Reliance fuel tankers reroute to Asia as Iran war tightens supply and boosts margins

by Hansraj Agrawal | Mar 6, 2026 | Business

Two fuel tankers loaded at Reliance Industries’ massive refinery complex in Jamnagar have rerouted from Europe to Asia as refiners capitalise on stronger Asian fuel margins during the ongoing Iran conflict. (A file photo)

Two tankers loaded with
fuel from Reliance Industries in India that were headed to
Europe made u-turns and are now bound for Asia, according to two
trade sources and shiptracking data, as ‌the refiner capitalises
on firm Asian margins with the Iran war squeezing supply.

The Advantage Life, which loaded around 100,000 ⁠metric tons
(745,000 barrels) of diesel at Reliance’s Jamnagar refinery on
February 28, is currently bound for Singapore, according to
Kpler, LSEG data and two trade sources.

The Navig8 ‌Honor, which is carrying around 75,000 tons
(591,000 barrels) of jet fuel and was initially headed to
West-of-Suez markets, also turned ‌around and is heading for
Southeast Asia, according to Kpler shiptracking ‌data ⁠and one of
the two sources.

Reliance did not immediately respond ⁠to a Reuters request
for comment.

Asian buyers are rushing to secure fuel supplies to offset
production losses from expected refinery run cuts as the
near-halt in traffic in the Strait of Hormuz constrains oil
supply to the ‌region.

Singapore jet fuel refining margins hit a record on March 5
of $80 a barrel.

Arbitrage margins favour sending jet fuel barrels from India
to Asia rather than Europe now, given the tightening supply in
East-of-Suez markets, ‌according to Vortexa’s head of APAC
analysis Ivan Mathews.

Asia’s jet fuel production is expected to drop on “lower
crude flows to Asia, prompting refinery run cuts and weaker fuel
output in the ⁠region,” while “restrictions in Strait of Hormuz
flows will reduce Middle East Gulf exports” and further tighten
availability, he added.

Reliance has this week been offering spot ‌diesel and jet
fuel loading from end-March to a handful of buyers in Asia,
cashing in on the higher premiums and urgent demand, four other
sources with knowledge of the activities said.

Discussions were at premiums of $15 to $17 per barrel,
linked to Middle East prices on a free-on-board basis, two of
the four sources said, compared with small premiums in February.

Indian ‌refiners are buying prompt Russian crude oil cargoes
as the South Asian nation seeks to navigate an oil supply
crunch, with the U.S. Treasury Departmentgranting a 30-day
waiver on Thursday allowing India to buy Russian ⁠oil stuck at
sea.

OTHER TANKERS ALSO U-TURN

Two other jet fuel tankers, the Elandra ⁠Tern and the Burri,
also turned towards Asia from their original destination of
Europe, the sources said.

The two vessels had loaded jet ‌fuel from either Duqm port in
Oman or Ruwais in Abu Dhabi before the war in Iran started on
February 28, according to Kpler data and two trade sources.

Published on March 6, 2026

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West Asian crisis dampens orthodox tea demand at Kochi auctions

by Hansraj Agrawal | Mar 6, 2026 | Business

The ongoing crisis in several West Asian countries has begun to impact the tea auction market in Kochi, leading to reduced overseas demand for orthodox leaf varieties.

Auctioneers Forbes, Ewart & Figgis said that unrest in many West Asian nations and shipping restrictions resulted in lower participation from shippers in sale 10.

However, exporters showed improved activity toward CIS countries and neighbouring markets. There were also enquiries from buyers in the US for Fannings grades — commonly used in tea bags — supported by recent tariff reductions.

The orthodox tea segment remained strong, with around 90 per cent of the 1,40,761 kg offered being sold. Prices for whole leaf and broken teas were firm to slightly higher, while other varieties saw irregular demand and some price declines.

Rising freight costs

According to Anil George, Chairman of the Tea Trade Association of Cochin, orthodox teas have continued to perform steadily with positive price trends. However, rising freight costs and shipping risks are putting pressure on global tea trade, particularly affecting re-export routes to the Gulf region.

Meanwhile, tea estates across the Western Ghats received welcome rainfall over the weekend, which is expected to aid production recovery after a decline during January–February compared with previous years.

The CTC leaf market also remained steady, recording 97 per cent sales from the 20,500 kg on offer. In contrast, the CTC dust market weakened, with good liquoring teas falling by ₹5-7 perkg and some withdrawals due to lack of bids, particularly for high-priced popular Kerala brands. Lower medium teas declined by ₹3-4. Out of the total 4,91,312 kg offered in the CTC category, blenders absorbed about 79 per cent of the quantity sold.

Published on March 6, 2026

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India sugar output estimate cut to 28.3 mt as weather hits cane yields

by Hansraj Agrawal | Mar 6, 2026 | Business

AISTA said gross sugar production could reach 31.5 million tonnes, with about 3.2 million tonnes expected to be diverted for ethanol production.

The All India Sugar Trade Association has lowered its own forecast on India’s sugar output to 28.3 million tonnes (mt) for the 2025-26 season (October-September), citing lower yields of sugarcane in key producing states. The downward revision within 35 days of the gap assumes significance, as the world market had the impression of bumper output from India.

Now that clarity is emerging on India’s exports and with an expectation of higher diversion towards ethanol in Brazil amid growing uncertainties over crude oil, global sugar prices may also move up from now on, experts said.

Output estimate cut

On January 28, AISTA released its first sugar estimate, pegging net output at 29.6 mt, up from 26.2 mt in the 2024-25 season.

Gross sugar production is expected at 31.5 mt, with 3.2 mt likely to be diverted for ethanol production, AISTA said in a statement.

Weather impact persists

The crop committee of AISTA said the season presented “extraordinary climatic challenges” across Maharashtra and neighbouring Karnataka, where continuous showers and extended cloudy weather disrupted sugarcane growth during crucial vegetative and maturation stages.

Excessive rainfall in October caused severe disruption in Maharashtra’s Marathwada region, leading to waterlogging, restricted field operations and crop stress, AISTA said. Early flowering also hit ratoon crops, resulting in productivity losses in several areas.

State-wise output fall

Maharashtra, the top sugar-producing state, is likely to produce 9.97 mt of sugar (down from 10.81 mt in the first estimate), though it remains above the 8.1 mt produced in 2024-25. Uttar Pradesh, the second-biggest producer, has seen its estimate cut to 9.1 mt from earlier 9.41 mt, and it is even lower than last year’s 9.3 mt. Strong demand for sugarcane from jaggery units reduced cane supply to mills, AISTA said. Karnataka’s output is now seen at 4.8 mt (down from 4.91 mt earlier), but is still above last year’s 4.3 mt.

Top producers share

Maharashtra, Uttar Pradesh and Karnataka are the three top sugar producers, sharing over 80 per cent of the country’s total production. Industry body Indian Sugar Mills Association has also lowered its 2025-26 sugar output forecast to 29.29 mt.

While sugar recovery in Uttar Pradesh has improved by about half a percentage point, yields remained a concern, AISTA said.

Published on March 6, 2026

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इस मामले में अमेरिका से बादशाहत छीन चीन बना दुनिया का नंबर-1, जानें किस पायदान पर खड़ा भारत

by Hansraj Agrawal | Mar 6, 2026 | Business

World Billionaires List: दुनिया में अरबपतियों की संख्या तेजी से बढ़ रही है और इस मामले में अब चीन ने अमेरिका को पीछे छोड़ दिया है. ताजा रिपोर्ट के मुताबिक वैश्विक स्तर पर कुल 4,020 अरबपति हैं, जिनमें से अकेले चीन में ही 1,110 अरबपति हो चुके हैं. गुरुवार को शंघाई स्थित रिसर्च संस्था Hurun Report की ओर से जारी Hurun Global Rich List में यह जानकारी दी गई है.

रिपोर्ट के अनुसार चीन में पिछले एक साल में 287 नए अरबपति जुड़े हैं, जिससे वह इस सूची में पहले स्थान पर पहुंच गया है. South China Morning Post के मुताबिक, हरुन ग्रुप के चेयरमैन और चीफ रिसर्चर Rupert Hoogewerf ने कहा कि आने वाले समय में आर्थिक शक्ति का फोकस टेक्नोलॉजी और उभरते उद्योगों पर रहेगा. चीन के नए अरबपतियों में ज्यादातर लोग इंडस्ट्रियल प्रोडक्ट्स, सेमीकंडक्टर, हेल्थकेयर और एनर्जी सेक्टर से जुड़े हुए हैं.

अरबपतियों की सूची में चीन नंबर-1

रिपोर्ट में यह भी बताया गया है कि चीन में बने नए अरबपतियों में आर्टिफिशियल इंटेलिजेंस की बड़ी भूमिका रही है. उदाहरण के तौर पर एआई स्टार्टअप MiniMax के Yan Junjie करीब 3.6 अरब डॉलर की संपत्ति के साथ अरबपतियों की सूची में शामिल हुए हैं. वहीं एआई कंपनी Zhipu AI के संस्थापक भी लगभग 1.2 अरब डॉलर की संपत्ति के साथ इस सूची में शामिल हुए हैं.

वैश्विक स्तर पर एआई सेक्टर की वजह से 114 नए अरबपति बने हैं, जिनमें से 46 पहली बार इस सूची में शामिल हुए हैं. अरबपतियों की संख्या के मामले में अमेरिका 1,000 अरबपतियों के साथ दूसरे स्थान पर है, जहां पिछले एक साल में 130 नए अरबपति जुड़े हैं. वहीं भारत 308 अरबपतियों के साथ तीसरे स्थान पर है. इसके बाद 171 अरबपतियों के साथ जर्मनी चौथे स्थान पर है, जिसने ब्रिटेन को पीछे छोड़ दिया है.

अबरपतियों में अव्वल अमेरिकी

हालांकि कुल संपत्ति के मामले में अब भी अमेरिकी टेक दिग्गजों का दबदबा बना हुआ है. Elon Musk करीब 792 अरब डॉलर की संपत्ति के साथ दुनिया के सबसे अमीर व्यक्ति बने हुए हैं. उनके बाद Jeff Bezos लगभग 300 अरब डॉलर की संपत्ति के साथ दूसरे स्थान पर हैं, जबकि Larry Page करीब 281 अरब डॉलर की संपत्ति के साथ तीसरे स्थान पर हैं.

रिपोर्ट के मुताबिक Elon Musk पिछले छह वर्षों में पांचवीं बार दुनिया के सबसे अमीर व्यक्ति बने हैं. उनकी कुल संपत्ति में करीब 89 प्रतिशत की बढ़ोतरी हुई है, जिसकी बड़ी वजह Tesla के शेयरों में आई तेज उछाल को माना जा रहा है, जो दोगुने होकर लगभग 411 डॉलर तक पहुंच गए हैं.

ये भी पढ़ें: ईरान पर बरस रही US-इजरायल की मिसाइल से उछली तेल की कीमतें, ट्रंप ने दिया बड़ा जवाब

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Jio IPO timeline uncertain as government yet to notify new listing rules

by Hansraj Agrawal | Mar 6, 2026 | Business

Jio Platforms, the digital arm of Reliance Industries is waiting for the official notification before appointing bankers and filing its draft prospectus.
| Photo Credit:
Nagara Gopal / The Hindu

The Indian government’s delays in formalizing changes to listing rules are threatening to force Asia’s richest person, Mukesh Ambani, to miss the targeted timeline for an initial public offering of shares in Jio Platforms Ltd., the digital arm of his flagship company Reliance Industries Ltd.

Reliance is waiting for the government to formalize the changes backed by the regulator to appoint bankers formally and file a draft IPO prospectus, according to people familiar with the matter who asked not to be identified because the discussions are private. The company is now aiming to file the draft prospectus before April, depending on the government notification, they said.

Jio, which owns India’s largest wireless operator, is one of the crown jewels of Ambani’s empire and its IPO — the first listing of a major Reliance unit in almost 20 years — could be the country’s biggest ever. Investment bankers have proposed a valuation of as much as $170 billion for the company, which would offer a rare opportunity for investors to buy into one of world’s biggest growth stories of the past decade.

Ambani said in August that Reliance was aiming to list Jio in the first half of 2026, a plan he had first signaled 2019 — back then with a five-year timeline. A top-end valuation could raise about $4.3 billion by selling the minimum stake and would place the company among the biggest companies in India by market value. Meta Platforms Inc. and Alphabet Inc. announced investments totaling more than $10 billion in Jio in 2020.

Deliberations are ongoing and details of the offering, including timing and size, may change, the people said. Reliance Industries declined to immediately comment. Representatives for the finance ministry didn’t immediately respond to requests for comment.

The Securities and Exchange Board of India in September approved amendments to its regulations, allowing companies with a post-issue market capitalization exceeding ₹5 lakh crore ($55 billion) to dilute as little as 2.5% in an IPO, rather than the current minimum of 5%. The rule change is a possible catalyst for mega listings such as Jio and National Stock Exchange of India, but doesn’t yet have final government approval.

It’s unclear what the holdup is and there’s no indication that the delay is targeting the Jio IPO in particular.

The next step, which can usually take as long as a few months depending on government deliberations, is for the finance ministry to formally incorporate the changes and announce them in the Official Gazette, said Sonam Chandwani, managing partner at KS Legal & Associates.

“While the regulator has paved the way, the industry is now awaiting the final gazette notification, which we expect to see materialize in the first half of 2026,” said Ankita Singh, founder of Sarvaank Associates, a law firm.

NSE, meanwhile, is proceeding with plans to raise as much as $2.5 billion in an IPO. The company last month invited banks to pitch for roles in the offering. The two share sales would provide a much needed shot in the arm for the Indian market, where listings have struggled to start 2026 after two consecutive years of record fundraising.

More stories like this are available on bloomberg.com

Published on March 6, 2026

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TN’s Thozhi hostels show affordable housing key to women’s entry into workforce: report

by Hansraj Agrawal | Mar 6, 2026 | Business

File picture of Thozhi, a working women’s hostel in Tamil Nadu, at Tambaram
| Photo Credit:
VELANKANNI RAJ B

The availability of affordable, secure, and institutionally legitimate accommodation plays a critical role in enabling educated women to migrate to cities, enter employment, and sustain their careers, according to the latest white paper from the Centre for Finance and Economic Research (CFER) at the Great Lakes Institute of Management.

The study analysed Tamil Nadu’s Thozhi hostels – a government initiative providing accommodation for working women.

Its findings reveal that such state-backed hostels for women function as ‘labour-market infrastructure’.

These hostels, which have been operating at approximately 87 per cent occupancy across Tamil Nadu, house women from at least 12 other states and Union Territories, and enable women to remain in jobs during uncertain early-career phases, build financial independence, defer marriage, and exercise greater control over life decisions.

The report added that formal security systems such as biometric access, CCTV, women-only premises, combined with government affiliation, generate family confidence and enable women to be confident about migrating and working independently.

Meanwhile, food quality, infrastructure maintenance, and the absence of job information or financial guidance were flagged as friction points that reduce the hostel’s effectiveness as a transitional support.

The study was released on the occasion of International Women’s Day 2026 in association with the Madras Management Association, at an event here on Friday. The event also saw a release of a white paper on paid work participation and daily work intensity among young adults aged 20–29 years.

Speaking at the event, Gangapriya Chakraverti, India Site Head and Managing Director, Ford Motor Company, emphasised the need for empowerment to move beyond just education.

“India cannot speak of a demographic dividend if half its young women are unable to participate in paid work. Industry has a responsibility to look beyond hiring and examine the structural constraints: housing, mobility, safety, that determine whether women can even enter the workforce,” she said.

Vidya Mahambare, Union Bank Chair Professor of Economics and Chairperson, CFER, Great Lakes Institute of Management, added that the way forward would be for other states to adopt the Thozhi hostels model and recognise affordable accommodation for women as part of its economic infrastructure.

Published on March 6, 2026

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