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Asian stocks grind lower as focus shifts to Georgia Senate runoff

Asian shares edged lower on Tuesday amid uncertainty about Senate runoffs in Georgia, which could have a big impact on incoming U.S. President Joe Biden’s ability to pursue his preferred economic policies.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.05%, pulling back from a record high. Australian stocks fell 0.26%. Chinese shares erased early losses and rose 0.52%. In Hong Kong, China Mobile, China Unicom, and China Telecom rallied by more than 6% after the New York Stock Exchange abandoned plans to delist the companies’ shares from its bourse.

Japanese shares lost 0.34% after a spokesman said the government will reach a decision on a state of emergency for Tokyo and surrounding cities on Thursday to curb coronavirus infections.

U.S. S&P 500 stock futures edged up 0.03%. Euro Stoxx 50 futures were down 0.39%. German DAX futures fell 0.34%, and FTSE futures fell 0.26%. Oil futures were little changed in cautious trade as investors awaited a meeting later on Tuesday where major crude producers are set to decide output levels for February.

In the United States, control of the Senate is at stake with Tuesday’s dual runoff elections in Georgia. A Democratic victory in both races could tip control of the Senate away from Republicans, but both contests are very tight and the results may not be immediately known, which could lead to a repeat of the chaotic vote re-counts after the U.S. presidential election last year. “2021 starts with a bang with pivotal political and economic news for markets to digest. The undisputed highlight will be the result of the Senate seat run-off elections in Georgia,” James Knightley, chief international economist at ING, wrote in a research memo.

“If the Democrats win both seats this should lead to the most substantial 2021 fiscal stimulus. Nonetheless, it could be the excuse for a near-term consolidation in risk markets after a strong post-election rally.”

Uncertainty about the Georgia vote and worries about rising coronavirus infections sent Wall Street sharply lower on Monday. The Dow Jones Industrial Average fell 1.27%, the S&P 500 lost 1.49%, while the tech-heavy Nasdaq dropped by 1.48%. Outgoing Republican President Donald Trump’s call to pressure Georgia’s top election official to “find” votes to overturn his loss to President-elect Biden in the state has also unnerved some investors.

The House and the Senate are scheduled to certify Biden’s election win on Wednesday, but some Republicans have pledged to vote against this and thousands of Trump supporters are expected to converge on the capital in protest.

The MSCI’s broadest gauge of global stocks was unchanged, sitting just below a record reached in the previous session. Increased risk aversion helped the dollar index rebound from a 2 1/2-year against a basket of major currencies, but moves were subdued at the start of the year.

The British pound bought $1.3591, recovering some of Monday’s losses after Prime Minister Boris Johnson ordered a lockdown to try and slow a fast-spreading coronavirus variant.

U.S. crude futures were little changed at $47.61 a barrel, while Brent futures edged down by 0.1% to $51.04 per barrel. Major oil producers will meet later on Tuesday to decide on output levels for February after talks broke down the previous day. Gold was slightly lower. Spot gold fell 0.16% to $1,939.25 per ounce.

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Gold prices rally 28% so far this year; yellow metal likely to touch Rs 65,000 per 10 gm in 2021

Gold prices in India rallied 28 per cent in rupee terms so far in the year 2020, following a double-digit gain in the previous year. During March this year, yellow metal hit a 52-week low of Rs 38,400 per 10 grams from the level of Rs 39,100 per 10 gm at the start of the year. However, surging a massive 46.33 per cent, it scaled an all-time high of Rs 56,191 per 10 gm in August. While in the international market, it reached a record high level of USD 2,075 an ounce. On a year-to-date (YTD) basis in the current fiscal, gold prices have surged 17.04 per cent.

According to an analyst, improved prospects of global economic recovery due to successful vaccine development have been a key factor for money rotation from gold to risky assets like equity in the last couple of months. “Four-month correction in gold is over and statically gold should have a strong first quarter in 2021. Gold appears to have bottomed out last month and we might see some hiccup in 2021 when the vaccine is rolled out globally but it would be a good opportunity to go long during that time,” Bhavik Patel, Senior Technical Research Analyst, Tradebulls Securities, told Financial Express Online.

Gold generates steady returns over various time periods

Gold prices are nearly 10 per cent off from its record high level following the news developments around COVID-19 vaccine. Gold has a track record of generating steady returns over various time periods. According to the analysts at Religare Broking, gold has delivered 13.37 per cent annualised CAGR return over the last 15 years, 9.22 per cent for the last 10 years, 14.96 per cent for the last 5 years and 19.75 per cent for the last 3 years. Gold prices act as a hedge against inflation amid the low-interest rate environment and a huge amount of liquidity infusion in the economy.

Gold may test Rs 65,000 per 10 gm in 2021

Bhavik Patel expects gold to test $2150-$2200 in 2021 and sees silver hitting $35-$40. While on MCX, gold is expected to test Rs 62,000-65,000 in 2021. The fiscal measures to stem the economic fallout due to COVID-19 have already surpassed the last crisis in 2008 with no sign of slowing down. “Money supply has rocketed by more than 20 per cent in just four weeks which is pushing the US dollar down and increasing inflation,” Patel said.

“As we approach 2021, gold will remain in focus for investors, as central banks across the globe have pledged to keep rates low, and easy liquidity to aid growth,” said Nish Bhatt, Founder & CEO, Millwood Kane International. The efficacy of the vaccine, proper implementation of the vaccination process in developing countries, low-interest rate regime, and the global central bank’s stance on liquidity will guide gold prices in 2021.

According to the analysts at Religare Broking, even as volatility in gold prices may remain high after the sharp run-up, metal has a firm support zone at Rs 47700-47200 per 10 gram levels ($1750 per ounce), while the major floor is seen at $1680 per ounce or Rs 44800 per 10gms. “As long as the counter is placed above the mentioned support area, long term structure looks positive where one can expect an upside move towards Rs 53500 per 10 gram initially and then towards Rs 60500 per 10 gram in the medium-term,” the brokerage firm noted. While for the year 2021, it believes gold prices can even scale higher towards Rs 65000 per 10 gram.

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Antony Waste Handling Cell IPO: Check share allotment status via BSE, Link Intime India website

The share allotment in Rs 300-crore Antony Waste Handling Cell initial public offer (IPO) is likely to be finalised today. The last public issue of the calendar year 2020 was subscribed 15.04 times and received bids for 10.02 crore shares against the offer size of 66.66 lakh shares. The grey market premium in the municipal solid waste management company has fallen to Rs 115 from Rs 180 last week. Antony Waste Handling Cell shares were last seen trading at Rs 430 per share in the grey market, implying a premium of 36.5 per cent over the issue price of Rs 315 apiece.

Antony Waste Handling Cell shares are likely to be listed on January 1, 2021, on BSE and NSE. Those who had placed bids for Antony Waste Handling Cell issue can check the subscription status on the registrar’s website, i.e. from Link Intime India and from BSE website. Pavitra Shetty, Independent Analyst/ Co-Founder and Trainer, Tips2Trade, told Financial Express Online that investors who have received allotted shares should remain patient and not get swayed by short term volatility.

How to check Antony Waste share allotment status via Link Intime India’s website
The registrar to the Antony Waste Handling Cell issue is Link Intime India, a SEBI-registered entity responsible for the IPO allotment and refund processing. To check the share allotment status, select the company name as ‘Antony Waste Handling Cell – IPO’ from the drop-down list on Link Intime India website. Check box either PAN, Application Number or Depository/Client ID. Accordingly, enter permanent account number or Application Number or Depository/Client ID in the box. Enter the given captcha in the provided space and click the submit button.

Check Antony Waste Handling Cell share allotment status via BSE website
Another way to check the allotment status in Antony Waste Handling Cell is through BSE website (https://www.bseindia.com/investors/appli_check.aspx). Select the issue type as ‘equity’, and the issue name as ‘Antony Waste Handling Cell Ltd’ from the drop-down list. After that enter application number and PAN (permanent account number). In the last step, click on the search tab to view the status details.

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IEX expands Green Market; Adds daily, weekly contracts

Indian Energy Exchange (IEX) on Friday announced the expansion of its Green Market with the launch of new contracts that will offer greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead.
IEX has expanded its delivery-based Green Market with the launch of two new products – Green Daily Contract and Green Weekly Contract, an IEX statement said. According to the statement, trading in the new contracts in both solar and non-solar segments will commence with immediate effect.

With this launch, the IEX Green Market now has four contracts, and offers greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead. In a first for IEX Green Market, the Daily and Weekly contracts, will enable market participants to trade in on energy basis (MWh) with the bidding taking place on a 15-minute time-block.
The trading in energy terms will help to address the intermittency issues involved in renewable energy procurement.

Further, this will also assist market participants to minimise deviations as well as related penalties. Energy will be delivered leveraging the national, regional and state level transmission network. The Green Market at IEX, a first of its kind initiative in the country, was formally launched by Power Minister R K Singh on September 1, 2020. The market has received encouraging response from all stakeholders and has cumulatively traded 459 MU (million units) comprising 404 MU under Solar and 55 MU under Non-Solar segments within 100 days since the commencement of trading on August 21, 2020.

Moreover, it stated that with an average price of Rs 3.47 per unit in solar and Rs 3.77 per unit in non-solar segments, the market offers an attractive avenue to participants for renewable energy procurement. “India is witnessing a rapid change in the energy sector with renewables driving the energy shift. To meet our ambitious renewable energy targets and sustain the existing pace of growth in renewable capacity addition, there is a need for a market-based framework.” IEX Chairman S N Goel said.

IEX Green Market allows the obligated entities to meet their Renewable Purchase Obligation as well as facilitates efficient and seamless integration of the renewable energy. With a total of 36 market participants, the platform is being leveraged by the distribution utilities, renewable generators and open access consumers.

The utilities from the States and Union Territories of: West Bengal, Haryana, Dadra and Nagar Haveli (DNH), Daman & Diu, Delhi, Bihar, Maharashtra, Delhi, UP, Telangana and Karnataka amongst the top market participants on the IEX

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