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Silver loses sheen, MUMBAI, Dec 29: The year 2001 saw a decline in the value of the white metal that touched an eight-year low on very thin industrial demand, ...more KOLKATA, Dec 29: Altogether nine brokers were elected as board members of Calcutta Stock Exchange (CSE) today to represent the brokers fraternity at...more India’s foreign exchange reserves cross US 48 bln MUMBAI, Dec 29: Fresh inflows have boosted India’s foreign exchange....more Pvt FM operators get reprieve from Govt NEW DELHI, Dec 29: Several private fm licensees, who faced the prospect of forefeiting...more |
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Tea markets firm on active support from national, international buyers KOLKATA, Dec 29: The tea market stayed firm with national and international buyers actively supporting quality varieties like the CTC, orthodox and dust.. ......more Select oils and MUMBAI, Dec 29: Select oilseeds and oils rose marginally on renewed demand from bulk consumers In seeds per quintal, groundnut javas 60/70 and 80/90 moved up by Rs 10 each to Rs 2060 and Rs 1960 .........more UTI announces MUMBAI, Dec 29: Contrary to investor expectations, Unit Trust of India today said the Net Asset Value .......more |
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KOLKATA, Dec 29: Altogether nine brokers were elected as board members of Calcutta Stock Exchange (CSE) today to represent the brokers fraternity at the annual general meeting here. The members were elected after the Securities and Exchange Board of India (SEBI) at its board meeting held at Mumbai yesterday announced its decision to demutualise the bourses by separating the ownership and management of the exchange. Following the new regulations the broker members elected to the Board cannot be office bearers of the exchange and hold the positions of President, Vice-President and Treasurer. The members elected to the new board for 2002 were Mr Vijay Agarwal, Mr Vinod Kumar Mehra, Mr Harish Singhania, Mr J M Chowdhury, Ms Madhu Jhunjhunwala, Mr Rajendra Bhaiya, Mr Srinath Kapur, Mr S K Kaushik and Mr Vivek Mahajan. The dust variety maintained fair demand with the selected best liquoring sorts irregularly selling around last levels as the remainder was easier in line with quality. The western India markets operated for liquoring teas. The major blenders were selective in line with quality. The number of offerings were 25,858 weighing 1004200 kgs. In the Guwahati sale, few selected cleaner leaf and better sized medium brokens around last levels and tended easier. Good and medium Assams maintained selected enquiry at lower levels and saw withdrawals. In the dust varieties, selected best liquoring teas were irregular and often lower in line with quality. The higher valued dusts witnessed larger drops. The mediums met with selected enquiry and also saw withdrawals. In the Siliguri sale, the CTC met with good demand for the clean well made and better liquoring teas sold at firm rates. The remainder witnessed fair inquiry at irregular rates. The dust varieties maintained a good demand and all sorts were irregular around last levels. Few better liquoring and well sized varieties were appreciated. In the Cochin sale, the varieties remained firm. After the election of the nine broker members to the board, the total strength would now rise to nineteen with the addition of nine public representatives and the Executive Director as mooted by the sebi in its demutualisation proposal. The other proposals discussed during the annual general meeting included the austerity measures like reduction of the retirement age for the staff to 58 years from its present level of 65 years, the strengthening of the Settlement Guarantee Fund (SGF) to Rs 50 crore and to replace the name of Calcutta Stock Exchange with Kolkata Stock Exchange. The authorities of the bourse also discussed the various modalities of launching a derivatives platform in the exchange. Our main aim is to strengthen the cash segment in the bourse and prepare the stage for the launch of a derivatives platform in the exchange, the acting Executive Director Nityananda Dasgupta said. He, however, refused to substantiate on the present position of the Settlement Guarantee Fund (SGF) which needs to be augmented on the pretext that the figure is not audited. He disclosed that the cost and various aspects of the launch of the derivatives platform is being examined by a commitee under the chairmanship of the general manager information technlogy and the report is expected to be presented within the next two months. On the land owned by the exchange at salt lake, he said the registration has been completed and the land would be utilised after the mutation gets over. The newly formed board is expected to meet sometime in the middle of January to consider the various issues that hog the exchange. (UNI) |
India’s foreign exchange reserves cross US 48 bln MUMBAI, Dec 29: Fresh inflows have boosted India’s foreign exchange reserves to record a new high of US dollar 48 billion during the week ended December 21, 2001. The country’s foreign exchange reserves swelled by USD 175 million at USD 48,012 million in the reporting week, according to Reserve Bank of India’s weekly statistical report here today. The increase was wholly on the basis of foreign currency assets going up by USD 175 million at USD 45,145 million. During the current fiscal, India’s foreign exchange reserves have risen by USD 5,323 million since April six to December 21. Gold reserves and special drawing rights remained static at USD 2,862 million and USD five million respectively in the week ended December 21. Foreign currency assets expressed in US dollar terms include the effect of appreciation/depreciation of non-US currencies such as euro, sterling and yen held in reserves. Loans and advances to the Central Government were lower by Rs 5,401 crore to Rs 1,226 crore while that to state Governments fell by Rs 683 crore to Rs 6,720 crore. In case of scheduled commercial banks, aggregate deposits during the fortnight ended December 14, rose by Rs 647 crore (0.1 per cent) to Rs 10,62,628 crore. However, bank credit decreased by Rs 350 crore (0.1 per cent) to Rs 5,48,690 crore. Food credit was up by Rs 34 crore to Rs 51,763 crore while non-food credit was down by Rs 384 crore to Rs 4,96,926 crore, RBI said. (PTI) |
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Pvt FM operators get reprieve from Govt NEW DELHI, Dec 29: Several private fm licensees, who faced the prospect of forefeiting bank guarantees totalling around Rs 150 crore following failure to make operationnels, today got a reprieve from the union cabinet which granted extention of time for their licenses. The deadline for making operational the allotted FM stations expires today. The cabinet decided to grant extension of eight months to licensees of Kolkata, Chennai and Delhi to enable them to set up permanent co-located facilities while extending permission to the Mumbai licensees by 24 months to set up such facilities. As regards non-metro station licencees, the cabinet has decided that they would be granted a deemed operationalised station status if they deposit the balance of first year license fee by the due date. Briefing reporters Parliamentary Affairs Minister Pramod Mahajan said that licensees who do not deposit their fee by the due date will be dealt with in accordance with the legal determination regarding their liabilities for failure to comply with license conditions. Mahajan said the cabinet has decided to grant extension to the licencees in the metro cities as it has now realised that there are difficulties from the Government side to co-locate the stations there. "AIR and DD are technically not competent to take co-location facilities on their own antennae. This is no fault of the licencees," he said adding that Government wanted to maximise usage of the same spectrum. He said the cabinet had decided to permit the licencees in mumbai to set up individual interim arrangement during 24 months which would be operationalised in four months. Last year Government had approved the entry of the private sector into the FM radio brodcasting services in the country and had decided to give licenceses to operators in 40 cities. Sources said most of the licensees had failed to start the operations as the year saw only a handful of private fm radio channels going on the air including those at Indore, Ahmedabad, Lucknow and Bangalore. Earlier in August this year, All India Radio had announced its readiness to lease out its towers to the private FM companies which are to operate 37 channels in 19 cities in a bid to end the uncertainty over the private FM channels taking off by the deadline set by the Government. (PTI) |
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Tea markets firm on active support from national, international buyers KOLKATA, Dec 29: The tea market stayed firm with national and international buyers actively supporting quality varieties like the CTC, orthodox and dust. The CTC met with fair demand as selected well made and liquoring Assams sold around last levels. The remainder tended easier in line with quality. Selected cachars were well absorbed at around last levels as the prices followed quality. The Assam fannings were irregularly lower in line with the quality. Major blenders and other packeteers were selective. Western India operated selectively in the liquoring varieties. The number of packages involved were 52,614, weighing 1,706,507 kgs. The Darjeeling variety maintained fair demand. However, all sorts tended lower as the major blenders and exporters remained less active. Poor leaf varieties and non-liquoring descriptions tended lower in line with quality. The local dealers were also selective in buying. The number of packages involved was 8035, weighing 214277 kgs. In the orthodox variety, the whole leaf categories met with less inquiry and saw some withdrawals as the brokens remained irregularly lower in line with quality. There was fair support from the buyers in the Middle East and CIS. Selected fannings were fully firm. There was selective support from Iraq in the cheaper varieties. The number of packages involved was 27667, weighing 872620 kgs. The dust variety maintained fair demand with the selected best liquoring sorts irregularly selling around last levels as the remainder was easier in line with quality. The Western India markets operated for liquoring teas. The major blenders were selective in line with quality. The number of offerings were 25,858 weighing 1004200 kgs. In the Guwahati sale, few selected cleaner leaf and better sized medium brokens around last levels and tended easier. Good and medium Assams maintained selected enquiry at lower levels and saw withdrawals. In the dust varieties, selected best liquoring teas were irregular and often lower in line with quality. The higher valued dusts witnessed larger drops. The mediums met with selected enquiry and also saw withdrawals. In the Siliguri sale, the CTC met with good demand for the clean well made and better liquoring teas sold at firm rates. The remainder witnessed fair inquiry at irregular rates. The dust varieties maintained a good demand and all sorts were irregular around last levels. Few better liquoring and well sized varieties were appreciated. In the Cochin sale, the varieties remained firm. (UNI) |
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Select oils and oilseeds up, oilcakes mixed MUMBAI, Dec 29: Select oilseeds and oils rose marginally on renewed demand from bulk consumers In seeds per quintal, groundnut javas 60/70 and 80/90 moved up by Rs 10 each to Rs 2060 and Rs 1960 respectively on improved demand and less arrivals from producing centres. Sesameseed crushing, sesame whitish and 95/5 also firmed up by Rs five, Rs 20 and Rs 10 to Rs 1855, Rs 1920 and Rs 1875 respectively. In oils per ten kg, groundnut raw rose by Rs four to Rs 352, cottonseed refin and sunflower exp gained Rs seven at Rs 297 and Rs five to Rs 385, respectively, on fresh demand from bulk consumers. In imported items, RBD palmolein, soyabean refin rose by Rs two and Re one to Rs 295 each, while sunflower crude gained Rs 5 to Rs 390 on firm overseas trend and weak Indian rupee. In oilcakes per tonne, groundnut extraction (extr) and rice brand extr declined by Rs 100 each to Rs 6550 and Rs 2650 respectively on poor demand and increased arrivals from producing centres. Soyameal 48 pc also eased by Rs 25 to Rs 7875. However, kardi extr and rapseed extr moved up by Rs 50 and Rs 100 to Rs 3950 and Rs 5900 respectively on increased demand. In futures section, castorseed february, 2002 (100 kgs) moved in a narrow range and closed at Rs 1168, one rupee lower from 1169 of the previous close while RBI palolein feb 02 ended marginally higher at Rs 297, up by Rs 0.75 from Rs 296.25 of the previous day’s close. (UNI) |
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UTI announces US 64 scheme NAV at Rs 5.94 per unit MUMBAI, Dec 29: Contrary to investor expectations, Unit Trust of India today said the Net Asset Value (NAV) per unit (Rs 10) for its flagship scheme US 64 was Rs 5.94. According to a UTI release, the NAV as of yesterday was without taking into account the additional units to be issued under the reinvestment option. NAV, for the reinvestment option under which extra units would be issued, works out to even less at Rs 5.81 per unit as on December 28, it said. Market analysts had expected the NAV between Rs 6 and 7 and NSE price trends had also indicated similar NAV but today’s announcement indicates that value was much less than expectation. The unit capital of US 64 as on June 30, 2001 was Rs 12,786.36 crore and stood at Rs 12,778.45 crore on Decmeber 28 after adding Rs 407 crore on account of reinvestment and reduction of Rs 414.91 crore due to payments under limited repurchase facility, it added. After announcement of limited repurchase facility for small investors from August one, UTI started computing NAV. (PTI) |
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