India's Reliance quarterly profit surges 78%, tops view
India needs to boost its petrochemical output to counter China's dominance, Reliance says
Consolidated profit soared 78.3% to 269.94 billion rupees ($3.14 billion)for the quarter ended June 30, beating analysts' average estimate of 198.59 billion rupees, according to data compiled by LSEG.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
Pakistan, US seal trade deal
Listen to article The United States struck a trade deal with Pakistan, US President Donald Trump said on Wednesday, hours after announcing 25 tariffs on imports from India in addition to unspecified "penalty" over New Delhi's purchases of Russian weapons and energy. Trump said that the deal with Pakistan included joint development of the country's "massive" oil reserves. The announcement came as talks continue with other nations, including South Korea, ahead of his self-imposed August 1 deadline. "We have just concluded a Deal with the Country of Pakistan, whereby Pakistan and the United States will work together on developing their massive Oil Reserves," Trump wrote in post on his social media platform of 'Truth Social'. "We are in the process of choosing the Oil Company that will lead this Partnership. Who knows, maybe they'll be selling Oil to India some day!" the US president wrote in his post, without giving additional details of the deal. Trump said that his administration was "very busy in the White House today working on Trade Deals." He said: "I have spoken to the Leaders of many Countries, all of whom want to make the United States 'extremely happy.' I will be meeting with the South Korean Trade Delegation this afternoon." Trump imposed an August 1 deadline for dozens of nations to strike trade deals with the US or face tariffs heightened well above the 10% baseline he had already rolled out. In a separate announcement, Trump said that the August 1 deadline "stands strong, and will not be extended." Trump also announced 25% tariffs on imports from India, saying Indian tariffs were "among the highest in the World" and that New Delhi had "the most strenuous and obnoxious non-monetary Trade Barriers of any Country." The 25% tariff would be marginally lower than the rate announced in April, but is higher than those of other Asian countries. India was one of the first major economies to engage the Trump administration, but its reluctance to fully open its agricultural and other sectors prevented a deal, so far. "Remember, while India is our friend, we have, over the years, done relatively little business with them because their Tariffs are far too high, among the highest in the World, and they have the most strenuous and obnoxious non-monetary Trade Barriers of any Country," Trump said on Wednesday morning. He added that India has "always bought a vast majority of their military equipment from Russia, and are Russia's largest buyer of ENERGY, along with China, at a time when everyone wants Russia to STOP THE KILLING IN UKRAINE." In addition to the 25% tariff, India will face "a penalty for the above," Trump said. Later in the day, he told reporters that talks on the tariffs were ongoing and "we'll see what happens," but he did not elaborate on the penalty. in response the Indian government said that it's studying the implications of Trump's tariffs announcement. India and the US have been engaged in negotiations on concluding a "fair, balanced and mutually beneficial" bilateral trade agreement over the last few months, and New Delhi remains committed to that objective, India's Trade Ministry said in a statement. The US president has so far reached agreements with the UK, Indonesia, Vietnam, the Philippines, Japan and the European Union, though details on many of the deals remain scant with the White House acknowledging that some require further negotiations. Trump sounded an optimistic note that a deal will be reached with China, which was given until August 12 to reach an agreement. "We're doing fine with China. I think it's going to work out very well. I think we're going to have a very fair deal with China," he said. "Other Countries are making offers for a Tariff reduction. All of this will help reduce our Trade Deficit in a very major way. A full report will be released at the appropriate time. Thank you for your attention to this matter. MAKE AMERICA GREAT AGAIN!" Trump said. Meanwhile, Trump shocked markets with scaled-back 50% tariff on copper pipes and wiring, dragging down US copper prices more than 17% on the Comex exchange and unwound a premium over the London global benchmark that had grown in recent weeks.
Business Recorder
2 hours ago
- Business Recorder
Asian currencies: South Korean won, stocks outshine
BENGALURU: The South Korean won and stocks rose sharply on Wednesday, making them standout performers in mixed trading elsewhere in Asia as investors cheered Seoul's progress in trade negotiations with the United States ahead of the August 1 tariff deadline. The won strengthened 0.7% to 1,378.4 per dollar, while Seoul shares advanced more than 1% to a near four-year high. Samsung Electronics led the gains after signing a $16.5 billion chip-supply deal with Tesla earlier this week. Korean assets gained momentum as three cabinet-level officials met US Commerce Secretary Howard Lutnick in Washington, with Finance Minister Koo Yun-cheol preparing to meet Treasury Secretary Scott Bessent on Thursday. Seoul announced plans for a comprehensive trade package over the weekend. The urgency comes amid a broader regional race after Vietnam, Indonesia, the Philippines and Japan secured agreements with Washington, intensifying pressure on remaining economies. Thailand expects to conclude talks before the deadline to avoid tariffs as high as 36%. Elsewhere, the Indian rupee was the region's biggest underperformer after US President Donald Trump said India may face 20%-25% tariffs. It slipped 0.6% to a four-month low and the central bank likely intervened to arrest the decline, traders told Reuters. Other regional currencies traded flat or lower, with Singapore's dollar, Malaysia's ringgit and Thailand's baht showing little movement. Regional stock markets were mixed, with Taipei rising more than 1% and Bangkok up 0.3%, while Jakarta and Kuala Lumpur fell 0.6% and 0.2%. The dollar strengthened as markets grew wary about their earlier optimism towards the recently announced US-EU trade framework. Investors viewed the lopsided agreement as symbolic rather than structural, reinforcing the greenback's appeal. 'Heading into the second half of the year, besides a payback from export frontloading in the first half, the impact of the high tariff rate on the bloc's (India and ASEAN) exports to the US is also likely to be felt,' DBS analysts said in a note. US and Chinese officials agreed on Tuesday to seek an extension of their 90-day tariff truce following talks in Stockholm, though Trump will decide whether to extend the August 12 deadline. Singapore's central bank kept monetary settings unchanged, dashing easing hopes. 'Policymakers opted for a cautious approach to bide time until more clarity emerges on global trade,' said Shivaan Tandon, markets economist at Capital Economics.
Business Recorder
2 hours ago
- Business Recorder
Malaysian palm oil up on rival Dalian oils
KUALA LUMPUR: Malaysian palm oil futures ticked up on Wednesday for a second straight session, supported by gains in rival Dalian oils and a weaker ringgit, which boosted the commodity's appeal in key export markets. The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange gained 23 ringgit, or 0.54%, to 4,277 ringgit ($1,009.92) a metric ton at the close. Crude palm oil futures traded higher, driven by bullish signals, including the overnight surge in Chicago soyoil and energy futures and strong Chinese vegetable oil futures during Asian hours, said Anilkumar Bagani, research head at Sunvin Group. 'The weakening ringgit also enhanced export competitiveness for ringgit-denominated CPO contracts,' he added. However, Bagani said China's increased exports of competitively priced soybean oil to India pose a substitution risk, which could weigh on regional palm oil demand. Indian importers bought a record 150,000 metric tons of soyoil from China in rare purchases, as a supply glut prompted Chinese crushers to offer a discount to India's South American suppliers. Dalian's most-active soyoil contract rose 0.81%, while its palm oil contract added 0.63%. Soyoil prices on the Chicago Board of Trade were down 0.62%. Palm oil tracks price movements of rival edible oils, as it competes for a share of the global vegetable oils market. The ringgit, palm's currency of trade, weakened 0.09% against the US dollar, making the commodity slightly cheaper for buyers holding foreign currencies. Oil prices dipped slightly as investors awaited developments on US President Donald Trump's tighter deadline for Russia to end the war in Ukraine and his tariff threats to countries that trade its oil. Weaker crude oil futures make palm a less attractive option for biodiesel feedstock.
