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Following the multiple waves of COVID-19 and the current geopolitical strife between Russia and Ukraine, the government has called off the present expression of interest (EoI) process for strategic disinvestment of state-run refiner BPCL, the Department of Investment and Public Asset Management (DIPAM) said on Thursday.

Under a deal reached in July last year, the Organization of the Petroleum Exporting Countries and allies led by Russia, have been easing record production cuts by increments of about 400,000 bpd every month.

About 30 minutes into the trading session, the Dow Jones Industrial Average climbed 1.2 percent to 32,519.46.

Silver, however, grows Rs 87 to Rs 61,384 per kg from Rs 61,297 per kg in the previous trade.In the international market, gold was trading lower at USD 1,848 per ounce and silver was flat at USD 21.85 per ounce.

Despite the challenging times during this year, two waves of the pandemic and extreme uncertainty in the markets, we emerged as the homebuyers’ leading choice. The remarkable FY22 results reflect our core capabilities and values," said Irfan Razack, Chairman and Managing Director, Prestige Group

We will continue to make requisite investments in talent and technology, to strengthen our ability to tap the latent business opportunities in the Bharat market,” said Ajay Piramal, chairman at Piramal Enterprises in a release.​

“There is no doubt that for the money which has gone out, from a positioning and valuation perspective, emerging markets will start to look more attractive but until the underlying fundamental factors shift, it might not be sufficient just for volatility to come down or people to get interested back again in emerging market assets.”

Inflation remains the most-watched driver for investors, while markets have moved on from peak inflation fears to growth fears amid the Russia-Ukraine war, Fed tightening and Chinese zero-Covid policy, he added

The standalone revenues during the quarter under review grew to Rs 366.26 crore, from Rs 336.66 crore registered during corresponding quarter previous year.

Due to price movement, the actual asset mix may deviate from the fund’s mandate. The fund manager rebalances the portfolio and brings it back to its original state. This asset allocation is similar to the buy and hold strategy in stocks and bonds.