LT Foods has established a new office in Riyadh, Saudi Arabia, marking its entry into the $2 billion rice and rice-based food market. The company plans to invest SAR 185 million ($49.3 million) over five years, aiming for revenue of SAR 435 million ($116 million) during this period. This move aligns with LT Foods' strategy to expand into new markets, building on its global revenue of $1 billion.
Federal Reserve Bank of Minneapolis President Neel Kashkari indicated that considering a 25-basis-point interest rate cut at the December meeting is still reasonable. He noted the economy's resilience against higher rates may suggest a higher neutral rate, prompting questions about the effectiveness of current monetary policy in cooling demand and its impact on inflation.
BJP's decisive victory in Maharashtra has invigorated equity markets, particularly benefiting public sector undertakings (PSUs) amid hopes of renewed government spending on infrastructure. While sectors like capital goods and construction may see a boost, high valuations in defence and railways could hinder their recovery. Cautious optimism prevails as some sectors prepare for a turnaround, while others await further catalysts.
The Chinese Embassy in Washington stated that neither the United States nor China would benefit from a trade war. This statement follows U.S. President-elect Donald Trump's announcement of plans to impose an additional 10% tariff on all Chinese imports starting January 20.
Oil prices declined as investors reacted to a potential ceasefire agreement between Israel and Hezbollah, which reduced oil's risk premium. Brent crude futures fell 28 cents to $72.73 a barrel, while U.S. West Texas Intermediate crude dropped 32 cents to $68.62 a barrel. Analysts noted that a ceasefire could lessen the chances of stringent U.S. sanctions on Iranian crude oil.
Indian benchmark indices, Sensex and Nifty 50, are expected to open lower on November 26, following GIFT Nifty's performance around 24,297. The previous session saw a strong rally, with the Sensex rising by 992.74 points to close at 80,109.85 and Nifty gaining 314.60 points to finish at 24,221.90, bolstered by the BJP-led Mahayuti alliance's victory in Maharashtra elections.
Zen Technologies has secured an Indian patent for its T-90 Containerized Crew Gunnery Simulator (T90 CGS), designed to enhance the gunnery proficiency of T-90 tank commanders and gunners. The simulator offers an immersive experience by replicating real-world battlefield conditions with realistic targets and AI reactions, featuring dedicated stations for the gunner and commander. Customization options for instructors further enhance the training experience.
Carrefour SA's CEO Alexandre Bompard is set to publicly apologize to the Brazilian government amid a controversy regarding the company's stance on South American meat sales in France. French ambassador Emmanuel Lenain is coordinating with Brazilian Agriculture Minister Carlos Favaro to facilitate the apology and emphasize the quality of Brazilian meat.
The dollar strengthened significantly, rising over 2% against the Mexican peso and 1% against the Canadian dollar, following President Trump's announcement of tariffs against both countries. This shift comes after a period of weakness for the dollar, as markets reacted positively to Trump's nomination of hedge fund manager Scott Bessent as U.S. Treasury secretary. Analysts suggest that Trump’s actions are a reminder of his influence over the markets.
SBI Holdings Inc. has disclosed its mutual funds' exposure to Adani Group securities, following similar actions by Nomura Holdings Inc. and other Japanese financial firms amid the ongoing fallout from the conglomerate's scandal. SBI's asset management division detailed the weightings of Adani-related stocks in four publicly offered investment trusts, while Nissay Asset Management Corp. reported on ten index funds.
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