Market and Business News

- Alleged to have taken bribe from Nirav Choksi New Delhi on Tuesday, October 20, 2020 Nirav Choksi, a diamond trader who allegedly laundered crores of rupees to PNB, was accused of giving a bribe of Rs 1 crore to Gokulnath Shetty, the then deputy manager of PNB. Officials investigating the scam said Shetty had taken a bribe of Rs 1.8 crore from Rishika Financial to arrange a bank guarantee for Muj Nirav Choksi's company Gitanjali James. The CBI had leveled the new allegation against Gokulnath Shetty, the main accused in the PNB scam. According to CBI officials, Shetty was involved in the case of Mehul Choksi and Nirav Choksi, who allegedly slapped PNB with Rs 13,000 crore. Shetty had taken a bribe of Rs 1.8 crore from Rishika Financial to arrange a bank guarantee for Gitanjali James. Rishika's owner Devajyoti Datta was working to get quotes from Letters of Understanding from foreign funding banks. After receiving confirmation from Devjyoti Kane, Shetty was giving a letter

New delhi date. 19 October 2020, Monday For the financial year, the government has disinvested Rs. A target of Rs 2.1 lakh crore has been set. But given various adverse factors, this target is unlikely to be met. Given the disinvestment process that will take place during the second half of the current financial year, only half of this target is likely to be achieved during the year. That is, in the current financial year, Rs. One lakh crore is estimated to be collected. The government's targets are being disrupted on all fronts in the wake of the Corona epidemic. The government has also allocated Rs. A target of Rs 2.31 lakh crore has been set but during the first half of the current financial year, from April to September, there has been modest progress on this front. The second half of the current financial year has begun. But disinvestment during the remaining six months is unlikely to achieve this goal. But given the way the government is doing now, only half of the disinve

Mumbai, Ta. 19 October 2020, Monday Gold imports, which affect the country's current account deficit, declined by 9 per cent year-on-year to ૮ 2.50 billion (approximately Rs 206 crore) in the first six months of the current financial year. Imports have remained low due to declining demand due to corona, Commerce Ministry sources said. Gold imports are expected to fall sharply during the coming festive season, which could lead to increased demand for old gold for recycling. However, it remains to be seen what the market price will be, market sources said. In the first six months of last financial year, the country's gold imports stood at ૫ 16.50 billion (approximately Rs 1,10,8 crore). During the April-September period of the current year, silver imports declined by 2.50 per cent year-on-year to 2.8 crore (approximately Rs 3 crore). Significant decline in gold and silver imports has helped keep the country's fiscal deficit low. India is a major importer of gold due to th

(By commercial representative) Mumbai, Ta. 19 October 2020, Monday The back of the world market saw an improvement in gold and silver at the start of the week. Silver has seen a significant rebound. Safe Heaven Buying by Funds came out as renewed stimulus talks began in the US. The rupee was weakening in the domestic currency market. Globally, narrow fluctuations in crude oil prices remained stable. At home, the GST-free price of 10.50 per gram of gold in the Mumbai market, which stood at Rs 4,050 last weekend, rose to close at Rs 30,415. Gold was trading at Rs 31,07 with a price of Rs 30,200. Prices were quoted three per cent higher with GST. Silver. The price of a kilogram, which stood at Rs 31,200 last weekend, rose to Rs 30. Prices with GST were quoted three per cent higher. In Ahmedabad market, the price of silver rose by Rs 1,000 to Rs 200 per kg. Gold remained relatively stable. The price of ten grams of gold at Rs 2.50 was quoted at Rs 500 and Rs 3.50 per 10 grams. Rising la

Beijing, Ta. 19 October 2020, Monday In the September quarter of this year, China's economic growth rate was 4.50% year-on-year, lower than expected. Analysts were expecting 4.50%. In the June quarter, China's GDP growth rate was 6.50%. According to the National Bureau of Statistics, China's economic growth rate for the first nine months of 2020 was 0.50% compared to the first nine months of 2017. In the early months of the current year, China's economic growth rate has been slowing down after a decade-long low. The Chinese government has taken various steps to stabilize the country's economy, which has been severely affected by the corona. These measures included fiscal spending, tax breaks and reduction in lending rates. The growth rate for the September quarter was 6.50 per cent on a quarterly basis.

Mumbai, Ta. 19 October 2020, Monday In the first six months of the current financial year, the recruitment of employees in the country's top four IT companies has been significantly lower than in the same period last financial year. However, these companies have maintained their commitment to freshers through college campuses and have made no cuts. In the first six months of the current financial year, the number of recruitments in the top four IT companies has been 18 as against 2009 in the first six months of last year. Corona's impact on demand has resulted in a reduction in costs, which has not led to the recruitment of new staff, a research report said. The companies have retained the appointments of freshers who have been recruited from the college campus in the last year. Such recruitment was also curtailed during the 2008 financial crisis. The country's top four IT companies are seeing a 5 to 20 per cent decline in overall recruitment. Virtually every one of the

(By commerce representative), Mumbai, Ta. 19 October 2020, Monday In the Mumbai oilseeds market, the rise in cingulum oil prices today saw a rebound, with imported edible oils falling behind the world market, while soyoil prices were quoted higher. In the Mumbai spot market, there was an overall new demand today, with 500-600 tonnes for November delivery traded at Rs 5 to Rs 20 per 10 kg for the last weekend, market sources said. In Malaysia, meanwhile, palm oil futures fell sharply by 3 points, the biggest daily decline in the past three weeks, as well as palm product prices fell by ૫ 8 to આજે 10. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil fell to Rs 1,20 today, while cottonseed oil was quoted at Rs 6 amid a slowdown. Meanwhile, prices of cingulum oil fell by Rs 1,200 to Rs 4,050 per 15 kg and cottonseed oil by Rs 5 to Rs 205 per kg. In the Mumbai spot market, imported palm oil was down by Rs 30 to Rs 5 today, while crude palm oil (CPO) Kandla was dow

(Gujarat News Correspondent) Mumbai, Ta. 19 October 2020, Monday Corporate India's quarterly results season is picking up modest results. Last weekend, HDFC Bank's results were good overall in challenging times and the expected action by the government in the coming days for recovery in the banking sector led the funds to rise in banking-finance stocks today. The central government has asked PSU banks to boost their capital spending to boost the economy and expect a new stimulus package in the coming days and to be cautious in the face of uncertainty ahead of the upcoming US presidential election on the international front. The positive impact of reports of the transition to Corona in India reaching its peak in September and the release of Corona by February was felt in the markets today. Despite reports of the biggest growth in automobile vehicle sales this time in the last two years, the fund's aggressive rally in banking-finance stocks and the attraction of FMCG, metal-

-Government will move in between to invite bids New delhi date. Monday 19 October 2020 The plan was to make the privatization of banks attractive and invite bids so that the central government would not interfere in the operations of banks. For this, steps will be taken to change the rules of the Reserve Bank. The government will not interfere in the operations of the banks that will be privatized. It will move away from banking transactions. Then there will be only transactions between banks and customers. The source said that an exchange of views was currently underway between the Prime Minister's Office, the Finance Ministry and the Reserve Bank. In particular, there was a debate on the extent of government participation in which bank. The government was also in talks with economists on the issue. There are currently dozens of banks. The government wants to privatize half of these banks. Perhaps more banks could also be privatized. As of 2017, there were 27 small and large

New delhi date. Saturday, October 17, 2020 In the case of the second wave of coronavirus in the world, the credit ratings of some of the world's largest countries may be cut in the coming months or they may be downgraded, according to a report by S&P Global. Corona has severely damaged the financial position of some countries due to the huge cost of supporting the health system, companies and workers. S&P has already downgraded or cut the outlook of about 50 countries. The 15- to 20-point increase in GDP of some countries, which usually takes four to five years to increase, may see a shift in the math. The ratings of some developed countries such as the European Union or Japan or the UK that have implemented fiscal and monetary packages could be at risk. It remains to be seen how the situation will turn out. Ratings could change if there is a major structural change in the situation from now on. Of the countries to which ratings are provided by S&P, 21 currently hav

New delhi date. Saturday, October 17, 2020 The rating agency Moody's has downgraded the United Kingdom's (UK) debt rating as a result of the coronavirus hitting the economy, the Brexit issue and uncertainty over the government's budget plan. Moody's downgraded Britain from AA2 to AA3. Belgium and the Czech Republic also have similar ratings. Britain, the world's sixth-largest economy, has been hit the hardest by a group of seven nations. Britain's public debt has risen to more than ૨ 3 trillion, 100 per cent more than its GDP. Britain's growth is much weaker than expected and will continue to be so in the future, Moody's said in its report. Britain is facing the biggest decline in the group of twenty countries. The Corona epidemic has had a serious impact on its service sector due to social discrimination and the possibility of an increase in Corona cases has had a serious impact on the UK economy. He has been criticized by the opposition and member

(By commerce representative), Mumbai, Ta. Saturday, October 17, 2020 The bullion market in Mumbai jewelery market remained closed on Saturday due to Saturday, but gold and silver prices in the closed market declined on the back of rising headlines, market sources said. World market news also showed a sell-off of funds. In the Mumbai market, gold prices were quoted at Rs 30,501 per 10 grams, excluding GST, from Rs 30.501 per kg, while the price of 7.50 per gram was quoted at Rs 30,200 per kg, excluding GST. Three per cent remained high. Meanwhile, the price of Mumbai silver today fell by Rs 31.3 per kg, excluding GST, to Rs 31,600, against which the price with GST was three per cent higher. Gold premiums in India, meanwhile, fell to ૧ 1 an ounce from ૨ 6 an ounce this week, compared to a three-month low in China, where gold discounts fell to થી 20 to ૩૫ 4 an ounce. Imports have declined recently due to high import costs against spot prices in India and there is a shortage of spot go

Mumbai, Ta. Saturday, October 17, 2020 Despite increased demand from some traders, the central government does not intend to reduce import duty on chickpeas. Chickpeas are the largest sown crop in the country. With the chickpea planting season starting in a few weeks, the government does not want to let any negative signal go among the farmers, Commerce Ministry sources said. Most of the chickpeas in the country are imported from Australia and Tanzania and are subject to 50 per cent import duty. In view of the fact that the new crop of chickpeas will start arriving in mid-February, some traders have demanded a reduction in the import duty on chickpeas from 5 to 20 per cent so as not to create a shortage of chickpeas in the country. Chickpea stocks are set to run out due to increased supply due to the Covid-15 relief package. However, at present, the government believes that any reduction in duty will hurt the market. If supply increases, chickpea prices may fall below the support

(By commerce representative), Mumbai, Ta. Saturday, October 17, 2020 In the Mumbai oil-oil market, cingulum oil continued to rise on the first day of Navratri today, against which cottonseed oil prices also rose. Among imported edible oils, palm oil and soyoil were quoted higher, while sunflower prices were quoted lower, market sources said. Meanwhile, in the Mumbai market, however, new demand was on the rise today and trades were scattered. Meanwhile, overnight news of US agricultural markets in the world market was showing a decline overall though. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was quoted at Rs 1,20 today, while cottonseed oil was quoted at Rs 7. Producers today quoted a higher price of cingulum oil at Rs 1,50 to Rs 1,2 and 15 kg at Rs 2,050 to Rs 4,100, while cotton washed prices were also reported to have risen to Rs 30 to Rs 4. Meanwhile, palm oil prices rose to Rs 70 in the Mumbai spot market today, while crude palm oil (CPO) Kandla w

(Gujarat News Correspondent) Mumbai, Ta. Saturday, October 17, 2020 Indian stock markets also plunged on Thursday as global markets softened cautiously last week amid a second wave of Coro's transition in European countries and preparations for the US presidential election. Corona's impact has crippled the global economy and the Indian economy, with the central government forcing the states to borrow Rs 1 lakh crore to pay off the decline in GST collection. For this, the readiness to raise Rs 10,000 crore next week in the open market operation and also in the case of the loan moratorium, the condition of the banks is expected to deteriorate in the coming days. Funds are currently pushing the market to new record highs in the fight against stubbornness, but given the realities of the situation, caution will be essential in an index-based bullish trade. Don't be surprised if the market suddenly shows a big correction in the coming days. The season of corporate results will a

(Gujarat News Correspondent) Mumbai, Ta. 10 October 2020, Saturday With the start of corporate results season, the buyback of shares in IT companies has started with TCS and the repo rate has been maintained at the conclusion of the Reserve Bank of India's monetary policy meeting. With GDP growth projected at 20.5 per cent and an OMO auction of Rs 20,000 crore scheduled to be held next week to maintain the liquidity position, the market has been sidelined by other negative factors, pushing the Sensex above 20,000 and bringing the Nifty closer to 15,000. Last week, reports of a resurgence of Coro's transition around the world and the positive corollary of US President Donald Trump Corona sent shockwaves through global markets. But the season of results and RBI estimates have changed the direction of the market for seven days in a row. Of course, with the US presidential election set to take place in November and the prospect of a major upheaval in global markets in the coming d

- This achievement was achieved in the week ended 9th October New Delhi Dated 17th October 2020 Saturday The country's forex reserves exceeded 50 550 billion for the first time. Forex reserves rose 5. 5.867 billion to 5 550.505 billion in the week ended October 9, according to the Reserve Bank. This is the first time that such a forex reserve has been registered since the country became independent. According to the Reserve Bank, for the first time in the week ended June 5 this year, the forex reserves crossed આંક 500 billion. The rise in foreign currency assets was responsible for the નવ 550 billion rise on October 9. Foreign currency assets are a major contributor to forex reserves. Foreign currency assets (FCA) rose to 50 508.783 billion on October 9 from 73 5.737 billion. The FCA is usually written in dollars but is also responsible for fluctuations in other foreign currencies such as the pound, euro and yen.

- Foreign companies cannot invest in digital media New Delhi Dated 17th October 2020 Saturday The central government urged news aggregators and news agencies to strictly adhere to the rules on the issue of 26 per cent foreign investment in digital media. As per the rules, the CEO of the company must be Indian and every employee working for more than 60 days must have obtained a clearance certificate. Obviously this move is a digital strike. The move was aimed at shutting down China's fake news factory. Many Chinese and foreign companies like Daily Hunt, Hello, US News, Opera News, Newsdog were currently actively working in the country. These companies were accused of spreading fake news that harmed India's interests. These foreign companies can do the same in India as happened in the US presidential election in 2016. In August 2019, the Union Cabinet approved a proposal for 26 per cent foreign capital investment in digital media. Now the Department of Promotion of Industry

(By commerce representative), Ahmedabad, Mumbai, Ta. 16 October 2020, Friday While the people have not yet been relieved of the various adversities that have arisen in the wake of the Koro epidemic, the inflation virus has also begun to take hold. After rising prices of cereals, pulses and vegetables, housewives' budgets have been disrupted in the difficult times of rising edible oil prices. Peanut oil price at Ahmedabad Oilseed Market is Rs. Label tin with a rise of Rs. 30/30 were spoken. Apart from this, prices of palmolin, vegetable ghee and coprale also rose. In the Mumbai oil-oil market, cingulum oil prices rose today behind the manufacturing plants, while cottonseed oil was also quoted higher. However, in the face of a slowdown in imported palm oil, soyoil prices have risen, market sources said. In the Mumbai spot market, palm oil traded at a low of Rs 80 per 100 tonnes at Rs 5 per 10 kg today, while direct deliveries from refineries were negligible and prices of direct de

Mumbai, Ta. 16 October 2020, Friday The onion auction at the country's largest Lasalgaon wholesale market has been disrupted for the past two days as the Income Tax Department is investigating the residences and offices of traders working in the Lasalgaon market of onions in Nashik. Traders avoided participating in the auction following the Income Tax Department's action. Onion prices were higher in other markets in Nashik. Farmers who came to sell goods at Lasalgaon market were forced to take their onions to other markets. Even after the ban on onion exports by the central government, the fluctuations in its prices have resulted in action being taken against traders, sources in the income tax department said. Sources also said that the Income Tax Department officials had checked the records of the auction. It was claimed that onion traders were stockpiling goods and doing black marketing. Onion prices in other markets at Nashik are hovering between Rs 200 and Rs 2,000 per