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Gold Prices Soar to Record High, Impacting Diwali Sales and Market Dynamics
- On Saturday, 24k gold prices in India reached an all-time high of Rs 77,410 per 10 grams, marking a Rs 600 increase from the previous close.
- The price surge is attributed to expectations of US interest rate cuts, geopolitical tensions, and a weakening rupee trading below 84 against the US dollar.
- Gold has yielded 22% returns in 2024 and approximately 30% on a Diwali-to-Diwali basis, making it a standout performer.
- Record prices are negatively impacting Diwali sales, prompting jewelers to offer discounts on making charges to attract customers.
- Analysts predict continued bullish trends for gold, with potential targets of Rs 78,500 in the coming sessions, as long as interest rate cut expectations and geopolitical tensions persist.
Tata Consumer Products Refutes Rumors of Starbucks Exiting India
- On December 20, 2024, Tata Consumer Products denied reports of Starbucks exiting India, calling them "baseless" in a letter to major stock exchanges.
- The clarification came after media reports suggested Starbucks might shut operations in India due to high costs and low profitability.
- Tata Starbucks, a joint venture since 2012, currently operates over 450 stores across 70 cities in India.
- On December 16, 2024, Tata Consumer CEO Sunil D'Souza announced plans to "calibrate" short-term store openings due to declining customer footfall.
- Despite short-term adjustments, Tata Starbucks remains committed to its goal of operating 1,000 stores in India by 2028.
Adani Group Unveils Massive ₹27,900 Crore Investment Plan for Bihar
- On December 20, 2024, at Bihar Business Connect, Pranav Adani announced a ₹20,000 crore investment for an ultra-supercritical thermal power plant in Bihar.
- The power plant project is expected to create 12,000 job vacancies during pre-commissioning and 1,500 skilled jobs in the operational phase.
- Adani Group plans additional investments: ₹2,300 crore in logistics, gas distribution, and agri-logistics; ₹2,100 crore for smart meters in five cities.
- The conglomerate aims to invest ₹1,000 crore in strategic infrastructure like Gati Shakti railway terminals and inland container depots.
- Pranav Adani praised Chief Minister Nitish Kumar's vision, citing it as a model for beneficial growth across India.
Steel Exchange India Board Approves Rs 600 Crore Fundraising Plan
- On December 18, 2024, Steel Exchange India's board approved raising Rs 600 crore through equity shares or other eligible securities with a face value of Re 1 each.
- The company can raise funds through various modes including private placement, preferential issue, or qualified institutions placement, in one or more tranches.
- A 'fundraising committee' will decide on the structure, pricing, and timing of the issuance, subject to shareholder and regulatory approvals.
- In Q2 FY2025 (ended September 30, 2024), Steel Exchange India reported a net profit of Rs 2.72 crore, down 25.48% year-on-year.
- On December 18, 2024, Steel Exchange India's shares closed 2.17% lower at Rs 10.83 on the BSE, amid a 0.62% decline in the Sensex.
Indian Rupee Hits Fresh Record Low of 84.95 Against US Dollar Ahead of Fed Decision
- On December 18, 2024, the Indian rupee weakened by 5 paise to close at a record low of 84.95 against the US dollar, touching 84.96 intraday.
- The rupee's decline comes ahead of the Federal Reserve's final policy decision, with expectations of a 25 basis point rate cut.
- Analysts predict the rupee could touch 85 on December 19 if the Fed adopts a slightly hawkish tone in its future guidance.
- The Dollar Index stood at 106.9850, up 0.03%, with expectations of continued outperformance in the first half of 2025 due to strong US economy.
- Brent crude oil prices remained steady at $73.63, up 0.44%, as traders await Fed cues and consider China's demand concerns and potential supply glut.
Senores Pharmaceuticals Announces Rs 582 Crore IPO, Opens December 20
- Senores Pharmaceuticals' IPO, opening on December 20, 2024, offers shares at Rs 372-391, comprising a fresh issue of Rs 500 crore and an OFS of 21 lakh shares.
- The Ahmedabad-based firm's IPO, closing on December 24, aims to raise Rs 582.11 crore, valuing the company at Rs 1,801 crore at the upper price band.
- Proceeds will fund subsidiary Havix Group's Atlanta facility, repay debt, support working capital, and finance inorganic growth through acquisitions and other initiatives.
- Senores develops pharmaceuticals for regulated markets in the US, Canada, and UK, with presence in 43 emerging markets, manufacturing critical care injectables and APIs.
- The company reported Rs 171.87 crore debt as of November 30, 2024. Equirus Capital, Ambit, and Nuvama Wealth Management are lead managers for the December IPO.