Wednesday, September 09
India's state-run Oil and Natural Gas Corp (ONGC) is planning to set up a trading unit for the crude and refined fuels of its group companies, a top executive at ONGC Videsh said at an industry event. ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets. The plan is at a preliminary stage and "an internal group has been formed to discuss and look into the modalities, including legal issues," said Rajarshi Gupta, managing director at ONGC Videsh. The trading unit will help ONGC look at sales and purchase of crude oil and refined fuels. ONGC annually produces about 42 million tonnes of oil, while its refining subsidiaries Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals together import about 45-50 milli
The Indian stock market saw renewed interest in IT counters this week, with Infosys, TCS, HCL Tech, and Wipro emerging as top gainers. The sector, which has been struggling with global uncertainties, is finally showing signs of recovery, but experts caution against expecting a sharp turnaround.Speaking to ET Now, Deepak Shenoy, Founder of Capitalmind, explained that the biggest drag on IT firms in recent months has been tariff-related uncertainty. “Clients were waiting for clarity on tariffs before making long-term commitments. Now that most tariff definitions are better understood, companies can go ahead with plans they had put on hold for nearly six months,” he said.Shenoy added that while this may lead to gradual recovery, investors should not expect a rapid surge. “The IT rally r
Indian IT services firms are unlikely to return to their historical double-digit growth rates as structural challenges weigh on the industry, according to Yogesh Aggarwal, Head of Equity Research at HSBC India. While the sector could see a cyclical recovery in the near term, from a medium to long-term perspective, growth will likely stabilise at 4-5%, he said in an interaction with ET Now. Further, the rupee has depreciated by about 2.5-3% over the last 25 years, contributing to overall EPS growth and supporting this expectation for medium to long-term investors.Despite strong second-quarter earnings in the US—the largest market for Indian IT—technology spending has not picked up meaningfully. Aggarwal attributed this to a mix of tariff-related uncertainty, improved productivity from c
