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Forex reserves further decline by USD 298 mn MUMBAI, Oct 21: India’s Foreign Exchange (Forex) reserves have further fallen by USD 298 million to USD 35,042 million in the week ended October......more Equities continue NEW DELHI, Oct 21: While equities, particularly old economy stocks, continued to lose values on the persistent bear hammering in the earlier part.....more |
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NEW DELHI, Oct 21: Both the precious metals, silver and gold, recovered on the bullion market today on revival of festive buying by local custome Rs and closed with moderate gains. Marketmen said revival of buying by local customers was triggered ahead of Diwali festival and pushed up the prices.....more VISHAKHAPATANAM, Oct 21 : The Indian shipping industry should re-orient itself to face global......more |
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Forex reserves further decline by USD 298 mn MUMBAI, Oct 21: India’s Foreign Exchange (Forex) reserves have further fallen by USD 298 million to USD 35,042 million in the week ended October 13, 2000 over the previous week. The fall in reserves was solely on account of the Foreign Currency Assets (FCA) falling by USD 298 million to USD 32,206 million, according to Reserve Bank of India’s lastest weekly statistical supplement. Gold reserves, however, remained static at USD 2,834 million while the special drawing rights were unchanged at USD two million in the reporting week. The forex reserves in the week previous ended October six were down by USD 98 million to USD 35,340 million. Fca expressed in US dollar terms includes the effect of appreciation/depreciation of non-US currencies such as Euro, Pound Sterling and Yen held in the reserves, it said. Loans and advances extended by RBI to Central Government increased by Rs 3,025 crore to Rs 5,551 crore while that to State Governments declined by Rs 230 crore to Rs 3,749 crore in the week ended October 13, over the previous week, the supplement said. Aggregate deposits of scheduled commercial banks in the fortnight ending October 6 increased by Rs 14,317 crore over the previous fortnight to Rs 8,87,264 crore. Food credit extended by the banks in the same period rose by Rs 794 crore to Rs 32,884 crore while non-food credit was up by Rs 7,837 crore to Rs 4,42,572 crore. (PTI) |
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Equities continue to lose values NEW DELHI, Oct 21: While equities, particularly old economy stocks, continued to lose values on the persistent bear hammering in the earlier part of the last week at the local bourse, the profit booking at the later trading wiped out whatever little gains were made in the mid-session. However, rally at NASDAQ and good showing by Wipro’s ads at the New York Stock Exchange led to select purchases at the ice counters. NASDAQ gained five per cent during the week ended October 20 as sentiments improved on better than expected earnings of online Auctioneer Ebay Inc., Symbol Technologies Inc. and Fibre Optic Supplier Sdl Inc. The handsome results by Microsoft Corporation and Nokia intensified the buying spree at NASDAQ. This led to some gains on Thursday at the Delhi Stock Exchange when the index (base 1983) rose by 11.12 points. The market was upbeat in the earlier session the next day, but profit booking and squaring up of positions by short term operators to escape margin calls wiped out the gains. In the first three days, the investors persistently offloaded the stocks. Finance Minister Yashwant Sinha’s optimism that the economy would achieve the targetted growth rate of 6.5 per cent could not lift the sentiments. The index shed 26.67 points at 776.95 on a week to week basis. Foreign funds net sold stocks worth Rs 315.1 crore during the week. Corporate results also affected the trading. While a 57 per cent jump in NIIT’s net profit led to swift buying in that counter, Bajaj Auto’s 60 per cent decline in net profit resulted in offloading in that scrip. NIIT flared up by Rs 470 at Rs 1670. Investors picked up TISCO’s shares in late trading session on the company’s 77 per cent rise in net profit during the second quarter of this fiscal. The scrip gained Rs 11.25 at Rs 100.90. On the other hand, Zee Telefilms touched the new low of Rs 298.90, down Rs 58.20. The company reported a 29 per cent rise in net profit during the first half of 1999-2000. As a result of heavy offloading in Reliance Industries Limited, the scrip closed at Rs 296.50, lower than the company’s buy back offer of Rs 303 for the first time. The share slid by Rs 21.25 at Rs 296.50. Reports of buy back by great eastern shipping led to some buying in that counter. The scrip gained Rs 5.02 at Rs 32.05. Elsewhere, Infosys Technology firmed up by Rs 575 at Rs 7064, while Himachal Futuristic rose by Rs 187.90 at Rs 1192. Wipro was up by Rs 84.95 at Rs 2270. Wipro’s ads closed at 41.38 dollars at NYSE on Thursday, reflecting 19 per cent premium. DSQ software, on the other hand, fell by Rs 69.95 at Rs 355.35. Pentamedia Graphics lost Rs 42 at Rs 346 and ITC shed Rs 20 at Rs 744. Hindustan Lever declined by Rs 12.50 at Rs 172.50. (UNI) |
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NEW DELHI, Oct 21: Both the precious metals, silver and gold, recovered on the bullion market today on revival of festive buying by local customeRs and closed with moderate gains. Marketmen said revival of buying by local customers was triggered ahead of Diwali festival and pushed up the prices. They said arrivals of gold from legal channels were restricted and stockists kept their stocks for the forthcoming festivals. Trading activity was limited which reduced the volume of business. Standard gold and ornaments gained Rs.10 each at Rs.4520 and Rs.4370 per ten gram respectively. Sovereign continued to be asked at previous levels of Rs.3825 per piece of 8-gram. Silver .999 (ready) was higher by Rs.15 at Rs.7900 per kilo while weekly delivery recovered by Rs.10 at Rs.7890 per kilo. Silver coins continued to be asked at previous levels of Rs.11,400/11,500 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 7900 and delivery 7890. Silver coins buyer 11,400 and seller 11,500. Standard gold 4520, ornaments 4370 and sovereign 3825. (PTI) |
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VISHAKHAPATANAM, Oct 21 : The Indian shipping industry should re-orient itself to face global competition through modernisation, diversification and upgradation of technical skills and innovative marketing strategies, Union Surface Transport Secretary R Vasudevan said today. The shipyard, he said, had to redesign their base facilities to cater to the needs of the bulk carriers, particularly the LNG cargo vessels each costing 200 million dollars for undertaking overhauling and repairs. The energy transportation sector was likely to grow tremendously in the next seven years in the country carrying bulk cargos of LNG and LPG and this had to be exploited suitably by the Indian shipyards, he said while participating in a function where his wife Vasudharini Vasudevan laid keel for a 700-passenger vessel being built by the Hindustan Ship Yard Limited here for the union territory of Lakshadweep. Mr Vasudevan said the future of the shipping industry was bright and the Government had decided to extend subsidy for even export orders, besides giving interest subsidy over and above nine percent borne by the shipowners on borwowed investment. The shipyards, on the other hand, had to concentrate on securing more orders from within the country and abroad making use of the favourable atmosphere and Government encouragement. In this connection he appreciated the efforts taken by the Hindustan Shipyard Limited (HSL) in specialising manufacture of passenger vessels and upgradation of skills. Lakshadweep Administrator Chaman Lal and Shipping Corporation of india Director K K Palit urged the HSL to stick to delivery time schedule and quality as the island administration was facing severe transport problem. (UNI) |
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