Latest news with #Iranian-owned
Hans India
2 days ago
- Business
- Hans India
Stock markets slide for 3rd session on weak global cues
Mumbai: Equity benchmark indices Sensex and Nifty tumbled nearly 1 per cent on Tuesday, weighed down by a widespread selloff amid foreign fund outflows and growing geopolitical uncertainties. Domestic markets stayed on the back foot for the third straight session as investors offloaded energy, finance and IT stocks, traders said. In a volatile trading session, the 30-share BSE index tanked 636.24 points or 0.78 per cent to settle at 80,737.51. During the day, it dropped 798.66 points or 0.98 per cent to 80,575.09. The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50. As many as 2,266 stocks declined, while 1,731 advanced and 147 remained unchanged on the BSE. 'The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD. Profit-booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI. 'Mid and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic-oriented players are estimated to provide outperformance against external volatility,' Vinod Nair, Head of Research, Geojit Investments Limited, said. From the Sensex firms, Adani Ports declined 2.42 per cent. Bajaj Finserv, Bajaj Finance, Power Grid, Eternal, IndusInd Bank, Maruti, Tata Consultancy Services and UltraTech Cement were among the biggest laggards. Mahindra & Mahindra emerged as the only gainer in the pack. Adani Group's 11 listed companies ended lower. Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are 'baseless and mischievous'. The BSE midcap gauge declined 0.52 per cent, while the smallcap index dipped 0.07 per cent. Among sectoral indices, power dropped 1.50 per cent, utilities (1.42 per cent), bankex (0.89 per cent), energy (0.88 per cent), capital goods (0.87 per cent), financial services (0.80 per cent) and teck (0.68 per cent). On the other hand, commodities and realty were the gainers.
The Print
3 days ago
- Business
- The Print
Adani Group stocks decline; Adani Ports fall over 2 pc
In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are 'baseless and mischievous'. Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. New Delhi, Jun 3 (PTI) Adani Group stocks ended lower on Tuesday, with Adani Ports, NDTV and Adani Energy falling over 2 per cent each. The filing was in response to a Wall Street Journal (WSJ) report that said US prosecutors were investigating if Adani group companies imported Iranian LPG into India through their Mundra port in Gujarat. Shares of Adani Ports dropped 2.42 per cent, NDTV fell by 2.25 per cent, Adani Energy Solutions declined 2.18 per cent, Adani Power skidded 2.02 per cent and Adani Enterprises went lower by 1.89 per cent on the BSE. The stocks of Adani Total Gas edged lower by 1.62 per cent, Adani Green slipped 1.58 per cent, Sanghi Industries Ltd (1.16 per cent), Ambuja Cements (0.88 per cent), ACC (0.22 per cent) and AWL Agri Business (0.06 per cent). In intra-day trade, NDTV tanked 4.92 per cent, Sanghi Industries dropped 3.44 per cent, Adani Ports fell by 2.77 per cent, Adani Power lost 2.69 per cent, Adani Enterprises went lower by 2.63 per cent, Adani Energy (2.35 per cent), Adani Total (2.10 per cent), Adani Green (2 per cent), Ambuja Cements (1.21 per cent), AWL Agri (1.14 per cent) and ACC (0.62 per cent). In the equity market, the 30-share BSE Sensex tanked 636.24 points or 0.78 per cent to settle at 80,737.51. The NSE Nifty plunged 174.10 points or 0.70 per cent to 24,542.50. 'By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag,' the conglomerate said in the filing. It went on to state that the group 'does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports'. The WSJ report claimed that its investigation had found tankers travelling between Mundra and the Persian Gulf exhibited traits experts say are common for ships evading sanctions. Purchase of Iranian oil or products is sanctioned over Tehran's suspected nuclear programme. Calling the report 'baseless and mischievous', the Adani group said it 'categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG'. It went on to add that it was 'not aware of any investigation by US authorities on this subject'. The report, it said, 'appears to be based entirely on incorrect assumptions and speculation'. PTI SUM DR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Hindu
3 days ago
- Business
- The Hindu
Markets extend losses for 3rd session amid broad-based selloff; Sensex and Nifty tumbled
Equity benchmark indices Sensex and Nifty tumbled nearly 1% on Tuesday (June 3, 2025) weighed down by a widespread selloff amid foreign fund outflows and growing geopolitical uncertainties. Domestic markets stayed on the back foot for the third straight session as investors offloaded energy, finance and IT stocks, traders said. In a volatile trading session, the 30-share BSE index tanked 636.24 points or 0.78% to settle at 80,737.51. During the day, it dropped 798.66 points or 0.98% to 80,575.09. The NSE Nifty plunged 174.10 points or 0.70% to 24,542.50. As many as 2,266 stocks declined, while 1,731 advanced and 147 remained unchanged on the BSE. "The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD. Profit-booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI. "Mid and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic-oriented players are estimated to provide outperformance against external volatility," Vinod Nair, Head of Research, Geojit Investments Limited, said. From the Sensex firms, Adani Ports declined 2.42%. Bajaj Finserv, Bajaj Finance, Power Grid, Eternal, IndusInd Bank, Maruti, Tata Consultancy Services and UltraTech Cement were among the biggest laggards. Mahindra & Mahindra emerged as the only gainer in the pack. Adani Group's 11 listed companies ended lower. Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are "baseless and mischievous". The BSE midcap gauge declined 0.52%, while the smallcap index dipped 0.07%. Among sectoral indices, power dropped 1.50%, utilities (1.42%), bankex (0.89%), energy (0.88%), capital goods (0.87%), financial services (0.80%) and teck (0.68%). On the other hand, commodities and realty were the gainers. "The Nifty has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. It appears that investors are awaiting a decisive commentary following the RBI's interest rate decision," Rupak De, Senior Technical Analyst at LKP Securities, said. Foreign Institutional Investors (FIIs) offloaded equities worth ₹2,589.47 crore on Monday, according to exchange data. "The ongoing foreign fund outflows, coupled with weak global cues such as geopolitical tensions and uncertainty over trade deals, are adding pressure to the markets," Ajit Mishra – SVP, Research, Religare Broking Ltd, said. In Asian markets, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled in positive territory, while Japan's Nikkei 225 index ended lower. South Korean markets were closed. European markets were trading lower. US markets ended higher on Monday. Global oil benchmark Brent crude climbed 0.28% to $64.81 a barrel. After tumbling 796.75 points or 0.97% to 80,654.26 in intra-day trade on Monday, the 30-share BSE Sensex witnessed volatile trends and later ended 77.26 points or 0.09% lower at 81,373.75. The Nifty dipped 34.10 points or 0.14% to settle at 24,716.60.
The Hindu
3 days ago
- Business
- The Hindu
Adani says it doesn't handle Iranian cargo, unaware of any U.S. probe into Iran sanctions violations
Adani Group on Monday said it does not handle any cargo coming from Iran or any Iranian-owned ship at any of its ports, as it denied any deliberate engagement in sanctions evasion. In a stock exchange filing, the group said reports of links between any of its entities and Iranian LPG are "baseless and mischievous". The filing was in response to a Wall Street Journal (WSJ) report that said US prosecutors were investigating if Adani group companies imported Iranian LPG into India through their Mundra port in Gujarat. "By policy, the Adani Group does not handle any cargo from Iran at any of our ports. This includes any shipments originating from Iran or any vessels operating under the Iranian flag," the conglomerate said in the filing. It went on to state that the group "does not manage or facilitate any ships whose owners are Iranian. This policy is strictly adhered to across all our ports". The WSJ report claimed that its investigation had found tankers travelling between Mundra and the Persian Gulf exhibited traits experts say are common for ships evading sanctions. Purchase of Iranian oil or products is sanctioned over Tehran's suspected nuclear programme. Calling the report "baseless and mischievous", the Adani group said it "categorically denies any deliberate engagement in sanctions evasion or trade involving Iranian-origin LPG". It went on to add that it was "not aware of any investigation by US authorities on this subject". The report, it said, "appears to be based entirely on incorrect assumptions and speculation". "Any suggestion that Adani Group entities are knowingly in contravention of US sanctions on Iran is strongly denied. Any assertion to the contrary would not only be slanderous but also deemed to be an intentional act to injure the reputation and interests of the Adani Group. The rights of Adani Group entities and personnel in this regard are expressly reserved," it added.
Shafaq News
11-02-2025
- Business
- Shafaq News
Iraq acts urgently to contain 'Trump Crisis'
Shafaq News/ In January, US President Donald Trump signed an executive order ending Iraq's exemption from sanctions related to Iranian gas and electricity imports. The move, part of a broader sanctions package aimed at Iran, targets Iran's economic activities, including its energy exports. The executive order stipulates that the US will take immediate steps to prevent Iraq from using its financial system to facilitate Iranian sanctions evasion and to ensure that Gulf countries do not serve as transit points for Iranian energy exports. The memo also outlines measures to reduce Iran's oil exports to zero, including shipments to China, and to revoke any exemptions that provide financial relief to Iran. Two members of the Iraqi Parliament's Oil and Gas Committee announced plans to host the ministers of electricity and oil, along with administrative officials from both ministries, in the coming days. Bassem Naghimash, a member of the committee, criticized 'the lack of diversification in Iraq's gas sources, despite the ongoing crisis surrounding Iranian gas imports.' He noted that several alternatives have been proposed, including potential deals with Jordan, Turkmenistan, and Qatar, as well as tapping into Iraq's gas resources. However, Naghimash emphasized that 'the country's capacity to invest in domestic gas solutions has been hindered by a lack of government financial and logistical support.' Another member of the committee, Kazem Al-Touki, agreed with Naghimash's assessment, explaining that Qatar had been considered as a potential gas supplier. However, challenges arose due to the absence of gas platforms in Iraq's ports, leading the country to rely on Turkmenistan, where gas is transported through pipelines passing through Iran. 'US sanctions also thwarted this deal, as the intermediary company is Iranian-owned.' Al-Touki stated that the 'real issue lies not only in sanctions against Iran but also in the broader impact on Iraq.' He confirmed that the ministers of electricity and oil would be hosted to discuss potential solutions following Trump's decision. He further explained that Iran's gas supply issues were already evident before the sanctions, primarily due to unpaid debts. In a prior meeting, Iraq's electricity minister, Ziad Fadhil had suggested supplying a station in the Kurdistan region with fuel and redistributing the electricity to the rest of the country. As for Iraq's next steps, Al-Touki speculated that the government would likely use its 'diplomatic influence' to negotiate an exemption from the sanctions, similar to past agreements. Iraq's Energy Dependence Since the 1990s, Iraq has relied on electricity rationing due to low domestic power production, with households depending on private generators to make up the shortfall. To meet its energy needs, Iraq imports between one-third and 40% of its electricity and gas from Iran. However, ongoing US sanctions have made it increasingly difficult for Iraq to settle payments for these imports. Iraq has also been working on regional electricity interconnection projects to stabilize energy supplies without depending on imported fuel. In August 2023, Iraq signed an agreement with Turkmenistan to import gas as a partial solution to its power generation challenges. On January 18, 2025, Iraq's electricity minister confirmed that importing gas from Turkmenistan would reduce the country's reliance on Iranian gas by 50%. However, he acknowledged that any disruptions to gas imports would directly affect Iraq's electricity supply. Fadhil also stated that domestic gas development projects would take 3 to 5 years to complete, meaning Iraq would remain dependent on gas imports in the interim. Potential Impact on Iraq Saeed Shavardi, an Iranian economic expert, expressed confidence that Iran would continue supplying gas to Iraq despite US sanctions. However, he acknowledged that 'the final decision rests with the Iraqi government, which will face significant pressure from the United States.' He argued that the Iraqi government, led by Prime Minister Mohammed Shia Al-Sudani, would prioritize the needs of its people and likely resist US pressure. Shavardi also criticized Trump's decision, calling it 'an infringement of international law and an unjust move against the Iraqi people', emphasizing that the gas trade between Iraq and Iran is essential for electricity generation and warned that cutting off the gas supply could lead to widespread protests in Iraq during the hot summer months when temperatures often exceed 50°C. Shavardi further argued that US actions have systematically undermined Iraq's efforts to address its electricity crisis, despite the presence of major American companies in the power sector. Regarding Iran's prospects, Shavardi noted that Tehran could find new customers for its gas, given the global demand for energy, especially in Europe, China, India, Pakistan, and Turkiye. He believed that 'Iran could mitigate the impact of US sanctions by redirecting its surplus gas to these markets,' thereby nullifying the effect of Trump's 'maximum pressure' campaign. Economic expert Nabil Al-Marsoumi warned of severe consequences for Iraq's economy and society if the US sanctions on Iranian gas imports go into effect. Al-Marsoumi explained that 'Iraq's electrical grid relies on Iranian gas for about 40% of its supply, amounting to approximately 8,000 megawatts of power.' The withdrawal of this gas would create a significant energy shortfall, impacting millions of Iraqis. Possible Solutions Al-Marsoumi suggested that short-term solutions could include promoting household solar energy systems, offering bank loans to citizens, deploying floating power stations like Turkiye's Karadeniz PowerShip, and converting some power plants to use heavy fuel oil or diesel. He also recommended rationing electricity and implementing scheduled outages. For long-term solutions, Al-Marsoumi pointed to the construction of infrastructure for liquefied natural gas (LNG) imports at the large Al-Faw port and the development of solar energy projects with companies such as TotalEnergies, ACWA Power, and Masdar. He estimated that 'these projects could add up to 3,000 megawatts to Iraq's electricity grid within three years.' Additionally, Al-Marsoumi highlighted the 'importance of Turkmen gas as a viable alternative.' However, transporting this gas through Iran would require a new contract with an intermediary company and several months of logistical arrangements, delaying its potential impact. He noted that 'Turkmenistan could supply Iraq with around 4,000 megawatts of electricity, but this would only partially address the country's needs.'
