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Gold prices may undergo further correction, providing some relief to families preparing for weddings this season. The prices fell below Rs 60,000 per 10 gm on Tuesday and were hovering around Rs 59,980 per 10 gm. The long-term outlook for gold remains bullish. The decline in gold prices can be attributed to various factors like dollar appreciation, rising interest rates, and weak demand in spot markets. Investors are advised to wait for further fresh investment but can start accumulating as the prices can beat around Rs 58,500 but are not likely to go below Rs 58,000.

The board has recommended a dividend of Rs 5 a share for the financial year ended March

At 10:12 a.m. ET, the Dow Jones Industrial Average was down 109.41 points, or 0.33%, at 32,983.93, the S&P 500 was up 5.84 points, or 0.14%, at 4,211.29, and the Nasdaq Composite was up 72.89 points, or 0.56%, at 13,048.58

Revenue rose 17% year-on-year (YoY) to Rs 2491 crore in Q4FY23. The company said the performance was led by robust growth across branded markets including India and Brazil, Torrent said its board has approved a fund raise exceeding Rs 5,000 crores.

SBI Card on Tuesday said it plans to raise up to Rs 3,000 crore by issuing debentures to fund business growth. The decision to consider and approve the proposal for raising funds through the issuance of non-convertible debentures (NCDs) aggregating to Rs 3,000 crore would be taken in June 5 board meeting, SBI Card said in a regulatory filing.

Aureus Investment Pvt Ltd plans to sell a 3.25% stake in Sona BLW Precision Forgings for INR950 crore ($115m) through a block deal, with the floor price for the sale being INR500 a share. The sale will involve up to 19 million shares, with the base size of 12 million shares, and the block will take place on 23 June. In March, private equity company Blackstone sold its remaining 20.5% stake in Sona BLW, which resulted in strong demand from foreign investors.

UK-based Abrdn is set to sell its 1.66% stake in HDFC Life via a block deal, which will take place on Wednesday. The stake is being sold at a price of INR563-585 ($7.62-$7.92) per share. During Q1 2021, HDFC Life Insurance posted a net profit of INR359 crore. Its net premium income for Q1 stood at INR19,426 crore, compared to INR14,290 crore year on year. Public shareholders have a 49.66% overall stake in the company, while mutual funds own around 4.09% and foreign investors have nearly 30%.

Gold prices rebounded on Tuesday as the dollar declined and Treasury yields dropped amid market optimism about the US debt ceiling arrangement. Spot gold surged 0.9% to $1,960.55 an ounce, while US gold futures increased 0.8% to $1,959.80. The lower dollar made bullion more affordable to non-US currency holders, while the 10-year Treasury yields hit a one-week low. Basic market optimism, along with traders squaring off end-of-month positions, further supported prices. However, gold could struggle until a new impetus comes along, according to Kitco Metals’ Senior Analyst, Jim Wyckoff.

The mutual fund (MF) industry in India risks disruption by individual misconduct, according to Securities and Exchange Board of India chairperson Madhabi Puri Buch. Speaking at an event, she urged the Association of Mutual Funds in India to create an ethical committee to tackle such problems, ideally on a self-regulatory basis. Buch added that she believed the sector could expand from INR40tn ($535.25bn) to INR100tn, but that the industry also needed to invest in technology and systems.

A total of 8,405 shares changed hands on the counter till 02:08PM (IST)