India moves to conserve its rare earths, seeks halt to Japan exports, sources say
In a recent meeting with auto and other industry executives, Indian Commerce Minister Piyush Goyal asked IREL to stop its exports of rare earths, mainly neodymium, a key material used in magnets for electric vehicle motors, one of the sources said.
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Hindustan Times
22 minutes ago
- Hindustan Times
Housefull 5 hits the mark: Sajid Nadiadwala's film delivers a profitable run for Nadiadwala Grandson Entertainment
Sajid Nadiadwala's Housefull 5 has emerged as a clear winner at the box office, reaffirming the strength of well-packaged commercial cinema. With a production budget of ₹225 crore and an additional ₹15 crore spent on prints and advertising, the film's total cost stood at ₹240 crore. Yet, through a smart blend of box office performance and non-theatrical revenues, the film has secured profitability, marking another feather in the cap of Nadiadwala Grandson Entertainment. Housefull 5 had already recovered a substantial ₹175 crore pre-release through strategic deals: This left the film with ₹65 crore to recover from its theatrical run. With a worldwide gross already crossing ₹227 crore — comfortably above the breakeven mark of ₹150 crore required for profitability — Housefull 5 has not just covered costs but delivered healthy returns for its makers. The film's sustained momentum, especially across mass belts and family audiences, positions it strongly for a ₹300 crore worldwide mark — a benchmark that would elevate it from hit to blockbuster status. Produced under the Nadiadwala Grandson Entertainment banner and directed by Tarun Mansukhani, Housefull 5 blends madcap comedy with scale and star power, striking gold where it matters most: at the ticket windows. As it continues its run, Housefull 5 stands as a reminder that franchise entertainment, when done right, remains a reliable bet in the Indian film business. Partnered Content
India Gazette
24 minutes ago
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Any escalation in Middle-East crisis or sharp rise in crude prices will impact India's Oil Marketing Companies: Report
New Delhi [India], June 16 (ANI): Any further escalation in the Middle-East crisis or a sharp rise in crude prices could pose a serious risk to earnings, especially for Indian Oil Marketing Companies (OMCs) and gas companies. However, Indian OMCs and gas companies are currently facing mixed impacts from the ongoing volatility in crude oil prices. According to a report by ICICI Securities, even with crude currently trading at USD 73-74 per barrel, there is already a material impact on the earnings of oil marketing companies (OMCs), while upstream companies could see some upside. The report stated, 'We estimate a material impact on OMC earnings and upside risk to upstream earnings even with crude at USD 73-74/bbl as is the case now'. It also noted that any further spikes in crude prices are unlikely to significantly boost upstream company earnings but could negatively affect OMCs and gas companies. This is because the price of LNG, which is linked to crude, will also rise steadily, increasing input costs for gas utilities. Despite these developments, the report stated that analysts of crude have not made any changes to their estimates or views for now. They plan to monitor the crude oil markets closely over the next few weeks before taking a more definitive stance on the oil and gas coverage universe. The report highlighted that the current rebound in crude prices remains lower than the average crude prices recorded in FY25 and well below the last four-year average. As a result, the overall impact on the profitability of Indian oil and gas companies is not considered unreasonable at this stage. However, the report acknowledges the sharp movements in stock prices of energy companies, reflecting market concerns about the Middle East situation. A major concern is the potential disruption of oil and gas shipments through the strategic Strait of Hormuz. There is also some fear, although remote, that NATO could be drawn into the conflict if Iran targets any Western military bases in the region. Currently, Brent crude is priced around USD 75 per barrel, which is about USD 6-7 per barrel higher than the analysts' FY26 estimate of USD 68. As per the report, this presents a downside risk to earnings per share (EPS) estimates for OMCs, while upstream companies may benefit. Still, crude prices remain USD 9 below the average of FY22-25 and USD 4 below the FY25 average, indicating that supply remains adequate and demand concerns continue to weigh on the market. For now, the report maintained the estimates but warned that any further escalation in the conflict or a sharp rise in prices could pose a serious risk to earnings, especially for OMCs and gas companies. (ANI)
India Gazette
24 minutes ago
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Cyprus President Nikos Christodoulides welcomes PM Modi at Presidential Palace
Nicosia [Cyprus], June 16 (ANI): Cyprus President Nikos Christodoulides welcomed Prime Minister Narendra Modi at the Presidential Palace in Nicosia on Monday. PM Modi was accorded an official welcome at the Presidential Palace. Nikos Christodoulides and PM Modi introduced each other to the delegates from each other's countries after the official welcome to PM Modi at the Presidential Palace in Nicosia. The two leaders were engaged in talks as they proceeded to the meeting. PM Modi arrived in Cyprus on Sunday afternoon (local time), marking the first-ever visit by an Indian PM to the island nation. Cyprus President Nikos Christodoulides received PM Modi at Larnaca International Airport. He received a heartfelt welcome from the Indian diaspora in Limassol, as he arrived in Cyprus as part of his three-nation visit. Upon his arrival, PM Modi, along with Cyprus President Christodoulides, interacted with leading CEOs. During the interaction, PM Modi spoke about India's reform trajectory in the last decade. In a post on X, PM Modi said, 'Boosting business linkages! President Nikos Christodoulides and I interacted with leading CEOs to add vigour to commercial linkages between India and Cyprus. Sectors like innovation, energy, technology and more offer immense potential. I also talked about India's reform trajectory in the last decade.' The Cyprus Presidency in a post on X said that Cyprus is deepening and expanding economic cooperation with India. In a post on X, it said, 'Roundtable discussion with the Indian Prime Minister and members of the Cyprus and Indian business communities: Today, we are building more bridges; we are deepening and expanding economic cooperation between Cyprus and India. Together, we are entering a new era of strategic partnership, founded on trust and our shared values, driven by innovation and inspired by our rich historical journey and the vast horizon that opens before us. Together, Cyprus and India send a strong message of cooperation and prosperity, and at the same time, a message of hope.' Ahead of his departure, PM Modi issued a statement outlining the purpose and key highlights of his tour. 'Today, I will embark on a three-nation tour to the Republic of Cyprus, Canada and Croatia,' PM Modi's departure statement read. During the first leg of his visit, PM Modi will be in Cyprus from June 15-16. 'On June 15-16, I will visit the Republic of Cyprus at the invitation of President HE Nikos Christodoulides. Cyprus is a close friend and an important partner in the Mediterranean region and the EU. The visit provides an opportunity to build upon the historical bonds and expand our ties in the areas of trade, investment, security, technology and promote people-to-people exchanges,' the statement added.(ANI)
