Oil steady, heads for 3rd weekly gain after shock OPEC+ output cuts

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

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Oil held steady Thursday, on track for a third weekly gain as markets weighed further production cuts targeted by OPEC+ and a drop in US oil inventories against fears about the global economic outlook.

Brent crude fell 6 cents, or 0.07%, to $84.93 a barrel by 11:32 a.m. ET (1532 GMT). West Texas Intermediate US crude dipped 12 cents, or 0.1%, to $80.49. There is no trading on Friday because of the Good Friday holiday.

Brent and US crude both jumped more than 6% this week after OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, surprised the market on Sunday with a pledge of production cuts.

Hedge funds have bought crude all week, moving from the sidelines back into “risk on” mode, said Dennis Kissler, senior vice president of trading at BOK Financial.

Also Read: Domestic gas prices in India to be benchmarked to global crude prices under new guidelines

Oil drew support from a steeper-than-expected drop in U.S. crude inventories. Gasoline and distillate inventories also declined, hinting at rising demand.

Limiting gains, however, US labour market data pointed to slowing economic growth, and there was also slower-than-expected growth in the US services sector.

“Demand destruction as a function of the threat of recession is greater than the cut by OPEC+,” said Robert Yawger, said director of energy futures at Mizuho Securities.

Buyers of put options that hedge downside risk were more active than buyers of call options, which bets on rising prices, implying traders were worried prices could fall, Yawger added.

Also Read: Asian Development Bank slashes India’s economic growth to 6.4% in FY24

The dollar also gained against most of its peers on Thursday. A stronger dollar makes crude becomes more expensive for holders of other currencies and tends to reflect greater risk aversion among investors.

“The oil market’s bullish momentum may have paused, but upside potential remains given the tightening supply backdrop,” said Stephen Brennock of oil broker PVM.

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Hanuman Jayanti celebrated peacefully in West Bengal after Ram Navami clashes

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

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The Hanuman Jayanti celebrations passed off peacefully in West Bengal as security forces maintained a strict vigil across the state to avoid a rerun of the violence that marked the Ram Navami festival last week.

Following a Calcutta High Court order, three companies of central armed police forces were deployed in parts of Kolkata, Hooghly and Barrackpore to assist the state police in maintaining law and order during the day.

“The celebrations have been peaceful. No untoward incident happened,” a senior police official said.

The peaceful Hanuman Jayanti celebrations in presence of central forces were in sharp contrast to the violence and arson during the Ram Navami festival in Howrah and Hooghly, sparking a fresh war of words between the ruling TMC and the opposition BJP.

The saffron camp questioned the administrative capabilities of the Mamata Banerjee-led state government. The TMC, on the other hand, claimed that while the BJP leaders “fomented trouble” during Ram Navami, they behaved like “good boys” on Hanuman Jayanti on realising that the violence was backfiring politically on the party.

Governor CV Ananda Bose visited different parts of Kolkata in the morning, oversaw the security measures, and interacted with the citizens.

Also Read:Hanuman Jayanti: Delhi Police allows procession in Jahangirpuri, Governor makes surprise visit in Bengal | WATCH

“People are cooperating. I think today will be a very happy day. Bengal will set the trend in peace and harmony in society,” he told reporters while visiting Ekbalpore area in south Kolkata. Earlier, he went to a Hanuman temple at Lake Town on the eastern fringe of the city and offered puja.

Bose, who had visited Rishra and Serampore areas which had witnessed violence over Ram Navami processions recently, is likely to go to Delhi on Friday, a Raj Bhavan source said.

The chief minister’s office also kept a sharp eye on the previously affected districts and top police officers constantly monitored the situation to ensure there was no untoward incident.

“The extra precautions paid off,” said a top West Bengal Police officer.

The situation in certain areas of Rishra and Serampore in Hooghly district is peaceful on Thursday. Prohibitory orders are still imposed in those areas, and internet is suspended, police said.

Senior BJP leader Locket Chatterjee sat on demonstration after the police stopped her from visiting her Hooghly Lok Sabha constituency to attend Hanuman Jayanti celebrations, citing the law and order situation following clashes between two groups during Ram Navami celebrations in the district earlier this week.

She said, “The police stopped me though I am the local MP. I was invited to attend the Hanuman Jayanti programme there. But the police are asking me to go back. Why is an elected representative stopped from visiting her constituency?” The BJP leader told reporters that she informed the governor about the incident, and he had said he would look into it.

Videos showing a procession at Bansberia in Hooghly, in which participants were carrying arms have surfaced.

Police said one such rally was organised and 10 people were arrested on the charge of violating the Arms Act.

Senior officers of the Hooghly and Barrackpore Police Commissionerate in North 24 Parganas accompanied the central forces deployed there.

In Kolkata, the central forces were deployed in Amherst Street, Jorasanko, Park Circus, Kidderpore and port areas, an official said.

Aloso Read:Mamata warns of violence on Hanuman Jayanti, urges Hindus to protect Muslims

The Vishwa Hindu Parishad (VHP) said it has organised 500 Hanuman Jayanti programmes across the state.

“All the programmes and rallies were held as per the directions given by the administration. We took out a few small rallies. No major congregation was organised,” VHP state spokesperson Sourish Mukherjee told PTI.

Special pujas were also being held at Hanuman temples across West Bengal on the occasion, a phenomenon relatively new to the state.

The BJP said it has not organised any rally, but its leaders might have participated in Hanuman Jayanti celebrations.

The peaceful celebrations also became fodder for the war of words between the TMC and the BJP.

“During Ram Navami celebrations, state police were in charge, and we have seen what had happened. The state police behaved like cadres of the ruling party, and thus the law and order situation in the state had gone for a toss last week,” BJP national vice-president Dilip Ghosh said.

The TMC accused the BJP of fomenting trouble during the Ram Navami celebrations and behaving like “good boys” on Hanuman Jayanti.

“During Ram Navami, the BJP, VHP and their affiliates created problems by defying police directives. But today, as central forces are on the watch, they didn’t get involved in such misadventure and behaved like good boys,” TMC state general secretary Kunal Ghosh said.

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Match, Indian startups call for antitrust probe of Google in-app billing fee

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

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Tinder-owner Match Group and Indian startups have asked the country’s competition body to investigate Alphabet’s Google for alleged non-compliance with an antitrust directive by charging a high service fee for in-app payments, filings show.

The filings by Match and Alliance of Digital India Foundation (ADIF) mark the latest tussle between Google and rival companies, which have repeatedly criticised the U.S. company for what they say are unfair business restrictions.

“Google’s policy change of a charging service fee even on transactions processed by third-party payment processors … has detrimental consequences for users and app developers,” the 15-page confidential March complaint by ADIF said.

Google, which declined to comment, has previously said the service fee supports investments in Google Play app store and the Android mobile operating system, ensuring it distributes it for free, and covers developer tools and analytic services.

Also Read: Logicloop named as 2023 Google International growth partner

Details of the ADIF and Match filings, which were reviewed by Reuters on Thursday, have not previously been reported. ADIF, Match and the CCI did not respond to requests for comment.

The Competition Commission of India (CCI) in October imposed a $113 million fine on Google and said it must allow the use of third-party billing and stop forcing developers to use its in-app payment system that charges commission of 15 percent-30 percent.

Google later decided to start offering User Choice Billing (UCB) for allowing alternative payments alongside Google’s when purchasing in-app digital content, but the ADIF said in its filing that this new system imposes a “service fee”.

“The app developers will have to pay 1 percent-3 percent for alternate payment service providers and 11 percent-26 percent to Google, which makes the entire ecosystem unsustainable,” ADIF said.

Match in its March 21 filing asked the CCI to direct Google not to collect or impose any commission or service fee, including via user choice billing, saying the system was “anti-competitive”.

Google, which counts India as a major growth market, faces other regulatory challenges, including a setback that forced it to change how it markets its Android system.

In an order in October, the CCI said Google abused its market position and its mandatory imposition of the proprietary payment system limited the scope of payment processors and app developers for technical development and innovation.

Google has challenged this in an Indian tribunal.

ADIF, which represents Indian startups including digital payments firm Paytm and social media app ShareChat, in its March complaint alleged that Google was using the new service fee system to bypass the antitrust directive that ordered it not to impose any “unfair and disproportionate” conditions.

“The policy of UCB is unfair and the same would lead to unjust enrichment to Google,” the ADIF filing said.

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Editor’s Take | RBI monetary policy positive for borrowers, could mean more consumption

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

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After 6 consecutive rate hikes, the Monetary Policy Committee has decided to hit pause much to the surprise of economists and market watchers. But, the RBI governor Shaktikanta Das was quick to add that this is merely a pause and not a pivot.

Citizens Monetary Policy on CNBC-TV18 had voted with a very narrow 3:2, with the chairman casting the casting vote, saying that I think the RBI should pause, but I have a feeling they are going to hike. So the market was in that sense divided, though our CNBC-TV18 Poll of Economists had indicated that it’s a 90 percent factoring in of rate hike.

According to CNBC-TV18’s Latha Venkatesh, the situation was such that one could justify both. 

First of all, this is very positive for borrowers. Once you know that this is the worst it can get, then people who are planning to buy a car or a house perhaps will quicken that decision because no one knows exactly what is the downside or what is the amount of the EMI, there will be no nasty shock in terms of an EMI at least for the foreseeable future, another cycle can always start much later.

Normally, when people call a pause, economists do that or other the policymakers do that, because growth is getting impacted. Now here the surprise is they have actually upped the growth forecast, though, of course, they made it very clear the growth is still lower than last year. Last year, that is FY23 was 7 percent. This year it is going to be 6.50 percent, but their earlier forecast was 6.4.

Read Here | RBI MPC — rate hike pause is a “wait and watch” policy, but positive for bond markets

The RBI seems to have factored in lower crude prices. Although at the moment OPEC has ensured that market prices are higher. The Reserve Bank’s annual average for FY23 was $95. Their expected annual average for the current year is $85. So that is one reason why they are expecting the growth may be a little higher. And then, of course, services exporters and other positive they pointed out.

The inflation forecast for the fourth quarter is a big surprise. Surprise in the sense, last time when they forecast for January, February, and March, they said it would be 5.6. Now they brought it down to 5.2. Totally arithmetic, because in the Q4 that just went by, there was a very high, ugly surprise in inflation. Because of that base effect, they have brought down the Q4 inflation’s total arithmetic and it looks like that is one good reason to pause. If the terminal inflation for the year is 5.2, then 6.50 is a good 130 basis points of the positive real rate.

What is the real takeaway for the market, they are happy that at the moment this growth gets a little bit of a leg-up because the cost of capital doesn’t arise.

Economists whom CNBC-TV18 spoke to are not raising their growth forecast and are not changing their inflation forecast. The other of course outlier point is that one can take a loan via UPI which I think is another equally important decision. It might take away a little bit of business from credit cards.

Also Read | RBI MPC— a fine balancing act despite being fixated with inflation control 

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Birla Estates acquires 5.76-acre land parcel in Pune from Sudarshan Chemical Industries

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

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Construction company, Birla Estates, on Thursday said it has acquired 5.76 acres of land from Sudarshan Chemical Industries (SCIL) in Sangamwadi, a central business district in Pune. The development potential of the land parcel is over 1.5 million square feet, with a revenue potential of over Rs 2,500 crore, the company said in a statement.

“With this foray into Pune, Birla Estates is embarking on an exciting new phase after establishing itself in the MMR (Mumbai Metropolitan Region), Bengaluru and NCR (National Capital Region) markets. Pune is one of the country’s largest residential markets and this land with high revenue potential is located at the heart of the city. We aim to create an urban ecosystem in line with our LifeDesigned philosophy catering to customer needs and enhancing the quality of life. The Pune foray is key to our growth strategy and our ambition to be among the top developers in the country,” said K T Jithendran, MD and CEO of Birla Estates.

Also Read: Real estate demand in Bengaluru, Chennai, Hyderabad rising as macro economic scenario weighs on Mumbai, NCR

Birla Estates, a 100 percent wholly-owned subsidiary of Century Textiles and Industries, is the real estate venture of the Aditya Birla Group. The company develops premium residential housing in key markets.

Mumbai-headquartered company plans to develop a premium residential project in line with its intent to create thoughtful LifeDesigned spaces with curated amenities.

Last month, Birla Estates inked a pact for 52-acre land parcel in North Bengaluru. During the same period, Grasim leased 220-acre land in Gujarat from Century Textiles for Rs 255 crore.

Stocks of Century Textiles settled at Rs 649.15 apiece, up nearly 0.70 percent, when the market closed today, April 6, 2023.

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

Domestic natural gas prices cut to $7.92/mmBtu for April 8-30

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

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The Indian Cabinet on Thursday approved revisions to the 2014 gas pricing guidelines in a move to provide relief to consumers suffering from the recent surge in global gas prices.

The domestic price of natural gas has been set at $9.16/mmBtu (Metric Million British Thermal Unit) for the period between April 1 and April 7. Following that, the price for the remainder of the month, from April 8 to April 30, has been set at $7.92/mmBtu.

Earlier, the Information and Broadcasting Minister Anurag Thakur had announced the decision after a cabinet meeting on Thursday, stating that the government is taking a people-centric approach to reduce the burden on citizens.

Under the new guidelines, the domestic gas price will be benchmarked to global crude prices as reflected by the Indian crude oil basket. The new prices will be effective from April 8.

For the gas produced by ONGC & OIL from their nomination fields, the APM price shall be subject to a floor and a ceiling. The initial floor and ceiling prices shall be $4/mmBtu and $6.5/mmBtu respectively.

The ceiling would be maintained for the next two years (FY 2023-24 and 2024-25) and then increased by $0.25/MMBTU each year.

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The domestic gas price will now be benchmarked to 10 percent of the crude oil price.

Anurag Thakur described the government’s decision as a step to provide relief to the common people, and a gift by the Modi government on BJP national day regarding gas prices.

The new gas pricing norms will be implemented from the day after the government notifies the new rates, confirmed the Petroleum Secretary.

With this announcement, consumers can expect a drop in the prices of CNG and PNG in the coming days. This decision will also bring relief to industries dependent on natural gas as it will reduce their input costs.

Also read: RBI MPC — rate hike pause is a “wait and watch” policy, but positive for bond markets

Tentative impact of reduction in government set price on CNG

Tentative impact of reduction in government set price on PNG

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Air India: Putting the Raja back in the Maharaja

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

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Air India has concluded the first phase of its transformation plan under the Vihaan.AI mission that was launched last September. The airline has listed its achievements in the last seven months across the board and what it aims to achieve in the second phase of the plan.

It’s been 14 months since the Tatas took over Air India from the government and seven months since Air India under the new owners unveiled the Vihaan.AI plan.

The first phase of this transformation plan was focussed on addressing legacy issues and laying the foundation for future growth. Hence, this phase had the airline taking landmark decisions and announcing big investments.

Expansion

The most significant was the 470 aircraft order that was announced in February. The airline has taken 36 aircraft on lease and has brought all grounded planes back in service.  It has also added 6 new international routes and increased frequency on 24 routes. Air India says it also on-boarded 3,800 new employees across crew and other functions to support its expansion efforts.

Improving customer experience 

In a bid to improve customer experience, the airline is investing $400 million in refurbishing its fleet and restored the in-flight entertainment systems. It has revamped food menu on its international and domestic flights. The airline recently launched premium economy cabins on select long haul flights giving customers to fly in comfort without straining their budget.

Focus on digitisation

Air India is also prioritising digitisation for which it is investing $200 million. This money will be used for upgrading the website and having world-class rostering among other initiatives.

What’s next?

The airline is now moving to the second phase which it calls the ‘Take-off’ chapter. This phase will focus on building the right platforms and progress faster based on the momentum that has been established in the first phase. The second phase is also likely to see all four airlines coming under one umbrella and developing a world-class training training academy.

Also read: Air India unveils premium economy class on select flights starting May 15

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India’s coal output rises 12 percent to nearly 107.8 MT in March 2023

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

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India’s coal production increased by 12 percent to 107.84 million tonne (MT) in March 2023 from 96.26 MT  in March 2022, an official statement said on Thursday, April 6.

During March 2023, the coal despatches also increased by 7.49 percent to 83.18 MT from 77.38 MT in March 2022, the Ministry of Coal said.

As per the provisional statistics of the ministry, Coal India Ltd (CIL), Singareni Collieries Company Ltd (SCCL) and captive mines/others registered a year-on-year growth of 4.06 percent, 8.53 percent and 81.35 percent, respectively, over March 2022.

Also Read: World Bank lowers India’s FY23-24 GDP growth forecast to 6.3% from 6.6% earlier

The despatches by CIL, SCCL and captives/others were also higher year-on-year by 3.40 percent, 12.61 percent and 31.15 percent, respectively over the same month in 2022.

Power utilities despatch increased by 4.36 percent to 68.36 MT during March 2023 compared to 65.51 MT in March 2022, it said.

Of the top 37 coal-producing mines in the country, 29 mines produced more than 100 percent and another six mines’ production stood between 80-100 percent.

The coal-based power generation has registered a YoY growth of 5.7 percent in March, and overall power generation last month has been 4.59 percent higher than the power generated in March 2022.

Also Read: Consumer confidence on recovery track from historic low in mid -2021: RBI report

The total power generation has increased in March 2023 to 139718 MU (million units) from 128026 MU in February 2023, registering a growth of 9.13 percent, the ministry said.

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OnePlus launches new 40-inch TV — to go on sale from April 14

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

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OnePlus on Thursday announced the latest addition to its growing lineup of televisions — the OnePlus TV 40 Y1S. Powered by Android 11, the smart TV will go on sale from April 14 on online platforms as well as offline stores, the company said in a press released.

The TV comes with a 40-inch screen with a Full HD screen and boasts of features like a bezelless display, HDR10+ support, and “cinematic sound output” powered by Dolby Audio.

According to the company, the TV has two full-range 20W speakers for an immersive audio experience. Furthermore, OnePlus users will be able to connect their OnePlus Buds or OnePlus Watch with the TV using the OnePlus Connect 2.0 for an ecosystem-like experience.

The TV also comes installed with OxygenPlay 2.0, which the company says “allows users to easily access a wide range of content from prominent international and regional content partners”, as well as direct access to more than 230 live channels.

“OnePlus emerged as one of the fastest-growing smart TV brands in 2022, registering an 80 percent YoY growth,” the press release said, quoting a Counterpoint research report. “Owing to the incredibly positive response for the OnePlus TV Y1 and OnePlus TV Y1S, OnePlus secured the second position in <INR 30,000 price,” the report added.

For now, interested consumers can click on the ‘Notify Me’ option on  OnePlus.in, Amazon.in, and Flipkart. 

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Adani Wilmar Q4 Business Update: Food segment boosts performance despite edible oils sales dip

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

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Adani Wilmar Ltd on Thursday reported a strong 14 percent YoY growth in volumes, with its turnover surpassing Rs 55,000 crore in FY23. The company has seen a 55 percent growth in revenue for FY23 in the food and FMCG segment, led by a 40 percent growth in volumes.

While the edible oil segment’s performance was subdued, the food and FMCG segment’s success is attributed to progress made in scaling up operations and gaining market share across food products.

“The food business is scaling up well in-line with our expectations. We have been making good progress in all enablers like sourcing, manufacturing, distribution, brand building and strengthening the teams for the new products,” it said.

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However, the company reported a fall in sales for its mainstay edible oil segment in Q4. It announced that there is expected to be a low single-digit growth in volume and flat growth in value terms for this segment.

Despite various macroeconomic and geopolitical events, the company expects demand for packaged oils and staple foods to remain healthy.

“We expect the strong growth to continue in both the products for multi-years, given the large headroom in the kitchen essential products,” it said.

However, the occurrence of El Nino in May-June period may negatively impact crops and affect climatic conditions going forward.

The company’s branded sales volume grew by 4 percent in Q4, while the overall oil sales volume was dragged down by lower demand from the bakery and frying industry.

Adani Wilmar expects improvement in overall distribution and gaining market share in the under-indexed region to be key volume levers for the segment.

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