Indices: Stock market update: Nifty Realty index falls 1.44%
Agarwal said the global economy is showing clear signs of recovery. The second wave of Covid-19 is ebbing in India with total active cases at less than 20 per cent of May highs.
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NDTV
an hour ago
- NDTV
Canned-Food Producer Del Monte Foods Files for Bankruptcy
Canned fruit company Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring. The company entered into a lender-backed restructuring support agreement that calls for the food producer to sell its assets in bankruptcy court. Del Monte has lined up financing to fund its Chapter 11 case, giving the firm $165 million in fresh cash in exchange for added protection for hundreds of millions of dollars in existing debt. A judge approved the loan in a court hearing late Wednesday afternoon. The company sought court protection in New Jersey, saying it is carrying roughly $1.245 billion in secured debt. Del Monte blamed its Chapter 11 filing on multiple factors, including a costly buildup of excess inventory resulting from elevated demand during the Covid-19 pandemic and significant debt that's become more expensive as a result of rising interest rates. The bankruptcy filing is the latest turn in a challenging year for the borrower that saw its parent company Del Monte Pacific Ltd. in June elect to skip a payment to the unit's lenders as part of a lawsuit settlement tied to its restructuring last year. Del Monte in a Tuesday court filing said it has carried substantial debt since it was acquired by DMPL from a group of funds led by KKR. The acquisition by DMPL, which is publicly listed on the Singapore Stock Exchange, was funded by debt that was put on Del Monte's balance sheet, the company's Chief Restructuring Officer Jonathan Goulding said in the court filing. The firm's cash interest expense increased from $66 million in 2020 to $125 million in the 2025 fiscal year, Goulding said. The interest expense "materially exceeds" Del Monte's current projected earnings before interest, taxes, depreciation and amortization and constrained its liquidity, he said. Del Monte Foods in its statement said the restructuring support agreement contemplates the company undertaking a going-concern sale process for all or substantially all of its assets. Financing along with cash from ongoing operations is expected to provide sufficient liquidity during the sale process and fund ongoing operations, as it intends to keep serving customers, according to the statement. The company executed a debt overhaul last year, which became the subject of a lawsuit by left-behind lenders, who said Del Monte Foods defaulted on a $725 million financing agreement when it shifted the assets away from the reach of lenders. The strategy - known in industry parlance as a drop-down transaction - allowed Del Monte Foods to raise fresh liquidity by borrowing against the transferred assets. The deal also prioritized participating lenders via debt swaps and created different payment priorities, Bloomberg reported.
Time of India
2 hours ago
- Time of India
Gold price outlook: Bullion may be near its peak as global tailwinds fade; Citi, BMI and Motilal warn of downside after 40% rally
After soaring over 40% in the past year and hitting record highs, gold prices may be running out of steam. Analysts and research houses including Citi, Motilal Oswal, and Fitch unit BMI have raised caution flags, pointing to shifting macroeconomic conditions that could undercut the yellow metal's recent safe-haven strength. The run-up in gold prices has been dramatic: from $1,797 per troy ounce in January 2022 to $3,342, a gain of 86% in just over two years. That climb was supported by persistent geopolitical tensions, especially in Ukraine and the Middle East, and consistent central bank accumulation of the asset, according to an ET report. Gold price forecasts Report Short-term forecast ($/oz) Long-term forecast ($/oz) Citi Bank 3,000 – 3,500 2,500 – 2,700 (H2 2026) BMI (Fitch) 3,000 – 3,100 * 2,720 (average for 2025–2029) ICICI Bank 3,000 – 3,200 3,300 – 3,500 (by December 2025) * $3,100 is Fitch's annual average price forecast for 2025 But several experts now believe gold may be nearing the top of its current cycle. BMI, a research arm of Fitch Ratings, said the metal could face downside pressure but stopped short of predicting a complete reversal. 'Despite our outlook for gold prices to weaken, we do not see a return to pre-Covid levels,' said the Fitch unit. 'Gold prices will average USD 2,720/oz during 2025–2029, compared with USD 1,393/oz in 2019. ' Forecasts diverge as Fed policy and inflation become key According to Citi, the price of gold may drop sharply from current levels, returning to a range of $2,500–2,700 per ounce by the second half of 2026. In a Bloomberg report, Citi analyst Max Layton cited weakening investment demand, stronger global growth prospects, and upcoming interest rate cuts by the US Federal Reserve as possible triggers for a correction. Motilal Oswal echoed the view that prices could stabilise or enter a consolidation phase. 'Historical data suggests that annual gains beyond 32% are rare,' it said in a recent note, warning that market fatigue was visible at current levels. Analysts also pointed to upcoming Fed policy decisions, dollar movement, and inflation as key indicators to watch. BMI observed that if interest rates are lowered, bond yields may fall, making gold more attractive as a non-yielding but secure store of value. Geopolitical risk remains, but caution is rising Investors may still turn to gold in the event of a serious escalation in any ongoing conflicts, analysts said. However, if the Federal Reserve holds rates steady, a stronger dollar and higher bond yields could sap gold's appeal. 'Gold's appeal could weaken, pulling prices back to $2,500/oz,' BMI noted. Meanwhile, ICICI Bank has taken a different view, projecting that gold could reach $3,300–3,500 per ounce by December. The bank said in a May report that a delayed but sharp easing cycle by the Fed may push real yields lower, prompting a shift toward physical assets like gold. BMI also flagged a near-term watchpoint: the July 9 deadline for a pause on trade tariffs. If the global trade environment tightens further, gold prices could spike again in response to protectionist risks and retaliatory policies. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 hours ago
- Time of India
Kol airport records pre-Cov high in revenue, passenger footfall
1 2 3 Kolkata: Kolkata airport clocked the highest ever revenue and profit in 2023-24, surpassing the previous highest recorded in 2019-20 prior to the pandemic. Kolkata retained the numero uno position in the list of airports operated by the Airports Authority of India (AAI). Kolkata airport's Rs 670 crore profit in 2023-24 was almost two-and-a-half times that of Chennai, which registered a profit of Rs 282 crore. Kolkata airport's revenue at Rs 1,578.6 crore was 30% more than Chennai's Rs 1,212.8 crore. "In 2023-24, Kolkata airport's profit increased by 23% over the previous highest in 2019-20 when the facility clocked Rs 545 crore. While the figure is the highest ever, the airport has a lot more potential. Currently, we are constrained by the infrastructure inadequacies that limit the number of wide-body aircraft that the airport can handle. But we are working to enhance capacity. Kolkata airport's profitability should cross Rs 1,000 crore by 2025-26," airport director Pravat Ranjan Beuria said. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Around 79% of the revenue earned by Kolkata airport is from traffic, which includes flight landings, takeoffs, and parking charges. While the traffic component will continue to grow, the airport is targeting a larger pie from non-traffic revenue and aims to increase it to around 25-30% in a decade. In the traffic revenue, international traffic contributes to only around 15%, with domestic traffic making up the bulk. Kolkata has emerged as a domestic transit hub for flights to and from north-east India. Also, traffic to South-East Asia from the region uses Kolkata airport as a hub. "On the domestic front, we have already surpassed the pre-Covid passenger footfall, and there has been a steady growth in revenue in passenger traffic as well as non-passenger traffic sectors. The passenger count will increase with the addition of more domestic and international flights," said Beuria. Between Jan and Dec 2024, 2.1 crore passengers and 1.5 lakh flights used Kolkata airport. The passenger count was 32 lakh more than in 2023, when 1.8 crore people used the airport. In 2019, the airport hosted 2.3 crore passengers, which dropped to only 94.6 lakh during the pandemic. In 2019-20, just before the airport was shut for a substantial period with a slew of restrictions even when air travel resumed, the airport registered an all-time high profit of Rs 545.1 crore. The average flight passenger count also surpassed the 2019 figure and reached an all-time high of 146 passengers per flight. The average passenger count per flight in 2019 was 143. In 2023 and 2022, the average passenger count per flight was 129 and 123, respectively. Apart from growth in traffic, the use of renewable energy and stress on solar power also helped reduce expenses. Among the major infrastructure projects that saw major investments were airside capacity enhancement (Rs 329 crore), construction of the ATC Tower (Rs 247 crore), construction of the apron between bay 11 and 48 (Rs 9 crore), construction of the new CISF complex at Narayanpur (Rs 77 crore), and resurfacing of the primary runway (Rs 70.4 crore). Among the ongoing expenses are Rs 109 crore kept for capacity enhancement of the terminal and Rs 299 crore for the construction of the domestic cargo terminal. While Kolkata suffered a loss of Rs 193.7 crore in FY 2020, it bounced back the next fiscal, making a profit of Rs 145.3 crore.
