ABB India Ltd. has declared a bumper special dividend of Rs 90 per share with face value of Rs 2 each, after posting a modest uptick in its net profit for the second quarter of the calendar year 2026. "This is to inform you that the Board of Directors of the Company at its Meeting held on July 31, 2026, declared a special dividend of Rs.90/- per share (Rupees Ninety only) i.e.(4500%) on 21,19,08,375 equity shares of face value of Rs.2/- each fully paid up for the financial year 2026," the company stated in an exchange filing. Further, ABB India has set Friday, August 7, 2026 as the record date to determine the eligible shareholders for the dividend payout. The dividend will be paid to the eligible shareholders on or before August 29, 2026, the company informed. ABB India reported a 3% year-on-year rise in net profit to Rs 362 crore from Rs 352 crore for the second quarter of calendar year 2026. Revenue increased 21% to Rs 3,559 crore from Rs 2,940 crore, while ...
Ahead of the war in Iran, China aggressively added to its oil reserves, more than any other country, according to the United States government data released this week.
"Prior to the Iran conflict, preliminary government data indicate that China has continued building inventories in 2026," the article stated.
The New York Times reported earlier in the month that China imported 15.8 per cent more oil in January and February compared to the same period last year.
"Oil stockpiling has been taking place for a while now, and Chinese regulators were already preparing for geopolitical tensions to arise from the Trump administration," Cosimo Ries, an energy analyst at Trivium China told the publication.
According to the US Energy Information Administration, China had nearly 1.4 billion barrels of oil put aside compared to 1.2 billion barrels among 32 members of the International Energy Agency (IEA). Of these, the US has 413 million barrels.
Moreover, the US has been drawing out its stockpile. It is left with 405 million barrels after selling 8 million barrels in April. US President Donald Trump has authorised the release of 172 million barrels of oil from the Strategic Petroleum Reserve (SPR) to combat high energy prices and supply disruptions caused by the conflict with Iran.
Why China Is Stockpiling
The Oxford Institute for Energy Studies said that China is stockpiling due to three factors. First, crude prices remain subdued as global demand continues to soften. Second, risks are intensifying due to potential supply chain disruptions and strict sanctions on major exporters like Russia, Iran, and Venezuela. Third, a new domestic energy mandate now requires companies to increase their strategic reserves to ensure long-term security.
China is very dependent on global oil because it is the world's largest crude oil importer, but it has filled its coffers in a "pretty wise" and "strategic step", as Ries said.
Due to the Iran war, the traffic through the Strait of Hormuz, through which one-fifth of the world's oil supply flows, has been disrupted.
Iran vowed it would not reopen the Strait of Hormuz as long as the United States continues to blockade its ports.
from NDTV News- Special https://ift.tt/P1USn8I
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