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EquityWireEquity Alert: Most Asian indices end lower as oil prices rally past $100/bbl
Equity Alert

Most Asian indices end lower as oil prices rally past $100/bbl

This story was originally published at 14:57 IST on 12 March 2026
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Informist, Thursday, Mar. 12, 2026                                      Tel +91 (22) 6985-4000


Equity Alert: Most Asian indices end lower as oil prices rally past $100/bbl

 

MUMBAI--1415 IST--Asian indices ended lower Thursday as crude oil futures rose above $100 per barrel after a brief respite earlier this week. Plans by the International Energy Agency and the US to release their oil reserves did little to push crude oil prices down. May futures of Brent crude were at $96.96 per barrel at 1351 IST, slightly down from a high of over $100 per barrel touched earlier in the day.

 

The war in West Asia between the US and Iran continued to affect the movement of vessels through the Strait of Hormuz, according to media reports. As a precautionary measure, Oman has evacuated all vessels from its key oil export terminal at Mina Al Fahal, Bloomberg reported. Weakness in Asian currencies against the dollar due to rise in oil prices also weighed on the share indices.

 

Japan's Topix and Australia's S&P/ASX 200 fared the worst among their peers. They were down 1.3?ch. Japan's Nikkei also fell over 1% dragged down by weakness in shares of real estate and financial companies. South Korea's Kospi closed 0.5% lower, snapping a two-day rise. FTSE Singapore Strait Times was traded nearly 0.2% lower.

 

Following are the closing levels of key Asian indices on Thursday:

 

Index

Level

Change in %

CSI 300 Index

4687.56 (-)0.36

Hang Seng Index

25716.76 (-)0.70

Nikkei 225 Day(-)

5583.25 (-)0.48

TOPIX FIRST SECTION

3649.85 (-)1.32

KOSPI

54452.96 (-)1.04

FTSE Singapore Strait Times

4856.87 (-)0.14

S&P/ASX 200 Index

8629 (-)1.31

 

(Shruti Nair)


Equity Alert: Energy stocks defy market weakness; NTPC Green surges 14%

 

MUMBAI--1330 IST--Energy-linked stocks traded higher in an otherwise weak market, helped by government steps to normalise supply of crude oil and gas to various industries, and signs of an early onset of summer, which will drive electrification needs. Analysts flagged that the supply bottleneck at the Strait of Hormuz will likely open up new supply opportunities for renewable and non-crude dependent energy players such as NTPC Green Energy and Coal India. At 1323 IST, the Nifty Energy Index was up 2% even as headline indices were down 0.6%.

 

The government has told companies to prioritise liquefied petroleum gas production amid hostilities in West Asia that are pushing crude oil rates higher. It has also asked citizens to avoid panic-booking of LPG and said that measures undertaken recently had led to a rise in production of LPG by 25%. According to Sujata Sharma, joint secretary in the oil ministry, various measures have been taken over the last few weeks to ensure smooth supply of LPG and liquefied natural gas. Shares of Adani Total Gas were up over 9%, extending gains from previous session. Shares of Mahanagar Gas and Gujarat Gas were up around 2?ch.

 

Coal India gained the most among other Nifty 50 constituents, rising nearly 5% intraday. "There is a requirement-based opportunity for Coal India amid the current supply disruption," Shweta Dikshit, an equity research analyst at Systematix, said. Positive management commentary and decent inventories will add to the company's strength in the near term, the analyst said. The Ministry of Coal Wednesday said the country is ready for any unprecedented demand for coal. The overall coal stock available is around 210 million tonnes, which should be adequate for about 88 days.

 

Dikshit also sees renewable energy producers poised for a ramp-up in production in case the hostilities in West Asia continue to add to crude oil supply woes. Shares of NTPC Green were up over 14%. Shares of Adani Green Energy were up over 3%.

 

Brokerage Morgan Stanley said thermal coal-based power generation could take incremental load due to the surge in power demand and that such a move would support a smoother ramp-up in thermal coal power, CNBC-TV18 reported. The brokerage expects Adani Power and JSW Energy to benefit from strong merchant earnings, while Tata Power could benefit from the Mundra issue settlement or Section 11 of the Electricity Act. NTPC's multiples could also re-rate demanding on peak deficit conditions, as per the brokerage's note. Shares of JSW Energy were up around 8% and those of Tata Power Co. rose almost 5%. NTPC traded over 2% higher.  (Eshitva Prakash)


 

Equity Alert: Indices remain down as sentiment negative on US-Iran war

 

MUMBAI--1329 IST--Indices remained lower due to negative sentiment amid concerns around the US-Iran hostilities in West Asia. The Nifty 50 continued to be below the 23800 level. At 1328 IST, the Nifty 50 was at 23764.45, down 102.40 or 0.4% and the BSE Sensex was at 76467.53, down 396.18 or 0.5%.

 

The NSE advance-decline ratio leaned towards the laggards. Shares of Reliance Industries, Coal India, and NTPC supported the Nifty 50, while ICICI Bank, Mahindra & Mahindra and State Bank of India were dragging the benchmark index lower. The broader markets mirrored the benchmarks' losses, and were down 0.2-0.8%. The India VIX was only slightly higher but still near the 21.5 level. 

 

The Nifty Oil & Gas index was among the top sectoral gainers, up 1%. Shares of oil marketing companies Bharat Petroleum Corp., Indian Oil Corp. and Hindustan Petroleum Corp. managed to hold on to their gains for the third straight day so far but only marginally, up 0.5-1%, as Brent crude futures hovered near $97 per barrel.

 

Major automobile companies extended their declines from Wednesday. Shares of Eicher Motors, Mahindra & Mahindra, Maruti Suzuki declined 3-3.5%. Analysts were of the the view that the current supply constraints of liquefied petroleum gas are expected to hit the production of vehicles, as it is used for heavily in heating metal components. The Nifty Auto index was the top loser sectorally, down 2.8% intraday. 

 

The Nifty FMCG index also declined in trade Thursday. Shares of Varun Beverages were down around 3% and the stock traded close to its 52-week low of INR 411.60. Shares of Britannia Industries were also down. Brokerage Antique had initiated coverage on the stock with a 'buy' call with a target of INR 7,000. Marico was the only gainer in the sectoral index. Among others, Eternal and Swiggy were around 1% lower each as concerns around restricted supply of commercial liquefied petroleum gas to restaurants persist. Motilal Oswal said that if the LPG shortage continues for the rest of the month, order volumes in the current financial quarter may decline temporarily.  (Ruchira Kagita)


Equity Alert: Auto cos fall as LNG supply constraints may hit production 

 

MUMBAI--1254 IST--Shares of automobile makers were trading on a negative note Thursday as rising gas shortage is expected to weigh on the production of the car manufacturers. Carmakers use liquefied natural gas heavily for making paints and in furnaces for forging, casting, and various heat treatment processes for metal components.

 

Shares of Eicher Motors, Mahindra & Mahindra, and Maruti Suzuki India were the worst hit in the Nifty 50. These stocks were down around 3?ch. Shares of their peers, Tata Motors and Bajaj Auto, were down around 2?ch as well. Nifty Auto was the most underperforming sectoral index, down nearly 3%. Most of the constituents in the index were trading lower. Nifty Auto was weighed down by the stock of TVS Motor Co., down over 4%. The stock was the worst hit in the Nifty 200 as well. 

 

There could be a production hit for automobile companies due to a shortage of both LNG and LPG due to supply constraints, a senior analyst tracking the sector at a foreign brokerage firm. LNG is used in heat treatment of metal components, especially in casting and forging processes, the analyst said. So, if any of the processes are hit due to shortage of LNG and a component cannot be made, an automobile company cannot put together a unit, this is a production hit, the analyst said.

 

Automobile companies that are operating at high capacity utilisation levels and have limited vehicle inventory could be at higher risk of production loss, Nomura said. "However, we believe all the companies in our coverage (OEMs and suppliers) appear vulnerable, because even if one supplier faces LNG supply constraints, the production line will halt," Nomura said. The brokerage is of the view that most vehicle manufacturers are likely operating at near peak levels in March and have lower-than-normal inventory levels.   

 

It is difficult for these companies to shift to alternative energy sources like electricity as it would demand changes in machinery, according to Nomura. "However, as gas quotas are reviewed on a daily basis, companies can operate plants during holidays to partly mitigate the impact," Nomura said. The brokerage said that the companies might also consider diverting the gas used in their canteens for production.  (Adhithya Aji) 


 

Equity Alert: Citi cuts IndiGo target price by 11%; maintains 'buy' call

 

MUMBAI--1220 IST--Brokerage firm Citi cuts InterGlobe Aviation-run airline Indigo's target price by 11% to INR 5,100 due to the adverse geopolitical environment, rising fuel costs, and rupee depreciation, ET Now reported, quoting the brokerage. The brokerage has retained its 'buy' recommendation on the stock.

 

Disruptions in the June quarter of 2025–26 (Apr-Mar) are expected to cause pressure on the company's near-term profitability, the brokerage said. The impact of the revised flight duty time limitations norms has affected the company's December quarter results, the brokerage said. The rupee depreciation against the dollar impacted nearly 70% of IndiGo's operational costs, according to the brokerage. A 4–5% hike in fares is required for a 10% rise in aviation turbine fuel prices, ET Now quoted Citi as saying.

 

The brokerage has cut the company's earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs for FY26 and FY27 by 9-10%. It also trimmed IndiGo's enterprise value-to-sales multiple to 2.4 times from 2.6 times, reflecting the rising uncertainty on international routes.

 

At 1215 IST, shares of InterGlobe Aviation were 2% lower at INR 4,260.10 on NSE. So far, over 733,000 shares of the company have changed hands on the exchange, lower than 1.5 million shares traded till the same time Wednesday.

 

Of the nine brokerage reports available with Informist on the company, five have a 'buy' recommendation with an average target price of INR 6,220. Of the remaining four, two have a 'sell' recommendation and two have a 'hold' recommendation on the stock.  (Arundathi A R)


 

Equity Alert: Indices stay lower as auto cos drag down markets; M&M falls 3%

 

MUMBAI--1216 IST--Benchmark indices remained lower as the negative sentiment surrounding crude oil prices continued to weigh on markets. Shares of energy companies continue to support indices. Reliance Industries was the only index heavyweight in the green, up 1%. Banking heavyweight ICICI Bank fell nearly 2% and dragged down the Nifty 50.   

 

At 1214 IST, the Nifty 50 was at 23738.60 points, down 128.25 points or 0.5%. The BSE Sensex was at 76430.69 points, down 433.02 points or nearly 0.6%. More than half of the constituents in the 50-stock index traded lower. 

 

Coal India was the highest gainer in the index by a wide margin, rising over 4%. Shares of other energy majors such as Adani Enterprises, NTPC, and Power Grid Corp. of India also remained among the top gainers in the index, up 1-2?ch. Information technology majors Tech Mahindra and HCL Technologies were nearly 1% higher each.     

 

Stocks of automobile companies continued to weigh on the index, down over 2-4%. Mahindra & Mahindra remained the worst perfomer, followed by stocks of Eicher Motors, Tata Motors Passenger Vehicles, and Maruti Suzuki India. Shortages in liquefied natural gas is expected to affect the production of automobiles. Automakers use natural gas in painting works and heating large industrial ovens.   

  

Financial services companies Bajaj Finance, State Bank of India, Kotak Mahindra Bank, Axis Bank, SBI Life Insurance Co., and Bajaj Finserv were down around 1-2%. Among individual stocks, UltraTech Cement, InterGlobe Aviation, Grasim Industies, and Apollo Hospitals Enterprises were down around 2?ch.  

 

All the broader market indices were in the red. Nifty smallcap indices were down 0.4-0.7%. The Nifty Smallcap 100 and the Nifty Smallcap 250 was dragged by the stock of Amber Enterprises, which fell over 3%. The Nifty Smallcap 50 was weighed down by shares of Piramal Pharma, which fell nearly 5%.     

 

Media reports claim that Iran had permitted two Indian vessels to pass through the contentuous Strait of Hormuz, following talks between the heads of external affairs of both countries. Earlier, Iran had warned that it would strike any vessel that would try to pass through the Strait amidst escalating tensions with the US, news reports said. 

 

The energy stocks Adani Total Gas, NTPC Green Energy, and JSW Energy were among the top performers in both the Nifty 200 and Nifty 500 indices, rising over 8-12%. In the Nifty 500, Doms Industries rose over 7%, while Tejas Networks was the worst-hit stock, down nearly 6%.  (Shruti Nair)


Equity Alert: Jefferies cuts Bharti Airtel target price 13%, retains buy call

 

MUMBAI--1157 IST--Global Brokerage firm Jefferies has trimmed its target price on Bharti Airtel by around 13% to INR 2,250 while maintaining its 'buy' call on the stock, NDTV Profit reported, citing the brokerage. However, the new target price still indicates a near-25% upside from the stock's closing price Wednesday. The revision in target price comes on the back of Bharti Airtel's entry into the non-banking finance sector, a move that the brokerage thinks could invite new risks to the company's capital allocation. 

 

Entering an industry dominated by consolidated players could prove to be 'tricky' and could cause a potential capping of future shareholder payouts, the report said. Subsequently, Jefferies lowered its enterprise value to earnings before interest, taxes, depreciation, and amortisation target multiple for Bharti Airtel to 12 times from 13 times earlier. 

 

The brokerage has also cut its estimates for the company's India revenue and EBITDA by 6-8%. It flagged concerns over delays in the initial public offering of Reliance Jio beyond the first half of 2026. Such a delay could see the postponement of any significant tariff hikes, the brokerage said. Further, rising energy prices and inflationary pressures could pose a threat to the timing of tariff increases, Jefferies said. However, the brokerage remains bullish about Bharti Airtel's long-term growth prospects.

 

At 1154 IST, shares of Bharti Airtel traded at INR 1,802.20 on the National Stock exchange, slightly lower than the previous close. So far this year, the stock has fallen over 14%, underperforming the benchmark Nifty 50 by 5%. Jefferies views this dip as an attractive entry point, noting that the company has successfully de-risked its operations by doubling renewable energy usage over the last five years. (Arya S. Biju)


 

Equity Alert: Indices off opening lows; select stocks recover, auto cos fall

 

MUMBAI--1058 IST—Banchmark indices came off opening lows as select stocks erased losses. Shares of Adani Enterprises and index heavyweight Reliance Industries recovered and rose nearly 2% and 1%, respectively. The Nifty 50 was dragged down by the shares of automobile companies, while those of energy companies provided some support to the index.

 

At 1056 IST, the Nifty 50 was at 23691.50 points, down 175.35 points, or 0.7%. The BSE Sensex was at 76331.30 points, down 532.41 points, or 0.7%. Twelve constituents in the 50-stock index were trading higher. Shares of state-owned energy majors Coal India, NTPC, and Power Grid Corp. of India were the top gainers in the index, rising around 2?ch. 

 

The stocks of automobile companies stayed in the red with Mahindra & Mahindra being the worst hit in the index, down over 3%. Shares of Tata Motors Passenger Vehicles, Eicher Motors, Bajaj Auto, and Maruti Suzuki India were down 2-3%.   

 

Negative sentiment owing to an investigation launched by the US administration on 16 trade partners, including India, also weighed on the market. The probe is conducted under Section 301 of the Trade Act of 1974, Reuters reported. This is part of the US President Donald Trump's effort to restore the tariffs struck down by the US Supreme Court.     

 

Adani Total Gas was the top gainer in the Nifty 200 index, up over 8%, while IndusInd Bank was the worst hit stock in both the Nifty 200 and Nifty 500, down over 5%. Astral was the worst hit stock among Nifty 500 constituents, down nearly 6%.  (Shruti Nair)


 

Equity Alert: Indices open lower amid soaring crude prices; ICICI Bk down 2%

 

MUMBAI--0943 IST--Domestic equity indices opened lower as oil prices gained momentum on reports of fuel vessels being hit near the strategically vital Strait of Hormuz as hostilities in West Asia continued. The Nifty 50 was largely weighed down by heavyweight ICICI Bank, which fell 2%. 

 

At 0940 IST, the Nifty 50 was at 23573.10 points, down 293.75 points or 1.2%, and the BSE Sensex was at 75937.60 points, down 926.11 points or 1.2%. Just two constituents in the 50-stock index traded higher. Tech Mahindra and Coal India were up 0.3?ch.  

 

Eternal was the worst-hit stock in the index, falling 4%. Automobile companies Tata Motors Passenger Vehicles, Mahindra & Mahindra, Bajaj Auto, and Maruti Suzuki India fell 2-3%. Shares of InterGlobe Aviation fell nearly 3?ter global brokerage Citi cut the target price on the stock by nearly 11% to INR 5,100. Titan Co., Trent, Adani Ports and Special Economic Zone, Shriram Finance, Tata Steel, and Larsen & Toubro were down around 2?ch.     

 

The May futures of Brent crude oil surpassed the mark of $100 per barrel Thursday. Explosives-laiden Iranian boats targetted two fuel tankers in Iraqi waters, Reuters reported. Post this, an Iraqi official told state media that oil ports "have completely stopped operations", as per the report. Oil prices rose despite the International Energy Agency's announcement of the release of 400 million barrels of oil reserves to ease the supply constraints amid the ongoing military conflict. At 0942 IST, the May futures of Brent crude oil were at $100.50 per barrel, up nearly 9% from the previous close. Crude prices have gained over 40% since the combined attack of the US and Israel on Iran, which led to supply disruptions.

 

On the back of a surge in oil prices, shares of oil refiners Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. fell 1–3%. All the broader market indices opened lower. These were down 1.6-1.7%. Sectoral indices were lower as well. Nifty Auto was the worst hit among them, down nearly 3%.  

 

Adani Total Gas was the top gainer in both the Nifty 200 and Nifty 500 indices. The stock was up over 14%. Astral is the worst hit stock in the Nifty 200 index, down over 5%. Food delivery companies fell over 4?ch. These stocks fell as restaurants in major cities shut down due to supplies of liquefied petroleum gas cylinders being hit. Hexaware Technologies was the worst performer among Nifty 500 constituents, down nearly 6%.  (Adhithya Aji) 

 

 


Equity Alert: Asian indices open lower as oil prices extend gains

 

MUMBAI--0843 IST--Asian indices opened lower as oil prices continue to climb even after the International Energy Agency said it would release 400 million barrels of crude oil to mitigate the impact of supply disruptions due to the US-Iran hostilities. The disruption in oil supply due to the closure of the Strait of Hormuz hit Asian markets hard as most of them import heavily from West Asia. Wednesday, indices in the US ended mixed as the conflict in West Asia intensified. 

 

The Japanese index Nikkei 225 was down 1.5% and its peer Topix First Section was 1.6% lower. South Korea's KOSPI and Hong Kong's Hang Seng Index were 0.8% lower each. Media reports said two fuel tankers in the Iraqi waters were hit by Iran. Explosives-laiden Iranian boats targetted two fuel tankers, Reuters reported. Post this, an Iraqi official told state media that oil ports "have completely stopped operations", as per the report.   

 

In an effort to mitigate the shortage of oil, the International Engery Agency announced its largest ever release of oil reserves. The body, which comprises 32 member countries, did not specify the timeline for when the stock would be released into the markets, CNBC reprted. 

 

Further, US Energy Secretary Chris Wright said the US would release 172 million barrels of oil from the country's strategic reserves. The shipments could begin next week and finish after 120 days, CNBC reported. 

 

Despite these announcements, oil prices continued to climb. At 0807 IST, Brent crude May Futures were $98.66 per barrel, up 7%. Oil prices have risen over 36% since the US and Israel attacked Iran on Feb. 28.

 

Following are the levels of key Asian indices at 0745 IST:

 

Index

Level

Change in %

CSI 300 Index

4692.86 (-)0.25

Hang Seng Index

25738.89 (-)0.62

Nikkei 225 Day(-)

54289.54 (-)1.34

TOPIX FIRST SECTION

3648.57 (-)1.36

KOSPI

5584.08 (-)0.46

FTSE Singapore Strait Times

4857.48 (-)0.13

S&P/ASX 200 Index

8620.80 (-)1.40

 

(Shruti Nair)


 

Equity Alert: Indices seen opening lower as oil spikes to nearly $100/barrel 

 

MUMBAI--0814 IST--Benchmark indices are expected to open lower Thursday as crude oil prices continued to rise amid further escalation of the conflict between Iran and the US-Israel combine, with reports of several commercial vessels being attacked off Iran's coast. Major equity indices in Asia were also lower in early trade, tracking overnight losses in their Wall Street peers. 

 

Further, the US has launched a new investigation into some of its biggest trading partners, including India, after the Supreme Court struck down a key part of President Donald Trump's tariff policies last month. The probe into unfair trade practices under Section 301 could lead to new levies against countries including China, the European Union, India, Japan, South Korea and Mexico by this summer, BBC reported, citing US Trade Representative Jamieson Greer. The probe could allow the US to impose import taxes on goods from any of the countries found to have engaged in unfair trade practices.  

      

Oil prices continued to rise despite the International Energy Agency's decision to release 400 million barrels of oil from its members' strategic reserves. The May futures contract of Brent crude oil surged to nearly $100 a barrel Thursday. The release of strategic oil reserves could fully offset the losses in supply due to the war, but only if the conflict ends soon, Dow Jones Newswires reported, citing an analysis by Capital Economics. Despite the emergency release of oil reserves, the resumption of normal transit through the Strait of Hormuz remains critical for restoring stability to global oil and gas markets, IEA Executive Director Fatih Birol said.

  

The March contract of GIFT Nifty indicates a lower opening for the Nifty 50 Thursday. At 0759 IST, the contract traded at 23735 points, over 130 points lower than the previous closing level of Nifty 50. "Going ahead, sustained trading below 23800 spot levels might drag (Nifty 50) towards 23400-23200 spot levels in the near term," Vipin Kumaar, assistant vice-president, technical and derivatives, Globe Capital Market, said. The intraday support for the index is placed at 23600-23500 points and resistance at 24000-24100 points, he said. Wednesday, the Nifty 50 closed at 23866.85 points, down 394.75 points or 1.6%. The BSE Sensex ended at 76863.71, down 1,342.27 points or 1.7%. (Arya S. Biju)

 


Equity Alert: US indices end mixed as oil prices stay elevated

 

MUMBAI--0715 IST--US indices ended mixed Wednesday as the conflict in West Asia intensified. Two of the three major indices in the region ended in the red. Oil prices continued to rise even after the International Energy Agency said it would release 400 million barrels of crude oil from its emergency reserves in an effort to help mitigate the disruption in oil supply caused by the closure of the Strait of Hormuz as hostilities between the US and Iran continued. 

 

The tech-heavy Nasdaq Composite was the only major index to rise and closed 0.08% higher, while both the Dow Jones and S&P 500 were down 0.6% and 0.08%, respectively. Notably, shares of software vendor Oracle jumped 10?ter the company's quarterly results beat the Street's expectations and it raised the revenue growth guidance for fiscal 2027, CNBC reported. The tech-major reported a revenue of $17.19 billion against the expectation of $16.91 billion in the third quarter of fiscal 2026, CNBC reported.  

 

The risk of a prolonged conflict in West Asia threaten to keep oil prices elevated, which have risen over 37% from their pre-war levels. At 0728 IST, Brent crude futures were $98.11 per barrel, nearly 7% higher. On Tuesday, US forces sunk several Iranian ships, which included 16 minelayers, near the Strait of Hormuz, CNBC reported. Further, three cargo ships had been struck by projectiles off the cost of Iran, according to the UK Maritime Trade Operations center.

 

"The longer the oil spike persists, the higher the downside risk to earnings and valuations," said Emmanuel Cau, head of European equity strategy at Barclays, in a note on Wednesday, according to CNBC.

 

Following are the closing levels of US indices Wednesday:

 

Index

Level

Change in %

S&P 500

6775.8

(-)0.08

NASDAQ Composite

22716.14

0.08

Dow Jones Industrial Average

47417.27

(-)0.61

 

(Shruti Nair)

 

US$1 = INR 92.17

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Ashish Shirke

 

All prices from National Stock Exchange, unless otherwise specified.

All percentage changes for share prices are rounded off to the nearest whole number; percentage changes for index values are rounded off to one decimal place.

All times are Indian Standard Time.

 

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