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NEW DELHI, Feb 10: Gold prices continued to roll down on the bullion market today........more Foreign
currency MUMBAI, Feb 10: India’s foreign currency reserves have crossed US dollar 41 billion for the.......more Govt
clears 33 FDI NEW DELHI, Feb 10: Government today cleared 33 proposals for Foreign Direct Investments....more |
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LIC to launch its KOLKATA, Feb 10: Life Insurance Corporation of India (LIC) today announced that it will launch its maiden capital market linked insurance ....more ‘Encourage
foreign, domestic private PANAJI, Feb 10: The international conference on investment opportunities in the mining industry has called for encouraging domestic private and foreign ...more |
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NEW DELHI, Feb 10: Gold prices continued to roll down on the bullion market today on sustained offering by stockists influenced by a weak trend in the international market and closed further lower by Rs 20 at a recent low level of Rs 4360 per ten gram. Silver also follow suit and registered a further loss on lack of buying interest. Marketmen said a weak trend in the international market influenced the trading activity here and stockists indulged in shedding some of their holdings. They said gold which was quoted around 259 US dollars an ounce in other Asian markets, cast its shadow on domestic markets here. Standard gold and ornaments lost another Rs.20 each at Rs.4360 and Rs.4210 per ten gram respectively. Sovereign held unchanged at Rs.3725 perpiece of eight gram. Silver ready was quoted further lower by Rs.30 at Rs.7460 per kilo and weekly delivery by Rs.20 at Rs.7485 per kilo. Silver coins also declined by Rs.100 at Rs.10,900/11,000 per 100 pieces. Following were today’s quotations: Silver ready 7460 and delivery 7485. Silver coins buyer 10,900 and seller 11,000 standard gold 4360, ornaments 4210 and sovereign 3725. (PTI) |
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Foreign currency reserves cross USD 41 bn MUMBAI, Feb 10: India’s foreign currency reserves have crossed US dollar 41 billion for the week ending February two following increased institutional inflows and remittances from abroad. The upsurge continued with fresh inflows of USD 347 million during the week ending february two and the foreign currency reserves touching USD 41,274 million compared to USD 40,927 million the previous week, according to Reserve Bank of India’s weekly statistical supplement. The rise was mainly due to foreign currency assets growing by USD 407 million at USD 38,515 million compared to USD 38,108 million a week earlier. The reserves have risen from USD 34,734 million on November 11 last to the present level of USD 41,274 million. Gold reserves fell by USD 60 million to USD 2,751 million while special drawing rights remained static at USD eight million. Loans and advances to the Central Government rose by Rs 2,050 crore to Rs 6,313 crore for the week ending February four while to State Government it stood at nil at Rs 4,484 crore, the RBI said. Aggregate deposits of scheduled commercial banks rose during the fortnight ending January 26 crore by Rs 6,949 crore (0.7 per cent) taking the total to Rs 9,35,510 crore. Bank credit during this period also rose by Rs 2,100 crore (0.4 per cent) to Rs 4,99,586 crore while food and non-food credit was up by Rs 661 crore and Rs 1,439 8 crore and Rs 4,60,508 crore. (PTI) |
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Govt clears 33 FDI cases worth Rs 362 crore NEW DELHI, Feb 10: Government today cleared 33 proposals for Foreign Direct Investments (FDI) worth Rs 362 crore including software company iframeindia.Com Pvt Ltd’s Rs.138 crore. The Minister for Commerce and Industry Murasoli Maran cleared the proposals on the basis of recommendations submitted by the Foreign Investment Promotion Board, an official release said here. The proposals cover various sectors including manufacture of chemicals, textile processing, laminated flooring material and accessories, processed food, automobile components, specific equipment, software development and information technology. The Rs 138 crore proposal of iframeindia.Com for 49 per cent foreign equity participation will be used for software development in the areas of internet and internet-based applications. Other proposals pertaining to the software industry include one by IBM India Ltd for manufacturing, marketing and export of computer systems and network product software and UK-based company Marconi Communication Ltd proposal for setting up a 100 per cent subsidiary in India with an envisaged investment of Rs 23 crore, the release said. (PTI) |
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LIC to launch its maiden market linked insurance plan KOLKATA, Feb 10: Life Insurance Corporation of India (LIC) today announced that it will launch its maiden capital market linked insurance plan " LIC’s Bima Plus" on February 12. "The new scheme will provide life insurance cover along with the prospect of high growth. A portion of the scheme will be invested in equity and debt instruments in the capital market where scope for high growth exists," Eastern Zonal Manager O P Dubey told reporters here. The scheme offers three options—secured fund, balanced fund and risk fund—and one could also switch from one fund to another within the term of the policy, he said. The premiums under this plan, which will qualify for rebate under Sec 88 of the IT Act, will be payable in yearly or half yearly instalments for a term of 10 years and also one-time lumpsum payment towards all the premiums. Bid value of the fund units along with maturity bonus at 5 per cent of sum assured would be payable on maturity, Dubey said. Minimum and maximum sum assured under the scheme will be Rs 50,000 and Rs two lakh respectively by persons in the age group of 12 and 55 years. Dubey said with a view to encouraging savings, additional premiums in multiples of Rs 5,000 might be paid by policy holders to obtain more units. The net asset value of the fund will be computed every week by dividing the net assets by the number of units outstanding on the valuation day, he said. (PTI) |
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‘Encourage foreign, domestic private investment in mining’ PANAJI, Feb 10: The international conference on investment opportunities in the mining industry has called for encouraging domestic private and foreign investment to inject appropriate technology for the development of mineral-based industries and processing of mineral resources. The three-day conference —India Minvest 2001—, which concluded here yesterday evening, identified tremendous opportunities for investment in gold, diamond, copper, lead and zinc, nickel, bauxite, beach and sand minerals and coal and lignite and many more industrial ferrous and non-ferrous minerals. Experts from various mining organisations and industries concerned recommended that there was an urgent need to create favourable conditions for the development of mineral resource endowment and the growth of mineral-based industries. They also called for reviewing the policy ofreserving large areas for public sector exploitations. The conference also felt that it was essential to decide and implement the time-frame within which the State Government should take decisions on applications for reconnaissance permit or prospecting and mining lease for mobilising capital resources in this sector. Calling to ensure fair, transparent and sustained policies, the conference also threw light on various other issues including speedy approval for aerial flying by Director General Civil Aviation and Defence Ministry and access to geological and other data. Its recommendations regarding fiscal measures included implementation of the report of multi-disciplinary committee relating to accelerated rate of depreciation, amortisation of pre-production expenditure, rehabilitation reserve for mined out areas and concessional import of capital goods. Besides, rationalisation of royalty regime of various minerals and reduction in interest rates to make them compatible with those existing in developed countries are among the recommendations. (UNI) |
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