Basic Materials

India's mining sector grew by 7.5% in FY24, driven by strong demand from user industries like steel and cement. This growth is reflected in the increased production of key minerals like iron ore and limestone, indicating robust economic activity in sectors like energy, infrastructure, construction, automotive, and machinery.

Fortuna Silver Mines, a silver and gold miner, saw its stock price decline slightly in the recent trading session but has shown positive momentum over the past month, outperforming both the Basic Materials sector and the S&P 500. Investors are eagerly awaiting the company's upcoming earnings report on May 7, 2024, with analysts predicting an EPS of $0.03 and a Zacks Rank of #1 (Strong Buy).

Nippon Steel has delayed its acquisition of U.S. Steel by three months due to political pressure surrounding the deal, despite claiming the delay is for regulatory reasons. The acquisition, valued at $14.1 billion, has become a political flashpoint in the lead-up to the November presidential election.

BHP, the world's largest mining company, is making a $60 billion bet on a renewable energy future by launching a takeover bid for Anglo American, a move driven by the increasing demand for copper in clean energy technologies and electric vehicles. This audacious shift signals BHP's commitment to adapt and thrive in a changing world.

Gold prices in India saw a slight decline on Thursday, with both 24-carat and 22-carat gold prices falling by Rs 10 per ten grams. In the international market, gold prices edged higher for a second consecutive session on Thursday, attributed to signals from the Federal Reserve indicating a possible shift towards rate cuts in the future.