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According to Shipping Corp, the war in Ukraine must end in order for the stake sale to proceed.

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The deadline for financial proposals to privatise the company has been extended from January 18 to allow bidders to do more thorough due diligence.Trade


The proposed privatisation of Shipping Corporation of India Ltd. may have to wait until market turbulence caused by Russia's invasion of Ukraine subsides and investors regain confidence.

In an interview with Bloomberg Television on Tuesday, Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi said, "Globally markets are feeling the impact of the crisis, I don't think this is the best opportune period." The market's performance will "significantly" influence the timing of the divestiture, she added, adding that this is not the government's position.


Because Russia is a major provider of energy, metals, and agriculture, the conflict in Ukraine is causing supply problems. Commodity prices have risen as a result of efforts to isolate Moscow, from petroleum to nickel to aluminium and wheat. Transport of crude oil  As shipowners avoid doing business with Russia, the cost of transporting oil freight from Russian ports is increasing. As a result of the hostilities, over a thousand seafarers and around a hundred ships have been stuck near Ukraine.

According to Joshi, the war has had no impact on Shipping Corp.'s operations because Indian refiners buy very little oil from Russia. The deadline for financial proposals to privatise Shipping Corp. has been extended from January 18 to allow bidders to conduct more thorough due diligence due to the company's massive size, she said, adding that the corporation is in the process of supplying data. As part of the divestment deal, Shipping Corp. is demerging its non-core assets, she added.

Credit Suisse downgrades India to ‘Underweight’ on higher oil prices, calls cut ‘tactical’

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Our downgrade of India is tactical and largely based on higher oil prices. Oil hurts the current account and adds indefinite pressure besides increasing sensitivity to US Fed rate hikes,” Credit Suisse said

Credit Suisse downgrades India to 'Underweight' on higher oil prices, calls  cut 'tactical'

Ratings agency Credit Suisse has downgraded India’s position to ‘Underweight’ from ‘Overweight’ due to high oil prices, CNBC-TV18 reported on March 8. It termed the cut as ‘tactical’.

“We tactically cut India’s position to underweight from overweight and will look for opportunities to re-enter the Indian market,” Credit Suisse told the channel.

“Our downgrade of India is tactical and largely based on higher oil prices. Oil hurts the current account and adds indefinite pressure besides increasing sensitivity to United States Federal Reserve rate hikes,” they said.

Follow our LIVE coverage of the Russia-Ukraine War here

It, however, added that it still liked “India’s positive EPS revisions and positioning in credit and property cycles”, further stating that it would use funds freed from India to raise China to ‘Overweight’ from ‘Market Weight’.

The agency noted that in Asia, India is “most vulnerable to higher oil prices, along with the Philippines” and “rich valuations magnify the short term risks.

“We will use the funds freed from India to raise China from Market Weight to Overweight,” it added.

The prospect of a ban on oil imports from Russia sent crude prices soaring and fueled concerns about rising inflation.

Oil prices jumped to their highest levels since 2008 as the US and European allies considered banning Russian oil imports, in response to the country's invasion of Ukraine, while it looked less likely that Iranian crude would return swiftly to global markets.

Russia calls the campaign a "special operation".

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Western ban on oil imports will double price to $300 a barrel: Russia

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A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday

Oil, Brent Crude, Oil Prices, Oil Companies

A Western ban on Russian oil imports may more than double the price to $300 a barrel and prompt the closure of the main gas pipeline to Germany, Moscow warned on Monday, as talks on hardly advanced amid efforts to agree on civilian safe passage.

Russia's invasion, the biggest attack on a European state since World War Two, has created 1.7 million refugees, a raft of sanctions on Moscow, and fears of wider conflict in the West unthought-of for decades.

Sieges and the bombing continued as Kyiv rejected possible humanitarian corridors to and Belarus, but said some limited progress had been made on agreeing logistics for the evacuation of civilians.

Moscow would give the residents of the Ukrainian cities of Sumy and Mariupol the choice of moving elsewhere in on Tuesday, setting a deadline in the early hours for Kyiv to agree, Russian news agencies reported.


Seeking to ratchet up the pressure on Russian President Vladimir Putin, the said Washington and its European allies were considering banning Russian oil imports. Oil prices spiked to their highest levels since 2008.

"A rejection of Russian oil would lead to catastrophic consequences for the global market," said Russian Deputy Prime Minister Alexander Novak, saying the price could more than double to over $300 per barrel.

U.S. President Joe Biden held a video conference call with the leaders of France, and Britain as he pushed for their support on the ban.

But if need be the is willing to move ahead without allies in Europe, two people familiar with the matter told Reuters. Many countries on the continent are heavily reliant on Russian energy.

last month froze the certification of Nord Stream 2 that was due to pipe gas from to 

"We have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline," said Novak.

The Russian economy, banking system, and currency have been under intense pressure as punishment for the assault on  The country will be excluded from all of JPMorgan's fixed income indexes, the bank said in the latest such development on Monday.

TALKS 'NOT EASY'

More than 1.7 million Ukrainians have fled to Central Europe since the conflict began on Feb. 24, the United Nations refugee agency said on Monday. read more

calls its actions in Ukraine a "special operation" that it says is not designed to occupy territory but to destroy its southern neighbour's military capabilities and capture what it regards as dangerous nationalists.

After the third attempt to ease the bloodshed at talks in Belarus, a Ukrainian negotiator said that although small progress on agreeing logistics for the evacuation of civilians had been made, things remained largely unchanged.

"As of now, there are no results that significantly improve the situation," Mykhailo Podolyak said.

Russian negotiator Vladimir Medinsky told journalists the talks were "not easy".

"We hope that from tomorrow these corridors will finally work," he said.

Russia has proposed two corridors inside of Ukraine, according to Interfax.

Escape routes to Russia and Belarus, its close ally, were earlier called "completely immoral" by a spokesperson for Ukrainian President Volodymyr Zelenskiy.

A fourth round of talks are due soon, Russian negotiator Leonid Slutsky told Russian state television.

"Our president is not scared of anything, including a direct meeting with Putin," said Ukraine's foreign minister Dmytro Kuleba late on Monday.

Kremlin spokesman Dmitry Peskov told Reuters Moscow would halt operations if Ukraine ceased fighting, amended its constitution to declare neutrality, and recognised Russia's annexation of Crimea and the independence of regions held by Russian-backed separatists.

French President Emmanuel Macron, who spoke with Putin multiple times last month in the run-up to the invasion, said he saw no impeding breakthrough.

"I don't think that in the coming days and weeks, there will be a real negotiated solution", he said.

FAILED EVACUATIONS

The general staff of Ukraine's armed forces said Russian forces were "beginning to accumulate resources for the storming of Kyiv", a city of more than 3 million, after days of slow progress in their main advance south from Belarus.

Outside the capital, attacks continued.

A Russian strike on a bread factory killed 13 in the town of Makariv in the Kyiv region, Ukrainian officials said. Reuters could not verify the details. Russia denies targeting civilians.

In the encircled southern port city of Mariupol, hundreds of thousands of people remained trapped without food and water under regular bombardments.

Deputy mayor Sergei Orlov told CNN that authorities were ready to evacuate 6,000 people on Saturday but Russians had bombed buses that were to transport them. Moscow has accused the Ukrainians of blocking the planned evacuations.

In the eastern city of Kharkiv, police said the total death toll from the Russian bombardment was 143 since the start of the invasion. It was not possible to verify the toll.

In Irpin, people picked their way over the twisted ruins of a large bridge.

"It's like a disaster," a young woman leaving with her children told Reuters.

Ukraine said on Monday its forces had retaken control of the town of Chuhuiv in the northeast after heavy fighting and of the strategic Mykolayiv airport in the south. Neither could immediately be verified.

In a humanitarian update, the United Nations described one psychiatric hospital 60 km (40 miles) from Kyiv running out of water and medicine with 670 people trapped inside, including bedridden patients with severe needs.

U.S. congressional negotiators on Monday were nearing a deal on a bill to provide Ukraine with billions of dollars in emergency aid.

A senior U.S. defence official said Putin had now deployed into Ukraine nearly 100% of the more than 150,000 forces that he had pre-staged outside the country before the invasion.

Moscow has acknowledged nearly 500 deaths among its soldiers, but Western countries say the true number is much higher and Ukraine says it is many thousands.

Death tolls cannot be verified, but footage filmed across Ukraine shows burnt-out wreckage of Russian tanks and armour, and parts of Ukrainian cities reduced to rubble by Russian strikes.

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