October: 28 Snapshot for the day
October: 28 Snapshot for the day
A saleswoman arranges gold jewellery inside a showroom in Kolkata
Gold sales during October 31-November 6, when Indians celebrate Dhanteras and Diwali festivals, may rise by up to 40 per cent from 56 tonnes last year despite record high prices as consumers expect more gains, a senior World Gold Council official said on Thursday.
\"It's now an economical decision. The urge among consumers is to capture gold now than latter as prices have continuously rallied upwards,\" Ajay Mitra, managing director of the World Gold Council India and the Middle East told Reuters in an interview.
On November 3 is Dhanteras -- when jwellers in India register the highest gold sales in a year -- and on November 5 Diwali -- when Indians buy the yellow metal as a sign of future prosperity.
India is the largest consumer of gold.
Engineers of Oil and Natural Gas Corp (ONGC) work inside the Kalol oil field in Gujarat
Indian state-run explorer Oil & Natural Gas Corp reported a 5.9 per cent rise in quarterly net profit, on higher earnings from crude sales and aided by an increase in gas prices.
ONGC said net profit rose to Rs 5,389 crore for its fiscal second quarter ended September, from Rs 5,090 crore a year earlier.
ONGC is required to partially subsidise fuel sales to state-run retailers, which in turn sell fuel at state-set, below-market prices.
Cairn India today reported a three-fold jump in its net profit to Rs 1,585 crore in the quarter ended September 30 as against Rs 470 crore in the same quarter a year ago (YoY), as completion of a pipeline led to jump in crude oil sales from its profilic Rajasthan block.
Steel Authority of India (SAIL) today posted a 34.4 per cent drop net pro
Shobha Vakade, 28, who took a loan of Rs 18,000 from a micro finance company to start her own business, strings beads into necklaces outside her house in a slum in Mumbai
India's microfinance industry, which surged to prominence when George Soros-backed SKS Microfinance raised $358 million in an IPO, faces a regulatory clampdown that could erode profits and hurt growth.
Reports of dozens of suicides by poor borrowers in Andhra Pradesh, the hub of India's microfinance sector, prompted the state to enact rules against aggressive recovery practices by lenders who make loans that average about $150 to poor customers at interest rates that can top 30 per cent.
The finance minister said this week that he expects the industry to develop a code of conduct on interest rates and recovery practices, while the central bank recently set up a panel to study issues surrounding the sector.
US President Barack Obama speaks at a Democratic Congressional Campaign Committee (DCCC) rally in Providence, Rhode Island
US President Barack Obama faces a range of trade hurdles when he travels to India in early November to unlock a huge untapped commercial potential that would help ballast the rise of Asian giant China.
Despite India's growing global weight, it is only the United States' 14th biggest trading partner and obstacles, from outsourcing controversies to the Doha world trade round, have put the brakes on faster integration.
The stakes on trade are high as the United States and India need each other to meet ambitious export targets amid a sluggish US economic recovery, yawning trade deficits with China and fears of global imbalances sparking a standoff.
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