Market and Business News

Will the Reserve Bank of India signal an increase in interest rates on Wednesday? (Gujarat News Correspondent) MUMBAI: The rising number of positive cases in India with rising transition to the new form of corona omicron in the world has raised concerns and on the other hand rising inflation will continue to be a major negative factor for the global and Indian economy and market, the Reserve Bank of India (RBI) said tomorrow. A two-day credit policy review meeting is being held from Tuesday to Wednesday, this time to signal a rise in interest rates. On the international front, China's economy is slowing down again, with the Chinese central bank lowering its reserve ratio and negative signals. Did offloading. Long overbought IT-software services, talk of large offloading by IT group in IT stocks and sale in banking-finance, consumer durables, automobile, power-capital goods, metal-mining, oil-gas stocks. 17 and Nifty spot fell 4.5 points to close at 1912.8. Crude Brent rises by ૭...

(Gujarat News Office) MUMBAI: Imported palm oil traded at around 400-500 tonnes in the Mumbai Oilseeds market today. Such trades were done at Rs. 115 to 115 per 10 kg. Palm oil futures in Malaysia were reported to have jumped 101 points. In the US, soyoil prices were 3 points higher in the projection this evening. Meanwhile, in the Mumbai spot market, cingulum oil was trading at Rs 150 today while cottonseed oil was up by Rs 150. On the Saurashtra side, cotton washed was raised to Rs 1,200. While the price of cingulum oil was Rs. In the Mumbai market, imported palm oil was priced at Rs 115 while crude palm oil CPO Kandla was priced at Rs 115. In the futures market, CPO prices were quiet this evening while soyoil prices were at Rs 5 plus. Soybean futures and castor futures were showing slower declines. In the Mumbai spot market, soyoil prices were at Rs 1,150 for digam and Rs 15 to Rs 150 for ref. The price of sunflower was Rs. 1150 and Rs. The price of mustard was Rs.150 and that of...

(Gujarat News Office) MUMBAI: The dollar rose against the rupee in the Mumbai currency market today, hitting an 18-month high. Sources said that the rupee had depreciated sharply against the dollar in the currency market today as the stock market plunged again. The dollar opened at Rs 6.15 today with a low of Rs 4.15 and a high of Rs 4.5 and closed at Rs 4.5. The dollar had earlier touched a 52-week high of Rs 5.31 and today, the dollar has moved closer to its peak, sources said. The dollar rose 3 paise today. The dollar index was up 0.50% against various major currencies in world markets today. The dollar index, which was 2.15, rose to 8.21 today. Market players were keeping an eye on the growing prevalence of the new virus Omicron and the price of crude oil. Meanwhile, the British pound fell by 50 paise against the dollar today as the dollar appreciated. The pound, which was trading at Rs 4.5, today closed lower at Rs 2.50 and closed at Rs 4.5. The European currency, the euro, h...

MUMBAI: Shares of China's Evergrande Group plunged more than 15 per cent to an 11-year low on Monday after the group's statement that it was not sure it would have enough funds to pay off its debts. Following Evergrande's statement, Chinese authorities sent a letter to its chairman. The 90-day grace period ended today, November 9, when the નના 25 million coupon payment was due. China's one-time real estate giant is currently surrounded by more than 500 billion in liabilities. The failure of Evergrande could send shockwaves through China's property sector. Evergrande said in an exchange filing that it had received a notice from lenders to pay 30 million. Following Evergrande's statement, China's central bank, the regulator of insurance and the regulator of securities assured the market that any risk to the property market would be contained. The process of raising funds in the medium to long term will not be disrupted by a single Chinese company, the Pe...

BEIJING: China's central bank has cut its cash reserve ratio for its banks. The reduction will take effect from December 15. The decision was taken by the People's Bank of China to support a slowing economy due to the downturn in the property market in China. The cash reserve ratio has been reduced by half a per cent, according to a statement from the People's Bank of China. This reduction is part of increasing liquidity in the economy. The cuts will release ૮૮ 15 billion in liquidity into China's financial system. Released figures indicate that China's economy and industries are stabilizing. However, the Evergrand crisis has forced China to take control of the property market. A reduction in the reserve ratio will not result in a reduction in lending costs but will reduce the amount that banks have to reserve with the central bank.

MUMBAI: Growth has picked up in the current financial year after achieving a healthy growth of 5 per cent in textile exports in FY2021, but there is no denying the possibility that the Corona variant will hamper growth. Retailers are building up inventories and textile exports have picked up in the current financial year as lockdowns eased and the hospitality industry revived, but concerns remain that Omicron's case and the steps being taken by various countries to slow down export growth. Omicron may affect demand. It is difficult to estimate the impact on demand at present but it depends on the situation at the country's export hubs, said a textile exporter. Orders for the current year's Christmas have been completed and goods have been shipped, he said. Travel restrictions and regional restrictions can create logistical problems that can make it difficult to deliver new orders. There has been a significant growth in textile exports in the current financial year as c...

AHMEDABAD: Stock markets around the world, including India, have been adversely affected by other unfavorable reports, including fears that a new variant of the corona virus, Omicron, could spread rapidly around the world and lead to a major global financial crisis. Under these circumstances, the Nifty is likely to see a correction of 1000 points by the next budget, market experts said. With the new variant of the Corona prevailing, many countries of the world are once again in trouble. The path of re-lockdown has been adopted by many countries. The warning issued by the World Health Organization (WHO) to all countries on the issue has sent shockwaves through the market and has caused panic among all investors, including foreigners, said Sandeep Bhatia, head of the Macquarie Group in India. On the other side of Omicron's concerns, other reports, including a signal from the US Federal Reserve to delay bond wrapping, i.e. early suspension of the bond-buying program, and the rise i...

Global gold declines as bond yields and dollar index rise (Gujarat News Office) MUMBAI: Gold and silver prices were on a downward trend in the Mumbai jewelery market today. World market news was booming. However, the fall in global gold was limited as crude oil prices rose sharply by 3.5 per cent today. Gold prices in the world market, which were at ૭૮૩ 15 to ઔ 18 an ounce, were down to ૭૭૭ 15 to આજે 12 today. As bond yields rose in the US and the dollar index rose, gold rallied in world markets. Meanwhile, global silver prices also fell from ૫૨ 4.5 to ૫૩ 7.5 an ounce to લર 4.5 to ૩૩ 6.5 an ounce. There was news that China had reduced the cash reserve ratio for banks to increase liquidity in the currency market by 1.50 trillion yuan. Now the eyes of the world market are on the US inflation figures. In the Mumbai market today, the price of gold, excluding GST, was Rs. While the price of 2.50 was Rs. While prices including GST were 3% higher. Meanwhile, Mumbai silver was trading at ...

MUMBAI: Banks and companies are scrambling to raise money in the Indian debt market amid fears that the Reserve Bank of India may raise interest rates at its December monetary policy meeting. Fundraising by companies and banks from the bond market has increased sharply in the last two weeks. According to data from BSE and NSE bidding platforms, companies and banks have raised a total of Rs. 2.3 crore, of which Rs. 15,150 crore. Banks and non-banking finance companies (SHMs) have so far raised Rs. 206 crore and Rs. 2 crore have been raised. In the secondary market, yields on corporate bonds are trading between 4.5% -3.5% on three-year securities, 7.5-7.5% on five-year papers and 6.5-2.5% on 10-year securities. Is. Market experts are of the view that RBI may raise reverse repo rate and make repo rate operational. The RBI is now trying to withdraw money from the system through various means, including variable rate reverse repo (FEE), to slow down the liquidity in the system through R...

AHMEDABAD: After three consecutive weeks of gains, the foreign exchange reserves have seen a decline again this week. Last week saw a sharp decline in total foreign exchange reserves on the back of selling of foreign funds. The country's foreign exchange reserves declined by ૭ 2.612 billion to ૬૩૭ 2.8 billion in the week ended November 9, the Reserve Bank of India said in a weekly report. The foreign exchange reserves reached ૪ 20.01 billion in the week ended November 15, an increase of ૯ 25 million. On September 3, 2021, the foreign exchange reserves hit an all-time high of 4.5 billion. The reason for the decline in total reserves is the reduction of FCA. Foreign currency assets fell by ૪૮ 1.05 billion to ૬૬૪ 2.7 billion during the reporting week. Foreign currency assets, which account for a significant share of the total reserves. Depreciation of global currencies other than the dollar, such as the euro, pound and yen, against the dollar also affects the FCA. Apart from this...

New Delhi: The government has successfully woken up after the flight of giant global banks from India. With one foreign bank after another showing readiness to wrap up Indian business, the government may come forward to address their concerns. The government is considering a proposal to offer the same tax rate on the business of foreign banks in India as on domestic banks, two government officials said in a report. The finance ministry is considering reducing the tax rate on foreign banks from 15 per cent to 5 per cent. The government is considering a submission and presentation made by some foreign lenders to Nirmala Sitharaman's department. An important announcement on this issue could be made in the next budget, the official added. It may be mentioned here that foreign banks pay significantly more taxes in India than domestic lenders. The reduction in corporate tax rates in the last few years does not apply to the Indian business of foreign banks. If foreign banks convert In...

New Delhi: The country's taxpayers will have to pay Rs 2,000 crore to pay off Air India's debt and other liabilities, according to a supplementary demand of Rs 2.50 lakh crore tabled in Parliament. The government has sought Parliamentary approval to inject Rs 2,000 crore into its own company, which has Air India's debt, liabilities and some non-essential assets. The government has set up a company to facilitate the privatization of Air India and clean up its balance sheets. The government had earlier claimed that after the privatization of Air India, the government would have a net liability of Rs 3 crore. However, the government has asked for an additional Rs 2,107 crore to offset the liability of Air India for this claim. The supplementary demand was made for payment of interest liability on Air India's loan, lease rent, arrears to be paid by oil companies, fees of Airports Authority of India, etc., government sources said. Air India will get a foreign CEO In J...

For the first time in a month Mumbai: It can be said from the available data that the attraction towards electric powered vehicles is increasing in the country. The number of electric vehicles registered in November was 303. The figure was 18 units in November last year as against 313 units in October this year. It is the first time that more than 40,000 electric vehicles have been sold in November this year. During the April-November period of the current year, the sales of electric vehicles stood at 1.5 lakh. Two wheelers are the biggest attraction in electric vehicles. Electric two-wheeler sales in November stood at 20 units. The choice for electric vehicles is on the rise in view of the recent rise in fuel prices, said a car dealer.

Resistance level of Sensex 3 and Nifty 12 (Gujarat News Correspondent) MUMBAI: Corona's transition is now spreading around the world in a new form of Omicron, with global health concerns rising again and this time worries that the world will be plunged into a major economic crisis instead of Advantage. From here, things get trickier, and this is where the true meaning of burning up of bad psychic imprints comes into play. Last week, the World Health Organization (WHO) warned the world that the severity of the omikron virus was one of the more negative factors than the number of negative factors. High net worth investors have eased their rally to a low of 7 in the Sensex and 15 in the Nifty. However, after a deceptive bounce back from the bottom on Thursday, the Sensex fell by 6 points to 4 and the Nifty fell by 205 points to 1912 levels over the weekend. On the global front, concerns over Corona-Omicron, on the one hand, and the US's premature bonding, on the other, signaled ...

Investors' assets fall by Rs 1.50 lakh crore to Rs 21.05 lakh crore (Gujarat News Correspondent) MUMBAI: The world is reeling from the omikron-coro virus, especially in European countries, and the US is signaling to hasten bond-bonding. The Indian stock market plunged again over the weekend today. As if index fixing is going on, experts in trapping players in the weekly game of F&O, this move was washed away on Friday after the Sensex gained 3 points on Thursday in the move of big funds. After Karnataka, Delhi, Mumbai-Maharashtra is witnessing a rise in suspected cases of Omicron virus, which could lead to another lockdown at any time. The Nifty spot was down 3 points at 3.96 and the Nifty spot was down 206.5 points at 1213.30. Brent crude was up ૬૮ 1.6 at ૭ 21.8 and Nymex crude was up ૫૬ 1.05 at ૫ 3.08 today, after crude oil prices stalled as the OPEC meeting decided to take a more flexible approach to crude production. Sensex loses 2,000 points again Trading started stron...

(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils rose in the spot and futures markets. Demand was also rising. Today, 100 to 150 tonnes of imported palm oil traded at Rs 115 to 115 per 10 kg. Malaysia's palm oil markets were closed today, while soybean oil prices in the US were projected to be 4 to 5 points higher in the projection this evening. In the Mumbai spot market today, the price of 10 kg of imported palm oil rose by Rs 115 while crude palm oil CPO Kandla rose by Rs 1112. In the futures market, CPO prices rose by Rs 15 to Rs 12 and soyoil futures by Rs 15 to Rs 20 this evening. Soybean futures jumped 4%. Castor futures were raised by Rs 20 to Rs 5. In the Mumbai spot market today, the price of cingulum oil was Rs 120 while cottonseed oil was up by Rs 150. On the Saurashtra side, the price of cotton washed rose from Rs 115 to Rs 1,150 per kg, while the price of cingulum oil was Rs 12 and Rs 15,050 per 15 kg. In the Mumbai market, the spot...

(Gujarat News Office) MUMBAI: The rupee depreciated further against the dollar in early trade today. Market sources said that the rupee has come under pressure in the currency market as the stock market plunged. The dollar opened at Rs 4.00 today with a low of Rs 4.00 and a low of Rs 4.5 and a high of Rs 4.15 and closed at Rs 3.15. The dollar had gained 18 paise today. In the global market, the dollar index was up 0.06 per cent against various major currencies today. The global index for the dollar rose from 7.15 to 7.81 to 7.8. At the time of writing, the US was on the rise in job growth figures after rising unemployment claims in the US. The players were watching the Reserve Bank's policy meeting at home. Meanwhile, the British pound depreciated 18 paise against the rupee in the Mumbai currency market today. The pound, which was trading at Rs 4.5, today fell to Rs 4.5 from Rs 4.50. The European currency, the euro, lost 15 paise against the rupee today. The euro traded lower b...

(Gujarat News Office) MUMBAI: The weather in Mumbai Zaveri Bazaar was mixed today. Gold prices were on a slow decline while the key was up. There were indications that the price of gold in the Ahmedabad market today fell further and fell below Rs 2,000 per 10 grams. Gold prices in the world market were at ૭૮ 151 to ૭૮૨ 15 an ounce, down from ૭૭૨ 12 to આજે 12 today. Global silver prices also fell from ૪૯ 4.5 to ૫ 2.50 to આજે 4.5 to ૩૮ 7.5 today. However, Ahmedabad silver prices remained unchanged today, rising by Rs 200 per kg to Rs 200. Following the rise in the global dollar index, there was talk of selling funds in gold in world markets. However, crude oil prices in the world market after the shock today again jumped two and a half to three percent. Crude-producing countries have reportedly decided to increase production by four lakh barrels a day in January after December, but according to the producers, crude production will be reduced again if the omikron virus infestation incr...

MUMBAI: With many institutional investors withdrawing money from India, Mark Mobius, a leading investor in emerging markets, has expressed confidence that the market in India will continue to rise. However, he predicted a healthy correction of 10 to 15 per cent in the current booming market. This correction will be modest compared to the rise in Indian stock markets over the last year and a half. Given the high valuation in India, there are good opportunities in other markets. In an interview with a TV channel, he said that he sees the correction as a good buying opportunity. We don't see any reason to go into correction. He also expressed confidence that the market would continue to rise. The last one month has seen tremendous volatility in Indian stock markets. The market fell seven percent from an all-time high in October. Panic has spread due to inflationary pressures and Corona variants. Mobius is not particularly enthusiastic with the current boom in the primary market. P...

MUMBAI: After the manufacturing sector, November saw the country's service sector perform at a one-decade high. The strong recovery in the domestic sector last month was accompanied by strong recovery in domestic demand. This was stated in a private survey report. The Purchasing Managers' Index (PMI) of the service sector, compiled by IHS Markets, stood at 8.10 in October and 6.10 in November. Thus, the figure has come down as compared to October, but this is the second highest figure since July 2011. The November service sector PMI has been the second highest in a decade, the survey report said. A mark above 50 is said to be the development of the area. India, Asia's third-largest economy, has seen rapid economic growth due to the speed of vaccinations and rising government spending. In the September quarter, the country's economic growth rate was 4.50%. The last nine years have seen the fastest expansion of new business in November, excluding October of the curren...