National News
Shringar – House of Mangalsutra files IPO papers with SEBI
Leading mangalsutra brand Shringar House of Mangalsutra has filed IPO papers with SEBI to raise *Rs 250 crore* for working capital & general corporate purposes. The IPO is entirely a fresh issue of *2.43 crore equity shares.
Financial Performance
Fiscal 2024 Revenue: ₹1,101.52 crore (up 16% from ₹950.22 crore in FY23)
* Profit After Tax (PAT) for FY24: ₹31.10 crore (up 33% from ₹23.36 crore in FY23)
H1 FY25 (as of September 30, 2024)
Revenue: ₹687.13 crore
PAT: ₹33.03 crore
National News
MCX Gold, Silver See Sharp Decline On Surging Crude Oil Prices, Hawkish Fed Reserve
MCX Gold Plunged By Rs 2,200 (Nearly 1.5%) To Trade Near Rs 1.54 Lakh, While MCX Silver Dropped Over Rs 2,400 (Around 1%) To Hit An Intraday Low Below Rs 2.33 Lakh Per Kilogram
Precious metals experienced a sharp retreat on August 31, 2026, driven by an increasingly hawkish Federal Reserve and surging crude oil prices. In domestic markets, MCX gold plunged by Rs 2,200 (nearly 1.5%) to trade near Rs 1.54 lakh, while MCX silver dropped over Rs 2,400 (around 1%) to hit an intraday low below Rs 2.33 lakh per kilogram. This domestic downturn mirrored steep sell-offs across global spot markets, where gold dropped more than 1% to hover around $4,400 per ounce and silver slipped below the $66 per ounce mark.
Key Drivers Behind the Sell-Off
- Hawkish Fed Signals: Federal Reserve Chair Kevin Warsh signaled persistent inflation concerns during the Jackson Hole summit, emphasizing that financial conditions remain insufficiently restrictive to reach the 2% inflation target.
- Rising Rate Hike Odds: Traders are now pricing in a 57% probability of a 25-basis-point rate hike in September, up from roughly 40% last week.
- Energy & Geopolitical Pressures: US strikes on Iranian rocket launchers near the Strait of Hormuz lifted crude prices, compounding pressure on non-yielding bullion.
Despite the sharp end-of-month pullback, gold remains positioned to close August with a gain of more than 10%, supported by broad-based currency debasement trades.
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