Thursday, March 12
Stock market today: The NSE Nifty-50 finished at 24,722.75, increasing by 157.40 points or 0.64 per cent. During trading, it touched a high of 24,734.65, up by 169.3 points or 0.6 per cent. The 30-share Sensex concluded at 81,018.72, rising by 418.81 points or 0.52 per cent.
US trade representative Jamieson Greer asserted that the new American tariff rates are largely fixed, with limited room for negotiation, defending the Trump administration's recent levies, including those imposed on Brazil. These tariffs, set to take effect on August 7, are influenced by existing agreements and trade imbalances.
The Centre has introduced the Vegetable Oil Products, Production and Availability (VOPPA) Regulation Order, 2025, to enhance transparency and prevent disruptions in India's edible oil industry. This new framework mandates registration and monthly reporting for vegetable oil producers, granting authorities greater enforcement powers to ensure compliance and stabilize supplies.
The Voluntary Eight (V8) members of OPEC+ have agreed to increase oil production by 547,000 barrels per day starting September 2025, aiming to regain market share amidst stable oil prices. This decision, finalized after a meeting, represents a 1.5% increase in total output.
Amidst potential US penalties and EU sanctions, India faces a complex challenge in its Russian oil trade. A shift away from discounted Russian crude could inflate India's import bill by billions, impacting refiners and potentially destabilizing retail fuel prices. Despite claims, India continues to procure Russian oil, balancing economic factors with international norms.
Air India cancelled its Singapore to Chennai flight AI349 due to a technical issue discovered during a pre-departure check, impacting passengers scheduled to travel on the Airbus A321. The airline is providing hotel accommodations, full refunds, or complimentary rescheduling options.
India is rapidly transforming its semiconductor industry with strong government support and significant investments, aiming to become a key global player. The India Semiconductor Mission, with a Rs 76,000 crore budget, drives manufacturing, design, and R&D. Approved projects from major companies like Tata and Micron will boost chip production.
India's IT services sector faces flat hiring for six to seven quarters, with demand shifting to GCCs and non-IT sectors. Quess Corp benefits from this shift, with 73% of demand from these areas, driven by AI, cloud, and cybersecurity roles. The company's professional staffing segment thrives, offsetting flatness in general staffing and declines in digital platforms.
Following three consecutive rate cuts, the Reserve Bank of India is expected to maintain the repo rate at 5.5 per cent in its upcoming monetary policy review. While inflation remains below the RBI’s target, experts believe the central bank may hold off on further easing to assess the full impact of earlier cuts, considering resilient growth.
