Even as taxes remain the main culprit behind record-high fuel prices, India’s import bill for oil also is taking center stage. India imports over 80% of it&rsquo

India's oil import from US at record high

Even as taxes remain the main culprit behind record-high fuel prices, India&rsquo;s import bill for oil also is taking center stage.
India imports over 80% of it&rsquo;s oil requirement and as per reports India&rsquo;s imports from the United States nearly doubled month over month to a record high 367,000 barrels per day in January, making the US India&rsquo;s fourth-largest supplier of crude oil.&nbsp;
This comes as OPEC producers continue to limit global supply. This is has led to a 60% drop in the share of the Middle East in India&rsquo;s oil import.&nbsp;
But as the import bill continues to swell unconfirmed reports indicate that India plans to resume import of cheaper energy from countries such as Iran and Venezuela.

Even as taxes remain the main culprit behind record-high fuel prices, India’s import bill for oil also is taking center stage. India imports over 80% of it’s oil requirement and as per reports India’s imports from the United States nearly doubled month over month to a record high 367,000 barrels per day in January, making the US India’s fourth-largest supplier of crude oil. This comes as OPEC producers continue to limit global supply. This is has led to a 60% drop in the share of the Middle East in India’s oil import. But as the import bill continues to swell unconfirmed reports indicate that India plans to resume import of cheaper energy from countries such as Iran and Venezuela.

Business confidence of corporate India is now at a decade high says a survey conducted by Industry body FICCI. Overall Business Confidence Index surge

Business confidence of corporate India is now at a decade high says a survey conducted by Industry&nbsp;body FICCI.&nbsp;&nbsp;
 Overall Business Confidence Index surged to 74.2 vs a dismal 70.2 in the previous survey. Recovery of demand outlook and rising&nbsp;utilisation&nbsp;rates helped sentiment across India Inc.&nbsp;
However,&nbsp;rising raw material costs especially commodity prices remain a big point of concern for corporate recovery&nbsp;going ahead. Iron ore, copper trade near decade high as global recovery picks up.&nbsp;

Saudi Arabia's most protected crude oil site was attacked by Yemen’s Houthi rebels that fired drones and missiles. The assaults on Saudi Aramco f

Saudi Arabia's most protected crude oil site was attacked by&nbsp;Yemen&rsquo;s Houthi rebels that fired drones and missiles.&nbsp;
The assaults&nbsp;on Saudi Aramco facility, the world&rsquo;s biggest offshore oil loading facility has&nbsp;sent oil prices above $70. The site attacked,&nbsp;Ras Tanura is the world&rsquo;s largest oil terminal, capable of exporting nearly 7% of oil demand&nbsp;
The&nbsp; rebel group fired 14 drones and eight ballistic missiles across the border but Saudi Arabia has confirmed there were no casualties or hit to oil production.&nbsp;
The attacks are the most serious against Saudi oil sites in nearly two years.&nbsp; In retaliation reports indicate Saudi-led military coalition conducted air raids on Houthi military targets in Sanaa&nbsp;.&nbsp;

Govt is open to evaluating new technologies and explore cryptocurrencies andhas formed a High-Level Inter-Ministerial Committee to look into cryptocurrency&n

Govt is open to evaluating new technologies&nbsp; and explore cryptocurrencies&nbsp;and has formed a High-Level Inter-Ministerial Committee to look into cryptocurrency&nbsp;said Minister of&nbsp; State for Finance Anurag&nbsp;Thakur. The Union Minister also said that&nbsp;based on its recommendations the government may present a legislative proposal in Parliament.&nbsp;
Finance Minister Nirmala Sitharaman on Friday said the government is still formulating its opinion on cryptocurrencies and will take a calibrated position.
The Supreme Court had also asked the Centre in 2019 to frame policies for cryptocurrencies.&nbsp;
&nbsp;

Muthoot group chairman, MG George Muthoot, died on Saturday, reportedly after falling from the fourth floor of his house. He fell from the fourth floor of his house in

Muthoot group chairman, MG George Muthoot, died on Saturday, reportedly after falling from the fourth floor of his house. He fell from the fourth floor of his house in Delhi's East of Kailash at around 9 pm on Friday, the police said. He was rushed to Fortis Escort Hospital where he was declared dead during treatment. His postmortem report which was conducted by AIIMS suggests no foul play.
As a chairman of the company, he played a pivotal role in taking Muthoot Finance to new heights, expanding its reach across the country and even overseas especially to the Middle East.
The Muthoot group runs over 20 businesses from gold loans to securities, realty estate to infrastructure, hospitals to hospitality and education. It is headquartered in Kochi making it one of the largest business houses in the state.

It was a 12-hour standoff but the US Senate finally passed the $1.9 trillion COVID-19 relief plan. So what does the bill entail? Direct payments of up to $1,4

It was a 12-hour standoff but the US Senate finally passed the $1.9 trillion COVID-19 relief plan.&nbsp;
So what does the bill entail?
<ul>
<li>Direct payments of up to $1,400 to most Americans</li>
<li>$300 weekly boost to jobless benefits&nbsp;</li>
<li>New funding into Covid-19 vaccine distribution and testing</li>
<li>Funding for K-12 schools for reopening costs</li>
<li>$14 billion in payroll support for U.S.&nbsp;airline</li>
</ul>
It was a big win for democats and US President Biden&nbsp;who now expect the house to vote and clear the bill as early as Tuesday.&nbsp;

Finance Minister Nirmala Sitharaman said the Indian economy is likely to do better than the projection of an 8 per cent shrinkage in the current fiscal as eco

Finance Minister Nirmala&nbsp;Sitharaman&nbsp;said the Indian economy is likely to do better than the projection of an 8 per cent shrinkage in the current fiscal as economic activity gathers pace with mild stiffening of pandemic curve and the rollout of vaccines. The Department of Economic Affairs had in its monthly report said the economic growth is expected to be -8% this fiscal as the industry and services sector have felt the pressure of the slowdown the most with demand contraction due to the pandemic.

While all other sectors faced a massive hit owing to the Covid-19 pandemic and subsequent lockdown, agriculture sector in Maharashtra is expected to report a whopping 1

While all other sectors faced a massive hit owing to the Covid-19 pandemic and subsequent lockdown, agriculture sector in Maharashtra is expected to report a whopping 11.7% growth in 2020-21, from 6.1%in 2019-20.
According to economic survey of Maharashtra&nbsp;tabled in the assembly on Friday, the growth is attributed to more than average rainfall, rise in agricultural production and availability of water, electricity and manpower due to the lockdown.
The survey adds that crop sector is expected to grow by 16.2%, livestock by 4.4% and forestry and logging by 5.7%.&nbsp;Maharashtra&nbsp;had reported highest agricultural growth rate of 21% in 2016-17.

Delhi Development Authority (DDA) will live steam it's draw for and Middle Income Group MIG flats on March 10. The draw of allotment of flats will be based on

Delhi Development Authority (DDA) will live steam it's draw for&nbsp;and Middle Income Group MIG flats on March 10.&nbsp;The draw of allotment of flats will be based on random number generation system and will be held in the presence of Judges, and Senior Officers of DDA.
DDA has received over 22,000 applications for its housing scheme, which was announced in January this year.
The 1,354 flats offered by DDA are across locations like Jasola, Dwarka, Vasant Kunj and Rohini and cost between Rs 40.6 lakh to Rs 2.1 crore.
&nbsp;

It was a week of big losses for Tesla stock and in return it’s founder. Elon Musk as per Bloomberg’s Billionaires Index Musk lost

&nbsp;It was a week of big losses for Tesla&nbsp;stock and in return it&rsquo;s founder.&nbsp;&nbsp;Elon Musk as per Bloomberg&rsquo;s Billionaires Index Musk lost&nbsp;$27 billion&nbsp;in just a week as Tesla shares&nbsp;continued the downfall,&nbsp;having&nbsp;fallen 25% in just one&nbsp;month.&nbsp;&nbsp;
 Musk owns 22% of Tesla&nbsp;and the crack in Tesla share price has not only displaced him as the richest person in the world but also created a $20 billion gap between him and Amazon founder Bezos.&nbsp;&nbsp;
 Tesla&rsquo;s sell-off comes after a &lsquo;moonshot&rsquo; rise of&nbsp;743% in 2020.&nbsp;&nbsp;

Wall Street rebounded strongly to give investors a much-needed Friday cheer as Dow rallied 570 points closing in the green after a very volatile session.

Wall Street rebounded strongly to give investors a&nbsp;much-needed&nbsp;Friday cheer as Dow rallied 570 points&nbsp;closing in the green after a very volatile session.&nbsp;&nbsp;Tech index Nasdaq also rebounded the most in a year jumping nearly 2% and closing near the day&rsquo;s high.&nbsp;&nbsp; &nbsp; Dropping bond yields and stronger than expected jobs growth put the focus back on equities on Wall Street.&nbsp;Data revealed&nbsp;that nonfarm payrolls jumped by 379,000 for the month and the unemployment rate fell to 6.2% both better than what the market was expecting.&nbsp;&nbsp;
 All eyes will now shift to the&nbsp;Federal Reserve meet on March 16-17.&nbsp;&nbsp;

Gold prices continue losing sheen as the bear grip on the yellow metal gets tighter. Having fallen to 43,000-per-10-gram level from a high of Rs 56

Gold prices continue losing sheen as the bear grip on the yellow metal gets tighter. Having fallen to&nbsp;43,000-per-10-gram level from&nbsp;a high&nbsp;of Rs 56,000 in August last&nbsp;year,&nbsp;prices are matching the trends of global gold trade as well as a strengthening dollar.&nbsp;&nbsp; &nbsp; Trading near a 10-month low the metal has&nbsp;fallen&nbsp;for 8 out of the last 10 trading sessions.&nbsp;The global gold ETFs have now marked outflows for the third time in four months, and the seventh worst historical monthly holdings loss.&nbsp; &nbsp; Gold holdings in SPDR Gold Trust, the world&rsquo;s largest gold-backed exchange-traded fund, have seen an outflow of 200.5&nbsp;tonnes&nbsp;or 15.6%.&nbsp;

Hyderabad based defence equipment maker MTAR Technologies IPO was subscribed 200 times on its last day. The Hyderabad based precision engineering

Hyderabad based defence equipment maker MTAR Technologies IPO&nbsp;was subscribed 200 times on its last day.&nbsp;
The Hyderabad&nbsp;based&nbsp;precision engineering solutions company&nbsp;MTAR Tech was founded in 1970. It is the maker of&nbsp;nuclear, defence and aerospace equipment. With an order book of over 300 cr rupees it boasts of clients suck as DRDO, ISRO&nbsp;and&nbsp;Nuclear Power Corporation of India.&nbsp;
 As per analysts share allotment of the MTAR&nbsp;Tech IPO is likely to be finalised on March 10 and listing is likely on March 16.
&nbsp;

The push to include petrol and petroleum products under the GST just got stronger. Union Finance Minister Nirmala Sitharaman on Friday said that the co

Union Finance Minister Nirmala Sitharaman&nbsp;on Friday said that there is enough case to say that fuel prices need to to brought down. She said the rising prices are a&nbsp;burden on consumers and the Centre and states should jointly take a call on cutting taxes on fuel. She added that 41% of the taxes collected by Centre on fuel goes to the states.&nbsp;
On the issue of bringing petrol and diesel under the Goods and Services Tax regime, which will end the cascading impact of taxes and bring uniformity, the finance minister said the call has to be taken by the GST Council.&nbsp;
&nbsp;

Purchasing a home is one of the biggest financial decisions you may take in your lifetime, and if you are considering applying for a home loan, it can become even bigge

ICICI&nbsp;Bank has added to the bandwagon increasing the cheer for home buyers as it also has cut home loan rates to 6.7% ahead of year closing.&nbsp; &nbsp; The trend started by India&rsquo;s largest lender that lowered home loan rates to 6.7% was followed swiftly by Uday Kotak backed Kotak Mahindra Bank that went even lower to 6.65%.&nbsp;Real estate lender HDFC also issued a statement that it was lowering the rates by 5 bps as well.&nbsp;&nbsp; &nbsp; All these offers however are limited to new loans before the close of this fiscal year on March 31, lenders are hoping the low rates will boost up loan books before the year ends.

Private sector lender Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account. The MoU enables bank to of

Private sector lender&nbsp;Kotak Mahindra Bank has signed a Memorandum of Understanding (MoU) with the Indian Army for salary account.&nbsp;
The MoU enables bank to offer its salary account proposition, combined with exclusive benefits for the Indian Army, to all army personnel &ndash;&nbsp;for both on-duty and off-duty incidents.&nbsp;
Among others, the account will also offer exclusive benefits on loans and credit cards by way of attractive rates and zero processing fees on personal, home and car loans.&nbsp;
&nbsp;

Ride sharing app Uber has announced free rides for those going to avail the second phase of the vaccination drive. The value of each free ride will be ma

Ride sharing app Uber&nbsp;has announced free rides for those going to avail the&nbsp;second phase of the vaccination drive.&nbsp;The value of each free ride will be maximum of&nbsp;₹150 and a rider is entitled to maximum of two free rides, to and from the vaccination center.
Uber plans on creating and spreading awareness via its app and social media platforms and earmarked ₹10 crore for supporting the vaccination drive.&nbsp;

China's top economic official announced a healthy growth target for the nation and its plans to become a more self-reliant technology leader amid tension with Washingto

China's top economic official announced a healthy growth target for the nation and its plans to become a more self-reliant technology leader amid tension with Washington and Europe over trade, Hong Kong and human rights.
The ruling Communist Party is aiming for economic growth of "over 6 per cent" as it rebounds from the coronavirus pandemic, Chinese Premier Li Keqiang said in a report on Friday.
China is the only major country to grow last year, clocking a 2.3% expansion even after shutting down most of its economy to fight the coronavirus&nbsp;last year.

The world’s largest vaccine producer Adar Poonawala has raised concerns on possible shortfall in procuring input materials for Covid vaccine production. The Serum

The world&rsquo;s largest vaccine producer, Serum Institute of India CEO&nbsp;Adar Poonawala has raised concerns on the possible shortfall in procuring input materials for Covid-19 vaccine production.
The Serum Institute head told a World Bank panel that there are export blockages due to US laws, which are resulting in supply bottlenecks for bags and filters.
Poonawala urged for a dialogue with US President Biden on the issue. He said, "We&rsquo;re talking about having free global access to vaccines but if we can&rsquo;t get the raw materials out of the U.S. that&rsquo;s going to be a serious limiting factor."
The Serum Institute of India has already distributed 90 million doses of AstraZeneca&rsquo;s vaccine to 51 countries.

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC decided to hold back on increasing supplies. Markets

Crude prices soared to the highest level since January as the 23 nation coalition of oil producers OPEC&nbsp;decided to hold back on increasing supplies.&nbsp;
Markets were anticipating an increase in oil supplies but OPEC&nbsp;de-facto&nbsp;chief Saudi Arabia is going to extend its one million barrels per day voluntary production cut into April. This spells bad news for India as petrol prices continue to hit record high across the nation.&nbsp;

Rising yields is giving traders an unpleasant déjà vu of the 2013 ‘taper tantrum’ where markets sold off aggressively as the money market

Rising yields is giving traders an unpleasant&nbsp;d&eacute;j&agrave; vu of the 2013 &lsquo;taper tantrum&rsquo; where markets sold off aggressively as the money markets signaled the end of cheap money.&nbsp;Even though the surge is not as dramatic as 8 years ago it is enough to send equities into a tizzy. So why&nbsp;do markets get rattled by rising bond yields?
 Firstly,&nbsp;Rise in yields indicate the money markets betting on the possibility of higher rates by the central bank&nbsp;as inflation bets rise. In the US its mostly due to improving economic data and traders worried the fed will shift low rates stance earlier than anticipated.&nbsp;Prices in India have been subdued so far but with sharp rises in fuel prices the RBI has also sounded off the concern on inflationary pressure.&nbsp;&nbsp;
Secondly,&nbsp;Investors also reassess portfolio allocations are yields&nbsp;rise,&nbsp;betting more on cheaper safer bond markets as returns become more attractive.&nbsp;&nbsp;
Finally, the cost&nbsp;of capital&nbsp;also rises significantly with rising yields and the debt pressure on the corporate sector enlarges in turn adding pressure on to the stock.&nbsp;&nbsp;

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