Author: Kanhaiya

Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported a 5.8 per cent jump in its net profit to Rs 659.6 crore for the second quarter of the current financial year 2024-25 ended September 30. Its revenue during July-September 2024 increased 14.4 per cent to Rs 14,444.5 crore, compared with Rs 12,624.4 crore in the year-ago period.

DMart’s net profit had stood at Rs 623.6 crore in the corresponding period last year.

The Radhakrishna Damai-owned company’s Ebitda rose 29.3 per cent to Rs 1,093.8 crore in Q2 FY25, compared with Rs 846 crore a year ago. Ebitda stands for earnings before interest, tax, depreciation, and amortisation.

Shares of Avenue Supermarts on Friday fell Rs 34.1 or 0.74 per cent to close at Rs 4,572.35 apiece on the BSE.

Steel pipes maker Hi-Tech Pipes has raised over Rs 500 crore through Qualified Institutional Placement (QIP) route. The QIP opened on October 7 post market hours, and closed on October 11, the company said in an exchange filing.

The QIP was oversubscribed by marquee institutional investors and received bids of over Rs 800 crore.

“Hi-Tech Pipes announces successful closure of Rs 5,000 Million Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors,” the company said.

The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mutual Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP.

The company issued 26,996,734 fresh equity shares at Rs 185.50 per equity share under the QIP.

Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of around 8,00,000 metric tonne per annum.

(This story has not been edited by digihunt staff and is published from a syndicated news agency feed – PTI)

Boeing plans to lay off about 10% of its workers in the coming months, about 17,000 people, as it continues to lose money and tries to deal with a strike that is crippling production of the company’s best-selling airline planes. New CEO Kelly Ortberg told staff in a memo Friday that the job cuts will include executives, managers and employees.

The company has about 170,000 employees worldwide, many of them working in manufacturing facilities in the states of Washington and South Carolina.

Boeing had already imposed rolling temporary furloughs, but Ortberg said those will be suspended because of the impending layoffs.

The company will further delay the rollout of a new plane, the 777X, to 2026 instead of 2025. It will also stop building the cargo version of its 767 jet in 2027 after finishing current orders.

Boeing has lost more than $25 billion since the start of 2019.

About 33,000 union machinists have been on strike since Sept. 14. Two days of talks this week failed to produce a deal, and Boeing filed an unfair-labor-practices charge against the International Association of Machinists and Aerospace Workers.

As it announced layoffs, Boeing also gave a preliminary report on its third-quarter financial results — and the news is not good for the company.

Boeing said it burned through $1.3 billion in cash during the quarter and lost $9.97 per share. Industry analysts had been expecting the company to lose $1.61 per share in the quarter, according to a FactSet survey, but analysts were likely unaware of some large write-downs that Boeing announced Friday — a $2.6 billion charge related to delays of the 777X, $400 million for the 767, and $2 billion for defense and space programs including new Air Force One jets, a space capsule for NASA and a military refueling tanker.

The company based in Arlington, Virginia, said it had $10.5 billion in cash and marketable securities on Sept. 30. Boeing is scheduled to release full third-quarter numbers on Oct. 23.

The strike has a direct bearing on cash burn because Boeing gets half or more of the price of planes when it delivers them to airline customers. The strike has shut down production of the 737 Max, Boeing’s best-selling plane, and 777s and 767s. The company is still making 787s at a nonunion plant in South Carolina.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg told staff. He said the situation “requires tough decisions and we will have to make structural changes to ensure we can stay competitive and deliver for our customers over the long term.”

Ortberg took over at Boeing in August, becoming the troubled company’s third CEO in less than five years. He is a longtime aerospace-industry executive but an outsider to Boeing.

The new CEO faces many challenges to turn the company around.

The Federal Aviation Administration increased scrutiny of the company after a panel blew out of a Max during an Alaska Airlines flight in January. Boeing has agreed to plead guilty and pay a fine for conspiracy to commit fraud tied to the Max, but relatives of the 346 people who died in two Max crashes want tougher punishment.

And Boeing got attention for all the wrong reasons when NASA decided that a Boeing spacecraft wasn’t safe enough to carry two astronauts home from the International Space Station.

(This story has not been edited by digihunt staff and is published from a syndicated news agency feed – Associated Press)

Gold Rate Today In India: On October 12, gold prices in India were around Rs 77,000 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 77,820 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 71,350 per 10 grams.

Silver, on the other hand, was trading at Rs 97,000 per kilogram.

Gold Rate Today In India: Retail Gold Price On October 12

Check gold prices today in different cities on October 12, 2024; (In Rs 10/gram)

Retail Cost of Gold in India

What Is The Retail Price Of Gold Per Gram?

Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.

India’s industrial production contracted 0.1 per cent in August, mainly due to poor showing by the mining and power generation sectors, according to official data released on Friday. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 10.9 per cent in August 2023.

“The IIP growth rate for the month of August 2024 is (-) 0.1 per cent, which was 4.7 per cent in the month of July 2024,” an official statement said.

The data released by the National Statistical Office (NSO) showed that the growth in mining, manufacturing and electricity for August 2024 stood at (-) 4.3 per cent, 01 per cent and (-) 3.7 per cent, respectively.

The decline in growth of the mining sector is likely due to heavy rainfall in August 2024, NSO said.

In April-August this fiscal, the IIP grew 4.2 per cent against 6.2 per cent in the year-ago period.

(This story has not been edited by digihunt staff and is published from a syndicated news agency feed – PTI)

Rupee Crosses 84 Mark Vs Dollar: The Indian rupee on October 11 breached the 84 mark against the US dollar for the first time in history, declining 12 paise to a record low of 84.0975 per dollar, due to continued outflow of foreign funds from Indian equities and elevated crude oil prices amid global uncertainties.

The rupee had closed at 83.98 to a dollar, according to the Clearing Corporation of India Ltd (CCIL).

“After keeping it in a range below 83.99 since August 8, 2024, the rupee finally weakened past 84.00 as FPIs (foreign portfolio investors) have emerged as big sellers in Indian equities, thus raising dollar demand,” Anil Kumar Bhansali, head of treasury and executive director at Finrex Treasury Advisors LLP, told digihunt.com.

Foreign investors bring in dollars to invest in India, and they pull out the US currency in case of outflows. So, inflows raise the supply of dollars in India and hence making it cheaper as compared with the rupee, while outflows raises its demand to make it expensive.

FPIs have sold shares worth Rs 55,000 crore in the Indian stock market in the past nine days, which is around $1 billion per day.

“We can now expect the rupee to further fall to 84.25 in the short term. Importers will continue buying at all dips and exporters may now hold their exports with a stop below 83.95. The Iran-Israel-Lebanon issue also continues with no de-escalation, which could keep crude oil strong and the rupee weaker,” Bhansali added.

The Brent crude has jumped to $78.92 per barrel now from nearly $69 dollar on September 30.

The recent stimulus in China, which also included 10 basis points policy rate cut and a 50 basis point reduction in cash reserve ratio, is also causing foreign investors to move to Chinese equity markets as they have cheaper valuations, according to a market analyst.

According to Bloomberg, China may unveil another 2 trillion yuan ($283 billion) fresh fiscal stimulus on Saturday in order to shore up its economy.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, continues to hover nearly 102.90. The US yields continued to trade higher though they have fallen slightly from their highs.

European currencies on Friday were slightly higher but moved in a range, while Asian currencies were range-bound after South Korea cut rates by 25 bps for the first time in four years.

Noel Tata has been appointed as the chairman of Tata Trusts. The board of Tata Trusts on Friday unanimously elected him as its chairman.

The 67-year-old Noel Tata is the half-brother of Ratan Tata and has been involved with the Tata group, including Tata Trusts for many years. He is the son of Naval Tata from his second marriage. He is already a trustee on the board of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust.

Also Read: Who is Noel Tata, the New Chairman of Tata Trusts & Successor of Ratan Tata?

Currently, Noel is vice-chairman of watchmaker Titan and Tata Steel. He is also the chairman of Tata group’s retail company Trent (the owner of Zudio and Westside) and its NBFC firm Tata Investment Corp. Noel also serves on the board of Voltas.

He is also the managing director of Tata International, where he began his career. It is after this appointment in 2010-11 when the speculation started that Noel was being groomed to succeed Ratan Tata as the head of the Tata group.

Tata International is the Tata Group’s arm for the products and services offered abroad.

Noel Tata graduated from the Sussex University (UK) and has completed the International Executive Programme (IEP) from INSEAD in France.

Noel had earlier worked with Nestle, UK.

Noel, who is an Irish citizen, is married to Aloo Mistry, the daughter of Pallonji Mistry, who was the single largest shareholder in Tata Sons. They have three children — Leah, Maya and Neville.

Gold Rate Today In India: On October 11, gold prices in India were around Rs 76,700 per 10 grams. The price of 24-carat gold, known for its highest purity, stood at Rs 76,780 per 10 grams. For jewellery buyers, 22-carat gold, which is more durable due to its alloy composition, was priced at Rs 76,780 per 10 grams.

Silver, on the other hand, was trading at Rs 93,900 per kilogram.

Gold Rate Today In India: Retail Gold Price On October 11

Check gold prices today in different cities on October 11, 2024; (In Rs 10/gram)

Retail Cost of Gold in India

What Is The Retail Price Of Gold Per Gram?

Gold price per gram is the cost of one gram of gold. It’s typically expressed in a specific currency (e.g., Indian Rupees). The price can fluctuate daily due to various factors, including economic conditions, geopolitical events, and supply and demand.

The retail price of gold in India, which represents the final cost per unit weight for consumers, is shaped by multiple factors beyond its intrinsic value.

Gold is deeply embedded in Indian culture, acting as a key investment and holding significant importance in traditional weddings and festivals.

As market conditions shift, investors and traders closely watch these trends. Stay tuned for more updates on this developing story.