Morning Alert..
India, Australia to identify companies in critical mineral space
In a bid to secure supply, the government of India and Australia would be working to identify companies in Australia in the critical mineral space for acquisition. “We expect to identify these companies in the next few months. We are willing to offer the opportunities to our private companies after having done due diligence,” said Vivek Bharadwaj, secretary, ministry of mines, government of India. Bharadwaj was speaking on the sidelines of the Global Mining Summit organised by CII in partnership with the ministry of mines and coal. As part of the Comprehensive Strategic Partnership between the two countries in June 2020, Australia’s Department of Industry, Science, Energy and Resources and India’s Ministry of Mines had signed a memorandum of understanding (MOU) on increasing trade, investment and research and development in critical minerals between the two countries.
India's oilmeal exports rise 38.45% to 1.98 MT during Apr-Oct period: SEA
The country's export of oilmeal, used as animal feed, rose 38.45 per cent to 19.84 lakh tonnes during the April-October period of the current fiscal on sharp rise in shipment of rapeseed meal, industry body SEA said on Thursday. The country had exported 14.33 lakh tonnes of oilmeal in the same period of the previous financial year. According to Solvent Extractors Association of India (SEA), out of the total oilmeal exports, the shipment of rapeseed meal doubled to 13.41 lakh tonnes during the April-October period of the current fiscal, from 6.58 lakh tonnes in the year-ago period. Export of rapeseed meal rose sharply on account of a record crop and crushing that resulted in highest processing and availability of the commodity, it said.
More preventive measures needed to curb corporate frauds: Sebi official
Since corporate frauds are inevitable to happen, principle and rule-based regulations are not effective remedy to curb such criminalities but more preventive measures are needed, a senior Sebi official said here on Thursday. Admitting that all companies, both publicly traded as well as privately held are vulnerable and susceptible to frauds, SK Mohanty, a whole-time member at the Securities and Exchange Board said the regulator is taking multiple measures to curb frauds and strengthening its enforcement mechanism. Addressing a seminar on corporate frauds organized by the industry lobby CII, he said diversion of funds leads to erosion of wealth for shareholders and also leads to ethical crisis and reputational risk for both regulators as well as regulated entities.
Commodity play
Gold – Rs 52774/10gm, Silver – Rs 60900/kg, Brcrude – Rs 6940/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 688/kg.
Corporate News
LIC aims to reach a mix of 75:25 between par and non-par in individual biz.
Future Group trying to stall proceedings amid legal row with Amazon: SC.
Tata Motors bags order for BS VI diesel 1,000 buses from Haryana govt.
SGX Nifty indicate a positive start to Indian markets trading at 18420 levels up by 45 points or 0.24%. Dow Jones ended on flattish note.
Sector in focus – Banks, Infrastructure, Telecommunication & Chemicals.
