Mumbai: Shares of gold jewellers were among the top gainers on Monday, extending the month-long rally, fuelled by the US-India trade deal, which boosted sentiment across the gems and jewellery space.

Kalyan Jewellers shot up 14.7%, leading the surge. Motisons Jewellers, Vaibhav Global, Goldiam International, Sky Gold and Diamonds, Thangamayil Jewellery and P N Gadgil Jewellers climbed 9-16%, while Titan Company gained 3%. The benchmark Nifty 50 rose 0.7%, and the Nifty Midcap 150 and Smallcap 250 indices advanced 1.6% and 2.6%, respectively.

“Monday’s run-up is largely a combination of strong results by Kalyan Jewellers and P N Gadgil, as well as tariff reduction on jewellery exports as part of the India-US bilateral trade deal,” said Gaurang Kakkad, head of research at Centrum Broking.

A joint statement issued on Friday said the US would cut tariffs on gems and diamonds exported from India, lowering them from 50% to 18%.

Harsh Thakkar, research analyst at Samco Securities, said investors expect the momentum seen in the October-December to continue into the fourth quarter, aided by wedding-season demand – a view echoed in the recent commentary from Kalyan Jewellers’ management.

Kalyan posted an 60% jump in consolidated net profit for the third quarter from July-September, while P N Gadgil posted a 115.5% rise in October– December profit. “We have seen strong thirdquarter numbers from Sky Gold and P N Gadgil, and we expect strong results from other key players such as Titan Company and Senco Gold. Investors may consider accumulating shares of leading companies in the segment on dips,” Thakkar said.

Kakkad said the third quarter saw strong momentum across jewellery retailers, supported by gold price inflation and robust wedding-related buying. In the October- –December period, international gold prices rose nearly 12% as per data from investing- .com. So far in 2026, gold is up over 16% in a volatile trading period. Kakkad added that the structural story remains intact, with organised jewellers benefiting from market-share gains from the unorganised sector, continued store additions and entry into newer categories, including lab-grown diamonds and lightweight jewellery. His top pick in the sector is Titan.

“Despite gold price volatility, January has remained healthy in terms of KPIs (Key Performance Indicators) like walk-ins, footfalls and consumer traction,” said Kakkad. “We expect that some correction in gold prices will provide an opportunity to consumers who were on the fence, and therefore demand momentum should remain strong in the fourth quarter as well.”

Asian equities rose on Tuesday as a recovery in US tech stocks gathered momentum after last week’s selloff tied to concerns over spending on artificial intelligence.

The Nikkei 225 Index continued its election-fueled rally to rise over 1% to set a new record, while stocks also opened higher in South Korea and Australia. That pushed the MSCI Asia Pacific Index to an all-time high. Asian gains came after the S&P 500 climbed to close near a record on Monday, as some of the hardest-hit stocks in last week’s selloff rebounded.

The dollar held its losses and Treasuries were steady as traders geared up for Wednesday’s US jobs report. Gold and silver fell in early trading on Tuesday as investors took profits in a choppy market that’s still trying to find a floor following a historic rout.

The gains in stocks signaled easing concerns around the AI trade that came to a head in the past two weeks, lashing software companies and casting a pall over high-spending tech companies. While that plays out, traders are now bracing for key economic data that may shape expectations for the Federal Reserve’s interest-rate path.

“When markets sell off like certain areas in tech have, there’s often knee-jerk rallies,” said Sameer Samana at Wells Fargo Investment Institute. “Time will tell if we need a retest or if enough value was created.”

In another sign of heavy spending by tech companies, Alphabet Inc. is set to raise $20 billion from a US dollar bond offering — exceeding the expected $15 billion — while also pitching investors on its first-ever sales in Switzerland and the UK. The UK deal would include a rare 100-year bond.
Elsewhere, the yen weakened on Tuesday after trading around 156 per dollar in the last session following Prime Minister Sanae Takaichi’s historic election triumph during the weekend. Brent crude oil rose for a second day on Monday as rising tensions in the Middle East centered on OPEC member Iran added a risk premium to prices. Bitcoin wavered near $70,000.The focus this week is on a packed run of US economic data, including the two most consequential readings: employment and inflation.

The jobs report — due Wednesday — is expected to show payrolls rose 69,000 in January. The unemployment rate is seen steady at 4.4%. The data will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025.

In Friday’s consumer price index, economists will look for more evidence that inflation is on a downward trend. Before that, figures on Tuesday are projected to show solid retail sales.

Those releases could shape expectations for the Fed’s next move on interest rates. Traders are broadly expecting policymakers to leave rates on hold when they meet next month as they did in January when they voted to keep them at 3.5% to 3.75%.

Treasury yields fell on Monday after National Economic Council Director Kevin Hassett said lower US jobs numbers can be expected in the months ahead as population growth slows.

“We think the stabilizing labor market — marked by modest hiring and limited layoffs — should help keep the Fed on track to cut rates once or twice this year, assuming price pressures continue to ease,” said Angelo Kourkafas at Edward Jones. “Lower interest rates should reduce borrowing costs for consumers and businesses, helping support the economy and corporate profits.”

A small plane struck multiple vehicles during an emergency landing on a Georgia roadway Monday, the Gainesville Police Department announced in the afternoon.

The Federal Aviation Administration (FAA) said the single-engine plane, a Hawker Beechcraft BE-36, reportedly experienced engine issues around 12:10 p.m. during a short flight north of Atlanta.  

Multiple people sustained minor injuries in the incident, with two individuals, including one driver, sent to a local hospital for treatment, police told FOX Business.

Photos released by the police department show a white aircraft with damage to the nose cone and right wing near a road intersection. One image also appears to show an SUV with damage to its front bumper, as fire department personnel were seen responding to the crash.

PLANE CRASH-LANDS ON TOP OF TOYOTA ON FLORIDA FREEWAY FOLLOWING ENGINE TROUBLE

The plane, which departed Gainesville’s Lee Gilmer Memorial Airport and was headed for Cherokee County Regional Airport in Canton, reportedly attempted to abort its flight shortly after leaving the regional airport.

Police said the two pilots onboard noticed engine issues related to the plane’s RPMs.

ALL 8 TIRES BURST IN HARROWING ATLANTA LANDING FAILURE INVOLVING PASSENGER JET

When the pilots realized they “did not have enough power to make it to the airport,” they initiated an emergency landing on the roadway, colliding with three vehicles, the NTSB said.

“Shortly after departure, the pilot experienced problems with the engine and elected to turn back towards Gainesville to land there,” the NTSB said. “The airplane didn’t have enough power to make it to the airport, so the pilot made a forced landing on a roadway, where the plane struck three vehicles.”

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Police added that when the aircraft’s right wing clipped a vehicle, the plane’s fuel tank came loose and “went into the rear of the SUV and into the vehicle.”  

Road closures were in effect following the plane crash, and residents were advised to expect extended traffic delays.

Sir Tim Martin has said the proposals would help the industry move towards ‘tax parity with supermarkets’

The founder of JD has urged other hospitality industry bosses to throw their support behind Reform UK’s policies for the pub sector, including plans to slash beer tax. Devon-based Sir Tim Martin, chairman of JD Wetherspoon, said the proposed changes would help the sector move towards “tax parity with supermarkets”.

The Nigel Farage-led party announced a series of proposals aimed at support the ailing sector last week. These included a pledge to cut VAT in the hospitality sector by 10 per cent, cut beer duty by 10 per cent, reverse the recent rise in employers’ national insurance contributions (NICs) for the sector and a gradual removal of business rates for all pubs.

Reform has said it would fund this package with around £3bn, with plans to secure this through reinstating the two-child benefit cap.

Sir Tim told investors and industry leaders in a lengthy stock exchange filing on Monday that “there’s no question that this initiative would utterly transform the competitiveness of pubs”.

He said: “By eliminating the tax differential between supermarkets and the hospitality industry, and restoring margins to devastated businesses, these changes would enable pubs to regain some, or all, of their lost trade.

“You would think that this offer from Reform would have been greeted by a crescendo of enthusiasm, ecstasy and support from the licensed trade and its supporters.

“However, surprisingly, initial support has been underwhelming, at least from the great and the good in the hospitality industry.”

The calls come weeks after the Government announced additional business rates support for the sector, after warnings that rates changes announced in November’s autumn budget would lead to closures.

Pubs and live music venues in England will benefit from 15 per cent off their business rates bills from April, the Government announced last month.

It said this would be the equivalent of an £80m boost for the sector annually over the next three years.

The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited (GRE), a subsidiary of Gulf Development Public Company Limited (GULF), have signed a $350 million loan agreement.

This landmark deal is designed to significantly boost Thailand’s green energy transition by expanding renewable energy generation capacity and supporting the decarbonization of the country’s power sector.

The financing package will facilitate the construction and development of three critical energy projects:

• Two solar-plus-battery energy storage systems (BESS) with a combined contracted capacity of 126 megawatts (MW) for solar generation and 151 megawatt-hours of energy storage.
• One solar power plant with a contracted capacity of 68 MW. Once operational, these projects are projected to reduce carbon dioxide emissions by an average of 191,550 tons annually, directly contributing to Thailand’s national goal of achieving net-zero emissions by 2050. This initiative also aligns with Thailand’s 5-gigawatt renewable energy feed-in tariff program and marks Southeast Asia’s first large-scale solar and BESS procurement.

ADB served as the sole mandated lead arranger and bookrunner for the $350 million loan, which comprises a multi-faceted financing structure:

• ADB’s direct contribution: $75 million from its ordinary capital resources.
• B-loan: $50 million provided by DBS Bank Ltd.
• Parallel loans: $150 million from a consortium including DEG – Deutsche Investitions- und Entwicklungsgesellschaft, Development Finance Institute Canada (DFIC) Inc., and Export Finance Australia.
• ADB-administered fund: $75 million from Leading Asia’s Private Infrastructure Fund 2 (LEAP 2). The robust participation from these diverse cofinanciers underscores strong market confidence in the project’s strategic importance and commercial viability.

ADB Country Director for Thailand, Aaron Batten, emphasized the pivotal role of battery-integrated solar in establishing an affordable and reliable clean energy future for Thailand. GULF Chief Financial Officer Yupapin Wangviwat highlighted that through this collaboration, GULF and ADB are pioneering an innovative model for grid stability by integrating solar energy with large-scale battery storage, setting a crucial precedent for the energy sector in Thailand and across the region.

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Mumbai: Actis LLP has unexpectedly entered the fray to buy Sprng Energy from Shell, seeking to re-acquire the clean energy platform it had set up and subsequently sold to the Anglo-Dutch energy major in 2022, said people with knowledge of the matter.

It has initiated due diligence after being shortlisted along with Aditya Birla Group, KKR and National Investment and Infrastructure Fund, they said. Final bids are expected at March-end, likely valuing the company at $1.8-2 billion, up from the $1.55 billion that Shell had paid.

Second Greenfield Platform
Actis was included after Singaporean utility Sembcorp, another contender, took time to make an offer, said one of the people mentioned above.

Sprng Energy, the second greenfield platform that Actis established in India, has a portfolio of under-construction and operational renewable power projects totalling 5 GW capacity. The first, Ostro Energy, was sold to Renew Power along with its 1 GW assets for an $1.5 enterprise value in 2018, the largest such transaction in the sector at the time.

General Atlantic-owned Actis LLP currently has a sizeable renewable energy portfolio in India with three independent companies. They’re led by BluPine Energy, an independent power producer. It was reported that the fund has been evaluating strategic options, including a full or partial exit, after deploying $800 million to establish the platform in 2021. Last year, Actis fully acquired Stride Climate Investments, a solar generation asset portfolio in India, from Macquarie Asset Management.

Around the same time in 2025, the fund completed raising a $1.7 billion Actis Long Life Infrastructure Fund–its second such initiative–to back brownfield infrastructure assets across growth markets in Asia, Latin America, Central and Eastern Europe, the Middle East and Africa. The strategy focuses on operational enhancements rather than heavy capital expenditure, enabling investors to benefit from predictable, long-term income with moderate leverage.
Actis had initiated discussions with Shell late last year when it became clear that the energy major would be looking to review and exit non-core assets globally as part of a larger shakeup. Shell eventually chose to appoint Barclays and run a formal bidding exercise to maximise value.Until last March, Actis had deployed more than $7.1 billion in Asia since its inception across different investment strategies and has built or operated more than 8GW of installed capacity in the region, including more than 5.5GW of renewables, according to the fund.

Unusual Deal
Industry officials said it’s unlikely the company will get sold at a significant premium since greenfield expansion has been poor since the Shell takeover. According to one estimate, only 200 MW of capacity has come onstream between 2022 and 2025.

“Shell confirms we are reviewing strategic options to unlock long-term value for Sprng,” its spokesperson told ET. “It’s too early to comment on an outcome of the review.”

Actis declined to comment.

“Funds do not consider this a buyback in the traditional sense. Firstly, the funds are different and in India if you want to ramp up fast, buy is a better option than build,” said a senior fund manager at an infrastructure fund. “Secondly, having birthed and grown that company, they will have the best information around the asset, what is its true potential and bid accordingly. They have always been a disciplined and conservative investor.”

ET has been reporting on the sale process since December. It had reported that Shell’s attempts at a partial sale of Sprng Energy’s assets last April to Edelweiss-backed Sekura Energy and ONGC failed due to a valuation mismatch.

Pivot Away
Shell’s diversified business interests in India include selling lubricants and running an LNG terminal at Gujarat’s Hazira port besides operating fuel retail outlets and electric vehicle charging stations.

Since 2023, Shell has spent $8 billion on renewables as part of a stated three-year target of between $10 billion and $15 billion of investment in the segment. But under chief executive Wael Sawan, the UK oil major has been pulling back from renewable power generation and has already said it will not build any new offshore wind farms after many of these projects failed to deliver returns to shareholders.

Other than exiting Sprng Energy, it has retreated from major investments in big power generation projects to focus on potentially more lucrative activities such as power trading or oil exploration and has publicly stated its interest to enter Venezuela if the Trump administration allows this. The company has already cut investment and written down its US wind farms by almost $1billion starting 2025. Shell also walked away from two major floating offshore wind projects off the north-east coast of Scotland in a move that surprised decarbonisation champions. In India, Shell divested its 49% stake in Cleantech Solar to Singapore’s Keppel Ltd for $200 million.

Kolkata | Mumbai: Gold and silver exchange-traded funds rebounded on Monday, clawing back part of last week’s steep losses when both metals snapped their record-breaking rally and recorded sharp declines.

Among the five largest silver exchange-traded funds (ETFs) by assets, Kotak Silver ETF led the rebound with a 9.4% gain. HDFC Silver ETF, Nippon India Silver ETF (Silverbees), ICICI Prudential Silver ETF, and SBI Silver ETF surged between 8.2% and 8.7%. International spot silver rose about 6.7% at about $83 an ounce during the day.

Gold funds also staged a recovery. Kotak Gold ETF climbed 2.85%, while Nippon India, SBI, HDFC, and ICICI Prudential Gold ETFs advanced 1.7-2.4%. Spot gold rose 2% to around $5,068 on Monday evening.

The bounce back follows a bruising week for precious metal funds. Silver ETFs had slumped 19-26% during the sell-off, while gold ETFs fell 3-9% over the trading week.

The market volatility is also influencing buying patterns as consumers who stepped in when gold cooled to about ₹1.5 lakh per 10 grams last week have turned more cautious, even as wedding-related demand is keeping the sales momentum.

“Those who have marriages at home are buying in advance so that they can take advantage of the current rate,” said Joy Alukkas, chairman of Joy Alukkas group. “Gold is on a bullish trend and therefore prices are unlikely to fall drastically.”
Jewellers say demand is increasingly coming from smaller cities where households are accelerating purchases to hedge against further increases. “As gold and silver hit record highs and remain volatile, we are seeing a notable shift in consumer behaviour, especially in tier 2 and tier 3 cities,” said Vikas Kataria, promoter of Madhya Pradesh-based listed jewellery firm DP Jewellers. “Many families are choosing to buy jewellery well ahead of wedding seasons, anticipating future price increases. Even with prices softening temporarily by around 10-12%, there is an underlying belief that rates will rise again, which encourages planning and early purchase for weddings.” Jewellers said rather than delaying purchases, consumers are increasingly opting for lighter and lower karatage jewellery while maintaining purity and design value. “Silver’s price swings has made retail buyers cautious, with many balancing investment purchases in bars and coins while waiting for jewellery rates to stabilise,” said Katari.

Gold continues to face demand from long-term investors as it has given nearly 70% returns in just about a year, especially during market volatility and geopolitical uncertainties.

“Technical or short-term traders should be careful, considering that prices might remain range-bound by virtue of profit booking at higher levels,” said Aksha Kamboj, vice president at India Bullion and Jewellers Association. “The medium and longterm prospects for gold prices remain constructive. Investors should approach gold with a disciplined, staggered allocation strategy rather than chasing momentum.” Unlike gold, silver is an industrial metal as well as a precious metal.

Hence, the demand is linked, among other things, to sectors such as electronics, renewable energy, and electric vehicles.

“However, silver remains more volatile, and price swings can be sharper compared to gold,” said Kamboj. “Investors should remain mindful of this volatility while recognising silver’s long-term potential. A balanced approach, aligned with broader portfolio objectives, is advisable rather than aggressive positioning.”