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| BSE in lookout for sub-brokers MUMBAI, Oct 20: Aimed at maximising distribution network and expanding the bourse.......more Rupee to continue MUMBAI, Oct 20: The Rupee was expected to open firm on Monday on bunched-up weekend dollar.......more IACC suggests 10-point NEW DELHI, Oct 20: The Indo-American Chamber of Commerce (IACC) has....more |
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Inflation
plummets to 3.02 pc NEW DELHI, Oct 20: Notwithstanding the domestic oil price hike, inflation declined by another 0.32.......more MUMBAI, Oct 20: The interbank call rate was expected to hover around the repo rate in the week.....more Bullion subdue, oils MUMBAI, Oct 20: The commodities market witnessed bullion prices slide as investors shifted to the ...........more |
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SBI Marh organizes function on rural financing.... Govt to bring in uniforming in centre-state sharing of schemes ...... |
MUMBAI, Oct 20: Aimed at maximising distribution network and expanding the bourse, the Bombay Stock Exchange (BSE) has taken a nationwide step by inviting applications for the exchange’s sub-brokership as well as remisiership. The BSE would provide a platform for matching the applicants’ customised requirements with those of the members of the bourse, BSE official said. "BSE through this initiative, strives to expand its reach and operations throughout the country. The exchange intends to provide the top-of-the line, value-added services in a cost effective manner to all market participants, all over the country," Mr Sunil Vichare, general manager, membership services department told UNI. The BSE, Asia’s oldest bourse is gearing up to face the challenges emerged before the capital markets in the current competitive age. As like any other stock exchange, the bse was also looking out for an opportunity by which the bourse can earn more business to maintain its status of country’s premier bourse, the sources said. Besides the sub-brokers, the bse has also decided to appoint remisier for the first time, the sources at the BSE said. A remisier is a person who is engaged by a member primarily to solicit commission business in securities. The Securities and Exchange Board of India (SEBI) has given recognition of the remisier registration by BSE. The exchange maintains rules, regulations bye laws for remisiers, which was approved by the governing board in its meeting held on June 23, 1997. The basic idea behind appointing a remisier was to enhance the business of bse member brokers, by developing a chain of remisiers and thereby serving a large number of investors, the BSE official said. The exchange has launch the drive all over India and at the initial stage it had received tremendous response, the official said. (UNI) |
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Rupee to continue slippery trend
on floating MUMBAI, Oct 20: The Rupee was expected to open firm on Monday on bunched-up weekend dollar supplies but may slip later on floating corporate dollar demand and fresh month-end covering in the coming week. Forward dollar premium, tracking the spot Rupee movement, was likely to move up further but expectation of a bank rate cut and easy liquidity in the banking system, could cool down the forward market, helping the sixth-month annualised premiums to settle around around the 4 per cent level, dealers said. During the week ended October 18, the Rupee, snapping its multi-month gaining streak against the US dollar, fell by six paise to close at a three-week low of 48.3950 on fresh import dollar demand. The Interbank Foreign Exchange (FOREX) market, which remained quiet with the Rupee maintaining a firm trend in the last 19th straight week, turned volatile due to a sudden import dollar demand, mainly from state-owned oil companies and large private corporates. The market was driven down by fears of the Rupee’s weakening in view of the greenback’s recovery in the overseas markets following a smart rally in US stocks, a treasury head at a private brokerage firm said. Importers, who were all watching from the sidelines on expectations that the Rupee would continue its upbeat trend which started from June this year, made a mad scramble for dollars during the week, he said. Opening the week on a firm note at 48.33/34, the Rupee witnessed volatile swings, firming up to a high of 48.32 and dipping to the week’s low of 48.42. The Indian unit closed the week at 48.3950/4050, the lowest since September 26 while shedding six paise from the previous week’s close of 48.3375/3425. Despite the weakening of the spot Rupee, forward dollar premiums ruled easy on scattered receiving by state-run banks. The growing expectation of bank rate cut in the forthcoming monetary and credit policy announcement, cushioned the impact of the volatile spot market in the forward segment. The sixth-month annualised premium closed the week lower at 3.83 per cent as compared to 3.90 per cent of the previous week’s close. In the cross currency trade, the Rupee appreciated by 58 paise against the Euro to 47.10 (47.68), 60 paise against the Pound Sterling to 74.92 (75.52) and 25 paise against the Yen at 38.65 (38.90) as the Dollar rose sharply in overseas markets. At the global FOREX markets, the dollar, drawing strength from rising US stocks, rose to new four-month highs against the Yen at 125.56 Yen. The euro also slipped to a one-month low of 96.99 cents. (UNI) |
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IACC suggests 10-point programme to boost FDI NEW DELHI, Oct 20: The Indo-American Chamber of Commerce (IACC) has evolved a ten-point action frame for accelerating the tempo of inflow of foreign direct investment into India, particularly from the US. In a study titled actions areas for augmenting the flow of FDI into the country, the chamber also catalogued the risk elements involved in investing in India, procedural hurdles, sectorial ceilings on FDI, infrastructural bottlenecks, rigid labour laws and inadequate protection of intellectual property rights as the major hindrances to the flow of FDI into the country. IACC president Vinod Chandiok said the suggestions for enhancing the FDI inflow have been crystallised by the chamber after discussions with a cross section of eminent people, including businessmen from India and the US, senior government officials and financial consultants. The study revealed that only about 220 of the fortune 500 companies have presence in India. Our efforts are to bring all these companies to India and make their presence significant, he said. The risk elements perceived by foreign investors while investing in India included frequent policy changes, exit risk and nascent state of regulatory bodies, besides commercial risk. The general perception is that no serious efforts are being made in India to address these risks in the right perspective, the study says. This is the reason for China becoming a preferred destination for foreign investors, it added. Calling for streamlining the policy framework for attracting more investment into the country, the study suggested a review upwards of sectorial caps for fdi, particularly in the field of telecom and insurance. Cap on FDI in telecom should be increased to 74 per cent and the ceiling of 26 per cent in FDI in insurance be increased further to attract investments,it said. There is a strong case for opening up the aviation sector for foreign airlines, along with the retail sector, it said. The study recommended more attention on attracting investments in the export sector as has been done by China. Poor infrastructure and rigid labour laws are limiting factors, it said. Need based downsizing of the labour force and review of SSI reservations are some of the steps that can be taken in this regard. It also sought immediate attention to the perceptional divide between the states and the centre in attracting foreign investment. Referring to the current impasse in the process on disinvestment, the study called for resolving the political differences at the earliest to pave the way for early privatisation of the PSUs. This is for enhancing the efficiency of these undertakings and for resource mobilisation, it pointed out. FDI in tea and coffee plantations can come only in states like West Bengal, Assam and Kerala, but these states are not very keen to attract FDI to these sectors, it said. If these states are not keen, policy changes at the Centre would become meaningless, the study pointed out. Entry taxes and octroi, differential rates of sales tax and excise on companies, high rates of stamp duty, restrictive urban land ceiling acts and rent control acts are dampeners to the flow of FDI, the study said. (UNI) |
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NEW DELHI, Oct 20: Notwithstanding the domestic oil price hike, inflation declined by another 0.32 per cent to 3.02 per cent for the week ended October 5 even as vegetables became costlier. The hike in vegetable prices was to a great extent contained by fall in the price of foodgrains and fruits, leading to point-to-point Wholesale Price Index (WPI) dip for the third consecutive week from 3.34 per cent in the previous week and the index was 3.18 per cent a year ago. WPI for the period declined by 0.1 per cent to 167.2 from 167.3 a week ago and the index was 162.4 in the previous year. The final WPI for week ending august 10 stood revised at 166.9 as against provisional figure of 166.7 while inflation stood at 3.15 per cent as against 3.03 per cent previously. Economists predict that inflation would increase in the coming months due to "spin-off" effect created by oil price hike from October 1. Consumer price index for agricultural labour and rural labour rose by two points each to 321 and 323 respectively in septembrestingly, fuel, power, light and lubricants’ group index stood firm at the previous week’s level of 239.7 even as the Government effected increase in petrol and diesel due to similar gyrations in international market. The index was 230.4 in the previous year period. The index for primary articles rose by 0.1 per cent to 175.1 from 174.9 due to costlier food and non-food articles and the index was 170.7 a year ago. Food articles’ index was up by 0.1 per cent to 181.3 from 181.1 due to higher prices of arhar (two per cent), fruits and vegetables, fish inland and mutton (one per cent each). But prices fell for fish marine (five per cent), jowar (four per cent), maize, barley and eggs (two per cent each) and bajra and urad (one per cent each). Index for non-food articles went up by 0.1 per cent to 163.8 due to costlier raw cotton and rape and mustard seed (one per cent each), even as price dipped for niger seed (three per cent), cotton seed (two per cent) and raw jute and fodder (one per cent each). Manufactured products’ group index rose by 0.1 per cent to 148.4 from 148.3 due to costlier food, paper and chemicals and the previous year. The index for food products rose by 0.1 per cent to 154.2 due to three per cent hike in the price of solvent extracted groundnut oil and one per cent in sooji and oil cakes, while prices fell for sunflower oil (three per cent), rice bran oil (two per cent) and butter, ghee, bran, khandsari, groundnut oil and cattle feed (one per cent each). Index for textile group declined by 0.1 per cent to 123.1 due to lower prices of Hessian and sacking bags (three per cent) and texturised yarn (one per cent), while prices of tyre cord fabrics rose by six per cent and that of cotton knitted garments by three per cent. Paper and paper products’ index rose by 0.1 per cent to 173.7 due to one per cent rise in price of map litho paper. Index for chemicals and chemical products rose by 0.3 per cent to 172.8 owing to costlier acids (15 per cent), purified terepthalic acid (three per cent) and liquid chlorine (one per cent). (PTI) |
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MUMBAI, Oct 20: The interbank call rate was expected to hover around the repo rate in the week amid abundant liquidity and higher demand for funds in the first week of the reporting fortnight. Government securities, riding on hopes of an interest rate cut after the Reserve Bank of India (RBI) Governor ruled out any intervention in the bond market in view of the falling yields, were likely to move up further. However, profit booking at the present higher levels by cautious investors ahead of the monetary and credit policy announcement, could limit the gains, dealers said. During the previous week ended October 18, the call rate ruled easy at the sub-repo level on abundant liquidity and subdued demand during the second week of the reporting fortnight ended October 18. The call rate opened the week on a firm note at 5.75-85 per cent but later drifted lower during the week on ample liquidity in the system and waning demand for funds towards the reporting Friday. Though the restriction on borrowing and lending in the call money market resulted in a few private and foreign banks facing some temporary mismatches in liquidity, it pushed up the call rate above the repo levels initially during the week. Sufficient supplies by state-run banks confined the rate below the repo levels in the later part of the week. The call rate closed at 5.65-75 per cent on the reporting Friday, down from 5.75-85 per cent of the previous week’s close. Reflecting the loose liquidity in the system, RBI received an average daily subscription of above Rs 15,000 crore during the week. The secondary market for Government securities maintained a firm trend throughout the week with most of the bond prices touching their historic higher levels on sustained buying support. While the the abundant liquidity in the banking system and drop in inflation rate had driven up the bond prices initially during the week, the growing expectation of a bank rate cut in the coming monetary and credit policy announcement after the RBI Governor Bimal Jalan’s comment expressing comfort at the falling yield curves and his ruling out any immediate move to cool down the prices, gave a further boost to the sentiment towards the weekend, dealers said. Most of the bonds ended the week at their historic higher levels, gaining 15-40 paise from their previous week’s close. The 7.40 per cent, 2012, and the 7.55 per cent, 2010 securities closed the week higher by 38 and 13 paise at Rs 102.53 and Rs 104.73 respectively as compared to their previous week’s close. The 11.50 per cent, 2011 bond and the 11.03 per cent, 2012 bonds also gained 33 and 31 paise at Rs 129.83 and Rs 127.40. (UNI) |
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Bullion subdue, oils gain, sugar weaken during the week MUMBAI, Oct 20: The commodities market witnessed bullion prices slide as investors shifted to the financial markets, oils and select seeds gain significantly and sugar prices weaken during the week ended October 19. Wall street rally, strong dollar strip bullion of glitter prices of gold and silver slid during the week, tracking its overseas price, which conceded nearly three per cent to the rally in global stock markets. Price of standard mint and gold biscuit resumed the weekly trade on a firm note at Rs 5,230 per ten gm and Rs 61,300 per ten tola on sustained festival demand. The prices lost significantly by Rs 55 and Rs 650 on Wednesday on thin offtake as well as subdued overseas advice. Both the prices recovered only marginally to finish the weekly trade at Rs 5,160 per ten gm and Rs 60,400 per ten tola, losing Rs 50 and Rs 650 from their October 12 finish. At the London Bullion Exchange (LBE), gold lost nearly three per cent or just over usd nine an ounce, since the start of the week as stock markets rallied. It hit a low of USD 309.40 on Thursday, its weakest level since August 28. The US stocks clinched positive territory on Friday, finishing a week of gains that steered the dollar to a four-month high against the Yen and a fresh one-month peak against the Euro. US stocks produced a stunning rally of 1,036 points in the blue-chip Dow Jones industrial average in six of the last seven trading sessions. The dow jones industrial average climbed six per cent during the week to 8,322.40 on friday, in the second week of gains after six weeks of losses, while the Nasdaq composite index rose 6.39 per cent to 1,287.86. The combination of a strong stock market and a strong dollar pressurising the gold market was, however, partially restricted by the concerns of global political tensions following the Bali bombing, Iraq and also the prospect of a global economic recovery. Silver .999 fineness variety, which also resumed the weekly trading on a bullish note at Rs 7,670 per kg lost Rs 50 from its previous finish to close the week at Rs 7,700 on weak festival and industrial demand. Prices of non-ferrous metals lead ingots and tin slab declined during the week by Rs 225 per quintal and Rs three per kg in the absence of industrial demand while Nickel Cathode rose by Rs 10 per kg on insufficient stocks at the local wholesale market. Other non-ferrous and ferrous metals fluctuated in a narrow range during the week and held steady at the end of the weekly session on moderate buying, traders said. Following were the rates (per quintal) at the end of the weekly session: Ferrous metals: Copper heavy - Rs 10,700, Copper utensils - Rs 9,900, brass utensils - Rs 8,500, Brass cuttings - Rs 8,900, aluminum utensils - Rs 7,800 Non-ferrous metals: Copper wire bars - Rs 11,700, aluminum ingots - Rs 9,200, Zinc Slab - Rs 6,200, lead ingots - Rs 3,625, Tin slab - Rs 287 (per kg), Nickel cathode - Rs 445 (per kg). Mixed trend with downward bias in sugar prices Wholesale sugar prices witnessed a mixed trend with a significant downward bias at the Turbhe wholesale sugar market. Price of S-30 grade declined by Rs 29 while its ex-factory naka price lost Rs 10 on surplus stocks in the market after the recent high court order declaring the control on free-sale sugar quota release as invalid and the freedom it gave to co-operative sugar factories to unload 90 per cent of their production in the market, according to the bombay sugar merchant’s association. M-30 grade, however, gained marginally by Rs five at the weekend from its previous weekly finish on slightly better festival demand. Its ex-factory naka price, however, declined by Rs five on more than sufficient supplies, traders said. The state co-operative mills accepted tenders from registered wholesale dealers at rates ranging from Rs 1,105 to Rs 1,165 for S-30 and Rs 1,150 to Rs 1,226 for M-30 grade during the week. Mixed trend in cotton market Cotton market witnessed a mixed trend with an upward inclination during the week. At the end of the weekly session, select varieties gained in the range of Rs 28 to Rs 169 on good offtake by spinners and exporters. Popular varieties such as Bengal Deshi and NHH-44 gained by Rs 112 and Rs 169 per quintal while J-34 rose by Rs 56 and LRA and H-4 gained by Rs 28 each. Prices of 26mm, Y-1 and V-797 varieties, however, lost by Rs 85, Rs 56 and Rs 28 on thin demand and sufficient supplies, traders said. Following were the spot rates (in Rupees per quintal) at week-ended October 19. Bengal deshi fine - Rs 4021, Gujarat wagad - Rs 2,953, Gujarat v-797 - Rs 3,065, Karnataka jaydhar - Rs 3,515, RG J-34 (Punjab, Haryana and Rajasthan)- Rs 4,218, Y-1 Jyoti - Rs 3,740, nhh 44 - Rs 4,218, LRA-5166 - Rs 4,302, h-4 - Rs 4,921, Sankar-6 (Saurashtra)- Rs 5,062, MCU-5 (AP) - Rs 6,046, DCH-32 (MP) - Rs 7,874 and 26 mm - Rs 4,302. Oils gain, mixed trend in oilseeds Prices of oils gained significantly during the week on good offtake, while oilseeds witnessed a mixed trend with an upward inclination during the week. Rice bran 4-7 per cent FFA, sunflower expeller, sunflower expeller refined, sunflower solvent refined and karanji rose by Rs 15, Rs 25, Rs 15, Rs 25 and Rs 15 while imported refined bleached deodourised palmolein, soyabean refined, soyabean crude and sunflower crude prices gained by Rs seven, Rs 15, Rs 11 and Rs 25 on good offtake and insufficient supplies. Other oil prices moved up in the range of Rs five to Rs 10. Oilseeds such as groundnut kernel and its bolds 60/70 variety gained by Rs 100 and Rs 45 while sesame whitish and its 95/5 variety rose by Rs 140 and Rs 165 on hectic buying and below usual arrivals. Other seeds moved up in the range of Rs 20 to Rs 55 on similar grounds. Prices of groundnut javas 60/70, 70/80 and 80/90 varieties, however, lost by Rs 25 each on surplus stocks. Among deoiled cakes, rice bran extraction rose by Rs 300 while rapeseed extraction jumped by Rs 500 per mt. Sunflower extraction and soyameal 48 per cent too rose by Rs 100 and Rs 50. Groundnut extraction 45 per cent and kardi extraction lost by Rs 50 and Rs 100 in the absence of buying support, traders said. (UNI) |
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SBI Marh organizes function on rural financing Excelsior Correspondent JAMMU, Oct 20: The State Bank of India (SBI) Marh organized a programme on rural financing with special focus on self help group and Kisan Credit cards on Wednesday. As per a release, Deputy General Manager SBI, Jammu Module, Mr Ashok Nayar graced the occasion and distributed the banker cheques and Kisan credit cards to the beneficiaries. He along with Assistant General Manager, Mr Anil Kumar Gupta visited the stalls organized by different self help groups linked to the Branch and interacted with their members. The programme was also attended by DRDA and DBO officials. The function culminated with a vote of thanks presented by Mr Ashok Kanwal, Branch Manager, SBI Marh. The villagers were informed about the various schemes including tractor loan scheme, kisan credit card, Kisan gold card scheme, loan to pensioners and deposit schemes of the Bank. On the occasion Mr Nayar also presented a shawl to mother of Kargil war martyr Mr Udhaymaan Singh of Shamachak village. |
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Govt to bring in uniforming in centre-state sharing of schemes UDUPI, Oct 20: The Union Government is making efforts to bring in uniformity regarding the share of the Central and State Governments in the textile schemes, Union Minister of State for Textile Basavana Gowda Patil Yatnal said today. During to a felicitation given to him by the Udupi and Dakshina Kannada District Weavers’ Service Cooperative Societies Association, he conceded that there was, at present, disparity in the centre-state share in some of the textile schemes. "This needs to be ratified," he pointed out, adding that the centre was planning to fix the centre-state share across the country as 75:25. In a bid to help poor weavers, Mr Yatnal had recently held discussions with Union Minister for Food and Civil Supplies to include them under the ‘Antyoday Annadan Yojna’. Mr Yatnal said he would hold detailed discussions with Prime Minister A B Vajpayee and Union Textile Minister Kashiram Rana next week to take steps to retain the specified eleven varieties of products with the handloom sector as per Supreme Court directives. He said the Government was also contemplating introduction of health package scheme for the weavers in the handloom sector, including setting up of hospitals. Karnataka Minister of State for Port and Fisheries Vasanth V Salian and local Congress MLA U R Sabhapathy also spoke. (UNI) |
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