US negotiating with India on Venezuelan oil sale, US envoy says | ReutersSkip to main content[Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv]Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo [Purchase Licensing Rights, opens new tab]- Companies- Summary- Interim trade deal effective April, India trade minister says- US made oil supply diversification central to India trade talk ...

Core Insights - General Catalyst plans to invest $5 billion in India over the next five years, significantly increasing its commitment from the previously earmarked $500 million to $1 billion [1][2] - The investment will focus on startups in sectors such as artificial intelligence, healthcare, defense technology, fintech, and consumer technology [2] - India is positioning itself as a major AI investment destination, aiming to attract over $200 billion in AI infrastructure investments in the next two years [3] Investment Strategy - General Catalyst sees the largest AI opportunities in India in large-scale real-world deployment rather than in developing frontier models, citing the country's digital infrastructure and vast market [5] - The firm is building its India portfolio across various sectors, including fast delivery e-commerce and health tech, with notable investments in companies like Zepto and PB Health [7] Industry Developments - Major conglomerates in India, such as Adani Group and Reliance Industries, announced plans to invest over $200 billion in AI data center infrastructure [6] - Global tech companies, including Amazon, Google, and Microsoft, have also outlined significant investments in cloud and AI in India [6] Framework for AI Adoption - General Catalyst is developing a framework to accelerate large-scale AI adoption across priority sectors in India, aiming to transition pilot projects into full deployments [8] - The firm's General Catalyst Institute is working on building partnerships between government and industry in India [8]

Reliance Industries—controlled by Asia’s richest person Mukesh Ambani—is doubling down on its AI expansion plans, earmarking 10 trillion rupees ($110 billion) to build data centers and other infrastructure facilities across India in the next seven years.Read more: https://t.co/w0QfRleiFI📸: Sujit Jaiswal/AFP via Getty Images ...

"Will AI concentrate power in the hands of a few, or will it democratize opportunity for all?"Mukash Ambani says India will emerge as one of the greatest AI powers in the world at summit in New Delhi https://t.co/elyvOE4hZF https://t.co/s6v3s1d6Ih ...

Feb 19 (Reuters) - Senior executives from global artificial intelligence firms joined world leaders in India this week for a major AI summit. Here ‌is a list of all the major deals struck during the India ‌AI Impact Summit in New Delhi. INDIA'S RELIANCE INDUSTRIES, JIO TO INVEST $110 BILLION Conglomerate Reliance Industries and its ​telecom arm Jio will invest $109.8 billion over the next seven years to build artificial intelligence and data infrastructure, its billionaire chairman Mukesh Ambani said on ...

Billioniare Mukesh Ambani announced that his retail-to-telecom conglomerate will invest as much as $110 billion in building AI-related infrastructure https://t.co/W8dTkzwHps ...

Core Insights - Bharat Petroleum Corporation (BPCL) has made its first-ever purchase of Venezuelan oil, while HPCL Mittal Energy Ltd (HMEL) has bought Venezuelan crude for the first time in two years, indicating a shift in India's oil sourcing strategy [1][1] - Each company has purchased one million barrels of Venezuela's Merey crude grade, which will be co-loaded on a very large crude carrier to optimize shipping costs [1][1] - This move is part of India's strategy to diversify its oil supply mix as it reduces imports from Russia, with total imports of Venezuelan crude expected to reach at least 6 million barrels through April [1][1] Company-Specific Summaries - BPCL will split the cargo for discharge at Kochi port for its 310,000 barrel-per-day refinery and at Sikka port for its 156,000 barrel-per-day Bina refinery [1][1] - HMEL, a joint venture of Hindustan Petroleum Corp and steel tycoon Lakshmi Niwas Mittal, imports crude through Mundra port for its 226,000 barrel-per-day Bathinda refinery [1][1] - Previous purchases of Venezuelan oil by Indian refiners were at prices approximately $6.5-$7 per barrel below the Dubai crude oil benchmark [1][1] Industry Context - Indian refiners are increasingly turning to Venezuelan oil to mitigate the impact of reduced Russian oil imports, which has facilitated an interim trade deal with the U.S. [1][1] - The U.S. has granted licenses to traders like Vitol and Trafigura to market and sell Venezuelan oil, reflecting a shift in the geopolitical landscape affecting oil trade [1][1] - Exports of Venezuelan oil to the U.S. are anticipated to increase, with Valero Energy set to receive up to 6.5 million barrels in March, indicating a broader trend of U.S. refiners seeking direct purchases from Venezuela [1][1]

Market Performance - Stock markets closed higher for the second consecutive session, driven by gains in bank, IT, and capital goods shares [3] - The 30-share BSE Sensex increased by 173.81 points, or 0.21%, closing at 83,450.96, with a daily range between 83,598 and 82,987.43 [3] - The 50-share NSE Nifty rose by 42.65 points, or 0.17%, settling at 25,725.40 [4] Gainers and Losers - Major gainers among Sensex constituents included ITC, Bharat Electronics Ltd, Larsen & Toubro, Infosys, Asian Paints, Titan, Adani Ports, HCL Technologies, Sun Pharmaceuticals, Maruti Suzuki India, IndiGo, State Bank of India, and Tech Mahindra [5] - On the downside, stocks such as Eternal, Tata Steel, Trent, Reliance Industries, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and Hindustan Unilever experienced losses [8] Sector Performance - Defence stocks gained 1.3%, influenced by expectations surrounding discussions on the acquisition of additional Rafale fighter jets [12] - The IT sector saw a selective recovery following a sharp correction, supported by strategic collaborations with global AI partners [10] - Among sectoral indices, PSU Bank rose by 2.36%, IT by 1.15%, Industrials by 1.13%, and Capital Goods by 0.76% [10] Market Sentiment - Analysts noted that domestic markets traded in a range-bound manner, with a cautiously optimistic outlook amid global cues and domestic developments [9][14] - The market capitalization of BSE-listed firms increased by ₹152,688.24 crore to ₹4,70,11,313.57 crore (approximately $5.18 trillion) [11]

Market Performance - Stock markets closed higher for the second consecutive session, with the BSE Sensex rising by 173.81 points, or 0.21%, to close at 83,450.96, and the NSE Nifty advancing by 42.65 points, or 0.17%, to settle at 25,725.40 [1][4] Sector Performance - Major gainers among the Sensex constituents included ITC, Bharat Electronics Ltd., Larsen & Toubro, Infosys, Asian Paints, Titan, Adani Ports, HCL Technologies, Sun Pharmaceuticals, Maruti Suzuki India, IndiGo, State Bank of India, and Tech Mahindra [2] - Conversely, stocks that ended with losses included Eternal, Tata Steel, Trent, Reliance Industries, Mahindra & Mahindra, Bajaj Finserv, Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and Hindustan Unilever [2] Broader Market Indices - Broader indices also showed positive movement, with the BSE Smallcap Select Index rising by 0.49% and the Midcap Select Index gaining 0.26% [3] Foreign and Domestic Investment - Foreign institutional investors sold equities worth ₹972.13 crore, while domestic institutional investors purchased stocks worth ₹1,666.98 crore [4] Commodity Prices - Brent crude, the global oil benchmark, fell by 0.79% to $68.13 per barrel [4]

Core Viewpoint - State Bank of India (SBI) has experienced a significant re-rating, with its price-to-book (P/B) multiple rising to 2.41, reflecting improved fundamentals and strong earnings visibility, positioning it favorably among public sector banks [1][10]. Valuation Metrics - SBI's current P/B multiple of 2.41 is lower than HDFC Bank's 2.69 and ICICI Bank's 2.92, indicating a valuation gap despite comparable return ratios [1][10]. - A year ago, SBI's P/B stood at 1.35, showcasing a substantial increase in valuation over the past year [10]. Earnings Performance - SBI reported a 24% year-on-year growth in standalone net profit, amounting to Rs 21,028 crore in the third quarter, while net interest income (NII) increased by 9% year-on-year to Rs 45,190 crore [12][16]. - The bank's return on equity (ROE) is projected at 16-17%, and return on assets (ROA) is above 1%, both of which are higher than SBI's historical averages [5][12]. Market Position - SBI has recently surpassed Tata Consultancy Services (TCS) to become India's fourth-largest company by market capitalization, with a valuation exceeding Rs 11 lakh crore [6]. - Within the Nifty Bank index, SBI has outperformed most large-cap peers, with only AU Small Finance Bank and Canara Bank delivering higher one-year returns [8][16]. Analyst Insights - Kranthi Bathini from WealthMills Securities considers SBI fairly valued and a preferred pick in the PSU banking space, expecting continued investor interest in government-owned banks [2][11]. - Abhinav Tiwari from Bonanza highlights SBI's favorable near-term risk-reward profile, citing its valuation comfort and earnings visibility as key factors [4][12]. - Dr. Ravi Singh from Master Capital Services notes that while SBI is no longer deeply undervalued, it is trading above long-term averages, with future returns likely driven by stronger ROE rather than further multiple expansion [9][16]. Growth Outlook - Analysts expect a potential upside of 10-20% for SBI over the next 12 months, with gradual price growth anticipated rather than sharp increases [11][16]. - Loan growth guidance for SBI is set at 13-15% on a substantial Rs 38 lakh crore book, indicating strong earnings visibility moving forward [5][12].