Thursday, December 8

Business

Business

PM Modi to visit Kedarnath-Badrinath today, tight security in place.

Prime Minister Narendra Modi will visit Kedarnath and Badrinath today during which he will inspect various ongoing development works and also lay foundation stones for some new projects. In view of the visit, security arrangements have been tightened in the area, an official said. While the officials are busy finalizing the preparations for the two-day program of the prime minister, the priests of both the Dham and the devotees are also excited by his arrival. Both Kedarnath and Badrinath temples are decorated with many quintals of flowers. The Prime Minister will reach Kedarnath at around eight Friday morning and will perform worship of Baba Kedar. After it, he will lay the foundation stone of the 9.7 km long Gaurikund-Kedarnath ropeway project. During his two-and-a-half-hour ...
Business

Gold Prices Creep Higher as USD Retreats, Hawkish Fed Caps Gains.

Gold prices rose slightly on Wednesday, extending mild gains into a third session as pressure from the dollar abated, although hawkish signals from Federal Reserve officials prevented further gains. Spot gold rose 0.1% to $1,653.49 an ounce, while gold futures rose 0.2% to $1,658.90 an ounce by 19:20 ET (23:20 GMT). Both instruments spent a second day above the key support level of $1,650, tracking a decline in the dollar. The dollar index is trading down over 1% this week, as risk appetite improved on a series of strong earnings on Wall Street. But the greenback appeared to have curbed its losses on Tuesday following a series of hawkish comments from Fed officials. Minneapolis fed president Neel kashkari said the Fed may push its benchmark rate above 4.75% if underlying inflation...
Business

US dollar clings to gains as bets on further Fed hikes firm

The dollar fought for a footing in choppy trade on Thursday, with support from upbeat U.S. data and hawkish policymaker comments, while the prospect of higher energy prices helped exporters' currencies and weighed on those of importers. The dollar rose 1% on the euro and 1.3% on sterling overnight and was trying to hold those gains in bumpy early trade in Asia. The euro has now made two unsuccessful attempts to regain parity this week and last bought $0.9916. Sterling's rebound from record lows has paused just below $1.15. The U.S. services industry posted another month of expansion in September, data showed overnight, while labour market figures were solid and the trade deficit narrowed. San Francisco Fed President Mary Daly reiterated policymakers' focus on inflation fighting and d...
Business

Gold Steadies Above $1,650 as Safe Haven Appeal Creeps Back in

Gold prices steadied above a major support level on Monday as growing risks of an economic recession spurred some safe-haven demand for the yellow metal. Prices also recovered marginally from a bruising September, where they dropped 3%. Bullion prices marked their worst quarter since March 2021 with a 7.5% drop. Spot rose 0.2% to $1,663.99 an ounce, while gold futures were flat around $1,672 an ounce by 20:31 ET (00:31 GMT). Prices of the yellow metal were steady even as U.S. Data on Friday showed inflationary pressures remained elevated and were likely to invite more rate hike pain from the Federal Reserve. But fears that more interest rate hikes could slow economic growth, coupled with a brewing financial crisis in Europe and the UK invited some safe haven buying into gold. Data o...
Business

Oil Prices Hover Near 8-Mth Low as Recession Fears Dent Outlook

Oil prices held near eight-month lows on Monday after falling sharply last week as markets feared that slowing global economic activity will dent demand for crude. Anderson-traded Brent oil futures rose 0.3% to $85.29 a barrel, while U.S. West Texas Intermediate futures were unchanged at $78.67 a barrel by 21:30 ET (01:30 GMT). Both contracts were trading just above their weakest level in eight months and were nursing steep losses from last week. Prices trimmed early gains on Monday after Japanese Business activity showed manufacturing activity in the world’s second-largest economy grew at a slower pace in September from the prior month. The reading came on the heels of dismal business activity data from the Eurozone and the UK last week, which heightened fears of a global rec...
Business

10-year yields highest since 2011 before expected Fed rate hike

Benchmark 10-year U.S. Treasury yields jumped to their highest level since 2011 on Monday as investors adjusted for the likelihood that the Federal Reserve will hike rates higher and for longer than previously expected as inflation remains near multi-decade highs. Data last week showed higher-than-expected consumer prices in August, dashing hopes that the worst of rising price pressures may be in the past. It also made it more likely that the Fed will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday. Traders are now pricing in a 77% chance of a 75 basis points hike and a 23% likelihood of a 100 basis points increase. Investors are grappling to determine how long the Fed will raise rates as monetary tightening by central banks globally also r...
On May 6, the Coal Ministry will host a meeting for investors
Business

On May 6, the Coal Ministry will host a meeting for investors

On Friday, the coal ministry will host a high-level Investors' Meeting to encourage private-sector investment. Coal Minister Pralhad Joshi will kick off the event, which will take place in Mumbai. "Joshi will hold a high-level Investors' Meet in Mumbai on May 6, 2022, focusing on the topics of 'Launching of closed/discontinued coal mines of Coal India Ltd (CIL) on revenue sharing method' and 'Coal Gasification; Way Forward,'" the ministry said in a statement. The Investors' Meet, which is being organized by the Ministry of Coal in collaboration with CIL and FICCI, will be addressed by Minister of State for Coal, Mines, and Railways Raosaheb Patil Danve. The day-long meeting will be attended by Coal Secretary Anil Kumar Jain, as well as other senior ministry officials, C...
HDFC to sell 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr
Business

HDFC to sell 10% stake in HDFC Capital Advisors to ADIA for Rs 184 cr

Mortgage lender HDFC Ltd has entered into a binding agreement to sell a 10 percent stake in HDFC Capital Advisors Ltd to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) for Rs 184 crore. HDFC Capital is a wholly-owned subsidiary of HDFC and is in the business of managing private equity funds focused on the real estate sector in India. It manages an approximately $3 billion funding platform. It is the investment manager of HDFC Capital Affordable Real Estate Funds 1, 2 & 3; and is aligned with the government's goal of increasing housing supply and supporting the Pradhan Mantri Awas Yojana - ‘Housing for All’ initiative. “The funds managed by HDFC Capital provide long-term, flexible funding across the lifecycle of affordable and mid-income housing project...
Hyundai Motor India’s total sales fall 14% in February
Business

Hyundai Motor India’s total sales fall 14% in February

Hyundai Motor India on Tuesday reported a 14 percent decline in total sales at 53,159 units in February. The company had sold 61,800 units in the same month last year, Hyundai Motor India said in a statement. Domestic sales were down 14.6 percent to 44,050 units last month as against 51,600 units in February 2021. Exports declined by 10.7 percent to 9,109 units last month as compared to 10,200 units in the year-ago period, the auto major said. "As the industry continues to grapple with the semiconductor shortage situation, the company along with its partners is continuously exploring alternatives to ensure customers can take delivery of their most loved Hyundai cars at the earliest," it added.
Razorpay acquires Malaysian fintech start-up at over $19 mn valuation
Business

Razorpay acquires Malaysian fintech start-up at over $19 mn valuation

Fintech unicorn Razorpay has acquired a majority stake in Curlec in a deal that values the Malaysian payments start-up at more than $19 million. Razorpay will full acquire the company later in 1.5 years. Kuala Lumpur-based Curlec builds solutions for recurring payments for businesses. This marks Razorpay’s fourth acquisition overall and its first in a foreign country. “We look forward to the next phase of our journey and scaling together across Malaysia and Southeast Asia,” said Zac Liew, Co-Founder and CEO of Curlec said, Prior to this, Razorpay acquired TERA Finlabs, (AI-based risk tech SaaS Platform) in 2021, Opfin (Payroll & HR management solution) in 2019 and Thirdwatch (Fraud Analytics AI- platform) in 2018. Razorpay has more than 8 million B2B customers including the...