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On December 9, the Sensex and Nifty ended in the red as investors awaited key US and Indian CPI data. ITI shares surged 15%, while Mishtann Foods faced a 20% drop due to regulatory issues. FMCG stocks fell over 10% after Godrej Consumer's weak sales forecast, and CDMO stocks dropped amid uncertainty over the US Biosecure Act. CEAT shares rose over 10% following a significant acquisition, while Star Health tanked over 4% after receiving a regulatory notice.
Guyana and Suriname have selected China Road & Bridge Corp. to construct a $236 million bridge over the Corentyne River, linking the two nations. Each country will cover 50% of the project's cost, and they have requested financing from the Chinese government.
RITES has secured a $97.13 million contract from the Guyana government for the upgradation of the Palmyra to Moleson Creek Highway, to be completed over 60 months. This order contributes to a 3.55% increase in RITES' order book, which now stands at Rs 6,581 crore, reflecting strong growth momentum. Chairman Rahul Mithal highlighted the company's ability to maintain a steady flow of new orders, achieving over 90 contracts valued at Rs 729 crore in the September quarter alone.
Exactitude Consultancy offers market research and consulting services, focusing on strategic business challenges. Their reports provide in-depth analysis, including economic impacts, competition, and market forecasts, ensuring clients receive reliable data to drive growth. Customization options are available for tailored insights.
Hess Corporation has received a positive rating from UBS, highlighting its strong position in the exploration and production of crude oil and natural gas. In 2023, the company produced 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas daily. Geographically, net sales are distributed as follows: United States (58%), Guyana (33.2%), and Malaysia (8.8%).
Hess Corporation focuses on the exploration and production of crude oil and natural gas, with a daily output of 225,000 barrels of crude oil, 17 million m³ of natural gas, and 69,000 barrels of liquefied natural gas in 2023. Geographically, net sales are distributed as follows: 58% in the United States, 33.2% in Guyana, and 8.8% in Malaysia. UBS has reiterated its buy recommendation for the company.
Global oil supply is projected to exceed demand by over 1 million barrels per day in 2025, driven by increased production from non-OPEC+ countries. Major banks forecast Brent crude prices averaging between $73.00 and $76.00 per barrel, with geopolitical events and OPEC+ decisions likely influencing market volatility. Traders should focus on risk management and monitor key market indicators to navigate the anticipated supply surplus and price pressures.
IG
Prime Minister Narendra Modi arrived in Rio de Janeiro, Brazil, on November 18 for the G20 Summit, engaging with global leaders on economic and geopolitical issues. Following a successful visit to Nigeria, he will head to Guyana from November 19 to 21, marking the first visit by an Indian prime minister in over 50 years.
Oil prices could plummet to $40 a barrel in 2025 if OPEC+ reverses its production cuts, analysts warn, citing fears of a price war over market share. Current prices are around $72 for Brent and $68 for WTI, with a potential market surplus doubling if cuts are unwound. The outlook remains bearish, influenced by sluggish demand recovery and external supply increases, with predictions of Brent averaging $60 next year.
Global commodity prices are projected to decline, driven primarily by increased energy production, particularly crude oil, from countries like Brazil, Canada, Guyana, and the US. The World Bank forecasts a 3% drop in the Commodity Price Index for 2024, followed by further declines of 5% in 2025 and 2% in 2026, marking the lowest levels since 2020.
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