Gold jumps ₹129; silver declines ₹120

Industrial production grows 11.9% in August

As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector’s output surged 9.7% in August 2021.

India’s industrial production rose 11.9% in August, according to official data released on Tuesday.

As per the Index of Industrial Production (IIP) data by the National Statistical Office (NSO), the manufacturing sector’s output surged 9.7% in August 2021.

In August, the mining output climbed 23.6%, and power generation increased 16%. The IIP had contracted 7.1% in August 2020.

During April-August this year, the IIP grew 28.6% against a 25% contraction in the same period last year.

Industrial production has been hit due to the coronavirus pandemic since March last year when it had contracted 18.7%.

It shrank 57.3% in April 2020 due to a decline in economic activities in the wake of the lockdown imposed to curb the spread of coronavirus infections.

One killed in domestic violence-related triple shooting in Denver

One person is dead, and two more are hurt after a domestic violence-related shooting in southeast Denver, police say.

Denver police were investigating overnight and into the morning Tuesday in the 10000 block of East Girard Avenue, near the Bridges at 9 Mile Station Apartments.

Police say they believe they have accounted for all parties involved in the incident but continue to investigate the circumstances.

It is not clear how the people were related.

Police have not said if any arrests have been made concerning the shooting.

Fastenal Co. Q3 earnings increase in line with estimate

Fastenal Co. (FAST) revealed earnings for its third quarter that climbed from last year.

The company’s profit totaled $243.5 million, or $0.42 per share. This compares with $221.5 million, or $0.38 per share, in last year’s third quarter.

Analysts had expected the company to earn $0.42 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 9.9% to $1.55 billion from $1.41 billion last year.

Fastenal Co. earnings at a glance:

-Earnings (Q3): $243.5 Mln. vs. $221.5 Mln. last year.
-EPS (Q3): $0.42 vs. $0.38 last year.
-Analysts Estimate: $0.42
-Revenue (Q3): $1.55 Bln vs. $1.41 Bln last year.

Tata Motors to raise $1 billion in passenger EV business from TPG Rise Climate

Homegrown auto major Tata Motors on Tuesday said it will raise $1 billion (₹7,500 crore) in its passenger electric vehicle business at a valuation of up to $9.1 billion from TPG Rise Climate.

Tata Motors Ltd (TML) and TPG Rise Climate have entered into a binding agreement under which TPG Rise Climate along with its co-investor ADQ, will invest in a subsidiary of Tata Motors that will be newly incorporated, the company said in a statement.

TPG Rise Climate along with co-investors shall invest ₹7,500 crore in compulsory convertible instruments to secure between 11-15% stake in this company translating to an equity valuation of up to $9.1 billion, it added.

U.S. Wholesale Inventories Growth Matches Estimates In August

Wholesale inventories in the U.S. increased in line with economist estimates in the month of August, the Commerce Department revealed in a report released on Friday.

The report said wholesale inventories jumped by 1.2 percent in August after climbing by 0.6 percent in July. The continued advance in inventories matched economist estimates.

The notable increase in wholesale inventories came as inventories of durable and non-durable goods surged up by 1.2 percent and 1.1 percent, respectively.

Meanwhile, the Commerce Department said wholesale sales slumped by 1.1 percent in August after spiking by 2.1 percent in July.

Sales of non-durable goods tumbled by 1.7 percent during the month, while sales of durable goods fell by 0.5 percent.

With inventories jumping and sales slumping, the inventories/sales ratio for merchant wholesalers rose to 1.23 in August from 1.20 in July.

Retail inflation eases to 4.35% in September: government data

The inflation in food basket eased to 0.68% in September 2021

Retail inflation declined to 4.35% in September, mainly due to lower food prices, according to government data released on Tuesday.

The Consumer Price Index-based (CPI) inflation was at 5.30% in August and at 7.27% in September 2020.

As per the data released by the National Statistical Office (NSO), the inflation in food basket eased to 0.68% in September 2021, significantly down from 3.11% in the preceding month.

The Reserve Bank of India (RBI), which mainly factors in CPI-based inflation while arriving at its bi-monthly monetary policy, has been tasked by the government to keep it at 4%, with a tolerance band of 2% on either side.

Last week, RBI Governor Shaktikanta Das had said that overall, the CPI headline momentum is moderating, which combined with favourable base effects in the coming months could bring about a substantial softening in inflation in the near term.

RBI has projected the CPI inflation at 5.3% for 2021-22: 5.1% in second quarter, 4.5% in third; 5.8% in last quarter of the fiscal, with risks broadly balanced.

Gold jumps ₹129; silver declines ₹120

Gold rose by ₹129 to ₹46,286 per 10 gram; silver dipped ₹120 to ₹60,369 per kilogram

Gold in the national capital on October 12 rose by ₹129 to ₹46,286 per 10 gram amid rally in international precious metal prices and rupee depreciation, according to HDFC Securities.

In the previous trade, the precious metal had settled at ₹46,157 per 10 gram.

In contrast, silver dipped ₹120 to ₹60,369 per kilogram from ₹60,489 per kilogram in the previous trade.

The Indian rupee depreciated 6 paise to 75.42 against the U.S. dollar in opening trade on October 12.

In the international market, gold was trading higher at $1,757 per ounce and silver was flat at $22.56 per ounce.

“Gold prices traded firm with spot gold prices at COMEX trading 0.19% up at $1,757 per ounce on Tuesday,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.