Daily News - Friday, 4 October 2024
India sees crude imports rise from Iraq, Saudi Arabia (Financial Chronicle)
India’s oil demand surged in September, with crude imports rising by 12.7% to 4.7 million barrels per day (bpd), driven by increased imports from traditional suppliers like Iraq and Saudi Arabia. Despite the increase from these suppliers, Russia remained India’s top crude source, providing 1.79 million bpd or 38% of total imports. While global oil prices are weighed down by weak demand from China, tensions in the Middle East have caused temporary price spikes, though experts believe the long-term impact may be limited unless the conflict expands.
Indian start-ups raise $3.4 billion in Sept. qtr (Financial Chronicle)
In Q3 2024, homegrown start-ups secured $3.4 billion in funding, double the amount raised in the same period last year, with a 28% increase in deal count to 262. Mega deals surged to 10, including Zepto, Physics Wallah, and Rapido, each raising over $100 million, driving the quarter’s growth. Fintech led the sectors with $677 million in funding, while Bangalore and Delhi NCR were the top cities, raising $1.1 billion and $876 million respectively.
India and US Discuss Investments in Industrial Cities, Critical Sector Deals (The Economic Times)
India and the US discussed boosting American investments in 20 new industrial cities and enhancing collaboration in key sectors like defense, semiconductors, telecom, AI, and clean energy at the sixth India-US CEO Forum. Co-chaired by India’s commerce minister Piyush Goyal and US commerce secretary Gina Raimondo, the forum also focused on strengthening critical mineral supply chains and fostering tech and R&D partnerships. These efforts align with India’s “Make in India” initiative, aiming to enhance local manufacturing through the development of industrial smart cities across various states.
‘Iran-Israel Conflict may Work in Favour of Indian Diamond Exporters’ (The Economic Times)
The ongoing Iran-Israel conflict is likely to boost India’s exports of cut and polished diamonds (CPD), as reduced shipments from Israel—whose diamond exports have fallen by one-third in the first seven months of 2024—could provide a competitive advantage to Indian exporters, especially as India currently faces a 20% decline in its CPD exports, totaling approximately $5.62 billion from April to August 2024. Although this situation may benefit India, there are concerns that escalating tensions could lead to increased oil prices, negatively impacting global economic demand, particularly in major markets like the U.S. and China, which are significant consumers of diamonds. Industry leaders, such as Vipul Shah from the Gem & Jewellery Export Promotion Council, emphasize the necessity for peace in the Middle East to prevent further adverse economic repercussions, highlighting the current slowdown in these key markets.
Indian Steel Stocks Get a Chinese Stimulus (The Economic Times)
Shares of domestic steel producers are poised to recover from recent underperformance as an anticipated increase in demand from China—prompted by measures to boost its real estate market—could positively impact pricing, imports, and profit margins for steelmakers. Analysts have reacted positively, with Morgan Stanley upgrading JSW Steel and Jindal Steel & Power to ‘overweight’ and raising Tata Steel to ‘equal-weight’, while Jindal Steel shares remained stable despite broader market declines of over 2%. Although steel companies are expected to face weak earnings in the September quarter due to lower prices and demand, the long-term outlook remains optimistic, with expected strong consumption through 2026-27 and upcoming capacity expansions of 23 million tonnes potentially benefiting producers in the near term.
