Saturday, March 07
Asian markets showed gains Wednesday, with Hong Kong, South Korea, and Japan trading higher. Investors are weighing weak US consumer data and economic concerns against potential Federal Reserve rate cuts. Technology stocks faced pressure globally due to high valuations and AI investment worries, as traders await crucial US jobs and inflation figures.
US Trade Representative Jamieson Greer stated that the India-US deal will be significant for years to come, positioning India as a potential alternative to China for American companies seeking to diversify production. Greer highlighted India's growing role as a trusted partner in global supply chains and its increasing imports of US oil.
The government is divesting approximately 5.3% of its stake in Bhel through an Offer for Sale (OFS), aiming to raise around Rs 4,650 crore. The OFS, with a floor price of Rs 254 per share, will be open for institutional investors on Wednesday and retail investors and employees on Thursday.
Edelweiss Financial Services announced that The Carlyle Group will become the strategic majority investor in its housing finance subsidiary, Nido Home Finance. Carlyle-affiliated funds are committing Rs 2,100 crore, including a Rs 1,500 crore primary equity infusion, to strengthen Nido's capital and governance for affordable housing expansion.
The Dadachanji Group has launched KAIRISH Innotech, venturing into custom-built machines, medical devices, and automation for pharma and healthcare. This new entity aims to be a one-stop engineering partner, offering comprehensive solutions from machinery design to sterilization. The move signifies a significant expansion into advanced technological offerings for various industries.
India will prioritize competitive pricing and suitable quality for crude oil imports, while carefully navigating geopolitical landscapes and avoiding sanctioned sources. Discussions also centered on the India-US interim trade agreement and the proposed India-EU Free Trade Agreement, with officials highlighting progress and upcoming developments.
India needs a massive $14.23 trillion investment in its power sector by 2070 for a net-zero future, with renewables dominating generation. Electricity's role in consumption will surge, requiring a 14-fold increase in installed capacity. Decarbonizing transport and securing critical mineral supplies are also vital for achieving climate goals.
Silver prices plummeted by nearly 3% to Rs 2.64 lakh per kg in Delhi on Tuesday, while gold saw a Rs 2,200 gain per 10 grams, reaching Rs 1.60 lakh. This divergence occurred amidst a firm US dollar and anticipation of key US economic data. Traders are observing a consolidation phase in precious metals.
India is actively pursuing agreements with Brazil, Canada, France, and the Netherlands to jointly explore, extract, and process critical minerals like lithium and rare earth elements. This strategic move aims to secure vital raw materials for the nation's energy transition and reduce dependence on China, which currently dominates global supply chains for these essential resources.
