Market and Business News

New Delhi, Saturday 25 November 2020 Gold and silver prices have fallen sharply in India in the last two days. Gold prices fell to Rs 2,000 in three days, the third consecutive trading session on Wednesday, gold and silver prices fell. On the MCX, gold futures fell 0.21 per cent to Rs 48,485 per 10 grams while silver futures fell 0.16 per cent to Rs 59,460 per kg. Gold futures had lost Rs 900 in the previous session while silver had lost Rs 1,600. According to experts, gold ETF holdings have declined by 1 million ounces this month. This indicates that investors are gradually reducing their holdings. Gold prices may still fall in the near future. These experts say that gold prices have fallen more than expected. Behind the decline is the news of the corona vaccine. This is because the economic recovery around the world will accelerate once the corona vaccine arrives. So the ongoing safe investment demand for gold will decrease. Gold prices could still fall - Gold ETF holdings fell

New Delhi, 25 November 2020 Wednesday The government has taken an important decision to allow Lakshmi Vilas Bank to merge with Development Bank of India Limited (DBIL). Cabinet Minister Prakash Javadekar (Prakash Javadekar) said that Laxmivilas Bank has 20 lakh account holders, they will get security. Now they can remove it whenever they want. He said the jobs of 4,000 employees of Lakshmi Vilas Bank would also be secured. After the Union Cabinet meeting, Union Minister Prakash Javadekar held a press conference and informed about the decisions of the Cabinet. Javadekar said the Union Cabinet had approved the proposal to merge the troubled Lakshmi Vilas Bank into the Development of India Limited. As well as FDI in ATC is also allowed. Javadekar said the RBI has ordered Lakshmi Vilas Bank to merge with Development Bank of India Limited. This will provide relief to 20 lakh depositors. At the same time, the jobs of 4000 employees will also be maintained. He said the government had told

(Commercial Representative) Mumbai, Ta. 24 November 2020, Tuesday In the Mumbai oil and bean market, imported palm oil and soyoil prices fell sharply today, and as the spot market plummeted, so did the futures market, especially the crude palm oil CPO futures market, which saw a bearish circuit today, market sources said. World market news was showing a sharp softening in edible oils. Meanwhile, domestic prices of cottonseed oil and mustard also declined today. New demand was also sluggish in today's declining market in the Mumbai spot market and imported palm oil traded at barely 80 to 100 tonnes in hawala-resale. In the world market, palm oil futures fell by 30 to 40 points in Malaysia today and there were reports of a fall in the price of palm products by ૫ 5 to ૭ 2.50. In the Mumbai spot market, the price of 10 kg of imported palm oil was quoted at Rs 20 today, while crude palm oil CPO Kandla was quoted at Rs 310. Meanwhile, in the futures market, CPO futures fell by Rs 8 t

Mumbai, Ta. 24 November 2020, Tuesday Despite the Corona epidemic, India's rice exports have increased by 20 per cent in terms of volume. During the April-September period of the current financial year, the country's rice exports have increased to 3 lakh tonnes. Demand for non-basmati rice from West Africa and South-East Asia has remained high, while rice exports have increased, according to government data. In dollar terms, exports grew by 3 per cent to ૪ 3.08 billion, while in rupee terms, exports rose by 3 per cent to Rs 30,608 crore. India is reaping the benefits of lower production in Thailand. Exporters are claiming that if the movement of goods had been easier, rice exports could have been even higher. In the current financial year, rice exports are expected to be more than 50 per cent and 12 million tonnes. Considering the increase in exports in the first six months of the current financial year, the export figure for non-basmati in the full financial year 2021 is

Mumbai, Ta. 24 November 2020, Tuesday The country's economy is recovering, companies are making huge profits and employment rates are rising, but the pay scale is not growing as much as it used to, which has led to lower family incomes for ordinary Indians. More than 50 per cent of the country's households saw a decline in income during the lockdown and a large number of them did not see an increase in their income, according to a report by the Center for Monitoring Indian Economy. Many economic indicators are signaling a strong recovery in the country, but household income growth is very slow. As of March this year, 40 to 5 per cent households were seeing an increase in their income. However, in April, the figure fell to 6.50 per cent from just 4.50 per cent in July. However, despite the onset of economic recovery, the number of households showing income growth is very low. In August, 2.50 per cent households reported an increase in income, compared to 8.50 per cent in O

Mumbai, Ta. 24 November 2020, Tuesday After a gap of three years, Bitcoin has once again crossed the 16,000 per unit mark. Cryptocurrencies are seeing an improvement in the outgoing prices of financial institutions and are expected to hit an all-time high soon. In the current year, the price of the cryptocurrency has risen by 150 per cent and in November alone, it has seen a rise of 20 per cent. Investors are flocking to this asset class, taking advantage of the fact that most of the world's central banks have released financial stimulus during the Corona era. Bitcoin, the top cryptocurrency in terms of market cap, crossed the 15,000 per unit mark last week. With interest rates reaching negative levels in various parts of the world, the question for investors is where to invest their money. If the price hike continues like this, the players are hoping that it will soon cross its all-time high of ૯૬૬૬ 15 in 2017.

Mumbai, Ta. 24 November 2020, Tuesday The Reserve Bank's Internal Working Group (RBG) has recommended the conversion of Non-Banking Finance Companies (NBFCs) into banks and the issuance of banking licenses to corporate groups. Someone who is fit to be is part of a corporate group. The working group has recommended that bank licenses should be provided to NBFCs with assets of over Rs 50,000 crore. Looking at the country's top ten finance companies in terms of assets under management, it seems that Aditya Birla Capital, Tata Capital, Mahindra Finance, Bajaj Finance, Piramal and L&T Finance are part of a corporate group. In addition, LIC Housing Finance is a part of LIC. The Banking Act will have to be amended before allowing a corporate group to start a bank. This is because the Reserve Bank will need more powers to oversee, sources said. Although it would not be a big deal for NBFCs to start a bank, they would have to spend heavily on technology and set up a branch net

(Gujarat News Correspondent) Mumbai, Ta. 24 November 2020, Tuesday Amid the outbreak of several cases in Corona's second-third wave around the world, claims by global pharma giants that the corona vaccine is succeeding and Donald Trump's defeat in the US and reports of Joe Biden's willingness to cooperate have sent crude oil prices soaring The boom continued. The funds rallied all round today as Prime Minister Narendra Modi held a meeting with the Chief Ministers of various states on the arrangements for distribution of the vaccine in the country. In banking-finance stocks, the funds jumped aggressively and in automobile, FMCG, pharmaceuticals-health stocks, the Nifty jumped to the level of 12000 for the first time, jumped 19.50 points to 17,09.13 and the Sensex. The heights were put off. The US dollar had lost 3 paise to Rs 5 against the rupee. International crude oil prices continued to rise, with Brent crude rising to ૪ 4.31 and Nymex crude to ૪૫ 4.5 in the evening tra

Mumbai, Ta. 23 November 2020, Monday Standard & Poor's 'Global Rating' has warned against the Reserve Bank's proposal to issue bank licenses to corporate companies in India. This tone has come in view of the prevailing administrative weakness in the corporate world of the country and the large number of corporate defaults in the last few years. After issuing banking licenses to non-financial companies, monitoring them will be a challenge for the Reserve Bank and will also put a strain on the RBI's oversight department. The health of the country's financial sector is currently poor, the agency said in a statement. The agency also hopes that issuing licenses to sound non-banking finance companies will improve financial stability. The proposal to bring uniformity in the licensing guidelines for each of the new and old banks will give new players the same level of functioning. As per the RBI's proposal, the RBI has set the standard for issuing bank lic

New delhi date. 23 November 2020, Monday Rs. 150 crore or more in the infrastructure sector at a cost of Rs. More than Rs 2.5 lakh crore has been added. As per the September report released by the ministry, the cost of 6 out of 14 projects in the infrastructure sector has increased. While 21 schemes are running behind schedule. A total of Rs. Expenditure was estimated at Rs 21,04,6.51 crore. Which has now risen to Rs. The target is set to reach Rs 2,3,06.5 crore. As per the information disclosed in the report, till last September 2020, Rs. 11,31,6.5 crore has been spent. Which is going to be 3.50% of the total estimated cost. If we look at the cost incurred according to the new timeline for the implementation of these schemes, the number of projects delayed from the scheduled time will be reduced to 20 in the near future. The report does not specify the year in which the six schemes were launched. Out of the 21 schemes that have been delayed, 12 schemes have been delayed for 12

New delhi date. 23 November 2020, Monday The Food Market of India (FCI) which used to pay commission in percentage based on support price for purchasing agricultural products from commission agents (aditya) from the country's Agriculture Market Produce Committee (APMC) mandis is now paying agents' commission. . The reshuffle will reduce the cost of purchasing goods at support prices, FCI sources said. In Punjab and Haryana, a fixed amount is being paid for the purchase of rice from the current season. This has also led to a reduction in the Centre's food subsidy bill. Until now, FCI has paid a commission of 2.50 per cent on support prices for rice and wheat. But now the commission has been fixed at Rs 2.5 per quintal for paddy and Rs 4 for wheat, sources said. Approximately 60 per cent of the 210 million tonnes of foodgrains procured at support prices in the country during the 2017-20 crop year (July-June) was procured from Punjab and Haryana. Changing the method of

New delhi date. 23 November 2020, Monday While the preparation for the budget for the financial year 2021-21 has started, it is clear from the revised figures that the allocation made to various ministries in the current financial year budget is being slashed. The figures show that most ministries have slashed their budget allocations. In the first six months of the current financial year, i.e. from April to September, most of the ministries have spent less than 50 per cent of the amount allotted to them, finance ministry sources said. However, the Department of Agriculture, Labor, Consumer Affairs and Rural Development has spent more than 50 per cent of the budget allocation, while most of the ministries have spent only 50 per cent of the allocation. Expenditure is expected to remain low for the rest of the year. Corona has forced the government to cut budget allocations to other ministries due to various welfare schemes announced by the government to support the economy, financ

(By commercial representative) Mumbai, Ta. 23 November 2020, Monday Reports of success in one more corona vaccine put global precious metal prices under pressure as crude oil strengthened, signaling the start of an economic recovery. The dollar weakened at home while the pound rallied significantly. In the domestic Mumbai market, the price of gold at Rs 3.50 per 10 grams, excluding GST, which had closed at Rs 30,800 last week, rose to an intraday low today and then fell to Rs 10,095. Gold fell by Rs 30.50 to close at Rs 30,605. Prices with GST were quoted three per cent higher. Silver. The price of one kg was Rs. 515 to Rs. Prices with GST were quoted three per cent higher. Ahmedabad gold closed at Rs 200 per ten grams at Rs 2.50 and Rs 500 at Rs 9.50 per ten grams. Silver. Precious metal prices in the world market remained soft on the optimism of the vaccine. Gold was trading at ૮૬૮ 17 an ounce, up 171, while silver was trading at ૨૩ 2.8 an ounce, up from 2.15. Platinum was tradi

(Commercial Representative) Mumbai, Ta. 23 November 2020, Monday Soybean and sunflower oil prices were quoted higher in the Mumbai Oilseeds market today as imported palm oil prices fell below Rs 1,000 per 10 kg amid a slowdown. In domestic edible oils, the price of cingulum oil was on the rise while the price of cottonseed oil was on the decline. New demand was sluggish in the Mumbai spot market today and palm oil traded at just 150 to 200 tonnes in hawala resell, market sources said. In the world market, palm oil futures in Malaysia were reported to have rebounded in the evening after falling till noon. Meanwhile, the total imports of various edible oils in India are likely to fall to around 12-13 lakh tonnes in the year 2020-21 due to corona, according to the Solvent Extractors Association of India. Meanwhile, in the Mumbai market today, the price of 10 kg of cingulum oil was hitting Rs 1,200. Cottonseed oil, on the other hand, fell by Rs 105 to Rs. Producers today received inst

(Gujarat News Correspondent) Mumbai, Ta. 23 November 2020, Monday The global price of crude oil rose by Rs. -Nifty's record bullish move was seen. The Sensex touched a new high of Rs 4,000 and the Nifty touched a new high of Rs 1,500 as banking and finance stocks rallied sharply against the profit-booking of funds and IT-software services, oil and gas stocks. With IT, oil and gas stocks and healthcare-pharma stocks gaining ground, FMCG, metal-mining stocks and Sensex gained 19.50 points to 206.15 and Nifty spots rose by 2.50 points to close at 17.8.5. The US dollar had lost 3 paise to Rs 5.10 against the rupee today. Small, mid-cap stocks saw a broad bullish storm today. Sensex hits 21 new record highs, falls 3 points, rises 17 points to 8,05 Trading started strong today. Oil and gas stocks, including Reliance Industries and ONGC, rose sharply in the opening trade, opening at 5,12.15 against the previous close of 7,9.5. The banking-finance stocks include IndusInd Bank, Bajaj Fi

New Delhi, November 8, 2020, Monday Demand for this specialty has grown significantly as a result of recent corporate scandals. It is only natural that this increase in demand will lead to an increase in its price. Virtual currencies were introduced after the 2008 global financial crisis and recession. The last few months have seen the rise in the value of digital currencies such as Bitcoin, Ethereum and Ripples. Large-scale investments in cryptocurrencies are believed to have taken place last April when there was a worldwide lockdown situation to prevent Coro’s transition. The demand can be seen from the fact that cryptocurrency has risen by 20% in the last 3 weeks. According to the information received, some of the world's largest companies want to keep some part of their balance sheet in the form of cryptocurrency. The daily turnover has increased from ૩ 5 million to ૫ 8 million in January to થી 30 million to ૮ 50 million. Under Indian law, cryptocurrency is hotly debated, wh

(Commercial Representative) Mumbai, Ta. 21 November 2020, Saturday The Mumbai oilseeds market witnessed a slowdown today on higher prices of imported palm oil and soyoil. World market news showed a softening headline in soyoil. Global soybean prices hit a four-and-a-half-year high amid a new surge. Meanwhile, the prices of various edible oils in the country have risen sharply in a short span of time recently and the possibility of a reversal of measures by the central government and perhaps a five per cent reduction in import duty was being discussed in the market today. As a result, new demand in the Mumbai market was slowing down today and trades were scattered. Meanwhile, soybean oil prices fell 19 points in the US agricultural market overnight, while soybean prices rose 3 points. Soymeal prices were 10 points softer while cotton prices rose 18 points overseas. Meanwhile, in the Mumbai spot market, the price of 10 kg of cingulum oil was Rs 1,200 today while the price of cottons

Mumbai, Ta. 21 November 2020, Saturday An internal working committee of the Reserve Bank, which is reviewing the corporate structure of private banks, has recommended in a report a drastic change in the ownership norms of banks. The committee has suggested amending the Banking Regulation Act 13 to allow large corporate and industrial groups to run banks, but looking at the committee's recommendations, it seems that it will not be easy for corporates or NBFCs to get licenses. A report issued by the committee also recommended that large non-banking financial companies (NBFCs) with an asset size of Rs 20,000 crore or more with a good track record be allowed to convert into banks. Many financial institutions have also been enthusiastic about these recommendations. Industrial houses can apply for a license directly or those who engage in lending activity can convert their current business directly into a bank, the report said. However, it remains to be seen how many companies will b

(By commercial representative) Mumbai, Ta. 21 November 2020, Saturday Gold and silver prices were higher at home on Saturday, following a rally in global precious metal prices over the weekend. Gold is supported by signs that the economic recovery is slowing due to the second wave of Corona. Rising gold in the world market had pushed up its landing cost. In private, the dollar was weakening. Crude oil remained firm over the weekend. At home, the Mumbai gold and silver market was closed on Saturday, but in private, gold was quoted at Rs 30,600 per 10 grams excluding GST. Gold was trading at Rs 30,400 with a price of Rs 30,505. Prices with GST were quoted three per cent higher. Silver.2 The price of one kg was Rs. Prices were quoted three per cent higher with GST. Gold closed at ૮૭ 181 an ounce, up from ૮૬૬ 15 an ounce over the weekend. Silver traded higher at ૨૪ 3.15 an ounce, while platinum was up 20 an ounce and palladium was at ૨૩૨૯ 8 an ounce. Investors in the global market repo

Mumbai, Ta. 21 November 2020, Saturday According to a study, countries around the world lose ૪૨૭ 2 billion a year due to tax evasion at the international and individual levels. India loses ૩ 10.50 billion in annual tax losses to the rest of the world. According to a study conducted by a private firm, tax evasion by multinational companies reduces the tax revenue of various countries by 3 billion every year. Tax evasion by private individuals costs governments નુકસાન 15 billion a year. Multinational corporations take ન 1.3 trillion in profits to tax havens and hide or reduce the amount of tax they have to pay. This amount is taken to countries where tax rates are low or non-existent.