Month: June 2023

Saudi Aramco cuts June propane price by $105/mt to $450/mt: Reports

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Aramco has cut June propane price by $105/mt month on month to $450/mt. This is on the back of ample supplies in Middle East and US and low petrochemicals demand from China, according to reports. This would be implemented in India from July. Hence, July propane would become cheaper by 17-18 percent versus Gujarat gas.

Gujarat Gas has cut price by 5 percent effective today to Rs38.43/standard cubic metre (scm). This is the fifth price cut by Gujarat Gas in 2023. At the beginning of the year, the industrial gas rates were Rs 47.93/scm. The fifth price cut comes against the backdrop of lower spot Liquified Natural Gas (LNG) prices.

Analysts say this may have a negative effect on Gas Authority of India Ltd (GAIL). Against this, Oil Marketing Companies (OMCs) will earn better Liquified Petroleum Gas (LPG) marketing margins, though may cut prices also.

The bearish trend in the Saudi propane contract price (CP) over the past several months has been driven by ample supplies out of the Middle East and U.S. and weak petrochemical demand. Chinese propane dehydrogenation (PDH) demand remains poor as low propylene prices in the region continue to put downward pressure on margins.  Fortunately for U.S. propane exporters, Mont Belvieu propane prices have also been weak keeping the U.S.-Asia ARB open and exports flowing at record-levels.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Happy Birthday R Madhavan — 3 Idiots to Rocketry, a look at his iconic films

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ranganathan Madhavan, popularly known as R. Madhavan to his fans, has proved his acting prowess both in Tamil and Hindi cinema. The versatile actor has emerged as one of the most bankable actors in both the South Indian and Hindi film industries. Apart from acting, in his two-decade long career he has also donned the hat of writer, director and producer.

He is one of the finest actors, who has given big Bollywood hits like 3 Idiots, Tanu Weds Manu, and Rang De Basanti.

Madhavan, known as Maddy to his friends in the film industry, celebrates his 53rd birthday on Thursday, June 1.

Here’s a look at his remarkable journey in the film industry:

Madhavan started his career in the 1990s as a television actor in Tamil Nadu. He appeared in several popular shows and has done about 1,800 episodes on different TV channels.

He was offered his first movie, an English-language film, Inferno, in 1997. After that, he made his debut in 1998 with Kannada comic drama Shanti Shanti Shanti.

He was then offered iconic filmmaker Mani Ratnam’s Alaipayuthey in 2000.

His big break in Bollywood came in 2001, with the role of Maddy in Gautam Menon’s romantic drama Rehnaa Hai Terre Dil Mein. The film, starring Saif Ali Khan and Dia Mirza, developed a cult following among the youth and it is still one of the most popular films of his career.

The actor then appeared in several movies, including Kannathil Muthamittal, Priyamaana Thozhi, and Aayutha Ezhuthu, for which he won a Filmfare Award for Best Supporting Actor.

He was then seen in ‘Ramji Londonwaley,’ essaying the role of a cook.

In 2006, he appeared in Rakesh Omprakash Mehra’s Rang De Basanti, co-starring Aamir Khan, Sharman Joshi, Kunal Kapoor, Siddharth, and Soha Ali Khan. The film was a massive success and brought him critical acclaim.

ALSO READ | Happy Birthday Jr NTR — check the RRR star’s many achievements

He next appeared in Mani Ratnam’s Guru alongside Aishwarya Rai Bachchan and Abhishek Bachchan in 2007.

In 2009, he bagged one of his career’s greatest roles in Rajkumar Hirani’s 3 Idiots. The movie was a massive hit and it went on to become one of the highest-grossing Bollywood movies of all time. Madhavan received IIFA and Filmfare Award nominations for Best Supporting Actor for his role as Farhan.

He was next seen in movies like, Teen Patti and Jhoota Hi Sahi.

The next big project came in 2011, when he appeared in Anand L Rai’s Tanu Weds Manu, co-starring Kangana Ranaut. The film was a mega success and became one of the top grossers at the box office that year.

He reprised his role as Manu, in Tanu Weds Manu Returns, which also did exceptionally well upon its release in 2015.

Next, he appeared as a boxing coach in the bilingual sports drama titled Irudhi Suttru in Tamil and Saala Khadoos in Hindi. His role in Irudhi Suttru won him Best Actor award at the Filmfare, IIFA, and SIIMA awards.

Madhavan then appeared in projects like Tamil neo-noir action crime thriller film Vikram Vedha, the Bollywood drama Chanda Mama Door Ke (2018) and Karu Palaniappan’s socio-drama Gramophone.

In 2022, he worked in what is said to be his passion project, Rocketry: The Nambi Effect. The biographical drama based on the life of former ISRO scientist Nambi Narayanan, was well received by the audiences and the critics. Madhavan wrote, directed and produced this film, which was screened at Cannes 2022.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Stock Market Highlight: Sensex, Nifty 50 end near day’s low dragged by financials

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Share Market Highlights: Sensex and Nifty 50 end lower, ending in the red for second session in a row. Losses in financial and telecommunication shares dragged the headline indices lower. Healthcare and IT stocks on the other hand, traded in the green. The bill to raise debt limit and cap government spending in the US was passed by a wide margin on late on Wednesday Eastern Time in the House.

Catch highlights of the June 1 session here:

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

LPG commercial cylinder becomes cheaper, check new rates in Mumbai, Delhi and other cities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The prices of liquefied petroleum gas (LPG) and aviation turbine fuel (ATF) were slashed by Rs 83.50 and Rs 6,632.25 respectively, effective June 1.

A 19 Kg commercial LPG cylinder now costs Rs 1,773 in Delhi, down from Rs 1,856.50 earlier. It is now priced at Rs 1,725 in Mumbai as against Rs 1808.50 earlier.

Even as the reduced prices come as a relief to commercial customers, the cost of domestic LPG cylinder remains unchanged. This is the third consecutive month that the prices of LPG have been lowered.

Earlier in February, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri had said in Lok Sabha that domestic LPG can be sold at an “economical price” if international fuel prices come down from their then price of $750 per metric tonne.

Latest rates of commercial LPG in different cities

It must be noted that the prices of commercial LPG cylinders vary across states due to local taxes. Here’s a look at LPG prices in different cities

Prior to that, the downward revision in April, prices of commercial LPG cylinders were reduced by Rs 91.50 on September 1, 2022, by Rs 36 on August 1, and by Rs 8.5 per unit on July 6, 2022.

Before April, petroleum and oil marketing companies had hiked the price of domestic LPG cylinders by Rs 50 on March 1.

Retailers announce the revised or latest price for LPG cylinders at the beginning of each month, and the prices remain valid until the next announcement.

Jet fuel prices slashed too

Meanwhile, the prices of jet fuel have also been brought down. Check ATF prices across different cities here

This comes at a time when air fares have been skyrocketing. However, whether or not the move will lead to a drop in air ticket prices remains to be seen.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Global money is fast chasing alternatives in Asian equities as China anxiety grows

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As frustration over China’s equity performance increases, some of Asia’s other major markets are emerging as more attractive alternatives for global investors.

The divergence has been on full display this week. A key Chinese stock gauge saw losses from its recent peak reach 20 percent just as South Korea’s Kospi flirted with a bull market and benchmarks in India approached all-time highs. Japanese stocks hit a three-decade high earlier in May while Taiwan continues to outperform most stock markets around the world.

A shift in Asia-focused portfolios seems to be underway as major markets decouple from China, surging despite concerns that a slump in the region’s largest economy will drag on equities elsewhere. Glowing prospects for world-leading chipmakers in Korea and Taiwan, a revival of inflation in Japan and India’s booming consumption are among the tailwinds boosting their stocks just as China indexes become global laggards.

“There are absolutely numerous opportunities within Asia outside of China,” said Christina Woon, investment director of Asian equities at abrdn plc. “Korea gives you exposure to a great number of companies within the battery and tech supply chain, Taiwan is home to more than just TSMC, and Japan gives you access to global leaders in their fields.”

Overseas inflows into Japan have continued for seven straight weeks through mid-May, while Korea and Taiwan have netted at least $9.1 billion each this year, reversing outflows of 2022. By contrast, global fund allocations for China have dropped back to October levels, according to HSBC Holdings Plc. Fund sales to domestic customers in May slumped to their lowest since 2015.

Bullish Wall Street calls on China — dominant until a few months ago — are falling flat as a faltering economy and geopolitical tensions turn key gauges into global underperformer. Manufacturing activity continued to slump in May, adding to the bleak outlook.

Fundamental Shift

The outperformance of other markets may be more structural as China’s population shrinks and industries mature, with Beijing’s regulatory uncertainties making any big bet a risky one. Stocks in Japan, India and Korea have beaten China peers more often than not since 2020.

“A re-allocation away from China may in fact have catalyzed a wider rally across largely dispersed parts of Asia,” said Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management. The macro picture in emerging Asia is helping, with peaking interest rates, more pressure on the US dollar and resilient Western demand, he added.

Corporate reforms underway in Japan and an endorsement by Warren Buffett have stirred excitement for the nation’s undervalued stocks. The Topix and Nikkei indexes boast double-digit gains this year, handsomely beating an Asia benchmark.

The tech-heavy markets of South Korea and Taiwan are rallying as demand surges for all things AI and as the chip cycle is seen turning a corner. Benchmarks there too have gained at least 15 percent this year. In India, a growing retail investor base and solid earnings are adding to the appeal of equities with foreign funds piling in, helping drive the Nifty 50 Index to less than two percent away from an all-time high.

“Korea is our current favorite due to its about 60 percent semiconductor, component and tech exposure,” said Hartmut Issel, Asia Pacific head of equity and credit at UBS Wealth Management. “Prices have already touched cash costs, the inventory digestion process is under way” and the sector is cutting capex plans, he added.

The Asia ex-China theme has been evident in recent strategist recommendations. BNY Mellon Investment Management turned neutral on China last week, preferring markets that benefit from Chinese consumption such as Korea, Thailand or Singapore. Citigroup Inc.’s global allocation team on Friday changed its call to neutral from overweight citing a lack of stimulus measures. It upgraded the rest of emerging Asia, and noted the outperformance in tech stocks.

To be sure, pockets of the Chinese market have seen sharp rallies such as state-owned enterprises as well as semiconductor and artificial intelligence names. And as the November-January reopening euphoria shows, losing out on a rebound can be painful.

“The Chinese market is already pricing in a lot of the negative outlook, which creates more opportunities in China at this stage,” said Robert Secker, a portfolio specialist for T. Rowe Price Group Inc. The recent selloff has “unveiled opportunities in sectors with secular tailwinds and potential to consistently compound earnings over time,” he added.

As money chases markets that have momentum, valuations have become less of a concern. Korea’s Kospi and Japan’s Nikkei 225 are trading at a 23 percent and 17 percent premium, respectively, to their average price-to-forward earnings multiple over the past 10 years. Indian gauges, a perennial bugbear for being richly valued, are trading at about 19 times, also above their historical trend.

For now though, the perennial volatility and unpredictable regulatory environment for China means investors are being more picky.

“You need to be much more specific and targeted in terms of how you are investing within” China, Timothy Moe, chief Asia-Pacific equity strategist at Goldman Sachs Group Inc., told Bloomberg TV. “There’s a great deal of skepticism about the longer term outlook for China, then that suggests investor appetite for China in the near term is still going to be subdued.”

Also Read: US debt ceiling bill passed in the House, moves to senate days ahead of default deadline

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil falls after large surprise build in US crude stocks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in US crude stocks last week, triggering fears of an oversupply amid signs of weaker Chinese demand, too.

Brent crude futures for August delivery fell 40 cents, or 0.6 percent to $72.20 a barrel by 0023 GMT, while U.S. West Texas Intermediate crude (WTI) eased 39 cents, or 0.6 percent, to $67.70 a barrel.

Both benchmarks had settled down more than $1 on Wednesday after steep declines the day before.

US crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute figures on Wednesday. That compared with estimates in a Reuters poll for a drawdown of 1.4 million barrels.

In a further bearish sign, gasoline inventories also posted a surprise build of about 1.9 million barrels in the week ended May 26, according to the data, compared with estimates for a draw of about 500,000 barrels.

Market participants now await government data on US crude stocks due later on Thursday. The data was delayed by a day because of a US holiday earlier this week.

Meanwhile, Chinese data showed manufacturing activity contracted faster than expected in May, worrying markets about demand in the world’s second-largest oil consumer.

Investors were also watching the upcoming June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, after mixed signals so far on whether further cuts are likely.

Analysts at HSBC and Goldman Sachs have said they do not expect OPEC+ to announce further cuts at this meeting.

Unexpectedly strong labor market data on Wednesday also rattled investors who fear the Federal Reserve might hike interest rates again in June, potentially cutting fuel demand in the US, the world’s biggest oil consumer.

A bill to suspend the US government’s $31.4 trillion debt ceiling and avert a disastrous default cleared a key procedural hurdle in the House of Representatives on Wednesday, setting the stage for an vote on the bipartisan debt deal itself.

Also Read: US debt ceiling bill passed in the House, moves to senate days ahead of default deadline

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US debt ceiling bill passed in the House, moves to senate days ahead of default deadline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Fiscal Responsibility Act, or the bill to raise debt limit and cap government spending in the US was passed by a wide margin on late on Wednesday Eastern Time in the House. 314 votes were cast in favour of the bill, while 117 were cast against. The bill will now move to the senate for a vote, just days before Monday’s default deadline.

Both Democrats and Republicans voted in support of the bill after days of tense negotiations between both parties who were mainly at loggerheads over curbing government spending among other issues.

Treasury Secretary Janet Yellen has said federal funds could dry up in the coming days unless lawmakers raise the borrowing limit before next week.

Failure to do so would upset global financial markets, spark job losses in the U.S. and jeopardize vital government benefits for millions of Americans, triggering a potential “catastrophe,” according to Yellen.

The Fiscal Responsibility Act is the result of a deal reached between McCarthy and President Joe Biden, which essentially hands conservatives several ideological policy victories in exchange for their votes to raise the debt ceiling beyond next year’s presidential election and into 2025.

“Tonight, the House took a critical step forward to prevent a first-ever default and protect our country’s hard-earned and historic economic recovery,” US President Joe Biden tweeted after the move.

“I urge the Senate to pass it as quickly as possible so that I can sign it into law, and our country can continue building the strongest economy in the world,” the tweet further said.

(With Inputs From Agencies.)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow