Market and Business News

220 paise drop in rupees in six days Mumbai: A new history was created in the Mumbai currency market today as the dollar bounced back against the rupee. As the dollar rose to close to Rs.82, the rupee hit a new low. The price of the dollar opened at Rs.81.88 this morning with a price of Rs.81.59, then the price was at a low of Rs.81.80 and then at a high of Rs.81.96 it was Rs.81.94. The rupee today broke by 35 paisa against the dollar. The dollar saw a renewed surge in the currency market today amid talk of increased outflow of foreign investment from the stock market. Meanwhile, in the world market, the dollar global index was pointing higher today at 114.78 to 114.59. The rise in bond yields in the global market had a negative impact on the rupee. Meanwhile, the forex reserve with the Reserve Bank of India has decreased and the experts are showing the possibility of such reserve decreasing further and due to this, the price of dollar has been seen rising against the rupee. Analy...

Mumbai: The government has extended the last date for the export of broken rice in transit by another fifteen days to October 15. Earlier, the date was extended from September 15 to September 30. On September 8, the government had banned the export of lump rice from the country, but certain types of consignments were allowed to be exported till September 15. After the request of the exporters, this concession was extended to 30 September. According to a notification issued by the Directorate General of Foreign Trade, the in-transit rice can be dispatched to their export hubs till October 15, local market sources said. The Indian government has banned the export of broken rice while imposing a twenty percent duty on some other varieties of rice. This decision of the government has come amid expectations that the production of rice in the country will decrease this year. Following the ban on the export of rice from the country and the imposition of duty, as many as six lakh tonnes of...

MUMBAI: Domestic savings in the country fell to a five-year low in FY2022. A report said that this has affected domestic savings as consumers' purchasing power is reduced due to high inflation. High inflation is said to be the reason for the decline in savings. After remaining at 12 percent in the three years ending at the end of fiscal 2020, gross financial domestic savings which stood at 15.90 percent in fiscal 2021 declined to 10.80 percent of GDP last fiscal. In the early days of the Corona epidemic, consumers saved to be able to work in the crisis of employment and health. However, after the economy reopened, consumers began spending on essentials, which eroded their savings. Savings were also reduced due to the long-lasting effect on employment due to Corona. There was an increase in costs due to earlier pending demand. The report quoted an economist as saying that people are spending money despite the absence of sufficient income and lack of sufficient job creation, whic...

Continued heavy sell-off of foreign funds rattled the bulls MUMBAI: Ahead of tomorrow's end of the September trend in derivatives, the extraordinary volatility today saw many players who gambled on F&O lose. As the continued heavy sell-off by Foreign Portfolio Investors (FPIs), FIIs in the Indian stock markets, there has been a flutter among the bulls. With the sharp increase in interest rates in the exercise to control inflation in the United States, the erosion of the currencies of the global countries against the US dollar has put the economies of many countries in crisis, but the whispers of the global economic crisis have spread. With the Treasury 10-year yield also reaching a 2008 high of four percent and gas supply crisis looming in Europe, the whispers of recession for the global economy increased. Along with this, sentiment has also been dampened by heavy selling by foreign funds and continued offloading by operators into small, mid-cap stocks, with signs that local ...

Mumbai: There was a sharp crash in the price of silver in the Mumbai jewelery market today. Gold prices rebounded after initial lows. There was news that the price of silver in the world market was falling below 18 dollars per ounce. Today, the price of silver broke Rs.1,000 per kg and touched Rs.55,500 in Amandabad market. However, Ahmedabad gold prices increased by Rs. 100 per 10 grams to Rs. 99.50 to Rs. 51200 and 99.90 to Rs. 51400. The price of silver in the world market was 17.96 to 18.36 to 18.37 dollars, down from 18.73 to 18.74. Global gold prices ranged from a low of 1639 to 1640 to $1614 to $1636 to $1637 an ounce. In the world market today, there was a discussion of reduced buying in global gold due to the rise in crude oil prices. were met In the world market today, New York crude oil prices were 79.98 to 79.88 dollars in a high of 78.01 per barrel. While Brent crude prices were 87.50 to 87.43 dollars in the high of 85.47. Vai Shvik copper prices were 0.46 percent plus...

Mumbai: The number of credit cards has decreased significantly in August due to the new norms of the Reserve Bank. Compared to July, the number of credit cards has decreased by 22.60 lakh crore to 7.80 crore in August. Following the Reserve Bank's new norm of deactivating credit cards that have not been used for more than a year, there has been a sharp decline in the number of credit cards. Along with the decrease in the number of cards, the expenditure through them has also decreased by three percent compared to July, according to the Reserve Bank statistics. Online spending through credit cards, which was Rs 74,089 crore in July, declined to Rs 67,414 crore in August. The expenditure on shops was Rs 41,766 crore in July, which increased to Rs 44,943 crore in August. It is also seen from the Reserve Bank statistics that the overall expenditure has decreased.

Mumbai: According to the latest figures available, Maharashtra and Delhi are at the top in terms of the number of defaulters among the loan holders of the banks at the end of the last financial year, while the banks had a total of Rs 8.58 lakh crores to collect from the defaulters. At the end of March 31, 2022, the number of borrowers in default of Rs.1 crore or more stood at 30,359. Legal action has been taken against these defaulters for recovery by various banks. At the end of March 31, 2017, the number of defaulted accounts was 17,236 in 32 states of the country, from whom an amount of Rs. 2.58 lakh crore was being collected. Thus, the amount to be recovered has increased three times in five years, the statistics said. More accounts are in 12 public sector banks, involving Rs 5.90 lakh crore. According to the information received, these twelve banks include SBI and its affiliated banks, PNB, IDBI Bank Ltd., Bank of Baroda, UBI, UCO Bank etc. The number of defaulters in private ...

Mumbai: Prices of various domestic and imported edible oils continued to fall in the Mumbai oilseeds market today. A declining market also slowed new demand. The news from Vishwa Bazar and Saurashtra was discouraging. Palm oil futures in Malaysia fell by around 300 points today amid indications of a reduction in reference rate and export duty on palm oil in Indonesia. In America, the price of soybean oil remained 116 points minus in today's projection after being soft by 7 points overnight. At Saurashtra, the price of washed cotton was further reduced to Rs.1175. However, Saurashtra Singtel was quiet on the downside. In the Mumbai spot market today, the price of 10 kg of cottonseed oil fell to Rs.1250 while that of single oil fell to Rs.1625. The price of imported palm oil further decreased to Rs.860. New trades were slow. Crude Palm Oil CPO Kandla prices fell within Rs.800 to Rs.790. The price of soybean oil in Mumbai market was Rs.1080 for digum and Rs.1140 for refined. The p...

New delhi date. September 28, 2022, Wednesday Giving a boost to its preparations for the festive season, Tata Motors has launched the country's cheapest electric car Tata Tiago EV on Wednesday. The months-long wait of the customers has come to an end today. The company has given great features in this car at a very low price. New features in electric cars 24kWh battery pack – capable of giving a range of 315 km once fully charged The 19.2 kWh battery pack option can run up to 250 km on a single charge The company has given it the same electric motor and front-wheel drive setup that we have already seen in the Tigor EV. This motor is capable of generating 74.7PS of power and 170Nm of torque Apart from this, the company has also provided features like cruise control, multiple re-gen mode in Tiago EV The company claims that the battery of this car gets charged up to 80 percent in about 57 minutes. The car is capable of accelerating from zero to 60 kmph in just 5.7 seconds. ...

- Selling pressure from foreign investors in the share market also weakened traders' sentiment New delhi date. 28 September 2022, Wednesday The Indian currency rupee continues to depreciate against the dollar. Today, the rupee opened at an all-time low of 81.93. Due to reasons including sell-off in the stock market, depression, the global market is seeing continuous buying in dollars. Due to this, the Indian currency rupee opened at another historic low against the dollar today. This fall in the rupee is the biggest fall ever. Today the domestic currency opened at 81.93 to the dollar and with it the rupee has set a new 'all time low' record. The rupee today touched a fresh all-time low of 81.93 against the US dollar amid losses in global equity and currency markets. At 09:30 am, the rupee was trading at 81.86 per dollar, down 0.42 percent from the previous close of 81.58. Selling pressure from foreign investors in the share market has also weakened traders' sentime...

Ahmedabad: The Directorate General of GST Intelligence (DGGI) has issued the biggest show cause notice in the history of indirect taxation. DGGI has awarded Bengaluru-based online gaming company GamesCraft Technologies Pvt Ltd (GTPL) Rs. 21,000 crore tax due notice has been sent. The company is accused of non-payment of GST of Rs 21,000 crore and the show cause notice has been issued for the period from 2017 to June 30, 2022. Gamescraft Technology is accused of promoting online betting through fantasy games like Card, Casual and Rummy Culture, Gamezy, Rummy Time. The Directorate General of GST Intelligence has issued this notice to levy 28 percent tax on betting money worth Rs 77,000 crore. According to the Directorate General's report, gamescraft technology provides and conducts online betting and gambling by allowing players to bet on the outcome of card games played online. During investigation, DGGI discovered that Gamescraft was not issuing any invoices to its customers an...

Massive sale of Rs.8000 crores of foreign funds in two days Mumbai: Amidst the global financial crisis, the stocks took a beating today. Foreign Funds - FPIs, FIIs in the Indian stock markets have sold over Rs.8000 crore worth of shares in two days along with massive net selling of more than Rs.5100 crore shares today. The US Funds sparked a global rout in stocks today as the Federal Reserve raised interest rates by 0.75 percent last week in an exercise to curb inflation, pushing the global economy deeper into recession and sending several countries' currencies lower against the dollar, and amid reports of a coup in China. The Indian rupee is also continuously falling against the US dollar, now the negative factor of the rupee along with the inflation has hammered the stocks with the possibility that the Reserve Bank of India will also increase the interest rate from 0.50 percent to 0.75 percent in the next credit policy review. Automobile, metal-mining, capital goods, consumer d...

Ahmedabad: In infrastructure sector Rs. 393 projects with a cost of 150 crore or more cost more than the estimated cost of Rs. 4.65 lakh crore has increased to more than Rs. A report said that the outstanding cost of these projects has increased due to delays and other reasons. Ministry of Statistics and Program Implementation Rs. Oversees expenditure on infrastructure projects with a budget of 150 crores or more. According to the department's August 2022 report, out of 1526 such projects, 393 have incurred cost overruns, while 647 projects are running with delays. According to the report, the original cost of implementing these 1526 projects was Rs 21,26,460.93 crore, but now it is estimated to be Rs 25,91,823.45 crore. This figure shows that 21.88 percent of the cost of these projects i.e. Rs. 4,65,362.52 crore has increased. Till August 2022, Rs 13,60,645.94 crore has been spent on these projects, which is 52.49 per cent of the total estimated expenditure. However, the mini...

Mumbai: In the current year, China's economic growth rate will be lower than that of other Asian countries for the first time since 1990. As a result of China's zero-covid policy and the crisis in the property sector, China's economic growth rate is weak, says a World Bank report. The World Bank has estimated China's economic growth rate for the current year 2022 at 2.80 percent. Earlier in April, the World Bank had put this figure between 4 and 5 percent. In 2021, China's economic growth rate was 8.10 percent, which was the best in a decade. While China's GDP estimate is being reduced, on the other hand, excluding China, the GDP estimate for Asia has been increased. Asia's GDP estimate for the current year is 5.30 percent. Last year, the economic growth rate of Asia was 2.60 percent. The situation in China has deteriorated a lot in the last 6 months. The zero-covid policy has limited mobility and user activity in China. The real estate sector, which ac...

MUMBAI: The last week saw a steady decline in several key sectors providing clues about the state of the country's economy. In the week ahead of the Navratri festival, figures for power consumption, goods movement and vehicle registrations were weak on a weekly basis. Last week, the power producers of the country produced an average of 430.20 crore units of electricity per day, which was 431 crore units in the previous week. However, compared to the corresponding week of 2019, the figures obtained show that the situation is much better. As for vehicle registrations, 2.96 lakh vehicles were registered in the week ended September 25 as against 3.37 lakh in the previous week. From the figures obtained, the number of vehicle registrations in the week of September 25, 2019 was 3.83 lakh units. There was also a decline in the movement of goods through railways. In the week ended September 18, the volume of vehicle traffic increased by 14.10 percent year-on-year, compared to 7.20 perc...

Mumbai: Economists are opining that the Reserve Bank should implement the earlier successful measures to increase the forex reserves in the country. On the one hand, the decrease in forex reserves and on the other, the depreciation of the rupee against the dollar has become a matter of concern for the Reserve Bank, and there is a need to take steps to attract non-resident Indians living abroad to invest in India. At the end of the three-day meeting of the Reserve Bank's Monetary Policy Committee starting tomorrow, the measures related to increasing the forex reserve are to be announced. In the current year, the rupee has lost more than nine percent against the dollar. The Reserve Bank has been forced to sell dollars to prevent the depreciation of the rupee against the dollar. From the all-time high of $642 billion last year, the country's forex reserves have now fallen to $545 billion. HDFC Bank has said in a note that the Reserve Bank has to ensure that the decline in the ...

New Delhi: The government had planned to change the foreign trade policy by the end of September, but at present the plan has been postponed due to currency volatility and global uncertainty. The government has decided to continue the current Foreign Trade Policy (FTP) 2015-2020 till further orders. The government will wait a bit for the new policy. A change in foreign trade policy may now take place in March 2023. Considering the insistence of EPC, industry, several top officials and industry personalities, the government has decided to continue the existing policy. According to a statement issued by the government, this is not the right time to change the policy. It has been postponed for 6 months as the global situation is not favourable. Apart from this, the Indian rupee is also depreciating against the dollar. In such a situation, the government will wait for a while for a new policy. It may be mentioned here that the current foreign trade policy ends on 30 September. Currentl...

Mumbai: Keeping in view the positive trend seen in the IPO sector even amid the volatility in the stock market, seven more companies will enter the capital market with IPOs in the coming month of October worth Rs. It is likely to raise funds of over 1,000 crores. It should be mentioned here that out of the 17 IPOs held in the current financial year, except for five, other companies are also active in entering the primary market considering the listing premium and 20 to 50 percent returns. Globally, Indian stock markets have been ahead of other markets in terms of returns after Kovid-19. Along with the boom in the secondary market, the IPOs in the primary market also made money for the investors, so the investors are also active. Currently, 42 companies are waiting for IPO approval in SEBI. A record IPO is likely to be held by the end of the year if the approval is granted and the secondary market conditions remain favorable. The market regulator has sought clarifications for many o...

MUMBAI: In the Mumbai currency market today, the record bullishness of the dollar against the rupee broke and the dollar fell from the record high. However, in the currency market today, the price of the dollar was significantly higher. Against the rupee, the price of the dollar opened at Rs.81.49 this morning with a low of Rs.81.63 and fell to a low of Rs.81.30. were staying The stock market today saw a one-sided fluctuation and behind it, the currency market also saw a significant upswing. Now the eyes of the players are on the RBI meeting this week. The market is in a frenzy over how much the RBI will hike interest rates now. RBI's rate hike decision is scheduled to be announced on Friday. World market news also showed a 20-year sell-off in the dollar. The dollar index against various major currencies in the world market, which was going above the level of 114 points in the highs, today, there were indications of a sharp decline to the lows of 113.64 to 113.70. There were in...

MUMBAI: Gold and silver prices rose again in the Mumbai jewelery market today after opening lower at the beginning. World market news was also showing a biased jump in prices. As the rupee tumbled against the dollar in the currency market and lifted from the bottom, its impact was also seen on the jewelry market. Gold prices in the world market were directed to be 1625 to 1625 dollars per ounce from 1644 to 1645 and 1642 to 1642 to 1639 to 1640 dollars. In the Ahmedabad jewelery market today, gold prices fell by Rs. 200 from 99.50 to Rs. 51100 and Rs. 200 from 99.90 to Rs. 5130 per 10 grams. While Ahmedabad silver prices were falling at Rs.56,500/kg. Meanwhile, the price of silver in the world market was 18.82 to 18.83 today at the low of 18.34 and at the high of 18.77 to 18.73 to 18.73 to 18.74 dollars. Platinum prices ranged from a low of 864 to 865 at 848 and a high of 867 to 863 and 864 dollars. While palladium prices were indicated to be at the low of 2057 to 2058 to 2025 and ...

MUMBAI: The Mumbai oil-seeds market witnessed mixed weather today with narrow fluctuations in edible oils. Thousands of tonnes of trades were made as the demand increased due to a decrease in imported palm oil. However, the futures of Malaysia palm oil remained soft by 11 points today, while the price of American soybean oil rose by 49 points in the projection today after falling by 89 points overnight. In Saurashtra, the price of washed cotton fell below Rs.1200 to Rs.1190. Saurashtra Singtel was quiet on the decline. In the Mumbai spot market today, the price of 10 kg of single oil was falling at Rs.1630. While cotton oil prices fell behind Saurashtra to Rs.1260. The price of imported palm oil rose from a low of Rs.880. 1000 tonnes were traded for various deliveries at Rs.880 to Rs.885. The price of crude palm oil CPO kandla was Rs.810. The price of Mumbai Soybean Oil was Rs.1080 for Digum and Rs.1150 for Refined. The price of sunflower was Rs.1220 and refined was Rs.1300. The pri...

Mumbai: Due to the continuous erosion of global currencies against the US dollar, many countries began to face economic crisis, while in the US too, in order to control the inflation, amid reports of a major recession and crisis, behind the US stock markets, the global markets were cautious today. In the Indian stock markets today too, funds largely offloaded the rally in several stocks, showing a deceptive rally that softened the bullish trade. The rupee strengthened by a modest four paise to 81.58 against the US dollar today as international crude oil prices fell amid fears of a global financial crisis, but funds continued to exit at every bounce as the undertone of rupee weakness loomed large for the Indian economy. In two days, foreign funds, which sold net cash of Rs.8000 crore in stocks, adopted cash on hand strategy and sold stocks in view of the deteriorating global situation. Foreign portfolio investors sold a further Rs 2,824 crore worth of stocks today, resulting in a net s...

- Sensex 3426 and Nifty 1054 points down in nine trading sessions - Market Cap Rs. 286 Lakh Crore to Rs 270 Lakh Crore today: Investors run for safety due to fear of economic slowdown amid rising interest rates AHMEDABAD: Amid the fear that economic growth may decrease due to recession in the global economy or rising interest rates, along with the global stock market, the Indian stock market is also witnessing a continuous decline. The Indian stock market closed lower for the fourth consecutive day on Monday. Sensex fell by 954 points and Nifty by 311 points. Dt. After reaching highs of 60,571 and 18,070 in Sensex and Nifty on September 13, there is continued selling pressure. Since then, the Sensex has closed down 5.65 percent or 3426 and Nifty 5.83 percent or 1054 points in nine trading sessions. Along with this decline, a massive decline of Rs.16.59 lakh crore has been seen in the assets of investors in the stock market. In this nine session the market cap is Rs. It was 286 lakh...

MUMBAI: Gold prices rose in the Mumbai jewelery market today after initially opening lower. Sources in the market said that the rupee fell in the currency market and got support from gold in the jewelery market. Meanwhile, silver prices remained subdued. The world market saw a one-sided fluctuation. Global gold prices rebounded after hitting a two-and-a-half-year low. The price of gold in the world market was 1626 to 1644 to 1645 dollars at a low of 1643 to 1648 per ounce. Behind gold, global silver prices were 18.87 to 18.48 per ounce and 18.90 to 18.82 to 18.83 dollars per ounce. In the Ahmedabad jewelery market today, silver prices fell by Rs.500 to Rs.56,500 per kg, while Ahmedabad gold prices remained calm at Rs.51,300 per kg at 99.50 and Rs.51,500 at 99.90 per kg. The price of platinum in the world market was 851 to 851 and 872 to 864 to 865 dollars in the high of 859 to 860 per ounce. When the price of palladium increased from 2073 to 2034 and from 2099 to 2057 to 2058 dolla...

Mumbai: Importers from the United Arab Emirates (UAE), Russia and Iran who buy tea from India are said to be ready to pay Indian exporters for their goods in rupees. Thus, it can be said that the Indian government's plan to internationalize the rupee is gaining strength. Buyers from the above-mentioned countries are willing to pay in rupees against tea from India, sources in MT Association of India said. Foreign trade with Russia is set to start soon in rupees while with other countries it may take some time, he said. With the recent revision of the foreign trade policy by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry, financial transactions under international trade in India can now be done in Indian rupees. The Reserve Bank has prepared a special mechanism to pave the way for doing foreign trade in rupees. The rupee transaction is an encouraging sign in the international trade of tea, but it remains to be seen how much this will increase...

MUMBAI: A sense of relief spread among seasonal consumers at the Mumbai oil-seeds market today as the prices of various domestic and imported edible oils came down sharply with the start of the Nivratri festival. The prices of various edible oils witnessed a sharp drop today as crude oil tumbled in the global market. As the world market declined, its impact was seen on the market at home as well. Saurashtra news was also soft. Palm oil futures in Malaysia fell by 190 points today while US soybean oil prices were 80 points lower than the projection today. In Saurashtra, single oil prices fell by Rs.1600 to Rs.2550 for 15 kg, while the price of washed cotton fell to Rs.1200. Meanwhile, in the Mumbai spot market today, the prices of 10 kg single oil fell to Rs.1630 and cottonseed oil to Rs.1285. Imported palm oil fell below Rs.900 to Rs.870 to 875. 100 to 150 tonnes were traded at Rs.870 to 875. Crude Palm Oil CPO Kandla price was Rs.820. The prices of Mumbai soybean oil fell to Rs.10...

Ahmedabad. 26 September 2022, Monday The prediction that the Indian economy and stock market will be left out amid the challenges of the changing global economy, inflation and high interest rates is going wrong. Today, Sensex closed down 953 points at 57,145 and Nifty closed at 17,016, down 311 points. Selling was seen in the Indian market for the fourth consecutive day. However, dt. After reaching highs of 60,571 and 18,070 in Sensex and Nifty on September 13, there is continued selling pressure. Since then, the Sensex has closed down 5.65 percent or 3426 and Nifty 5.83 percent or 1054 points in nine trading sessions. Along with this decline, a massive decline of Rs.16.59 lakh crore has been seen in the assets of investors in the stock market. When the market closed on September 13, the investor's assets or market cap was Rs. 286 lakh crore, which has reduced to Rs. 270 lakh crore today. The Federal Reserve in America has been raising interest rates continuously since March to...

Ahmedabad. 26 September 2022, Monday One of the country's oldest conglomerates, the Tata Group, which has revenues of $128 billion or Rs 10.43 lakh crore a year and a stock market value of Rs 20.78 lakh crore or $255 billion, has undertaken a major exercise by the board of owner Tata Sons to reduce the number of listed companies. is coming At present, the group, which ranges from salt to software and mineral water to motorcars, currently has 29 listed companies in the stock market and is now in the process of reducing it to 15. Just last week, Tata Group has announced the merger of four listed companies of its steel and metals business with Tata Steel. Initiatives have already been taken by the Tata Group to meet the challenges of the future. This exercise has been carried out in such a way that the companies doing the same type of business merge with each other to reduce costs and ultimately increase shareholder returns while reducing the group's royalty payments. These c...

Ahmedabad. 26 September 2022, Monday The British pound hit a 250-year low against the U.S. dollar in the Asian session on Monday after investors flocked to the safety of the global dollar and the biggest tax cuts in 50 years were announced last week in a recession-hit British economy. When trading started in the Asian session on Monday, the pound was at 1.03 against the dollar, which is It is the lowest level since 1776. However, prices rose again to 1.07 pounds per dollar after seeing normal buying at fairly low levels. The dollar index, which determines the value of the American dollar against the six leading currencies of the world, rose to 114.50 at one point today, which is now above the level of 113.68. The euro is above two-decade lows against the dollar. Today, the price of Euro was 0.96. Australian dollar was 0.6496. The yen was above a 34-year low of 144 against the dollar. In the Indian session, the rupee once again closed at a historic low of 81.60 against the US doll...

AHMEDABAD: The S&P has estimated India's growth rate to be 7.3 amid fears that the relentless pace of increase in interest rates in the US as well as in India will stifle the country's economic growth. S&P Global Ratings said in a report on Monday that India's economic growth is likely to be 7.3 percent in the current fiscal year. Apart from this, the rating agency has expressed apprehension that inflation may remain above 6 percent by the end of 2022. It may be mentioned here that the Reserve Bank of India has fixed the maximum inflation limit at 6 percent. However, inflation has been seen above this level for the last half year. The rating agency said, 'We maintain India's growth forecast at 7.3 per cent for FY 2022-2023 and 6.5 per cent for the next financial year, but there is a downside risk to this estimate. S&P said in its economic forecast for Asia Pacific that India's growth next year will be supported by domestic demand growth. Other ag...

MUMBAI: Prices of various edible oils continued to fall slowly in the Mumbai oilseeds market today. The price of imported palm oil further decreased from Rs.905 to Rs.910 per 10 kg. There was a new demand. Crude palm oil CPO kandla prices fell from Rs.805 to Rs.810. Malaysia palm oil market was closed today. While the price of American soy oil fell from 275 to 280 points overnight. Meanwhile, prices of divel and castor rose in the Mumbai spot market today. As the rupee tumbled and the dollar rose, the market prices were held firm in the hope of increasing the export of diwali. Today, the prices of divel rose by Rs.5 per 10 kg and castor bean prices rose by Rs.25 per kg. Meanwhile, Mumbai Singoil prices fell to Rs.1650. On the Saurashtra side, cotton washed fell from 1210 to 1220. Meanwhile, some market analysts have indicated that total import of edible oils in the country is likely to decline in the oil year 2022-23. It has been shown that such import is likely to decrease from 13...

Ahmedabad. 26 September 2022, Monday The global market has seen continuous buying of dollars due to stock market sell-off due to recession and other reasons. On Monday, the Indian currency, the rupee, opened at yet another historic low against the dollar. After closing at 80.99 on Friday, the rupee opened at 81.52 today. In global markets, the pound is at its lowest level since 1985. One pound is currently at 1.03 against the dollar. The dollar index, which measures the greenback against six other world currencies, was trading at a two-decade high of 113.75 on Monday.

- Chart Indication : Ashok Trivedi The BSE index (close 58098.92 on 23-09-22) is soft from a top of 60676.12. Currently, the 12 day average is 59460.92, the 48 day average is 58288.84 and the 200 day average is 56575.26. Daily MACD is bearish. The weekly MACD is bullish. Shows neutral on daily basis, overbought to neutral on weekly basis and overbought position on monthly basis. Above 58200, 58400, 58600, 58800 are considered resistance levels. 57981 below 57780, 57570, 57367 is likely to break down to 57020, 56400. Axis Bank (closing price Rs.768.60 on 23-09-22) is showing a slow decline from the top of 816.20. Currently, the 12-day average is 790.27, the 48-day average is 751.69, and the 200-day average is 723.26. Daily and weekly MACD are bullish. Shows positions towards overbought on daily and weekly basis as well as overbought on monthly basis. Above 790 resistance level is considered. A low of 764 is possible down to 757, 752, 745, 740. HDFC Bank (closing price Rs.1446.15 on ...

- Sales Tax : Soham Mashruwala Many audit assessments have been done under the GST Act and the final audit report with non-controversial and contentious issues has been issued by the Department. Further action will be taken for those issues which are in dispute. The first step in this process is the notice in Form DRC-O1A and if there is any deficiency in giving this notice, will the whole process be cancelled. Today's article discusses the importance of Form DRC-O1A and related issues. Rule 142 (1A) Rule 142 provides the procedure regarding the amount to be paid under the GST Act. Under sub-rule (1A) thereof, it is prescribed that before giving notice under section 74(1) or section 73(1), the proper officer is required to give notice in Form DRC-O1A. Part 'A' of this form is to give details of tax, interest and penalty payable. Opportunities with suppliers In case under GST law the supplier has to settle the dispute by making payment on any point before receipt of a ...