Basic Materials

British Steel, owned by Jingye, is close to finalizing a rescue deal with the UK government that could bring vital taxpayer aid, with plans to invest in transitioning to greener production methods. The rescue plan includes seeking up to £600 million in UK subsidies, signaling a commitment to maintaining British Steel's long-term future and preserving jobs.

Wheaton Precious Metals Corp. announced its financial results for the quarter ended March 2024, revealing a revenue of $296.81 million, marking a 38.4% increase from the same period last year. The company reported an EPS of $0.36, compared to $0.23 in the previous year's quarter, surpassing the Zacks Consensus Estimate for both revenue and EPS.

Gold prices in India rose slightly on Tuesday, with the price of 24-carat gold reaching Rs 72,060 per 10 grams and 22-carat gold at Rs 66,060. The increase is attributed to recent economic data in the US suggesting potential interest rate cuts by the Federal Reserve, boosting demand for gold as a safe-haven asset.

New regulations in India mandate plastic recycling and reuse for consumer goods companies, impacting packaging costs for companies like Nestle and Britannia. However, these regulations also present opportunities for plastic recyclers and innovative packaging solutions, potentially benefiting companies like Ganesha Ecosphere and EPL.

The export of lab-grown diamonds is anticipated to increase by 7-9% in the fiscal year 2024-25 to USD 1,500-1,530 million as the demand for naturally mined diamonds continues to be slow. Despite recent declines in lab-grown diamond exports, there is optimism for growth due to factors like low cost, environmental sustainability, and competitive production from countries like India and China.