Tamil Nadu Chief Minister, Stalin launches scheme to melt temple jewellery

Tamil Nadu Chief Minister M K Stalin has started preliminary work to melt the unutilised jewellery in possession of the temples in the state into 24 carat gold bars, reports Press Trust of India. Initially, the gold ornaments lying unutilised at the three renowned temples of Sri Karumariamman temple in Tiruverkadu, Sri Mariamman temple in Samayapuram and […]

Read more

IMF drives down global growth forecast; India to grow at 9.5% this year and 8.5% in 2022

India’s economy, which contracted by 7.3 per cent due to the COVID-19 pandemic, is expected to grow by 9.5 per cent in 2021 and 8.5 per cent in 2022, according to latest projections released by the International Monetary Fund (IMF). India’s growth projection released by the latest World Economic Outlook remains unchanged from its previous […]

Read more

Coal India to set up integrated aluminium project in Odisha

State-run Coal India Ltd’s board has approved a pre-feasibility report for setting up an integrated aluminium project in Odisha. The largest coal mining company, had received in-principle approval for venturing into aluminium and solar sectors and creation of special purpose vehicles in December last year,. “CIL in its board meeting held on date had accorded its in-principle approval […]

Read more

Moody’s upgrades India’s outlook to stable, affirms rating

Ratings agency Moody’s affirmed India’s sovereign rating and upgraded the country’s outlook to ‘stable’ from ‘negative’, citing receding downside risks to the economy and financial system. The sovereign rating by Moody’s stands at ‘Baa3’—which is the lowest investment grade, just a notch above junk status. “Moody’s Investors Service has today changed the outlook on the […]

Read more

India’s gold imports in September 2021 shoot up on price correction ahead of the festive season

India’s gold imports in September soared 658 per cent from last year’s lower base as a correction in local prices to the lowest level in nearly six months prompted jewellers to step up purchases for the upcoming festive season, Reuters reports. Retail demand has been improving and jewellery stores are registering good footfall. Higher imports […]

Read more

China’s Chengxin, Tsingshan team up for $350m Indonesia lithium project

China’s Shenzhen Chengxin Lithium Group Co Ltd and an affiliate of steel and nickel giant Tsingshan Holding Group will invest in a $350 million Indonesian lithium project to capture demand from the electric vehicle (EV) battery sector, Reuters reported. Tsingshan, which shook up the global nickel market by rapidly increasing production at low cost in […]

Read more

Global nickel production to rise 6.8% in 2021: GlobalData Report

Global nickel mine production is expected to grow by 6.8 per cent to reach 2,427.4 kilotonnes in 2021, after registering an estimated 4.2 per cent decline to 2,272 kilotonnes last year owing to covid-related lockdowns and restrictions, says GlobalData. In its latest report, the data analytics company noted that Indonesia (+16.3 per cent), the Philippines (+5.1 […]

Read more