Finance minister Nirmala Sitharaman urged US pension funds and institutional investors to invest in India. At a roundtable in New York, she highlighted India's strong economic growth and investment opportunities. India is projected to remain the fastest-growing major economy, with growth rates of 7% and 6.5% this fiscal and the next, respectively.
Balu Forge Industries reported a 107% YoY rise in consolidated net profit for Q2FY25 to Rs 48 crore, driven by a 60% increase in revenue and expanded EBITDA margins. The company benefits from the China+1 strategy and is investing in new capabilities to fuel future growth.
The Indian rupee hit a record low of 84.0725 against the US dollar, driven by outflows from local equities and debt, and Hyundai's fund repatriation. The Reserve Bank of India's likely intervention helped limit further losses, while fluctuations in the dollar index ahead of US elections also influenced the rupee's performance.
Godavari Biorefineries aims to raise Rs 555 crore through an IPO scheduled for October 23-25, 2024. The funds will be used to repay debt and for an offer for sale. The promoter stake will drop from 81% to over 63%. The company produces sugar, ethanol, and bio-based chemicals, with significant market presence in these sectors.
Gold prices reached a new high of Rs 80,650 per 10 grams in the national capital. Silver also rose significantly by Rs 5,000 per kg, reaching Rs 99,500 per kg. The hike was driven by the Middle East conflict, rate cuts by the People's Bank of China, and increased demand during the festive season.
