After a long lull, India's equity primary market is set to witness some activity. The Multi Commodity Exchange of India (MCX) is set to hit the market with its initial public offer (IPO) in February. The investment banking circles are already buzzing with talks about valuation. Experts say, if priced well the issue could pump life into the moribund IPO market.
The reason, say market players, is heavy losses suffered by traders in south India and Ahmedabad dabbling in the white metal.
Despite gold prices hitting record highs, analysts aren't gung-ho about the outlook for gold financiers Muthoot Finance and Manappuram Finance. This, they said, was due to intense competition from banks, coupled with stagnating loan books and likely pressure on margins.
Leading stock exchange BSE on Tuesday said it has added 1 crore registered investor accounts to its platform in a span of 148 days, taking the total count to 12 crore. The exchange added one crore investors' accounts between July 18 and December 13, BSE said in a statement. In comparison, the exchange took 124, 91, 85 and 107 days for the previous milestones of 11 crore, 10 crore, 9 crore and 8 crore, respectively.
Equity investors became richer by Rs 2.4 lakh crore as key benchmark indices Sensex and Nifty scaled new peaks in morning trade on Tuesday, amid persistent foreign fund inflows. Analysts said foreign institutional investors have reversed their selling strategy and have been consistent buyers during the last seven days. This momentum is a reflection of institutional confidence in the Indian market, they said.
Prices of refined soya oil and edible oil seeds have gone up on India's commodity exchanges thanks to strong movement in edible oil future prices in the international market.
For the first time, the Indian rupee is going to be traded in the global futures market.
Gold is an excellent asset class for diversification and should be included in all long-term portfolios.
Futures contracts of the rupee against the dollar listed on the Dubai Gold
Gold futures climbed to a fresh high of Rs 28,800 per 10 grams on Tuesday, tracking a firming trend overseas, where the rate topped $1,910 an ounce as global financial turmoil raised demand for the metal as a safe haven.
Alternative Investment Funds (AIFs) with a lock-in period performed better than the ones that allow investors to withdraw capital at any time. Close-ended schemes had a median return of 5.62 per cent in December, according to data from industry tracker PMSBazaar. The median returns for open-ended schemes were 3.91 per cent
Since March 2020, when the Nifty50 plummeted to 7,511 following the announcement of a nationwide lockdown, the stock market has been on an upward trajectory. Over the next four years, the major market index has delivered a remarkable compounded annual growth rate (CAGR) of over 31.5 per cent. In the past year alone, the Nifty50 has gained by 27 per cent, hitting a succession of record highs.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
With the West Asian/North African crisis not likely to end soon and investors' appetite increasing for gold, it is expected to touch $1,600 an oz by the year-end.
After his previous visit, the Sensex crashed and it took four painful years to top the 21,000 mark.
Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group, has also listed several other concerns with regard to MXC deal.
A combination of fewer listings and falling 'average daily traded value' contributed to the drag in Q3.
Ambitious plans by NGOs and companies to take technology to farmers are not always successfully executed.
Pepper futures set a new record of Rs 457.09 crore (Rs 4.57 billion) during intra-day trading at the National Multi-Commodity Exchange last week.
The government has relaxed FDI norms in industries such as civil aviation, petroleum and natural gas and commodity exchanges.
Living separately and refusing to co-exist in future, many members of both Kukis and Meitis communities ask - why elections at this time and what difference will they make?
Airlines have been conducting fuel efficiency analysis, which involves fuel calculations on a daily basis, based on the availability of optimum routes in terms of wind, flight levels and overflying charges, route rationalisation to prune the number of flights and increase utilisation. They also want the Centre to grant ATF a declared goods status, which would result in a uniform levy of 4 per cent sales tax at the state level.
Dhanteras is considered auspicious for investment and buying gold.
The timing coincides with Maldivian President Mohamed Muizzu's recent state visit to China, aimed at strengthening ties.
The manpower requirement will be met with the officers from FMC (both cadre and deputation) and by new hiring.
The Finance Ministry further said decision on seven FDI proposals has been deferred.
India's current account deficit declined sharply to 1 per cent of the GDP or $8.3 billion in the second quarter of this financial year, mainly due to lower merchandise trade deficit and growth in services exports, according to a RBI data released on Tuesday. The current account deficit (CAD), which represents the difference between the total amount of money sent abroad and money received from overseas across the economy, was 3.8 per cent of GDP or $30.9 billion in the July-September quarter in 2022-23. CAD was $9.2 billion or 1.1 per cent of GDP in the first quarter (April-June) of the current financial year 2023-24.
The government has cleared 19 foreign investment proposals, including that of Walt Disney Company and Reckitt Benckiser (India), entailing total investment of Rs 2,326.72 crore (Rs 23.26 billion).
'Earnings will be the catalyst for markets to march higher from here on out.'
Gold is ruling over Rs 14,990 per 10 grams level in the spot market and on leading commodity exchange MCX gold for August was trading at Rs 14,724 per 10 grams.
These investments from strategic international partners would provide Indian commodity markets and MCX access to global know how and technology making them more efficient, competitive and transparent institutions globally.
Foreign direct investment (FDI) in India declined by about 15 per cent to $12.6 billion (Rs 74,971 crore) during April-October this year, Parliament was informed on Wednesday.
Breaking all previous records, gold prices on Saturday surged to a new peak at Rs 16,349 per 10 gram in futures trade, as traders increased their exposure in the precious metal following melting stock and forex.
The demand for ban on futures trading in more commodities is increasing day by day.
The economic turmoil has also hit the demand for luxury goods and hence the demand for jewellery has fallen considerably.
'It makes sense to have gold in one's portfolio keeping the political and economic risks of 2024 in mind.'
You can now pay all your bills with your phone.
Another PSU has entered the arena of bullion Futures market. In a recent development, the Handicrafts & Handlooms Exports Corporation of India, a PSU under the ministry of textiles, has started hedging in bullion metals at the Multi Commodity Exchange. According to the PSU officials, it has hedged Rs 13 crore in gold and silver over the last one month.
Wipro was the biggest gainer in the Sensex pack, rising 4.34 per cent, followed by HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services and State Bank of India. Mahindra & Mahindra, ITC, Axis Bank, Nestle, Kotak Mahindra Bank and Asian Paints were among the laggards.
Chary also says some government officials have played an important role in favouring organisations that MCX competes with.
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