India's Financial News on 2023.11.23 — Xiaomi India's 5G Smartphone Festival Sales Surge by 200%

IV. India and the Global Economy 1. Coca-Cola India announced on Wednesday that it will launch "Honest Tea" to enter the ready-to-drink tea beverage market. 2. Trade data shows that in October, OPEC’s share of India’s oil imports reached a 10-month high, as refiners increased purchases of crude oil from Saudi Arabia and the United Arab Emirates, following a narrowing of Russian crude discounts that month. Russia’s share of the Indian market fell to its lowest level in nine months in October. As the world’s third-largest oil importer and consumer, India typically relies on Middle Eastern oil producers to meet most of its oil demand and encourages refiners to shift toward cheaper alternative sources to reduce costs. Data shows India’s crude oil imports in October averaged approximately 4.7 million barrels per day (bpd), an 8.4% increase from the previous month, as refiners boosted procurement to meet higher domestic fuel demand during the festive season. Imports from Saudi Arabia and the UAE surged to seven-month highs in October, rising approximately 53% and 63% month-on-month, respectively. This helped raise OPEC producers’ share of India’s oil imports from 50% in September to 54% in October. Data indicates India imported an average of 1.56 million bpd of Russian oil in October, up 1.2% month-on-month. Although this volume rose slightly, Russia’s share of India’s total oil imports declined from 35% in September to 33% in October. In the first seven months of the current fiscal year ending March 2024, Russia was India’s largest oil supplier, followed by Iraq and Saudi Arabia. Data shows that increased Russian oil imports between April and October pushed the Commonwealth of Independent States’ (CIS) share of India’s oil imports to its highest level ever. 3. KEC International, an Indian engineering company, announced on Tuesday that it has secured new projects worth ₹10.05 billion across various verticals, including railways and cables. In a regulatory filing, the company stated that, in the railway vertical, it has “secured orders for 25 kV overhead electrification and related works for the conventional section in India.” 4. Robot Systems Products Company—a spin-off of ABB Ltd. and a global leader in industrial robot components—announced plans to establish a subsidiary in India to capitalize on the country’s growth potential in robotics and industrial automation. By expanding its presence in the Indian market, Robot Systems Products Company aims to leverage India’s thriving industrial sector and strengthen its strategic position in robotics and automation. India’s industrial robotics and automation market is projected to grow by over 14% annually and nearly double to $25 billion by 2025, driven by increasing adoption of Industry 4.0 technologies—especially in the automotive, packaging, and metal sectors. 5. According to informed sources, JPMorgan, Tata Cleantech Capital, Aditya Birla Finance, ICICI Bank, and India Infrastructure Finance Company Limited provided ₹24.75 billion in debt financing to GMR Goa International Airport Limited—a special purpose vehicle established by GMR Airports Limited for the construction and operation of Goa’s new airport. 6. Deloitte India has sought a review of the Supreme Court’s May judgment permitting the Serious Fraud Investigation Office (SFIO) to revive criminal proceedings against Deloitte and BSR & Associates LLC—both former auditors of Infrastructure Leasing & Financial Services (IL&FS)—over their alleged role in financial misconduct at the troubled infrastructure finance company.

India’s Fuel Consumption Soars by 10% in November

Official Indian data released last Friday showed that India—the world’s third-largest crude oil importer—experienced a 10.2% year-on-year increase in fuel demand in November. According to data from the Petroleum Planning & Analysis Cell (PPAC) of India’s Ministry of Petroleum, gasoline consumption in India rose 8.1% year-on-year in November. Naphtha demand fell by 18.2%, while bitumen—primarily used in road construction—sales surged by 30.3%. Compared with the same period in 2021, India’s fuel consumption last month rose by 8.4%. The recovery in Indian demand is driving increased crude oil imports, with purchase volumes rising steadily over recent months—particularly for heavily discounted Russian crude. In November, India imported a record 1 million bpd of Russian crude oil, surpassing Iraq, which supplied 960,000 bpd to India. As the world’s third-largest oil importer, India saw its crude oil imports rise to a four-month high in November, fueled by robust domestic demand and pre-emptive purchases of Russian oil ahead of EU-G7 bans and sanctions.

India October Fuel Demand Hits Highest Since March

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India October Fuel Demand Hits Highest Since March

India October Fuel Demand Hits Highest Since March

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