Market and Business News

(By representative), Mumbai, May 22, 2020, Friday In the Mumbai gold-silver market, gold prices rose sharply today, while silver continued to decline. In the Mumbai market, gold prices today rose from Rs 2,600 per 10 grams excluding GST to close at Rs 3,611. While the price of 2.50 rose from Rs 2.6 to close at Rs 3,100, the price with GST was 3 per cent higher than this. Meanwhile, silver prices in the Mumbai market today fell from Rs 2,500 per kg to Rs 2,200 excluding GST and closed at Rs 3,08. While prices with GST were 5 per cent higher. In global markets, however, gold prices continued to decline today, but the rise in the dollar against the rupee in the domestic currency market has had an impact on gold prices in the Mumbai jewelery market, market sources said. Gold prices in the world market fell from ૭૩૮ 15 an ounce to ૭૩૨ 17 an ounce, while in the Mumbai currency market, the dollar rose by 3 paise to close at Rs 4.5 today, analysts said. Silver also traded lower at ૭ 16.5

(Commercial Representative) Mumbai, May 22, 2020, Friday The international credit rating agency Moody's Investors Service has downgraded its economic growth forecast for India for FY 2021 to zero for the current financial year. Moody's said in a report released today that prolonging the lockdown by the government's recently announced fiscal measures is unlikely to solve the problem of slowing business activity and low production. Moody's Assistant Vice President Deborah Tan says Moody's estimates that the Corona epidemic has already begun to affect household consumption and that the current fiscal year 2020-21 will see a sharp decline in India's economic growth and GDP growth as business activity declines. However, the report does not take into account the additional lending policy measures announced by Moody's today by the Reserve Bank of India. Based on the underlying impact in favor of the global rating agency, the next financial year is now expected

New Delhi, 22 May 2020 Friday A few days ago, Prime Minister Narendra Modi talked of becoming self-sufficient and also announced a package of Rs 20 lakh crore. This time he said to come forward to buy Indian products, now preparations are being made to make local products global. In this regard, the Khadi and Rural Industries Commission (KVIC) has said that it is working towards the possibility of exporting cotton and silk masks after the Commerce Ministry lifted the ban on exports of non-medical and non-surgical masks. KVIC plans to supply khadi face masks to countries other than Dubai, the US, Mauritius and European and Middle Eastern countries, an official said in a statement. The Khadi Commission plans to sell khadi masks through embassies in these countries. Face masks are also in high demand during the Corona virus epidemic. The Khadi Commission has developed two-layer and three-layer cotton and silk face masks. Local to Global: Khadi masks to hit foreign markets https://if

New Delhi, 22 May 2020 Friday The nationwide lockdown caused by the Corona virus has affected the Indian economy. The economy has suffered huge losses. In addition, rating agency Moody's said when the Indian economy will improve. The Moody's Investors Service, in its latest report, predicts that the Indian economy may slow down in FY20-21. The Moody's report said that the domestic economy is likely to slow down due to lower consumption in the Indian economy due to the lockdown and trade closures. According to the report, even before the Corona and the lockdown, the growth rate of the Indian economy was slow which was further slowed down by the Corona. The Indian economy reached a six-year low. The report also talks about the government's economic package. According to Moody's, the Indian government has announced an economic stimulus package to boost the economy, but the fiscal year 2020-21 will see a real decline in the Indian economy. Let me tell you that ea

Dubai, Friday 22 May 2020 The Corona virus has hit the world's economies, including oil-rich Saudi Arabia and the UAE. Saudi Arabia has imposed a 15 per cent VAT to save its sinking economy, a situation similar to that of the UAE now, with falling crude oil demand hitting the UAE hard. Corona virus has now shut down businesses in Dubai, with about 70 per cent of businesses shut down in the country, according to a recent survey by the Dubai Chambers of Commerce. The survey, released by the Dubai Chambers of Commerce on Thursday evening, found that more than 90 per cent of Dubai-based companies said their sales and turnover had fallen sharply in the first quarter of 2020. If this continues, 70 per cent of the companies in the country could be locked up in the near future. The Dubai Chamber of Commerce reports that the tourism, real estate, hotel-restaurant and retail industries are in crisis, with almost all tourism companies at a loss, while 50 per cent of real estate companie

New delhi date. May 22, 2020, Friday In view of the Koro crisis, the Modi government had announced an economic package of about Rs 20 lakh crore. Finance Minister Nirmala Sitharaman has given detailed information about this package to the country. Now, Reserve Bank of India Governor Shaktikant Das has announced a reduction in the repo rate. In addition, an additional 3 months is allowed to pay the loan installments. This means that the bank will not push you if you cannot repay the EMI of your loan for the next 3 months. The RBI governor said the MPC had reviewed the domestic and global situation in the last three days. It has since been decided to reduce the repo rate by 0.40 per cent. This is the second time in the lockdown that the RBI has cut the repo rate. Earlier on March 27, the RBI governor had decided to reduce it by 0.75 per cent. Banks then cut interest rates on loans. Three months extra discount on EMI The RBI held a press conference in the early days of the lockdown a

New Delhi, Thursday 21 May 2020 The lockdown has also hit companies' revenues, which have seen a sharp decline, and it could take more than a year for business to return to normal. This is stated in a survey. A survey conducted by Scripbox, a company that helps you invest online, found Covid-19 and the impact of the lockdown on income and employment under your assets. About 67 per cent of the top corporate executives, business owners and founders surveyed said companies' revenue has already fallen by more than 25 per cent due to the lockdown. In addition, all respondents believe that business will only return to normal by 2021. While 22 percent believe the business world may take longer after the lockdown ends under normal conditions. Scripbox conducted the online survey between May 1 and May 15. About 1,200 people from the corporate world took part in the survey, with 54 percent working in large companies, 32 percent working in small and medium-sized enterprises and 14 p

(Commercial Representative) Mumbai Ta. 20 May 2020, Wednesday The Securities and Exchange Board of India (SEBI), the regulatory body, has directed the listed companies to issue the relevant disclosures in a timely manner to inform investors and stakeholders about the impact of the Corona epidemic-Covid-19 on their business. In a circular, SEBI said that listed companies should inform investors by assessing their business, performance and financial impact of Covid-19 both qualitatively and quantitatively. SEBI further said that listed companies should refrain from making selective disclosures while providing material information on the impact of Covid-19. The Corona epidemic and the consequent lockdown by the government have affected businesses not only in India but around the world. Along with this, SEBI has also given a lot of leeway in filing various reports or disclosures under Listing Obligations and Disclosure Requirements-LODR. SEBI has said that such lockdowns and disruption

Mumbai, May 19, 2020, Tuesday After a record rise in gold and silver behind the world market, profitable selling today saw a sharp decline. Gold fell by Rs 1,000 and silver by Rs 1,200. In the currency market, the dollar depreciated while both the euro and the pound bounced. The price of ten grams of gold, which was Rs 4.50 yesterday, was Rs 6 excluding GST. Prices with GST were quoted three per cent higher. Silver. The price of a fort which was closing at Rs. Global stock markets rallied after a US company claimed success in finding a coronavirus vaccine, and funded gold sellers are turning to equity investments. Gold broke prices due to lack of new takers. World gold prices, which were at ૭૬૪ 18 an ounce yesterday, fell to ૭૩૫ 16.50 today, while silver fell by ૭ 16.8 to ૭ 17.11. Other precious metals, platinum, fell from ૮૨ 41 to ૮ 315 an ounce, while palladium rose by ૯૮૫ 15 to around ૨૨ 705. In the domestic currency market, the dollar fell by 3 paise to close at Rs 4.5. Intrad

Mumbai, May 19, 2020, Tuesday The economic package announced by the government will not boost auto demand, according to the Society of Indian Automobile Manufacturers (SIAM), an organization of the auto industry. Finance Minister Nirmala Sitaram announced a phased package of Rs 20 lakh crore in five days from May 16 to 17. There is an urgent need for stimulus to boost demand in the auto sector Although the relief given to the agriculture sector is expected to indirectly benefit the auto industry, there is an urgent need for stimulus to boost demand in the auto sector which has not been met, SIAM sources said. In the financial year 2020-21, the growth rate of the auto sector is expected to be between 10 and 20 per cent negative. He also said that direct government intervention was needed to stem the declining employment in the auto sector and increase demand. Dealers need financial support and the sector needs to be covered in the definition of MSMEs, the sources said. The automob

Mumbai, May 19, 2020, Tuesday As the world seeks out vaccines and drugs to stem the outbreak of coronavirus, Asian markets rallied yesterday amid a tumultuous rally in global markets yesterday amid claims by Chinese and US companies that the vaccine has been successfully tested and an effective cure for it. Was. With short covering in Indian stock markets today, funds rallied in telecom and IT stocks. Of course, with the re-emergence of this boom, funds have seen an initial upswing rather than a sell-off. The Sensex was up 19.15 points at 2015.15 and the Nifty was up 2.3 points at 8.10. International crude oil prices rose modestly to close at ૩૪ 4.5 and Nymex crude at ૩૯ 4.5 after hitting ૩૫ 7 yesterday. The US dollar also started strengthening against the rupee and fell by 3 paise to Rs 4.5 today. Despite the weak fourth-quarter results of telecom giant Bharti Airtel, the company's subscribers grew and strong growth in ARPU led to a rally in funds and a rise in crude oil price

Mumbai, May 19, 2020, Tuesday The relief package recently announced by the government will not help in boosting the demand for auto industry, said the Society of Indian Automobile Manufacturers (SIAM), an association of auto industries. The lockdown has put the auto industry in trouble. Not a single vehicle was sold in April. This is the first time in the history of the auto industry that this has happened. Prolonged implementation of the lockdown is also likely to prove unfavorable in May. However, sporadic sales are likely in the current month due to discounts in some parts of the country. People are facing severe financial crisis due to lack of employment as well as employment. As a result, people's purchasing power has been depleted. Due to this dire situation, the auto industry was also looking for relief from the government. There, after the Prime Minister announced a Rs 20 lakh crore package, Finance Minister Nirmala Sitaram announced relief for various industries in s

Mumbai, May 19, 2020, Tuesday With the economic crisis caused by the Corona epidemic, the uncertainty of the Covid-12 persisted, with foreign portfolio investors (FPIs) and foreign funds selling out in the Indian stock market. Increasing risk due to Corona, these foreign investors have been withdrawing ભારતીય 2.7 billion from the Indian stock market in the March 2020 quarter and selling steadily. The foreign investor-FPIs made a net purchase of 2.7 billion in assets in the last quarter of December 2017. FPIs had a net purchase of ૧ 1.31 billion in January and a net purchase of ૫ 25 million in February 2020. However, in March, FPIs were the biggest sellers, selling net assets of 2.3 billion. According to a report, these foreign investors have begun to withdraw their investment from developing markets such as India, a relatively more risky place, in the face of uncertainty as to how much and for how long the global Coro epidemic will affect the global economy and financial markets. T

Beijing, 19 May 2020 Tuesday The announcement of several companies heading out of China to set up a manufacturing unit in India has caused a stir. The Chinese government spokesman, Global Times, said in an article that despite the lockdown affecting the economy, India was dreaming big, but it could not be a substitute for China. He also called on the Western media to compare India with China. Significantly, the German footwear company has talked of shifting its manufacturing unit from China to Agra, while mobile companies like Oppo and Apple have also said they will shift to India. It is being said that about a thousand companies want to leave China as the trade war with the US and now the Corona virus epidemic is affecting the supply chain. "According to media reports, the northern Indian state of Uttar Pradesh has formed an economic task force to attract companies seeking to relocate manufacturing units from China. However, despite such efforts, it is hoped that it is an il

- US stock markets open higher: Dow Jones jumps 775 points: Crude rises sharply again (Commercial Representative) Mumbai, 18 May 2020, Monday The Rs 50 lakh crore stimulus-economic package announced by the central government to save the country from the economic crisis caused by the Corona epidemic has made the business-corporate world unhappy on the one hand and well-known economists-critics on the other hand with the view that the package cannot save the country's economy. Criticism of the Indian stock markets in the global downturn came again today Was gone. With the government's decision to postpone new bankruptcy cases for a year and now Hurricane Amphan is intensifying, more catastrophes are brewing in the country as funds are being sold in caution. In banking-finance, automobile, consumer durables and oil and gas stocks, the Sensex fell by 106.5 points to close at 8,004.5 and the Nifty spot fell by 313.60 points to close at 8.5. Global markets were bullish today ami

(Commercial Representative) Mumbai, 18 May 2020, Monday The Securities and Exchange Board of India (SEBI) has been alerted by the increasing risk of foreign portfolio investors resorting to indirect measures as China moves to take over quality assets and companies in various countries. . SEBI has directed the custodians and banks to alert the regulatory body to any change in the beneficial ownership of Foreign Portfolio Investors (FPIs) with China. In this regard, the sources said that the notification issued by SEBI a few days ago has alerted the capital market regulatory body and the central government which has recently witnessed an increase in China's holding investment in India and investment in neighboring countries. These measures have been taken to keep a close eye on the last investor owner or control in offshore funds. These figures are generally kept by the custodians and are generally not exchanged with SEBI under any circumstances other than investigation. But now

(Commercial Representative) Mumbai, 18 May 2020, Monday For the shareholders of Reliance Industries, the shareholders will be able to pay the initial issue of the shares, which will open tomorrow, May 30, 2020, by paying only 3%. After that, the company has said that the shareholders will have to pay 3% in two installments in May and November next year. Facility to pay 3% at the time of payment and 5% in May 2021 and the remaining 30% in November 2021: Right issue of Rs. 5,12 crore per share for 12 shares at Rs. 12 will open on May 30. The current state of affairs of Reliance Industries has offered incentives in this mega Rs 2,18 crore right issue. In this right issue, as per the record date of May 12, 2020, the eligible shareholders have been offered 15 shares at a price of Rs. 18 per share. This issue will close on June 3, 2020. The company said in a regulatory filing that out of the Rs 15 price per share, only 3 per cent will have to be paid at the time of subscription. The sam

Mumbai, 18 May 2020, Monday While the Koro epidemic is beginning to take its toll across the country, the business-corporate world is unhappy with the Rs 50 lakh crore stimulus-economic package announced by the Modi government to save the country from the economic crisis caused by the epidemic. The opinion of well-known economists and critics that this package is a sham and that this package is for the country Rthatantrane crisis can not be wiped out, the crisis seemed to be propelled vaccine specific to that country and the global front, Asian stock markets rose overall downward cyclone again today with increased tension between the US-China trade. With the government's decision to postpone new bankruptcy cases for a year and now Hurricane Amphan is intensifying, more catastrophes are brewing in the country as funds are being sold in caution. Off-loading in banking-finance, automobile, consumer durables, oil-gas, metal-mining stocks, the Sensex fell by 106.5 points to close at

(Commercial Representative) Mumbai, May 18, 2020, Monday Gold and silver prices rose sharply in the Mumbai jewelery market today, with both the precious metals hitting a record high of around Rs 30,000 including GST. However, the late evening rally took a break and prices also saw a rebound. Gold prices rose to a seven-year high in the global market and the dollar rebounded against the rupee in the domestic currency market. However, due to the lockdown, the demand was high and according to market experts, there were fears that after the lockdown, people would go out to sell their gold at higher prices. In the Mumbai jewelery market, gold prices rose from Rs 3,500 to Rs 30,000 per 10 grams with GST of Rs 30,000 in the late evening. While the price of 7.50 went up from Rs 2,50 to Rs 30,150, late in the evening it was Rs 4,150. Meanwhile, the price of Mumbai silver, including GST, rose from Rs 2,500 per kg to Rs 30,000 and remained at Rs 4,000 in the late evening. World gold prices r

Ahmedabad, May 18, 2020, Monday Gold and silver prices rose sharply to Rs. 20,000 were touched. The sensation arose as gold-silver prices became almost identical. India has seen a record rise in gold prices. Gold is stored as jewelery in families in India, especially in Gujarat. Keep some biscuits. Gold shone on Monday. Rising global uncertainty over the effects of the coronavirus and growing friction between the US and China have led to a sharp rise in precious metals, including gold and silver. Both the precious metals have reached close to Rs 50,000 at home. Gold and silver prices also rose on the back of a stronger dollar against the rupee. In addition, crude oil is also seeing a cut in production and prices are on the rise. In the domestic gold and silver market, gold, excluding GST at Rs 3.50 per 10 grams, which was Rs 200 last weekend, rose to a high of Rs 3 and closed at Rs 4 today. Gold, excluding GST, rose from Rs 20 to Rs 5 to Rs 21 and Rs 21 to Rs 61. Prices with GST we