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Russia has banned diesel exports until July 31 to stabilize its domestic fuel market, following Ukrainian drone attacks on refineries that caused shortages and long queues at gas stations. The country plans to import fuel in July.
Global Markets Tumble as Trump Casts Doubt on Iran Ceasefire
Global stock markets and oil prices surged Wednesday after President Trump questioned the Iran ceasefire, sparking fears of supply disruptions. Wall Street opened lower, with the S&P 500 down 0.5% and Dow Jones down 1%. Brent crude rose 4.8% to $77.74.
India-US Trade Deal Crucial for Economic Growth, Says Surjit Bhalla
Economist Surjit Bhalla states a comprehensive India-US trade deal is vital for India's economic growth, competitiveness, and development, extending beyond trade balances to markets and technology. He warns delays benefit China and urges PM Modi to prioritize it, noting other trade deals are insufficient.
Natco Pharma to Invest Rs 2,500 Crore in South Africa, Increase Adcock Ingram Stake
Natco Pharma announced a nearly Rs 2,500 crore investment in South Africa, including Rs 1,400 crore for its local subsidiary. The company will also increase its stake in Adcock Ingram to 49% for Rs 1,069 crore, aiming to expand its geographic footprint.
Indian stocks plunge over 2% amid rising oil prices and geopolitical tensions
Indian stock markets, including Sensex and Nifty, experienced their worst single-day fall since March-end, dropping over 2% due to surging crude oil prices, weak global cues, and renewed geopolitical tensions between the US and Iran. This led to a significant erosion of investor wealth.
IMF Slightly Lowers India's Growth Forecast to 6.4%, Raises Next Fiscal Year Projection
The IMF projects India's growth at 6.4% for the current year, citing strong private consumption and services. It raised the next fiscal year's GDP growth forecast to 6.7%. Globally, the IMF noted resilience despite the Middle East conflict but warned of risks.