Shell's profit doubled amid Middle East conflict, reshaping energy markets

Investors expecting keys to apartments or houses may face a longer wait. The central government has issued a recommendation for many registered real estate projects across the country, allowing them to extend implementation deadlines by four months under the RERA law.

The Ministry of Housing and Urban Affairs (MoHUA) released a consultative letter to RERA regulatory bodies nationwide, stating that eligible projects can be granted an additional four months.

According to the government statement, instability and conflicts in the Middle East have impacted global supply chains. This has led to issues with the availability of many necessary construction materials and equipment. Furthermore, logistics costs and complexities associated with sea transport have increased. In light of these circumstances, the Department of Expenditure of the Ministry of Finance issued a memo classifying the situation in the Middle East as 'Force Majeure.'

RERA law provides for the possibility of project extension in case of war, natural disaster, or other exceptional circumstances under Section 6. These conditions allow for an increase in the project's completion time.

In accordance with the ministry's consultative letter, this support can be received by registered real estate projects whose original completion date is February 28, 2026, or later. Projects whose adjusted completion date or previously set extended period expires after February 28, 2026, may receive a one-time extension of four months.

Typically, developers are required to apply to the relevant RERA authority to extend the project term. However, this time the central government has advised regional RERA authorities to issue a 'general directive' so that eligible projects can receive assistance without the need for additional paperwork. The goal of this step is to reduce administrative delays and provide prompt assistance to affected projects.

While this decision grants developers extra time to complete projects, it could potentially increase the waiting time for many buyers. Those who planned to move, vacate rentals, or pursue investment schemes based on the original timelines will now have to wait several more months. The government argues that if a project remains unfinished due to supply chain problems, it could cause greater harm to buyers. Therefore, the limited extension will help complete the projects.

The impact of the Middle East crisis is not limited to documentation. A June 2026 report by the real estate consulting firm Anarock warned that due to rising tensions in the Middle East, fluctuations in crude oil prices, and supply chain disruptions, the delivery of approximately 5.4 million homes nationwide could be disrupted. According to the report, if the conflict drags on, it could lead to increased construction costs and affect the availability of cement, steel, aluminum, copper, and other building materials, increasing the risk to both cost and project timelines.

Impact from Fuel to Occupancy

The impact of Middle East tensions is felt not only in gasoline or cooking gas prices. It has begun to manifest in the real estate sector. Rising oil prices increase transportation costs, which directly affects the cost of building materials. At the same time, supply chain disruptions can slow down project progress. Thus, problems in the Middle East now concern not only inflation but could also affect the housing dreams of millions of families.

Support for Developers, Wait for Buyers

Overall, the measure adopted by the central government aims to give developers extra time to overcome current difficulties. However, the downside is that thousands and millions of buyers may face delays in obtaining ownership of their homes. Buyers whose projects fall under this regulation should definitely clarify the new timelines with their developer and the relevant RERA authority.

Tokio Marine has introduced a new benefit to its Travel Insurance: customers who purchase this product will receive a 12% discount on daily rates for vehicle rentals provided by SIXT, a German rental company with a global presence.

This advantage arose from a collaboration between the two companies and was announced on July 23, as reported by InsurTalks. The initiative aims to integrate protection and mobility into a single phase of travel planning.

While the policy covers the insured in various situations stipulated in the contract, the reduction applies to one of the most significant costs for travelers who need a car at their destination—an item that, on land routes, often competes with accommodation expenses.

This additional discount is added to other benefits already offered by the insurer, such as 24-hour telemedicine support, coverage for lost and delayed baggage, reimbursement of medical and dental expenses, repatriation service, and reduced cost for acquiring international SIM cards. Tokio Marine Travel Insurance is available in national and international versions.

However, some important details for the consumer were not specified in the announcement, including which vehicle categories are eligible, whether the discount is valid for rentals made in Brazil, whether it can be combined with the rental company's own promotions, nor for how long this condition will be maintained.

SIXT, founded in Germany in 1912 and still family-owned, manages over 2,000 service points in more than 105 countries, according to the company. Its fleet ranges from economy models to SUVs, vans, convertibles, and premium vehicles, thus serving individual, family, or business travelers.

Ramkrishna Forgings Ltd (RKFL) forecasts an improvement in quarterly exports during the financial year 2026-2027 (FY27), anticipating that exports will account for approximately 35 percent of revenue. This growth is supported by new contracts and the recovery of demand in the North American and European markets.

This statement was made by Chaitanya Jalan, Deputy Managing Director. In the financial year 2026 (FY26), RKFL's standalone operating revenue increased by 3.3 percent to reach INR 3,754.92 crore. However, export revenue declined by 19.9 percent compared to FY25, amounting to INR 1,186.55 crore versus INR 1,482.09 crore, due to weak demand and volatility in key overseas markets. Consequently, in FY26, the share of exports in standalone revenue stood at 31.6 percent, down from 40.8 percent in FY25.

In the first quarter of FY27, standalone operating revenue grew by 17.1 percent year-on-year, reaching INR 1,097.22 crore, while export revenue increased by 11 percent both year-on-year and quarterly, totaling INR 353.87 crore. The export share improved to 32.3 percent. The company aims to increase this share to approximately 35 percent in FY27 and exceed 40 percent by FY28.

Chaitanya Jalan told Business Standard: 'We expect export growth throughout the year and improvement on a quarterly basis. We should achieve approximately 35 percent as the overall export share this year and aim for 40 percent by FY28.'

Revenue from North America saw a year-on-year growth of 11.8 percent and a sequential growth of 6.5 percent in the June quarter, totaling INR 222.25 crore. European revenue increased by 9.6 percent year-on-year and 19.5 percent sequentially, reaching INR 128.41 crore.

Jalan noted that 'the past two years were very bad for North America and Europe, with significant volatility in both markets. The situation looks quite stable this year, and we are seeing good order inflows from both regions.'

RKFL has been operating in the North American market for about 15 years, while Europe has become a more significant focus for the company over the last seven to eight years. In North America, the company focuses on the passenger vehicle segment, whereas in Europe, it shows activity in the commercial transport business. Furthermore, RKFL utilizes an acquired manufacturing facility in Mexico to serve clients in North America locally. Jalan added that RKFL collaborates with customers on product redesign and cost reduction to enhance competitiveness amid geopolitical and tariff uncertainty.

He emphasized: 'Business cannot stop because of tariff announcements or wars. Companies have understood that volatility will remain and are finding ways to cope with it.'

The expected export recovery is anticipated to help RKFL utilize the production capacity created through investments of around INR 1,500–1,700 crore over the last two years. These investments covered casting, acquisitions, and subsequent expansion in acquired entities, as well as aluminum and cold stamping, and new press lines.

Overall capacity utilization in the first quarter was 68 percent after commissioning new lines at the end of FY26. Jalan predicts that investments made in FY25 will reach a utilization level of 70–80 percent during FY27, and the added capacity in FY26 should reach similar levels by the fourth quarter.

Passenger vehicles represent another channel of growth. Automotive products currently constitute about 80 percent of RKFL's total revenue. Commercial vehicles make up about 90 percent of automotive revenue, while passenger vehicles and motorcycles account for the remaining 10 percent. Over the next three to four years, RKFL expects automotive products to account for 70–75 percent of total revenue, with passenger vehicles contributing 20–25 percent of automotive revenue. In the first quarter, the company received passenger vehicle orders worth INR 228 crore and motorcycle orders worth INR 50 crore, covering four-year programs, mainly for transmission and differential components.