Market and Business News

- The Labor Code was announced last month New Delhi Dated 31st October 2020 Saturday The Centre's Labor-Employment Department released the first draft of the Industrial Relations Code. Some of its provisions were found to be shocking. For example, companies with up to 300 employees can lay off any employee with just 15 days' notice, dismiss after 60 days' notice and close the company with 90 days' notice. Will be able to sort. Government permission will not be required for this. The details of the strike by the workers were also disclosed in the draft. The draft was kept intact for a month to know the response of the people. It was made mandatory for all industrial units to have e-register. The responsibility for making rules for trade unions was left to the state governments. Similarly, the issue of model standing order was not clarified in this draft.

Private train companies will have to pay a deposit of Rs 1,000 crore

-Can leave the station only after checking by government officials -Police Commission held a meeting with the concerned representatives New Delhi Dated 31st October 2020 Saturday With the government's decision to launch private trains in the country, it was now learned that the government would charge private train companies a deposit of Rs 1,000 crore for the safety of trains and passengers. In addition, government officials will be able to leave the train station only after checking the train. Officials from the National Policy Commission and the Ministry of Railways held a meeting with the Public Private Partnership Appraisal Committee and discussed these issues in detail. The government had planned to run 151 private trains. However, at present the railways are considered a government department and millions of railway employees are annoyed with the privatization of the railways as everyone in a private company has to answer for their duties. There is no such bond in gover

An unprecedented increase in digital payments

Mumbai, Ta. 30 October 2020, Friday The country is currently witnessing a drastic change in the Corona era. The cost of people behind restaurants or other luxuries has almost gone down while the cost behind healthcare and precautionary measures has gone up. Consumers in the country are using digital payments more than ever before after the spread of Corona. Whether it's a grocer or a vegetable seller or a cab driver, everyone is accepting payments through digital mods. Increasing usage is increasing the pressure on online payments technology. The value of transactions through the Unified Payments Interface (UPI), a platform for digital payments, has risen to more than the amount withdrawn through ATMs since April this year. Debit card withdrawals from Corona's earlier ATMs, which used to be Rs 2.50 trillion a month, are now down to around Rs 2.50 trillion during Corona's tenure, while the value of transactions through UPIs has now risen from Rs 2.50 trillion to Rs 3 tri

An increase in rural demand will not be enough to keep the economy afloat

Mumbai, Ta. 30 October 2020, Friday The share of Gross Value Added (GVA) in agriculture in the country's economy is expected to increase by 20 basis points to 12.50 per cent in the current financial year and subsequently increase rural demand, but the decline in urban demand cannot be offset by increased rural demand. According to a report by India Ratings, the eight states in the country, which account for 5 per cent of the total agricultural GVA, will see an increase in aggregate demand. Despite the epidemic and related lockdowns, agricultural activities have not been seriously affected. Good agricultural activity is expected to keep rural demand high and support the recovery in the economy, the report said. However, due to the epidemic, the industrial and service sectors have declined. Rural demand will increase but it will not be able to offset the decline in urban demand as the share of agriculture sector in GVA is expected to be 12.50 per cent in FY 2021 while the share of

The move to abolish the H1-B visa system will increase companies' costs

Mumbai, Ta. 30 October 2020, Friday US President Donald Trump's proposal to abolish the computerized lottery system for H1-B visas will increase the cost of doing business for companies, leading to a significant drop in visa applications. The proposal comes just days before the US presidential election. However, more clarity on this issue is likely to be seen only after the elections. The selection process based on the level of wages may be introduced instead of the lottery system. Currently H1-B visa applications are selected from a common pool. The Trump administration has proposed a 20 percent increase in wages for H1-B visa workers. An average of two lakh H1-B applications are received every year, but the number of applications was very low at the end of March and the beginning of April this year, prompting the government to extend the deadline to November 15. Experts believe that the pay-as-you-go H1-B visa process will increase the costs for companies, especially IT compa

Muthu. There was a decline in paperless transactions in the fund sector

Ahmedabad. 30 October 2020, Friday After the drastic implementation of the lockdown, there is an increase in economic activity in the unlocked process. However, there has been a sharp decline in paperless transactions in the mutual fund sector. Due to the strict implementation of lockdown across the country, there was a break in the physical functioning of the mutual fund sector. This time i.e. during the June quarter, investors used to go to the mutual fund's site and invest. In other words, paperless transactions in the fund sector grew by more than 50 per cent during this period. After the month of June, during the unlock process, there was also an increase in economic activity at all levels. As a result, investors have once again gone to the offices of mutual funds for self-verification and adoption of investment strategies, resulting in an overall 20 per cent reduction in paperless transactions. According to available data, Nippon Life India Asset Management accounted for

Reduction in tariff value for calculation of import duty on gold and silver

(By commercial representative) Mumbai, Ta. 30 October 2020, Friday Mumbai Gold and Silver Market and Currency Market were closed today on the occasion of Eid. However, behind the world market, gold prices remained soft in the Mumbai market while silver prices were higher. The dollar was strengthening in the currency market in private. The government today announced a reduction in the tariff value used as a benchmark for calculating import duty on gold and silver. Crude prices were expected to stabilize at a low. In the closed market in Mumbai, the price of gold at 2.50 per ten grams excluding GST was ખાન 30,600 in private with 303. Gold was quoted at ૯ 5,050 with a price of ૯૯ 6.50. Prices with GST were quoted three per cent higher. The price of silver was Rs 30,200 per kg. Prices with GST were quoted three per cent higher. In Ahmedabad, the official price of gold fell by Rs 100 to Rs 200 per ten grams at Rs 2.50 and Rs 200 per gram. Silver.2 The price of one kg was Rs. The governme

Significant increase in effective import duty on edible oils

(By commerce representative), Mumbai, Ta. 30 October 2020, Friday In the Mumbai oilseeds market, the rebound in cingulum oil prices came to a halt today and market prices rose again, while cottonseed oil prices also rose again after the shocks were digested, market sources said. Meanwhile, prices of imported palm oil and soyoil also rose again today, but new demand for palm oil, however, was slow and hawala resell traded at 100 to 150 tonnes. Meanwhile, according to a report from Delhi, the central government has significantly increased the tariff value used as a benchmark to calculate the import duty on edible oils imported in the country, leading to an increase in the effective import duty on imported edible oils, market insiders said. Meanwhile, the tariff value of crude palm oil has gone up from ૭૫૫ 6 to ૭૮૨ 6, palmolin from ૭૯૬ 6 to ૮ 215 and soyoil from ૮૯૮ 6 to ૯૪૮ 8, leading to an effective import duty of Rs 3 to Rs 5 per tonne of CPO and Rs 5 to Rs. Experts said that the pr

The Sensex fell 136 points to 39,614

(Gujarat News Correspondent) Mumbai, Ta. 30 October 2020, Friday Corona's second-round rise in US markets in European countries, with US markets in Europe and other countries on the brink of a slump in the global market today In the end the bounce shocks were such a constant softening. Of course, before the results of Reliance Industries were announced this evening, the company's deal with Future Retail in the company's retail sector was filed in a Singapore court by Amazon and the Future Group's order not to proceed with the deal immediately is in line with Indian Oil Corporation's encouraging quarterly results. -Mining stocks saw a rally. But the offloading of foreign funds in banking-finance, FMCG, automobile, IT stocks sent shockwaves and the market softened. The Sensex was down 17.6 points at 314.05 and the Nifty spot was down 2.50 points at 114.40. Sensex rises sharply to 8, falls to 21, falls 17 points to 317 Trading started strong today. The Sensex opened

48 per cent decline in demand for jewelery

(Commercial Representative) Mumbai, Ta. Thursday, October 29, 2020 India's demand for gold jewelery fell by 9 per cent to Rs 6.5 tonnes in the third quarter ended September 2020. The country's gold and silver imports grew by 3 per cent to 20.5 tonnes during the period, according to World Gold Council data. According to the World Gold Council, demand for gold fell by 3% to 3 tonnes in the third quarter due to the impact of Covid-18 and gold prices hitting record highs. While China and India have been the biggest contributors to the decline in global volume. It may be mentioned that gold prices in India have increased by 3% on an annual basis. Central banks sold 12 tonnes of net gold in the third quarter. Somasundaram PR, managing director of Indian operations at the World Gold Council, says demand is now expected to grow better than in the third quarter as a result of growth and festivals. In India, the demand for gold and silver for weddings is increasing rapidly with the en

Global banks sold 12 tonnes of gold

(By commercial representative) Mumbai, Ta. Thursday, October 29, 2020 The resumption of corona cases in some parts of the world, including Europe and the United States, has weighed on global prices amid panic in precious metals, crude oil and equities markets. The dollar index, which has been buying in dollars as a safe haven, rose. Investors are watching the results as the US presidential election draws to a close. Reports of global banks selling gold had an impact on gold prices. Gold and silver prices fell on the back of global markets and the rupee weakened. In the Mumbai market, the GST-free price of 9.40 ten grams of gold, which was Rs 305 yesterday, fell to close at Rs 305. Gold was closing at Rs 5,050 with a price of Rs 805. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram fell by Rs. Prices with GST were quoted three per cent higher. In the Ahmedabad market, gold fell by Rs 100 per ten grams to Rs 200 at Rs 2.50 and Rs 200 at Rs 3.50. Silv

Slow increase in operations in the garment sector but shortage of artisans

New delhi date. Thursday, October 29, 2020 After various phases of unlock, the readymade garments sector has also seen a steady increase in operations to start the momentum. However, there is still a shortage of artisans in the sector, sources in the garment industry said. The industry resumed operations after June. But no special demand was seen for two months. However, after the month of August, due to various festivals, new demand has emerged in the market. With the recent completion of Navratri, the industry is now gearing up for next Diwali as well as Christmas, the new calendar year. The demand for readymade garments is expected to increase during this period. However, due to the lockdown, there has been a shortage of about 50 per cent of the workers in the sector, despite the resumption of operations at all levels. However, there has been an increase in household demand. Despite the increase in the transition to corona globally, new orders are also being launched to boost g

Sale of kharif goods at support price by a large number of farmers

Mumbai, Ta. Thursday, October 29, 2020 In the current kharif season, the Food Corporation of India and state government agencies have so far procured 5 per cent more than last year. A total of 120.5 lakh tonnes of paddy was procured at a cost of Rs 216 crore, the government statement said. As on October 8 last year, 13.5 lakh tonnes of paddy had been procured. Even amid the Koro epidemic, a large number of farmers are coming to sell their produce. Rice procurement is in full swing in Uttar Pradesh, Haryana, Punjab, Tamil Nadu, Chandigarh, Kerala and Gujarat. The highest purchase was in Punjab with 114.5 lakh tonnes. A total of 13.5 lakh farmers in the country have benefited from the purchase at support prices, the statement added. Apart from paddy, cotton procurement has also started in Punjab, Haryana, Rajasthan and Madhya Pradesh. Among the corona, kharif production in the country is expected to be record this year. Due to good monsoon across the country this year, kharif and ra

Controversy over GST on imported goods escalated in the post-Corona period

Mumbai, Ta. Thursday, October 29, 2020 Many companies are facing higher Integrated Goods and Services Tax (IGST) on imported goods due to Corona. But when the situation returns to normal and imported goods become cheaper, many companies in the country are worried that the GST on such goods could lead to an inquiry by tax officials. Corona has disrupted the supply chain and created a shortage of goods which has made imported goods more expensive. Tax officials usually insist on fixing the true price only once they have seen the higher price. They seem to be inquiring against lower prices in the bills. Corona has, in most cases, increased the cost of imported goods by 15 to 20 per cent. "We are worried that indirect tax officials will challenge lower-priced bills once the situation returns to normal," said an electronics importer. As the price of goods goes up, so does the collection of IGST on it. In addition to import duty, GST has also increased due to the impact of risi

Further decline in groundnut oil: Futures on imported edible oils rose

(By commerce representative), Mumbai, Ta. Thursday, October 29, 2020 In the Mumbai oil-oil market, cingulum oil prices headed higher today, while cottonseed oil prices were also quoted lower, market sources said. Even in imported edible oils, the weather remained mild in the spot market, while prices in the futures market recovered after the shock, sources in the futures market said. Meanwhile, soybean, soyoil, soymeal and cotton futures prices in the US agricultural markets were down, while Malaysian palm oil markets closed lower today due to the festive season. Meanwhile, there were indications that peanut growers were selling more goods in the open market instead of handing over the goods to the government as they were getting higher prices in the open market, market insiders said. Meanwhile, in the Mumbai spot market, cingulum oil traded lower by Rs 1,20 per 10 kg today, while cottonseed oil fell by Rs 4. Meanwhile, manufacturing stocks today reported lower prices of cingulum oi

The Sensex fell 172 points to 39,750

(Gujarat News Correspondent) Mumbai, Ta. Thursday, October 29, 2020 On the global front, the US and European countries are witnessing a sharp rise in corona cases again, with many countries imposing strict lockdowns and stimulus measures being put on hold amid uncertainty ahead of the US presidential election. The October trend in derivatives ended with a softening in Indian stock markets today along with Asian markets to fall by 3 points. International crude oil prices also fell sharply in the coming days amid fears of a global surge in the global economy due to the new wave of Corona, with Brent crude falling ડો 1.21 a barrel to ૬ 2.91 this evening and Nymex crude falling ૪૭ 1.4 to close at ૯૨ 4.5. Were living. In Sensex, FMCG, Consumer Durables, Automobile, Banking-Finance, Power-Capital Goods stocks, the Sensex fell by 12.41 points to 7.5 and the Nifty spot by 4.50 points to close at 1190.50. Sensex rebounds like a spring after opening 200 points gap down to 10,010 at the end Tr

Declining gold demand in India, the yellow metal could reach its lowest level in 25 years

New Delhi, Thursday 29 October 2020 This year has been the worst in terms of gold demand in India. According to the World Gold Council, if this trend continues, it could be the first time since 1995 that there has been such a sharp decline in gold demand, according to the World Gold Council. 252 tonnes of gold was consumed as against 496 tonnes in the same period last year, adding to the demand for 194 tonnes of gold in the October-December 2019 quarter, it would be 696 tonnes less than last year. According to WCG figures, India had the worst annual position of 462 tonnes of gold in calendar year 1995, 511 tonnes in 1996, 547 tonnes in 2002 and 642 tonnes in 2009. However, Gold Council Director Somasundaram PR said the second quarter of the year saw many Opening up, but we don’t know how demand will increase in the wedding season with job losses and pay cuts. He further said that if gold falls below Rs 50,000 per 10 grams, the gold situation could improve. The WCG report states that

Apple develops its own search engine

-Google is likely to be a big shock to the company -Working is being done keeping in mind the allegations against Google New Delhi, Thursday, October 29, 2020 Rumors were circulating that Apple, the world's largest technology company, was developing its own search engine. If this news is true, Google will be shocked. Given the recent allegations against Google, Apple is expected to do just that. Apple has been accused of abusing Google's search engine. Apple could be in trouble if Google destroys its partnership with Apple in those circumstances. According to unconfirmed reports, Apple hired technicians involved in search engine development. This includes some former Google employees. Apple was also hiring some new technicians. Recently Apple also made some changes regarding the use of its smart phones. A recent search revealed some initial results from Apple. If Apple builds its own search engine, it will have to compete directly with Google. Currently 90 percent of the

Extreme pressure on the fiscal position of the states after Covid-19

Mumbai, Ta. Thursday, October 28, 2020 The spread of Kovid-18 has put unprecedented pressure on the fiscal position of the country's states and the next few years will be challenging for most of the states, a Reserve Bank report said. Declining demand, the huge financial burden of dealing with the epidemic has resulted in deteriorating financial conditions in many states. The fiscal situation has come under a lot of stress due to the huge disparity between tax revenue and expenditure. The budgets of the states which were announced before the spread of Kovid-12 have almost been disrupted. The budget presented before Corona saw the average fiscal deficit of the states at 7.50 per cent of the state GDP. But the states that have presented budgets after Corona have seen their fiscal deficits average 7.50 per cent of state GDP, the report said. How long the fiscal strain on states lasts depends on the duration of the lockdown and whether new waves of infection occur. Given the fisca

China's economic growth rate will be at a four-decade low

Beijing, Ta. Thursday, October 28, 2020 In the current year, China's economic growth rate is expected to be at a four-decade low. Although China is gradually recovering from the effects of the coronavirus, its overall output will improve significantly in 2021 alone, according to a report. Analysts expect China's economic growth rate to be 7.10 per cent in 2020, up from 5.50 per cent in the previous year. For the first time since 19, China's economic growth rate has been so low. China's economic growth rate accelerated in the third quarter of 2020 as consumers emerged from Corona's worries. The growth rate for July-September was 7.50 per cent. China, which emerged early from the Corona epidemic, is also expected to have an economic growth rate of 7.50% in 2021. Growth in the fourth quarter of the current year is expected to be higher due to strong growth in exports, domestic consumption and increase in investment.

Demand for gold loans is likely to increase as other loan standards become stricter

Mumbai, Ta. Thursday, October 28, 2020 Demand for gold loans in the country is expected to increase as Corona-related lockdown opens and economic activity resumes. Demand for gold loans from non-banking finance companies (NBFCs) and banks tightening underwriting standards for other loans, small businesses, etc., may increase, a rating agency report said. Given the high price of gold, gold-loan asset under management for NBFCs could increase by 15 to 18 per cent in the current financial year. Due to the lockdown, loan disbursements were slow in April and May of the current financial year. Compared to other loans, it is easier for lenders to recover and repay gold loans. Recovery in unsecured loans remains challenging. The report estimates that the amount of gold loans disbursed has more than doubled in the second quarter of the current financial year. The Reserve Bank has also recently relaxed the loan-to-value ratio for gold loans. Demand for gold loans on an individual basis is

Corona has cost Goa's tourism industry Rs. 1000 crore hit

Mumbai, Ta. Thursday, October 28, 2020 The Goa Chamber of Commerce and Industry has claimed that Corona has hit Goa's tourism industry with Rs 1,000 crore in revenue this year. The chamber has requested the state government to resume mining operations and open more avenues of employment in view of the declining revenue. Goa’s tourism industry is another major source of revenue for the state. The industry has lost Rs 1,000 crore due to the lockdown, according to a statement issued by the chamber. The Chamber has welcomed the efforts made by the state government in consultation with the Prime Minister for resumption of mining activities. The resumption of mining activities will not only bring significant revenue to the state through royalties and taxes, but will also create more employment opportunities for the citizens of Goa. Mining has been banned since 2013 following a court order after irregularities were caught in the mining lease.

Gaps in palladium as well as platinum

(By commercial representative) Mumbai, Ta. Thursday, October 28, 2020 Gold, silver, equities and crude were down sharply in world markets today. Precious metal prices were also under pressure at home behind the world market. At home, gold in the Mumbai market fell by Rs 3.50 per 10 grams, excluding GST, which had closed at Rs 205 yesterday. Gold was closing at Rs 205, up from Rs 3,105 per ten grams. Prices with GST were quoted three per cent higher. The price of silver per kg, excluding GST, which was Rs 4,151 yesterday, closed at Rs 4,150 today. Prices with GST were quoted three per cent higher. In the Mumbai market, silver fell further to Rs 31,000 in the private market late in the evening. Ahmedabad gold was priced at Rs 600 per ten grams and Rs 600 per gram. Silver.2 The price of one kg was Rs. The decline in gold and silver as the domestic dollar rose was limited compared to the world market. In the world market, gold fell below ૯ 1,200 an ounce and was trading at ૮૮૯ 15. Si

Peanut oil and cottonseed oil prices fell sharply

(By commerce representative), Mumbai, Ta. Thursday, October 28, 2020 The Mumbai Oilseeds market witnessed a sharp fall in prices today amid rising turnaround behind Singtel and cottonseed oil production centers, while imported edible oils also fell behind the global market as well as in futures markets, market sources said. New demand also slowed in a declining market due to high prices and trades were scattered. Traders have also declined due to the end of the month and experts were expecting demand to pick up in the first week of November. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,200 today, while the price of cottonseed oil was quoted at Rs 30 per kg, against which the manufacturing units reduced the price of cingulum oil from Rs 1,200 to Rs 1,50 and 15 kg. 2,100 to Rs. 2,150 were quoted. There were indications that the prices of cotton washed were quoted at Rs 20 to Rs 5 by Gabdi centers and the prices of November delivery were qu

Sensex down 600 points to 39922

(Gujarat News Correspondent) Mumbai, Ta. Thursday, October 28, 2020 The funds had called for a resurgence in derivatives before the end of October. On the global front, on the one hand, the US and European countries are increasingly re-enforcing the lockdown, and in the midst of the US presidential election, there is still uncertainty that the tide will turn towards Trump or Bidan, and indications that Stimulus' hopes in the US are failing. The funds underwent a major upheaval. On the other hand, despite concerns over the resurgence of corona cases in some states in India, the positive factor of extraordinary growth in the recovery rate at the national level has led to a resurgence in industrial-economic activities and demand boosts in the festive season. International crude oil prices also fell by ૧ 1.3 a barrel to close at ૭ 2.81 a barrel and Nymex crude fell by ૫૯ 1.6 to close at ૬ 4.31 a barrel amid reports of a global economic boom with stocks of automobile companies in Europ

GDP growth will be zero this year, the finance minister admitted

-However the economy claims to be slowly improving Between April and August, FDI increased by 13 per cent New Delhi on Wednesday 28th October 2020 Union Finance Minister Nirmala Sitharaman says GDP growth may be around zero this year but next year we will be among the fastest growing economies in the world. Speaking at an event, he admitted that GDP growth was projected to be around zero this year. This was the view expressed by the Finance Minister when the International Monetary Fund projected India's GDP growth to be minus 10.3 per cent this year. So far Earlier in June, the International Monetary Fund had projected a decline of 4.5 per cent. But in the first quarter, the IMF announced a mise 10.3 per cent GDP growth of 23.9 per cent. For the past few years, India has been one of the fastest growing economies in the world. But things have changed since last year. India's GDP growth stalled at 4.2 per cent in the 2019-20 financial year. On the other hand, China's GD

Claims that the country's economy is improving: SBI EcoRap survey

- Reports that workers are sending more money home New delhi date. Wednesday 28 October 2020 The country's economy is recovering slowly but steadily, a survey report claims. The survey was conducted by State Bank of India and ECORAP. The survey claimed that workers were now sending more money home during September than before. Similarly, more money was seen being deposited in the Provident Fund. The report claimed that more money was being sent home by immigrant workers now than ever before. In February of this year, the same amount of labor was sent home in September. Similarly, new registrations were also made in the Provident Fund account. The number of Jandhan accounts also increased, according to a report released on Tuesday. The number of such accounts had crossed 41 crore. According to a PTI report, since April this year, Corona has seen a sharp decline in remittances from workers to their respective homes. The situation is expected to improve in June and July. The impro

Claims that the country's economy is improving

-Reports that workers are sending more money home -Survey conducted by SBI Ecorep New delhi date. Wednesday 28 October 2020 The country's economy is recovering slowly but steadily, a survey report claims. The survey was conducted by State Bank of India and ECORAP. The survey claimed that workers were now sending more money home during September than before. Similarly, more money was seen being deposited in the Provident Fund. The report claimed that more money was being sent home by immigrant workers now than ever before. In February of this year, the same amount of labor was sent home in September. Similarly, new registrations were also made in the Provident Fund account. The number of Jandhan accounts also increased, according to a report released on Tuesday. The number of such accounts had crossed 41 crore. According to a PTI report, since April this year, Corona has seen a sharp decline in remittances from workers to their respective homes. The situation is expected to im

The Sensex jumped 376 points to 40522

(Gujarat News Correspondent) Mumbai, Ta. 27 October 2020, Tuesday Following the onslaught of funds yesterday before the end of the October trend in derivatives on Thursday, Morgan Stanley's MSCI Global Indexes Banking-finance stocks led an aggressive rally. Global markets saw a softening today as corona cases rose in Europe as well, with reports of a resurgence of corona cases in the US and a stimulus package scandal. But as the corona cases in India began to decline sharply and industrial-economic activity began to pick up again, the funds rallied with short covering in stocks today. In banking-finance stocks, pharma-healthcare, automobile, power-capital goods, consumer durables, FMCG stocks, the Sensex jumped 3.50 points to 206.10 and the Nifty spot closed at 181. Funds continued to sell in IT-software services stocks. After a cautious start, the Sensex, led by Kotak Bank, jumped 3 points to 208 in banking stocks. Trading started cautiously today. The Sensex opened at 2018.05

Singtel's bullish break

(By commerce representative), Mumbai, Ta. 27 October 2020, Tuesday In the Mumbai oilseeds market, the rise in cingulum oil prices saw a break today, while cottonseed oil and mustard also saw a slowdown. Market sources said caution was being exercised to follow the rise in imported palm oil and soyoil prices. News of manufacturing centers as well as world markets were also showing a slowdown today, as new demand in the Mumbai spot market, especially imported palm oil, remained sluggish. Meanwhile, market sources said that after the recent massive purchase of cingulum oil from India by China, Chinese importers are now setting the stage for large-scale purchase of castor from India, which has led to a spike in castor and castor prices. Meanwhile, in the Mumbai spot market, castor oil prices rose by Rs 2 to Rs 205 to Rs 5 per 10 kg today, while spot castor prices jumped from Rs 4,610 to Rs 4.5, while in the futures market, November castor futures traded at Rs. Futures market sources sai

The US will see narrow fluctuations in gold and silver prices until the election

(By commercial representative) Mumbai, Ta. 27 October 2020, Tuesday The backyard of the world market saw mixed weather in gold and silver. Analysts expect the price of the precious metal to continue to fluctuate narrowly until next month's US elections. The rupee strengthened against major global currencies in the domestic currency market. Crude oil prices continued to slide. At home, the Mumbai market witnessed mixed weather in gold and silver prices. Gold was closing lower than yesterday while silver was improving. Gold, excluding GST at Rs 9.50 per 10 grams, which was Rs 3,108 yesterday, has come down to Rs 305 today. The price of ten grams of gold at Rs 3.20 was closed at Rs 3105 with Rs 315. Prices with GST were quoted three per cent higher. Silver.2 The price of one kg was Rs 31,905 to Rs 4 and closed at Rs 5,151. Prices were three per cent higher with GST. In the Ahmedabad market, silver remained steady at Rs 200 per kg, while gold was trading at Rs 500 per 10 grams at R

Exporters worried over rising freight rates and shortage of containers

Mumbai, Ta. 27 October 2020, Tuesday Exporters have expressed concern over the hike in freight rates and shortage of containers, claiming that it would affect exports, prompting exporters to approach the Commerce Ministry to intervene. In a recent meeting with Commerce and Industry Minister Piyush Goyal, the exporters raised a number of other issues. The discussion was attended by appointees of various Export Promotion Councils. President of the Federation of Indian Export Organizations (FEO) S. That. Sharaf said the freight rate has increased by 20 to 30 per cent depending on the export centers. The farmers' movement in Punjab has affected the movement of containers which are used for export of goods. The issues were raised at the meeting with Goyal as they have become major challenges facing exporters, he said in a statement. An estimated 10,000 containers are stuck, disrupting import-export calculations. Apart from this, issues of faceless assessment were also raised by the

For the first time in the country, MSP of fruits and vegetables has been fixed in Kerala

Thiruventhapuram, Ta. 27 October 2020, Tuesday On the one hand, various issues of farmers have created a tense situation in some states, while the Kerala government has implemented a Minimum Support Price (MSP) system for grains as well as fruits and vegetables in the state. This is the first time such a system is being implemented in the country. The Kerala government has fixed MSP for a total of 21 items in the state keeping in view the issue of farmers getting full compensation for their crops. This includes a variety of grains as well as fruits and vegetables. The MSP has been kept 20 per cent higher than the cost incurred by the farmers for harvesting the crop. Whose implementation next date. Will be from November 1. For this scheme, the government has allocated Rs. 2 crore has been allotted. According to the available information, the Kerala government has allocated Rs. 20 per kg for pineapple. 12, Rs. 15 and for tomatoes Rs. MSP of 3 has been fixed. The government will also

Demand for smartphones free from Corona epidemic

Mumbai, Ta. 27 October 2020, Tuesday Although Corona has affected the demand for other goods in the country, the demand for smartphones has not been met by Corona, according to the data. Smartphones accounted for 3% of the total merchandise sold during the recently concluded online festive sales. In addition to new launches, sales of smartphones have been high due to relatively low prices. According to a Bangalore-based research firm, the festive sales, which took place between 18 and 21, saw smartphones selling for Rs 1.50 crore per minute on online platforms. This growth is due to fast delivery, relatively cheap and new launches. Sales of readymade garments have not seen much attraction compared to last year. Fashionable clothing accounted for 12 per cent of total sales at festive sales. Demand for formal and festive clothing has remained low. The demand for home furnishings has also been high due to work from home and study from home, the report said. A recent report said the

Add three crore to the number of Jandhan accounts