Crude hits 3-month high on optimism
Brent crude oil reached its highest level in three and a half months on Wednesday, passing $115 a barrel after better-than-forecast European and US data spurred optimism for the global economy. US oil rose 40 cents to $97.97 after gaining nearly 1.2% in the previous session. Euro zone economic sentiment improved more than expected across all sectors in January, rising for the third month in a row in a sign that the economy could be emerging from a low point in the fourth quarter of 2012. The European Commission’s economic sentiment index rose to 89.2 points in January from 87.8 points in December, against market expectations of an improvement to 88.2. Brent crude is up 3.5% this month, its biggest gain since August, but lagging behind equities, with the US S&P 500 up about 5.7%.
Aditya Birla Nuvo to invest R4,000 cr in UP
Diversified major Aditya Birla Nuvo on Wednesday announced an investment of about R4,000 crore on expansion of capacity of its existing urea plant in Uttar Pradesh. In a filing to the BSE, the company informed that the board has “decided for brownfield expansion of urea capacity by 3,850 TPD (tonnes per day) at existing fertiliser complex at Jagdishpur, UP”. “Such expansion is envisaged at a capex of around R4,000 crore,” it added. Aditya Birla Nuvo is a $4.5 billion conglomerate by revenue size. The company, part of the Aditya Birla Group, is present across financial services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses.