Business news live: Gold gains as new COVID-19 variant lifts safe-haven demand

Business news live: Gold gains as new COVID-19 variant lifts safe-haven demand

12:45 P.M.

Gold gains as new COVID-19 variant lifts safe-haven demand

Gold prices rose as the spread of a newly identified coronavirus variant boosted the metal’s safe-haven appeal.

Spot gold rose 0.6% to $1,798.20 per ounce and U.S. gold futures advanced 0.8% to $1,798.30.

The variant spreading in South Africa may evade immune responses and has prompted Britain and a growing number of other countries to hurriedly introduce travel restrictions on the African nation.

12:20 P.M.

India needs national disaster pool to hedge natural disaster risks: SBI

As the incidents and severity of natural calamities are rising by the year, a SBI report has called for creating a national disaster pool to hedge natural disaster risk.

Since 2001, a total of 100 crore people have been impacted and nearly 83,000 lost lives due to these disasters. If the losses are adjusted with current prices, it comes out to be a staggering ₹13 lakh crore or 6% of the GDP, State Bank of India (SBI) said in a note.

12:05 P.M.

Tega Industries sets IPO price band at ₹443-453/share

Tega Industries, manufacturer of consumables for the mining industry has fixed a price band of ₹443-453 a share for its ₹619-crore initial share-sale.

The three-day initial public offering (IPO) set to open on December 1 and conclude on December 3, is purely an offer of sale 1,36,69,478 equity shares by promoters and a existing shareholder.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and 35% for retail investors.

11:30 A.M.

Energy Exchange shareholders approve bonus issue

The Indian Energy Exchange (IEX) has received shareholders’ approval for the issue of bonus shares and increase in authorised share capital. The board approved an issue of bonus shares wherein shareholders will get two bonus shares for every one share held by them.

The bonus shares will be issued to “eligible members of the company in the proportion of two new fully paid-up equity share of rupee one each for every one existing fully paid-up equity shares of rupee one each held by them, by capitalising a sum not exceeding ₹59,91,13,022 out of the company’s free reserves and capital redemption reserve as on March 31, 2021,” the company said in a filing.

11:10 A.M.

Tarsons Products shares list with nearly 6% gain

Shares of life sciences company Tarsons Products listed with a premium of nearly 6% against its issue price of ₹662.

The stock listed at ₹700, a 5.74% gain against the issue price on BSE and further jumped 22.05% to ₹808. On NSE, it listed with a premium of 3.02% at ₹682.

The ₹1,023.84-crore IPO initial public offer of Tarsons Products Limited received 77.49 times subscription earlier this month. It had a price range of ₹635-662 per share.

10:50 A.M.

Rupee slips to 74.68 against US dollar

The Indian rupee fell16 paise to 74.68 against the US dollar in opening trade on negative domestic equity market and a firm American dollar.

The rupee opened on a weak note at 74.60 and lost further ground to touch 74.68 against the American dollar. On Thursday, the rupee had closed at 74.52.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.05% to 96.72.

10:15 A.M.

Godrej to develop 1.5 million sq ft housing project in Bengaluru

Realty firm Godrej Properties has bought a 16-acre land parcel in Bengaluru to develop about 1.5 million square feet saleable area comprimising primarily residential properties as it looks to expand business in major cities.

While the company did not disclose the deal value or the name of the seller, it said the 16 acres land is located at micro-market of Sarjapur.

9:30 A.M.

Markets update | Sensex, Nifty open lower

Indian equity benchmark indices, Sensex and Nifty opened on a negative note amid weak Asian markets. At 9:16 IST, the Sensex was down 722.43 points or 1.23% at 58,072.66 and the Nifty was down 233.90 points or 1.28% at 17,312.40.

Asian stocks fell the most in two months as detection of a new and possibly vaccine-resistant coronavirus variant sent investors rushing towards safe havens.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.3%, and  Japan’s Nikkei plunged 2.5%. U.S. crude oil futures fell nearly 2% as well amid fresh demand fears.

Scientists said the variant, detected in South Africa, may be able to evade immune responses and according to the British authorities, it is the most significant variant to date which could even resist vaccines.

9:15 A.M.

Oil falls on concerns of rising surplus

Oil prices fell more than 1% on concerns that a global supply surplus could swell in the first quarter after a coordinated release of crude reserves by major consumers.  

Brent crude futures plunged 1.2% to $81.26 a barrel and U.S. West Texas Intermediate (WTI) crude was down 1.7%, to $77.04 a barrel.

The U.S.’s plan to release millions of barrels of oil from strategic reserves in coordination with other large consuming nations is likely to swell supplies in coming months, according to an OPEC source.


Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the Indian conglomerate on valuation concerns. The Asian Development Bank (ADB) has approved a $1.5 billion loan for the Indian government to purchase COVID-19 vaccines.


—-  Edited by John Xavier


(With inputs from Reuters, PTI and other news agencies.)

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