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News18
15 minutes ago
- News18
Rupee falls 12 paise to close at 87.59 against US dollar
Agency: PTI Mumbai, Aug 14 (PTI) Rupee pared initial gains and settled for the day on a negative note, lower by 12 paise at 87.59 against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers. Forex traders said the rupee pared initial gains on positive crude oil prices, dollar demand from importers and foreign fund outflows. Moreover, there is an overall negative bias amid uncertainties over the trade tariff issue between India and the US. At the interbank foreign exchange, the domestic unit opened at 87.48 and moved in a range of 87.39 to 87.67 during the day before settling at 87.59, lower by 12 paise from its previous close. On Wednesday, the rupee appreciated 16 paise to close at 87.47 against the US dollar. According to analysts, investors are in a wait-and-watch mode ahead of the US-Russia talks on August 15. Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, said the rupee showed marginal weakness as traders awaited the the US and Russia meet outcome with near-term implied volatility at its one-month lows and option pricing showed lesser bias toward rupee weakness. One-month implied volatility on the dollar rupee front stood at 4.35 per cent, the lowest this month. 'Expectations remain for the rupee to trade with a positive bias on risk sentiments in the global market and a weakening US dollar. Softening inflation and declining crude oil prices may further support the domestic currency," Sharma said. Meanwhile, Brent crude prices rose 0.49 per cent to USD 65.95 per barrel in futures trade as it regained ground after falling much more in the previous session, with the upcoming US-Russia talks raising risk premiums in the market. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.02 per cent to 97.82. In the domestic equity market, Sensex climbed 57.75 points to settle at 80,597.66, while the Nifty closed 11.95 points up at 24,631.30. Foreign Institutional Investors offloaded equities worth Rs 1,926.76 crore on Thursday, according to exchange data. On the domestic macroeconomic front, S&P on Thursday upgraded India's sovereign credit rating to 'BBB' with a stable outlook after a gap of nearly 19 years, citing robust economic growth, political commitment for fiscal consolidation and 'conducive' monetary policy to check inflation. The impact of US tariffs on the Indian economy will be 'manageable", S&P said, adding that a 50 per cent tariff on US exports (if imposed) will not pose a 'material drag" on growth. 'India is relatively less reliant on trade and about 60 per cent of its economic growth stems from domestic consumption," it said. The rating upgrade by a US-based agency comes days after American President Donald Trump dubbed India as a 'dead economy". Trump has imposed the highest 50 per cent tariff on Indian goods with effect from August 27. Also, the rating upgrade will help lower borrowing cost of Indian companies in international markets. PTI DRR HVA view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
32 minutes ago
- News18
Indias exports to US rise 20 pc, imports up 13.78 pc in July
Agency: New Delhi, Aug 14 (PTI) India's goods exports to the US rose 19.94 per cent to USD 8.01 billion in July while imports increased 13.78 per cent to about USD 4.55 billion during the month, according to the commerce ministry data. During April-July, the country's exports to the US increased 21.64 per cent to USD 33.53 billion, while imports rose 12.33 per cent to USD 17.41 billion, the data showed. The US was the largest trading partner of India in the April-July period (USD 12.56 billion bilateral trade) 2025-26. India's exports to America is recording positive growth since April this year. India and the US are negotiating a bilateral trade agreement. The US team is scheduled to visit India from August 25 for the sixth round of talks for the pact. China, another major trading partner of India, saw a 27.39 per cent jump in exports from India to USD 1.34 billion in July and a 19.97 per cent growth in April-July to USD 5.75 billion. Imports from the neighbouring country in July rose 5 per cent to USD 10.91 billion while in during April-July period of 2025-26 by 13.06 per cent to USD 40.65 billion. The UAE, the UK, Germany, Bangladesh, Brazil, and Italy were also among the countries, which saw positive growth in exports from India during the month under review. However, exports to the Netherlands, Singapore, Saudi Arabia, Australia, South Africa, and France declined in July. On the imports front, inbound shipments in July declined from nations, including the UAE, Russia, Indonesia, Qatar, and Taiwan. However, imports rose from Saudi Arabia, Singapore, Korea, Japan, Hong Kong, and Thailand. PTI RR TRB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 14, 2025, 20:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Standard
39 minutes ago
- Business Standard
Sustaining Operational Excellence and Financial Strength, Nava Advances on Strategic Growth Projects
PRNewswire Hyderabad (Telangana) [India], August 14: NAVA Limited, a diversified Indian multinational conglomerate operating across Metals, Mining, Energy, Commercial Agriculture, and Healthcare, today announced its financial results for the quarter ended June 30, 2025. The Company reported its highest-ever quarterly PBT, alongside steady progress on its strategic initiatives in India and overseas. Key Business Highlights Consolidated Q1 FY26: * Total income: ₹1,232.6 crore, up 16.7% quarter-on-quarter (QoQ) and marginally lower by 2.0% year-on-year (YoY). * Net profit: ₹399.1 crore - up 31.8% QoQ and lower by 10.5% YoY. * Average tax rate is higher, as profits from the power division of MEL are subject to tax at 15% from Q1 FY26. * Maamba Energy Limited (MEL): Received arrears of USD 75.0 million, reducing outstanding receivables to USD 85.5 million. * Sponsors received maiden dividend from MEL, with Nava group receiving USD 32.5 million as its share. * Projects: MEL's Phase II 300 MW expansion and MSEL's 100 MW solar project in Zambia are on track for scheduled commissioning in Q2 of FY 2027. Business Performance (Q1 FY26): * Metals: Ferro alloys sales volume rose to 33,130 MT from 25,116 MT YoY, with further improved realizations in Ferro Silicon exports. * Energy: Strong operational performance across India and Zambia; MEL sustained high PLF at 95.2%. Indian power plants also operated at an overall average PLF of 86.6% during the quarter. * Mining: Continued stable operations and profitability. * Commercial Agriculture: Avocado plantations are on track for first commercial harvest (~250 MT) in Nov/Dec 2025; Sugar cane plantation for the integrated sugar project has commenced with key project management being undertaken by group companies and the 20 MW Co-generation power plant being set for relocation to Zambia as part of this Project.. The capex outlay for the sugar project is now estimated to be USD 200.0 Mn, taking into account evaluated capital commitments. Standalone Q1 FY26: * Total revenue: ₹572.7 crore, up 8.4% QoQ and 5.0% YoY including dividend of USD 4.0 Mn from Nava Global Pte Ltd (formerly Nava Bharat (Singapore) Pte Ltd). * PAT: ₹141.0 crore, up 45.2% QoQ and 7.6% YoY. Strategic Updates: * Received approvals for the segregation two captive power plants in Telangana and Odisha as IPPs. The operationalization of this segregation is envisaged in Q3/Q4 resulting in better productivity in energy division thereafter. * Nava Global will directly hold 65% equity in MSEL in a JV with ZCCM-IH (35%) to obtain a higher and independent enterprise value. * It has been decided to amalgamate the intermediate holding company on commercial agriculture with Nava Global making the latter a investment hub for all overseas operating ventures in metals, mining, energy and commercial agriculture Commenting on the performance, Managing Director and CEO, Ashwin Devineni, said: "We are pleased to report our highest-ever quarterly PBT, driven by strong operations across our energy portfolio and improved realizations in the metals business. The 50% tax concession regime applicable to the power division under MEL impacted the PAT for the quarter. The resolution of a substantial portion of MEL's receivables and the receipt of its maiden dividend are significant steps in further strengthening our cash position. Our strategic projects -- from renewable energy in Zambia to commercial agriculture in Africa -- are progressing as planned, positioning us for sustainable growth. The planned conversion of our captive power assets to IPPs will further enhance operational efficiency. We remain committed to disciplined capital allocation, operational excellence, and the timely execution of our growth plans to create enduring value for all stakeholders." About Nava Limited Founded in 1972, Nava Limited is a publicly listed multinational corporation with interests in metals, energy, mining, healthcare, and commercial agriculture. As one of India's leading ferroalloy producers, Nava also operates Zambia's largest mine-to-mouth power plant. Expanding its global presence, Nava is investing in commercial agriculture in Zambia and in healthcare in Southeast Asia. For more information, please visit Media Contact: Ms. Lisa Rufus G. Phone: +91 91542 40656 Email: lisa.r@ Nava Limited will host a conference call to discuss the quarterly financial results in detail on 14 August 2025 at 1600hrs (IST). Investors and stakeholders are invited to visit the company's website for further details. This document may contain forward-looking statements based on management's beliefs, opinions, and expectations as of the date of this release. Actual results may vary due to risks and uncertainties, and the company does not assume any obligation to update such statements in response to future developments. Please refer to official disclosures for the most accurate and up-to-date information. Logo:
