India will be the World’s biggest Oil demand growth driver through 2030: IEA
In the next seven years, India is poised to become the primary source of global oil demand growth, even as its domestic production is projected to decrease by 22 percent, according to the latest projections by the International Energy Agency (IEA). These divergent trends are anticipated to have major implications for the country, with India already emerging as the second-largest importer of crude globally. This was highlighted by IEA officials at India Energy Week 2024. While growth in developed economies and China is initially expected to slow and then reverse, a scarcity of discoveries in recent years will contribute to India’s domestic oil production diminishing to 540 thousand barrels per day (b/d) by 2030, down from 700 thousand b/d currently, as stated in an IEW report released here. “India is on track to register an increase of almost 1.2 million b/d, accounting for more than one-third of the projected 3.2 mb/d global gains, reaching 6.6 mb/d by 2030,” the report noted. As of 2023, India’s crude imports have reached 4.6 million b/d, marking a 36 percent increase over a decade.
Govt eyes deal with EU countries that could draw $100 billion investment
India is close to finalizing a first-of-its-kind trade deal that could see a small group of European nations invest as much as $100 billion over 15 years in exchange for easier trade access to the world’s most populous nation, according to people with knowledge of the matter. The European Free Trade Association, which comprises Switzerland, Norway, Iceland and Liechtenstein, committed to invest in India as part of a trade pact that’s in the final stages of negotiations, the people said, asking not to be identified as the talks are still ongoing. The contours of the deal have been agreed and deliberations currently center on the final investment amount, which could be as much as $100 billion over 15 years, some of the people said. While India wants the commitment to be legally binding, one of the European officials said the amount will likely be framed as a goal, with no legal means to claim it included in the language of the agreement. If finalized, it would mark the first time an investment commitment of this nature is secured by India as part of a free trade agreement.
Global market action
Dow Jones – Up by 0.06% or 21.58 points
FTSE – Down by 0.68% or 52.26 points
CAC – Down by 0.36% or 27.71 points
DAX – Down by 0.65% or 111.28 points
Gift Nifty – Up by 0.12% or 26.50 points
FII/DII activities
FII – Sold 1691.02 Cr worth of shares
DII – Bought 327.73 Cr worth of shares.
Primary market activities
SRF Ltd – 85.2%
KPR Mills Ltd – 85.1%
ZF Commercial Vehicles Control Systems India Ltd – 84.9%
P&G Health Ltd – 84.6%
Kajaria Ceramics Ltd – 84.5%
Primary market updates
IPOs opening today
Polysil Irrigation Systems Ltd (NSE SME) – Issue size 17.44Cr
Alpex Solar Ltd (NSE SME) – Issue size 74.52Cr
Rudra Gas (BSE SME) – Issue size 14.16Cr
Commodities updates
Gold – Rs 64545/10gm, Silver – Rs 72317/kg, Brcrude – Rs 6372/barrel, Copper – Rs 726.9/kg.
Corporate News
TotalEnergies, and ONGC join forces to detect, and measure methane emissions.
Trent Q3 results: PAT jumps 124% to Rs 374 cr on lifestyle segment growth.
Nestle India results: Net rises 4.4% in Dec qtr stirred by Nescafe success.
