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Stock indices in India rose at the end of today’s session; Nifty 50 Up 1.01% By Investing.com

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© Reuters. Stock indices in India rose at the end of today’s session; Nifty 50 increase 1.01%

Investing.com – Indian stocks rose after the close on Friday, as gains in the sector and sectors drove stocks higher.

At the close on the New York Stock Exchange, the index rose by 1.01%, while the index rose by 1.20%.

It was the best performance of the session on Infosys Ltd (NS:), which rose 3.83% or 54.35 points and traded at 1,474.25 at the close. while, HDFC Bank Ltd (NS 🙂 added 3.26% or 45.40 points to close at 1,439.00 and Housing Development Financing Corporation Ltd (NS) stock: up 2.64%, or 60.25 points, at 2,343.50 at the end of trading.

As for the weakest performance at the end of trading today, the share of Oil and Natural Gas Corporation (NS:) closed down at 1.73% or 2.25 points and traded at 127.60 levels at the close. Mahindra and Mahindra (NS: down 1.43% or 17.90 points to close at 1,230.30 and GSW Steel Ltd (NS 🙂 fell 1.25%, or 8.10 points, to 640.25.

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The best performers on the BSE Sensex 30 were Infosys Ltd (BO 🙂 which rose 3.82% to 1,474.05, HDFC Bank Ltd (BO 🙂 which rose 3.40% to settle at 1,441.10 and Housing Development Finance Corporation Ltd (BO 🙂 which It rose 2.69% to close at 2,344.85.

The worst performers were Mahindra & Mahindra Limited (BO 🙂 which fell 1.40% to 1230.25 in late trading, Asian Paints Ltd (BO 🙂 which lost 0.80% to settle at 3,185.60 and Reliance Industries Ltd (BO 🙂 which was down By 0.54% to 2371.00 at the close.

Declining stocks outnumbered rising stocks on the Indian National Stock Exchange by 958 to 849 and 78 were unchanged. On the Bombay Stock Exchange, the price of 1725 rose and 1566 fell, while 143 closed unchanged.

The Nifty 50, which measures the implied volatility of Nifty 50 options, fell 10.02% to 18.26, a new one-month low.

Gold futures for December delivery were down 0.93%, or $15.65, to $1,661.35 an ounce. Elsewhere in commodity trading, crude oil for delivery in November was down 1.01%, or $0.90, to $88.21 a barrel, while Brent oil for December was down 0.86%, or 0.81 to trade at $93.76 a barrel.

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USD/INR was unchanged 0.00% to 82.17, while EUR/INR fell 0.36% to 80.03.

US dollar index futures rose 0.45% to 112.75.

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Norway’s $1.3 trillion wealth fund encourages traders to bet against the market

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(Bloomberg) — Nikolai Tangen, head of Norway’s $1.3 trillion sovereign wealth fund, wants traders to bet against the market.

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The world’s largest single owner of publicly traded companies, with nearly 1.3% of all listed shares, on Thursday outlined a three-year plan to limit losses that have accumulated in turbulent markets for 2022, exacerbated by soaring inflation and rising interest rates. and war in Europe. For the first time in its history, the wealth fund is looking forward to a future in which investments are a fraction of what they used to see.

This means that “excessive returns are more important than ever,” said Tangen, who has repeatedly told his countrymen to prepare for “extremely low returns.”

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Speaking in an interview Thursday, Tangen said the key to beating the benchmark would be to “push the fund to become more long-term, more ambivalent, and more active in terms of passive selection.” That is, “there are a lot of things we don’t want to own,” he said, without elaborating.

Built from the wealth of the North Sea in oil and gas, the Oslo-based fund has warned of a prolonged downturn in the markets after posting an average return of 6% over a quarter century of its existence. It lost 4.4% in the third quarter, which is equivalent to about $43 billion.

The fund has only one owner, unlike other large asset managers, is largely affiliated with the index, and invests according to a strict mandate from the Ministry of Finance. She strives to make the most of her limited field to try and beat the standard against which she is measured, something she has been able to achieve in eight of the past ten years.

“In a volatile world, you need to be more long-term and more ambivalent,” Tangen said. This is “because there will be more opportunities when you can do the opposite with everyone else.”

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He said the strategy was “playing into heightened geopolitical uncertainty” and a partial reversal of globalization, while the wealth fund released its three-year strategy. The plan sets goals such as investing in companies before they go public, voting more actively at shareholder meetings, improving cooperation between traders and portfolio managers, and exploiting periods of turmoil in real estate markets.

The fund also needs to be “more robust operationally,” Tangen said, including being prepared to counter cyberattacks. He has already said that openness and transparency are priorities to ensure that Norwegians understand why their rain fund is not growing as quickly as before.

The fund scaled back its participation in initial public offerings last year. In hindsight, he dodged a bullet, Tangen said, having bought fewer IPOs in “really frothy” markets and seeing those IPOs perform “really badly.” But that is likely to change as conditions improve.

“Selectively exploring this opportunity in the next strategy period is something we will look at,” said Equity CEO Pedro Furtado Reis. “Doing this allows us to get into the life cycle of the company earlier and hopefully as the company grows it will have a greater share of that value.”

The fund said it would consider investments in renewable energy storage and transmission in the future, which would expand the range of renewable infrastructure it would like to keep. It spent about 1.4 billion euros ($1.5 billion) on a 50% stake in a Dutch offshore wind farm in 2021, but has not added anything else to its renewable energy infrastructure portfolio.

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“It’s competitive,” Tangen said of the wind and solar projects market. “There aren’t a lot of projects out there, they’re very competitive and the returns are very low. So we just want to increase the space. Generally in the investment world, the more options you have, the better.”

The broader scope in renewables also reflects an internal effort within the fund to improve collaboration between teams and identify new investment opportunities, said Daniel Baltazar, chief equity officer.

“We may have built a few more silos than we should have,” Balthazar said. “With the advent of Nikolai, there is a much greater effort to collaborate between teams. With this collaboration between teams, we can also search in a better way across value chains.”

(Updates in detail in sixth paragraph, comments with CEO in twelfth)

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Saudi Arabia signs Huawei agreement, deepening ties with China on Xi’s visit by Reuters

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© Reuters. Chinese President Xi Jinping arrives in Riyadh, Saudi Arabia, December 7, 2022. Saudi Press Agency/Handout via Reuters

By Aziz El Yacoubi and Eduardo Baptista

RIYADH (Reuters) – Saudi Arabia and China offered deep ties with a series of strategic deals on Thursday during a visit by President Xi Jinping, including one with tech giant Huawei, whose growing incursion into the Gulf region has raised US security concerns.

King Salman signed a “comprehensive strategic partnership agreement” with Xi, which has received a warm welcome in a country that has forged new global partnerships outside the West.

Xi’s car was escorted to the king’s palace by members of the Saudi Royal Guard riding Arabian horses and carrying the Chinese and Saudi flags, and he later attended a welcome banquet.

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The Chinese leader held talks with Crown Prince Mohammed bin Salman, the de facto ruler of the oil giant, who greeted him with a warm smile. Xi ushered in a “new era” in Arab relations.

The offer stood in stark contrast to the quiet welcome given in July to US President Joe Biden, with whom relations have been strained by Saudi energy policy and the 2018 killing of Jamal Khashoggi that overshadowed the embarrassing visit.

The United States, which has warily watched China’s growing influence and its relations with Riyadh at rock bottom, said Xi’s trip is an example of Chinese attempts to exert influence around the world and will not change US policy toward the Middle East.

A memorandum was agreed with the Chinese company, Huawei Technologies, regarding cloud computing and building high-tech complexes in Saudi cities, despite the US discomfort with Gulf allies over potential security risks in using the Chinese company’s technology. Huawei has participated in building 5G networks in most of the Gulf countries despite the concerns of the United States.

Prince Mohammed, who fists instead of shaking hands with Biden in July, returned to the world stage after Khashoggi’s killing and has been defiant in the face of American anger over oil supplies and pressure from Washington to help isolate Russia.

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In a further polishing of his international credentials, Saudi Arabia and the United Arab Emirates said on Thursday that the emir and the Emirati president had led a joint mediation effort to secure the release of American basketball star Brittney Griner in a prisoner exchange deal with Russia.

In an opinion piece published in Saudi media, Xi said he was on a “pioneering journey” to “open a new era of China’s relations with the Arab world, the Arab Gulf states and Saudi Arabia.”

Xi added that China and Arab countries “will continue to raise the banner of non-interference in internal affairs.”

China’s state broadcaster CCTV said that sentiment was echoed by the crown prince, who said his country opposed any “interference in China’s internal affairs in the name of human rights”.

Xi, who is set to meet other Gulf oil producers and attend a broader meeting of Arab leaders on Friday, said China will work to make those summits “landmark events in the history of China-Arab relations,” and that Beijing regards Riyadh as “an important force in the multipolar world.” .

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Saudi Arabia and other Gulf states such as the United Arab Emirates have said that they will not pick sides among the world powers and that they are diversifying partners to serve national economic and security interests.

“reliable partner”

China, the world’s largest energy consumer, is a major trading partner of the Gulf states, and bilateral ties have expanded as the region pushes for economic diversification, raising US concerns about China’s participation in sensitive Gulf infrastructure.

The Saudi energy minister said on Wednesday that Riyadh will remain a “reliable and reliable” energy partner of Beijing and that the two countries will enhance cooperation in energy supply chains by setting up a regional hub in the kingdom for Chinese factories.

The Saudi Press Agency reported that Chinese and Saudi companies also signed 34 deals to invest in green energy, information technology, cloud services, transportation, construction and other sectors. It did not give figures, but said earlier that the two countries would conclude initial deals worth $30 billion.

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Tang Tianbo, a specialist on Middle East affairs at the China Institute of Contemporary International Relations — a think tank affiliated with the Chinese government — said the visit will lead to further expansion of energy cooperation.

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Bargain smokers give Big Tobacco a headache

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Cheaper cigarette brands are taking market share from big rivals like BAT and Altria as smokers look for ways to save cash.

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