Mumbai, July 4: Gold recorded its first weekly gain since May as trader expectations for further US Federal Reserve rate hikes moderated, pushing bullion prices around 3.1 per cent for the week.

Soft US job numbers and lower energy prices led to investors reducing the expectations of monetary policy tightening.

However, on Friday, MCX gold August futures eased 0.01 per cent while MCX silver July futures inched up 0.04 per cent. Currently, gold futures stand at Rs 1,47,365, while silver futures at Rs 2,37,499 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,46,344 on Friday, up from Rs 1,41,911 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

“Gold extended its recovery for the fourth consecutive session and touched a 10-day high on Friday. The rebound comes after more than a month of sustained selling following the May 13 import duty hike, with improving sentiment supported by a softer US dollar,” an analyst said.

The analyst said that the recent pullback in the Dollar Index has encouraged fresh buying in bullion, and forecasted that the bullion is expected to trade in the Rs 1,45,000–1,49,000 range, with global cues continuing to drive sentiment.

Market participants said softer US labour data and easing energy costs reduced the probability of further Fed tightening. US hiring slowed sharply in June and traders trimmed the probability of a quarter‑point rate increase at the Fed’s next meeting to below 20 per cent, down from roughly one‑third earlier in the week.

Lower energy costs and softer job growth have led analysts to forecast a gradual easing of inflationary pressures in coming months.

Oil prices have witnessed their sharpest quarterly correction since 2020 as shipments from Saudi Arabia and the United Arab Emirates near pre-war levels.

US President Donald Trump and allies have renewed efforts to clear the way for more of the president’s own picks at the Federal Reserve after the Supreme Court blocked an attempt to remove Governor Lisa Cook.

Similar efforts last year, challenging Fed’s independence, helped fuel gold’s rally as investors sought protection against potential policy shifts.

Mumbai, July 3: In a major push to tackle plastic pollution and position Maharashtra as a green manufacturing hub, the MahaYuti government has approved the Maharashtra Bioplastics Policy 2026, aimed at promoting bioplastics manufacturing through a comprehensive package of incentives and dedicated funding.

The policy, which will remain in force from 2026 to 2031, seeks to transform Maharashtra into a national hub for bioplastics manufacturing, research, innovation and exports. The government expects the initiative to attract investments worth Rs 25,000 crore, create 1.31 lakh direct and indirect jobs, and generate an estimated Rs 30,039 crore in revenue.

The policy also targets the creation of 2 lakh tonnes per annum (TPA) of PLA and biopolymer production capacity, reducing the state’s dependence on imported PLA by 50 per cent

Additionally, Maharashtra aims to replace 30 per cent of single-use plastics in selected sectors with compostable alternatives, achieve $1 billion in exports, and integrate 1 lakh farmers into the bioplastics value chain.

The state Cabinet has approved a total outlay of Rs 10,892 crore, including Rs 782 crore during the first five years and Rs 10,110 crore over the subsequent 20 years. A provision of Rs 50 crore has been made for 2026-27 under the Package Scheme of Incentives.

Government sources said rising concerns over conventional plastic waste, microplastics, marine pollution and greenhouse gas emissions have necessitated policy intervention to promote bio-based and biodegradable alternatives. While the global bioplastics market is expanding rapidly, India currently accounts for just 0.46 per cent of global output. It remains heavily dependent on imports of key biopolymers such as Polylactic Acid (PLA).

Maharashtra enjoys several competitive advantages, including its leadership in sugarcane, sugar and ethanol production, which provides abundant feedstock such as corn, bagasse and molasses. Coupled with a strong chemicals industry, premier research institutions and logistics infrastructure anchored by the Jawaharlal Nehru Port Authority (JNPA), the state is well positioned to develop a robust bioplastics ecosystem. The urgency of the shift is underscored by the generation of nearly 3.96 lakh tonnes of plastic waste in the state during 2022-23.

The policy covers the entire value chain, from raw material processing and production of PLA, PHA, PBS and other biopolymers to compounding, end-product manufacturing, testing facilities, composting and certification services. All eligible units will be required to obtain BIS/ISO 17088 certification or equivalent standards recognised by the Central Pollution Control Board.

Key focus areas include standards and certification, cluster-based industrial parks, common facility centres, research and centres of excellence, skill development, support for MSMEs and startups, increased participation of women and rural youth, and promotion of foreign investment and exports. The government also plans to establish two Centres of Excellence to foster innovation and technology development. Only Greenfield (new) investments and dedicated Brownfield expansions for bioplastics will be eligible.

To attract large-scale investments, Maharashtra will offer a tiered incentive framework, including special benefits for the first two anchor projects involving investments of Rs 3,000 crore or more. These projects will be eligible for capital subsidies of up to 30 per cent of fixed capital investment over 10 years, 100 per cent SGST reimbursement for 12 years, full electricity duty waivers and stamp duty exemptions, among other incentives.

Additional benefits include export incentives, reimbursement of employers’ provident fund contributions, and support for adoption of green technologies. Similar incentives will be available to the first 10 eligible large, mega and MSME units. Standalone R&D facilities will receive financial assistance of up to 50 per cent, subject to a ceiling of Rs 25 lakh.

The policy also provides an additional “green incentive” for units adopting zero liquid discharge systems, renewable energy and circular economy practices, reinforcing Maharashtra’s ambition to emerge as a leading sustainable manufacturing destination.

Ahmedabad, July 3: Global institutions and India’s largest mutual funds have backed multiple Adani Group companies, marking a sharp turnaround in investor sentiment.

Adani Group has emerged as one of the biggest draws for institutional investors over the past year, attracting around Rs 40,000 crore of fresh equity into its flagship company alone while also seeing marquee global and domestic investors increase their exposure across several listed entities.

Adani Enterprises Ltd (AEL) this week upsized its qualified institutional placement (QIP) to Rs 15,000 crore after receiving bids worth about Rs 38,000 crore, or 3.8 times the base issue size. The fundraising comes less than a year after the company’s Rs 25,000 crore rights issue, taking its total equity capital raised over the past year to about Rs 40,000 crore.

The latest offering attracted some of the world’s largest institutional investors, including Capital Group, Goldman Sachs, BlackRock, Blackstone, and Nomura. Domestic participation was equally broad-based, with HDFC Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Mutual Fund and Tata Mutual Fund among the investors.

People familiar with the transaction said the order book was fully covered before the issue formally opened, with bankers describing investors as “clamouring for allocations.” The company launched the QIP with a base size of Rs 10,000 crore before increasing it to Rs 15,000 crore on the back of strong demand.

The fundraising is the latest sign of a sharp shift in investor sentiment toward the Adani Group. After a period when Adani stocks were among the least preferred by several institutional investors, they have become some of the most sought-after names among both global funds and domestic asset managers.

Over the past year, leading institutional investors have participated in fundraisings and secondary transactions across companies including Adani Power, Adani Ports & SEZ, Adani Energy Solutions and Adani Green Energy, alongside Adani Enterprises. The lineup of investors has consistently featured some of the world’s largest asset managers and nearly every major domestic mutual fund, reflecting growing conviction in the group’s long-term investment pipeline.

The latest demand also comes despite a US federal judge pausing the formal dismissal of criminal charges against the Adani Group Chairman Gautam Adani and directing the Department of Justice to justify its decision to withdraw the case. The strong institutional participation suggests investors have remained focused on the group’s operating businesses, capital allocation, and growth prospects.

Adani Enterprises, the group’s flagship incubator, is expanding businesses spanning airports, AI and data centres, solar and wind equipment manufacturing, roads, PVC, metals and mining. A day before the QIP, the company announced an $11.5 billion investment with IHC to establish India’s largest aluminium manufacturing project, marking the biggest foreign direct investment announced in India’s metals and mining sector.