Market and Business News

(Gujarat News Office) MUMBAI: Gold prices in the Mumbai jewelery market remained on a slow recovery today. In silver, however, the recession continued. The price of gold in the world market was ૭૫૪ 15 to ૭૫૫ 18 per ounce and today it was ૭૫૫ 12 to ૭૫૬ 15. Global silver prices were reported at ૩૮ 4.5 to ૨૯ 6.5 an ounce, up from ૩૮ 4.5 to ૩૯ 7.5 an ounce. Market players were watching the two-day meeting of the US Federal Reserve on Tuesday and Wednesday. The currency market and the bullion market were keeping a close eye on the hints given at the meeting about reducing bond buying. Meanwhile, global gold prices have been on a downward spiral as US and European stock markets crashed today on the back of China's financial crisis. European stock markets tumbled to a two-month low. Meanwhile, in the Manumbai jewelery market, gold prices today closed at Rs 305, up from Rs 9,050 per 10 grams, excluding GST, and closed at Rs 6, up from Rs 815 per 10 grams at Rs 8. While the prices of GS

MUMBAI: Private equity and venture capital has withdrawn a record 2.5 billion in six deals, taking advantage of the exit opportunity in August. Easy liquidity and the flight of foreign companies from China to fund allocation in India has inspired a global bull not only to make new investments in PE-VC but also to take the exit to new heights. According to a monthly analysis, private investors withdrew રોકાણ 4.5 billion in 7 deals in August 2021. In August 2020, it had exited ૭ 25 million in 12 deals and in July 2021, it had exited ૨૫ 1.5 billion in six deals. With this, the current calendar year 2021 has so far withdrawn the investment of ૭ 20.8 billion, which is the highest after the previous year's record of ૨૭ 5 billion in 2016. The exit of PE-VC is normal, but it has seen a sharp rise this year as it is attracting a larger number of investments than in 2014. "Now is the time to buy and sell and given the current state of the markets, it seems like a good time for both b

(Gujarat News Office) MUMBAI: The rupee depreciated sharply against the dollar in early trade today. According to US Treasury Secretary Janet Yellen, the US debt ceiling must be raised to avoid possible debt defaults in the US. The effect of this news was seen in the currency market today. He said the United States had never defaulted on the issue before and that such a debt ceiling would have to be raised to prevent such a situation from happening again. If the US defaults, the stock market is likely to collapse and interest rates are likely to rise. In the US, cash reserves with the Treasury are likely to decline in October. And there are fears of a મર્યા 2.50 trillion debt limit. Following these signals from the Treasury Secretary, there were indications that the dollar index was rising against various currencies in the world market. The two-day meeting of the US Federal Reserve is scheduled for Tuesday and Wednesday. In this meeting, the market players have been keeping an eye o

China's mega real estate company collapses, leading to a major downturn in the property-housing sector (Gujarat News Correspondent) MUMBAI: China's mega real estate developer Evergrande, which has a debt of ૫ 206 billion, has been hit by an earthquake in the Chinese housing-property market. On the other hand, metal stocks in Indian stock markets today rallied on the negative impact of the government's hike in GST rates on Aryan ore in India. With this the U.S. Amid uncertainty over what will be decided on the stimulus tapering issue at the Federal Reserve's two-day meeting this week and a meeting of central banks in other countries, funds, experts, players were all-round hammering in metal-mining stocks. In addition, banking-finance, automobile, consumer durables, oil-gas, power-capital goods, healthcare-pharmaceuticals stocks fell by 4.5 points to close at 20.8 and the Nifty spot closed at 12.5 points. The US dollar had gained 3 paise to Rs 2.7 against the rupee. Th

(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply today in the Mumbai jewelery market. World market news was encouraging. Global gold prices rose above ૮ 1,200 an ounce. Gold prices rose as demand for funds rose in the face of a weaker-than-expected dollar index in global markets as inflation in the US fell short of expectations. Precious metals were also on the rise behind the world market. However, there was talk of a limited rise in prices in the jewelery market as the dollar weakened in the domestic currency market. World gold prices were hovering between ૪ 1,308 and ૫ 1,305 an ounce, after which they were trading at ૭૯૯ 15,100 an ounce in the late evening. In the Ahmedabad market, gold prices rose by Rs 200 per 10 grams to Rs 800 from Rs 4.50 and Rs 200 from Rs 4.50. While Ahmedabad silver price rose by Rs 200 per kg to Rs 200. In the global market, silver prices rose by 6.5 to 6.5 per cent and gold by 4.5 to 6.5 per cent. Meanwhile, crude oil prices rose 1.5 pe

MUMBAI: Investments by private equity and venture capital (PE / VC) funds rose to ૭ 10.50 billion in August. In August last year, the figure was 2.50 billion, while in July this year, there was a PE / VC investment of ૯ 2.50 billion, according to a report. PE / VC investment deals have also seen an increase in terms of volume. The number of deals in August this year was 18 as against 6 deals in August last year. The figure was 9 in July. The IPO, on the other hand, has seen an increase in exits. A total of ૩ 2.50 billion in PE / VC investments were withdrawn in August. So far in 2021, a total of ૭ 20.50 billion has been withdrawn, the report said. In the first eight months of the current year, both PE / VC investment and exit have been at record levels. In the first eight months, a total of 2.50 billion has been invested, which is about the same as last year. The report also states that PE / VC investment in start-ups in the country is increasing significantly. So far this year, s

MUMBAI: Online food delivery may become more expensive in the coming days and consumers will have to be prepared to pay more. The committee's fitment panel has recommended bringing the food delivery app under the purview of at least 5 per cent and this will be considered at the GST Council meeting next Friday. If this becomes possible, it will be more expensive to order food from Swiggy-Zomato. The loss is estimated to be around Rs 5,000 crore in 2015-20 and 2020-21. In these circumstances, the fitment committee has recommended to put the food aggregator in the category of e-commerce operator and levy GST from the restaurant. It is learned that many restaurants do not pay GST to the government and some have not even registered. GST officials have noticed a discrepancy of crores of rupees in the GSTR-3B form of many small restaurants and their business in the GSTR-3 form filled by Swiggy or Zomato. In addition, there are many cases where taxes are levied but not paid to the gove

(Gujarat News Office) MUMBAI: Prices of various edible oils remained soft in the Mumbai oilseeds market today. New demand was slow. On the Gujarat, Saurashtra side, traders were waiting for a clear picture of the impact of the recent heavy rains on various crops. According to experts, the new season is likely to be delayed due to heavy rains. In the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 15 to Rs 150 today. Cottonseed oil was at Rs 1,210. The prices of cingulum oil were revised upwards by Rs 150 to Rs 150 and Rs 50 to Rs 50 per 15 kg, while the prices of cotton washed were quoted at Rs 150 to Rs 12 per quintal. Meanwhile, in the Mumbai market today, the price of mustard oil was quoted at Rs 140, while refined prices fell to Rs 150. Imported palm oil prices fell to Rs 1,405. The new laparos were wings. Crude palm oil CPO Kandla was down by Rs 115. In the futures market, the CPO price this evening ranged from Rs 1,115 to Rs 1,115 in September. Soyoil futures wer

(Gujarat News Correspondent) Mumbai: Mumbai, Wednesday With the central government today announcing a major relief package for the troubled telecom sector and approving a Rs 302 crore PLI scheme for the automobile sector, as well as good monsoon progress in the country, the funds rebounded all-round in stocks today, taking the market to historic highs. The third wave of Coro's transition, which is not immediately worrying in India and has led to a global boom in market stocks, ignoring global negative factors as industrial and economic activity is on the rise. On the international front, however, reports that the transition to the China Delta forced a complete lockdown of a city of 4 million people and that the epidemic would further slow down economic recovery in the world's superpowers, including the United States and Europe, have raised concerns in global markets. This led to an aggressive rally in funds in IT-software services stocks in anticipation of growing business op

MUMBAI: Indian households' debt rose to Rs. 2 lakh crore has been reached. The Kovid-12 epidemic has widened the gap between household debt and GDP. According to the report, these qualities declined to 9 per cent at the end of the June quarter, rising sharply to 7.5 per cent at the end of FY2021 and 4.5 per cent in FY2017-20. SBI's research report said, "We believe that in terms of percentage of household debt, household debt fell to 9 per cent in the June quarter, in line with the growth in the first quarter, although it increased in volume." The rupee has reached Rs 4.5 lakh crore at the end of FY21. According to the research report, the average debt burden on rural and urban households has increased by 3% and 6% respectively for the six-year period ended in 2017. As far as the states are concerned, the average debt of rural households has more than doubled in the six-year period ended in 2012 in 16 states. Importantly, the average debt of urban and rural househ

With the good progress of the monsoon, funds in automobile stocks rebounded (Gujarat News Correspondent) MUMBAI: With good monsoon progress and the third wave of Koro transition in the country, there is no immediate concern and more incentives and reliefs will be announced in the coming days as the Modi government at the Center is taking liberalization measures for economic growth. Amidst the possibility, the funds today rallied to break the index-based decline. Along with this, funds in small, mid-cap and cash stocks also witnessed a wide-ranging storm. Internationally, crude prices rose amid reports of a resumption of lockdowns in some cities over the Corona Delta transition in China and the impact of the Delta transition on the economies of countries including the United States. Crude oil Brent was up 3 cents at ૯૩ 2.8 and Nymex crude was at 20.8. The rally in global commodity prices also had an impact on the stock markets again today. Japan's stock markets rallied against the

(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils declined in the Mumbai oilseeds market today. Fears that a stock cap would now be imposed after the government recently reduced the import duty were met with unrest among traders. In the global market, however, palm oil futures in Malaysia rose to close at 8, 12, 20 and 10 points. While there the prices of palm products remained soft from two and a half to ten dollars. In the US agricultural market, soyoil prices were in the projection of 5 to 20 points plus in the projection this evening. At home, soybean futures were trading at around Rs 20 per kg in September. While October prices were down to Rs 305. With the new season set to begin in October, October futures prices are significantly lower than in September, market sources said. Similarly, soyoil's September futures fell by Rs 10.50 to Rs 19 today, while October futures fell by around Rs 1,505 to Rs 1,405. Meanwhile, in the Mumbai spot market

(Gujarat News Office) MUMBAI: The dollar was trading against the rupee in the Mumbai currency market today amid two-way fluctuations. Market players were keeping an eye on the inflation figures coming out of the US. After opening at Rs 4.5 this morning, the dollar closed at a low of Rs 4.5 and a high of Rs 4.31. In the global market, the dollar index against various major currencies also showed signs of fluctuating between bilateral fluctuations. The dollar index was reported to be at a high of 6.5 to 7.5 after hitting a two-week high of 7.5 to 7.5. The next move of the market has been based on the changes in the Consumer Price Index in the US. In addition, the market will be keeping a close eye on the US Federal Reserve meeting next week, experts said. Meanwhile, the British pound jumped 3 paise to cross Rs 105 against the rupee today. The pound opened at Rs 101.5 in the morning with a low of Rs 101.5 and a high of Rs 103.5 and closed at Rs 103.15. In addition to the British pound

MUMBAI: Despite the serious impact of the Indian economy on Corona, global investors are keen to invest in India. Of the 1,800 global business leaders surveyed by Deloitte, 3% said they plan to invest more in India or for the first time. The survey was conducted to gauge the perception of global investors about India. About 5 per cent of the first-time investment is expected to be seen in the next two years. Trade perceptions in India are better in the US and UK than in Singapore and Japan. The survey was conducted in the current year when the second wave of corona in India was raging. A large number of business houses have expressed confidence in India's short- and long-term business prospects, the survey report said. Business houses are planning to invest in India.

MUMBAI: Indian companies made 216 deals worth ૪ 2.7 billion in August, an encouraging performance. Consultant Grant Thornton India said that a total of 217 deals were transacted during the month of August, the highest monthly deal in 2009 and double the number in August 2020. Of course, compared to July 2021, there has been a mixed trend. Compared to July, the number of transactions by Indian companies increased by 31 per cent during August, but in terms of value, it declined by 3 per cent. According to the report, mergers and acquisitions have declined six-fold in the meantime, leading to a decline in the transaction value of Indian companies. In August 2021, there were six merger-acquisition deals worth ૭ 25 million, compared to 30 deals worth ૯ 20.8 billion in 2020. Most of the deals in August were done by private equity and venture capital firms, which have invested ભારતીય 4.5 billion in Indian companies under 12 deals. Private equity and venture capital have invested heavily i

(Gujarat News Office) MUMBAI: Gold and silver prices declined in the Mumbai jewelery market today. World market news was showing a retreat. There were indications of a big 3 to 4 per cent fall in palladium prices in the world market. Market players were stunned as supply in the palladium rose to ઝડપી 215 to ૫૪ 215 an ounce, falling sharply to below ૨ 4,000 an ounce and hitting ૯૭૪ 12-13 an ounce. Platinum prices in the world market also fell by two and a half per cent today due to the collapse of palladium. Platinum was trading at ૯૫૪ 4 to ઠ 4 an ounce today. As global bond and treasury yields rose, so did the rise in gold. Global gold prices were at ૭૮૪ 15 to આજે 120 an ounce today. Silver, on the other hand, was quoted at વિશ્વ 2.50 to ૬ 6.31 an ounce, up from 7.5 to 7.5 an ounce. Precious metals, meanwhile, remained soft on the back of global markets today. Ahmedabad gold price fell by Rs 100 per 10 grams to Rs 900 at Rs 2.50 and Rs 200 per gram, while Ahmedabad silver price fell

MUMBAI: The overall decline in the Mumbai oilseeds market continued today. Players were caught asleep over the government's sudden reduction in import duty last weekend and there were indications that the market remained volatile even today after the market plunged on Saturday. The prices of domestic edible oils also came under pressure on the back of imported edible oils. However, with the reduction in import duty in India, there were reports of rising prices in the world market. In Malaysia, palm oil futures were raised by 4.5, 6 and 7 points today. The calculation was being made in the market today that consumers would be more relieved if GST was actually reduced instead of reducing import duty in the country. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil fell by Rs 150 today while that of cottonseed oil fell sharply to Rs 150. The prices of cingulum oil fell by Rs 15 to Rs 150 and Rs 20 to Rs 30 per 15 kg, while the prices of cotton washed were quo

  Investors' wealth rises to Rs 2.5 lakh crore: Small, mid-cap boom (Gujarat News Correspondent) MUMBAI: The Sensex, the Nifty, which has been showing an uninterrupted historical rally for a long time, today took a break and softened again, despite the positive progress of the monsoon and the third wave of Koro transition in the country. As the market has reached an index-based target, it is imperative for the Nifty to jump above the 1,200 level. But funds, players, high networth investors remained small today in the small, mid-cap, cash segment stocks all-round wide bullish storm market breadth remained positive. On the international front, reports of the resumption of Corona Delta transition in China within a month saw a softening of cautiousness in global markets today amid concerns. In the US, crude oil prices rose by ૮૮ 6 a barrel to ૭૪ 2.50 an ounce and Nymex crude was up 3 cents to close at ૭ 20.81 a barrel. The Sensex was down 19.61 points at 314.5 and the Nifty spot was

MUMBAI: Gold prices rose in the Mumbai jewelery market today. While silver prices remained soft. Gold prices in the world market were reported to have risen from ૭૮૭ 15 to ૭૮૮ 12 an ounce to ૭૮૯ 15 to ૭૯ 120 an ounce. Amid the possibility of higher inflation in the US, the price of gold in the world market digested the price again today. In the Mumbai jewelery market, gold today closed at Rs 61, up from Rs 30 per 10 grams, excluding GST, while it closed at Rs 305, up from Rs 305 per ounce. Mumbai silver prices closed at Rs 5 per kg today, excluding GST. Silver was quoted at વિશ્વ 4.5 to ૭ 6.5 an ounce, up from ૭૪ 4.5 to ૭ 6.5 an ounce in world trade today. Crude oil prices were seen rising today. Crude oil prices rose to ૩ 70.70 a barrel in New York, from ર્ક 50 a barrel in the previous session, and ન્ટ 4.50 to ૩૫ 7.5 a barrel in Brentcard. Short supply was seen in American crude. With the number of oil rigs in the US rising, experts were predicting a resurgence in crude productio

MUMBAI: The number of loan approvals by non-banking finance companies (NBFCs) in the first quarter of the current financial year stood at 4.50 per cent higher year-on-year. According to the Finance Industry Development Council (FIDC), a total of Rs 1.3 trillion was sanctioned by the NBFCs in the June quarter of FY208, up from Rs 30,214 crore in the same period last fiscal. Overall loan growth has been strong due to increase in auto loans, housing loans and loans against shares. Sources said that this was a sign that economic activity was improving in the country after Koro. However, the first quarter figure of the current financial year is much lower than that of FY2030. In the first quarter of the previous financial year, loans worth Rs 4.5 trillion were sanctioned. The Reserve Bank has maintained an accommodative attitude with low interest rates to boost economic activity in the country. Loan growth in the banking sector has been modest in the first quarter compared to NBFCs. Th