Jordan and Arab Mining Company inks MoU for gold, lithium exploration
Mon, Dec 19, 2022 8:52 AM

Jordan and Arab Mining Company inks MoU for gold, lithium exploration

Jordan's Ministry of Energy and Mineral Resources and the Arab Mining Company inked a Memorandum of Understanding to explore lithium and gold in southern Jordan. According to this project, the Arab Mining Company will explore gold in an area of 50 square km in Jabal Mubarak in Aqaba of Jordan. It is also expected to explore lithium in an area of 35 square km in Wadi Araba's Finan area.

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India's Car sales clinched a record 3.8 million units in 2022
Mon, Dec 19, 2022 8:48 AM

India's Car sales clinched a record 3.8 million units in 2022

India's automakers may end CY22 with sales of 3.8 million passenger vehicles (PVs). The latest figure surpassed the earlier record by over 400,000 vehicles, driven by sustained demand and improved component supplies. With Indian auto-buying largely concentrated around cars and SUVs like never before, PV sales in 2022 are expected to rise by nearly a fourth.

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Gold refiners unsuccessful in selling bullion for over a month
Mon, Dec 19, 2022 8:38 AM

Gold refiners unsuccessful in selling bullion for over a month

Gold refining experienced a standstill since refiners have been unsuccessful in selling bullion for over a month. Refiners (who import impure bars for refining) claimed a considerable increase in smuggled gold in the Indian market as demand has increased during the wedding season in the past month. High duty on gold, now at 18%, promotes the entry of gold via this route.

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Central banks purchased 400 tonnes of gold in Q3
Mon, Dec 19, 2022 8:28 AM

Central banks purchased 400 tonnes of gold in Q3

Central banks purchased 400 tonnes of gold in Q3, and this news developed a buzz in the gold markets. It is not only because of the volume of almost 400 tonnes during Q3 but also because most of it could not be allocated to a specific central bank. The only identifiable purchases came from India (17t), Turkey (31t), and Uzbekistan (26t). Russia should be on that list as well.

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Top factors to consider before the market opens today
Mon, Dec 19, 2022 8:22 AM

Top factors to consider before the market opens today

📌Wall Street ended in the red for a 3rd straight session and suffered a 2nd week of losses on Friday. 📌Asia-Pacific markets are trading on a mixed note as investors struggle to shake off recession fears. Nikkei 225 fell 1% while Kospi was trading flat. 📌 SGX Nifty signals a positive opening for Indian markets with a gain of 56 points. 📌India's forex reserves gain for 5th straight week.

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Oil prices gain today on optimism over China's demand recovery
Mon, Dec 19, 2022 8:14 AM

Oil prices gain today on optimism over China's demand recovery

Oil prices reclaimed their position today after plunging over $2 a barrel in the last session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession. By 0103 GMT, Brent crude futures surged 72 cents or 0.9% to $79.76 a barrel. Similarly, U.S. West Texas Intermediate crude gained 60 cents or 0.8% to $74.89 a barrel.

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Gold prices decline on expectations of more rate hikes
Mon, Dec 19, 2022 8:04 AM

Gold prices decline on expectations of more rate hikes

Gold prices declined during early Asian deals today as the market is anticipating more interest rate hikes in the next year by the U.S. Fed. At 0010 GMT, spot gold prices fell 0.1% at $1,791.25 per ounce. U.S. gold futures, however, remained flat at $1,800.70. Indian gold dealers offered considerable discounts to attract investors who delayed purchases due to a spike in prices last week.

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🎆Check out these buzzing stocks for today👉
Mon, Dec 19, 2022 7:52 AM

🎆Check out these buzzing stocks for today👉

✅L&T: L&T and Canada Pension Plan decided to transfer their 100% shareholding in L&T Infrastructure and its subsidiaries to Edelweiss Alternative Assets for ₹6,000 cr. ✅UPL: KKR invested ₹2,474 crore in the company's arm, Advanta Enterprises, for a 13.33% stake. ✅Tata Motors: BMTC has signed a deal with Tata Motor's arm for the operation of 921 low-floor electric buses in the city.

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SGX Nifty up 50 points! D-Street heading for a positive start today
Mon, Dec 19, 2022 7:44 AM

SGX Nifty up 50 points! D-Street heading for a positive start today

Nifty futures were trading higher by 48 points or 0.26 per cent at 18,366 on the Singapore Exchange. The early barometer of India's benchmark Nifty 50 index signals that Dalal Street was headed for a positive start on Monday. US stocks ended lower for the third successive session on Friday, with the Dow Jones declining 0.9% and S&P 500 plunging 1.1%.

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Musk initiates a poll to decide on whether he should quit as Twitter CEO
Mon, Dec 19, 2022 7:33 AM

Musk initiates a poll to decide on whether he should quit as Twitter CEO

Twitter CEO Musk initiated a poll on the social media platform on December 18 asking participants whether he should quit as head of the company. The billionaire has decided to obey the poll results, which is expected to close around 1120GMT on Monday. However, Twitter's new CEO did not provide details on when he would step down if the poll results said he should.

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KFin Technologies IPO opens for public bidding today
Mon, Dec 19, 2022 7:27 AM

KFin Technologies IPO opens for public bidding today

KFin Technologies IPO will open for public subscription today, and the offer will remain open for bidding till 21st December 2022. The technology-driven financial service provider is eyeing to garner ₹1,500 crore from its maiden issue, which is entirely OFS (offer for sale) in nature. Market observers suggest shares of KFin Technologies are quoting a premium of ₹5 in the grey market today.

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RCap threshold bid amount finalised at Rs 6,500 crores
Mon, Dec 19, 2022 7:21 AM

RCap threshold bid amount finalised at Rs 6,500 crores

Reliance Capital's administrator reported that resolution applicants should offer at least ₹6,500 crores (decided as the threshold bid amount) to take part in the auction for the company. The Piramal-Cosmea combine, the Hinduja Group, Torrent Investment and Oaktree Capital are likely to participate in the auction of Anil Ambani's former core investment firm.

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Adani, PEs interested in acquiring Hyderabad ORR toll rights
Mon, Dec 19, 2022 7:17 AM

Adani, PEs interested in acquiring Hyderabad ORR toll rights

Two Canadian funds, investors KKR and NIIF, and strategic player Adani Road Transport rank among possible bidders interested to buy the toll rights of Hyderabad's outer ring road. Sources claimed that the deal is likely to be worth ₹7,000-8,000 crore The Hyderabad Growth Corridor (HGCL) had invited bids for maintaining the 158-km-long Nehru Outer Ring Road (NORR).

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Tata in final discussions to acquire majority stake in UTI AMC
Mon, Dec 19, 2022 7:09 AM

Tata in final discussions to acquire majority stake in UTI AMC

The Tata Group is in final stage of discussions to acquire a majority stake in UTI Asset Management Co (AMC), from four state-owned financial entities. Notably, UI AMC is India's eighth-biggest mutual fund. Punjab National Bank (PNB), Life Insurance Corporation of India (LIC), State Bank of India (SBI) and Bank of Baroda (BOB) together hold a 45.16% stake in the company currently.

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Poonawalla readies ₹1,000 crore to establish the Poonawalla Vision Fund
Mon, Dec 19, 2022 6:58 AM

Poonawalla readies ₹1,000 crore to establish the Poonawalla Vision Fund

Adar Poonawalla applied for regulatory permission to develop the Poonawalla Vision Fund to invest in growth-stage companies from its corpus of ₹1,000 crore contributed by his family. His company submitted an application to the Securities and Exchange Board of India on 29 September for registration as a category-II alternative investment fund.

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