Tesla's shares rose over 5% following a teaser for an October 7 event, anticipated to unveil a more affordable vehicle to combat declining sales. Analysts expect this new model, potentially a stripped-down Model Y, to address falling annual deliveries and unlock new demand, despite previous delays and cost-cutting uncertainties.
Gold prices surged to an all-time peak on Tuesday, driven by U.S. economic and political uncertainties and anticipated Federal Reserve interest rate cuts. Despite some Fed officials signaling caution on further reductions, markets are pricing in more cuts. This environment, coupled with strong central bank buying and investor demand for hedges, propelled gold's significant year-to-date gains.
Indian markets saw a boost from global trends. The S&P 500 and Nasdaq touched record highs driven by artificial intelligence deals. AMD's partnership with OpenAI fueled this surge. Despite a US government shutdown, investor sentiment remained strong for AI-related companies. Upcoming earnings reports and economic data will be closely watched.
ECB President Christine Lagarde said that any EU decision on using frozen Russian state assets for Ukraine must adhere to international law. The bloc is exploring a plan to invest the immobilised funds in bonds, with the proceeds potentially forming a "Reparations Loan" to Ukraine. Lagarde emphasised the importance of financial stability and the euro's credibility in this process.
Mexico's agriculture ministry confirmed a new screwworm case in Nuevo Leon, originating from southern Mexico. The infested calf was treated, rendering larvae unviable, and did not affect other animals in the shipment. This detection, separate from a September case, has prompted continued U.S. import restrictions on Mexican cattle.
LG Electronics India is set to launch an IPO, aiming to raise over 11,000 crore. The company boasts strong financials, with higher revenue, Ebitda, and a remarkable 37.1% return on net worth for FY25 compared to rivals. Its attractive valuation, with a lower P/E multiple than peers, makes it a compelling long-term investment opportunity.
Canara Bank is set for better recovery from Karanja Terminal & Logistics. A price discovery process attracted higher bids for the asset. The infrastructure company owes lenders around 600 crore. Prudent Asset Reconstruction Company made a binding offer of 520 crore. This offer trumped the promoter's settlement proposal. The sale is currently challenged in court.
Platforms such as Forge Global and Nasdaq Private Markets (NPM) have become key gateways to buy and sell these unlisted shares. NPM, which hosts shares of about 15,000 private firms, reported $60 billion in trading volumes. Forges Private Market Index a benchmark for late-stage, venture-backed companies has climbed 67.9% year-to-date.
Fino Payments Bank has settled a securities law violation case with Sebi for 5.8 lakh. The bank failed to promptly disclose material events concerning employee fraud, despite receiving an investigation report. Sebi noted the significant impact on the company's share price due to the delayed and incomplete disclosures.
Canara Robeco Asset Management Company's IPO will open on October 9. The issue is priced between 253 and 266 per share. This is an offer for sale by existing shareholders. Canara Bank and ORIX Corporation Europe are divesting their stakes. The IPO aims to raise 1,326 crore. The offer will close on October 13.
