Business news, strategy, finance and company insights

Crude oil drops back to pre-war levels in Ukraine

Crude prices fell nearly 4% in overnight trade to near six-month lows as fears of a global economic recession raised concerns about the outlook for demand. Brent crude hit $93.50 a barrel, the lowest since February 21, before Russia invaded Ukraine after US data showed crude and gasoline inventories rose by unexpectedly last week. The decision by OPEC+ countries, including Saudi Arabia and Russia, to increase their supply by 100,000 barrels per day also eased supply concerns.

In Asian trading hours, Brent oil for October delivery rose 0.35% to $94.44 a barrel, while September US West Texas Intermediate (WTI) crude futures rose 0.35% to $94.44 a barrel. 0.38% to $88.88 a barrel.

RBI Policy

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is expected to announce its policy decision today amid expectations of at least a 35 basis point (bp) rate hike interest to curb inflation. As inflationary pressure continues to hurt economic growth, the central bank, led by RBI Governor Shaktikanta Das, is widely expected to raise the key rate for the third consecutive time on August 5. So far, the RBI has raised the repo rate. by a cumulative 90 bps – 40 bps during an off-cycle meeting in May and 50 bps in June.

FIIs remain net buyers, DIIs net sellers

Foreign institutional investors (FIIs) extended their winning streak in the Indian stock market on August 4, while domestic institutional investors (DIIs) remained net sellers. According to exchange data, FIIs bought shares worth ₹1,474.77 crore, while DIIs sold shares worth ₹46.79 crore.

Company results

The main companies that will report their June quarter results are Titan Company, Mahindra & Mahindra, One 97 Communications, Petronet LNG, NMDC, UCO Bank, Alkem Laboratories, Pfizer and Raymond. Among others, Engineers India, FSN E-Commerce Ventures (Nykaa), IRB Infrastructure Developers, Aditya Birla Fashion and Retail, Computer Age Management Services, Eris Lifesciences, Fortis Healthcare, Greenply Industries, Minda Corporation, Indigo Paints, Motherson Sumi Wiring India, R Systems International, Shipping Corporation of India, Talbros Engineering and Zensar Technologies will also be in focus today.

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