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US, Saudi Arabia firms reach deals worth $55 billion

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Saudi-US CEO Forum

Riyadh, May 20 : The US and Saudi Arabia announced deals worth over $55 billion on Saturday, coinciding with President Donald Trump’s arrival here for a two-day visit.

The Saudis announced they had reached preliminary agreements with US defence companies, industrial manufacturers and oil and gas companies following a Saudi-US CEO Forum in Riyadh, CNN reported.

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The series of deals also includes a $12 billion investment in a US oil refinery from Motiva Enterprises, a subsidiary of Aramco, Saudi Arabia’s national oil and gas company.

The deals are at least in part aimed at garnering goodwill with Trump, who has focused on delivering a boost to companies in those three industries, giving him a multibillion-dollar package to champion as he returns to the US.

The agreement with defence companies represents just a part of the $110 billion deals that Trump and Saudi King Salman are expected to broker by the end of the US President’s visit.

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The defence portion of the agreements on Saturday included a $6 billion deal for Lockheed Martin to build 150 Blackhawk helicopters in Saudi Arabia, helping the kingdom develop its defence industry, which is a key component of the country’s 2030 Vision plan.

US defence company Raytheon will also establish a branch in Saudi Arabia and General Dynamics agreed “to localise design, engineering, manufacturing, and support of armoured combat vehicles,” the government announced in a press release.

The American technology and engineering giant General Electric (GE) also reached a $15 billion deal to work with the Saudi kingdom on a range of projects aimed at improving the country’s power grid and energy capabilities.

Dow Chemicals will also build a $100 million manufacturing plant in the country.

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The Saudi oil and gas industry also reached partnerships worth $22 billion between Saudi Arabia and US companies that will bolster the country’s massive oil and gas industry.

Trump, along with his wife Melania and daughter Ivanka, arrived in Saudi Arabia’s capital on Saturday for the first stop on his five-nation foreign trip, the first of his presidency.

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Trump will be looking for more than just economic deals as he eyes an increased commitment from Saudi Arabia and other Gulf allies to combat the Islamic State and terrorism more broadly in the Middle East.

The deals represented a significant victory for the Saudi Deputy Crown Prince, Mohammed bin Salman, who has championed the Vision 2030 plan as necessary to modernising the country and diversifying its economy.

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Value buying lifts equity indices; banking, IT stocks surge

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SENSEX NIFTY MARKET

Mumbai, May 24: Value buying lifted the key equity indices on Thursday, after they slumped around one per cent in the previous session.

According to market observers, healthy buying was witnessed in banking, IT and Teck (technology, entertainment and media) stocks. IT stocks surged due to a depreciating rupee, they said.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,513.85 points — up 83.50 points or 0.80 per cent from its previous close of 10,430.35 points.

The barometer 30-scrip Sensitive Index (Sensex) also jumped nearly one per cent. It had opened at 34,404.14 points and closed at 34,663.11 points (3.30 p.m) — higher by 318.20 points or 0.93 per cent from its previous session’s close of 34,344.91 points.

On intra-day basis, the Sensex touched a high of 34,741.46 points and a low of 34,367.83 points. The BSE market breadth was, however, slightly tilted towards the bears with 1,355 declines and 1,284 advances.

The major gainers on the BSE were Bharti Airtel, Tata Consultancy Services (TCS), Infosys, Axis Bank and Tata Steel, while Tata Motors, ONGC, Tata Motors (DVR), Bajaj Auto and Maruti Suzuki were the major losers.

On the NSE, the top gainers were Infosys, Bharti Airtel and TCS. The major losers were ONGC, Tata Motors and Grasim Industries.

IANS

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Fund outflows, rupee depreciation dent equity indices

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SENSEX-

Mumbai, May 23: Persistent outflow of foreign funds along with weak global cues and a depreciation in the rupee plunged the key Indian equity indices on Wednesday.

According to market observers, heavy selling pressure was witnessed in metal, oil and gas and auto stocks.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,430.35 points, down 106.35 points or 1.01 per cent from the previous close of 10,536.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE tumbled nearly 1 per cent as trade closed for the day. It had opened at 34,656.63 points, closed at 34,344.91 points (3.30 p.m.) — down 306.33 points or 0.88 per cent — from its previous session’s close of 34,651.24 points.

The Sensex touched a high of 34,668.47 points and a low of 34,302.89 points. The BSE market breadth was bearish with 1,540 declines and 1,115 advances.

The major gainers on the BSE were State Bank of India (SBI), Larsen and Toubro, NTPC, Tata Motors and Sun Pharma while Tata Steel, ONGC, IndusInd Bank, Dr Reddy’s Lab, Adani Ports and ITC were the major losers.

On the NSE, the top gainers were SBI, Cipla and Tech Mahindra. The major losers were Hindustan Petroleum, Vedanta and Tata Steel.

IANS

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Hike in petrol, diesel prices continues

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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Petrol

New Delhi, May 22 : The hike in Petrol and diesel prices continued for the ninth day on Tuesday amidst reports that the government was mulling steps to check it.

Petrol prices were hiked in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were lifted by 26-28 paise per litre, compared to the previous day.

On Tuesday, a litre of petrol was sold at Rs 76.87 in Delhi, Rs 79.53 in Kolkata, Rs 84.7 in Mumbai and Rs 79.79 in Chennai, according to Indian Oil.

Diesel was sold at Rs 68.08 per litre in Delhi, Rs 70.63 per litre in Kolkata, Rs 72.48 per litre in Mumbai and Rs 71.87 per litre in Chennai.

Petroleum Minister Dharmendra Pradhan on Monday said that the government was looking at ways to keep rising fuel prices in check.

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