On Friday, officials in the Biden administration dismissed Moody's ratings agency's choice to downgrade the US economic outlook from stable to negative. They characterized this shift as indicative of what they termed "extremism and dysfunction" within the ranks of congressional Republicans. White House spokesperson Karine Jean-Pierre asserted that the alteration was "another outcome of the extremism and dysfunction within congressional Republicans."
Realty firm Anant Raj Ltd on Saturday announced plans to raise up to Rs 500 crore through issue of securities to institutional investors. The company will seek shareholders' approval through a special resolution. It did not disclose the objective of the fund raising. In a regulatory filing, Anant Raj Ltd said the board of directors has inter-alia considered and approved "issuance of equity shares or other convertible securities by way of Qualified Institutions Placement (QIP), for an aggregate consideration not exceeding Rs 500 crore."
The share of retail investors in companies listed on the NSE rose to an all-time high of 7.6% during the quarter ended September from 7.5% a quarter ago. The share of holding by promoters fell to a four-year low of 41.6%, a report by Prime Database showed. The shares of both foreign and domestic institutional shareholders fell marginally during the quarter, to 18.4% and 16% respectively, the report showed.During the quarter, the share of the government (as a promoter) increased to a five-year high of 8.79% as of September 2023.
Realty firm Shriram Properties Ltd has clocked 40 per cent growth in its sales bookings to Rs 608 crore in the second quarter of this fiscal year on better demand for its housing projects. Its sales bookings stood at Rs 435 crore in the year-ago period. According to an investors' presentation, Shriram Properties sales bookings grew 14 per cent to 1.15 million sq ft during the July-September period of this fiscal from Rs 1.01 million sq ft in the corresponding period of the previous year.
Despite the recent spike in gold prices, the festive period of Dhanteras saw strong footfalls in key consumer segments such as gold and silver, cars and SUVs, electronics, and durables. Companies and retailers reported positive buying trends, with consumers showing interest in premium products. Gold prices have stabilized in recent days, which has contributed to the double-digit growth in the jewelry industry. Car and SUV sales are also expected to grow by around 22%. Brands like Reliance Digital saw healthy footfalls, with a focus on premium products like large-screen TVs.
Pakistan's caretaker government and the International Monetary Fund (IMF) have agreed on backup measures to be implemented by the end of the year if fiscal and monetary targets are at risk. The measures include expanding taxation on the retail sector and improving revenue collection from real estate. The IMF mission is concerned about revenue targets through import growth and the power sector circular debt. Policy-level talks are expected to begin next week to discuss these issues and the government's plans to attract foreign direct investment.
Dhanteras, the auspicious day for new purchases and financial investments, marks the beginning of the five-day Deepavali festivities in India. Many people choose to invest in gold during this time, as it is considered a safe-haven asset and a hedge against volatility. Gold ETFs (exchange-traded funds) have also gained popularity among investors due to their safety and lower cost compared to physical gold. Real estate bookings have seen an increase, and the residential market outlook is positive, with robust sales expected during the festive season.
Former Reserve Bank of India governor, Raghuram Rajan, has stated that India's economy needs to expand at a rate of over 8% in order to create enough jobs for the country's growing population. Although India's economic growth has outpaced other major economies, it is still not creating enough jobs to meet the needs of its workforce. The country's overall unemployment rate has reached its highest level in over two years, and it is estimated that India will need to create 70 million new jobs over the next decade.
Adidas said on Wednesday it has raised another 350 million euros ($374 million) from the latest sell-off of Kanye West's Yeezy shoes that it was saddled with after ending a tie-up with the rapper. The funds were raised in the third quarter from Adidas's second sale of Yeezy products designed with the US rapper. Together with a first sale earlier in the year, the group has now earned a total of 750 million euros from offloading the goods. The group ended its production of the successful Yeezy line, and was left with unsold stock worth 1.2 billion euros.