Market Bizzz

The news on COVID rules had stoked a short-covering bounce in the yuan last week, which added to broad pressure on the dollar as yields dived. The dollar regained a little ground early on Monday as its index added 0.4% to 106.870, but remained well short of last week’s 111.280 top.

Gold is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced. The dollar index rose 0.4% against its rivals after falling to a near three-month low on Friday, making gold more expensive for other currency holders.

Aurobindo Pharma Vice-Chairman and Managing Director K Nithyananda Reddy said the company’s second quarter performance was subdued, mainly due to macro-environment factors and higher competitive intensity for some products in the US.

“Stocks like JSW Steel, Jindal Steel, Tata Steel have done well in the last couple of weeks and looking at the set up we believe that another 4% to 5% rally we can witness in the coming trading session.”

​”The auto space, even two-wheelers, are showing better numbers of late. So, auto, auto ancillaries could possibly be the ones where one could train her focus for the next six months largely because of the fact that they are beaten down available at a comparatively lower price to its previous highs. Opportunity- wise, I think the situation is getting better as far as auto is concerned.”

It said that following the recent judgment of the Supreme Court, the special leave petition, the original contempt petition and the suo-moto contempt petition are disposed of.

Phase I development is targeted within two years, by 2025, leading to commercial operations. Total cost of the project under public-private partnership (PPP) mode is estimated at ₹1,424 crore, the ministry said. The 184.27-acre park, awarded by a bidding process, is estimated to cater to 7.17 million metric tonnes of cargo over the 45-year concession period.

CPPIB, an existing investor, has made a fresh $400 million investment to buy more shares from Goldman Sachs at $6.50 each. This takes CPPIB’s stake to 31.5% in the company’s voting rights associated with outstanding shares.