Latest Sectors News
China called for a "prompt resumption of shipping traffic through the Strait of Hormuz," though that point was absent in Iran's statement. View More
Iranian Foreign Minister Abbas Araghchi meets with Chinese Minister of Foreign Affairs Wang Yi in Beijing, China on May 6, 2026.Iranian Foreign Ministry/Anadolu via Getty Images China pressed Iran on Wednesday to pursue a diplomatic resolution to the Middle East conflict and refrain from resuming hostilities, as Beijing seeks to cement its position as a key mediator ahead of a high-stakes summit with the U.S. In a meeting with his Iranian counterpart Abbas Araghchi, Chinese foreign minister Wang Yi called for "an immediate end to the hostilities" while urging warring powers to continue diplomatic negotiations. China also called for a "prompt resumption of shipping traffic through the Strait of Hormuz," though that point was absent in a statement posted by Iran's foreign ministry on Telegram. The meeting marked the first such visit by Araghchi since the outbreak of the U.S.-Israel war on Tehran on Feb. 28, and came just days before U.S. President Donald Trump's scheduled visit to Beijing.Chinese state media proactively publicized the visit late Tuesday, citing a foreign ministry statement that noted Beijing initiated the invitation. "This meeting is deeply strategic," said Amir Handjani, a board member at the Quincy Institute for Responsible Statecraft. "Tehran and Beijing are aligning their interests before Trump's summit with [Chinese President Xi Jinping], and the timing is deliberate." That said, China wants stability in the Persian Gulf to protect trade and energy flows, Handjani noted."Chinese leadership wants tankers moving and trade flowing out of the Persian Gulf into Asian markets, he said. "They have no appetite for the inflationary shock and potential recession that a prolonged blockade would trigger across the region."Wang and Araghchi have held at least three phone calls since the outbreak of the Iran war. Beijing has repeatedly called for an immediate ceasefire and for commercial shipping to move freely through the Strait of Hormuz. In late April, Chinese President Xi Jinping urged "normal passage" through the crucial waterway. Before the war, about 20% of the world's oil and liquefied natural gas passed through the strait. But commercial traffic has slowed sharply in recent weeks.China, the world's largest buyer of Gulf oil and gas, has absorbed the Hormuz shock, though domestic stockpiles and a diversified energy mix have provided some buffer. watch nowVIDEO1:5701:57Defense Sec. Hegseth: Ceasefire is not over, we urge Iran to be prudent in actions they takeSquawk on the Street In the run-up to Trump's widely anticipated May 14-15 visit to China, the U.S. president's advisors have urged Beijing to pressure Iran to restore commercial shipping. A director at a Beijing-affiliated think tank previously told CNBC that China lacked both the capability and inclination to pressure either side into negotiations, despite facilitating a temporary ceasefire last month. For Tehran, the China visit is a way to show the U.S. that "it isn't isolated and has friends and options," said Danny Russel, a distinguished fellow at the Asia Society Policy Institute, as Iranian leadership seeks to bolster its bargaining position in the standoff with Washington and deter renewed American attacks. Tehran is expected to seek assurances from Beijing on oil flows, financial channels, and diplomatic backing against renewed U.S. military action, Russel added. In return, he expects Beijing to push Iran to stop threatening Gulf infrastructure and commercial shipping and to move toward reopening the Strait of Hormuz. For Xi, the visit could present an opportunity to position Beijing as a responsible power before Trump's visit, while limiting China's own risks, said Russel. The visit also comes as both sides have been trading blows ahead of the summit. In an unprecedented act of defiance, China pushed back against Washington's sanctions on Chinese refiners buying Iranian crude, invoking a "blocking rule" for the first time, directing companies not to comply with U.S. sanctions.The countervailing orders would, at a high level, "place U.S. companies in the position of choosing between compliance with U.S. or Chinese regulatory regimes," said Han Shen Lin, China managing director for The Asia Group. Trump's upcoming Beijing summit â delayed by more than a month due to the war in Iran â could present a critical opportunity for the U.S. president to dial back friction and secure commitments from China to purchase American farm produce, industrial goods, and energy ahead of the November midterm elections.A confrontation over Iran risks derailing that plan, analysts warn. "Even if Trump believes the Chinese are just providing diplomatic cover while keeping Iran economically afloat, he is at a disadvantage," Russel said. "He needs Beijing to restrain Tehran, not empower it." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Shree Cement's shift signals a potential cooling of the aggressive capacity-addition cycle among India’s top cement producers, who had been racing to scale up output. View More
Shree Cement announced a final dividend of ?70 per share for FY26, totaling ?150 for the year. The company reported a March-quarter revenue of ?6,101 crore and a net profit of ?1,292 crore. Expansion plans include new RMC plants and increased cement capacity. View More
Consisten cost pressure on fuel, raw material and impact of high inflation remain key concern View More
While companies have raised prices across regions, sustainability remains uncertain amid subdued demand conditions. View More
Ambuja Cement Q4 results: Net profit rises 78% YoY to ?1,830 crore. Ambuja Cement share price was marginally up, rose over 0.39% to ?445 apiece on NSE. View More
Energy costs and supply shocks drive a divergence between global metals and domestic plays, with analysts flagging a potential reversal if tensions ease. View More
Two cement companies in Meghalaya face accusations of violating norms in transporting over 2.93 lakh metric tonnes of coal. A high court-appointed committee reported the companies moved the coal without mandatory approvals. This movement also lacked essential documents and weekly returns. The committee recommended strict enforcement and improved tracking systems to curb illegal coal movement across the state. View More
Shillong: Two cement companies in Meghalaya have been accused of violating prescribed norms in the transport of over 2.93 lakh metric tonnes of coal, a high court-appointed committee said in its latest report. The single-member panel of retired judge B P Katakey pointed out that the two companies transported the dry fuel from outside the state between February 2025 and February this year "without obtaining mandatory approvals under the Standard Operating Procedure (SOP), 2024". Also read: UltraTech wins trademark battle; Bombay High Court bars ‘Ultra’-branded rival cement Justice (Retd) B P Katakey heads the committee, appointed by the high court to oversee compliance with its directions on curbing illegal coal mining and transportation. In its report submitted to the court on Friday, the panel noted that although the companies had applied on April 8 last year, seeking permission to transport coal for the period from April 1, 2025 to March 31, 2026, no approval was granted by the competent authority. Live Events The committee found that the transport of over 2.93 lakh metric tonnes of coal violated several provisions of the SOP, including the failure to obtain prior approval and non-filing of mandatory weekly returns. The single-member panel also flagged the absence of crucial documents, such as mineral transport challans, tax invoices, e-way bills, certificates of origin and weighment details, indicating serious procedural lapses in the movement of the consignments. Referring to an accident on March 4 this year in East Jaintia Hills district, the panel said the coal was also being transported without approval. Also read: Cement demand to be healthy in Q1FY27E; Likely to hit profitability despite price hikes: Nuvama The report highlighted gaps in enforcement, noting that investigating agencies had failed to probe the role of landowners in areas where illegal mining activities were detected. The committee recommended strict enforcement of SOP provisions, verification of documents related to coal transported by the companies, and a detailed investigation into violations. It also called for the introduction of GPS tracking of vehicles, colour-coded identification systems, designated transport routes and smart integrated check-points to prevent illegal movement of coal. The committee recommended expansion of the enforcement strategies adopted in East Jaintia Hills district to other coal-bearing regions of the state to curb the menace of illegal mining and transportation. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
The company reported a consolidated net profit of ?8,165.64 crore for the year—crossing the ?8,000 crore mark for the first time and rising 35.12% y-o-y—according to exchange filings, even as fuel and power expenses rose 6% and freight costs, 10%. View More