India's HPCL seeks 10 LNG cargoes for March 2026-December 2027 delivery, sources say
HPCL is seeking one cargo per month for delivery in March, April, October and November in 2026, and in February, April, June, August, October and December in 2027, added one of the sources.
The tender closes on July 21.
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Reuters
23 minutes ago
- Reuters
Muted open for rupee despite Asia cheer on US-Japan trade pact
MUMBAI, July 23 (Reuters) - The Indian rupee is expected to open largely unchanged on Wednesday, shrugging off the modest boost to its Asian peers after a U.S.-Japan trade deal fuelled hopes that Washington may strike similar agreements with other countries. The 1-month non-deliverable forward indicated the rupee will open in the 86.35-86.38 range versus the U.S. dollar, compared with 86.3675 on Tuesday. The rupee will "receive mild help" at open on account of Asia, a currency trader at a Mumbai-based bank said. "However, dips (on USD/INR) have been bought into quickly and the odds favour a repeat of that," he said, adding, "I will definitely not be looking to sell USD/INR currently." On Tuesday, the rupee briefly recovered to 86.22 before slipping to a one-month low of 86.4125 on likely outflows and hedging. The currency has declined in seven of the last eight sessions, dropping 0.7% so far this month. Shares in Tokyo jumped and U.S. equity futures rose after U.S. President Donald Trump announced a trade deal with Japan, lowering proposed tariffs on Japanese imports to 15% from 25%. The agreement lifted the yen and other Asian currencies. The U.S.-Japan deal comes just days ahead of the August 1 deadline set by Trump for finalising trade agreements or face steep tariffs. The scheduled rollout of the reciprocal tariff on 1 August "looms large", MUFG Bank said in a note. "In the absence of new US trade deals, there's a risk that tariff levels could revert to the steeper rates announced during Liberation Day in April. This uncertainty is weighing on the U.S. dollar." On Tuesday, Trump announced a new 19% tariff on goods from the Philippines, just below the 20% rate he had previously threatened to impose. India, meanwhile, has yet to reach a trade agreement with the United States and the prospects of an interim trade deal before the August 1 deadline have dimmed. KEY INDICATORS: ** One-month non-deliverable rupee forward at 86.40; onshore one-month forward premium at 11.75 paise ** Dollar index at 97.48 ** Brent crude futures up 0.4% to $68.8 per barrel ** Ten-year U.S. note yield at 4.36% ** As per NSDL data, foreign investors sold a net $125.8 million worth of Indian shares on July 21 ** NSDL data shows foreign investors sold a net $8.9 million worth of Indian bonds on July 21
Reuters
an hour ago
- Reuters
India equity benchmarks set to track Asian peers higher after US-Japan deal
July 23 (Reuters) - India's equity benchmarks are set to open higher on Wednesday, tracking gains in their Asian peers after the U.S. announced a trade deal with Japan, fuelling expectations of more to come. The uncertainty over India-U.S. interim trade deal ahead of President Donald Trump's August 1 deadline could limit gains in the Indian market. The Gift Nifty futures were trading at 25,164 points as of 8:08 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Tuesday's close of 25,060.9. Japanese shares led the rally in Asian equities on Wednesday following the trade deal announcement. MSCI's broadest index for Asia-Pacific stocks outside Japan (.MIAPJ0000PUS), opens new tab also advanced 0.7%. In another positive development, U.S. and Chinese officials will meet in Stockholm next week to discuss an extension to the August 12 deadline for negotiating a trade deal, Treasury Secretary Scott Bessent said. Easing global trade tensions is a positive for equities as it can reduce the uncertainty about global growth and inflation, which has kept the U.S. Federal Reserve from cutting interest rates. Meanwhile, the prospects of an interim trade deal between India and the U.S. before Washington's August 1 deadline have dimmed, with talks deadlocked over tariff cuts on key agricultural and dairy products, Reuters reported, citing two Indian government sources. In the absence of a trade deal, analysts expect market to remain stock-specific amid earnings season. Infosys ( opens new tab, Dr Reddy's Laboratories ( opens new tab and Tata Consumer Products ( opens new tab are the Nifty 50 companies scheduled to release their earnings on Wednesday. ** Fintech firm Paytm ( opens new tab swings to a profit in June quarter, driven by robust growth in its lending business and tight cost controls, and said it expects a further improvement in earnings ** Dixon Technologies ( opens new tab posts higher revenue and profit for the first quarter on the back of strong growth in mobile and other electronic manufacturing services ** Jana Small Finance Bank ( opens new tab posts lower profit due to a drop in net interest income, while gross non-performing assets rose during the quarter
Reuters
3 hours ago
- Reuters
India, UK to sign free trade deal during Modi's visit, cut tariffs on whisky, garments
NEW DELHI/LONDON, July 23 (Reuters) - India and Britain will sign a free trade agreement on Thursday during Prime Minister Narendra Modi's UK visit, officials said, with New Delhi to ease tariffs on British whisky, cars and some food items, and the UK offering duty-free access to Indian textiles and electric vehicles. The pact, concluded in May after three years of stop-start talks, should boost bilateral trade by removing numerous barriers and granting each country greater market access to the other. It will take effect after the British parliament and India's federal cabinet approve it, likely within a year. "This is a significant agreement," Vikram Misri, India's foreign secretary, told reporters on Tuesday, adding that legal vetting of the deal was near completion ahead of Modi's four-day trip to the UK and Maldives. Trade minister Piyush Goyal will accompany Modi for the formal signing, a commerce ministry official said. This will be Modi's fourth visit to the UK since he took office in 2014. He is scheduled to meet Prime Minister Keir Starmer to discuss trade, energy, security, health and education issues, and also hold talks with business leaders. Bilateral trade between the two countries reached $55 billion in 2023/24, while the UK has become India's sixth-largest investor, with cumulative investments of nearly $36 billion, Misri said. Around 1,000 Indian companies operate in the UK, employing 100,000 people, and they have invested about $20 billion there, he added. Under the trade agreement, tariffs on Scotch whisky will drop to 75% from 150% immediately, and then slide to 40% over the next decade, according to the British government, and on cars, India will cut duties to 10% from 100% under a quota system that will be gradually liberalised. In return, Indian manufacturers are expected to gain access to the UK market for electric and hybrid vehicles, also under a quota system, Indian commerce ministry officials said. The ministry has said 99% of Indian exports to Britain would benefit from zero duties under the deal, including textiles, while Britain will see reductions on 90% of its tariff lines. "The UK is an important market for Indian exporters," said Ajay Sahai, director general of the Federation of Indian Export Organisations, adding that the trade pact will boost bilateral trade and provide access for Indian sectors such as textiles, footwear, marine and engineering products.
