Business News


The Economic Times: Breaking news, views, reviews, cricket from across India
Updated: 9 hours 43 min ago
Woman loses Rs 20 crore in Aadhaar scam
Categories: Business News
Gold Price Today: Yellow metal faces profit booking, silver holds above Rs 1 lakh/kg mark
After reaching a new all-time high of Rs 88,310 per 10 grams on the MCX last week, gold April futures saw profit booking at elevated levels on Monday. As of 10:45 am, the contracts were trading 0.32% or Rs 278 lower at Rs 87,713 per 10 grams.Meanwhile, silver May futures on MCX managed to stay above the Rs 1 lakh per kg mark, despite some profit-taking. At the same time, silver contracts were trading 0.38% or Rs 379 lower at Rs 1,00,359 perOn Friday, gold and silver settled on a positive note in the domestic and international markets. Gold April futures contract settled at Rs 87,991 per 10 grams with a gain of 0.25% and silver May futures contract settled at Rs 1,00,738 per kilogram with a gain of 0.19%.Gold and silver prices showed solid strength last week amid uncertainty in the global financial markets due to U.S. trade tariffs. Internationally, gold prices crossed $3,000 per troy ounce for the first time in the international markets and silver prices hit 4-1/2 month highs amid safe-haven buying. “Global investor’s interest turned positive on gold ETF investments due to uncertainty and recession fears in the United States. Global gold ETF inflow hit 34 month highs in February month,” noted Manoj Kumar Jain of Prithvifinmart Commodity Research.Today, the US Dollar Index, DXY, was hovering near the 103.76 mark, gaining 0.04 or 0.04%.“The U.S. economic data was also disappointing as consumer confidence shaken and UOM inflation expectation surged to 4.9%. Fear of stagflation in the U.S. could continue to drive bullion prices,” Jain added.He expects gold and silver prices to remain volatile this week amid volatility in the dollar index, the US trade war and ahead of the US FED policy meetings but gold and silver could hold its key support levels of $2,922 and $32.40 per troy ounce levels respectively on a weekly closing basis.Ranges for gold and silver by Manoj Kumar Jain:At MCX, gold has support at Rs 87,550-87,200 and resistance at Rs 88,320-88,600Silver has support at Rs 1,00,000-99,200 and resistance at Rs 1,01,400-1,02,000.Jain suggests buying silver around Rs 1,00,000 with a stop loss of Rs 98,800 for a target of Rs 1,02,000.Gold rates in physical marketsGold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 57,928/8 grams while pure gold (24 carat) prices stand at Rs 61,808/8 grams.Gold Price today in MumbaiStandard gold (22 carat) prices in Mumbai stand at Rs 57,008/8 grams while pure gold (24 carat) prices stand at Rs 60,752/8 grams.Gold Price today in ChennaiStandard gold (22 carat) prices in Chennai stand at Rs 56,864/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.Gold Price today in HyderabadStandard gold (22 carat) prices in Hyderabad stand at Rs 56,768/8 grams while pure gold (24 carat) prices stand at Rs 60,496/8 grams.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Categories: Business News
Ajay Singh to infuse Rs 294 cr into SpiceJet
SpiceJet announced on Monday that its Founder and Promoter, Ajay Singh, through his Promoter Group Company, Spice Healthcare Private Limited, will invest an additional Rs 294.09 crore into the airline that will raise the group's shareholding in the private airline. This investment will come through the conversion of 13,14,08,514 warrants into an equivalent number of equity shares (13.14 crore equity shares). As a result, the consolidated shareholding of the Promoter Group in SpiceJet will increase from 29.11% to 33.47%.SpiceJet's shares soared following the news and was trading 6.4% higher at Rs 48.40 apiece on BSE wich was up 0.6% in early trade on Monday.“This fresh infusion reaffirms our unwavering commitment to the airline and its bright future. This investment will further strengthen our financial position and drive growth. SpiceJet has always been a resilient airline and with this fresh capital, we are well positioned to enhance our operations and seize new opportunities," said Singh.The proceeds from the sale of shares will be used to partially fund the remaining 75% of the amount required for the allotment of equity shares after the warrants are converted, said the airline.Meanwhile, a meeting of the Board or Board Committee of SpiceJet is scheduled to take place on or before March 18, 2025, to approve the allotment of equity shares resulting from the warrant conversion. This move, part of a larger financial restructuring, highlights the Promoter Group's ongoing commitment to SpiceJet's long-term growth and stability. By converting the warrants into equity, Singh aims to enhance the airline’s financial position and demonstrate confidence in its future prospects.
Categories: Business News
Tata Motors shares jump over 1% as board considers Rs 2,000 crore NCD issuance
Tata Motors shares jumped 1.5% to an intraday high of Rs 665.50 on the BSE in early trade on Monday, March 17, after the company announced that its Board Committee will meet on March 19 to consider and approve the issuance of non-convertible debentures (NCDs) aggregating up to Rs 2,000 crore.“Pursuant to Regulations 29(1)(d) and 50(1)(d) of the Listing Regulations and in accordance with the approval granted by the Board of Directors of Tata Motors Limited (‘the Company’) at its meetings held on March 4, 2024, and May 10, 2024, we hereby wish to inform you that a meeting of the duly constituted Committee of the Board of Directors of the Company is scheduled to be held on Wednesday, March 19, 2025, inter alia, to consider and approve the issuance of Rated, Listed, Unsecured, Redeemable, Non-Convertible Debentures on a private placement basis aggregating up to Rs 2,000 crore,” the company said in a regulatory filing.The announcement signals Tata Motors' intent to raise fresh capital through debt markets, potentially for various business requirements.Non-Convertible Debentures (NCDs) are fixed-income instruments that provide structured returns to investors. As these NCDs are unsecured, meaning assets do not back them, market participants will evaluate the company's creditworthiness and debt servicing capability.Also read: Sliding market having a spree of bad share daysTata Motors share price historyOver the past year, Tata Motors' shares have declined 32.64%, marking a significant downturn. The year-to-date (YTD) loss is 12.53%, reinforcing the negative trend. In the last six months, the stock has dropped 33.94%, while the three-month decline is 17.10%. Over the past month, it has fallen 4.13%, indicating sustained short-term downward pressure.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Categories: Business News