 "Top headlines: MSCI global index shuffle, HCLTech signs deal with Verizon")
India's Russian crude oil buying spree continues even as prices climb
Indian buyers, key consumers of cheap Urals crude since the invasion of Ukraine, have no plans to turn away from Moscow even as the discount to global benchmarks narrows, arguing Russian barrels remain among their most affordable options. India’s consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots. Much of that has been driven by price — and by Prime Minister Narendra Modi’s efforts to control energy inflation — but that dynamic is changing. Earlier this year, the gap between Russian crude and the Dubai benchmark stood at around $20 on a delivered basis. Today, the discounts offered for Urals cargoes are closer to $8. Read more...
MSCI Global Standard Index review: PFC, REC among 8 entrants; ACC excluded
The MSCI Global Standard index, as part of its August review, shared a list of stocks that shall be included and excluded effective September 1, 2023. Around eight stocks will be make an entry to the index, which includes Power Finance Corporation (PFC), REC, HDFC Asset Management Company (AMC), IDFC First Bank, Astral, Cummins India, Supreme Industries, and Ashok Leyland. Read more...
HCLTech signs $2.1 billion managed network services deal with Verizon IT major HCLTech has signed a deal worth $2.1 billion with Verizon Business, the enterprise arm of US-based Verizon Communications, for providing primary managed network services (MNS) for the latter’s global enterprise customers. HCLTech said it expects this deal to have a positive revenue impact over the next six years beginning in November 2023, with an estimated new total contract value of $2.1 billion over the term. Read more...
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The upcoming long weekend is proving to be a busy one for hoteliers across the country. The occupancy rates in hotels across the country have risen. This has had a cascading effect on room rates across destinations. “Extended weekends are propelling travel desire and we are seeing a 2.5x surge in demand vs last year for the upcoming long weekend. Occupancy continues to be at 80-100 per cent for premium hotels with an average 20-30 per cent surge in room rates across destinations,” said Indiver Rastogi, president and group head, global business travel, Thomas Cook (India) and SOTC Travel. Read more...
How Indian unicorns are forging profits out of funding winter's ice
January 22, 2022, is a historic day for the internet economy. That day Amazon declared its first ever quarterly profit. It had been around since 1995 and lost $2.8 billion till then. The profit showed Amazon, one of the best-known internet brands, had come back from the brink, that its model could work, and that the troubles caused by the bursting of the technology bubble in the early 2000s were behind it. Read more...