Prices for Russia’s Urals crude rose in Asia, with premiums to Brent
rising ​to around $8 per barrel from $5 a week earlier, ‌though
rising freight costs and disruptions due to ​Ukrainian drone
attacks are limiting profits, ⁠three traders said.

Asian buyers are seeking alternative supply as the war in
Iran chokes off deliveries from the Gulf.

ATTACKS ‌ON PORTS

Yet attacks are also limiting supply from Russia, with
around 40% of its ‌oil export capacity shut last week ‌following
drone ⁠attacks on Baltic ports, traders said.

As of ⁠Monday, the 700,000-barrels-per-day port of Ust-Luga
remained closed after an attack.

The FOB price for Urals oil loading from Baltic ​Primorsk was
at roughly minus $25 ‌per barrel to dated Brent compared to some
minus $27 per barrel in mid-March, Reuters calculations based on
LSEG data showed.

“It is becoming increasingly difficult ‌to secure volumes,”
one trader said, adding ​that even at firmer prices, some sellers
are not able to guarantee the cargo.
Russian ⁠oil producers have warned buyers they could declare
force majeure on supplies from major Baltic Sea ports ‌amid the
Ukrainian attacks, sources said on Friday.

RECORD HIGH RATES

Freight rates reached new records last week. The cost of
shipping Aframax cargoes from Primorsk to India rose to $21–22
million and from the Black Sea port of Novorossiysk to up ‌to $20
million, traders said.

Transport costs for Russian oil are near all-time ​highs
driven by the drone attack threats, longer routes, higher
insurance premiums and arrests ⁠of shadow fleet tankers, they
added.

The United States granted a ⁠30-day waiver which lasts until
April 11 allowing buyers globally to purchase Russian oil ‌in an
effort to offset supply shortages.

Published on March 31, 2026

Magnum Ice Cream Netherlands has completed the acquisition of a 61.9 per cent majority stake in Kwality Wall’s (India) Ltd (KWIL), resulting in a change in the promoter classification.

“On 30th March, 2026, the Incoming Promoter acquired the Sale Shares from the Outgoing Promoters in accordance with the SPA and other applicable laws,” KWIL said in a regulatory filing.

Pursuant to this transaction, the Incoming Promoter has acquired control over the company and is classified as a “promoter” of the company in accordance with the Listing Regulations, it added.

Meanwhile, the outgoing promoters have been reclassified from the “promoter” category to the public category.

This acquisition is done as per the Share Purchase Agreement (SPA) executed on June 25, 2025, which includes The Magnum Ice Cream Company Netherlands BV and Unilever PLC, among others.

The “incoming Promoter (Magnum) agreed to acquire an aggregate of 145.44 crore equity shares of KWIL” representing 61.9 per cent of the equity share capital of the company from the Outgoing Promoters Unilever.

KWIL has also announced changes at the top level. It has approved the appointment of Abhijit Bhattacharya as an Additional (Non-Executive and Non- Independent) Director of the company and Chairman of the board. While Ritesh Tiwari resigned as Additional (Non-Executive and Non-Independent) Director of the company.

Published on March 31, 2026

Brokerage Emkay Global Financial Services has reiterated a selective stance on metal stocks, with a preference for Steel Authority of India Ltd and Jindal Steel and Power Ltd in the ferrous space, while naming Vedanta Ltd as its top pick among non-ferrous players, according to its latest sector report.

The brokerage said rising geopolitical tensions in West Asia have disrupted key trade routes, pushing up freight costs and reducing the competitiveness of imports. This has supported domestic steel prices and enabled Indian producers to sustain higher realisations.

Domestic steel prices have seen steady gains, with hot rolled coil (HRC) and rebar prices increasing by ₹1,000–₹3,500 per tonne since the onset of the conflict. On a year-to-date basis, this translates to about a 16 per cent rise in HRC prices and a 22 per cent increase in rebar prices, reflecting strong demand and improved pricing power for steelmakers.

Emkay noted that the impact on raw material costs remains contained in the near term due to India’s self-sufficiency in iron ore and adequate coking coal inventories. However, a prolonged disruption could lead to higher input costs, particularly for imported coal, thereby affecting margins.

In the non-ferrous segment, aluminium has emerged as a key beneficiary of supply disruptions. The report highlighted that West Asia accounts for 8–9 per cent of global aluminium supply, and recent curtailments have tightened availability.

Emkay expects aluminium prices to remain elevated in the range of $3,200–$3,500 per tonne, with potential upside if disruptions persist.

Among stocks, Vedanta is seen as well-positioned to benefit from higher aluminium prices, given its significant exposure to the metal. The brokerage also flagged potential value unlocking from the company’s proposed demerger as an additional catalyst.

The report further noted that rising oil and gas prices have driven substitution-led demand for thermal coal, boosting prices and improving realisations for companies such as Coal India Ltd.

Despite the recent correction in metal stocks amid broader market volatility, Emkay maintained a “neutral-to-positive” outlook on both ferrous and non-ferrous segments, advising investors to remain selective as geopolitical uncertainties continue to influence commodity prices and sector dynamics.

Nifty Metal index has corrected over 11 per cent since March 2, 2026. In the previous trading session, the index staged resilience amid the broader market slump. National Aluminium, SAIL, Hindalco and Vedanta emerged as top gainers, while Hindustan Copper depreciated the most.

Published on March 31, 2026