PRE-MARKET INDIAN STOCKS NEWS: US has issued a temporary 30-day waiver to allow sale of Russian oil currently stranded at sea to India, according to a report citing two officials
Dr Reddy’s Laboratories (DRRD IS) – Co. received a USFDA Establishment Inspection Report for its Srikakulam formulations plant, classified as Voluntary Action Indicated, with the inspection now closed. (Moneycontrol)
GAIL (GAIL IS) – Co. plans to reduce natural gas supplies to some customers following blockage of about 30% of India’s imported LNG shipments amid escalating conflict. (ET)
Hindustan Zinc (HZ IS) – Co. signed an MoU with Virginia Tech to enhance research focused on improving silver recovery in its lead–zinc concentrator operations. (ET)
Indian Oil (IOC IS) – Indian refiners have begun using Russian oil from vessels offshore to offset the shortfall of Middle Eastern crude caused by the Iran conflict. (ET)
Jio Financial Services (JIOFIS IS) – Co. acquired 147.4 mln equity shares in Allianz Jio Reinsurance joint venture for INR 1.47 bln at par. (Moneycontrol)
One 97 Communications (PAYTM IS) – Co. leads its peers in monetisation through a diversified portfolio including merchant lending and financial services, boosting profitability in India’s fintech sector, per BofA Global Research. (ET)
Petronet LNG (PLNG IS) – The largest LNG importer in India declared force majeure to QatarEnergy and domestic buyers after its vessels were blocked from accessing Ras Laffan port due to escalating tensions. (ET)
Shilpa Medicare (SLPA IN) – The National Company Law Tribunal approved the merger of Shilpa Therapeutics, a wholly owned subsidiary, into Shilpa Medicare. (Moneycontrol)
Refiners - US has issued a temporary 30-day waiver to allow sale of Russian oil currently stranded at sea to India, according to a report citing two officials. (Newswires)
The temporary waiver allowing India to purchase stranded Russian oil could help alleviate crude supply shortages impacted by the ongoing conflict in the Middle East. This move is significant as it suggests a shift in energy procurement strategies for India, potentially influencing oil prices and prompting shifts in geopolitical alliances. Investors should monitor the implications for Indian refiners and related sectors as they adapt to these changes.