US Election Results: Republicans regain control of Senate after four years; Swiggy IPO opens today; Rupee hits record low as US dollar surges & more
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Swiggy IPO opens today: Should you place an order for the ?11,327 crore issue?
The much-awaited mega initial public offering (IPO) of Swiggy Ltd. is opening for subscription on Wednesday, November 6, and will be available for investors to bid till November 8. The ?11,327 crore IPO comprises a fresh issue of 11.54 crore shares aggregating to ?4,499 crore, while existing shareholders will sell up to 17.5 crore shares aggregating to ?6,828 crore.
Swiggy IPO price band
The company has fixed a price band in the range of ?371-390, where investors can bid for 38 shares in one lot.
Swiggy IPO GMP
Ahead of the IPO opening, the unlisted shares of the Softbank-backed company are trading with a GMP of ?20, indicating muted demand for the issue.
Rupee hits record low as US dollar surges on Trump's early lead in US election results
Rupee hit an all-time low on Wednesday, November 6, pressured by early results from the US presidential election that strengthened the dollar and weighed on Asian currencies.
The rupee slid to 84.1725 against the US dollar, marking a 0.07% decline from its previous close of 84.1075. It was last seen trading at 84.17. A Reuters report said the dollar index climbed nearly 1.5% to a four-month high of 104.9, while Asian currencies declined by as much as 1.2%.Early trends from the US election results showed a lead for the Republican candidate Donald Trump, who is widely expected to launch protectionist tariffs and policies if he returns to the White House.
2024 US Election Results Live: Republicans regain control of Senate after four years
According to the Associated Press, Donald Trump continued his march to the White House, raking in 230 electoral votes. His opponent, Vice President Kamala Harris, has 209 after CNN projected her as the winner of Hawaii.
The Republican Party has regained the majority in the Senate, according to the Associated Press, after securing seats in Ohio and West Virginia and successfully defending their candidates in Texas and Nebraska. This marks the first time in four years that Republicans will control the upper chamber of Congress. If Donald Trump wins the presidency, they will be positioned to confirm his Supreme Court justices, federal judges, and cabinet appointees. Conversely, if Kamala Harris wins, they could delay or outright block her nominees.
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#PersonalFinance??
Gold prices in focus as investors watch US elections and Fed move
Gold prices held steady on Wednesday (November 6), with investors closely monitoring the US election and upcoming Federal Reserve policy decisions. Spot gold traded at $2,745.42 per ounce as of early Wednesday, stabilising after reaching a record high of $2,790.15 last week.US gold futures also inched up by 0.2% to $2,754.10 per ounce.In India, the 24-carat gold rate stands at ?78,600 per 10 grams, equivalent to ?7,860 per gram. Meanwhile, 22-carat gold is priced at ?72,050 per 10 grams. Over the past week, the 24-carat gold rate has dropped by 1.55%, showing a slight decline of 1.50% over the last ten days.
Bank lockers: Check charges for HDFC Bank, PNB, SBI and ICICI Bank across various locations
Bank lockers are useful tools to store your valuables, such as jewellery, loan paperwork, real estate documents, etc. Banks provide enhanced security to your items through these lockers, keeping them safe from theft or damage, though they charge an amount for this task.
PhonePe allows users to make NPS contributions: Here's how
PhonePe on Tuesday (November 5) announced the launch of contributions to NPS (National Pension System) as a new savings category under Bharat Connect (earlier known as BBPS), on its platform. With this launch, PhonePe enables users to make contributions to their NPS account through the PhonePe app.NPS is a highly effective tax saving instrument for personal retirement planning. This scheme not only provides significant tax savings but also comes in handy as a retirement corpus.Previously, users could only make contributions towards their NPS accounts through the websites of PFRDA, NSDL, CAMs, KFintech and banks.
#ExpertEdge??
Once again, Georgia may hold the key to the White House
Since the 2020 US Presidential election, Georgia has rocketed into the centre of America’s political universe. Over the last four years, politics have become almost as synonymous with the Peach State as sweet tea and pimento cheese.
One does not have to look much further than the number of times the presidential candidates have visited the state in the run-up to the election as an indicator of significance to winning the 2024 election. Both Vice President Kamala Harris and former President Donald Trump have underscored how winning Georgia would help seal four years in the White House. With its 16 electoral votes, the state is expected to be among a handful of consequential battlegrounds. But winning Georgia was not always part of the strategy for the White House for either Republicans or Democrats. ?So, what’s changed?
Why a fundamentals-focused approach to growth in India’s consumer market is essential
Insurgent brands, that solve the needs of the underserved consumers and operate, with a sense of mission, continue to outsize incumbents by growing much faster in the last five years. In the last 15 years, over 3,000 new consumer brands have been incorporated in the country.
Of these, 180 insurgent consumer brands are well-funded, with the base likely to expand manifold as the ecosystem matures. These insurgent brands have grown at least 2–3 times faster than the overall market.?
We'll see you tomorrow with another 11:11