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Govt to get at least NEW DELHI, July 16: Government will get at least rs 1,486 crore, Rs 196 crore more than the first round of bidding...........more Oil
price to slip to VIENNA, July 16: World oil prices are set to fall to 21 dollars per barrel on average in the autumn, a key OPEC official told the Austrian daily Kurier Today. .........more Jalan
rules out India BANGALORE, July 16: Reserve Bank of India Governor Bimal Jalan today ruled out India moving towards a unified regulatory system for the financial .....more |
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Software export from CHANDIGARH, July 16: The software export from Haryana had achieved a growth rate of over 90 per cent, from Rs 400 crore in 1998-99 to Rs 2075 crore in 2000-2001, as compared to the country’s average of 55 per cent......more Gold
notch up fresh NEW DELHI, July 16: Gold prices picked up further on the bullion market today on persistent buying by local parties in view of a consistent rise in its prices in overseas markets and registered moderate gains. Silver on the other hand, declined on reduced buying against fresh offloading by stockists. Marketmen said a steady rise in gold prices in the overseas markets mainly influenced the trading sentiment here........more |
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Oil price to slip to 21 dollars: OPEC official VIENNA, July 16: World oil prices are set to fall to 21 dollars per barrel on average in the autumn, a key OPEC official told the Austrian daily Kurier Today. "The price of oil is undoubtedly under pressure and could slip to 21-22 dollars in the autumn," Shokri Ghanem Deputy Secretary General of the Organization of Petroleum Exporting Countries (OPEC) said. Oil prices fell heavily late last week, slipping below 25 dollars a barrel for the first time since early April, as market reacted to a slump in US demand and the resumption of Iraqi exports, suspended for five weeks due to a row over proposed modifications of UN sanctions against Baghdad. OPEC’s benchmark average price of seven world crude blends, to which ghanem was referring in his price forecast, stood at 23.53 according to OPEC calculations today. The 11-member oil-producing organisation held two meetings in quick succession in June and July to respond to the Iraqi oil suspension, but left its output levels unchanged at both meetings. Their next meeting is scheduled in Vienna on September 26, but OPEC countries have not ruled out allowing their so-called price-band mechanism to adjust their output if prices slump outside their target band of 22-28 dollars a barrel. Under the mechanism, production is automatically increased by 500,000 barrels if crude prices remain above 28 dollars for 20 working days, and is cut by 500,000 barrels if it slumps below 22 dollars for 10 working days. (AFP) |
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Jalan rules out India moving towards unified regulatory system BANGALORE, July 16: Reserve Bank of India Governor Bimal Jalan today ruled out India moving towards a unified regulatory system for the financial sector in the immediate future. Inaugurating the Fifth Asia Pacific Risk and Insurance Association (APRIA) conference at the Indian Institute of Management here, he said though the global trend was towards a unified financial regulatory system, developing economies such as India was not prepared for it. He said regulatory systems such as the RBI, Securities and Exchange Board of India (SEBI) and the Insurance Regulatory and Development Authority (IRDA) had an independent role to play. Besides, they were also helping the development process and a unified regulatory system would not be viable. Such a system would also become huge and unwieldy, he said and referred to the collapse of a financial institution as it had become very huge. (though he was obviously referring to the Unit Trust of India, he did not name it). However, Dr Jalan said study groups could be set up for the purpose so that in the distant future this could become a reality. IRDA Chairman N Rangachary, in his address earlier, referred to the world moving towards a unified financial regulatory mechanism, and said the winds of change might also have its impact on India. Dr Jalan said the country was deliberately implementing the reform process at a slow pace so that it did not meet with the same fate like that of the East Asian and Latin American countries. Admitting that the recessionary trends in the manufacturing sector had led to a slower growth rate of 5.5 per cent, he said this had not affected the economy badly. The increase in the consumer price index was only three per cent during the last 18 months despite a surge in oil prices. He said the current buffer stock of foodgrains was enough to feed the country for two to three years in the event of a drought and the huge foreign exchange reserves would act as an insurance for any eventuality. Dr Jalan said despite the industrial downturn, the strength of the country’s economy lay in its asset management. He expressed confidence that India would emerge as one of the fastest growing economies of the world with a growth rate of seven to eight per cent. By the year 2025, India would be the third largest economy of the world after the United States and China, he said. (UNI) |
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Software export from Haryana witnesses growth CHANDIGARH, July 16: The software export from Haryana had achieved a growth rate of over 90 per cent, from Rs 400 crore in 1998-99 to Rs 2075 crore in 2000-2001, as compared to the country’s average of 55 per cent. The state became the second fastest growing region of the country in software exports which had touched the staggering figure of Rs 2075 crore. Moreover, the Haryana State Electronics Development Corporation (HATRON) became the first Electronic Development Corporation in India to attain the ISO 9001 certification for software development, a spokesman for the Information Technology Department yesterday said. The spokesman said the State Government had decided to set up a hi-tech cyber city in Gurgaon which would be spread over an area of 100 acres to make Haryana an it savvy state. He said the Government had decided to exempt the importers of IT goods from the local area development tax recognising the importance of private initiative in the IT sector. The state was also in process of setting up internet ‘Dhabas’ in rural areas, he informed. Another scheme entitled ‘Gyanodaya Yojana’, especially aimed to benefit the rural areas of the state, had also been prepared under which a facilitation-cum-information centre would be set up in every village. With the help of these centres, rural people would be able to get information about various Government programmes and developmental schemes. They would also be able to avail on the internet facility at village level. He said the Union Government had also approved setting up of five women empowerment centres in Sonipat district which would provide information about women related issues and would also act as information centres for the entire village. Another project was coming up in which computers would be installed at 1000 sites in 19 districts and five villages each in all the 111 blocks would have cyber cafes, he added. (UNI) |
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Gold notch up fresh ground on overseas note NEW DELHI, July 16: Gold prices picked up further on the bullion market today on persistent buying by local parties in view of a consistent rise in its prices in overseas markets and registered moderate gains. Silver on the other hand, declined on reduced buying against fresh offloading by stockists. Marketmen said a steady rise in gold prices in the overseas markets mainly influenced the trading sentiment here. They said silver lost fresh ground on local stockists selling while weekly-based delivery was better as speculators are hoping for a rise in its prices in the near future. Standard gold and ornaments rose further by Rs.5 each at Rs.4380 and Rs.4230 per ten gram respectively. Sovereign continued to be at the previous level of Rs.3675 per piece of eight gram. Silver ready was lower by Rs.35 at Rs.7140 per kilo while weekly based delivery by Rs.15 higher at Rs.7170. Silver coins held unchanged at Rs.10,900/11,000 per 100 pieces. Following were today’s quotations: Silver ready 4380 and delivery 4230. Silver coins buyer 10,900 and seller 11,000 standard gold 4380, ornaments 4230 and sovereign 3675. (PTI) |
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Is ‘option trading’ a right option for investors? MUMBAI, July 15: The word "option" has been a new addition to the Lexicon of Indian equity investors but its success amid the existing lacunae in the system and poor awareness level is a moot point, according to stock brokers here. Option trading, a derivative instrument being successfully used in major stock markets worldwide, has indeed certain added advantages over the ‘badla’ system but the present inadequacies in infrastructural set up and market system would certainly cast its shadow on immediate success of the system, the stock brokers feel. This system can cater to the needs of different classes of market players and investors with divergent market perspectives such as bullish, bearish, stable or range-bound movement unlike badla. However, investors and brokers would take time to acquaint themselves with the complex concept which requires a skilled approach to understand and use it, the brokers told UNI. For derivative instrument to be success, a well functioning system of margin trading is required, which in turn requires an efficient system of lending or borrowing of shares, access to bank funds and system for electronic transfer of securities which are at present not upto the mark, m mistry, a leading member of the Bombay Stock Exchange said. "Our market would not be ready for the new trading mechanism till the above issues are addressed and so the old carry forward system or at least T"5 settlement system should continue", said Mr Mantri. Options are deferred contract which assigns the writer the right but not the obligation and seller the obligation but not the right. This can facilitate trading, hedging and arbitrage in the market. The guidelines of regulatory authority making paying of upfront margin or collateral deposit mandatory before entering into a contract, has made it a relatively safe option with limited risk. The introduction of option trading accompanied by the compulsory rolling settlement system has led to a significant decline in the trading volume, said Dina Mehta, former President of the BSE. Brokers are protesting against the introduction of compulsory rolling settlement, which according to them has led to decline in trade volume, but it remains to be seen what measures the regulatory authority take to settle the issue. (UNI) |
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