Gold, silver hit all-time high on Diwali demand
Gold prices reached a new high of Rs 80,650 per 10 grams in the national capital. Silver also rose significantly by Rs 5,000 per kg, reaching Rs 99,500 per kg. The hike was driven by the Middle East conflict, rate cuts by the People’s Bank of China, and increased demand during the festive season.
Stable trend in financials crucial for Godavari Biorefineries
Godavari Biorefineries aims to raise Rs 555 crore through an IPO scheduled for October 23-25, 2024. The funds will be used to repay debt and for an offer for sale. The promoter stake will drop from 81% to over 63%. The company produces sugar, ethanol, and bio-based chemicals, with significant market presence in these sectors.
Rupee closes at record low of 84.0725 against US dollar on outflows, strong dollar index
The Indian rupee hit a record low of 84.0725 against the US dollar, driven by outflows from local equities and debt, and Hyundai’s fund repatriation. The Reserve Bank of India’s likely intervention helped limit further losses, while fluctuations in the dollar index ahead of US elections also influenced the rupee’s performance.
Balu Forge Q2 Results: Ashish Kacholia portfolio company delivers 107% YoY jump in PAT
Balu Forge Industries reported a 107% YoY rise in consolidated net profit for Q2FY25 to Rs 48 crore, driven by a 60% increase in revenue and expanded EBITDA margins. The company benefits from the China+1 strategy and is investing in new capabilities to fuel future growth.
Finance minister Nirmala Sitharaman calls on US investors to tap opportunities in India
Finance minister Nirmala Sitharaman urged US pension funds and institutional investors to invest in India. At a roundtable in New York, she highlighted India’s strong economic growth and investment opportunities. India is projected to remain the fastest-growing major economy, with growth rates of 7% and 6.5% this fiscal and the next, respectively.
September quarter sees rise in retail holdings of PSU stocks
In the quarter ending September 2024, retail investors increased their holdings in 40 out of 59 PSU stocks compared to the previous quarter. Since early September, the Sensex has gained around 2.8%, while the BSE PSU index has declined by 2.35%, with most PSU stocks facing a correction.
Karnataka’s GSDP at 10.2% outperforms national average of 8.2%, says CM, dismisses NSE projection
Karnataka’s GSDP growth rate of 10.2% in FY 2023-24 outperformed the national average of 8.2%, amid challenges like drought and global IT slowdown. The government credited strategic governance and diversified growth drivers, despite opposition claims of stagnant growth.
Tech View: Nifty may revisit 24,500-24,600 support, forms reasonable red candle. How to trade tomorrow
Nifty’s trend remains weak within a range-bound movement. After failing to maintain its recent upward bounce, the market may retest the lower levels of 24,600-24,500 in the near term, with immediate resistance around the 25,000 mark, according to Nagaraj Shetti of HDFC Securities.
Shares of GLF, Maharashtra Scooters, 6 other holding companies rally up to 20%. Here’s why
Shares of holding companies, including GFL, Pilani Investment and Industries Corporation, and SIL Investments, up to surged 20% on Monday. This followed an NSE circular announcing a special call auction session on October 28 for price discovery of listed investment companies (ICs) and investment holding companies (IHCs).
Hyundai IPO listing tomorrow, GMP declines to 2% over issue price
Hyundai IPO Share Listing: Hyundai’s IPO grey market premium has jumped to 5%, suggesting improved investor sentiment and a positive listing. The shares are trading at Rs 2067, reflecting a 5% premium. The Rs 27,870 crore IPO saw muted demand initially but improved interest. Analysts recommend subscribing for long-term gains in the premium car market.