Top Headlines: India’s Russian imports up, oversupply of India bonds & more

On the back of rising crude oil purchases, India’s bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data. The BJP parliamentary board on Tuesday named Droupadi Murmu as the NDA government’s presidential nominee while the Opposition named the former TMC leader Yashwant Sinha as theirs. Read more on these in our top headlines

India’s Russian imports up 3.5 times on oil buys as West complains

On the back of rising crude oil purchases, India’s bill for imports from sanctions-hit Russia jumped 3.5 times in a year in April to $2.3 billion, showed data from the commerce ministry. In April, India’s crude oil imports from Russia were valued at $1.3 billion, 57 per cent of India’s total inbound shipments from Russia. Read more

Oversupply of India bonds to drive yields to 8%: Standard Chartered

A supply glut is set to hit India’s government bond market, and drive benchmark yields toward 8 per cent by year-end, according to Standard Chartered Plc. The lender estimates that excess supply of sovereign and state debt may total as much as Rs 6.3 trillion ($81 billion) this fiscal year. Read more

RIL, Nayara account for a combined 69% of Russian oil shipments to India

Neither pressure from the US nor tightening European sanctions have made India step back from the purchase of cheap Russian crude oil, joining rival China to create financial lifelines for Russian President Vladimir Putin. But the drive to feed on discounted Urals is led by private sector refiners, Reliance Industries and Russian Rosneft-controlled Nayara Energy are embracing Russian crude oil. Read more

Inverted duty correction on GST Council’s agenda in next week’s meeting

The Goods and Services Tax (GST) Council in its upcoming two-day meeting is likely to take up the fitment committee’s recommendations which propose raising rates on certain goods and services, including LED lights, lamps, and leather, and also pruning exemptions on a host of items, including some packaged food products, said officials privy to the agenda for the meeting. Read more

NDA’s Draupadi Murmu vs Opposition’s Yashwant Sinha in president election

The BJP parliamentary board on Tuesday named Droupadi Murmu, a tribal leader of the party from Odisha, as the ruling NDA’s candidate for the presidential election. The announcement comes hours after the Opposition named former Union minister Yashwant Sinha as its joint nominee. Read more

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