Market and Business News

New Delhi, Thursday 25 June 2020 The real estate sector is witnessing a sharp downturn in the wake of the Covid-19 crisis and the lockdown it has caused, with house sales falling 81 per cent to 12,740 units in the current calendar month, according to a general estimate. According to a report by a well-known real estate agency, house sales in major cities like Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata stood at 68,600 units. Not only that, with the 98 per cent drop in offers for new houses during the period, the decline is estimated at 1,390 units, up from 69,000 new houses made available for sale in the same period last year. Anarok chairman Anuj Puri said the lockdown this quarter has also led to a sharp drop in house sales and offers, with a nationwide lockdown imposed on March 25 to control the Koro epidemic. As a result, construction activity has come to a complete standstill, and home sales have almost come to a standstill. Given the current situatio

(Gujarat News Correspondent) Mumbai, Ta. 24 June 2020, Wednesday With global erosion in European markets today, the number of cases of coronavirus infection in India has risen to record new highs, leading to worries and a resurgence of economic activity and a major downturn in the economy, according to pharmaceuticals. There was offloading. As more than 4 lakh people worldwide became infected with the corona virus and 2.5 lakh people died, the global recession escalated and the June trend in derivatives eased as funds eased their overbought position before the end of the day on Thursday. With pharmaceuticals-healthcare stocks making big profit bookings and selling in power-capital goods, metal-mining, oil-gas stocks, the Sensex fell 21.5 points. 30 were closed. The US dollar had gained 6 paise to Rs 2.7 against the rupee. Brent crude was down 20 cents at ૪ 21.8 a barrel and Nymex crude was down 3 cents at ૪૫ 4.5 a barrel. Sensex loses 2,000 level again: sells out after reaching 304

(By commerce representative), Mumbai, Ta. 24 June 2020, Wednesday In the Mumbai oilseeds market, prices of various domestic and imported edible oils were on a downward trend today. New demand was slow and world market news was catching up. The house was going to sell a lucrative mindset with a high head. Below the spot market, falling prices in the futures market, especially in palm oil futures, have led to a bearish circuit, futures market sources said. In the Mumbai spot market, 10 kg of palm oil was quoted at Rs 5 to Rs 20 today, while crude palm oil (CPO) Kandla was quoted at Rs 5. In the futures market, CPO June futures were trading at Rs 319.50 this evening, while soyoil's July futures were down at Rs 316.50. Meanwhile, palm oil futures in Malaysia fell 61 points in global trade today, as palm oil prices fell by 2.50 to ૦૦ 2.00. Meanwhile, in the Mumbai spot market today, the price of cingulum oil fell by Rs 1,20 per 10 kg, cottonseed oil by Rs 20, soybean oil by Rs 4 to

Mumbai, Ta. 24 June 2020, Wednesday Onion prices have fallen by 3 per cent in the last two weeks and are currently trading near production costs. Due to fall in prices, farmers may not be keen to harvest more onions in the current kharif season, sources in the state agriculture department said. In Nashik's Lasalgaon market, onion prices are currently hovering around Rs 4.50 per kg, up from around Rs 8.50 on June 10. In the last week of June, the daily income of onions, which was 500 tonnes, has now come down to 1,200 tonnes, market sources said. Some farmers are selling their onions at as low as Rs 4 per kg. Citing the kharif season, sharp fall in onion prices has discouraged farmers from harvesting more crops. Farmers in the state have recently suffered a lot due to the disruption in the supply chain due to Kovid-14 and the impact on the agricultural commodities due to natural calamities in Maharashtra. It is claimed that the quality of onions is also deteriorating due to sh

Mumbai, Ta. 24 June 2020, Wednesday Delays in clearing customs clearances for goods imported from China have put e-commerce companies at risk of losses. It is learned that the customs department has been instructed to conduct a thorough inspection of raw materials, electronics equipment and finished products from China. Delays in customs clearance are likely to disrupt the supply of toys, personal care devices in addition to smartphones. Sales of such goods in online retail remain high. During the lockdown, the operations of e-commerce companies were hit hard. Sources in the e-commerce company said that the protests against Chinese goods were having an impact on trade again as there were reports of improvement in the situation in online retail after the lockdown. According to 2016 figures, smartphones accounted for 6 per cent of the total gross merchandise value of e-commerce sales, while consumer electronics accounted for 4 per cent. In addition, two percent of the total value wa

(By Commercial Representative) Mumbai / Ahmedabad, Ta. 24 June 2020, Wednesday Both the precious metals rallied in the domestic gold and silver market behind the world market. In Ahmedabad, gold prices rose by Rs 200 per ten grams to Rs 30,000. Silver also rose by Rs 200. Gold in the world market has reached an eight-year high. Not only does the Corona epidemic not stop, but in many countries it is re-emerging. Economic uncertainty is re-emerging which is why investors are buying gold as a safe haven. Crude oil prices are also softening amid fears of an economic downturn. The rupee has seen two-way fluctuations against the dollar. In the Mumbai market, the gold price of 10.50 per ten grams, which was Rs 8 excluding GST yesterday, rose to Rs 80 today. Gold rose by Rs 3,120 to close at Rs 4. Gold prices were three per cent higher with GST. Silver. The price of one kg excluding GST went up from Rs 30 to Rs 5 and finally closed at Rs 305. Prices were quoted three per cent higher with GS

Mumbai, Ta. 24 June 2020, Wednesday India's crude oil imports fell to a nine-year low in May. Refiners were forced to cut purchases due to domestic shipments. The lockdown has had an impact on crude oil demand as industrial activities in the country have stalled. In May, India's daily crude oil imports stood at 41.50 lakh barrels, down 21 per cent from April and 6 per cent lower than in May last year. In April, Indian refineries filled their tanks to take advantage of crude oil prices. Excess crude was sold to the government to build strategic reserves and imports were halted due to corona, oil company sources said. Crude oil imports are likely to increase in June as demand picks up with the lockdown eased. The country's refineries usually stockpile crude oil for one to two months. Meanwhile, according to another report, India's flour exports in May this year have increased by 3% compared to 2016. According to the Solvent Extractors' Association of India (C), f

New delhi date. Wednesday, June 24, 2020 The government has decided to extend the various deadlines related to direct taxes once again. The government has taken this decision in view of the situation caused by the corona virus. According to a public notification from the government, the government has once again extended the deadline for linking PAN cards to Aadhaar, the investment deadline for the financial year 2019-20 and the deadline for companies to release Form 16. According to the notification, the tax payer can now file a delayed or revised return for the financial year 2018-19 till July 31, 2020. The deadline to invest for tax claim for the financial year 2019-20 has also been extended to 31 July 2020 in a public notification by CBDT. Earlier, the government had fixed June 30 as the last date for investment to get income tax exemption. The government has already extended the deadline for filing income tax returns for the financial year 2019-20 to November 30, 2020. To pro

New delhi date. 24 June 2020, Wednesday A cabinet meeting was held today under the chairmanship of Prime Minister Narendra Modi. After the meeting, Union Minister Prakash Javadekar today informed that a major reform ordinance on space science and banks has been approved. From now on, government banks (whether urban co-operative banks or multi-state co-operative banks) will come under the supervision of the Reserve Bank. Union Minister Prakash Javadekar said government banks, including 1,482 urban co-operative banks and 58 multi-state co-operative banks, are now being brought under the supervision of the Reserve Bank of India (RBI). The powers of the RBI will apply to the co-operative bank as well as to the scheduled bank. Union Minister Prakash Javadekar said bringing 1540 co-operative banks under RBI supervision would benefit many account holders. More than 8.6 crore depositors of these banks will be assured that Rs 4.84 lakh crore deposited in these banks will be safe. Union Min

(Gujarat News Correspondent) Mumbai, Ta. 23 June 2020, Tuesday Amid reports of easing of tensions between India and China and negotiations at the military level with China, as well as efforts at the central and state levels to revive the economy amid the Corona epidemic, economic activity is picking up in Indian stock markets today, according to Finance-Banking Shares. 2000 and Nifty jumped to the level of 10500. As the US and European countries have announced huge stimulus packages with positive growth at home, the huge inflow of stimulus has hit the markets of developing nations, including India, with the US dollar depreciating against the rupee today. Krishnamurthy Subramaniam, India's chief economic adviser, said in a statement that a "V-shape recovery" would be seen in the Indian economy this year if a vaccine was found to stop the cholera epidemic. Finance-Banking, Power-Capital Goods, Pharma-Healthcare, FMCG, Automobile, Consumer Durables, Metal-Mining, IT-Softwa

(By commerce representative), Mumbai, Ta. 23 June 2020, Tuesday Palm oil prices rose in the Mumbai Oilseeds market today, while other imported edible oils were hitting highs. However, the prices of domestic edible oils remained firm. Meanwhile, sources in the Mumbai market said that there is a severe shortage of refined palm oil in the market at present and there is a short supply in the delivery of goods by various refineries. The situation has arisen after the central government imposed restrictions on the import of refined oil, as crude oil is imported, but not enough capacity has been created in Maharashtra to refine it, experts said. Meanwhile, in the Mumbai spot market, the price of 10 kg of palm oil rose by Rs 30 to Rs 5 today, while crude palm oil (CPO) Kandla was quoted at Rs 4. Meanwhile, in the futures market, CPO's June futures were trading at Rs 41.10 in the evening, while July futures were trading at Rs 4.50. On the other hand, soyoil's July futures fell by a

Mumbai, Ta. 23 June 2020, Tuesday The local gold and silver market saw a retreat from yesterday's high prices. Gold prices rallied yesterday after heavy private turmoil, signaling a lucrative sell-off in gold and easing tensions between China and India. Apart from this, the fall in the value of the dollar against the rupee has also led to a fall in prices. The GST-free price of 10.50 per ten grams of gold, which had officially closed at Rs 5 yesterday, had gone up to Rs 200 in private. Prices booked at higher prices were modestly lower at Rs 5 from yesterday's official close. Prices were quoted three per cent higher with GST. Gold also closed at Rs 4,150, down slightly from Rs 2,150. Yesterday evening, the price of gold in private was seen at Rs 5.50. Silver is also behind gold. The price of one kg excluding GST was closing at Rs 20 with Rs 2. Silver was lower at Rs 5 today. Yesterday, silver was reportedly traded at Rs 500 in private. However it has retreated from a high

New delhi date. 23 June 2020, Tuesday In the last one decade, the country's demand for crude oil and gas has increased by 30 per cent and 5 per cent, respectively, but its production has declined. On the one hand, while the Prime Minister is talking about self-reliance, the decline suggests an increase in India's imports. The global energy market slowed down in 2015 due to the economic downturn, a report said. India's oil reserves, which stood at 6,000 million barrels in the 19th century, fell to 200 million in 2015. The annual production of oil, which was 280 million tonnes in 2009, declined to 25 million tonnes in 2016. In 2016, the figure had risen to 25 million tonnes. On the other hand, the country's oil consumption, which was 3.50 lakh barrels per day in 2009, increased to 2.50 lakh barrels per day in 2015. In terms of products, the increase in consumption has come from methane and LPG. Natural gas reserves, which stood at 0.50 trillion cubic meters in 19, ro

Mumbai, Ta. 23 June 2020, Tuesday Due to the impact of the coronavirus, the per capita income of the country's citizens is expected to fall by 3.50 per cent to Rs 1.5 lakh in the current financial year. In the last financial year, the figure was Rs 1.5 lakh, according to an SBI report. In terms of per capita income decline in India, the most serious impact is being seen in the states of Delhi, Chandigarh and Gujarat. In these states, per capita income is projected to decline by 12.50 per cent, 12.50 per cent and 11.50 per cent, respectively. States that have higher incomes than the country's average per capita income are seeing more impact. Per capita income in Delhi and Chandigarh is three times lower than in India. A total of eight states and union territories are witnessing a double-digit decline in per capita income, which could be a cause for concern, the report said. These are the states which account for about 5% of the country's GDP. Revenue is declining due to

Mumbai, Ta. 23 June 2020, Tuesday Sales of the country's e-commerce companies have come back close to the level before Kovid-12. The sales volume of e-commerce companies has come down to ninety per cent of the volume before the spread of Corona, industry sources said. However, in terms of value, the sales figure is still a bit low as buyers are still avoiding valuable purchases. Corona has led to a significant increase in purchases of groceries and everyday items from e-commerce platforms. In the early stages of the lockdown, only essential items were allowed to be sold. However, it was later relaxed. The number of e-commerce players in the country has also seen a significant increase in the last two months to take advantage of the situation created by Corona. "Our sales have seen a strong recovery over the last two-three weeks compared to offline retailers," said a spokesperson for an e-commerce company. In addition to groceries, purchases of electronics are also o

Mumbai, Ta. 23 June 2020, Tuesday The World Trade Center believes that if the government really wants to stop the import of electronic goods from China, it should instruct it to import these goods from Singapore, Malaysia, Taiwan and the United States. China is currently the largest supplier of electronic goods. More than 60 per cent of electronics imports from China include integrated circuits and television sets, according to a PTI report citing data from the Center. About 12 per cent of the country's non-oil merchandise imports come from China. The Centre's statement came after an attack on Indian troops by China. After the attack, Chinese goods are being boycotted in India and raw material imports are also declining. India is heavily dependent on China for electronic goods. Electronic goods account for 4% of total imports from China. Between April 2016 and February 2020, a total of Rs 4.5 trillion worth of electronic goods were imported, of which 40 per cent or Rs 1.3

New delhi date. 23 June 2020, Tuesday Amid ongoing tensions on the India-China border, the central government has taken another drastic step. The Central Government has made it mandatory to display 'Country of Origin' for products sold on the e-commerce portal GeM (Government e Marketplace) available for all government purchases. It is learned that the decision will hurt Chinese companies. According to experts involved in the whole matter, the central government has made it mandatory for all its suppliers to indicate the country of origin of the product. At the same time, the government, without naming China, has pointed out that indigenous products should be preferred in any government procurement. Chinese companies will suffer direct losses Another official said that the departments and offices of the Central and State Governments take the products and services they need through this e-commerce portal. These include items including furniture, stationery, crockery, saniti

(Gujarat News Correspondent) Mumbai, Ta. Monday, June 22, 2020 While the Indian people, outraged by China's martyrdom of Indian soldiers at the Galwan border amid the Corona epidemic, have started boycotting Made in China items, the government has also started canceling Chinese projects as the country's indigenous movement gains momentum. The bullish cycle in stocks led by companies continued unabated. Today with 'Hamara Bajaj' Funds Bajaj Group of Companies led by Bajaj Auto, Bajaj Finance, Bajaj Finsrove led banking-finance, automobile stocks with a rise in pharmaceuticals-healthcare stocks by Indian pharma giant Glenmarks Pharmaco The Sensex surged to the intra-day 2000 level and the Nifty to 1030 level, led by a tumultuous rise in pharma stocks today as two companies, including Hetero, started manufacturing the generic version of the Covid-17 drug, Remedisvir. At the same time, the Sensex rose by 12.5 points to 311.59 points at the end of the week-end slump in the

(By commerce representative), Mumbai, Ta. Monday, June 22, 2020 In the Mumbai oilseeds market, prices of various domestic and imported edible oils were higher today. New sales in the market were slow amid a shortage of spot goods. However, new demand was also winged. Besides, world market news was also showing a softening and as a result, some sections are taking precautionary measures to follow the rally in the Mumbai market, market sources said. In the global market, palm oil futures in Malaysia fell 15 to 6 points today, while palm product prices were quoted as high as ૨ 2.50 to ૦૦ 2.00. Meanwhile, there were reports of a 12-13 per cent increase in palm oil production in the first 20 days of June. Meanwhile, palm oil prices rose by Rs 3 per 10 kg in the Mumbai spot market today, while crude palm oil (CPO) Kandla was quoted at Rs 20 higher. Palm oil stocks, especially at the JNPT port in Navi Mumbai, have fallen sharply, leading to a shortage of supplies. In addition, short supp

Mumbai, Ta. Monday, June 22, 2020 The country's leading exchange, the Bombay Stock Exchange (BSE), has recently launched monthly almond futures contracts in view of price risks and fluctuations, the first of its kind in the world with India. The contract trading unit is 1,000 kg. The maximum order size is 30,000 kg, the delivery quantity is 1000 kg and the main delivery center is Navi Mumbai. Almond contracts will take reference rate from Navi Mumbai APMC. The standards of quality must comply with the standards of FSSAI. This standard is incredibly convenient for contract manufacturers and large importers who can hedge their price risk. Although the market for almonds is small compared to other commodities, it has received a lot of inquiries from traders, importers and consumers from all over the world besides India, as this is the first type of contract in the world. The wide spread of almond prices will be used as a reference price for financial transactions in the physical