OIL PRICES SPIKE AFTER OPEC, OTHERS AGREE TO PRODUCTION CUT
VIENNA: Oil prices spiked sharply higher on Friday as major oil producers, including the Opec cartel, agreed to cut global oil production by 1.2 million barrels a day to reduce oversupply. Following two days of meetings, the Organization of the Petroleum Exporting Countries (Opec) that includes the likes of Saudi Arabia and Iraq said they would cut 800,000 barrels per day for six months from January, though some countries such as Iran, which is facing wide-ranging sanctions from the US, have been given an exemption. The balance will come from Russia and other non-opec countries. The US, one of the world’s biggest producers, is not part of the deal.
Sensex, Nifty rebound on positive global cues
MUMBAI: Benchmark indices broke their three-day falling streak on Friday driven by upbeat global cues, recovering rupee and a surge in Kotak Bank shares on reports that Berkshire Hathaway may pick up a stake in the lender. The BSE Sensex rallied 361.12 points, or 1.02%, to close at 35,673.25. Similarly, the broader NSE Nifty jumped 92.55 points, or 0.87%, to 10,693.70. However, both the indices ended lower for the week. The Sensex fell by 521.05 points, or 1.43 %, while the Nifty lost 183.05, or 1.68%, during the week. Kotak Mahindra Bank was the biggest gainer on both the indices on Friday, spurting nearly 9% following reports that Warren Buffett’s Berkshire Hathaway Inc. was planning to pick up a stake in the private sector lender.
‘Indian markets fare better on volatility than peers’
MUMBAI: The performance of the Indian capital market compares favourably with those of other major global economies, the chairman of the Securities and Exchange Board of India
(Sebi), Ajay Tyagi, said on Friday. Indian markets do better on parameters such as returns on equities, volatility and currency movements compared to global peers, he said at the Financial Markets Summit organized by the Confederation of Indian Industry (CII). “The volatility in Indian equity market at 12% is among the lowest compared to major developed and emerging markets like the UK (12%), the US (16%), China (19%), Japan (17%), South Korea (14%), Hong Kong (19%) and Brazil (21%),” said Tyagi.
Sepco moves NCLT against Mahanadi to recover dues
MUMBAI: Chinese construction contractor Sepco Electric Power Construction Co. has initiated bankruptcy proceedings against KSK Mahanadi Power Co. Ltd to recover around ₹5,230 crore, two people familiar with the development said. KSK Mahanadi, which operates a 3,600-megawatt (MW) project in Chhattisgarh, is among power firms that have challenged a central bank circular on mandatory insolvency resolution. “The Chinese engineering, procurement and construction firm has filed a case before the Hyderabad bench of the National Company Law Tribunal on November 27 and the matter came up for the hearing on November 30,” first person aware of the matter said.
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