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Biz EOD: Aramco attacks may delay India's economic recovery; auto stocks tumble as oil prices rise

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twitter-logo BusinessToday.In   New Delhi     Last Updated: September 19, 2019  | 00:19 IST
Biz EOD: Aramco attacks may delay India's economic recovery; auto stocks tumble as oil prices rise
Top stories from the world of business and economy.

Rising global oil prices after the drone attacks on Saudi Aramco's oil fields may take a toll on the already suffering Indian economy. Meanwhile, auto stocks took a beating today as global oil prices surged. Petrol and diesel prices are expected to remain in check in the long-term, unless the ongoing geopolitical situations in the Middle East worsen in the coming weeks. Read more headlines from the world of business and economy today:

1. Hero MotoCorp, Maruti, Tata Motors fall up to 6% as global oil prices surge

BSE auto index fell 3.8 per cent to close at 15,783.39, as against 1.73 per cent decline in the BSE Sensex. Meanwhile, the Nifty Auto index ended at 7,020.75, down 3.83 per cent, as compared to 1.69 per cent fall in Nifty 50 index.

2. Petrol, diesel prices unlikely to stay higher over the long-term, say analysts

The oil prices are unlikely to remain at high levels over the long-term, say analysts, unless the ongoing geopolitical situations in the Middle East worsen in the coming weeks.

3. BT Buzz: Attack on Aramco may delay India's economic recovery

According to industry experts, the rising price of crude post the attack on Saudi Aramco will deplete the India's foreign currency reserves and widen the fiscal deficit gap, while it fuels inflation in the domestic market.

4. What should you do with underperforming mid-cap, small-cap funds?

While mid and small-cap stocks respond faster to different economic cycles due to their smaller size, similar tendency is reflected in stocks of these companies.

5. EPFO update: PF to draw 8.65% interest, 6 crore subscribers to benefit

At present, the Employees' Provident Fund Organisation (EPFO) is settling PF withdrawal claims at a five-year low rate of 8.55 per cent, which was approved for 2017-18.

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