Swansy Afonso, BQ Prime

Swansy Afonso

BQ Prime

Mumbai, MH, India

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Past articles by Swansy:

Gold Jeweler Joyalukkas Files for $300 Million India IPO

Gold jeweler Joyalukkas India Ltd. plans to raise as much as 23 billion rupees ($300 million) from an initial share sale, seeking to tap into the growing demand for the precious metal in the world’s second-biggest consumer. → Read More

India’s Top Economic Adviser to Step Down Weeks Before Budget

(Bloomberg) -- India’s Chief Economic Adviser Krishnamurthy Subramanian plans to return to academia when his three-year term ends, just weeks before the presentation of an annual state-of-the-economy survey and before the government starts preparation for its annual budget. → Read More

Jindal Steel Plans $2.4 Billion Spend to Double Output

Jindal Steel & Power Ltd. plans to spend $2.4 billion over the next six years to ramp up capacity, joining its peers in announcing massive expansions as a recovery from the pandemic boosts demand. The steelmaker plans to raise total crude steel capacity to 15. → Read More

India’s Gold Imports Slump as Festival Fails to Light Up Demand

(Bloomberg) -- Gold imports by India tumbled last month as the festival of lights failed to revive demand in the world’s second-biggest consumer. Overseas purchases fell 41% in November from a year earlier to 33. → Read More

Diwali Gold-Buying Frenzy Missing on Key Day for Indian Demand

Gold jewelry stores in India this year were less busy on the most auspicious day to buy the precious metal as higher prices and the impact of the coronavirus on incomes and fears of the pandemic kept consumers away. → Read More

India Says Slump in Diamond Exports Is Much Worse Than 2008

Diamond exports from India are set to tumble by as much as a quarter this year as the pandemic crushes demand and breaks supply chains. Overseas sales of cut and polished diamonds may slump 20% to 25% in the year ending March from $18. → Read More

Vedanta to Return $2.5 Billion Funds After Delisting Flop

(Bloomberg) -- Billionaire Anil Agarwal’s commodities group will return money raised from banks and bondholders after a plan to delist its Indian unit failed. Vedanta Resources Ltd. will repay $1.4 billion raised via bonds and another $1. → Read More

World’s Biggest Lockdown Chokes Indian Gold Smuggling Routes

The coronavirus pandemic has crushed the inflow of gold smuggled into the world’s second-biggest consumer. Illegal shipments of gold to India are estimated to have slowed to a trickle of about 2 tons a month, and may total about 25 tons this year, according to N. → Read More

India’s Hindu Temples Use ‘God’s Gold’ to Pay Pandemic Bills

With donations down because of Covid, they’re tapping their Fort Knox-size trove. → Read More

India’s Hindu Temples Use ‘God’s Gold’ to Pay Pandemic Bills

(Bloomberg Businessweek) -- Collectively, Indians own the biggest private stash of gold in the world, and religious adherents have long donated gold to temples, often to honor deities associated with individual temples. → Read More

Gold Imports Rebound in India

(Bloomberg) -- India’s gold imports more than doubled last month ahead of the start of key festivals in the world’s second-biggest bullion consumer. Inbound shipments climbed to 35.5 tons in August from 14. → Read More

Gold’s Rally to Give Way to Biggest Jeweler Share Sale in India

Gold’s record-setting rally is set to give wings to the largest initial share sale by an Indian jeweler, helping it overcome tumbling demand in the second-biggest consuming nation. → Read More

Kotak-Backed MCX Plans More Index Futures After Bullion

Multi Commodity Exchange of India Ltd. plans to launch a slew of index-based futures to widen its offerings to local investors, after starting a bullion index. The Kotak Mahindra Bank Ltd. → Read More

Metal Magnate Targets String of Smaller Steel Buys in India

British metals tycoon Sanjeev Gupta is aiming to buy at least half a dozen smaller steel plants in India by 2025 after losing out on bigger purchases in the second-biggest producer. → Read More

Gold Consumers in India Hug Sidelines Ignoring Steep Price Drop

The biggest drop in gold prices in nearly seven years wasn’t enough to pull Indian buyers back to stores and they are likely to stay on the sidelines as volatility increases. → Read More

Virus Speeds Up Indian Steel Mill’s Plan to Overhaul U.S. Business

JSW Steel Ltd. outlined plans two years ago to invest $1 billion in the U.S. to expand its global footprint. That plan was curtailed by an economic downturn and import tariffs imposed by President Donald Trump, with the situation worsening with the virus outbreak. → Read More

Gold Demand in India Seen Plunging to Lowest on Record

Gold purchases by Indians this year are forecast to tumble to a record low as the coronavirus pandemic hurts the economy and prices surge to all-time highs, according to the World Gold Council. Consumption fell 56% from a year earlier to 165. → Read More

Gold Imports by India Tumble for a Second Month on Lockdown

(Bloomberg) -- Gold imports by India slumped by about 99% for a second straight month in May, disrupted by restrictions to control the coronavirus outbreak in the world’s second-biggest consuming nation. Inbound shipments fell to 1.3 tons last month from 105. → Read More

Gold’s Allure to Remain ‘Feeble’ in India Until September

Demand for gold in India is unlikely to revive before September even as jewelers slowly reopen their stores after the world’s biggest lockdown. → Read More

Steel Output in India Tumbles as Lockdown Slashes Demand

Steel output and demand in India, the world’s second-biggest producer, slumped last month after a nationwide lockdown to control the coronavirus pandemic brought the country to a standstill. → Read More