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China's steel and oil refining sectors are facing significant challenges amid a sluggish economy, with steelmakers reporting cumulative losses of 34 billion yuan ($5 billion) in the first nine months of the year. The oil refining industry has also seen its losses deepen to 32 billion yuan during the same period, reflecting a broader decline in profits among industrial firms.
Market volatility is expected to continue as traders react to key US data and election uncertainties. The US dollar reached a three-month high, while gold surged to a record $2,772.60 per ounce, driven by safe-haven demand amid rising budget deficit concerns and a dip in Treasury yields. The S&P 500 and Dow Jones fell after a six-week rally, contrasting with the Nasdaq's all-time high, fueled by strong tech earnings.
Coal India Ltd reported a 22% decline in consolidated net profit to Rs 6,274.80 crore for Q2 2024, down from Rs 8,048.64 crore a year earlier, attributed to lower sales. Despite this, the company achieved a 10% increase in coal output, reaching 773.6 million tonnes. The board declared an interim dividend of Rs 15.75 per share for 2024-25.
Gold has surged to a record high of approximately $2,758.49, driven by global financial institutions diversifying away from the US dollar. This increase reflects investor concerns over macro risks, including ongoing Middle Eastern turmoil and the upcoming US election. Year-to-date, gold has risen 32%, outperforming the S&P 500 Index's 23% gains.
Moody’s Ratings has upgraded Vedanta Resources Ltd.'s corporate family rating to B3 from Caa1, following the company's successful fundraising efforts. The rating on senior unsecured bonds issued by Vedanta and its subsidiary was also raised to Caa1 from Caa2.
Eni SpA has revised its profit guidance downward due to a deteriorating outlook for oil prices, despite reporting third-quarter earnings that surpassed analyst expectations. The results reflect a challenging environment for Europe's energy sector, characterized by declining crude prices and reduced margins in refining and chemical products.
Gold prices fell by 0.5% to Rs 77,997 on October 24, 2024, according to MCX data. The price of 24-carat gold in Mumbai was Rs 76,490, while 22-carat gold was priced at Rs 72,850. Despite the decline, gold remains 23.60% higher than at the start of the year and 28.36% up from the previous year.
Chevron CEO Mike Wirth emphasized the need for a "consistent and coherent energy policy" to support economic stability and investment in energy. He highlighted the importance of affordable energy in managing inflation and noted that the U.S. must commit to diverse energy sources, including renewables and natural gas, to meet growing electricity demand. Wirth also pointed out that oil plays a crucial role beyond fuel, contributing to the production of petrochemicals essential for various industries, including electric vehicle manufacturing.
ITC Ltd reported a standalone net profit of Rs 5,078.3 crore for Q2 FY25, marking a 3.1% increase from Rs 4,927 crore in the same quarter last year. Total revenue rose 16.8% to Rs 19,327.8 crore, surpassing expectations, while EBITDA grew by 4.9% to Rs 6,335.2 crore, despite rising raw material costs.
Motilal Oswal has reiterated a BUY rating for MCX, setting a one-year target price of INR 7,600, based on a strong performance in 2QFY25. The company reported a 73% YoY increase in operating revenue to INR 2.9 billion, driven by a 114% surge in volumes, with significant growth in both futures and options trading. PAT reached INR 1.5 billion, a notable recovery from a loss in the previous year, prompting a 10% and 11% increase in FY25/26 EPS estimates.
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china's steel and oil sectors face significant losses amid economic slowdown
01:13 28.10.2024
market volatility persists amid us election uncertainty and rising gold prices
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03:17 27.10.2024
Coal India reports 22 percent profit decline amid lower sales in Q2
19:31 25.10.2024
gold reaches record high as investors diversify away from us dollar
17:00 25.10.2024
vedanta resources receives moody's rating upgrade following successful fundraising efforts
12:02 25.10.2024
eni lowers profit forecast amid declining oil prices and refining margins
07:41 25.10.2024
gold prices decline to rs 77997 on october 24 2024
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Chevron CEO calls for stable energy policy to support economic growth
00:55 25.10.2024
ITC reports 3.1 percent profit growth with 16 percent revenue increase
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