of India.
India lacks a system for management of plastic waste, but environmentalists have hailed Modi's move, saying it will help combat plastic waste that chokes rivers and drains (Photo: PTI)
India lacks a system for management of plastic waste, but environmentalists have hailed Modi's move, saying it will help combat plastic waste that chokes rivers and drains (Photo: PTI)

Spooked by PM Modi's plastics ban, India Inc seeks clarity, exemptions

  • CII will ask the government to consult industry executives and define what will be categorized as single-use plastics
  • A nationwide ban on plastic bags, cups, small bottles, straws is expected next month as part of PM Modi's efforts to reduce use of pollution-causing, single-use plastic

Ola's current workforce is estimated to be at over 7,000 employees across areas like mobility, financial services, food and fleet management. (Photo: Mint)
Ola's current workforce is estimated to be at over 7,000 employees across areas like mobility, financial services, food and fleet management. (Photo: Mint)

Ola to hire over 100 freshers from B-schools, engineering colleges

  • Ola is targeting premium business schools across the country, including IIMs as well as institutes like XLRI, ISB and IITs as part of its campus placement programme
  • Srinivas Chunduru, group chief human resources officer at Ola, says the company is going through an exponential growth phase

Prime Minister Narendra Modi releasing butterflies at 'Butterfly Garden' during his visit to Kevadia in Narmada on Tuesday.  (Photo: ANI)
Prime Minister Narendra Modi releasing butterflies at 'Butterfly Garden' during his visit to Kevadia in Narmada on Tuesday. (Photo: ANI)

Sanjay Leela Bhansali to co-produce film on PM Narendra Modi

  • Sanjay Leela Bhansali and Mahaveer Jain have earlier collaborated on romantic drama Malaal that released this July
  • The cast or other details about the project have not been disclosed yet

The net employee additions show positive trend with approximately 29,305 additions during Q1FY20 as compared to 22,245 in Q4FY19 )Photo: Hemant Mishra/Mint)
The net employee additions show positive trend with approximately 29,305 additions during Q1FY20 as compared to 22,245 in Q4FY19 )Photo: Hemant Mishra/Mint)

Increase in onsite hiring led to margin pressure for IT sector in Q1FY20: Icra

  • Several proposed legislations to substantially increase the minimum wages for H-1B visa holders will impact the margins adversely, if implemented, says an Icra report
  • Icra expects FY20 IT services sales growth to remain at 6-8% in dollar terms