Business
Mumbai: 58-tanker fleet owner operates from nondescript mall in Bhandup

Operating from the rundown Neptune Magnet Mall in suburban Bhandup, Gatik Ship Management has emerged as the biggest international tanker fleet owner, transporting Russian crude oil to India. The shipping company has seen phenomenal growth, starting with just two tankers in 2021 and going on to acquire a 58-strong fleet valued at US$ 1.6 billion in just 18 months, registered largely in St Kitts and Nevis.
Mumbai-based Gatik, registered as an exporter, has shipped 83 million barrels of crude and oil products from Russian oil giant Rosneft, to Indian ports. However, when The Free Press Journal visited Neptune Magnet Mall, it found the office of Gatik Ship Management, on the third floor, locked, with a ‘For Rent and Sale’ sign pasted on the main door. Enquiries with the neighbouring offices revealed that Gatik shared office space with Buena Vista Shipping.
Buena Vista provided shipping jobs and recruitment for seafarers and crew. Both the shipping companies had the same registered office at Neptune Magnet Mall with the registrar of companies and had relocated to Powai.
Gatik acquired 56 vessels since March 2022
The ageing fleet of Gatik oil tankers did not have an insurance cover from any recognised, large mutual providers and had earlier transported crude oil from around the world but was now focussing solely on Russian oil.
Shipping expert VesselsValue, which tracks ship sales, has claimed that Gatik acquired 56 vessels since March 2022, with 13 vessels in December 2022 when the European Union ban on Russian oil began. Gatik added 10 ships to its fleet in 2023, with VesselsValue reporting its fleet as being made up of 44 tankers with an average age of 17 years, now worth $1.39bn.
According to VesselsValue, Gatik’s newly acquired fleet of oil tankers has largely shipped 83 million barrels of Russian crude oil to India.
The Office of Foreign Assets Control of the US Department of the Treasury (OFAC) had recently warned US shipping service providers to guard against facilitating sanctioned trade amidst the rise of a global ‘ghost fleet’ of opaquely owned vessels willing to risk sanctions and serving lucrative oil markets.
The International Group of Protection & Indemnity Clubs had withdrawn cover for most of the tankers operated by Gatik. The 12 members of the IGP&I provide cover to around 95 per cent of the world’s fleet.
Under international sanctions applied by G7 countries and Australia, shipowners are required to provide insurers and other service providers, with attestations that they are not carrying Russian oil purchased above the price cap.
Russian oil exports from its eastern ports like Kozmino, have regularly traded above the price cap, triggering international sanctions. The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (The American Club), was the single largest provider of insurance services to Gatik.
About Gatik’s growth
Gatik Ship Management has seen phenomenal growth, starting with just 2 tankers in 2021 and going on to acquire a 58-strong fleet valued at US$ 1.6 billion in just 18 months, registered largely in St Kitts and Nevis. According to shipping expert Vessels Value, Gatik,s newly acquired fleet of oil tankers has largely shipped 83 million barrels of Russian crude oil to India.
Business
Banks Expect Increased Credit Demand Across Retail, MSME, & Agricultural Segments After GST Reforms

New Delhi: With the Goods and Services Tax (GST) reforms, banks expect increased credit demand across retail, MSME, and agricultural segments as incomes rise and business investment picks up.
According to Ajay Kumar Srivastava, MD and CEO, Indian Overseas Bank, the reform will create a strong effect across the economy, leading to improved cashflows for distributors and retailers, greater working capital access for small businesses, and expanded credit requirements amid rising demand.
“Overall, this decision acts as a catalyst for inclusive growth and economic transformation aligning itself to India’s vision of Viksit Bharat”, said Srivastava. This move makes taxation more transparent and easier to follow. “We expect these measures will drive an estimated growth in consumption over 8-10 per cent in the next two quarters in rural markets, particularly benefiting farmers through reduced costs on agricultural products where GST has been brought down from the 12 per cent to 5 per cent,” according to Srivastava.
The price cuts on daily essentials like dairy products, household items, and consumer durables will provide more relief and reduce the burden to the consumers. The reduced GST on vehicles, electronics, and housing materials will create demand for these segments, while making insurance policies completely tax-free will enhance financial inclusion.
According to Sanjay Agarwal, Senior Director, CareEdge Ratings, GST rate cuts result in a decrease in the final price of goods and services, which enhances consumer purchasing power and could stimulate demand across various sectors.
The impact is generally visible in the consumer durables segment. Lower GST rates on automobiles, electronics, and appliances not only make these products more affordable but also expand the addressable market to include price-sensitive consumers who were previously priced out.
“Banks could see an increase in auto loans, personal loans for electronics purchases,” he mentioned. Outstanding housing loans, vehicle loans, credit card and consumer durables account for around 16.7 per cent, 3.5 per cent, 1.6 per cent and 0.1 per cent of banking credit, respectively.
Business
Auto Stocks Zoom On GST Rate Cuts, Hyundai Tops Gainers As Market Anticipates Festive Season Boost

Mumbai: On Friday, auto stocks saw a strong rally after the GST Council’s decision to cut tax rates on small cars and motorcycles. The BSE Auto Index rose by 1.30 percent, closing at 58,883.09 points. This surge came as the market responded positively to the new two-slab GST system — 5 percent and 18 percent — announced to take effect from September 22, the first day of Navaratri.
Hyundai Motor India led the auto sector gains, rising 2.69 percent on the BSE. Other top performers included Eicher Motors (+2.43 percent), Mahindra & Mahindra (+2.34 percent), and Ashok Leyland (+2.22 percent).
Maruti Suzuki also climbed 1.70 percent, while TVS Motor went up 1.28 percent. Smaller gains were seen in Sona BLW (0.80 percent), Bharat Forge (0.77 percent), Tata Motors (0.63 percent), Bajaj Auto (0.22 percent), and Hero MotoCorp (0.21 percent).
The reduction in GST rates from 28 percent to 18 percent on many popular vehicle categories is being seen as a major positive move. It affects petrol, LPG, and CNG vehicles with engine sizes under 1,200cc and length under 4,000 mm, and diesel vehicles under 1,500cc and 4,000 mm. Two-wheelers like motorcycles under 350cc will also now attract 18 percent GST, down from the current 28 percent.
Experts believe the decision will benefit first-time buyers and middle-class families, especially during the upcoming festive season. According to Ajit Mishra of Religare Broking, the move is ‘timely and will inject fresh momentum’ into the auto sector. Industry players say this will not only boost sales but also investor confidence in automotive stocks.
Business
Indian stock market opens higher, Nifty above 24,700

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Mumbai, Sep 5: The Indian benchmark indices opened higher on Friday, buoyed by transformative rate reductions announced by the GST Council across sectors as buying was seen in the auto, IT and PSU bank shares in the early trade.
At around 9.38 am, Sensex was trading 140.72 points or 0.17 per cent up at 80,858.73 while the Nifty added 52 point or 0.21 per cent at 24,786.30.
Nifty Bank was up 4.05 points or 0.01 per cent at 54,079.50 The Nifty Midcap 100 index was trading at 57,291.20 after adding 332.05 points or 0.58 per cent. Nifty Smallcap 100 index was at 17,704.70 after gaining 82.75 points or 0.47 per cent.
According to analysts, Nifty indicated an optimistic positive move, with anticipation of positive cues from the GST rate outcome, which would decide the further course of the market in the coming days.
“The index would need a decisive move past the important 50EMA level at the 24,800 zone, which can trigger a fresh further upward move along with the broader markets beginning to participate to support the benchmark indices,” said Vaishali Parekh, Vice President (Technical Research), PL Capital.
The 24,500 zone shall continue to remain as the important support zone for the index, she added.
Overall, the market is showing resilience within a consolidation range. With improving technical momentum and steady domestic inflows, the near-term bias remains positive, said experts.
“Traders should adopt a buy-on-dips strategy and focus on stock-specific opportunities in leadership sectors like banking, IT, and auto,” said Mandar Bhojane from Choice Broking.
Meanwhile, in the Sensex pack, M&M, Trent, Tata Motors, Asian Paints, Power Grid and Maruti Suzuki were the top gainers. Whereas, ITC, Hindustan Unilever Limited, Sun Pharma and HDFC Bank were the top losers.
In the Asian markets, Bangkok, Japan, Seoul, Hong Kong and China were trading in green.
In the last trading session, Dow Jones in the US closed at 45,621.29, up 350.06 points, or 0.77 per cent. The S&P 500 ended with a gain of 53.82 points, or 0.83 per cent, at 6,502.08 and the Nasdaq closed at 21,707.69, up 209.97 points, or 0.98 per cent.
On the institutional front, foreign institutional investors (FIIs) were net sellers as they sold equities worth Rs 106.34 crore on September 4, while domestic institutional investors (DIIs) purchased equities worth Rs 2,233.09 crore.
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