Petrol and diesel prices to fall in remote areas; Jefferies downgrades Maruti Suzuki; Gold prices reach all-time highs and more

Union Oil Minister Hardeep Singh Puri on Tuesday (October 29, 2024) welcomed the decision of state-owned oil marketing companies (OMCs) to increase dealer commissions for petrol pump owners. Additionally, Puri lauded the rationalization of intra-state freight transport, which he said would benefit “consumers in remote locations (away from petrol and diesel depots of oil marketing companies), resulting in decline in petrol and diesel prices in several parts of the country.” .”

The shares of Maruti Suzuki India Ltd. were downgraded to “Hold” by brokerage firm Jefferies from their previous Buy rating. Other analysts covering the stock may have stuck with their respective recommendations but also lowered their price targets on India's largest passenger car maker.

Jefferies has cut its price target on Maruti to ₹10,900 from ₹15,200 previously, which was once the highest price target for Maruti.

Backed by SoftBank Swiggy Ltd. has announced the price range for its IPO, which will open for subscription on November 6, 2024.

The company has set the price range at ₹371 to ₹390 per share. Investors can make an offer for at least 38 shares in one lot and then in multiples of 38 of them.

At the higher end of the price range, the company plans to raise ₹11,327.43 crore, including a fresh issue of ₹4,499 crore, while existing shareholders will sell up to 17.5 crore shares.

Global gold prices rose to a new high on Wednesday (October 30) as investor caution ahead of the US election boosted demand for the precious metal. Spot gold rose 0.1% to $2,778.27 an ounce, hitting a record $2,778.79 in early trading.

This all-time high reflects increasing optimistic sentiment fueled by political and economic uncertainties, with analysts pointing to a significant bullish trend in bullion as US economic data unfolds.

Ahead of Diwali celebrations, several states have imposed strict regulations to curb rising pollution. States have adopted regulations on the use of fireworks aimed at reducing deterioration in air quality during this period. While some states have imposed a complete ban on fireworks, others have implemented a ban restriction.

Let's take a look at the regulations put in place by states

Donald Trump's social media platform, Truth Social, has surpassed the value of Elon Musk's X thanks to the recent surge in shares of the former president's company. Trump Media & Technology Group (TMTG) is now worth over £10bn after its shares more than quadrupled since the end of September. In contrast, X Holdings is valued at around 9.4 billion pounds, based on the latest valuation that Fidelity assigned to its stake in the company formerly known as Twitter, the Associated Press reported on October 30.

TMTG stock tends to correlate more with Trump's reelection chances than with his own winning potential, and investors have recently noticed a rise in his prospects of reclaiming the presidency. On October 29, the shares rose almost 9% to close at £51.51, having risen 21.6% a day earlier. The stock's volatility led to several brief trading halts throughout the morning. Just last month the amount had dropped to around £12.

Apple has introduced iOS 18.1, giving users the first Apple Intelligence features with a smarter Siri and several AI updates.

While iOS 18.1 is available to everyone, Apple Intelligence as a feature will only run on the iPhone 15 Pro models and the latest iPhone 16 models.

Once the update is installed, the often clumsy Siri is expected to become more talkative, versatile and colorful, with a glowing light that rotates around the iPhone's screen as it responds to requests.

Indian airlines are facing a rise in bomb threats, sources said. On Tuesday alone, more than 100 domestic and international flights were attacked. This comes amid a spate of threats in recent weeks, totaling more than 510 across various airlines in the past 16 days. Officials say the threats, most of which came from social media, have so far all turned out to be hoaxes. Air India, IndiGo and Vistara are among the main destinations

In our exclusive documentary The Climb & Crash, we reveal the ups and downs of Jet Airways. 📺

Join us on CNBC-TV18 as former executives tell the untold story of ambition🚀, missteps and the dramatic fall of a once-legendary airline.

The 2024 US presidential election is just a week away and many political experts are calling it possibly the most consequential election in American history – liberals and moderates portray the former president as the biggest threat to US democracy, while conservatives and the far right calling him the greatest threat to US democracy and calling Kamala Harris the “Antichrist.”

As Election Day approaches in the US, both Trump and Harris are making their final appeals to voters. With the stakes higher than ever, the 2024 presidential election promises to be a pivotal moment in American history. As voters prepare to cast their ballots, the question remains: Who will emerge victorious in this closely contested race?

See you tomorrow with another edition of 11:11