According to the agriculture ministry, India’s foodgrain production reached a record 332.22 million tonnes in the 2023-24 crop year, driven by strong wheat and rice production. The final estimate for 2023-24 shows an increase of 2.61 million tonnes from the previous year’s 329.6 million tonnes. Rice production reached a record 137.82 million tonnes, up from…
With the recent announcement of increased import levies on crude and refined oil, consumers are starting to feel the squeeze of inflation in kitchen basics like edible oil. The modal or benchmark retail prices of mustard, sunflower, and palm oil all of which are frequently used in Indian kitchens—have increased to Rs 148/litre, Rs 129/litre,…
Gold prices were steady in Asian trade on Thursday, closing at an all-time high as attention focused on the Federal Reserve chairman’s upcoming speech, although key US economic indicators showed weakness. For industrial metals, prices remained somewhat acceptable due to additional stimulus measures in China. It is the largest importer, and copper prices remained stable…
SEBI has approved Hyundai Motor India’s IPO, bringing the company’s intentions to list one step closer. Hyundai India hopes to raise Rs 25,000 crore, or $3 billion, through the offer, regarded as India’s largest public issue. This indicates a $20 billion valuation for Hyundai. According to rumors, the business may be preparing to list in…
Oil prices fell on Wednesday as investors reassessed the ability of China’s stimulus programs to boost the economy enough to spur higher fuel demand growth in the world’s biggest crude importer. Brent crude futures were down 17 cents, or 0.2%, at $75 a barrel. U.S. West Texas Intermediate crude was down 24 cents, or 0.3%,…
Gold prices reached record highs on Wednesday due to a weaker dollar and an escalated Middle East conflict. Spot gold held steady at $2,658.07 per ounce, while gold futures edged 0.2% higher to $2,682.60. The dollar was down 0.2%, making greenback-priced bullion less expensive for other currency holders. This data raised hopes that the U.S….
As market challenges ease, UBS strategists predict that major commodity sectors will bottom out in the coming months. Despite weak performance in most categories, the outlook remains positive, with sector-wide recovery and growth into 2025. Over 6-12 months, total returns of at least 10% for the UBS CMCI are forecasted. The energy sector, particularly crude…
Oil prices rose on Tuesday on concerns that rising tensions in the Middle East could hit supplies from the major producing region, while a major hurricane loomed over the world’s biggest crude producer, the United States. Brent crude futures for November delivery were up 69 cents, or 0.93%, at $74.59 a barrel. US WTI crude…
Gold prices reached record highs on Monday due to the U.S. Federal Reserve’s interest rate cut and signs of further reductions. Spot gold remained near $2,619.37 per ounce, while U.S. gold futures edged 0.1% lower to $2,643.90. The Fed began easing monetary policy with a half-percentage-point rate cut on Wednesday, forecasting a further half-point reduction…
The US interest rate cut and the strength of the Indian market have attracted foreign investors, who have invested close to Rs 33,700 crore in Indian shares thus far this month. Based on depositories’ data, this is the second-largest monthly inflow for 2024; the biggest was in March when FPIs invested a total of Rs…
