Page 28 - Business Finance
Gold prices zoom Rs 280, crosses Rs 34,000 mark
Gold prices Thursday surged by Rs 280 to cross Rs 34,000-mark in the national capital on strong global sentiment and fresh buying from local jewellers, according to All India Sarafa Association. The prices of yellow metal rose to Rs 34,020 per ten gram. Tracking gold, silver too increased by Rs 710 to Rs 39,060 per kg on increased offtake by industrial units and coin makers. Traders said apart from increased buying from jewellers, robust global trends where the precious metal surged to a five-year high also pushed the prices higher. Globally, gold was trading higher at USD 1,385.54 an ounce in New York, while silver was up at USD 15.35 per ounce. "Spot gold jumped to a five-year high of USD 1,386 an ounce on hopes that the US Federal Reserve would cut interest rates later this year. In the latest Fed policy meeting, the US central bank hinted an interest rate cut if the economic outlook weakens. "Gold has been trading on a positive note for the last four weeks on growing geopolitical .
Giftalove.com Launches Online Service of Same-day Flower Delivery Nationwide
/ -- Giftalove.com, a popular online gifting portal offering a smorgasbord of flowers, cakes, and other spectacular gifts in its gift collection, has recently launched its same day flower delivery all over India. The company considers it a great move to stay on par with its competitors and create a large customer base nationwide with such efficient and timely online flower delivery service. Same-day flower delivery is the fastest way to get flowers to reach their requisite destinations on time. It is just a matter of a few hours and the beautiful flower arrangements will be delivered in a jiffy. Having a powerful online presence in all the major cities of the country, the officials of the Company believe this flower delivery is a strong initiative for the attainment of yet another howling success after bagging immense success from its midnight flower delivery. According to the statistics, the website has more than 100 products listed under this delivery service which can be delivered
Castor seed prices up by Rs 32 on firm bets
Castor seed prices rose by Rs 32 to Rs 5,390 per quintal in futures trade Thursday after investors widened their bets amid firm trend at the spot market. On the National Commodity and Derivatives Exchange, castor seed contracts for July delivery traded higher by Rs 32, or 0.60 per cent, at Rs 5,390 per quintal, clocking an open interest of 2,00,485 lots. Castor seed for August also edged higher by Rs 48, or 0.88 per cent, to Rs 5,486 per quintal with an open interest of 57,430 lots. Apart from rising demand from consuming industries, short position of stocks in spot market led to the rise in castor seed futures, marketmen said.
Silver futures surge 2.22 pc on firm global cues
Silver futures rose 2.22 per cent to Rs 38,132 per kg Thursday after speculators raised bets, driven by a firm trend overseas. On the Multi Commodity Exchange, silver contracts for July delivery traded higher by Rs 828, or 2.22 per cent, at Rs 38,132 per kg in a business turnover of 15,014 lots. Similarly, the white metal for September delivery advanced by Rs 825, or 2.19 per cent, to Rs 38,520 per kg in 7,589 lots. Analysts said widening of positions by traders, in sync with a firm trend overseas for precious metals, influenced silver prices at futures trade here. In the international market, silver traded 2.62 per cent higher at USD 15.35 an ounce in New York.
Graphite India Ltd leads losers in 'A' group
Jaiprakash Associates Ltd, UPL Ltd, Manpasand Beverages Ltd and Indiabulls Integrated Services Ltd are among the other losers in the BSE's 'A' group today, 20 June 2019.
Suzlon Energy soars on fresh buying support
Suzlon Energy soared 19.40% to Rs 4 at 14:43 IST on the BSE on media reports that the company's lenders will meet tomorrow to decide on the debt restructuring proposal for the firm.
S.A.L Steel Ltd leads losers in 'B' group
Manaksia Aluminium Company Ltd, MSP Steel & Power Ltd, Uniphos Enterprises Ltd and Eon Electric Ltd are among the other losers in the BSE's 'B' group today, 20 June 2019.
Market advances further; metal shares jump
Key benchmarks further extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 261.56 points or 0.67% at 39,374.30. The Nifty 50 index was up 73 points or 0.62% at 11,764.45.
Volumes soar at UPL Ltd counter
UPL Ltd clocked volume of 105.75 lakh shares by 14:19 IST on NSE, a 6.81 times surge over two-week average daily volume of 15.53 lakh shares
Shares continue trading higher
The Sensex and the Nifty were trading higher after hitting fresh intraday high in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was 196.34 points or 0.50% at 39,309.08. The Nifty 50 index was 49.45 points or 0.42% at 11,740.90. Firm global stocks boosted sentiment in the domestic market.
Nickel futures gain 1.14 pc on spot demand
Nickel futures traded 1.14 per cent higher at Rs 902 per kg on Thursday after traders enlarged positions amid pick up in spot demand at domestic markets. On the Multi Commodity Exchange, nickel contracts for June delivery rose by Rs 10.20, or 1.14 per cent, to Rs 902 per kg in a business turnover of 8,992 lots. Market analysts attributed the rise in nickel futures to widening of positions by participants, following rise in demand from alloy makers in physical markets.
Hong Kong Market gains on trade truce hopes, Fed rate cut signals
The US share market climbed for a third day on Wednesday, after the Fed left interest rates unchanged at its monetary policy meeting, dropped the word patient from its statement and said it would act as appropriate to sustain the economy. Overnight on Wall Street, the Dow Jones Industrial Average added 38.46 points to close at 26,504, while the S&P 500 rose 0.3% to finish its trading day stateside at 2,926.46. The Nasdaq Composite advanced 0.4% to close at 7,987.32.
Crude oil futures up 2.52 pc on firm demand
Crude oil futures rose by 2.52 per cent to Rs 3,869 per barrel Thursday after participants widened their bets, tracking a firm trend overseas. At the Multi Commodity Exchange, crude oil contracts for July delivery traded higher by Rs 95, or 2.52 per cent, at Rs 3,869 per barrel with a business turnover of 15,413 lots. Crude for August delivery also edged higher by Rs 93, or 2.45 per cent, to Rs 3,893 per barrel with a business volume of 382 lots. Globally, West Texas Intermediate crude rose 2.47 per cent to USD 55.09 per barrel, while Brent crude, the international benchmark, was up 2.28 per cent to USD 63.23 per barrel.
Gold futures soar on spot demand, global cues
Gold prices rose by Rs 761 to Rs 33,840 per 10 gram in futures trade Thursday as participants created fresh positions, tracking a firm trend overseas. On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 761, or 2.30 per cent, at Rs 33,840 per 10 gram in a business turnover of 18,785 lots. Gold contracts for October delivery also rose by Rs 719, or 2.16 per cent, to Rs 34,000 per 10 gram in 4,068 lots. Market analysts said the rise in gold prices was mostly due to widening of positions by participants in domestic markets. Globally, gold was trading 2.81 per cent higher at USD 1,386.70 an ounce in Singapore.
REEL Strengthens Board of Directors and Senior Leadership Team With New Appointments to Support Next Phase of Growth
/ -- Refreshes Board with Appointment of New Independent Chairman and New Directors Ramky Enviro Engineers Limited ("REEL" or the "Company"), a leading provider of environmental services and solutions where KKR acquired 60% controlling interest, today announced the appointment of highly qualified directors to its Board. The Company also announced four additions to its independent management team in the newly created Joint Managing Director, Chief Financial Officer, Chief Human Resources Officer, and Head of Legal and Compliance roles who all will be under the overall leadership of Mr. M. Goutham Reddy as CEO & Managing Director. The team will work under the guidance of the newly created Board of Directors. (Logo: https://mma.prnewswire.com/media/926104/Ramky_Enviro_Engineers_Limited_Logo.jpg) Mr. B. S. Shantharaju will serve as Independent Chairman of the Board. Mr. Narayan Seshadri will also join as an independent director. Ms. Lim Hwee Hua, Mr. Sanjay Nayar and Mr. Rupen ...
Modi govt to bring more reforms, raise farm investment to boost growth: Prez
Prime Minister Narendra Modi-led government in its second term will implement more economic reforms, raise investment in the farm sector, provide collateral-free loans to entrepreneurs and further simplify GST to boost economic growth, President Ramnath Kovind said Thursday. The government will shortly bring a new industrial policy to make India a manufacturing hub and the process of simplification of rules will be expedited to propel the country into top-50 nations on the ease of doing business ranking, he said. A day after Commerce Minister Piyush Goyal ruled out allowing foreign companies into multi-brand retailing, the President in his customary address to the joint sitting of the two Houses of Parliament said a National Retail Trade Policy is on the anvil. "Today, India is among the fastest-growing economies in the world. Inflation is low, fiscal deficit is under control, foreign exchange reserves are growing and the impact of Make In India is clearly visible," he said. India, he
China Market extends gains on Sino-U.S. trade hopes
On the U.S.-China trade front, hopes in Beijing appear to have risen for a trade deal between the two economic powerhouses. U.S. President Donald Trump and Chinese Xi Jinping are set to meet at the upcoming G-20 summit in Japan, which will happen next week. Trump said talks between the respective teams would begin prior to that. Trade tensions between the two economic powerhouses had worsened in recent weeks with both raising tariffs on billions of dollars worth of their goods. Trump had also previously suggested that additional levies could be imposed on more Chinese imports.
New industrial policy to be announced soon: President
The government will soon announce a new industrial policy aimed at promoting growth of industries and creation of jobs, President Ram Nath Kovind said Thursday. Addressing the joint sitting of both Houses of Parliament, the President said work is underway in full earnest to transform India into a global manufacturing hub. "Keeping in view Industry 4.0, a new industrial policy will be announced shortly," he said. The new policy will replace the industrial policy of 1991 which was prepared in the backdrop of balance of payment crisis. This will be the third industrial policy after the ones released in 1956 and 1991. The proposed policy aims at promoting emerging sectors and modernising existing industries. It will also look to reduce regulatory hurdles and encourage adoption of frontier technologies such as robotics and artificial intelligence. The Department for Promotion of Industry and Internal Trade (DPIIT), under the Commerce and Industry ministry, in August 2017 had .
Axis Bank Ltd drops more than 1%
Axis Bank Ltd is quoting at Rs 761.6, down 1.18% on the day as on 13:24 IST on the NSE. The stock jumped 48.45% in last one year as compared to a 9.26% rally in NIFTY and a 15.21% spurt in the Nifty Bank index.
Dollar sinks, Asia stocks rally as dovish Fed spurs rush to risk
The dollar and US Treasury yields fell, while Asian equities and oil rallied Thursday after the Federal Reserve indicated it could soon cut interest rates, adding to optimism of a breakthrough in the China-US trade row. The softer slant from the US central bank provided more support to global investors, who were already in buoyant mood after Donald Trump flagged positive talks with China's Xi Jinping and said they would meet next week. After a much-anticipated meeting, Fed boss Jerome Powell said officials felt the case for a reduction had "strengthened", citing the trade standoff with China and weak inflation, adding it would "act as appropriate" to support growth. The bank also dropped the word "patient" in describing its assessment of economic data, fuelling speculation of a reduction as soon as July. "The forward guidance from the Fed was no longer about being patient but being pragmatic," said Kerry Craig, global market strategist at JP Morgan Asset Management. "As inflation is ..
