Daily Excelsior...Business

Marginal fall in Instanex Skindia DR Index

MUMBAI, Feb 22: The Instanex Skindia DR Index fell marginally by 18.57 points or 0.60 per cent to 3,066.12 on February 21 from 3,804.69 previously......more'

Indiabulls gets nod from SEBI for mutual fund operations

NEW DELHI, Feb 22: Indiabulls Financial Services Ltd today said it has received approval ,...more

Rakuten and Tokyo Tomin Bank launch virtual bank with Flexcube

BANGALORE,Feb 22: I-flex solutions, a leading provider of technology solutions to the global banking and financial .......more

Edible oils climb on seasonal demand

NEW DELHI, Feb 22: Prices of edible oils shot up in the oils and oilseeds market today on frantic buying by stockists in view of ongoing marriage session.Higher overseas trend also boosted the market, marketmen said.Palm oil ex-kandla prices shot up by Rs 300 to Rs 5,400 a quintal .....more

Idea, Spice behind others for spectrum allotment

NEW DELHI, Feb 22: In what could be a disappointment to Idea Cellular and Spice Telecom, which have been claiming seniority for receiving spectrum allocation.......more

Black pepper, cardamom up on stockists buying

NEW DELHI, Feb 22: Black pepper and cardamom prices shot up in the range of Rs 100-500 per quintal in the wholesale kirana ......more

Almond eases on poor demand

NEW DELHI, Feb 22: Almond California traded lower by Rs 100 per 40 kg in the wholesale dry fruit market today due to poor demand on the back of weak .......more

Base metals up on higher global cues

NEW DELHI, Feb 22: Base metal prices improves between Rs 2-5 per kg in the non-ferrous metal market today on higher London Metal Exchange (LME) advices along with speculative buying by stockists and traders.Marketmen said speculative buying on the back of higher global trend pushed up the prices......more

Sail-Jaiprakash Associates JV’s cement plant at Rs 405 cr

Inflation rises to 4.35 pc...

China proposes long-term iron ore agreement with India

No hike in power tariff in capital this year

Marginal fall in Instanex Skindia DR Index

MUMBAI, Feb 22: The Instanex Skindia DR Index fell marginally by 18.57 points or 0.60 per cent to 3,066.12 on February 21 from 3,804.69 previously.

The P/E Ratio also eased to 26.85 from 27.20, Instanex Capital release said here today.

Following are the GDR and ADR rates for Feb 21 in US dollars with differences in percentage from the previous level given in brackets.

Bajaj Auto(GDR) 61.00 (+3.39)

Dr Reddy (ADR) 13.76 (-0.72)

HDFC Bank (ADR) 114.48 (-2.14)

Hindalco (GDR) 4.70 (+6.82)

ICICI Bank (ADR) 56.47 (-3.17)

Infosys Tech (ADR) 41.70 (+1.12)

ITC (GDR) 5.30 (+3.92)

L&T (GDR) 85.75 (+0.76)

MTNL (ADR) 6.00 (-4.31)

Ranbaxy Labs (GDR) 10.30 (+0.98)

Reliance (GDR) 124.71 (+0.20)

Satyam Comp (ADR) 26.09 (-1.14)

SBI (GDR) 115.85 (-0.34)

VSNL (ADR) 24.00 (-5.21)

Wipro (ADR) 11.75 (+1.38)

(PTI)

Indiabulls gets nod from SEBI for mutual fund operations

NEW DELHI, Feb 22: Indiabulls Financial Services Ltd today said it has received approval from the Securities and Exchange Board of India (SEBI) to start mutual fund operations.

The company is in the process of setting up an asset management company and a trustee company, a statement said.

Reserve Bank of India (RBI) has recently approved Indiabulls' proposal to start non-banking financial services (NBFC) business.

The licence will be utilised to set up a company that will launch products targeting the small and medium enterprises (SME) sector. The business will be called Indiabulls Commercial Credit (ICC) and will start in a couple of months.

(UNI)

Rakuten and Tokyo Tomin Bank launch virtual bank with Flexcube

BANGALORE,Feb 22: I-flex solutions, a leading provider of technology solutions to the global banking and financial services industry, today announced that Rakuten Inc and Tokyo Tomin Bank have successfully launched an online banking branch, with Flexcube i-flex core banking solution.

The online branch is hosted at Rakuten Ichiba, the largest e-market place in Japan, an i-flex release said here.

"The branch will provide customers with quick and easy access to account information and easy-to-use online banking services,while protecting their financial data". (PTI)

Edible oils climb on seasonal demand

NEW DELHI, Feb 22: Prices of edible oils shot up in the oils and oilseeds market today on frantic buying by stockists in view of ongoing marriage session.

Higher overseas trend also boosted the market, marketmen said.

Palm oil ex-kandla prices shot up by Rs 300 to Rs 5,400 a quintal while mustard expeller gained Rs 250 to close at Rs 6,000 a quintal.

Sesame and cottonseed mill delivery oils moved up by Rs 150 each at Rs 7,650 and Rs 5,700 a quintal respectively on frantic buying by vanaspati units.

Soyabean degum Delhi rose by Rs 200 at Rs 6,250 a quintal while palmoline rbd gained Rs 100 at Rs 6,000 a quintal on better offtake.

Rice bran oils also posted higher by Rs 150 to Rs 5,000 and soyabean refined mill delivery quoted higher by Rs 100 at Rs 6,300 a quintal on better offtake. (PTI)

Idea, Spice behind others for spectrum allotment

NEW DELHI, Feb 22: In what could be a disappointment to Idea Cellular and Spice Telecom, which have been claiming seniority for receiving spectrum allocation, the government today said it would be distributed first to those who fulfill the conditions of the Letter of Intent.

Going by this, Datacom Solutions is at No 1 position in most of the circles to get radio frequency ahead of others.

Idea and Spice, which have also challenged the government decision to consider other applicants ahead of them, are either at No 2 or No 4 in the seniority list prepared by the Department of Telecom (DoT).

These two companies have asked the government to allot spectrum as per the date of application.

This would end the month-long speculation over the priority list of companies for getting spectrum to offer wireless telephony.

According to an internal note, the Department of Telecom has said that "the first-cum-first-served policy is also applicable for grant of licence on compliance of LoI conditions. Therefore, any applicant which complies with the conditions of LoI first will be granted Unified Access Service License first."

The conditions to be complied by the firms are acceptance of offer, payment of entry fee, performance bank guarantee and others.

As per the date of application, ByCell is at top position but the Government had not issued LoI to it, pending security clearances. (PTI)

Black pepper, cardamom up on stockists buying

NEW DELHI, Feb 22: Black pepper and cardamom prices shot up in the range of Rs 100-500 per quintal in the wholesale kirana market today following pick up demand from stockists against restricted supply.

Black pepper common marked higher by Rs 100 at Rs 15,100 -15,200 per quintal in view of tight supply from Kerala against increase demand from exporters.

Cardamom brown (Jhundiwali and Kanchicut) traded higher at Rs 15,500-15,600 and Rs 17,500-20,500 instead of Rs 15,300-15,400 and Rs 17,000-20,000 per quintal on brisk buying.

Marketmen said fresh stockists buying against restricted supply pushed up Black pepper and cardamom prices.

Following are today’s quotations (in Rs per quintal):

Ajwain 5,000-7,500 Black pepper common 15,100-15,200 Betelnut (kg) 105-115, cardamom brown

(Jhundiwali)15,500-15,600

and cardamom brown (Kanchicut) 17,500-20,500.

Cardamom small (kg): Chitridar 475-565, cardamom (colour robin) 615-635, cardamom bold 635-655, cardamom extra (bold) 675-695 and cloves (kg) 260-290.

Chirounji (new) (kg) 200-250 Dry mango 5,000-26,000 Dhania 5,300-8,000 Dry ginger 9,200-12,500 Kalaunji 7,500-8,000 Mace-Red (kg) 470-490 Mace-Yellow (kg) 455-460 Methiseed 3,500-4,000 Makhana (per kg) 175-220 Nutmeg 270-290 Poppyseed (KG Turkey) 410 Poppseed (KG MP-RAJ) 440-475 Poppyseed (KG U.P.) 370-380 Red chillies 3,000-7,000 Soya bari pariwar (20 kg) 350-400 Saffron (kg) Irani 105000-107000 Saffron (kg) Kashmiri 124000-132000 Soanf 3,500-10,000 Turmeric 3,700-4,800 Tamarind 8,00-1,300 Tamarind without seed 1,800-3,200 Tea (kg) 65-120 Watermelon kernel 8,000-8,100 Jeera common 9,000-9,300 Jeera dollar 9,300-9,400. (PTI)

Almond eases on poor demand

NEW DELHI, Feb 22: Almond California traded lower by Rs 100 per 40 kg in the wholesale dry fruit market today due to poor demand on the back of weak overseas advices.

Almond California dipped to Rs 8,500 from the previous closing of Rs 8,600 a 40 kg and its kernel also declined by Rs 2-5 to conclude at Rs 298-300 per kg.

Marketmen said almond prices plunged due to considerable fall in demand influenced by weak advices from producing regions.

Following are today's quotations per 40 kg bag: Almond (California) new 8,500 Almond (gurbandi) 5,200 Almond (girdhi) 3,300, Almond kernel (California) 298-300 Almond kernel (gurbandi) (kg) 300-340 and Abjosh Afghani 6,00-13,000.

Chilgoza raw-new (1 kg) 390

chilgoza (roasted) (1 kg) 750

cashew kernel 1 kg (no 180) 425-435

cashew kernel (no 210) 385-390

cashew kernel no.(240) 315-320

cashew kernel (no 320) 270-275

cashew kernel broken 2 pieces 250-255

cashew kernel broken 4 pieces 210-245

cashew kernel broken 8 pieces 180-210

copra (qtl) 4,800-4,850

coconut powder (25 kg) 1,100-2,000

dry dates red (qtl) 2,600-7,500

fig 3,500-12,000

kishmish kandhari local 5,300-5,500

kishmish kandhari special 11,000-14,000 kiahmish indian yellow 3200-3400

kishmish indian green 3,200-4,500

pistachio Irani 455-475

pistachio Hairati 475-515

pistachio Peshawari 530-565

pistachio dodi (roasted) 340-350

walnut new 110-200

walnut kernel new (1kg) 350-500.

(PTI)

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Base metals up on higher global cues

Marketmen said speculative buying on the back of higher global trend pushed up the prices.

At the LME, nickel shot up 1,150 dollars at 29,250 dollars, tin gained 275 dollars at 17,400 dollars and copper swifted by 270 dollars at 8,420 dollar followed by zinc, which moved up 120 dollars at 2,530 dollars a metric tonne respectively.

In local market, nickel plate (4x4) (9x9) and (4x24) swifted by Rs 5 each at Rs 1,325-1,420, Rs 1,330-1,435 and Rs 1,330-1,455 a kg respectively.

Tin ingot also swifted by Rs 5 to settle at Rs 810 a kg on better offtake.

Copper wire scrap, copper super d rod, copper wire bar, copper mixed scrap, C C rod, Utensil scrap and Mixed scrap all moved up by Rs 2 each at Rs 347, Rs 370, Rs 367, Rs 327, Rs 359, Rs 312 and Rs 307 per kg respectively.

Zinc slab and zinc dross too found fresh support at Rs 140 and Rs 120 from Rs 137 and Rs 117 a kg respectively.

Following are today's quotations per kg (in Rs):

Tin ingot 810, zinc slab 140.00 zinc dross 120.00, nickel plate (4x4) 1325-1420, (9x9) 1330-1435, (4x24) 1330-1455, cadmium plate 440, Rod 425, antimony (china) 285, gun metal scrap 252, bell metal scrap 250, copper wire scrap 347, copper super d rod 370, copper wire bar 367 copper mixed scrap 327, C C rod 359, Utensil scrap 312, Mixed scrap 307, Chadripital 245, brass sheet cutting 240, bullet scrap 260, bharat scrap 250, accessories scrap 255, brass boring 235-245, brass radiator scrap 225 and huny scrap 250.

Lead ingot 120, Lead imported 153-158, Aluminium ingots 127, sheet cutting 122, aluminium wire scrap 117 and Aluminium utensils scrap 112. (PTI)

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Sail-Jaiprakash Associates JV’s cement plant at Rs 405 cr

NEW DELHI, Feb 22: Steel Authority of India Ltd has entered into an agreement with Jaiprakash Associates to form a joint venture company which would set up a 2.1 million ton cement plant in Bokaro with an estimated investment of Rs 405 crore.

The joint venture company - Bokaro Jaypee Cement Ltd - would have an initial, authorised paid-up capital of Rs 50 crore raised through debt-equity in the ratio of 70:30, SAIL said in a statement.

Equity participation in the new company by Jaiprakash Associates and SAIL would be in the ratio 76:24.

The proposed cement plant would come up in over two years and it will use the slag generated by SAIL’s Bokaro Steel Plant’s blast furnaces.

SAIL is also contemplating a similar initiative for utilisation of slag generated at its Rourkela Steel Plant, for which it is scouting a joint-venture partner.

The public sector steel manufacturer has decided to diversify in cement production in a phased manner. However, in order to leverage the competence of established cement players, the company has decided to opt for the joint-venture route for the purpose, the statement said.

Its first JV cement company, Bhilai Jaypee Cement Ltd, was incorporated in 2007 for setting up plants in Satna in Madhya Pradesh and Bhilai in Chhattisgarh. (PTI)

Inflation rises to 4.35 pc...

NEW DELHI, Feb 22: Inflation rate grew by 4.35 per cent for the week ended February 9 as compared to 4.07 per cent for the previous week mainly due to rise in prices of food articles and manufactured products.

The wholesale price index-based inflation stood at 6.52 per cent in the corresponding week a year ago.

During the week under review, food articles like fruits and vegetables, condiments and spices, fish marines, arhar, bajra and barley became expensive.

Among manufactured products, prices of imported edible oil, oil cakes, khandsari, mustard oil and groundnut oil became dearer. (PTI)

China proposes long-term iron ore agreement with India

BEIJING, Feb 22: China has proposed a long-term agreement with India for importing iron ore to meet its growing demand of the mineral.

"They proposed a long term agreement. We have not responded to it," India’s Steel Ministry Secretary J S Sarma told reporters here.

China made the proposal during a meeting between officials from India’s Steel Ministry and the Chinese Ministry of Commerce.

Sarma said the Chinese officials informed that Beijing had long-term arrangements with Australia and Brazil, with prices not being fixed, and wants to enter into a similar agreement with India.

The meeting was also attended by officials of China’s top economic planner National Development and Reforms Commission and Sinosteel, largest steel trading company in that country.

Sarma said India had significant reserves, but it wants to preserve as much as possible. Steel maker in India have been, for long, demanding reduction in iron ore exports to ensure a secured supply of the mineral.

After Brazil and Australia, India is the third largest supplier of iron ore to China, the world’s largest iron ore consumer. India exports 93 million tons of iron ore annually, 85 per cent it to China.

Sarma said the steel ministry had proposed to the Finance Ministry a 25 per cent duty on exports of iron ore.

According to reports, while the Finance Ministry is supporting a hike in export duty, the Commerce Ministry is not in favour of the proposal apparently keeping the export obligations in mind. The Mining Ministry is also against it to sustain the doemstic mining industry. (PTI)

No hike in power tariff in capital this year

NEW DELHI, Feb 21: Apparently with an eye on the forthcoming assembly polls, Delhi Government today decided not to hike power tariff this year.

The Government also decided to enforce the proposed subsidy on power to domestic electricity consumers from April one.

A decision in this regard was taken at a Cabinet meeting held here chaired by Chief Minister Sheila Dikshit.

"There will be no tariff hike this year. We first want the discoms to improve the services to the satisfaction of the people," Power Minister A K Walia told reporters.

The Minister said the proposed subsidy for all domestic consumers of electricity up to 200 units per month during peak winter and summer months declared last year would be enforced from April one.

Last year, Delhi Government in a meeting had approved cheaper electricity up to 150 units per months which was later enhanced to 200 units per month during the peak summer months of May, June, July and August and peak winter months of December and January.

Hence consumers would stand to benefit on account of cheaper power that would be provided at Rs 1.40 per unit, Rs one less than the usual rate, during these six months of the year. More than 10 lakh people would benefit by the Government’s decision.

The decision to enhance the subsidy was taken keeping in view the average use of various electrical appliances during winter and summer months.

According to the Government, the subsidy would cost the exchequer to the tune of Rs 135 crore every year. (PTI)

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