Page 2720 - Business Finance

Select base metals strengthen on stockists' buying, Asian cues

Select base metal prices firmed up by Rs 2 per kg at the non-ferrous metals market today on fresh buying by stockists and higher Asian cues. Traders said fresh buying by stockists following uptick in demand from consuming industries at domestic spot market and a firm trend at Asian markets as inventories in China hit their lowest in a decade. Zinc inventories in warehouses monitored by the ShFE ZN-STX-SGH fell 11.8 per cent last week to 30,800 tonnes, their lowest since October 2007. Stocks in warehouses approved by the LME have fallen for eight straight days. Meanwhile, the most-traded zinc on the Shanghai Futures Exchange, for October, climbed 2.2 per cent to 21,385 yuan (USD 3,111.00) a tonne, its highest since August 10. However, the London Metal Exchange is closed today for a public holiday. In the national capital, copper mixed scrap and zinc ingot moved up by Rs 2 each to Rs 442 and Rs 135-141 per kg respectively. Lead ingot and lead imported also enquired higher by a similar

Govt receives 150 proposals to build ethanol capacity

The government has so far received around 150 proposals from sugar mills like Bajaj Hindustan, seeking soft loan under a recently launched scheme for expansion and setting up of a new ethanol capacity, a senior Food Ministry official said today. In June, the government had announced a soft loan of Rs 4,440 crore to mills for creating ethanol capacity and also promised to bear an interest subvention of Rs 1,332 crore over a period of five years including moratorium period of one year. This was one of the measures taken to help cash-starved mills to clear huge dues of cane growers. "Sugar mills have shown interest to build ethanol capacity. We have received 150 proposals so far. We are scrutinising them," the official told PTI. Maximum proposals received are from mills based out of Uttar Pradesh, the country's largest sugarcane producing state. The proposals are for expansion as well as establishment of new ethanol capacity, the official said. It is not necessary that an approval from ..

Unit of China's HNA makes delayed bond payments

SHANGHAI (Reuters) - An airport operator under the umbrella of China's debt-laden HNA Group has made full payments on a commercial paper issue after missing a deadline on Friday, amid a jump in defaults that has drawn attention to repayment risks in the country's corporate bond market.

China warns investment may weaken further, to make 'good use' of fiscal policy

BEIJING (Reuters) - China's investment growth, already at record lows, may weaken even further in the future and authorities should step up fiscal and financial measures to give it a boost, the state planner said on Monday.

Market holds firm near day's high

Key barometers held firm near day's high in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 455.48 points or 1.19% at 38,707.28. The Nifty 50 index was up 128.30 points or 1.11% at 11,685.40. The Sensex and the Nifty, both, scaled fresh all-time highs in afternoon trade. The gains were supported by favourable global cues.

Mustard oil slips on weak domestic demand

In restricted activity, mustard oil prices declined by Rs 50 per quintal at the wholesale oils and oilseeds market today owing to slackened demand. However, other edible and non-edible oils moved in a narrow range in scattered deals and settled at last levels. Traders attributed the slide in mustard oil prices to easing local demand against sufficient stocks position. In the national capital, mustard expeller (Dadri) oil shed Rs 50 to Rs 8,200 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati Ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut mill delivery (Gujarat) Rs 9,200, Groundnut Solvent Refined (per tin) Rs 1,750-1,850, Mustard expeller (Dadri) Rs 8,200, Mustard Pakki Ghani (per tin) Rs 1,295-1,340, Mustard Kachi Ghani (per tin) Rs 1,345-1,445, Sesame mill delivery Rs 10,200, Soybean Refined mill delivery (Indore) Rs 7,650, Soybean Degum (Kandla) Rs 7,250, Crude Palm ..

Manipur govt to prepare ranking of all banks in state: CM

Manipur government has decided to prepare a ranking of all the banks operating in the state on the basis of the services provided by them to the people, according to Chief Minister N Biren Singh. "A circular would be issued to ask the banks to submit the details of the services provided by them to the public soon," Singh said. The amount of money to be deposited from the state's exchequer to these banks would be decided on the basis of ranking, he said while attending a function of the Manipur State Co-operative Bank Ltd (MSCB) yesterday evening. The chief minister said the state government has initiated a number of steps to encourage entrepreneurship and self employment. Manipur Social Nemcha Kipgen said the government has decided to launch six integrated cooperative development projects in six districts of the state. The integrated cooperative development projects will focus on development of primary agricultural credit societies as multi-purpose self-reliant entities,

Toyota group firms to set up JV for self-driving technology

TOKYO (Reuters) - Four Toyota Motor Corp group companies said on Monday they will form a joint venture to develop software that manages brakes, steering and other components for automated driving.

Prabhu urges India Inc to identify priority sectors in Kenya

Commerce Minister Suresh Prabhu has asked Indian businesses to carry out a market study to identify priority areas for expanding cooperation with Kenya, as the country eyes fresh avenues to boost bilateral trade with the African nation. The Eighth Session of the India-Kenya Joint Trade Committee meeting was held in Nairobi, the capital city of Kenya from August 22-25. "Addressed the India-Kenya Joint Business Council today in the presence of industry leaders & business representatives from both countries. Invited Kenyan businesses to invest in India and urged Indian businesses to research key priorities & design products specific to Kenyan needs," Prabhu tweeted after the meeting. During the visit, he also met Kenya's Foreign Affairs Chief Administrative Secretary Ababu Namwamba and discussed with him on exploring new avenues of cooperation, mutual growth and strengthening of diplomatic ties between the two countries. "We are keen to explore new opportunities in logistics, ...

German business morale rises for first time this year amid trade truce - Ifo

BERLIN (Reuters) - German business morale improved for the first time this year in August, a benchmark survey showed on Monday, suggesting that company executives in Europe's largest economy are less worried about the threat of a global trade war.

German business morale rises for 1st time this year amid trade truce - Ifo

BERLIN (Reuters) - German business morale improved for the first time this year in August, a benchmark survey showed on Monday, suggesting that company executives in Europe's largest economy are less worried about the threat of a global trade war.

Axis Bank arm offers trading in commodity derivatives

MUMBAI (Reuters) - The stock-broking arm of India's Axis Bank on Monday began offering commodity derivatives trading on the Multi Commodity Exchange platform, making it the first subsidiary of a bank to offer the service.

SHRI group to invest Rs 600 cr on new affordable housing project in Gr Noida

With rising demand for affordable homes, SHRI group has decided to develop its third housing project in Greater Noida where the realty firm will develop 2,000 units at an investment of around Rs 600 crore. The company, which has executed about dozen projects in the Mathura region and Greater Noida (West), will sell flats in a price range of Rs 18-35 lakh in this 8-acre project, SHRI director Ram Agrawal said. The project 'SHRI Sky Park' would be constructed as per the area norms laid down under the Pradhan Mantri Awaas Yojana (PMAY) so that the eligible buyers can claim subsidy from the government, he added. Real estate sector is facing a multi-year demand slowdown. But, of late, the demand for affordable housing has improved on the back of several positive measures announced by the Centre. The affordable housing segment has been given infrastructure status enabling real estate developers to access finance at lower interest rates. That apart, the Centre is giving interest subsidy of ..

Refined soya oil futures dip by 0.75% on muted demand

Refined soya oil prices fell by 0.75 per cent to Rs 726.20 per 10 kg in futures trade today as speculators cut their bets amid sluggish demand at domestic spot market against adequate stocks position. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October fell by Rs 5.50, or 0.75 per cent, to Rs 726.20 per 10 kg with an open interest of 12,090 lots. Likewise, the oil for September shed Rs 5.10, or 0.70 per cent, to Rs 728.50 per 10 kg in 42,600 lots. Traders said off-loading of positions by traders as demand eased in the physical market against ample stocks position on increased supplies from producing regions, mainly weighed on refined soya oil prices at futures trade.

Gold eases as dollar firms; short-covering limits losses

BENGALURU (Reuters) - Gold inched lower on Monday as the dollar recovered slightly, but losses were curbed by short-covering after the metal gained nearly 2 percent in the last session amid market perception of a dovish stance on interest rates by the U.S. Federal Reserve.

German business morale brightens much more than expected in August

BERLIN (Reuters) - German business morale improved by much more than expected in August, a survey showed on Monday, suggesting that concerns about a global trade war among company executives in Europe's largest economy have eased.

Maize futures gain on positive spot cues

Maize prices advanced by Rs 8 to Rs 1,339 per quintal in futures trade today on accumulation of holdings by the participants propelled by firm physical sentiments. Marketmen said, a firm trend in the spot markets, where prices ruled higher in tune with strong demand from poultry feed makers along with the thin position of stocks led to the rise in maize futures prices. At the National Commodity and Derivatives Exchange, maize for September moved up by Rs 8, or 0.60 per cent, to Rs 1,339 per quintal having business turnover in 7,060 open lots. However, delivery for October advanced by Rs 5, or 0.37 per cent, to Rs 1,365 per quintal, open interest stood at 880 lots.

Cardamom futures rise 2.76 pc on pick up in demand

Cardamom prices rose by 2.76 per cent to Rs 1,327 per kg in futures trade today as participants built up fresh positions and pick up in demand. Tight stocks position on fall in arrivals from growing regions also supported the upside. At the Multi Commodity Exchange, cardamom for delivery in October was trading higher by Rs 35.60, or 2.76 per cent, to Rs 1,327 per kg in a business turnover of 6 lots. The spice for delivery in September traded higher by Rs 29.50, or 2.26 per cent, to Rs 1,331.30 per kg with trading volume of 16 lots. Analysts said fresh positions created by traders due to pick-up in demand in spot market pushed up cardamom prices.

Turmeric futures rise 1.09 pc on firm demand

Turmeric prices rose by 1.09 per cent to Rs 6,998 per quintal in futures trade today after participants built up fresh positions on the back of pick-up in domestic and exports demand and restricted supplies from growing regions. However, some gains remain capped on reports of improved sowing turmeric growing areas of Tamil Nadu, Karnataka and Maharashtra. At the National Commodity and Derivatives Exchange, turmeric for delivery in October was trading higher by Rs 76, or 1.09 per cent, to Rs 6,998 per quintal with an open interest of 5,820 lots. The spice for September also increased by Rs 74, or 1.07 per cent, to Rs 6,942 per quintal in an open interest of 14,015 lots. Analysts said, fresh positions created by participants following the upsurge in domestic as well as exports demand at the spot market against restricted supplies from producing belts pushed up turmeric futures.

Small, mid-cap indices underperform Sensex

Buying frenzy in index pivotals propelled the key benchmark indices to fresh intraday high in afternoon trade. At 13:27 IST, the barometer index, the S&P BSE Sensex, was up 434.76 points or 1.14% at 38,686.56. The Nifty 50 index was up 126 points or 1.09% at 11,683.10. The Sensex and the Nifty, both, scaled fresh all-time highs in afternoon trade. The gains were supported by favourable global cues.