GMDC, NLC India, Nalco shares trade at day's high as US Ambassador Sergio Gor announces India will be part of Pax Silica

GMDC, NLC India, Nalco trade at day's high as Sergio Gor announces India will be part of US-led initiative Pax Silica

• India joins US-led Pax Silica initiative on AI and supply chain security
• Shares of GMDC, NLC India, Nalco surged after the announcement
• Pax Silica seeks to secure tech supply chains, includes Japan and UK as allies.

Did our AI summary help?

Shares of GMDC, NLC India, Nalco were trading at day's high on January 12 as US Ambassador Sergio Gor announced India will be part of US-led initiative Pax Silica, a rare earth association.

Pax Silica is the US Department of State’s flagship effort on AI and supply chain security, advancing new economic security consensus among allies and trusted partners.

India and the US continue to actively engage on trade and the next call between the two sides is scheduled for Tuesday, Sergio Gor, Washington's newly-appointed ambassador to New Delhi said on Monday, which led to sharp recovery in markets.

"I am announcing that India will be part of US-led initiative Pax Silica. Real friends can address their differences," US envoy designate Gor said on Narendra Modi-Donald Trump friendship in context of bilateral ties.

Pax Silica seeks to safeguard the full technology supply chain, including critical minerals, advanced manufacturing, computing and data infrastructure. It is a key pillar of the Trump administration’s economic statecraft strategy to reduce dependence on rival nations and strengthen cooperation among allied partners.

The group includes Israel, Japan, South Korea, Singapore, Britain and Australia. Qatar is expected to sign the Pax Silica declaration on January 12, followed by the UAE on January 15.

GMDC shares recovered 6% from day's low to trade at Rs 568 apiece while those of NLC India rose over 3.5% from intraday low on January 12.

Nalco shares recovered 3.5% from intraday low.

Gor also struck an expansive note on diplomacy, saying India and the US have a "once-in-a-lifetime opportunity" to redefine what global partnerships can achieve.

“As the world adopts new technology, it is essential that India and the United States work hand in hand from the very start of this initiative,” he said.

Regarding India-US trade deal, he said: "Both sides continue to actively engage. In fact, the next call on trade will occur tomorrow. Remember, India is the world's largest nation, so it's not an easy task to get this across the finish line, but we are determined to get there, and while trade is very important for our relationship, we will continue to work closely together on other very important areas, such as security, counterterrorism, energy, technology, education and health."