Indian Oil Delivers Record Operational Performance
Indian Oil Corporation (IOC) reported all‑time high volumes across segments in FY26. Crude throughput reached 75.4 million metric tonnes (MMT), pipeline throughput hit 105.3 MMT, and consolidated petroleum product sales rose nearly 4% to 104.4 MMT. The company commissioned a record 909 retail outlets and gained market share on nine of the top ten national highways.
Lubricant sales grew 15% against industry growth of 4%, while petrochemical sales stood at 3.22 MMT. The update follows a strong December quarter, with net profit at ₹12,126 crore and average gross refining margins of $8.41 per barrel for the April–December period.
RBI Bars Banks from Offering Rupee Non‑Deliverable Forwards
The Reserve Bank of India (RBI) prohibited authorised dealers from offering rupee non‑deliverable forwards (NDFs) to resident and non‑resident clients, tightening forex rules amid sustained pressure on the currency. While deliverable derivatives for hedging remain permitted, banks must ensure clients have no offsetting NDF positions.
The move follows last week’s directive capping banks’ net open positions on the rupee at $100 million. The rupee has hit record lows recently, falling over 4% against the dollar as the Iran conflict spurred offshore bets on further depreciation.
US Stocks Open Higher on Iran De‑escalation Hopes
Wall Street extended gains Wednesday as signals of a possible diplomatic resolution to the Iran conflict boosted sentiment. At the open, the S&P 500 rose 0.6%, the Nasdaq gained 0.7%, and the Dow climbed 0.8%.
Iran’s president expressed “the necessary will to end this war,” while US President Donald Trump indicated American involvement could end within two to three weeks. Oil prices eased, with Brent crude falling over 1.2% to near $103 per barrel. Stronger‑than‑expected US economic data—private payrolls up 62,000 and retail sales rising 0.6%—added to the positive tone.
Silver Suffers Worst Month Since 2011, but Rebound Eyed
Silver ended March with a 19.7% loss—its largest monthly decline since September 2011—as profit‑taking swept through the commodity after its 141.4% rally in 2025. The sell‑off was driven by investors using the metal as a “cash station” amid broad market volatility linked to the Iran conflict.
Analysts suggest the shakeout may have cleared speculative “weak hands.” With industrial demand growing and supply remaining constrained, some expect a recovery. If the Strait of Hormuz reopens, silver could rebound to $90–$100 per ounce, according to KKM Financial’s Jeff Kilburg. Futures traded near $74 per ounce on Tuesday.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.
