India's crude steel output falls by 1.3 pct in November – The Financial Express

India's crude steel output falls by 1.3 pct in November – The Financial Express

Indias crude steel output dipped by 1.3 per cent to 8.49 million tonne (MT) in November, according to the World Steel Association.crude oil, oil, crudeJapans output fell 0.5 per cent to 8.66 MT in the reported month.Indias crude steel output dipped by 1.3 per cent to 8.49 million tonne (MT) in November, according to the World Steel Association.The country had produced 8.60 MT of crude steel during the same month a year ago, the global industry body said in its latest report.In October, India registered a marginal growth in its crude steel output at 8.77 MT.The country has set an ambitious target of ramping up its production capacity to 300 MT by 2030.Crude steel production for the 64 countries reporting to the association was 148.617 MT in November 2018, a 5.8 per cent increase compared to November 2017, it added.Chinas crude steel production for November 2018 stood at 77.62 MT, an increase of 10.8 per cent compared to 70.024 MT in the year-ago month.Japans output fell 0.5 per cent to 8.66 MT in the reported month.The US produced 7.42 MT of crude steel, a rise of 11.8 per cent as compared with 6.64 MT in November 2017.In the European Union, the Association said France produced 1.4 MT crude steel, Italy 2.2 MT and Spain produced 1.3 MT in November 2018.While Turkeys crude steel production was at 3.1 MT, Ukraine produced 1.7 MT.Also read: Brent crude below $55 a barrel as Fed hike heightens demand-growth fears; lowest since September 2017The World Steel Association members represent about 85 per cent of the worlds steel production, including over 160 steel producers with 9 of the 10 largest steel companies, national and regional steel industry associations, and steel research institutes.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Coal India banks on 8 railway corridors to boost productivity – The Financial Express

Coal India banks on 8 railway corridors to boost productivity – The Financial Express

Coal India (CIL) will be able to reach near its aspirational goal of producing 1 billion tonne by 2022-23 if all the eight proposed railway corridors are in place by then. Coal India banks on 8 railway corridors to boost productivityCoal India (CIL) will be able to reach near its aspirational goal of producing 1 billion tonne by 2022-23 if all the eight proposed railway corridors are in place by then. Unless there can be a support system to evacuate an incremental coal production of 350 million tonne per annum, increasing mine productivity would make no sense.While an ICRA report suggests that over the long and medium term, the major thrust of CIL’s coal production is expected to come from the coalfields of North Karanpura, under Central Coalfields in Jharkhand, Manraigadh in Korba and Gevra in Chhattishgarh under South Eastern Coalfields and Talcher IB Valley in Odisha under Mahanadi Coalfields, railway connectivity remains critical to increase production in these coalfields.CIL’s subsidiary Northern Coalfields has almost zeroed down on a plan to produce 115 mt by 2022-23 through expanding its Jayant and Dudhichuia mines and opening a green field Semaria mines, in the next two-three years. This would fetch an additional 2 mt of production per annum.NCL is injecting `1,150 crore that will boost the company to join the 100 million tonne production club this fiscal. Only two subsidiaries, at present, South Eastern Coalfields and Mahanadi Coalfields, are producing in excess of 100 million tonne per annum among all the CIL subsidiaries.NCL chairman and managing director PK Sinha said the company will be producing 100.5 mt this fiscal against 93 mt in produced in 2017-18. “Our Capex of the year is `1,150 crore, which will mainly go in procuring equipment and fund expansion. The equipment, I am sure, will help is enhancing our mining activities for which we have zeroed down on a plan to produce 115 mt in 2022-2023, the year in which CIL has kept its aspirational target of producing 1 billion tonne.”He said that NCL after meeting the demand for the pithead thermal plants aggregating 13,000 MW of generation from thermal power stations of NTPC, Lanco, and Uttar Pradesh Rajya Vidyut Nigam has also proposed sending about 20-25 mt of dry fuel to the starved thermal power plants in North India. The country’s largest super thermal power plant at Vindhyachal of NTPC of 5000MW is fed by NCL. It supplied 26 days of coal stock against normative requirement of 15 days.Sinha said although coal evacuation remains an issue for the upcountry supplies, it would get organised in the next two-three years once the doubling of railway links between Katni and Singraulli (260 km) and another between Ramna and Singraulli (160km) are completed.The railways had approved these projects at an estimated cost of `4,700 crore, an NCL officials said.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Costly bailout: Rs 1.7 lakh cr infused into public sector banks; Rs 3.3 lakh cr notional loss in market cap – The Financial Express

Costly bailout: Rs 1.7 lakh cr infused into public sector banks; Rs 3.3 lakh cr notional loss in market cap – The Financial Express

Compared to a situation where PSBs retained their share in bank m-cap, it would mean a notional loss of Rs 3.28 lakh crore.Costly PSB bailout: Rs 1.7 lakh cr infused; Rs 3.3 lakh cr notional loss in M-capThe share of public sector banks (PSBs) in total bank market capitalisation has plunged to just 25.59% now from 42.93% on May 23, 2014, just before PM Narendra Modi came to power. Compared to a situation where PSBs retained their share in bank m-cap, it would mean a notional loss of Rs 3.28 lakh crore. And this is despite the government having pumped in close to Rs 1.7 lakh crore since FY15 and planning to infuse another Rs 83,000 crore in the rest of the fiscal.While the gross NPAs of all PSBs stood at a massive 15.6% as of March 2018, this could worsen to 16.3% by March 2019 in the baseline scenario and could touch even 17.3% under the worst stress scenario, the RBI had cautioned in its financial stability report in June.For its part, the government says a total infusion of Rs 1.06 lakh crore in FY19 (including the additional `41,000 crore announced on Thursday) will enable 4-5 weak banks to come out of the central bank’s prompt corrective action (PCA) framework and help at least three more, including Punjab National Bank, to avoid getting into the PCA.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Asian stocks slide, investors rush to yen and bonds – The Financial Express

Asian stocks slide, investors rush to yen and bonds – The Financial Express

Sentiment had turned sour on Thursday when the U.S. Federal Reserve largely retained plans to increase interest rates despite mounting risks to growth.Chinese blue chips lost 1.2 percent, in part after the United States accused Beijing of orchestrating the hacking of government agencies and companies around the world. (Representational photo)Global stocks were sailing into Christmas on a sea of red on Friday, as the threat of a U.S. government shutdown and of further hikes in U.S. borrowing costs inflamed investor unease over the economic outlook.The SP 500 was heading for its worst quarter since the dark days of late 2008, with a loss of 15 percent so far. The Nasdaq has shed 19.5 percent from its August peak, just shy of confirming a bear market.Oil prices slid just over 4 percent overnight, bringing Brents losses since its October top to 37 percent. The dollar had suffered its biggest one-day drop on the yen since November 2017 as investors stampeded to safe havens.Michael McCarthy, chief market strategist at CMC Markets, said the downward spiral was becoming self fulfilling with selling begetting more selling.Negative momentum is a key factor in driving investor behaviour. Fundamental justifications are following the action, said McCarthy. The selling will finish when it is done.E-Mini futures for the SP 500 were off another 0.25 percent on Friday, while MSCIs broadest index of Asia-Pacific shares outside Japan shed 0.6 percent.Japans Nikkei fell 1.8 percent, and was down more than 6 percent for the week so far, while Australian stocks slipped 1 percent to a two-year trough.Chinese blue chips lost 1.2 percent, in part after the United States accused Beijing of orchestrating the hacking of government agencies and companies around the world.Sentiment had turned sour on Thursday when the U.S. Federal Reserve largely retained plans to increase interest rates despite mounting risks to growth.Markets were further spooked when U.S. President Donald Trump refused to sign legislation to fund the U.S. government unless he got money for a border wall, thus risking a partial federal shutdown on Saturday.Political brinkmanship in Washington is further heightening market uncertainty, said Westpac economist Elliot Clarke.Friday will be a tense day in Washington, and for financial markets, as a last-minute compromise is sought.Adding to the air of crisis was news U.S. Defense Secretary Jim Mattis had resigned after Trump proposed withdrawing troops from Syria and sources said a military pullback from Afghanistan was on the cards.The brittle mood showed on Wall Street where the Dow ended Thursday with a loss of 1.99 percent. The SP 500 dived 1.58 percent and the Nasdaq 1.63 percent.STAMPEDE FOR THE EXITSThe sea change in sentiment has triggered a rush out of crowded trades, including massive long positions in U.S. equities and the dollar and short positions in Treasuries.Lipper data on Thursday showed investors pulled nearly $34.6 billion out of stock funds in the latest week and were heading for the biggest month of net withdrawals on record.There was also a sense of capitulation in currency markets as the dollar dived 1.1 percent on the yen on Thursday to hit a three-month trough at 110.80. It was last changing hands at 111.19 having shattered several layers of chart support.The euro stood at $1.1455, having jumped to its highest in over six weeks at $1.1485. Against a basket of currencies, the dollar sagged to 96.389 after suffering its largest single-session fall in two months.The Swedish crown was a big gainer after its central bank on Thursday raised interest rates for the first time in more than seven years.The flight from risk was a boon to sovereign bonds, where U.S. 10-year yields struck their lowest since early April at 2.748 percent. As recently as October, they had been at a seven-year top of 3.261 percent.The gap between two- and 10-year yields shrank to just 9 basis points at one stage, the kind of flattening that has heralded recessions in the past.The rally in longer-dated bonds has been fuelled by the huge slide in oil prices, which will pile downward pressure on inflation at a time when the global economy is already slowing.Both Brent and U.S. crude futures reached their lowest in more than a year overnight, but edged higher on Friday on talk production cuts by OPEC might be larger than first thought.U.S. crude eked out a 61 cent bounce to $46.49 a barrel, while Brent rose 69 cents to $55.04. Gold continued to benefit from the reversal in the dollar to stand at $1,260.38 an ounce.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Crude oil prices rise as OPEC output cuts seen deeper than previously expected – The Financial Express

Crude oil prices rise as OPEC output cuts seen deeper than previously expected – The Financial Express

Oil prices climbed on Friday after tumbling 5 percent in the last session, with OPEC production cuts that start next month seen being deeper then previously expected.Oil Prices are down more than 30 percent from their peak in October.Oil prices climbed on Friday after tumbling 5 percent in the last session, with OPEC production cuts that start next month seen being deeper then previously expected.Benchmark Brent crude futures were up 1.51 percent at $55.17 per barrel at 0112 GMT, recovering from losses of $2.89 per barrel the session before.U.S. West Texas Intermediate (WTI) crude futures rose 1.53 percent, or 70 cents, to $46.58 per barrel.The Organization of the Petroleum Exporting Countries plans to release a table detailing output cut quotas for its members and allies such as Russia in an effort to shore up the price of crude, OPECs secretary-general said in a letter seen by Reuters on Thursday.Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent.That is higher than the initially discussed 2.5 percent as OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut.The current oil prices will force OPEC to increase compliance with the production cut deals, supporting Brent prices, said Wang Xiao, head of crude research at Guotai Junan futures.The temporary recovery in prices has been driven by short- sellers buying back.ANZ Research said in note that investors had been trading on macroeconomic factors and technical analysis rather than market fundamentals, keeping prices under pressure.U.S. crude prices broke through a support level at $45.94 per barrel during the last session and rebounded after sinking to $45.67, their lowest since late August 2017.Stephen Innes, head of trading for Asia-Pacific at OANDA said in note that market volatility was getting exaggerated by immensely thin liquidity conditions, risk sentiment, and holiday market participation.Oil Prices are down more than 30 percent from their peak in October.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

US dollar struggles near 1-month low, risk aversion boosts Japanese yen – The Financial Express

US dollar struggles near 1-month low, risk aversion boosts Japanese yen – The Financial Express

The dollar index against a basket of six major currencies stood near 96.30 after falling to 96.168 overnight, its lowest since Nov. 20. The index has lost roughly 1.2 percent this week.The dollar hovered near a one-month low against its peers on Friday, weighed down by a subdued outlook towards U.S. interest rates and the economy, while risk aversion in the broader markets boosted the yen.The dollar index against a basket of six major currencies stood near 96.30 after falling to 96.168 overnight, its lowest since Nov. 20. The index has lost roughly 1.2 percent this week.The greenback has slumped after the Federal Reserve signalled fewer interest rate hikes over the next few years than it previously projected and helped push long-term U.S. Treasury yields to near nine-month lows.The Feds outlook accelerated the slide in Treasury yields, which had been declining on caution towards the worlds biggest economy.The U.S. currency underperformed particularly against the yen as global stock markets sank after the Fed dashed investor hopes for a more dovish policy stance.MSCIs gauge of global stocks has declined 3.7 percent this week, touching its lowest since April 2017.The threat of a partial U.S. federal government shutdown added to the risk-off mood.The dollar stood little changed at 111.25 yen after dropping to 110.815 overnight, its weakest since Sept. 6. The currency has lost nearly 2 percent against its Japanese peer this week.We are seeing a classic case of ‘risk off lifting the yen against the dollar, something that had not taken place so often in the recent months, said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.U.S. markets, particularly equities, will continue dictating direction for the dollar in the near term. We may have to wait until the new year for risk aversion to settle.The euro was 0.15 percent higher at $1.1460 after nudging up to a 1-1/2-month peak of $1.1486 the previous day. The single currency was headed for a 1.4 percent gain on the week.The pound inched up 0.1 percent to $1.2669.Sterling had climbed to a 10-day peak of $1.2707 on Thursday but pulled back from the high after the Bank of England kept interest rates on hold, saying Brexit uncertainty had intensified considerably over the last month.The Australian dollar was a shade higher at $0.7119, moving away from a near two-month trough of $0.7086 brushed the previous day following tumult in the global markets.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Wall Street slides on Fed plans; Nasdaq flirts with bear territory – The Financial Express

Wall Street slides on Fed plans; Nasdaq flirts with bear territory – The Financial Express

Of the SPs 11 major sectors, only utilities ended in positive territory. Energy stocks slid 2.8 percent as oil prices dropped to their lowest levels in a year.The SP 500 posted no new 52-week highs and 175 new lows; the Nasdaq Composite recorded three new highs and 858 new lows.U.S. stocks slid on Thursday, with the Nasdaq on the cusp of confirming bear market territory, as the Federal Reserves plan to continue its balance sheet reduction and the threat of a partial government shutdown fueled investor anxieties.At its session low, the Nasdaq had tumbled 2.85 percent, pushing the tech-heavy index more than 20 percent below its Aug. 29 closing high. The index, along with the Dow and the benchmark SP 500, pared losses as the session continued. The Nasdaq ended down 19.5 percent from its closing high, just shy of confirming a bear market.In evidence of the mounting bearish sentiment, U.S.-based stock mutual funds and exchange-traded funds are set for their worst month of net withdrawals on record, according to Lipper data released after Thursdays market close. Investors pulled nearly $34.6 billion from U.S.-based stock funds in the most recent week.The Feds move on Wednesday to largely adhere to its plan for more rate hikes over the next two years and keep its balance sheet reduction plan on autopilot spooked investors already worried about slowing economic growth.This is primarily just a follow-through from yesterdays selling, said Michael ORourke, chief market strategist at JonesTrading in Greenwich, Connecticut. The market is just upset about the whole aspect of balance sheet normalization.Adding to the gloom was the possibility of a partial U.S. government shutdown on Friday. President Donald Trump told Republican congressional leaders he will not sign a government funding bill because it fails to include enough funding for border security.For 2019, I suspected there was going to be antagonism between the House (of Representatives) and the White House, said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. This is only a partial government shutdown, but if (Trump) is going to be obstinate, thats not a good sign for next year.The Dow Jones Industrial Average fell 464.06 points, or 1.99 percent, to 22,859.6, the SP 500 lost 39.54 points, or 1.58 percent, to 2,467.42 and the Nasdaq Composite dropped 108.42 points, or 1.63 percent, to 6,528.41.Thursdays trading volume was the second-highest of the year, at 12.09 billion shares, compared with the 8.38 billion-share average over the last 20 trading days.Of the SPs 11 major sectors, only utilities ended in positive territory. Energy stocks slid 2.8 percent as oil prices dropped to their lowest levels in a year.Technology and consumer discretionary stocks – among the top contributors to Wall Streets gains in the past few years – registered heavy declines.Gloomy corporate results and forecasts also weighed on U.S. stocks.Shares of Walgreens Boots Alliance Inc dropped 5.0 percent on the drugstore chains weak retail sales, while shares of Conagra Brands Inc slid 16.5 percent after the packaged foods maker gave an underwhelming profit forecast for 2019.Also declining as a result of disappointing corporate earnings forecasts were shares of Accenture Plc and Carnival Corp, which fell 4.9 percent and 9.5 percent, respectively.Nike Inc shares dropped 2.1 percent ahead of the athletic footwear companys quarterly results. In after-hours trading, however, Nike shares surged more than 7 percent following the companys report.Declining issues outnumbered advancing ones on the NYSE by a 3.97-to-1 ratio; on Nasdaq, a 3.41-to-1 ratio favored decliners.The SP 500 posted no new 52-week highs and 175 new lows; the Nasdaq Composite recorded three new highs and 858 new lows.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Petrol, diesel prices today: Fuel prices slashed in range of 15-18 paise; petrol selling for Rs 70.46 in Delhi – The Financial Express

Petrol, diesel prices today: Fuel prices slashed in range of 15-18 paise; petrol selling for Rs 70.46 in Delhi – The Financial Express

Petrol, diesel prices today: After keeping petrol and diesel prices unchanged for three consecutive days, the oil marketing companies (OMCs) on Friday slashed fuel prices in the range of 15-18 paise across 4 major cities. Petrol Prices in Delhi today, Diesel Prices in Delhi today, Petrol and Diesel Prices in Delhi today, Petrol and Diesel Prices in four metro cities, IOC, Crude, BPCL, HPCL, Petroleum ministryPetrol, diesel prices today: After keeping petrol and diesel prices unchanged for three consecutive days, the oil marketing companies (OMCs) on Friday slashed fuel prices in the range of 15-18 paise across 4 major cities. (Reuters)Petrol, diesel prices today: After keeping petrol and diesel prices unchanged for three consecutive days, the oil marketing companies (OMCs) on Friday slashed fuel prices in the range of 15-18 paise across 4 major cities. While petrol is selling for Rs 70.46 per litre in Delhi, diesel is available for Rs 64.39 per litre today. In Mumbai, petrol is selling for Rs 76.08 per litre and diesel is selling for Rs 67.39 per litre. Petrol and diesel are available for Rs 72.55 per litre and 66.15 per litre, respectively in Kolkata.Also read: Share market LIVE updates: Sensex, Nifty likely to open mildly lower; Infosys, Jet Airways in focusIn Chennai, petrol and diesel are available for Rs 73.11 per litre and 67.98 per litre, respectively. On Tuesday, Brent had tumbled to a session low of $55.89 a barrel, a bottom last reached in October 2017. WTI sank to $45.79, the weakest since August 2017.Crude oil pricesOil prices climbed on Friday after tumbling 5 percent in the last session, with OPEC production cuts that start next month seen being deeper than previously expected.Benchmark Brent crude futures were up 1.51 percent at $55.17 per barrel at 0112 GMT, recovering from losses of $2.89 per barrel the session before. US West Texas Intermediate (WTI) crude futures rose 1.53 percent, or 70 cents, to $46.58 per barrel, Reuters reported.Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.