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UAE exits OPEC+, markets fall below key levels, Parle-G IPO buzz, and more - CNBC TV18

Top Stories | UAE exits OPEC+, markets fall below key levels, Parle-G IPO buzz, and more

Top 10@10—CNBC-TV18’s daily newsletter featuring the top 10 stories on markets, corporate updates, economic insights, and financial highlights—delivered at 10 pm.

Good evening! A major shock hit global energy markets as the UAE announced its exit from OPEC and OPEC+, dealing a blow to the oil producers’ alliance at a time when the Iran conflict has already triggered a historic energy disruption. The uncertainty spilled into equities back home, with the Nifty slipping below the 24,000 mark and banking stocks dragging benchmarks lower, even as oil-linked names found support.

Rising crude prices are beginning to bite harder across sectors. Indian airlines have sent an SOS to the government, warning that surging jet fuel costs could push operations toward a breaking point. The rupee, too, remained under pressure, slipping against the dollar amid stronger oil and weaker Asian peers.

In corporate action, Maruti Suzuki’s stock fell after profit disappointed on higher taxes and lower other income, while Eternal—the parent of Zomato and Blinkit—saw its shares rebound on upbeat long-term guidance. In deal street chatter, Parle Products has begun talks with banks for a potential IPO, while Peak XV fully exited MobiKwik via a block deal.

Globally, geopolitical tensions remain fluid, with Donald Trump claiming Iran is seeking a reopening of the Strait of Hormuz. Meanwhile, the Musk–Altman feud over OpenAI is headed to court in a high-stakes clash that could reshape the AI landscape.

UAE leaves OPEC and OPEC+ in huge blow to global oil producers' group

The United Arab Emirates said on Tuesday it quit OPEC and OPEC+, dealing a heavy blow to the oil exporting groups and their de facto leader, Saudi Arabia, at a time when the Iran war has caused a historic energy shock and unsettled the global economy.

Market at Close | Nifty slips below 24,000; Sensex falls 417 points as banks drag

The equity benchmark indices ended largely lower on Tuesday (April 28), with the Nifty slipping below the 24,000 mark and banking stocks leading the decline, even as midcaps outperformed and upstream oil companies gained on firmer crude prices.

Also read: Rupee falls 18 paise lower against dollar as oil strength, weaker Asian peers weigh Maruti Suzuki India Q4 Results: Stock falls after lower other income, higher taxes dent profit

Maruti Suzuki India Ltd., India's largest passenger car manufacturer reported its March quarter results on Tuesday, April 28, which were in-line when compared to expectations.Net profit for the period stood at ₹3,591 crore, a decline of 3% from last year's figure of ₹3,711 crore. Maruti's net profit was also lower than the CNBC-TV18 poll projection of ₹4,150 crore.

Eternal Q4 Results: Management hopeful of $1 billion adjusted operating profit by FY29; Stock jumps

Shares of Eternal Ltd., the parent company of food delivery aggregator Zomato and quick commerce operator Blinkit, recovered sharply from the lows of the day after its March quarter results were reported.

Exclusive | Parle-G biscuit maker in talks with banks for potential IPO, sources say

One of India’s most iconic consumer brands may be inching toward the public markets. Sources with direct knowledge told CNBC-TV18 that Parle Products, the Mumbai-based maker of Parle-G biscuits, has initiated conversations with at least five investment banks for a potential initial public offering.

The last PE fund on Mobikwik's cap table makes an exit after Tuesday's block deal

Peak XV has fully exited payment solutions provider MobiKwik Ltd. in the block deal that took place on Tuesday, April 28, sources with knowledge of the matter told CNBC-TV18.

Indian airlines send SOS to govt over ATF prices, warn of shutdown risk

India’s top carriers have sounded an urgent alarm over surging jet fuel costs, warning that the current pricing environment could push airline operations to the brink.

'State of Collapse': Trump says Iran wants Strait of Hormuz reopened as soon as possible

In a fresh twist to the ongoing US-Iran standoff, US President Donald Trump on Tuesday, April 28, claimed that Iran has entered a “state of collapse” and is seeking urgent relief through the reopening of the Strait of Hormuz.

Also read: No plan to raise petrol, diesel prices after assembly elections: Govt Official

West Bengal: 34 lakh appealed against SIR deletion; EC adds 1,468 names ahead of phase 2 polling

The Election Commission has added 1,468 names back to the voter list in West Bengal ahead of the second phase of voting in the state. At the same time, six names were rejected by tribunals and remain excluded, according to The Indian Express.

Musk vs Altman: Billionaire feud over OpenAI heads to court, stakes run into billions

A high-stakes legal battle between Elon Musk and Sam Altman is set to unfold in a US courtroom this week, in a case that could reshape the future of OpenAI and, potentially, the broader artificial intelligence industry.