COST Financial News

President Joe Biden’s chief of staff has argued to an influential group of CEOs that the Democratic incumbent’s emphasis on global alliances would help their businesses

Adani Group unit Ambuja Cement is to acquire Hyderabad-based Penna Cement at an enterprise value of ₹10,422 crore, adding to its capacity and market share in southern India. Mumbai-headquartered Ambuja Cement will acquire 100% of Penna Cement from existing promoter group P Pratap Reddy and family, the company said in a stock exchange filing. Penna Cement has around ₹3,000 crore of debt, including fund, non-fund debt and inter-corporate deposits, according to sources. Of the enterprise value, Ambuja Cement will hold back around ₹3,500 crore as milestone payments for completion of 2 million tonne (MT) cement capacity and 3 MT clinker facility at Penna's Rajasthan plant, which is likely in a year.

With low maintenance requirements and easy servicing, Split ACs are a practical choice for cooling needs in Indian households or workplaces. Browse this curated selection of top-selling Split ACs in India and invest in a premium unit today to enjoy its efficient cooling capabilities.

The leaders of the Group of Seven wealthy democracies have agreed to set in motion a $50 billion loan to help Ukraine

Mortgage rates eased again this week, though the latest pullback leaves the average rate on a 30-year home loan at close to 7%, where it’s been much of this year

₹6,588 per barrel on the multi commodity exchange (MCX). -The US Labor Department said the producer price index (PPI) for final demand dropped 0.2 per cent last month. Separate data showed weekly initial jobless claims exceeded estimates for a 10-month high.-The US Fed held interest rates steady on and pushed out the start of policy easing to as late as December.

Gold rate today: Why is gold price nosediving today after US Fed meeting?U.S. producer prices unexpectedly declined in May due to lower energy costs, suggesting that inflation had eased after a surge in the first quarter.“Gold prices are down more than 0.5 per cent as the U.S.

National Bank of Canada’s deal to acquire a smaller rival in western Canada makes strategic sense, analysts said, but the transaction may take years to deliver on its promised benefits for shareholders.

10-year benchmark sovereign bond yield retreated below 7% on lower than expected domestic and US inflation prints, although calling the formal start to an easing cycle is rather difficult still after last week's Mint Road assertion that domestic conditions largely would dictate its monetary policy approach. Yield on the 10-year securities retreated to 6.98% Thursday after India's retail inflation eased to a one-year low of 4.75% in May, as against an 11-month low of 4.83% the previous month.

inflation data raised hopes for two rate cuts in 2024, even as the Federal Reserve's projections called for just one cut this year. Spot gold was down 0.5% at $2,310.89 per ounce, as of 1510 GMT. Prices fell as low as $2303.84 before the data came out. U.S. gold futures were down 1.2% to $2,326.90.

Flexible workspace provider WeWork India on Thursday opened its first Chennai co-working space in Olympia Cyberspace in Guindy, making this the 55th building for the company in the country. The facility spans over 130,000 sq. ft. and has 2,000 seats available across two floors. It has also already signed on members like Wheelocity Fresh, Molex India, Dr. Wamser + Batra India and H2O LLC.

Oil prices slipped on Thursday as investors digested that the U.S. Federal Reserve had likely pushed back an interest rate cut to December and as U.S. crude and fuel stocks rose. Brent crude futures fell 60 cents, or 0.7%, to $82 a barrel by 1207 GMT. West Texas Intermediate (WTI) U.S. crude futures fell 68 cents, or 0.9%, to $77.82. Both benchmarks had gained nearly 1% in the previous session.

Also Read: Why is gold price nosediving today after US Fed meeting?Positive indications from the Fed regarding potential rate cuts are particularly significant for markets, especially those in India, and specifically for Indian IT companies. This is because Indian IT firms generate a substantial portion—over 70%—of their revenues from the United States.

JPMorgan Asset Management Chief Market Strategist Gabriela Santos analyzes the Federal Reserve's decision making on 'The Claman Countdown.'

GoKwik network of D2C brands. The partnered integration has been rolled out to over 90 brands in the GoKwik network, including Snitch, Adilqadri, Bacca Bucci, Neemans, and Sanfe among others. This will unlock a wider universe of discounts and loyalty points for brands to offer their shoppers, while contributing to the brand's revenue growth.

industrial growth and the emergence of one of the fastest growing real estate segments in the country, India’s warehousing sector is set to cross the 300 million sq ft mark by 2025 from the current stock of 216 million sq ft, according to a CREDAI-CRE Matrix joint report. During the March quarter, India witnessed a 5% increase in warehousing rentals with the absorption to supply-ratio at 1.4 times. Pune and NCR’s contribution to the pan India Grade A/A+ warehousing demand was 45%, while Mumbai Metropolitan Region (MMR) and NCR jointly had a demand touching 53% in the segment. MMR alone recorded a 52% on-year increase in supply during the quarter.

«This is potentially on cards and this could be the potential driver for some of the stocks in this year. Adani has pumped in 20,000 crore into Ambuja and it is very difficult to put in greenfield projects,» says Rakesh Arora, Founder, Go India Stocks. There are three things we will discuss. One is the consolidation in the sector, which has happened two-three years ago, is that real? How will smaller cement companies exist and coexist? And after three-four years of perhaps flat performance by cement stocks, are we in for a good time for cement stocks? So, three things. What do you want to start with? Cement industry, I mean, obviously, demand is working for them. There has been no doubts about demand picking up in India given all the infrastructure boom, etc. And it is always the cycles of supply which really matters. Demand has never been questioned. And this is where there is a little bit of an issue because you have two top players gunning for market share and they are trying to increase capacity quite significantly.

The price change in 24 carat gold in the last one week has been 2.82% .whereas in the last month it has been 2.12%.The cost of silver is Rs.88370.0 per kg up by Rs.490.0 per kg. Gold Price Today in Delhi is ₹73155.0/10 grams. Yesterday’s Gold Price on 12-06-2024 was ₹73027.0/10 grams.

The European Union is moving to hike tariffs on electric vehicles made in China

German energy company Uniper says a tribunal has awarded it more than 13 billion euros (nearly $14 billion) in damages for gas that Russia's Gazprom hasn’t supplied since 2022

As of June 6, 2024, the total debt of the U.S. government was $34.67 trillion, up from $32 trillion only a year ago. In fact, the federal government spent $658 billion on net interest costs on the national debt in 2023, or about 2.4% of GDP. This was the largest amount ever spent on interest in the budget, reflecting a 38% increase from 2022.