Market and Business News

Unemployment claims in the US fell to a 30-year low and the dollar rose (Gujarat News Office) MUMBAI: The rupee weakened further against the dollar in early trade today as the dollar strengthened against the dollar in early trade. The rupee also weighed on the rupee as the market remained in the red at the end of the day after a two-way rebound in the stock market. In the US, the jobless rate has dropped to a 20-year low, while the job market has strengthened to a 30-year low. In the Mumbai currency market, the rupee opened at Rs 4.5 in the morning trade and touched a low of Rs 4.5 and a high of Rs 4.5. The dollar had gained another 3 paise today. The rupee fell to a one-and-a-half year low. Rising overseas outflows from the stock market also had an effect on the rupee. Such dollar prices were earlier seen in June 2020. At the time of writing, the market was watching US inflation figures. Meanwhile, the global dollar index was up 0.05 per cent today at 5.05 to 7.5. Meanwhile, the

MUMBAI: Lenders have taken eight companies to bankruptcy tribunals in the six months from April to September after a year-long moratorium on bankruptcy proceedings was lifted in March 2011 due to the Corona epidemic. In the September quarter alone, 12 companies were taken to the National Company Law Tribunal (NSB) batch for default. Although no major companies have gone bankrupt during this period, the recovery of financial creditors has slowed to 8.5% in September from 3% in the previous year. This is slightly lower than the June quarter recovery, but has been steadily declining since September 2020. This figure is even lower than the pre-Coro average ratio of 20%. According to the Insolvency and Bankruptcy Board of India (IBBI), the total number of companies accepted for bankruptcy proceedings so far has risen to 206. Out of which 3% cases have been disposed off and 5% cases are still under process. Only 15% of companies have had a successful resolution, meaning they have found a

Mumbai: November has been a frustrating month for the automotive industry. Passenger vehicle sales in November were the lowest in three years and two-wheelers in 11 years. The main reason for the decline in vehicle sales is the shortage of semiconductors and consequently low manufacturing by companies. According to the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle sales in November fell by 12 per cent year-on-year to 5,13,8 units. In which car sales fell by 3% to 1,00,308 units. Similarly, total sales of two-wheelers fell by 9 per cent to 10,50,612 units in November from 12,00,8 two-wheelers in the same month a year ago. Sales of scooters fell by 3% to 2,09,8 units and sales of motorcycles fell by 9% to 2,8,8 units. This time, the sales of three-wheelers have also come down to 7,51 units, down 6 per cent from 2,051 units a year ago, which is the lowest sales in the last 15 years. With this, the total sales of all types of vehicles in November fell by 3% year

MUMBAI: Former Reserve Bank Governor Raghuram Rajan has said that the current picture of the country's economy is mixed, with some sectors of the country's economy performing well while others are struggling to recover. Rejecting talk of recovery in the English alphabet V-shape, he said that the improvement after a sharp decline is always V-shaped and the real challenge for the country is to achieve a steady growth of 2-3 per cent. India still has a long way to go to achieve the development it deserves. A growth rate of 2-3 per cent is required in the economy to increase employment. In the second quarter of the current financial year, India's economic growth rate has been 7.50%. The growth rate has been in line with expectations, but this is due to the low levels in the last financial year. Rajan said that priority should be given to tackling the challenges on the employment front. "India has succeeded in achieving the level of economic growth that preceded the Co

(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. With prices falling further in the global market, the domestic import cost has come down and as a result, prices in the jewelery market have come under pressure, leading to more selling and less buying in the declining market, market sources said. The rise in the dollar index in world markets, as well as rising bond and treasury yields, led to a sell-off in gold. Unemployment claims in the US have plummeted to a 30-year low, with job markets rising and the global dollar index rising. Gold prices in the world market today were ૭૭૨ 16 to વાળા 16 an ounce, up from ૭૭૫ 12 to 12 an ounce. Behind gold, global silver also fell from ૬ 2.15 an ounce to ૭ 6.15 an ounce and was trading at ૮૮ 71.8 to ૮૯ 71.8 an ounce today. Meanwhile, the fall in gold prices in the world market, however, slowed down today on the back of rising crude oil prices in the world market. New York's main

Cotton prices in the US fell to a six-week low (Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils declined in the Mumbai Oilseeds market today. The new demand was wing. The weather in the world market, however, was mixed. Palm oil futures in Malaysia were up 3 points today. In the US, soyoil prices were projected to be in the range of 4 to 5 points in the projection this evening. Meanwhile, in the Mumbai spot market, the price of 10 kg of groundnut oil fell by Rs 1,310 and cottonseed oil by Rs 150. When On the Saurashtra side, there was news that the price of cingulum oil was Rs. 150 and Rs. In Mumbai, imported palm oil was priced at Rs 1,150 while crude palm oil CPO Kandla was down at Rs 1,105. In the futures market, CPO prices were quiet at Rs 1,109.50 in the evening. Soyoil futures were trading higher at Rs 2.50. Meanwhile, soybean futures rose by Rs 150 to Rs 15 per kg this evening. While castor futures were at Rs 50 plus. Mumbai-based castor oil

(By commerce representative) MUMBAI: The benchmark indices of Indian stock markets closed with modest declines after being extremely volatile on the last day of the week. The three-day correction took a break behind the world market today. However, mid-cap stocks continued to attract investors. Globally, Asian markets also closed lower and European markets opened lower. Investors are cautious amid reports of deteriorating conditions in some countries over Omicron. Financial and IT stocks were under pressure while realty, auto and metals were the main attractions. The BSE Sensex was down 20.5 per cent at 3.7 per cent while the Nifty 30 index was down 3.3 per cent at 1211.30. The Sensex was hovering between a low of 314.5 and a high of 7.31. The Nifty was also seen at a low of 1908.8 while at the top it was seen at 12.5. The Nifty Midcap 100 Index rose 4.5 points to close at 31,606.05. Nomura maintains a neutral outlook for Indian equities for 207. Auto stocks rise on lower buying: Mah

MUMBAI: The Reserve Bank of India (RBI) has raised the limit for companies to invest in IPOs or government bonds through UPI. Announcing its bi-monthly monetary policy, the Reserve Bank of India (RBI) said it has raised the limit on investments in government securities through IPIs in IPOs and RBI retail direct schemes to Rs. 3 lakh is proposed, while at present this limit is Rs. 3 lakh. Making other announcements regarding UPI payments, the RBI said it was proposing to launch UPI-based payment products for feature phone users. The purpose of which is to enable low amount UPI transactions through 'on-device' wallet in UPI app. This will enable digital payments to reach as many people as possible. There are about 110 million mobile phone users in India, of which about 20 million have smartphones, indicating that a large segment is still using feature phones. The UPI has emerged as a popular payment option for investing in IPOs, said the Reserve Bank Governor. UPI payment fac

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