Market


Bullion refiner MMTC-PAMP on Saturday launched a buy-back and exchange offer for gold in the national capital in a move to help the pandemic-affected people offset their economic hardships.


For a nominal transaction fee, sellers can receive the maximum value of gold as a direct bank transfer or in the form of a gold bar with 9999, 999 and 995 purity, the bullion refiner said.



Starting with its Lajpat Nagar centre in Delhi, this facility will be rolled out soon across the country, it added.


“These are indeed challenging times worldwide, and the significant uptick in jewellers and consumers selling gold assets to offset hardships is expected to continue for some time,” MMTC-PAMP Chief Executive Officer Managing Director Vikas Singh said in a statement.


He said that the purity verification centre has advanced technology to check the

The Indian stock market rebounded on Friday as investors lapped up beaten-down stocks on hopes of a stimulus announcement. During the market hours, reports emerged that the government was planning to unleash a big fiscal stimulus to revive the economy and create jobs. Also, global investor sentiment was positive after US Representatives started drafting a new stimulus bill, which included $2.4 trillion of spending. However, doubts remained whether the bill would have the Senate’s backing.


The closed at 37,389 with a gain of 835 points, or 2.3 per cent — the most since June 1, while the Nifty50 jumped 245 points to reclaim the 11,000 mark. On Thursday, the benchmark indices had crashed more than 3 per cent in their worst setback in four months.



According to reports, the Narendra Modi government is just weeks away from announcing another round of stimulus measures


The BSE posted its biggest single-day fall in four months after investor sentiment turned sour on the Federal Reserve’s dire assessment of the US economy and rising Covid-19 infections forcing many countries to re-enforce restrictions.


The plunged 1,115 points, or 3 per cent, to end at 36,554, its lowest close since July 10 and the biggest drop since May 18.



The Nifty fell 326 points, or 3 per cent, to end the session at 10,805.


US Federal Reserve Vice-Chair Richard Clarida said on Wednesday the US economy remained in a “deep hole” of joblessness and weak demand and called for more stimulus measures from policymakers.


Experts said the comments dashed hopes of a swift economic recovery. Also, many feared with the US election around the corner, the administration would not be able to provide a


Measures taken by Prime Minister Narendra Modi’s government in opening the sovereign debt market to foreigners have boosted prospects for inclusion in major global indexes, according to JPMorgan Chase & Co.


“India is making progress toward opening up its market to foreign investors and establishing a track record for future inclusion in major bond indices, including the GBI-EM Global Diversified Index,” JPMorgan Index Research Team said by email. Reuters on Monday reported JPMorgan had kept Indian bonds out of its flagship indices.



Inclusion in global indices could lure billions of dollars into Indian debt, just when the nation’s virus-ravaged economy faces its steepest-ever contraction. The government is scheduled to borrow an unprecedented Rs 12 trillion ($163 billion) this financial year and traders fear it may overshoot the target to finance a potential stimulus.


“India needs foreign investors to buy

The wealthy investor portion was subscribed 0.16x, and the retail investor portion was subscribed 1.46x

Topics
Angel Broking



Sundar Sethuraman  | 
Thiruvananthapuram 

The IPO was subscribed 0.77x on Tuesday, the first day of the issue. The wealthy investor portion was subscribed 0.16x, and the retail investor portion was subscribed 1.46x.


The firm priced it between Rs 305 and Rs 306 per share. The IPO will close on September 24. On Monday, the firm raised Rs 180 crore from 26 anchor investors.


.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made


Route Mobile made a strong debut on the bourses, with the stock rising 86 per cent above its issue price on its listing. Shares of the Cloud communications service provider opened at Rs 708 apiece — 102 per cent above the issue price of Rs 350. However, the stock fell and ended the session at Rs 651. Following the listing, the firm commands Rs 3,702 crore.


.


The Rs 600-crore IPO of Route Mobile was subscribed 75x. The offering comprised fresh fundraising worth Rs 240 crore, with the remainder being a secondary share sale by promoters. The funds raised will be utilised to repay debt, make strategic acquisitions, and purchase office premises.


.