Business

Middle East conflicts are driving crude oil prices above $100 per barrel, significantly boosting earnings for Indian upstream oil giants like ONGC and Oil India. While these companies anticipate substantial profit increases due to higher realisations, they face challenges from declining production in aging fields.

India’s trade deficit with China has surged to $112.1 billion, driven by a deep reliance on Chinese industrial supplies. Manufacturing sectors like electronics and pharmaceuticals depend heavily on Chinese components, creating significant supply chain risks. Experts urge India to boost domestic production and diversify sourcing to mitigate these vulnerabilities.

Union Minister Ashwini Vaishnaw unveiled a roadmap for southern India’s transportation, highlighting a proposed bullet train network connecting key cities like Amaravati, Hyderabad, Chennai, Bengaluru, Pune, and Mumbai. This initiative aims to foster economic integration by drastically reducing travel times.

India’s imports of Russian crude oil have declined 20 per cent month-on-month in April to 1.57 million barrels per day, easing from the sharp surge recorded in March. The spike in March had been driven by the availability of floating cargoes during the Iran conflict.

Prime Minister Narendra Modi visited Sikkim for its Golden Jubilee, inaugurating and laying foundation stones for development projects exceeding Rs 4,000 crore. These initiatives span infrastructure, healthcare, education, and tourism, aiming to foster inclusive growth across the Himalayan state. The visit underscores Sikkim’s significance and the nation’s commitment to its development.

Gold price prediction today: Any upside in gold prices is likely to be capped by gains in crude oil prices, says Praveen Singh, Head Currencies and Commodities, Mirae Asset ShareKhan.