Market and Business News

MUMBAI: This Diwali has been the worst Diwali of the decade for the automotive industry in terms of sales. According to the Federation of Automobile Dealers' Association, vehicle registrations in October fell by 4.5 per cent year-on-year. According to the association's data, a total of 13,8,8 vehicles were registered in October, down 3.8 per cent from 12,81,8 registrations in the same month a year ago. In October 2016, 18,50,08 vehicles were registered. Speaking of the three-day festive season, the organization said that this Diwali season has been the worst for the auto sector in a decade. The annual sales of all vehicles during the festive season has come down by 12.5 per cent to 20,50,8 units which is 20.5 per cent less than the year 2012. In the festival seasons of 2020 and 2017, 4,6,8 units and 4,50,8 units of vehicles were sold respectively. Vehicle sales have declined due to rising petrol-diesel prices and low manufacturing due to shortage of semiconductors. During

Stock markets will be closed today-Friday on Guru Nanak Jayanti (Gujarat News Correspondent) MUMBAI: Investors who invested in the historic Rs 12,000-crore mega IPO of Paytm-One2 Communications Ltd have been weeping tonight after the issue price of the shares was listed at a discount of Rs 3,150 per share. Sentiment was shattered by the low of Rs. High net worth investors and operators today hammered the stocks with signs of foreign funds-FPIs, FIIs exiting the Indian stock market with continued selling. Due to the tumultuous listing of Paytm-One 2 stocks, IT-software services, technology stocks witnessed massive profit booking today. The Sensex lost as much as 200 points in the last quarter of the day, hitting a record low of Rs 800 a share, as the stock fell sharply in automobiles, power-capital goods, consumer durables, metal-mining stocks and oil-gas and realty stocks. 01 and Nifty Spot closed at 13.30, down 16.5 points at the end of the fall. Sensex stormed to the beginning of

(Gujarat News Office) MUMBAI: Prices of various imported edible oils rose in the Mumbai oilseeds market today on the back of global markets. Palm oil prices rose to Rs 1,200 per 10 kg. Palm oil futures in Malaysia jumped 100 points, while soyoil prices in the US were projected to be 20 to 21 points higher in the projection this evening. Meanwhile, in the Mumbai spot market today, the price of 10 kg of palm oil jumped from Rs 115 to Rs 1,205. The new demand was wings though. Crude palm oil CPO Kandla was up by Rs 115, while CPO futures were up by Rs 2.50 to Rs 114.50 this evening, while soyoil futures were marginally higher at Rs 19.50. In the evening, soybean futures fell by Rs 5 to Rs 6,050 in Kiev while castor futures fell by Rs 4 to Rs 50. In Mumbai today, the price of castor has gone up by Rs 20 to Rs 70, while the price of castor has gone up by Rs 10 per 10 kg and was quoted at Rs 1,210 to Rs 150 per variety. In the Mumbai spot market today, the price of cingulum oil was hittin

(Gujarat News Office) MUMBAI: Gold prices rebounded in the Mumbai jewelery market today. While silver remained soft. Gold prices in the world market today rose by 16 to 18 ounces and were reported to be at 16 to 17 dollars in the evening. The dollar's global index against various currencies in global markets fell 0.15 per cent to 6.71 today, indicating an increase in fund buying in gold. In the Mumbai currency market, the rupee depreciated by five paise against the dollar to Rs 5.05 and Rs 4.5. Meanwhile, gold prices rose in the domestic jewelery market behind the world market. Ahmedabad: Gold price of 10 grams today rose by Rs. While Ahmedabad silver price remained calm today at Rs 200 per kg. Silver in global markets traded lower at 3.11 an ounce, down from ૪ 6.11 an ounce in the previous session. The sharp fall in global crude oil prices was followed by a sharp rise in the rupee against the dollar at home, market sources said. New York's main contract, light sweet crude f

Mumbai: Swiss brokerage firm UBS Securities has raised its GDP growth forecast for the current financial year from 7.5 per cent to 7.5 per cent. Earlier, in a report released in September, UBS Securities had projected India's GDP growth at 7.5 per cent. The foreign brokerage firm said the faster-than-expected recovery in the economy, increased consumer confidence levels and increased spending power have boosted India's GDP growth forecast. However, the ratings agency has said that the growth rate is expected to slow down in 203-2 next year as the benefits of lower interest rates cease to accrue. It is estimated to be 9%. At the same time, it could rise to six per cent in FY 205-2. The Reserve Bank of India may raise interest rates by 0.5% in the second half of the next financial year.

MUMBAI: The primary market is booming with a historic boom ... Retail investors who are getting returns one after another in IPOs, high net worth investors and banks being lured by these huge returns, invest 15 to 18 per cent higher interest rates for IPOs in finance, funding-loans. Paytm-One3 Communications Ltd is said to be playing a listing game today and this class has been robbed. When the IPO of Paytm-One3 Communications, India's largest mega IPO of Rs 15,000 crore, came out, it was less than twice as expected due to overvaluation and high prices. But this capital has been put at stake by a class accustomed to taking advantage of extraordinary returns on the day of listing of crores and billions of rupees in the primary market, this time in the issue of Paytm by high networth investors obtaining a finance-bank loan of Rs 100 crore and applying for an IPO. A large number of shares were also allotted in response to less than expected. This high net worth investor class was

MUMBAI: The listing of shares of Paytm-One2 Communications Ltd has made many investors cry today. The stock has plunged 9 per cent from its current issue price of Rs 2,150 today to a low of Rs 150 in the lower seller's circuit, while foreign broking giant Macquarie has raised the company's share price from Rs 4,150 to Rs 1,350. Accordingly, the target price of the stock has been set at Rs. Broking House believes that Paytm's business model lacks focus and direction and is a company seeking huge sums of money. Macquarie said it was a big challenge for the company to make a profit and that regulation as well as competition were factors of concern. The valuation of Paytm is estimated to be three times more expensive than the FY208 price and the long-term profitability is uncertain. The price-to-sales growth ratio has also been 0.2-0.5 times higher for most fintech companies-entrepreneurs and is in the upper band in this band. So Macquarie doesn't want to pay a premium t

New Delhi, November 18, 2021 Weak listing of financial technology giant Paytm shares has cost investors crores of rupees. The stock is listed on the stock exchange at a price of Rs 1950, when its issue price was Rs 2150. Thus, it was listed with a 9 per cent discount. At the time of listing, its market cap was Rs 1.26 lakh crore. The IPO was considered to be the largest IPO in the country but investors did not respond well to it. The IPO was barely subscribed on the last day. Even after listing, the share price plummeted to Rs 1,616 at one point. With the fall in gray market premium and weakening market sentiment over the last few days, speculators are speculating that the listing of this IPO will not be good and it has come true.

MUMBAI: The Board of Insolvency and Bankruptcy of India (IBBI) has clarified that for the expeditious disposal of corporate bankruptcy cases, insolvency professionals have to obtain a certificate of any non-objection (NOC) or any outstanding debt from the income tax department while processing voluntary liquidation. NDC) will not be required. The move is expected to reduce some of the burden of compliance in bankruptcy proceedings. The IBB said, "The process of applying for and obtaining such NOCs / NDCs from the Income-tax department takes a long time and thus goes against the clear provisions of the Act as well as thwarting the objective of timely completion of the process under the Act." Section 17 of the Income-tax Act, 181 obliges the liquidator to meet certain income-tax requirements. This section also makes it clear that its provisions, apart from the provisions of this Act, "shall be effective even if contrary to any other law." The IBBI clarified that t

MUMBAI: The current rally in the stock market has given the Employees Provident Fund Organization (EPFO) an annual return of 18.50 per cent on its gross equity investment of Rs 1.5 trillion. If the organization had been a little more pragmatic in its equity investments, the return rate might have been even higher. The fund's investment was valued at Rs 1.50 trillion. India: EPFO ​​returns on ETFs and Central Public Enterprise Sector (CPSE) Exchange Traded Funds (ETFs) have been weak or negative. An estimated 20 million salaried employees of the country contribute to the EPFO. The EPFO's central board meeting on November 30 is expected to shed more light on the fund's equity investments. India 3 was launched with the aim of achieving the disinvestment target of public sector undertakings from public sector undertakings, while CPSE ETF tracks the performance of specific government undertakings. In FY 2021, EPFO ​​has received a negative return of only 2.10 per cent year-

MUMBAI: Exports of gems and jewelery from the country rose by 7.5 per cent year-on-year in October to Rs. The Gems and Jewelery Export Promotion Council (GJEPC) has stated that it has reached Rs 21,31.05 crore. It is to be noted that, in October 2020, a total of Rs. Gems and jewelery worth Rs 21,612.5 crore were exported. Overall sentiment in the gems-jewelery industry is currently positive, the council said. In October, total exports of cut-polished diamonds rose by 2.50 per cent to Rs. 14,12.5 crore in the same month a year ago. Exports amounted to Rs 12,6.5 crore. So the export of gold jewelery in October 2020 was Rs. This time it has increased by 2.08 per cent to Rs. 316.5 crore has been registered. During the first seven months of the current financial year, from April to October, exports of silver jewelery grew by 4.5 per cent to Rs. 11,31.8 crore which was Rs. 2.4.5 crore. Similarly, total exports of platinum jewelery grew by 4.5 per cent to Rs. 12.5 crore during the same p

(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. World market news was booming. In the US, retail sales figures were better than expected and the dollar index and stock market were up there, prompting a sell-off in gold. Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 30,600 at Rs 2.50 and Rs 31,600 at Rs 8.50 today. Ahmedabad silver prices today, however, were quiet at Rs 500 per kg. Meanwhile, gold prices in the world market fell from 15 ounces to 120 today and were trading at ૮૬૩ 16 to મો 15 late in the evening. Silver also traded lower at ૫ 8.15, a global low of ૭ 8.15, and was trading at ૧ 6.11 to ૨ 6.15. Platinum prices were quoted at ૭ 1,050 to ૭ 1,021 an ounce and palladium at ૨ 215 to ૬૭ 215 an ounce this evening. Meanwhile, global crude oil prices remained soft by more than half a per cent today, which had a negative impact on global gold prices. New York's main co

(Gujarat News Office) MUMBAI: Imported palm oil traded at around Rs 115 to Rs 115 per 10 kg in the Mumbai Oilseeds market today, prompting refineries to raise prices by Rs 1,200 to Rs 1,205. About a thousand tonnes of palm oil was traded at Rs 115 on Tuesday. Today the price was quoted at Rs. Crude palm oil CPO Kandla was priced at Rs 1,150. Cingulum oil was quoted at Rs 120 for Rs 150 while cottonseed oil was quoted at Rs 150. On the Saurashtra side, there was news that the price of cotton washed was Rs. In the US, soyoil prices were in the projection of 4 to 5 points this evening. In the Mumbai spot market, soyoil was priced at Rs 1,150 for digam and Rs 15 for refined, while sunflower was priced at Rs 1,205 and Rs 150 for ref, while mustard was priced at Rs 120 and Rs 150 for ref. In Malaysia, meanwhile, palm oil futures fell by 108 points today. While the price of sunflower was indicated to be from Rs. 1905 to 1910. Soybean revenue today was 3 lakh times in Madhya Pradesh, 6 la

Exit funds, operators surge in small, mid-cap, frontline stocks (Gujarat News Correspondent) MUMBAI: Global markets rallied today, cautiously after the initial strengthening in Indian stock markets, with markets, operators and players in the last hour largely offloading the market into the negative zone. Despite reports of rising inflation on the international front, as well as concerns over the transition to the Corona, Europe and the United States and China being the richest country in the world, China today saw a narrow shift in cautious global markets amid growing economic challenges. In Indian stock markets, funds, operators, players, high networth investors continued to offload in small, mid-cap, cash segment stocks as well as frontline index stocks with each rise. Banks-Finance, Oil-Gas, Consumer Durables stocks today saw a sell-off in the automobile stocks. As a result of Nifty-based basket selling of funds in the last hour, the Nifty spot was down 100.5 points at 12.5 and th

Marketing year 2020-201 due to high global prices MUMBAI: The country's edible oil import bill rose sharply by 9 per cent year-on-year to Rs 11,708 crore during the marketing year 2020-201 (November-October). The rise in edible oil prices abroad has led to an increase in India's import bill, according to a report by the industry body Solvent Extractors' Association of India (C). India is the world's largest importer of edible oil. Malaysian futures are currently trading near record highs due to the massive purchase of palm oil. In terms of volume, the import of vegetable oil (edible and non-edible oil) stood at 13 million tonnes. The import figure of vegetable oil in the marketing year 2016-20 was also at this level. In the last marketing year, India's palm oil imports grew by 19.50 per cent to 3.50 lakh tonnes. The report notes that the increase was due to a reduction in import duties. To reduce domestic edible oil prices, the Indian government has reduced th

MUMBAI: Ajay Tyagi, chairman of the Securities and Exchange Board of India (SEBI), has said that investors should not be tempted by the lure of unrealistic returns and very good returns when investing in the securities market. Addressing the India International Trade Fair, SEBI Chairman Ajay Tyagi said that investors need to be vigilant against the temptation of unrealistic returns in the securities market. He also said that SEBI was bringing in an investor charter to protect the interests of investors in the Indian securities market. Valuations in the stock market have already reached new heights and companies are lining up IPOs to raise funds from investors. The SEBI chairman said that often the lucrative elements are trying to lure naive investors by guaranteeing unrealistic returns. So my advice to investors is to be wary of such temptations. "Investors should first understand that there are risks involved with any financial investment," he said. So investors should b

MUMBAI: The valuation of Indian equities is currently too high by traditional standards. The valuation of equities is high based on criteria such as price-to-earnings ratio and difference in yield with benchmark bonds, a report by the Reserve Bank of India reiterated. Earlier, Reserve Bank Governor Shaktikant Das had expressed the same view. Trends in increasing shareholding by promoters indicate a growing confidence in their business. The overall demand in the country's economy is increasing and the overall financial and credit conditions are favorable for a strong economic recovery. The report also notes that the quality of expenditure by the government has been improving in the last six months of the current financial year. With decades of low interest rates, declining inflation and a good position on the current account front, the country's economy is poised to recover from the losses caused by the corona and regain its place among the fastest growing countries in the wo

MUMBAI: The two-vehicle industry in India has been lagging behind for nearly a decade due to slow sales growth following the Corona epidemic. Rating agency Crisil Research estimates that sales of two-wheelers will be 5 to 6 per cent lower this year than last. In the seven months to October of the current financial year, sales of two-wheelers grew marginally to 30,8,8 units as against 20,8,8 units in the same period last year. Sales of two-wheelers are the lowest in seven years, according to the auto industry body SIAM. Sales of two-wheelers, the benchmark of the Indian economy, have been declining for three consecutive years. According to Crisil Research, low-income earners have been hit hard. This has led to a decline in sales of entry level motorcycles. Sales of other consumer products such as building, consumer durables and four-vehicle have also been affected. On the other hand, the income of rich people has increased in the meantime, which has led to an increase in sales of exp

(By commerce representative) MUMBAI: Prices of both the precious metals rose on the back of gains in gold and silver in the global market. In the Ahmedabad market, gold had crossed the level of Rs 21,000. The government has announced an increase in the tariff value used as a benchmark for calculating import duty on gold and silver, and an increase in the effective import duty is being considered. World markets saw a modest improvement in crude oil prices. In the Mumbai local gold and silver market, the price of gold at Rs 9.50 per 10 grams, excluding GST, which had closed at Rs 215 yesterday, has risen to Rs 5 today. Prices with GST were quoted three per cent higher. Gold, which was closing at Rs 61 yesterday, rose to Rs 5 today. Prices with GST were set at three per cent higher. Silver. In the Ahmedabad market, gold was trading at Rs 30,600 per ten grams, while gold was trading at Rs 31,100 per 10 grams, crossing the level of Rs 21,000. Silver.2 The price of a kilo was quoted at Rs

After a lull in profits in stocks, the number of big losses in investment is now on the rise (Gujarat News Correspondent) MUMBAI: With rising risk of inflation on the global front, new wave of corona transition in various countries raising concerns and consequently jeopardizing global economic recovery, cautious funds, experts, players There were more milder than milder views. On the international front, cooperation between the US and Chinese presidents, who have so far been enemies of each other, is being considered as an advantage in China. Lightened. In banking-finance, oil-gas, metal-mining, consumer durables stocks, the Sensex fell 4.5 points to 206.5 and the Nifty spot fell 110.5 points to close at 19.40. Of course, there was a big rally in automobile stocks. The US dollar had lost 11 paise to close at Rs 4.5 against the rupee. Brent crude was up 5 cents at ૫૩ 2.4 a barrel and Nymex crude was up 3 cents at ૮ 61.8 a barrel today, following a modest recovery in international crud