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Prices of precious MUMBAI, Nov 27: Prices of both precious metals modest eased due to.....more Pak signs major financial ISLAMABAD, Nov 27: Pakistan has signed an agreement with the US to...more
Defence Ministry, Gujarat NEW DELHI, Nov 27: Ministry of Defence and Gujarat Government bagged ...more |
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Lord Currie
moots strong NEW DELHI, Nov 27: Well-known economist Lord David....more Power supply position CHANDIGARH, Nov 27: The power supply position in Haryana......more Debt market witnesses MUMBAI, Nov 27: The wholesale debt market segment....more MUMBAI, Nov 27: The Indian Global Depository Receipts....more
Firm trend witnessed MUMBAI, Nov 27: A firm trend was witnessed on the....more |
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Prices of precious metals drop MUMBAI, Nov 27: Prices of both precious metals modest eased due to weak global and upcountry advices coupled with poor demand at the local bullion market today. Silver .999 and raw grades dropped slightly by Rs 10 each to Rs 8120 and Rs 8000 per kg respectively owing to lack of fresh demand at yesterday’s high level from local dealers induced by subdued Hongkong and London advices. Global silver price quoted a low of US dollar 5.25 per ounce against 5.35 on previous day’s level. Similarly, gold biscuit price also crashed by Rs 150 to Rs 54,500 per ten tola while standard mint and 22 carat values also eased slightly by Rs 5 each to Rs 4660 and Rs 4310 per ten gm respectively on increased offerings by local stockists. While demand was slack at higher level mainly from jewelley units. Closing rates: Silver (per kg).999 Rs 8120 (Rs 8130) raw Rs 8000 (Rs 8010) Gold (per ten gm)standard mint Rs 4660 (Rs 4665) 22 carat Rs 4310 (Rs 4315 nominal) Gold biscuit (per ten tola) Rs 54,500 (Rs 54,650). (UNI) |
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Pak signs major financial deal on debt with US ISLAMABAD, Nov 27: Pakistan has signed an agreement with the US to reschedule 926 million US dollars in debt, an official announcement said. The agreement, signed in Islamabad yesterday between Javed Akram, secretary Economic Affairs Division of Pakistan Government, and the US Ambassador in Islamabad William B. Milam, will help Pakistan to repay after the year 2003, the announcement said. Under the original arrangement this amount was to be paid before the end of next year. The rescheduling was part of an overall relief package of 3.3 billion US dollars arranged through the Paris Club by the ousted Nawaz Sharif Government earlier this year. Pakistan, however, had to negotiate and sign bilateral agreements with the individual creditor countries of the Paris Club before December 31 this year. The deal with the US was the largest in debt relief amount for Pakistan which would provide enough breathing time for the Government which is yet to settle down. The agreement has come at a time when the country’s deepening economic crises shows little sign of recovery even as the Pakistan’s foreign exchange reserve continues to hover around the danger level of 1.6 billion US dollar while the IMF is yet to resume negotiations for clearing a much awaited 280 million dollar loan package. (PTI) |
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Defence Ministry, Gujarat Govt bag IITF gold medals NEW DELHI, Nov 27: Ministry of Defence and Gujarat Government bagged gold medals for the best pavilions in the Central and State Governments categories at the 19th India International Trade Fair (IITF) which concluded here today. Coir Board and Italian company, Sea Srl Automatic Gates also won gold medals in the public sector and foreign pavilion categories. Giving away the awards, Union Minister of State for Commerce and Industry Omar Abdullah said the fortnight-long fair mirrored the progress achieved by India in various spheres of life. The other awardees were Ministry of Rural Development, Department of Ocean Development, Maharashtra and Madhya Pradesh (all silver medals). Andamans and Nicobar Islands claimed the silver in the Union Territories category, while Delhi Metro Rail Corporation won the second prize in the public sector category. Silver medal in the foreign pavilions category went to Sri Lanka Export Development Board. During the fair, India signed agreements with China and Yugoslavia for participating in future trade fairs, Indian Trade Promotion Organisation Chairman and Managing Director Yogesh Chandra said. He said Israel placed orders for textile products worth Rs 5 crore during the fair. (PTI) |
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Lord Currie moots strong regulatory body NEW DELHI, Nov 27: Well-known economist Lord David Currie has said privatisation of crown jewels should be motivated by efficiency and innovation rather than raising revenues to plug fiscal deficit. The idea of privatisation could be better sold to the public on the ground that it would promote efficiency and creativity. "If the prime reason for privatisation is to raise money for meeting budgetary deficit, it would serve only a limited purpose", Lord Currie said at an Assembly of industrialists and academicians, organised by the ASSOCHAM, here last night. Lord Currie is Deputy Dean for External Relations, Professor of Economics and Governor at London Business School. Speaking on "privatisation and liberalisation : An international perspective" here, Lord Currie, well known in the field of international economic policy and forecasting, said public monopoly should not be replaced by private monopoly. The right industrial structure during and after privatisation should be achieved at the first attempt, he emphasised. It would leave the regulatory authorities free from any political interference. "The more the competition, the less regulation needed", he quipped. In the first place, a strong and independent regulatory body with clearly defined role should be set up for ensuring predictability. Otherwise, lord currie warned, it will render long-term capital decisions difficult and costly. Citing the possible obstacles to privatisation, the economist said the trade unions are likely to oppose vehemently because of the obvious loss in jobs. "The benefits of privatisation are defused unlike the obvious loss in employment." On valuation of public assets, he said the market also would find it very difficult to find the right price if the assets are sold in a bundled manner. Lord Currie said overseas companies should be allowed to enter into strategic partnerships with public units before they are sold off to help fetch a better price. Besides, very sick public enterprises should be restructured, at least to a limited extent, before they are offloaded in the market. (UNI) |
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Power supply position in Haryana improves CHANDIGARH, Nov 27: The power supply position in Haryana has further improved with the increase in daily availability of power by four million units. This was stated by Uttar Haryana Bijli Vitran Nigam and Dakshin Haryana Bijli Vitraj Nigam Managing Director Tarun Bajaj while addressing a meeting of the officers of the Corporations yesterday. Mr Bajaj said that daily availability of power in the State had shot up to 40 million units. Therefore, the quota of DHBVN had been enhanced from 17.9 million units to 18.6 million units and that of the UHBVN from 16.3 million units to 17.2 million units. All the power cuts imposed on domestic and non-domestic power consumers in urban areas have already been withdrawn. The agriculture sector was being provided power for nine to ten hours daily, he said adding that all the consumers in the State were getting power from 0530 hrs to 0830 hrs. The morning peak load restrictions for industrial consumers had been completely withdrawn and the evening restrictions had been reduced by half an hour. Mr Bajaj directed the officers that with the availability of single phase meters, a special campaign should be launched in the state to replace defective meters by December 15. He asked the officers to ensure that no feeder was left without feeder meters so as to monitor actual consumption of power through a particular feeder. The meters should be covered with cup boards to void tampering by unscrupulous consumers. He said that both these power vorporations hab already selected 50 feeders of 11 kv level in the state which are lengthy and overloaded, causing eretic power supply of low voltage and higher line losses. Steps were being taken to stroxthen power transmission system in district Hisar and Fatehabad, he said. The 220 kv sub-station in the industrial area of Hisar was being provided with an additional transformer of 50 mva capacity which would improve power supply in the command areas of various 132 kv sub-stations in these two districts while the capacity of 132 kv sub-stations at Fatehabad was also being augmented by setting up additional transformer. (UNI) |
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Debt market witnesses trading worth Rs 1035 cr MUMBAI, Nov 27: The wholesale debt market segment of the National Stock Exchange (NSE) witnessed trading worth Rs 1035 crore today. Total turnover during the week ended November 27, reported lower at 7198.43 crore as against 8068.34 crore of the previous week. Turnover in corporate debentures were also declined sharply to Rs 67.36 lakh this week as compared to Rs 832.54 lakh of the previous week. (UNI) |
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MUMBAI, Nov 27: The Indian Global Depository Receipts (GDRs) moved up further while the BSE sensex recovered marginally during the week ended on November 26. Information technology ADRs "infy" and "sify" continued to gallop, touching new highs. The feel good sentiment rubbed on the domestic market also and on the back of renewed buying in IT scrips, the market bounced back after a weak start on Friday. Finance Minister Yashwant Sinha’s prediction of a 6.5 per cent plus economic growth for fy-1999-2000 compared with a 5.8 per cent a year ago helped the upbeat sentiment. But the run up for "infy" on NASDAQ could not go beyond us dollar 235 on november 22 and it started to slide, ending the week at US dollar 212.06, and so did the Skindia GDR index. Over the week the Skindia GDR index and the BSE sensex gained by 8.09 points and 134.52 points respectively. During the week the average premium of the 66 drs fell down to 7.63 per cent on November 25 from 10.08 per cent on November 18 and the spreads between the 41 most traded drs narrowed to 7.91 per cent on November 25 from 8.36 per cent on November 18. In a statement, Skindia Finance said that, during the week the Skindia GDR index P/E ratio rose by 1.60 per cent to 72.32 from 71.19 while the skindia GDR index premium lost by 12.17 per cent from 29.83 per cent to 26.20 per cent. In the GDRs section there were 30 gainers, 21 losers while 14 remained unchanged. The top gainers for the week were Satyam Infoway, Eid Parry and Pentafour Software which appreciated by US dollar 79.56 (55.50), US dollar 2.75 (2.40) and US dollar 31.00 (27.50) respectively while the top losers were jct ltd, tube invest and garden silk which decreased by US dollar 1.50 (1.75), US dollar 2.75 (3.15) and US dollar 1.00 (1.10) respectively. Over the week the 66 drs on an average gained by 1.03 per cent and the underlying shares by 2.67 per cent. In drs the top gainer was the it sector gaining 19.09 per cent followed by steel and auto sectors gaining by 5.37 per cent and 5.31 per cent respectively. The top three losers were telecom, textiles and cement sectors losing by 3.79 per cent, 3.43 per cent and 0.96 per cent respectively. On the other hand in the underlying shares the top gainer was the aluminium sector rising by 7.70 per cent followed by steel and it sectors gaining by 7.38 per cent and 6.48 per cent respectively. The losers were cable losing by 2.64 per cent, textiles losing by 1.50 per cent and telecom losing by 0.28 per cent. (UNI) |
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Firm trend witnessed on local bourses MUMBAI, Nov 27: A firm trend was witnessed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) during the week ended November 27. Smart performance staged by info-tech, refinery and few other stocks maintained the market sentiments firm throughout the week. Continuous good buying support from Foreign Institutional Investors (FIIs) and local operators supported the market well during the week. An all-time high record by Infosys Technologies Ltd and handsome rally of Zee Telefilm on the report of likely decision by the company on stock split gave further push to the market, dealers said. Reflecting the overall mood, the 30-share BSE sensex rose sharply by 120.89 points to 4704.99 points as against the previous week’s close of 4584.10 points while the S P CNX nifty index at the NSE posted a smart gain of 37.75 points to 1399.60 points from last week’s close of 1361.85 points. The broad-based BSE-100 index advanced by 83.08 points to 2239.15 points as against last Friday’s close of 2156.07 points. After touching an all time high of 9773 infosys technologies scrip closed at Rs 9615 on friday registering a whopping gain of Rs 1065 from last week’s close of Rs 8550, media giant Zee Telefilm too added heavy gain of Rs 792 at Rs 5857 from the previous week’s close of Rs 5085, Satyam Computer advanced by Rs 356 at Rs 1970. Among the refinery stocks Bharat Petroleum and Hing Petroleum shot up by Rs 110.30 and Rs 50 to Rs 411.80 and Rs 235. On Thursday the Infosys Technologies Ltd informed the Bombay Stock Exchange that the Board of Directors of the company was likely to take a decision on stock split in their meeting to be held on Monday, November 29. Reacting to the company’s decision the IT Giant Infosys scrip touched an all time high of Rs 9773 (intra-day) before closing at 9545 on that day. The scrip added further gain on Friday and closed at Rs 9615, registering a gain of Rs 1065 from the previous week’s finish. Zee Telefilm also followed the path of infosys by registering remarkable gain on the company’s decision on stock split. Finance Minister Yashwant Sinha’s prediction of a 6.5 per cent plus economic growth for fy-1999-2000 and upbeat sentiments at the GDR market shining of ADR’s of Indian companies in the Nasdaq market also strengthened market sentiments on the local bourses, dealers said. Mirroring the bullish phase, the other indices at the BSE, the BSE -200 and dollex closed higher by 21.02 and 7.84 points to 522.00 and 200.07 points as against the previous week’s close of 500.98 and 192.23 points respectively. The S P CNX defty at the nse rose by 29.70 points to 1117.45 points from the previous week’s close of 1087.75 points. The S P CNX nifty junior index shot by 170.30 points to 2884.45 points as against the previous close of 2714.15 points. The S P CNX-500 increased by 39.09 points to 1037.18 points from the previous week’s close of 998.09 points. Although the market is on a firm path, analysts however cautioned for the setback in the coming week. The reported directives to the FIIs by their fund managers advising them to remain out of market from December 15 is likely to put pressure on the market sentiments in the next week, analysts said. Even, the market has gone up substantially in last couple of trading sessions and it is headed for a small correction, a senior dealer at the local broking firm said. Among the issues, ACC rose by Rs 10 to Rs 198, Bank of Baroda Rs 2.80 to Rs 71.30, BHEL Rs 18 to Rs 266, BSEs Rs 6 to Rs 167, Cipla Rs 79 to Rs 1467, German Reme Rs 18 to Rs 1046, Grasim Rs 7 to Rs 443, Hind Lever Rs 138 to Rs 2312, Ind Hotel Rs 3 to Rs 367, Mahindra & Mahindra Rs 25 to Rs 430, Navartis Rs 27 to Rs 1184, Pentafour Software Rs 98 to Rs 1184, Silverline Rs 61 to Rs 500, SBI Rs 8 to Rs 234, TELCO Rs 6 to Rs 233, Wipro Rs 159 to Rs 1277. The losers included Bajaj Auto who dropped by Rs 13 to Rs 396, Colgate moved down by Rs 4 to Rs 224, Dr Reddy Rs 56 to Rs 1181, E Merk Rs 10 to Rs 619, Hero Honda Rs 45 to Rs 1130, ITC Rs 34 to Rs 729, Nestle Rs 40 to Rs 475, Proct & Gamb Rs 27 to Rs 842 and TATA Tea Rs 7 to Rs 518. (UNI) |
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