Page 3429 - Business Finance
Gold falls to Rs 31,570 on weak global cues, muted demand
Gold remained weak for the second straight day and drifted lower by Rs 25 to Rs 31,570 per 10 gram amid weakening global trend and easing demand from the local jewellers at the bullion market today. Silver slipped below the Rs 41,000-mark, declined by Rs 120 per kg, due to reduced offtake by industrial units and coin makers. Marketmen said, sentiment remained downbeat on the back of weak trend overseas as dollar firmed amid easing risk aversion and expectations of further interest rate hikes by the US Federal Reserve, eroded demand for the precious metal as a safe-haven. Globally, gold fell by 0.32 per cent to USD 1,254.16 an ounce, its lowest since mid-December last year. Silver shed 0.49 per cent to USD 16.19 an ounce in Singapore. Furthermore, muted demand from the local jewellers and retailers at the domestic spot markets fuelled the downtrend. In the national capital, gold of 99.9 and 99.5 per cent purity lost Rs 25 each to Rs 31,570 and Rs 31,420 per 10 gram, respectively. The ..
Rupee weakest since November 2016 on higher oil prices
MUMBAI (Reuters) - The rupee weakened to 68.61 to the dollar, its weakest since November 30, 2016, as high oil prices stoked importers to step-up purchase of the greenback.
Trade events in Africa, S America to explore new markets for exports: Commerce Ministry
Trade events are being organised in African, Central and South American countries to explore new markets with a view to boost the country's exports, the commerce ministry today said. "Because of these measures, exports are continuously registering growth," it said. These issues, among others, were discussed in a meeting chaired by Commerce and Industry Minister Suresh Prabhu last week. In the meeting, the minister reviewed a strategy for revitalising India's exports. "The minister reviewed development of USD 100 billion additional export strategy focussing on champion and promising products and market retention," it added. It said that commodity specific strategy includes products like gems and jewellery, leather, textile, pharmaceuticals, electronics, engineering, chemical, marine products and agriculture goods. India's exports grew by 9.78 per cent to USD 302.84 billion in 2017-18.
China Market falls on trade war woes
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The Central Board approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952
The Central Board approved the proposal for insertion of Paragraph 68HH in EPF Scheme, 1952 provisioning Advance from the fund to a member who ceases to be in employment for a continuous period not less than one month. Under this proposal a member can avail 75% of the total fund (including employee as well as employer share) standing to the member's credit with interest thereon.
Taiwan Textile Federation to promote sustainability at Technotex India Exhibition
The Taiwan Textile Federation and the Bureau of Foreign Trade would be forming the Taiwan Pavilion for the 6th year at Technotex India Exhibition which will be held in Mumbai from 28th-29th June 2018. Technotex India is organized by the Ministry of Textiles and FICCI.Exploring new partnerships and business opportunities in the growing technical textiles sector of India, this year 10 leading Taiwanese companies producing innovative technical, functional, performance and industrial textiles and accessories will be showcasing their high-end products along with others at the Taiwan Pavilion @ Technotex India Exhibition. This will be an excellent opportunity for Indian buyers of "Smart Technology Textiles" to network with the Taiwanese suppliers here in India.Taiwan is one of the very few countries who can fulfill India's requirements as the Taiwan textiles sector is the leader in technology innovations and manufacturing in the world with a strong research and development segment. ...
Vodafone India uses automation powered by Amdocs to improve billing efficiency
Leading provider of software and services to communications and media companies Amdocs has announced that it has successfully helped Vodafone India to automate its billing operations, enhancing the experience of customers.Amdocs software is also enabling Vodafone India to roll out new services, offers and service plans for its post-paid consumers and enterprise customers faster. Amdocs implemented its Service Monetization suite at Vodafone India in 2015, and subsequently, in 2016, signed a multi-year services contract to manage and automate operations.The transformation has enabled Vodafone India to reduce the duration of billing cycles and deliver accurate bills to all its post-paid customers faster. This has resulted in a better customer experience and improved revenue realization. Amdocs services also enables Vodafone India to launch new offers and plans in record time, enabling them to be more agile in responding to market situations."We have successfully improved the customer ...
Global cues depress equity indices; oil and gas stocks slump
Broadly negative global cues pulled the key Indian equity indices lower on Wednesday afternoon.
Exim Bank extends $10 mn loan facility to Seychelles
The Export-Import Bank of India (Exim Bank) today said it has extended USD 10 million worth of line of credit (LOC) to Seychelles for healthcare and procurement of goods and projects. The LOC is the first tranche of the USD 50 million sanctioned by the Exim Bank to the country, a release said. With this agreement for USD 10 million, Exim Bank, till date, has extended two LOCs to Seychelles, taking the total value to USD 28 million. Earlier this week, the bank had extended two LOCs aggregating USD 31 million to the Republic of Suriname for upgradation of transmission line network and maintenance of Chetak helicopters there. Exim Bank has 233 LOCs in place at present, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 22.86 billion, available for financing exports from India, the release said.
Tata Consultancy Services Ltd rises for a third straight session
The stock is quoting at Rs 1873.95, up 1.19% on the day as on 12:49 IST on the NSE. Tata Consultancy Services Ltd is up 59.48% in last one year as compared to a 13.01% gain in NIFTY and a 39.08% gain in the Nifty IT index.
GlaxoSmithkline Consumer Healthcare Ltd gains for a third straight session
The stock is quoting at Rs 6378.95, up 1.12% on the day as on 12:49 IST on the NSE. GlaxoSmithkline Consumer Healthcare Ltd is up 18.39% in last one year as compared to a 13.01% gain in NIFTY and a 10.94% gain in the Nifty FMCG index.
Trump urged to drop tariffs on Mexican products
More than 60 American companies representing dairy farmers and cheesemakers in a letter have asked US President Donald Trump to suspend high steel and aluminium tariffs on Mexico until renegotiations over a regional free trade treaty are completed.
Turmeric futures rise 0.54 pc on spot demand
Turmeric prices rose by 0.54 per cent to Rs 7,358 per quintal in futures trade today due to widening of positions by speculators amid halt in supplies from the growing regions. Besides, rising demand at the physical markets also fuelled the uptrend. At the National Commodity and Derivatives Exchange, turmeric for delivery in July traded higher by Rs 40, or 0.54 per cent, to Rs 7,358 per quintal with an open interest of 12,075 lots. The spice for delivery in far-month August climbed by Rs 38, or 0.51 per cent, to Rs 7,430 per quintal, in an open interest of 9,075 lots. Analysts said, widening of position created by participants following upsurge in domestic as well as export demand at the spot markets against restricted supplies from producing regions, mainly pushed up turmeric prices at futures trade here.
Maize futures fall on negative spot cues
Maize futures traded lower by Rs 10 to Rs 1,169 per quintal in futures trade today on offloading of holdings by traders in sync with a weak trend at the spot markets. Marketmen said trimming of positions by traders, tracking a weak trend at the spot markets due to slackness in demand from poultry feed makers amid ample stocks on relentless supplies from producing belts, pulled down maize prices in futures trade here. At the National Commodity and Derivatives Exchange, maize contracts for August eased by Rs 10, or 0.86 per cent, to Rs 1,169 per quintal with an open interest of 5,610 lots. Also, the delivery for the July contracts edged lower by Rs 6, or 0.52 per cent, to Rs 1,142 per quintal with an open interest of 8,210 lots.
Guar seed futures rise 1.42 per cent
Guar seed prices inched higher by 1.42 per cent to Rs 3,829.50 per quintal in futures trade today as participants raised bets, taking positive cues from the spot market. The rise in guar seed prices at futures market was mostly supported by widening of holdings by participants, driven by a firm trend at the physical markets on brisk demand from guar gum makers, marketmen said. At the National Commodity and Derivatives Exchange, guar seed for delivery in August contracts was trading notably higher by Rs 53.50, or 1.42 per cent, to Rs 3,829.59 per quintal, clocking an open interest of 26,980 lots. Also, the delivery of the July contract spurted by Rs 49.50, or 1.37 per cent, to Rs 3,659 per quintal with an open interest of 76,820 lots.
HCL Technologies acquires H&D International
To enhance delivery capabilities in Germany and automotive expertise globally
Intellect Design Arena partners with Vietnam private bank - Techcombank
For implementation of digital transaction banking platform
Japan Nikkei falls on lingering trade war fears, ex-dividend trade
Investors focused on the simmering trade tensions are awaiting more clarity from the White House on its plans. President Donald Trump signaled he may take a less confrontational path toward curbing Chinese investments, backing down from earlier reports that the U.S. would bar Chinese money in certain technologies.
Cisco focuses on 50 mn SMBs to continue double-digit growth in India
With about 70 per cent of Indias small and medium-sized businesses (SMBs) still "offline" in India, global networking giant Cisco is now focused on transforming them and drive its growth in the country, a top executive has said.
Can't do anything if politically-motivated factors interfere: Mallya
Liquor baron Vijay Mallya on Wednesday reiterated that is making every effort, in good faith to settle dues with the banks, but if politically-motivated factors interfere, there is nothing he can do.In a series of tweets, Mallya said an application has been filed to sell his assets to recover dues and repay creditors."Some people have been asking why I chose to make a statement at this time. I have made my statement because UBHL and myself have filed an application before the Hon'ble Karnataka High Court on June 22, 2018, setting out available assets of approximately Rs. 13,900 crores," he tweeted."We have requested the Courts permission to allow us to sell these assets under judicial supervision and repay creditors, including the Public Sector Banks such amounts as may be directed and determined by the Court," the second tweet read."If the criminal agencies such as ED or CBI object to the sale of assets, it will clearly demonstrate that there is an agenda against me "the Poster Boy" .