Top headlines: Oil PSUs buy cheaper Russian crude; JPM cuts Indian shares

Business Standard brings you the top headlines on Thursday

After IOC, HPCL buys 2 mn bbl Russian crude, MRPL seeks 1 mn bbl

After Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL) has bought two million barrels of Russian crude oil as Indian refiners stepped up efforts to secure Russian oil available at deep discounts.

Just like IOC, HPCL also bought Russian Urals crude through European trader Vitol, sources with knowledge of the development said. Read more

Reliance, Ola Electric, others to get incentives in battery scheme: Report

Reliance Industries and Softbank Group-backed Ola Electric will receive incentives under India's $2.4 billion programme to boost local battery cell production after winning a tender, four sources told Reuters.

The winning bidders also include Hyundai Global Motors Company and Indian jewellery maker Rajesh Exports, the sources said on condition of anonymity. Read more

JPM cuts Indian shares to 'underweight', trims target for MSCI EM index

JPMorgan downgraded Indian equities to "underweight" and cut its full-year forecast for the MSCI Emerging Markets index, as geopolitical tensions fuel inflation worries, roiling global financial markets.

The brokerage, which previously had a "neutral" rating on Indian equities, cited a slew of factors, including a weaker rupee and its impact on growth, a spike in prices of commodities such as oil, potential portfolio outflows and the domestic monetary tightening cycle. Read more

Brookfield pumps in Rs 2k cr into Jindal Poly Films' packaging films unit

Jindal Poly Films has signed a pact with Brookfield Asset Management to sell 25 per cent stake in its packaging films business that will be hived off as a separate unit as part of the Rs 2,000-crore transaction.

The proposed investment, which values the hived off entity at Rs 8,000 crore, will be carried out through Brookfield's Special Investments programme and with its institutional partners, Brookfield and Jindal Poly Films said in separate statements on Thursday. Read more