Reliance floats UAE arm for trading in oil, petro products

NMDC logs 29% rise in September sales

Posts 47% year-on-year increase in production

Public sector mining major NMDC produced 2.69 million tonnes (MT) of iron ore and posted a sales of 2.73 MT in September, an increase of 47% and 29% respectively from the performance a year earlier.

Production and sales for the fiscal up to September stood at 17.71 MT and 18.50 MT respectively.

This translated into an increase of 45% and 43% respectively over the same period last year.

Stating that it was the best ever Q2 and half-yearly performance, CMD Sumit Deb said in a release on Friday that a focus to enhance mine capacity and strengthen logistical support had significantly improved operational efficiency. With the performance, the “team has proven that NMDC is on a strong, stable footing to beat the challenges and absorb cyclical volatility.”

Addressing the AGM on Thursday, Mr. Deb said NMDC expects to produce 47 MT in current fiscal. The production was 34.15 MT last fiscal.

Opinion | Cheer Up, Liberals. You Have the America You Wanted.


By Ross Douthat

Opinion Columnist

Gold Eases As Dollar Holds Gains

Gold prices eased on Friday as the dollar held gains on growing market expectations of U.S. tapering by year-end and rate hikes in 2022.

The downside remained capped as the yield on 10-year Treasury notes fell to 1.494 percent from 1.528 percent in the previous session.

Spot gold slipped 0.1 percent to $1,755.40 per ounce, while U.S. gold futures were down 0.1 percent at $1,755.35.

Investors’ risk appetite weakened as growing inflation worries and uncertainty about the impact of Evergrande’s debt crisis weighed on high-yielding assets.

Investors fear that supply chain disruptions across the globe could keep inflation higher for a longer period than thought.

Evergrande missed two deadlines to pay more than $180 million in interest to foreign investors who hold its dollar-denominated bonds.

The U.S. government averted a shutdown by passing a stopgap spending bill, but it risks a potential default amid an impasse over raising the debt ceiling.

In her Congressional testimony, Treasury Secretary Janet Yellen has warned of “catastrophic economic consequences” if the debt ceiling is not raised by October 18th.

Surging power demand may spur coal crisis

More than half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data showed

Utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink.

More than half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data showed, far short of guidelines recommending supplies of at least two weeks. Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth. India is competing against buyers such as China, which is under pressure to ramp up imports amid a severe power crunch.

Zomedica Buys Pulse Veterinary Technologies In $70.9 Mln All-cash, Stock Deal

Zomedica Corp. (ZOM), a veterinary health company, announced Friday that it had acquired the Pulse Veterinary Technologies businesses for $70.9 million in an all-cash, stock transaction.

Pulse Veterinary Technologies or PulseVet provides electro-hydraulic shock wave technology for the treatment of a wide variety of conditions in veterinary patients. PulseVet’s technology is used in conditions including tendon and ligament healing, bone healing, osteoarthritis, chronic pain, and wound healing.

According to the company, PulseVet is currently the market leader in the equine space with 1,500 systems actively in use globally. It recently launched a new handpiece, the X-Trode, which has an energy output intended for maximum efficacy while no longer requiring patient sedation.

Robert Cohen, Chief Executive Officer of Zomedica, said, “As previously indicated following our fundraising efforts and the establishment of a business development capability, it has been our goal to complement our TRUFORMA product platform, and to accelerate the growth of Zomedica overall, by strategically investing to expand our product offerings, technologies, and product development efforts.”

In the deal, Stifel acted as exclusive financial advisor and Maslon LLP acted as legal advisor to Zomedica.

Air Force Falcons vs. New Mexico live blog: Real-time updates from the college football game at University Stadium – The Denver Post

Live updates, tweets, photos, analysis and more from the Air Force Falcons game against the New Mexico Lobos at University Stadium in Albuquerque, N.M. on Oct. 2, 2021.

Mobile users, if you can’t see the live blog, tap here.

Reliance floats UAE arm for trading in oil, petro products

RIL invests $1 million in the Abu Dhabi-based subsidiary Reliance International

Reliance Industries has incorporated a new subsidiary in the UAE for trading in crude oil, petroleum products and agricultural commodities.

Reliance International Ltd. (RINL) has been incorporated as a wholly owned subsidiary in Abu Dhabi Global Market, the United Arab Emirates (UAE), RIL said in a stock exchange filing.

Equity investment

“The company has invested ₹7.42 crore, or $1 million in cash, in 10 lakh equity shares of $1 each of ‘Reliance International Limited’,” RIL said in the filing.

The plans follow an announcement in June that the Indian conglomerate would invest in projects of Abu Dhabi National Oil Company to produce chemicals that could be used for infrastructure and consumer goods.

“RINL is incorporated to undertake activities relating to, amongst others, trading of crude oil, petroleum products, petrochemicals and agricultural commodities. RINL is yet to commence its business operations,” the company said.

‘No promoter interest’

The investment in RINL does not fall within related- party transactions and the promoter/ promoter group/ group companies do not have any interest in RINL, it said adding no governmental or regulatory approvals were required for the investment.

Reliance Industries Ltd. (RIL) operates the world’s largest oil refining complex at Jamnagar in Gujarat and has several petrochemical units in the country.