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India proposes benchmarking domestic iron ore price to S&P Platts index
Economic Times
·
1m ago
Medial
India plans to benchmark domestic iron ore pricing to indexes like S&P Global Platts to ensure transparency and accuracy. Currently, prices are based on mining companies' self-declarations, which can lead to understated revenues and lower royalty payments to states. The new proposal aims to standardize pricing across states and ensure accurate revenue calculation. This change will impact the royalty and funds allocated for developing mining-affected areas, potentially increasing state revenue from iron ore sales.
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India sees one of the highest ever iron-ore buying by China in April - Feb period
Thehindubusinessline
·
1y ago
Medial
China's iron ore buying from India has increased since the withdrawal of Covid restrictions in China. In the 11-month period of FY24, 92% of Indian iron ore exports went to China, marking the highest ever shipment in percentage terms in a seven-year period. India's exports of iron ore stood at 44.23 million tonnes, up 162% year-on-year, with shipments to China increasing almost 200%. Chinese iron ore imports rose over 8% year-on-year in the first two months of 2024, as steelmakers replenished their stocks. However, industry bodies have called for export restrictions on iron ore to address domestic needs.
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NMDC Q3 net profit rises 62.6% Y-O-Y to Rs 1,469.7 crore
Money Control
·
1y ago
Medial
India's largest iron ore producer, NMDC, reported a 62.6% increase in its consolidated net profit for the December quarter compared to the same quarter last year. The rise was attributed to strong domestic steel demand. NMDC's net profit stood at Rs 1,469.73 crore ($206 million) for the quarter, a sequential increase of 43%. The company's consolidated revenue from operations also rose by 45% year-on-year, reaching Rs 5,409.9 crore ($759 million). The increased demand for iron ore and rising prices contributed to NMDC's positive results.
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Infosys, Wipro ADRs surge up to 3% as Wall Street major indices discount Israel-Iran tensions
Economic Times
·
1m ago
Medial
Infosys and Wipro's American Depository Receipts (ADRs) surged up to 3% amid positive trends on Wall Street, influenced by global oil price declines. Infosys ADRs rose 2.2%, while Wipro's increased 3% as indices like the Dow 30, S&P 500, and Nasdaq Composite climbed significantly. Despite regional tensions between Israel and Iran, the markets remained optimistic. Domestic indices like BSE Sensex and Nifty also saw gains, with the Nifty IT index rising by 1.6%.
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Equity risk premium dips globally in first half of 2024
Money Control
·
1y ago
Medial
The equity risk premium for India has decreased from 7.81 percent at the beginning of the year to 6.79 percent. Meanwhile, the S&P 500 index has gained 17 percent in the first half of this year, despite the downward trend of equity risk premiums globally. The equity risk premium for the S&P 500 index is currently 4.11 percent, down from 4.60 percent at the start of the year.
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Mubadala prepares for sale of Brazil iron-ore mines
VCCircle
·
8m ago
Medial
Mubadala Capital is preparing to sell Porto Sudeste, an iron-ore port in Brazil, which it owns in partnership with Trafigura. The port may be sold alongside the Mineracao Morro do Ipe iron-ore mining project in Minas Gerais. Mubadala aims to offer an integrated player to investors and is expected to put the assets up for sale in the near future. The port can handle up to 50 million metric tons of iron ore annually, and in 2023 it shipped around 26.1 million tons.
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Sensex, Nifty back near record highs fuelled by IT stocks
VCCircle
·
11m ago
Medial
Indian IT stocks drove domestic shares close to a record high after the US Federal Reserve indicated upcoming interest rate cuts. The NSE Nifty 50 index rose 0.76% to 25,010.6, while the S&P BSE Sensex settled 0.75% higher at 81,698.11. Boosted by positive US inflation data and dovish Fed minutes, the IT index increased by 1.39% as IT companies earn a substantial portion of their revenue from the US. The metal index saw a gain of 2.16% due to hopes of Fed rate cuts and a weaker US dollar.
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Funds punished for owning too few Nvidia shares after stunning 230% rally
Economic Times
·
1y ago
Medial
Across nearly 330 mutual funds benchmarked to the S&P 500 or a similar index, only 15% held an above-index weight in Nvidia, according to a Morningstar analysis of the funds' most recent regulatory filings. Among those funds that held a below-average weight in Nvidia, 85% underperformed the index so far this year, Morningstar's data showed.
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Asia manufacturing shows resilience amid trade turmoil—India surges, China slows
Livemint
·
4d ago
Medial
In July, Asia's manufacturing sector showed mixed results amid global trade tensions. India and Vietnam reported gains in manufacturing activity, while China's factory momentum weakened. Southeast Asia, however, faced challenges due to weak external demand and uncertainties in global supply chains. The S&P Global ASEAN Manufacturing Purchasing Managers’ Index climbed to 50.1, slightly indicating growth. Despite these challenges, some markets demonstrated resilience in a turbulent trade environment.
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S&P holds out a carrot for India, but with conditions
Money Control
·
1y ago
Medial
According to S&P, despite the increase in government capital expenditure, there is no projected increase in the investment to GDP ratio in India. S&P took 14 years to upgrade India's sovereign credit rating outlook from BBB-/stable to BBB-/positive, and this time they have promised to move more rapidly. S&P believes that policy stability, economic reforms, and high infrastructure investment will sustain long-term growth, along with cautious fiscal and monetary policy.
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Sensex, Nifty pare early losses to end mildly lower on Monday
VCCircle
·
12m ago
Medial
Indian stocks closed slightly lower on Monday, as gains in bank stocks offset the impact of Hindenburg Research's recent report. The US-based short seller accused the head of the Securities and Exchange Board of India of previously holding investments in offshore funds used by the Adani Group. The two Adani stocks on the Nifty 50 index fell, with a combined $10bn loss in market capitalisation. The NSE Nifty 50 index closed down 0.08% and the S&P BSE Sensex fell 0.07%. Small- and mid-cap stocks outperformed the benchmarks, with several sectors logging gains.
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