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Gold Price Today, 21 Sep 2022: Gold rate flat on muted global cues, investors await US Fed meet decision

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold rate and silver rate were trading flat in India on Wednesday, as prices remained steady in global markets. On Multi Commodity Exchange, gold October futures were ruling at Rs 49,216 per 10 gram, up Rs 41. Silver December futures were trading at Rs 56,684 per kg, up Rs 341 or 0.6 per cent. Globally, yellow metal lingered near recent lows as investors prepared for the likelihood of another super-sized interest rate hike from the U.S. Federal Reserve in its effort to tame soaring inflation, according to Reuters. Spot gold was flat at $1,663.73 per ounce. Bullion hovered close to $1,653.10, its lowest level in more than two years marked last week. U.S. gold futures edged 0.1% higher at $1,686.70.

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research, Kotak Securities

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold and Silver might see some volatile action late in the day prior to the FOMC statement post 11:30 IST. We have seen historically volatility but the market has already discounted 75bps rate hikes in Sept and Nov. In the unlikely event that the Federal Reserve raises its benchmark interest rate by 1%, it would most certainly pressure gold to lower pricing. 2 Yr US Treasury yield hit nearly 4% which is keeping gold prices under check. Any relief rally is only expected tomorrow as historically this year after every rate hike, we have seen gold climbing. Despite US Treasury yield and dollar moving higher, we have not seen the same selling pressure in gold on the downside indicating that sellers have exhausted and are waiting for fresh triggers. Any breakthrough below $1650 will give bears fresh ammunition for taking gold lower till $1620 but breach above $1700 will take gold till $1725-30. Avoid carrying any overnight position and gold is expected to trade steady in the first half in range of 48900-49250.

Tapan Patel, Senior Analyst — Commodities, HDFC Securities

Gold prices traded steady on Wednesday with spot gold prices at COMEX were trading near $1664 per ounce in the morning trade. MCX Gold October futures opened marginal down near Rs. 49178 per 10 gram following global cues. Gold prices kept range bound trading as market is awaiting the US FED decision over interest rate. A rate hike of 75 bps is already discounted in the market while a larger rate hike will be a surprise. We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1640 and resistance at $1680 per ounce. MCX Gold October support lies at Rs. 48800 and resistance at Rs. 49700 per 10 gram.

Navneet Damani, Sr. Vice President – Commodity & Currency Research, Motilal Oswal Financial Services

Gold prices inched lower as the dollar and Treasury yields firmed, and investors remained cautious ahead of a widely expected large interest rate hike by the U.S. Federal Reserve this week. Last week U.S. inflation data was reported better than expected, which raised the probability of even a 100bps rate hike, increasing the pressure on metal prices. There is 80% probability of a 75bps rate hike according to CME fed watch tool, which the market seems to have discounted for in the prices. Dollar and Yields have been witnessing significant gains since amidst this rate hike expectation, as the dollar continues to hover around its two decade high, while U.S. 10Y yields are steady near ~3.4% levels. Apart from the Fed, this week other central banks like BOE are also expected to keep tightening monetary policy in the face of surging inflation. Indicative of sentiment, holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, have dropped to their lowest since March 2020. Apart from the interest rate, focus will also be on the comments from Governor Powell and inflation & growth forecasts. Broader trend on COMEX could be in the range of $1635-1690 and on domestic front prices could hover in the range of Rs 48,850-49,500.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Gold price today, 13 Sep 2022: MCX gold gets cheaper, down over Rs 250, US CPI inflation to guide yellow metal

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Gold Price Today, Gold Price Outlook, Gold Price Forecast: Gold prices in India were trading lower on Tuesday, yellow metal firmed up globally. On Multi Commodity Exchange, gold October futures were ruling Rs 276 or 0.6 per cent down at Rs 50,355 per 10 gram, as against the previous close of Rs 50,631. Silver December futures were trading Rs 463 or 0.8 per cent down at Rs 57,028 per kg. Globally, yellow metal prices held firm near a two-week high hit in the previous session, helped by a subdued dollar, while investors awaited U.S. inflation data that could provide cues on the Federal Reserve’s interest rate hike path, according to Reuters. Spot gold rose 0.1% to $1,725.70 per ounce, and US gold futures were down 0.2% at $1,736.80.

Also read: Inflation likely to stay 6.5 -6.7% range in coming months; Industrial growth to remain robust

Gold prices held firm after a rally witnessed in the past few sessions, hovering near two-week high, helped by a subdued dollar, while investors awaited U.S. inflation data that could provide cues on the Federal Reserve’s interest rate hike path. As the Dollar index and U.S. Yields witnessed pressure in the earlier session and a rally was witnessed in the both gold and silver prices. Although some profit booking could be on cards after a much awaited upside by market participants. According to the CME fed watch tool there is a 90% probability for one more 75bps rate hike to combat inflation. Germany’s economy, Europe’s largest, will contract next year as a dramatic rise in energy costs due to the war in Ukraine extinguishes the chances of recovery after pandemic-related lockdowns, the Ifo institute said. Focus today will be on U.S. consumer price data, where the expectation is that headline inflation could rise by 8.1% YoY in August versus 8.5% in July. Broader trend on COMEX could be in the range of $1700-1750 and on domestic front prices could hover in the range of Rs. 50,150- 50,870.

Also read: Inflation may cool off in next 2 quarters, another 50 bps RBI repo rate hike likely in September

Bhavik Patel, Commodity & Currency analyst, Tradebulls Securities

Gold had recovered somewhat after both US Treasury securities and the Dollar index softened from $110.23 to $108.18 in a couple of trading sessions. Today’s US CPI will guide gold movement further although 75bps rate hike on 21st sept is already factored in by the market. Until now hedge funds had increased their long positions in USD and profit taking was due which would short squeeze precious metals and that is what is happening right now where silver market rallied 6% at the start of the week as there were heavy shorts in that counter (bearish bets was at 3 year high). Nothing has changed fundamentally and the global backdrop continues to favor the dollar and U.S. assets in general. We believe any confirmed trend will only emerge after the US Fed meet where the Fed will give further ideas about raising interest rates. In MCX 50780 is proving to be strong resistance as since past three trading sessions, gold has reversed from that zone. So go long only above that level.

Tapan Patel, Senior Analyst – Commodities, HDFC Securities

Gold prices held steady on Tuesday with spot gold prices at COMEX were trading near $1722 per ounce in the morning trade. MCX Gold October futures opened lower near Rs. 50424 following stronger rupee. Gold prices are trading firm supported by a weaker dollar as market players are awaiting key US CPI data. We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1710 and resistance at $1740 per ounce. MCX Gold October support lies at Rs. 50200 and resistance at Rs. 50800 per 10 gram.

(The views in this story are expressed by the respective experts of the research and brokerage firm. Financial Express Online does not bear any responsibility for their advice. Please consult your investment advisor before investing.)

Will bears drag Nifty to 17150 or bulls stage a comeback? 5 things to know before market opening bell

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Indian equity markets are likely to extend losses on Monday as SGX Nifty was in red ahead of the session, hinting at a negative start for domestic benchmark indices NSE Nifty 50, and BSE Sensex. Global cues are expected to dominate this week, but RBI policy and September F&O expiry will lead to volatility in markets, according to analysts. “Nifty fell sharply for the second consecutive week (down 1.16%), breaking some key technical levels on the way. 17166 is the next support for the Nifty, post which a sharper fall could ensue. 17490 could be the resistance for the Nifty in the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Also Read: Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

Nifty technical view: “On the technical front, the Nifty formed a bearish candle on a daily chart as well as trading below 21 DMA which adds bearishness to the prices. Nifty has given a breakdown of the horizontal line and given closing below the same which adds bearishness to the prices. On the OI Data, On the call side, the highest was witnessed at 17600 while on the put side was at 17000 level. The daily momentum indicator MACD was trading with a negative crossover which points out the weakness in the counter,” said Palak Kothari, Senior Technical Analyst, Choice Broking.

Nifty, Bank Nifty levels to watch for: “The support for nifty has shifted around 17150 levels while on the upside 17700 may act as an immediate hurdle. On the other hand, Bank nifty has support at 39000 levels while resistance at 40800 levels. Overall, the Nifty is looking weak on charts that can test the 17150 level in the upcoming week closing above 17700 can show an upside rally. Selling on rising is advisable for the upcoming session,” Kothari added.

IPO Watch: Harsha Engineers shares will debut on stock exchanges on Monday. Ahead of the listing, Harsha Engineers shares commanded a grey market premium of Rs 170. The Rs 755-crore IPO was bought 74.7 times by participants. Meanwhile, Isolation Energy, and Concord Control Systems companies set to launch their initial public offering IPO this week. Post IPO issue, the company’s equity shares are proposed to list on BSE’s SME platform. The public offer will be available only on BSE for subscription.

Also Read: Rupee to depreciate on strong dollar; falling crude prices may cap downside, USDINR to trade in this range

Stocks under F&O ban on NSE: The National Stock Exchange has added Vodafone Idea and Zee Entertainment Enterprises to its F&O ban list, taking the total stocks in the F&O ban list to six for September 26 (Monday). Ambuja Cements, Can Fin Homes, Delta Corp, and Punjab National Bank remained under the ban list. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 per cent of the market-wide position limit.

AIA Engineering Rating: ADD; Stable performance set to continue

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AIA Engineering (AIAE) is on track to deliver ~30,000te incremental volumes (in line with management guidance) each year in FY23 and FY24, led by steady demand, likely gradual easing of logistics issues and capacity expansion. Company has recently entered into a non-exclusive agreement with SAL Steel Ltd for supply of key raw material ferro-chrome for three years. The deal is likely to result in increased supply of ferro-chrome from the domestic market (currently ~15% of the requirement is imported). As per our channel checks, volumes from Canada and South Africa are also likely to show improvement in FY23. Company is endeavouring to increase its market share on the back of its capability to offer customised solutions, improved product basket and easing of logistics issues. With the recent decline in commodity prices, we expect blended realisations to moderate though Ebitda margin is likely to remain intact. Strong business moat, credible management and robust balance sheet give us comfort on AIAE. Maintain ADD with the TP unchanged at Rs 2,720.

Also read: JSW Paints says reviewing CCI order in complaint against Asian Paints

In FY22, outward freight expenses grew 84% to Rs 4.2bn. Its proportion in export revenues rose to 15.2% vs 10.2% in FY21.

Maintain ADD: The strong upswing in commodity cycle since the onset of pandemic is expected to drive capex from major mining players. AIAE is therefore beefing up its capacity to meet the anticipated increase in grinding media demand. Given easing global supply-chains, we expect new markets in Australia, Africa and the Americas to start contributing to volume growth.

As per the FY22 annual report, grinding media consumption in the mining segment is estimated at 2.5mtpa with less than 20% of it converted to high chrome. Thus, the company has strong headroom for growth by tapping the unaddressed market even if capacity expansion in the mining sector is delayed.

Also read: Paytm share price rises 7% in 6 months, may rally this much more; JP Morgan bullish, should you buy?

Outlook and valuation

The mining sector is expected to undergo capacity expansion given the recent strong upswing in the commodity cycle . For its non-mining segment, AIAE witnessed a demand rebound during H2FY22 led by strong revival in construction and real estate activity.

US Stocks: Futures fall as Apple drops production increase, falling yields limit losses

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U.S. stock index futures fell on Wednesday led by Apple after it dropped plans to boost production of its new iPhones, but a pullback in benchmark Treasury yields from multi-year highs limited the decline.

Shares of the world’s most valuable public company fell 3.7% in premarket trading after Bloomberg reported Apple had told suppliers to curtail efforts to increase assembly of its iPhone 14 product family by as many as 6 million units in the second half of this year.

The report on Apple’s production cut added fuel to investors worried about the U.S. Federal Reserve’s push to aggressively increase borrowing costs to tame stubbornly high inflation even at the risk of slowing down economic growth.

Other megacap growth names such as Amazon.com Inc, Microsoft Corp, Meta Platforms Inc and Tesla Inc also fell between 0.6% and 2.1%.

Also Read: US Stock Market: Are Fed’s projections more aggressive than what investors expected?

Chipmakers Advanced Micro Devices, Qualcomm Inc Nvidia Corp and Micron Tech were down between 1.5% and 2.8%.

Still, a bit of relief for equity markets came from a Bank of England decision to buy as many long-dated government bonds as needed between now and Oct. 14.

The yield on the U.S. 10-year Treasury bill came off 12-year highs to hit the day’s low of 3.886%, while Germany’s 10-year government bond yield, the benchmark for the euro zone, fell after touching a 11-year high.

“Yields now are approaching the Fed’s desired target level of 4 and 4.5%. So once that happens, we should see yields beginning to level off and that should boost equity prices,” said Peter Cardillo, chief market economist, Spartan Capital Securities LLC.

“The market is very, very sold.”

At 7:30 a.m. ET, Dow e-minis were down 85 points, or 0.29%, S&P 500 e-minis were down 18.75 points, or 0.51%, and Nasdaq 100 e-minis were down 113.75 points, or 1%.

In the previous session, Wall Street’s main indexes sank deeper into a bear market, with the S&P 500 recording its lowest close in almost two years on rate hike worries.

Bucking the overall slide, Biogen surged 45.9% after its Alzheimer’s drug, developed with Japanese partner Eisai, succeeded in slowing cognitive decline.

Shares of Eli Lilly & Co, which is also developing an Alzheimer’s drug, rose 7.7%.

Stock market holidays October 2022: BSE, NSE to remain shut on these days this month, check here

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The Indian stock market will remain closed for trading on three days in October due to festive holidays. BSE and NSE will be shut on 5 October (Wednesday), 24 October (Monday) and 26 October (Wednesday) owing to Dussehra, Diwali or Laxmi Pujan, and Diwali Balipratipada respectively. However, Muhurat trading will happen for one hour on Diwali or Laxmi Pujan, on 24 October, and its timings will be subsequently notified by the exchange. On these three holidays, trading in the Currency Derivatives Segment and Interest Rate Derivatives segment will also remain suspended.

Also read: Rupee likely to remain volatile ahead of RBI monetary policy meet outcome, USDINR may trade in this range

Also read: MCX Gold prices to consolidate next week, support seen at Rs 48,900; buy on dips as recession fears persist

The National Commodity & Derivatives Exchange Limited (NCDEX), which is the agricultural commodity exchange, will be closed for trading in both sessions on 5 and 26 October. However, it will remain in the second half on 24 October. In November, trading will be closed for just one day – 8 November (Tuesday), on account of Gurunanak Jayanti. According to the BSE holiday calendar, there are 13 declared trading holidays during the calendar year 2022.

Meanwhile, BSE Sensex and NSE Nifty 50 ended nearly 2 per cent higher, snapping a 7-day losing streak on Friday. Investors cheered the RBI MPC announcement of the repo rate hike. BSE Sensex ended at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty 50 ended at 17,094, up 276 points or 1.64 per cent. Technical analysts believe that Nifty can now move towards 17,500-17,700 zones with key support around 17,000 and 16850

How do new internet IPO companies fare when it comes to valuation and profitability?

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By Sandip K. Khetan and Veenit Surana

In the short run, the market can be a voting machine i.e., tallying up which firms are popular and unpopular and lured by investor sentiment. In the long run, it is a weighing machine i.e., determining the substance of a company and its potential. This is a one-off description of how the new internet IPO (e-commerce, online, platform) companies are faring in the current market.

India’s growth in terms of PE/VC investments also has been significant over the past several years. After remaining resilient for almost six months amid global headwinds of tightening liquidity and rising inflation, Indian PE/VC investment flows for the first time has shown some tepidness. PE/ VC investments in July 2022 were the lowest in over a year both in terms of value and volume. At US$3 billion, PE/VC investments in July 2022 were 69% lower than the value recorded in July 2021 (US$9.7 billion) and 40% lower than investments in June 2022 (US$4.9 billion). PE-backed IPOs, which were one of the defining features of PE/VC exits last year, continue to remain elusive in 2022. With tightening of liquidity, uncertainty caused by geo-political events, and sharp correction in some recently listed start-ups in the initial months of 2022, the sentiment for IPOs from start-ups and other companies have dampened to an extent.

Also read: What will save Indian share market from mild recession? Aditya Birla MF’s Mahesh Patil answers; check top bets

To better understand these companies and their potential to grow, the underlying business model holds the key. Some are transformative while others aim to bring simplicity and efficiency to the way things are currently performed and are incrementally innovative as well. Over the past few years, India has risen to become a competitive platform for such companies by creating employment, attracting talent, obtaining funding and placing India firmly on the global map to innovatively solve complex problems at scale.

One part of the equation is attributable to market fundamentals and investor preference, and another part to the growth potential and maturity of these companies. There is a long runway as we have 100 + Unicorns and some of them are listed. There are many companies in this pipeline which include companies in fintech, consumer internet, education, enterprise tech and media and entertainment sectors. The maturity of the start-up ecosystem has also changed since many of the start-ups which were funded by PE and other investor groups are looking for an exit and a lot of these businesses have also matured and have acquired scale as well.

Internet companies are not typical, and valuation can be a challenge. As investors competed with each other in the process valuations were driven higher and higher. Valuation methodologies have continued to evolve over time. During the dotcom era number of clicks on a website, etc. were some of the ways which led to inflated valuation wherein the view changes from just getting visitors to your website to tracking actual revenue generated. There could be other methods of valuation emerging, e.g., gross merchandise value/order value, etc. evaluating the true potential will take time to evolve, let alone the wider socially and consumer-centric positive impact of many of these companies. Themarket also weighs these companies on the potential the companies prompt in terms of their future plans wherein the objective of IPOs for most of these companies was acquisition or growth.

One driver to attract funding for internet companies compared to traditional businesses is the ability of the internet to scale up quickly. Traditional businesses would have a tangible product, may require a factory to facilitate production and perhaps be more capital intensive. On other hand, internet companies connecting buyers and sellers/service providers can scale up quickly. It can be a winner-takes-all marketplace. Once companies become dominant players they can work towards profitability.

Also read: We’ll become a 360-degree financial services provider, says Religare chief

On a broader business and investment trend, India is amongst the world’s fastest-growing start-up ecosystems. From an investment perspective, investors are adopting a cautious approach, both with private equity and large funds reducing their investment spending. In recent times it has been observed that many companies also trimming down their IPO size. There is a behavioural shift with investors potentially seeking companies that are profit-making (with good cashflows or a clear path to profitability) vs. loss-making (internet) companies.

An IPO is a transformative journey from private to public and there are a number of challenges faced by issuers, including both regulatory/external challenges as well as getting their house in order to be effective in the IPO journey and not underestimating the rigour involved. Companies with proven business models, higher standards of governance and better financial positioning are the companies that will find it easier to list.

While maintaining caution in investing and not being tempted by “this time it’s different”, appreciating a different perspective and supporting new internet companies would lay the foundation for an even more exciting and rewarding outcome.

(Sandip K. Khetan, Partner and Leader, Financial Accounting Advisory Services, EY India and Veenit Surana, Partner, Financial Accounting Advisory Services, EY India. The views expressed in the article are of the author and do not reflect the official position or policy of FinancialExpress.com.)

Ban on futures trade of agri items must go: NCDEX chief

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There are no valid grounds to continue with the suspension of futures trade in some of the agricultural commodities announced by the government last year, Arun Raste, MD & CEO, National Commodity and Derivatives Exchange (NCDEX), said on Wednesday.

“Continuance with futures trading ban on mustard seed, soybean and chana have deprived farmers of getting reference prices for the specific commodity,” Raste told FE.

He said that global edible oil prices rose because of geopolitical situations such as a decline in the soybean crop in key producing countries such as Paraguay, Argentina and Brazil, disruption in sunflower supplies from Ukraine and Indonesia briefly imposing a ban on exports.

Also Read: Futures don’t lead to unusual fluctuations in turmeric prices: NCDEX panel

“Looking at the geopolitical situation as it was prevalent a year ago, there is a huge difference now as supplies of edible oil have smoothened,” he said. India imports about 56% of its edible oil consumption.

On the price movement of chana, which has a share of 50% in the country’s production of pulses, Raste said that since the imposition futures trade ban last year, the price movement has been constant and prices are ruling around 5% (+/-) of the minimum support price (MSP) of Rs 5,230 per quintal announced for the 2021-22 season.

“There is absolutely no mechanism where anybody manipulates prices for their own benefits, which could adversely impact consumers,” he said.

Also Read: The path to better futures

To curb inflation, on December 20, 2021, commodity exchange regulator Securities & Exchange Board of India had banned futures trade of wheat, paddy (non-basmati), chana, mustard seeds, soya bean, crude palm oil and moong for one year. Earlier, mustard seed and chana (gram) futures trade was suspended on October 8, 2021 and August 16, 2021.

Following the imposition of ban on futures trade on agricultural commodities, the daily turnover over NCDEX declined by around 70% to Rs 300-400 crore from more than Rs 2,000 crore reported earlier.

“We have come back to Rs 1,000 crore daily turnover currently, as spices and guar gum volumes have picked up,” Raste said. If the futures trade ban on mustard, chana and soybean are lifted, NCDEX’s daily turnover could be `3,000 crore.

Through futures trade, farmers have got benefits, as it provides a price discovery platform, while those opposed to futures trade do not like transparency in the process, he said.

Currently, NCDEX is providing futures trading options for around 11 commodities such as guar gum and spices such as coriander, jeera, turmeric etc. It also introduced steel futures trade in the non-agri category. Meanwhile, according to a study conducted by three researchers, including one from the Indian Institute of Management (IIM), Udaipur, the suspension of futures trade in several agricultural items on the commodity exchanges last year have had no impact on the retail price volatility.

ACC, Adani Power, Ambuja Cements, Tata Steel, Paytm, Tata Power, HDFC Life, Indus Towers stocks in focus

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Bulls may attempt a comeback on Dalal Street as BSE Sensex, NSE Nifty 50 are expected to open in the green, according to early trends on the SGX Nifty. Nifty futures were up 26 pts or 0.15% on the Singapore exchange hinting a positive start for broader benchmark index in India. “Markets have shown tremendous strength so far amid the global turmoil however the lingering fear of aggressive rate hikes by the US Fed has capped the upside and also trigger intermediate declines. The prevailing market structure combined with cues from the US markets is pointing towards further fall,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 19 September, Monday

Adani Power: The Adani Group company company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January last year. The company has not received in principle approval of the exchanges, and hence it is withdrawing offer for delisting on account of delay and commercial viability.

ACC, Ambuja Cements: The Adani Group through its SPV Endeavour Trade and Investment has completed the acquisition of Ambuja Cements and ACC. With this, it has become the second largest cement player in India. Soon after Adani’s takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs. The board of Ambuja Cements approved an infusion of Rs 20,000 crore into Ambuja by way of preferential allotment of warrants. On Friday, Gautam Adani was appointed as the chairman of Ambuja Cements while his elder son Karan was named as a director of both the cement firms and as chairman of ACC.

Indus Towers: Bimal Dayal has tendered his resignation as Managing Director (MD) and CEO of the company and as a Director from the Board. Till the time the vacancy is filled, Tejinder Kalra, the Chief Operating Officer (COO) and Vikas Poddar, the Chief Financial Officer (CFO) will be jointly responsible for the functioning of the company under the guidance of the board and the Chairman.

Tata Power: Resurgent Power Ventures Pte Ltd completed acquisition of South East UP Power Transmission Company (SEUPPTCL). Resurgent Power Ventures is a joint venture based out of Singapore, wherein 26% shareholding is held by Tata Power through its wholly owned Singapore based subsidiary. In another news, Tata Power Discoms announced to invest Rs 5,000 crore in Odisha to ensure reliable and quality electricity supply to industries. “We are fully committed to realise the Odisha government’s vision of Make in Odisha through reliable and quality power supply to industries. Tata Power Discoms serve 9 million customers across the state,” said Tata Power’s T&D, President, Sanjay Banga.

JSW Ports: JSW Ports, a wholly-owned subsidiary of Sajjan Jindal-led JSW Infrastructure, has retired high-cost rupee debt of Rs 862 crore to a consortium of banks. “This was done largely from our internal accruals, as our ports business has been doing very well for the last two-three years, and supported by our recent bond issue. Thereby, we have reduced borrowing costs substantially,” Lalit Singhvi, chief financial officer at JSW Infrastructure said.

Paytm: Digital payments and financial services company Paytm’s total merchant base has gone up by 8 million in a span of 14 months — from 22 million in June 2021 to almost 30 million by the end of August 2022 — according to Anuj Mittal, vice president – investor relations. The government’s push for increasing adoption of digital payments has also translated into a five-fold jump in Paytm’s offline payments system, he said. The company’s subscription-based payment devices to merchants across the country have increased from 0.9 million to 4.5 million since June 2021.

Also Read: MCX crude oil September futures support at 6500; US FOMC meet to guide crude oil movement

HDFC Life: The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance, a stock exchange filing by HDFC Life said. The NCLT has sanctioned the Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, it said. The merger is subject to final approval from the Insurance Regulatory and Development Authority of India. HDFC Life had last year announced 100% acquisition of Exide Life and the subsequent merger. It completed the acquisition in January through issuance of 8.70 crore shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.

Steel stocks: Tata Steel, JSW Steel and ArcelorMittal Nippon Steel (AM/NS India) were among around 75 firms that have shown interest in the Rs 6,322 crore production-linked incentive (PLI) scheme for speciality steel. “The response has been very good. Both large integrated players like Tata Steel, JSW Steel, JSPL and SAIL and a clutch of secondary players have evinced interests. The total number of applications would be around 75, reported FE citing a steel ministry source.

Garoth Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Garoth MP Assembly Election 2023 Details: The election for Garoth Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Garoth Constituency Assembly Election 2023 that you should know.

Garoth Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Garoth Assembly Constituency Election 2023 as announced by the Election Commission of India.

Garoth Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Garoth Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Garoth Constituency Assembly Election 2023 is Important

Garoth is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Garoth Lok Sabha/Parliamentary constituency. Garoth falls in the Garoth district of Madhya Pradesh and is categorised as an urban seat.

Garoth Constituency MP Election Result: What happened in 2018

Devilal Dhakad (advocate) of the Bharatiya Janata Party was the winning candidate from the Garoth constituency in the MP Assembly elections 2018, securing 75946 votes while 73838 votes were polled in favour of Subhash Kumar Sojatia of the Indian National Congress. The margin of victory was 2108 votes.

2018 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesDevilal Dhakad (advocate)Bharatiya Janata Party75946

Candidate List Party Name Votes Gained (Vote %) Devilal Dhakad (advocate) Bharatiya Janata Party 75946 (41.93%) Subhash Kumar Sojatia Indian National Congress 73838 (40.76%) Tufansingh Sisodiya Barkhedi Mitthu Independent 18148 (10.02%) None Of The Above None Of The Above 2474 (1.37%) Jagdish Rangotha Bahujan Samaj Party 1696 (0.94%) Ramkaran Ralotiya Bahujan Sangharshh Dal 1673 (0.92%) Saeed Ahamad Independent 1497 (0.83%) Amrlalpnnalalmina Independent 1427 (0.79%) Banshilal Gwala Independent 1330 (0.73%) Army Man Rajesh Vishwakarma Shiv Sena 1302 (0.72%) Fulchand Independent 791 (0.44%) Jagdish Independent 718 (0.4%) Ahasas Hussain Independent 307 (0.17%)

Garoth Constituency MP Election Result: What happened in 2013

Rajesh Yadav Dharmveer Singh of the Bharatiya Janata Party was the winning candidate from the Garoth constituency in the MP Assembly elections 2013, securing 88525 votes while 62770 votes were polled in favour of Subhash Kumar Sojatia of the Indian National Congress. The margin of victory was 25755 votes.

2013 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesRajesh Yadav Dharmveer SinghBharatiya Janata Party88525

Candidate List Party Name Votes Gained (Vote %) Rajesh Yadav Dharmveer Singh Bharatiya Janata Party 88525 (54.37%) Subhash Kumar Sojatia Indian National Congress 62770 (38.55%) None Of The Above None Of The Above 3331 (2.05%) Vijay Patidar Bahujan Samaj Party 1758 (1.08%) Indaralal Gujar Samajwadi Party 1257 (0.77%) Shambhulal Megawal S D Bahujan Sangharshh Dal 1185 (0.73%) Devilal Mangilal Independent 1100 (0.68%) Shafi Ulla Fakir Mohmmad Independent 748 (0.46%) Sandeep Rajguru Shivsena 747 (0.46%) Vidhutlata Balaram Dhanotiya Nationalist Congress Party 726 (0.45%) Foolchand Rampratap Independent 685 (0.42%)

Garoth Constituency MP Election Result: What happened in 2008

Subhash Kumar Sojatia of the INC was the winning candidate from the Garoth constituency in the MP Assembly elections 2008, securing 68396 votes while 50624 votes were polled in favour of Rajesh Yadav Dharm Veer Singh of the BJP. The margin of victory was 17772 votes.

2008 Garoth Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesSubhash Kumar SojatiaINC68396

Candidate List Party Name Votes Gained (Vote %) Subhash Kumar Sojatia INC 68396 (52.04%) Rajesh Yadav Dharm Veer Singh BJP 50624 (38.52%) Saeed Ahamad IND 2447 (1.86%) Sardar Singh Parihar BJSH 2246 (1.71%) Narayan Singh Karan Singh Sisodia LJP 2234 (1.7%) Guddu Vijay Patidar BSP 1942 (1.48%) Narsing Rathor Banjari Kakhera SHS 1404 (1.07%) Mahesh IND 1380 (1.05%) Rajesh Bandav IND 758 (0.58%)