Indian share indices may open lower tracking global markets. Asian stocks dropped Friday tracking US markets after a raft of Federal Reserve officials signaled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October.
Gold prices on Friday were poised for their best weekly gain since last November, as investors await economic data that could provide clarity about U.S. Federal Reserve’s tapering policy, while a weaker dollar and Treasury yields supported bullion. Spot gold was flat at $1,820.08 per ounce. US gold futures edged down 0.1% at $1,819.50. The safe-haven metal climbed 1.4% so far this week.
Actis looks to buy Welspun’s road assets for up to ₹10,000 crore
Private equity investor Actis is in advanced talks to buy six road assets of Welspun Enterprises Ltd for an enterprise value of ₹8,000 crore- ₹10,000 crore, said two people aware of the development, requesting anonymity.
The BK Goenka-led infrastructure and energy firm’s road assets, which are up for sale, include five hybrid annuity model (HAM) roads and one build-operate-transfer (BOT) project, they said.(Read more)
Vedanta puts $12 billion price tag on BPCL
Vedanta Group is willing to spend $12 billion to acquire India’s state-owned refiner Bharat Petroleum Corp., an asset sale that’s among the nation’s biggest and which has faced delays in completion.
“We’re not going to bid aggressively, but we will put the right price,” billionaire chairman Anil Agarwal said in an interview to Bloomberg in Riyadh on Wednesday. “The market cap of the company is about $11 billion to $12 billion, so this is the amount of investment we’re looking at.”
Stocks to Watch: Reliance, Mindtree, Tata Motors, HCL Tech
Besides Reliance, Mindtree, Tata Motors, HCL Tech, the stocks in news today are Titan, Wespun Enterprises and GTPL.
Merchandise exports rise 39% in December
India’s merchandise exports surged 39% to $37.8 billion in December from $27.22 billion in the year-earlier, government data said. Imports also rose by 39% to $59.48 billion.
India’s overall exports (merchandise and services combined) in December are estimated to be $57.87 billion, a 25% growth from a year earlier and 23% over the pre-pandemic month of December 2019, the government said in a statement on Thursday.
Asian stocks drop
Asian stocks dropped Friday after a raft of Federal Reserve officials signaled they will combat inflation aggressively and the Nasdaq 100 fell to its lowest level since October. The benchmark Nikkei 225 index dropped 1.48%; Topix slid 1.4% and Kospi declined 0.7%
US stocks slip overnight
Nervous global stock markets fell on Thursday after the highest US inflation reading in nearly 40 years kept concerns about price pressures and monetary policy risks alive.
The S&P 500 lost 0.64%, the Nasdaq Composite dropped 1.45%, and the Dow Jones Industrial Average was little changed.
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