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In earnings news, telecom giant Bharti Airtel reported a stellar second-quarter performance

News Wrap | Sensex & Nifty Snap Losing Streak; Bharti Reports Stellar Q2; Crude Oil Prices Crash

In earnings news, telecom giant Bharti Airtel reported a stellar second-quarter performance

Good evening, and welcome to Business Hook&rsquo;s daily news podcast, where we bring you a roundup of the day&rsquo;s top business stories. I&rsquo;m Avni Raja, and today is Monday, the 28th of October, 2024. Let&rsquo;s start with Asian equity markets. Most benchmark indices in the region ended the day higher, despite some negative news headlines. In Japan, the political situation became uncertain after the ruling Liberal Democratic Party lost its parliamentary majority, yet the Nikkei gained almost two percent. Similarly, in China, where industrial profit numbers fell to their lowest levels since the COVID-19 period, the Shanghai Composite closed higher. Back home, Indian equities snapped their five-day losing streak to post some gains. The Sensex scaled the 80,000 mark, ending the day above it, while the Nifty added more than 150 points to close above 24,300. Among Nifty Fifty stocks, 36 advanced while 14 declined. Shriram Finance led the gainers, up over five percent, while Coal India saw the sharpest decline at around one percent. In stock-specific action, Reliance Industries ended the day with a slight gain as its 1:1 bonus issue came into effect on Monday. The board of India&rsquo;s largest company had approved this bonus issue in early September, with 28th October set as the record date. As a result, any shareholder holding Reliance shares on this date received an additional share. However, a bonus issue doesn&rsquo;t increase the investment value proportionally; typically, the stock price adjusts downward to account for the increased share count. Reliance Industries' share price followed this pattern, adjusting from over 2,600 rupees to around 1,300 rupees per share. In earnings news, telecom giant Bharti Airtel reported a stellar second-quarter performance. The company&rsquo;s revenue from operations rose 12 percent year-on-year to nearly 41,500 crore rupees. Consolidated net profit surged an impressive 168 percent to 3,600 crore rupees, compared to 1,300 crore in the same period last year. The average revenue per user&mdash;a critical earnings metric for telecom companies&mdash;also rose from 203 rupees to 233, marking a 15 percent increase. The results were released after market close, with Bharti Airtel shares ending the day almost unchanged. Shifting focus to the global commodity market &ndash; crude oil prices dropped by six percent in Monday&rsquo;s session. This followed Iran&rsquo;s downplaying of Israel&rsquo;s recent retaliatory attack, which notably avoided targeting oil production facilities. For weeks, markets had been on edge, anticipating a potential escalation that could disrupt global crude supplies. However, with Israel opting for a limited response, those fears have eased, leading to a sharp decline in crude oil prices. With that, it&rsquo;s a wrap on this edition of the Business Hook News Wrap podcast. We will be back tomorrow with the next edition of our podcast. Have a great evening and check out our YouTube channel Business Hook for the top business developments of the day.&nbsp;

India's import of crude oil in February from Russia was higher than India’s combined imports from both Saudi Arabia and Iraq

For the 5th month, Russia remains largest crude supplier for India 

India’s appetite for Russian crude oil top for fifth straight month

India's import of crude oil in February from Russia was higher than India&rsquo;s combined imports from both Saudi Arabia and Iraq

For the fifth straight month, Russia has become India&rsquo;s largest source of crude oil.&nbsp;
A money control report says that Russia now forms a 35% share in India's import basket as of February 2023 as against just a 1% shares until a year ago. As per experts, this trend is likely to continue.&nbsp;
Energy tracker Vortexa, Russia provided 1.26 million barrels per day (bpd) of crude to India in January, and 1.62 million bpd last month.&nbsp;
Since the beginning of 2023 &mdash; in both January and February &mdash; Russia supplied the most oil to India, surpassing traditional exporters, including Saudi Arabia and Iraq.
India, the world&rsquo;s third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Why crude oil prices are falling? 

Demand concerns lead to volatile crude oil prices 

State-controlled Saudi Aramco reduced prices for all types of crude that will be shipped to Asia in February

Amid fears of a global recession, crude oil prices have been volatile. After a steep fall of over 9 percent this week, oil prices rose by $1 on Friday. Prices edged up for a second session on the back of China's reopening.
China, the world's largest crude oil importer, made an abrupt turn in its stringent zero-COVID policy in early December following rare public protests, leading to a surge in infections across the country.&nbsp; However, multiple factors including the covid cases surge in China and global recession concerns are triggering demand concerns, leading to fluctuations in oil prices.&nbsp;
Meanwhile, data showed lower U.S. fuel inventories following a winter storm that hit at the end of the year. The world&rsquo;s top crude exporter Saudi Arabia lowered prices for the flagship Arab light crude it sells to Asia to its lowest since November 2021 amid global pressures hitting oil.
India imports 80% of its crude oil needs. As a result, a decline in prices benefits the economy, since it means less foreign currency is needed to purchase crude oil.&nbsp;

crude oil price

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