Market and Business News

New Delhi, 27 July 2021 Tuesday The second wave of Corona has hit the Indian economy hard. This claim has been made in the report of the International Monetary Fund (IMF). "The second wave of Corona during March-May has reduced India's growth prospects, and it may take some time to recover from this setback," the IMF report said. The IMF's forecast on the economy is a source of concern for the Indian government. The report downgrades emerging and developing economies like India. While the economies of those countries have been viewed with hope, a large number of coronaviruses have been vaccinated. According to the report, those countries are most affected, where the struggle for the corona vaccine is ongoing. 3% decline: It may be mentioned here that before the second wave of Corona, the IMF was looking at the Indian economy with hope. In FY2021, the IMF forecast India's economic growth to reach 12.5 percent. However, since the second wave of Corona in May, th

AHMEDABAD: Gold imports during the April-June quarter of FY 2021-2 stood at Rs 6.5 crore. Compared to the same period last year, gold imports have grown more than 10 times. During the same period of FY2021-21, gold imports stood at Rs 4,606 crore. On the other hand, silver imports during the June quarter fell by 4.5 per cent to Rs 5 crore from a year earlier. Due to such a sharp rise in gold imports during April-June of the current financial year, the trade deficit has risen to about 21 billion. The gap between imports and exports is called trade food. India consumes 200-300 tonnes of gold every year, of which one tonne is produced in India and the rest is imported. The country's gold imports fell to 7.5 tonnes in 2020, down 3 per cent from a year ago. In 2016, it was 7.5 tonnes. The government has reduced the import duty on it from 8 per cent to 7.5 per cent in the budget. Since August 2020, gold prices have fallen by more than 15 per cent. Demand for this specialty has grown

MUMBAI: The Indian corporate sector is recovering sharply after the Corona epidemic and lockdown, as evidenced by the June quarter rating upgrade-downgrade figures. There has been an increase in the upgrading of companies' credit ratings compared to the rating downgrade in the June quarter. The trend of credit rating downgrade has taken a U-trend since the onset of the epidemic and the number of companies being upgraded has been much higher. With the issuance of many government relief packages, the operations of companies are becoming smoother and their ability to repay their loans is also improving. The credit ratio, which reflects the economic recovery of the corporate sector, rose to 3.08 per cent in the June quarter from 1.6 per cent at the end of the March quarter. According to the Price Equity Credit Rating Migration Database, the ratings of 121 companies have been upgraded and the ratings of 20 companies have been downgraded. The database includes data from seven credit r

New Delhi: The central government has reduced the import duty on lentils to zero while the Agriculture Infrastructure Development Cess has also been reduced to 10 per cent. The decision comes as part of a growing supply of lentils amid rising domestic prices. A notification to this effect was placed in the Rajya Sabha by Finance Minister Nirmala Sitharaman. The duty on lentils imported to India from countries other than the US has been reduced from 10 per cent to zero, while the duty on imports from the US has been reduced from 20 per cent to 20 per cent. In addition, the Agriculture Infrastructure Development Cess which is currently twenty per cent has been reduced to ten per cent. Lentils prices have risen by Rs 50 per kg in the last two-and-a-half months. The price of Rs 50 on April 1 is currently quoted at Rs 100. India's annual demand for pulses remains at 280 million tonnes, but this year it is in short supply. The government had imposed cess on petrol, diesel, gold, some

MUMBAI: The Confederation of All India Traders (CITE) has said that the new rules to make e-commerce trade transparent in India are the right one, adding that if the rules are implemented as per the draft, the country's alleged e-commerce sector will suffer. Capitalism will come to an end. Emphasis has also been placed on setting up strict monitoring mechanisms to ensure that e-commerce companies comply with the new rules. In a letter to the Commerce Ministry, KIT general secretary Praveen Khandelwal said that foreign-funded e-commerce companies and some industry associations were arguing against the draft. Some established interests are trying to prevent the draft from being implemented. However, the country's more than 80 million small businesses and retailers will not take any action in this regard and will strongly oppose it. It may be mentioned here that on the one hand small businesses are opposing the e-commerce sector while on the other hand consumers are favoring e

MUMBAI: Banks, NBFCs and housing finance companies have lent ૮ 16 billion to India's real estate, or Rs 1.5 lakh crore, under severe stress, but there is room for resolution on at least the principal amount, a survey has found. . According to the survey, banks and financial institutions have an exposure of about ડો 100 billion, or Rs 4.5 lakh crore, in the realty sector, of which 9 per cent are stress-free. According to the survey, ૮ 12 billion (or 12 per cent) of India's total real estate lending is under severe stress. This means that huge loans have been taken by the concerned developers and their ability to repay the loans is weakening due to various reasons and the recovery situation is looking bleak. The contribution of NBFCs and housing finance companies (including trusteeship) to the total lending to real estate in India is 5 per cent. So, individually, banks have the largest share of 5 per cent of total realty loans, followed by housing finance companies at 4 per c

(Gujarat News Office) MUMBAI: Gold and silver prices rose in the Mumbai jewelery market today. World market news was showing strength. As the import cost of precious metals rises due to rising global markets, the jewelery market today saw a situation where there were fewer sellers and more buyers. Gold prices in the world market today were reported to have risen from ૨ 1,308 to ૩ 1,305 an ounce and from ૭ 1,308 to ૮ 1,305 an ounce. Ahead of the Federal Reserve's meeting in the US, the dollar index against various currencies in the world market fell higher and bond yields in the US also fell, leading to a decline in bond yields in the world market today. Meanwhile, global silver prices rose by લર 2.15 an ounce to ૮ 2.15 an ounce and were quoted at ૩૬ 4.5 to ૩૭ 7.5 an ounce on rising gold prices. The market was also seen rising in the backyard of the world market. In the Ahmedabad jewelery market, gold prices rose by Rs 100 per 10 grams to Rs 200 from Rs 4.50 and Rs 200 from Rs 4

(Gujarat News Office) MUMBAI: The dollar traded flat against the rupee in the Mumbai currency market today, closing at the end of the day. However, the dollar index fell against various major currencies in world markets today. The US Federal Reserve is scheduled to meet on Tuesday and Wednesday, and the dollar index was under pressure in global markets today, market analysts said. The softening of the stock market at home today also had an impact on the volatility of the currency market. In the Mumbai currency market, the dollar opened at Rs 4.51 against the dollar in the morning today, after which it touched a high of Rs 4.5, a low of Rs 3.50 and a closing price of Rs 4.31. However, the dollar index was broken in the world market. The dollar index, which had a high of 7.91, fell to a low of 7.5 today from a low of 7.5. The dollar index was down 0.5 per cent today. Meanwhile, the British pound rose sharply against the rupee today. The British pound opened at Rs 107.51 today and clo

(Gujarat News Office) MUMBAI: The Mumbai Oilseeds market witnessed a surge in various domestic and imported edible oils today. Prices were also rising in the futures market. Soybean futures jumped another six per cent today, signaling a renewed bullish circuit. Amid lower-than-expected rainfall in Madhya Pradesh and heavy rains in Maharashtra, soybean crop is likely to be affected, with bearish sales being cut as bulls became active in the futures market. Meanwhile, mustard seed futures were also lifted today on the back of soybeans. Crude palm oil CPO futures were trading at Rs 1,150 this evening, up from Rs 6 to Rs 7, while soyoil futures were quoted at Rs 150.50 this evening. Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 120 today while CPO Kandla rose by Rs 115 to Rs 1,150. The hawala resale in palm oil, however, had sporadic trades. Cingulum oil prices were up by Rs 150 today. While the price of cottonseed oil went up by Rs 15 to Rs 1

(Gujarat News Correspondent) MUMBAI: Corporate India's quarterly results for the end of June 2018 were weaker than expected by major heavyweight companies, despite positive monsoon progress across the country and a decline in corona transitions. Funds booked index-based profit today. Despite the decline in Tata Motors' losses against the good results of ICICI Bank, the market remained in a negative zone as losses remained high and funds in banking stocks surged, profit booking as well as selling in auto stocks. On the global front, Brent crude remained modestly close to ૮૬ 6.5 and Nymex crude was close to ૭૨ 21.8, amid speculation of weakening crude demand due to increased concerns over the corona delta transition. Along with this, the government's crackdown on technology companies in Asia and China in global markets continued to erode IT stocks. While before the US Federal Reserve meeting and amid concerns over the transition to Corona, caution was observed in the US and

London, Monday 26 July 2021 Fugitive Indian businessman Vijay Mallya has been dealt a major blow by the UK High Court on Monday. The High Court has declared Vijay Mallya bankrupt. Vijay Mallya's assets can now be confiscated. At 3:42 pm UK time, Chief Insolvencies and Companies Court Judge Michael Briggs said during a virtual hearing in the High Court - I declare Dr Vijay Mallya bankrupt. Law firm TLT LLP and Barrister Marcia Shekardemian, representing Bank of India, argued for a bankruptcy order in favor of Indian banks. While a 65-year-old businessman can remain on bail in Britain as long as a "confidential" legal case, which is believed to be related to an asylum application, remains on bail, as is a separate case from extradition proceedings Is not done. A consortium of Indian banks headed by the State Bank of India made a concerted effort to declare the fugitive businessman bankrupt during a hearing in the London High Court in April. Vijay Mallya says that the l

New Delhi, 26 July 2021 Monday Due to Corona, unemployment in India has risen very fast in the last few days. The report by the Center for Monitoring the Indian Economy (CMIE) has revealed shocking figures. As per its report released on Monday, the unemployment rate in India was 5.98 per cent as on July 18, while it has reached 7.14 per cent as on July 25. Unemployment has reportedly increased in urban and rural areas. However, in the month-wise figures, the unemployment rate has come down somewhat. It was up to 10 percent in June, but after the second wave of Corona, the economic front has improved slightly, with a decline. Experts claim that the restrictions imposed to control the corona have led to an increase in unemployment. While the prospect of a third wave is also presenting a worrying picture for the future. Decrease in commercial activity CMI monitors the country's labor market. According to him, the urban unemployment rate reached 8.01 last week. It was 7.94 percent

(Gujarat News Office) MUMBAI: Prices of various domestic and imported edible oils rose in the Mumbai Oilseeds market today. World market news showed strength in soyoil. Market sources said the possibility of delay in the new season has also given rise to a new reason for the rally in the state as heavy rains and floods and natural calamities hit the crop in Maharashtra. Soybean oil prices rose 3 points in overnight trade in the US agricultural markets. At home, the price of cingulum oil in the Mumbai spot market today was quoted at Rs 150 per 10 kg. The price of cottonseed oil rose by Rs 150 to Rs 19 while the price of mustard rose by Rs 150 to Rs 1,200. Meanwhile, manufacturing companies today reported that the price of cingulum oil rose to Rs 150 and Rs 15 to Rs 20 per 15 kg. Cotton washed prices rose by Rs 15 to Rs 150 today and cottonseed oil refined by Rs 15. Meanwhile, in the Mumbai spot market, the price of 10 kg of imported palm oil rose by Rs 15 today. In Hawala-Resale, ba

Mumbai: The Central Government has made changes in the rules relating to the formation and structure of companies under the Companies Act-2018, which will come into effect from September 1. The Ministry of Corporate Affairs, which has implemented the Companies Act-2018, has amended the Companies (Incorporation) Rules-2016. Under Section 13 of the Act, changes have been made in the rules for allocating new names to existing companies. Article 13 deals with the amendment of the name of a company subject to various conditions, in which the Government may direct a company to change its name if a company with such a name or a mixed name already exists. If any such instruction is given, the company will have to abide by it within three months. The ministry has introduced new rules in which the tag 'ORDNC' (Order of Regional Director Not Complied) will be attached to a company which does not comply with the instructions within the stipulated period. According to the new rules, ORD

New Delhi: Amidst the challenges facing renewable energy developers, the addition of new renewable energy capacity in the first quarter of the current financial year has reached a historic high. A total of six nuts have been added to the renewable energy in the April-June quarter, the highest ever in a quarter. Earlier, in the April-June 2017 period, 2191 fruits were added. In the first quarter of last financial year, the lockdown imposed due to the second wave of Corona resulted in the addition of only 3 fruits. The biggest addition to renewable energy was solar. The installed capacity of solar energy has been increased by 7 nuts, while that of wind energy has been increased to 20 nuts, according to government figures. Sources in the power sector said the increase was due to the government's high target and increased investor interest. The present government has set a target to increase the country's renewable energy installed capacity to 12 gigawatts by the end of 203.

New Delhi: With the monsoon becoming active across the country from the second week of July, kharif sowing has also gained momentum. However, kharif sowing is still 2.50 per cent lower in the same period this year as compared to July 8 last year, according to Agriculture Ministry data. As on July 7, 2020, kharif sowing has been completed on a total area of ​​31.8 lakh hectares till this period of the current year as against an area of ​​31.5 lakh hectares. Sowing of all types of kharif crops except sugarcane is declining. Paddy acreage is as low as 7.5 per cent with an area of ​​4.5 lakh hectares with 206.5 lakh hectares. While the area under pulses has been reduced by 10.15 per cent to 3.50 lakh hectares. Oilseed sowing declined by 10.8 per cent to 12.51 lakh hectares, while cereal sowing declined by 12.5 per cent. Since the second week of July, the monsoon has become active in various parts of the country, especially in north-west and central India, the agriculture ministry said.

(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, gold and silver prices rose further in the closed market today, market sources said. There was news of world market growth. Now the eyes of market players, however, are on the US Federal Reserve meeting to be held next week. Meanwhile, in the Mumbai market today, gold was trading at Rs 80 per 10 grams, excluding GST, at Rs 815, while the price of 7.50 was trading at Rs 305 per 20 grams. Mumbai silver was trading at Rs 200 per kg excluding GST at Rs 200 today, while prices with GST were three per cent higher. Meanwhile, in the Ahmedabad jewelery market, gold prices rose by Rs 200 to Rs 200 from Rs 4.50 and Rs 200 from Rs 3.50, while Ahmedabad silver prices jumped by Rs 200 to Rs 200 today. Meanwhile, world gold prices rose to ૮ 1,300 an ounce after hitting ૭૯૪ 12-14 an ounce and were reported to be hovering between ૨ 1,308 and ૩ 1,305 over the weekend.

(Gujarat News Correspondent) MUMBAI: Corona transition is on the rise in India after the second wave and corona cases are on the rise in various countries around the world. On the one hand, there is concern over the good progress of monsoon in the country and better than the overall expectation of corporate India. Are becoming buyers in the stock markets. The Sensex, the Nifty, rallied sharply over the weekend on sustained buying by local funds-local institutional investors in the face of continued selling by investors in foreign portfolio stocks. Along with the Corona factor, the current inflationary factor is also becoming negative. Market sentiment is likely to pick up in the coming days as crude oil prices rise sharply, petrol and diesel prices continue to rise to new record highs, inflation continues to rise and the problem of rising unemployment is likely to be extremely challenging. At a time when many other industries are in a state of stagnation, entrepreneurs in the industry

MUMBAI: With the monsoon progressing well across the country and declining corona transition, industrial-economic activity across the country is on the rise, with economic growth forecasting accelerating in the coming days and corporate India's quarterly results for the end of June 2021 coming in better than expected. The boom continued. Funds bought back heavily in banking-finance stocks today in anticipation of the introduction of several economic bills this time, despite opposition to opposition in both houses of parliament over the Pegasus project report in the monsoon session of Parliament. Along with this, the market was in a positive zone after the initial turmoil as select IT-software services, technology stocks as well as FMCG and metal-mining stocks remained attractive. Despite rising inflation on the global front, inflation in China has become unbearable and China has announced the release of its crude reserves to curb rising fuel prices. International crude oil prices

(Gujarat News Office) MUMBAI: Cingulum oil prices in the Mumbai oilseeds market today saw a downward trend behind the stations. Cottonseed oil prices rose again. The prices of imported edible oils were also rising. Imported palm oil traded at around 400-500 tonnes today for increased delivery in July and August. Soybean futures rebounded today to a four per cent in the first phase and then a six per cent bullish circuit. Amid short supply-like conditions in soybeans, heavy rains in various parts of Maharashtra and fears of floods affecting soybeans were discussed in the futures market. Mustard seed futures were also lifted. Soybean soybean prices soared today. There was also news of rain in Madhya Pradesh. Meanwhile, in the Mumbai market today, the price of 10 kg of cingulum oil was Rs 120 to Rs 150. While cottonseed oil prices rose to Rs 120. The price of cingulum oil was reported at Rs 1,200 to Rs 12 per kg and Rs 20 to Rs 30 per 15 kg. In the Mumbai spot market today, the price