MARKET OVERVIEW :
Gold Price Jumps as Jerome Powell Speech
LIC share price jumps as SEBI grants additional three years to achieve 10% public shareholding norm
US Fed rate cut in focus
Asked about the reason for the uptrend in the gold rate today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities, said, “Gold prices are rising today after the US Fed chairman’s positive outlook on the US economy in his speech delivered yesterday. This has triggered buzz for the US Fed rate cut, which is fueling the gold prices today.”
LIC Shares surge…
LIC share price is rising as SEBI has granted an additional three years to LIC to achieve 10% public shareholding on or before 16th May 2027
LIC share price today opened upside at ₹934 apiece on NSE and touched an intraday high of ₹962 per share, recording an over 5 percent rise against Tuesday’s close of ₹931 apiece.
LIC share price: Shares of the Life Insurance Corporation (LIC) of India witnessed strong buying in the early morning session as the market regulator Securities and Exchange Board of India (SEBI) granted an additional three years to achieve 10 percent public shareholding norms. After this SEBI relaxation, the new timeline for the insurance behemoth to achieve the shareholding norm is on or before May 16th, 2027.
LIC share price today opened upside at ₹934 apiece on NSE and touched an intraday high of ₹962 per share, recording an over 5 percent rise against Tuesday’s close of ₹931 apiece.
The Life Insurance Corporation of India informed Indian stock market’s exchanges about getting the SEBI’s approval saying, “Pursuant to Regulation 30 of Listing Regulations, this is to inform that Securities and Exchange Board of India (“SEBI”) vide its letter dated May 14, 2024 has conveyed its decision, to grant additional time of 3 years to Life Insurance Corporation of India (“the Corporation”) to achieve 10% public shareholding under Rule 19(2)(b)(iv) of the Securities Contracts (Regulation) Rules, 1957, i.e., within a period of 5 years from the date of listing. Accordingly, the revised timeline for the Corporation to achieve 10% public shareholding is on or before May 16, 2027.”
Gold price jumps as Jerome Powell’s speech fuels US Fed rate cut
Gold rate today is in uptrend as Jerome Powell’s positive outlook on the US economy has fueled US Fed rate cut buzz, say experts
Gold prices are on the rise today in anticipation of the US CPI data release, scheduled for 15th May 2024.
Gold rate today: The buzz around the US Fed rate cut, sparked by Jerome Powell’s speech, has significantly influenced gold prices. This was evident in early morning deals on Wednesday, as gold futures contract on the Multi Commodity Exchange (MCX) for June 2024 expiry opened at an upside of ₹72,336 per 10 gm mark and quickly reached an intraday high of ₹72,444. This surge in gold prices mirrors a trend we’ve seen in recent years, with gold prices steadily increasing due to various economic factors. In the international market, spot gold price is hovering around $2,360 per ounce while the COMEX gold price is quoting around $2,365 per troy ounce.