Page 2642 - Business Finance
Gold remains weak on global cues; silver recovers
Gold eased by Rs 50 to Rs 31,200 per 10 gram at the bullion market Tuesday on subdued demand from local jewellers amid a weak overseas trend. However, silver rose by Rs 150 to Rs 37,850 per kg on scattered enquiries from industrial units and coin makers. Marketmen said gold fell in tandem with a weak global trend where the metal slipped Tuesday as the dollar hit a one-week high on the back of intensifying global trade tensions and economic worries in emerging markets. Globally, gold fell 0.57 per cent to USD 1,194 an ounce and silver by 1.25 per cent to USD 14.28 an ounce in Singapore. Furthermore, sluggish demand from local jewellers and retailers at the domestic spot market put pressure on gold prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 50 each to Rs 31,200 and Rs 31,050 per 10 gram, respectively. The precious metal had lost Rs 100 yesterday. Sovereign however remained steady at Rs 24,500 per piece of eight gram in limited deals. On the ..
Economic affairs secretary: non-resident Indians can buy up to 5 percent in a security
NEW DELHI (Reuters) - Overseas investors of Indian origin are allowed to buy up to 5 percent in any security under current regulation, India's economic affairs secretary Subhash Chandra Garg said on Tuesday, in a bid to calm markets after recent regulatory changes.
ING to pay $900 million to settle Dutch money laundering case
AMSTERDAM (Reuters) - Dutch bank ING Groep NV will pay 775 million euros ($900 million) in a settlement with prosecutors, who accused its financial controls of being so poor that customers were able to easily launder money.
iVOOMi launches sub-brand Innelo in India
Chinese electronics company iVOOMi on Tuesday launched its sub-brand Innelo which would cater to the needs of the smartphone buyers in India.
Supply of retail space up 27pc in Jan-June to meet retailers' demand: CBRE
Property consultant CBRE on Tuesday said the supply of retail space rose 27 per cent during January-June period this year in seven major cities to cater the rising demand from domestic and foreign retailers. In its latest report titled India Retail Market View', CBRE said the new supply of retail space increased to 1.9 million sq ft in the first half of 2018 as against 1.5 million sq ft in the same period last year. The fresh supply came in Chennai, Hyderabad and Delhi-NCR. During the reported period, Chennai witnessed the launch of VR Mall (1 million sq ft), L&T Hyderabad Next and L&T Next Galleria (totalling 0.65 million sq ft) in Hyderabad, and 32nd Avenue (0.25 million sq ft) in Gurgaon. In January-June 2017, Mumbai saw a supply of one million sq ft, Bengaluru (0.3 million sq ft) and NCR (O.2 million sq ft). Global brands such as Dyson, Molton Brown, Berluti, American Eagle, Antony Morato, Daniel Wellington and Bath & Body Works entered India with their first stores ...
Reliance Home Finance rises on talks with overseas investor
Reliance Home Finance rose 1.47% to Rs 65.50 at 13:41 IST on BSE after the company said that it is in talks with an overseas institutional investor for a potential equity investment in the company.
Chidambaram blames govt for rise in petrol prices, says it is due to 'excessive taxes'
Senior Congress leader P Chidambaram Tuesday blamed the NDA government for rise in petrol and diesel prices, saying it was happening due to "excessive taxes". In a series of tweets, the former finance minister also demanded that petrol and diesel be brought under the GST immediately. "Relentless rise in prices of petrol and diesel is not inevitable. Because, the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," he said. Chidambaram said the central government blaming the states is a "spurious argument". "The BJP forgets that its boast that BJP is ruling 19 States. Centre and States must act together and bring petrol and diesel under GST. Congress demands that petrol and diesel be brought under GST immediately (sic)," he tweeted. Petrol and diesel prices in the country touched their highest levels Monday mainly due to fall in rupee and a sharp rise in crude oil rates. Petrol price in Delhi rose to a record Rs 79.15 a litre .
Oil prices rise as Gulf of Mexico rigs evacuated
LONDON (Reuters) - Oil prices rose on Tuesday, with U.S. crude breaking through $70 a barrel, after the evacuation of two Gulf of Mexico oil platforms in preparation for a hurricane.
TCS becomes 2nd firm to hit Rs 8 lakh crore m-cap mark
Tata Consultancy Services Tuesday became the second Indian company to attain a market valuation of over Rs 8 lakh crore mark following surge in its share price. During the afternoon trade, the IT major's market capitalisation (m-cap) stood at Rs 8,01,550.50 crore on BSE. Shares of TCS rose by 2 per cent to Rs 2,097 -- its 52-week high -- on BSE. Earlier on August 23, Reliance Industries (RIL) became the first Indian company to cross the Rs 8 lakh crore market capitalisation mark. TCS is also the country's most-valued firm in terms of m-cap. TCS on June 15 became the first company to close the trading session with a market valuation of over Rs 7 lakh crore. The market valuation of TCS had earlier this year gone past the Rs 6 lakh crore level, making it the second company to achieve the milestone after Reliance Industries. Mumbai-headquartered TCS had in April became the first Indian company to close the trading session with over $100 billion market valuation.
Robust demand lifts refined soya oil futures by 0.67 pc
Refined soya oil prices rose by 0.67 per cent to Rs 747.50 per 10 kg in futures trade today as speculators created fresh positions amid pick up in demand at the domestic spot market and restricted supplies from growing regions. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October hardened by Rs 4.95, or 0.67 per cent, to Rs 747.50 per 10 kg with an open interest of 25,970 lots. Similarly, the oil for delivery in September gained Rs 4.10, or 0.55 per cent, to Rs 744.50 per 10 kg in 31,560 lots. Analysts said fresh positions built up by traders on the back of upsurge in demand in the spot market against restricted supplies from producing belts helped refined soya oil prices to trade higher in futures trade.
Cardamom futures fall 1.65 pc on profit-booking
Cardamom prices fell 1.65 per cent to Rs 1,351.20 per kg in futures trade today as speculators booked their profits at prevailing levels amid easing demand in the spot market. Besides, sufficient stocks on higher arrivals from the major producing belts exerted pressure on cardamom futures prices. At the Multi Commodity Exchange, cardamom for this month's contract fell by Rs 22.80, or 1.65 per cent, to Rs 1,351.20 per kg in a business turnover of 20 lots. Similarly, the spice for delivery in October edged down by Rs 7.60, or 0.54 per cent, to Rs 1,376 per kg with a trading volume of 17 lots. Marketmen said besides profit-taking by speculators at existing levels, increased arrivals from producing regions exerted pressure on cardamom futures.
Mentha oil futures gain 0.83 pc on spot demand
Mentha oil prices rose by 0.83 per cent to Rs 1,777.60 per kg in futures trade today as participants increased their bets following rise in demand from consuming industries in the spot markets. Moreover, tight stocks position on restricted supplies from major growing regions of Chandausi in Uttar Pradesh also supported the upside in mentha oil prices. At the Multi Commodity Exchange, mentha oil for September was trading higher by Rs 14.70, or 0.83 per cent, to Rs 1,777.60 per kg with a business volume of 330 lots. The oil for October climbed by Rs 14.20, or 0.79 per cent, to Rs 1,798.70 per kg with a trading volume of 44 lots. Marketmen said widening of positions by traders following pick up in demand from consuming industries in the physical market against restricted supplies from Chandausi, led to the rise in mentha oil prices in futures trade.
Jeera futures fall 0.54% on profit-booking
Jeera prices fell 0.54 per cent to Rs 19,240 per quintal in the futures trade today as speculators trimmed positions to book profits at the prevailing levels amid lower demand. Furthermore, ample stocks following higher supplies from the producing belts, too, fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery this month fell Rs 105, or 0.54 per cent, to trade at Rs 19,240 per quintal, with an open interest of 4,641 lots. Similarly, the spice for delivery in October moved down by Rs 85, or 0.43 per cent, at Rs 19,650 per quintal in 4,431 lots. Analysts said besides profit-booking by speculators at the existing levels, fall in demand at the spot market against adequate stocks position, kept pressure on jeera futures.
Muted demand drags down lead futures by 0.46%
Lead prices softened by 0.46 per cent to Rs 151.50 per kg in futures trade Tuesday as speculators cut down their positions, taking negative cues from domestic spot market on low demand. At the Multi Commodity Exchange, lead for delivery in October traded lower by 70 paise, or 0.46 per cent, to Rs 151.50 per kg in business turnover of 21 lots. Likewise, the metal for delivery in September shed 45 paise, or 0.30 per cent, to Rs 150.95 per kg in 1,822 lots. Analysts said trimming of positions by traders due to softened demand from battery-makers in the physical market weighed on lead prices in futures trade.
Guar gum futures drop on negative spot cues
Guar gum prices declined by Rs 228 per quintal in the futures trade today following immense sell-off by participants at existing levels due to negative spot cues. Marketmen said besides heavy sell-off by the investors at prevailing levels, falling prices at the spot markets due to withdrawal of support by the exporting units of oil drilling industries mainly dragged down the trading sentiment in the guar gum futures prices. Furthermore, the rupee touching an all time low of Rs 71.37 against the dollar, which influenced the sentiment. At the National Commodity and Derivatives Exchange, guar gum for November plunged by Rs 228, or 2.32 per cent, to Rs 9,590 per quintal, with an open interest of 6,035 lots. Meanwhile, the guar gum delivery for October plummeted by Rs 216, or 2.22 per cent, to Rs 9,502 per quintal, with a business turnover of 60,165 lots.
LIC board decides modalities, timeline for stake hike in IDBI Bank
The LIC board Tuesday said it has taken a decision on the modalities of increasing stake in debt-ridden IDBI Bank to 51 per cent. The process is to be completed, so the board took necessary decisions, said Economic Affairs Secretary S C Garg, who is also a member of the LIC board. The time table has been decided and an open offer is being explored; "either exemption or not, that is for Sebi to decide," he said after the meeting. Meanwhile, LIC is in the process of picking up additional 7 per cent stake in IDBI Bank through preference shares. With this, its total holding in the bank would rise to 14.9 per cent. At present, LIC holds 7.98 per cent stake in the public sector bank. The stake hike will help the lender meet the immediate capital requirement that will enable IDBI Bank to meet the regulatory norms at the end of second quarter. In August, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank. The bank, in which the ...
Reliance Home Finance in talks for potential equity investment
The discussions are subject to confirmatory due diligence, definitive documentation, and necessary approvals. There can be no certainty at this stage that any transaction will result. Further announcements will be made as appropriate, in due course.
10 years on, crisis mode is new normal for central banks
The collapse of US investment giant Lehman Brothers 10 years ago forced central banks to take unprecedented steps to help rescue the global economy, thrusting them into uncharted territory they are still navigating. Acting as firefighters-in-chief, central banks pushed the boundaries of their mandates by deploying a range of unusual tools that have, for better or worse, become the new normal. "We underestimated the crucial role they would have to play in case of serious financial instability," said Eric Dor, director of economic studies at France's IESEG management school. But after years of ultra-low interest rates and floods of cheap money, central bankers around the world are grappling with the next hurdle: how to ease out of crisis mode without jeopardising the recovery. "This is an extremely big challenge," said ING Diba bank analyst Carsten Brzeski. The delicate balancing act has been complicated by "uncertainties" on the horizon, he added, as US President Donald Trump's trade ..
Ashapura Intimates Fashion to open two new Valentine Stores
On 04 September 2018