Slathia inaugurates 16-day Special Handloom Expo

Excelsior Correspondent

JAMMU, Dec 16: Minister for Industries and Commerce, S. S. Slathia on Thursday inaugurated 16-day Special Handloom Expo at Naibat Ground Katra. ..more

Sham inagurates fruit/veg mandi at Udhampur

Excelsior Correspondent

JAMMU, Dec 16: To give further impetus to the horticulture activities, the Government will establish high-tech mandis with allied marketing facilities in every nook and corner....more

15-day Food Festival inaugurated at Delhi Haat

Excelsior Correspondent

JAMMU, Dec 16: On the directions of Managing Director, Satish Nehru, J&K Tourism Development Corporation, organized a 15-day Kashmir Food Festival at Delhi Haat, New Delhi. Additional Resident Commissioner, J&K, ...more

JK Bank inaugurates 330th ATM

Excelsior Correspondent

SRINAGAR, Dec 16: J&K Bank is exploring newer ways to make a customer's banking experience more convenient, efficient and effective. This was stated by G A Regoo, President, T&ISD, J&K Bank while speaking to a gathering of customers after inaugurating the ...more

Steel industries growing faster, says Addl Secy

JAMSHEDPUR, Dec 16: The steel industry in India was growing faster than our economic growth, a senior Steel ministry official said here today.The steel industries are growing at the rate of around 9-10 per cent while ... .....more

Nickel extend losses in futures trade

NEW DELHI, Dec 16: Amid a weak trend overseas and sluggish spot demand, nickel futures prices fell by 0.55 per cent to Rs 1,124.30 per kg today.At the Multi Commodity Exchange counter, ......more

Lead futures melts 0.63 pc on global trend

NEW DELHI, Dec 16: Taking weak cues from global markets, lead futures prices today fell by 0.63 per cent to Rs 109.60 per kg. Sluggish demand at domestic spot markets from battery makers also kept pressure on the lead futures prices here. At the Multi ........more

RBI retains repo, CRR and reverse repo

MUMBAI, Dec 16: The Reserve Bank of India today announced that it would retain the repo rate at 6.25 per cent and the reverse repo rate at 5.25 per cent under the Reserve Bank’s liquidity adjustment facility (LAF). In its mid-term policy review, the bank has also retained the cash reserve ratio (CRR) at 6.0 per cent of net demand and time liabilities (NDTL) of scheduled banks. There have been significant global and domestic macroeconomic developments since the announcement of the Second Quarter Review of .......more

Copper futures soften on global cues...

Forex - Hong Kong and Shanghai Banking Corporation ..

Instanex Skindia GDR Index declines ...

Mentha oil remains up on spot, exports demand ...

 

Slathia inaugurates 16-day Special Handloom Expo

Excelsior Correspondent

JAMMU, Dec 16: Minister for Industries and Commerce, S. S. Slathia on Thursday inaugurated 16-day Special Handloom Expo at Naibat Ground Katra.

The Special Expo has been organized by J&K Handloom Development Department and sponsored by the Ministry of Textiles, Government of India.

A good number of Handloom Cooperative Societies and registered handloom weavers and artisans have put up their stalls displaying genuine handloom products for exhibition and sale at the Expo.

Addressing the gathering, Mr Slathia said that the Government is actively promoting the development of handlooms through various State and Centrally sponsored schemes. He pointed out that the handloom sector is the second largest contributor in employment generation, adding that being labour intensive cottage industry, it can be an attractive alternative for unemployed youth in the State.

He referred to the cluster/group approach schemes for handloom weavers and said these cover all needs of the weavers, including skill upgradation, provision for modernized looms, trainings, exposure visits and market incentives, Health Insurance schemes etc. He said that all these schemes make handloom sector quite attractive as an occupation.

Director Handloom, Chandra Gupta, in her welcome address, highlighted the achievements of the departments. She said 43 looms have been installed at various training centres, while 7 clusters set up in the State are producing a variety of products which have great demand in the market. She also informed that 150 weavers where imparted skill upgradation training by the department.

MLA Reasi, Baldev Sharma, also spoke on the occasion and highlighted the importance of handloom sector in generating employment. He called for providing better training and marketing for the weavers.

Sham inagurates fruit/veg mandi at Udhampur

Excelsior Correspondent

JAMMU, Dec 16: To give further impetus to the horticulture activities, the Government will establish high-tech mandis with allied marketing facilities in every nook and corner of the State.

This was stated by the Minister for Health, Horticulture and Floriculture, Sham Lal Sharma after inaugurating the Fruit and Vegetable Mandi at Udhampur today.

Maintaining that horticulture is the mainstay of State's economy Mr. Sharma said that Government is endeavouring hard to strengthen the infrastructure at the tehsil level enabling the farmers to get better return for their produce. He said that high-tech mandis are being developed at every district headquarters with the facilities of cold storage and processing units, which were the long pending demands of the growers. He said that Government is conscious about the problems of the traders and all out efforts are being made to mitigate them in a phased manner.

Giving details about the features and facilities available in the Udhampur mandi, the Minister said that the project has been completed at cost of Rs. 2.25 crore and will benefit over 325 villages of the district. A full- fledged (Planning and Marketing) office has been set up in the premises of the mandi for facilitating the traders. The facilities like drinking water, toilet, electricity in the market are available. He hoped that agriculture and horticulture sector will receive further boost with the establishment of mandi.

The Minister issued directions to the Director Horticulture (Planning & Marketing) to prepare a comprehensive proposal for expansion of phase II of the mandi with a provision of Cold Store and processing unit and a Kissan Ghar (Guest House) for the facilities of traders. After the completion of its second phase, the Udhampur mandi will be one of the best mandis in the State, said Mr. Sharma.

The Minister also allotted 85 shops to the traders who had applied for these shops in the mandi through draw of lots in presence of his junior colleague and other officers of administration.

Minister of State for Horticulture, Javaid Ahmed Dar, MLA Udhampur, Balwant Singh Mankotia, MLA Chenani, Krishan Chander Bhagat, Deputy Commissioner, Udhampur Baseer Khan, Director Horticulture (Planning & Marketing), M.S.Qasba, Director Horticulture, Jammu, J.L.Sharma and a large number of traders/growers and prominent citizens were present on the occasion.

15-day Food Festival inaugurated at Delhi Haat

Excelsior Correspondent

JAMMU, Dec 16: On the directions of Managing Director, Satish Nehru, J&K Tourism Development Corporation, organized a 15-day Kashmir Food Festival at Delhi Haat, New Delhi.

Additional Resident Commissioner, J&K, New Delhi inaugurated the Food Festival at Delhi Haat, New Delhi.

General Manager, Tourism Development Corporation, New Delhi besides other senior officers of J&K Tourism Development Corporation and hundreds of locals were also present on the occasion.

The opening of the Food Festival was marked by musical bonanza by the artists of the J&K depicting the three regions of the State. In this Festival hundreds of people participated and relished Kashmir Cuisine. The craft stall of Kashmir also had brisk business for the day. Besides, Cuisine of three regions of Jammu and Kashmir, a cultural heritage of the State was also show-cased on the opening day. The festival will continue for 15-days alongwith cultural shows. The idea behind hosting the Food Festival of Kashmir Food Bonanza is to attract the tourists to all the three regions of the State.

JK Bank inaugurates 330th ATM

Excelsior Correspondent

SRINAGAR, Dec 16: J&K Bank is exploring newer ways to make a customer's banking experience more convenient, efficient and effective.

This was stated by G A Regoo, President, T&ISD, J&K Bank while speaking to a gathering of customers after inaugurating the Bank's 330th ATM at Parraypora. Among others Abdul Hamid Banday, Zonal Head Kashmir Central and Branch Head Hyderpora, Mir Parvez Ahmad, were also present on the occasion.

"Implementation of centralized operations and process automation using core banking applications has resulted in improving efficiency and productivity levels tremendously", Regoo said, adding, such a technological leap has helped the banks to shift from 'branch banking' to 'bank banking'.

This basically means that a customer is treated as a bank's customer than just the customer of a particular branch which was the case earlier, he added.

Urging customers to take full advantage of IT enabled services of the Bank, Regoo maintained that main drivers for using innovations like smart cards, shopping by non-cash transactions through Point of Sale (PoS) machines, tele-banking, mobile banking and ebanking are that 'they are customer friendly and time saving'.

Steel industries growing faster, says Addl Secy

JAMSHEDPUR, Dec 16: The steel industry in India was growing faster than our economic growth, a senior Steel ministry official said here today.

The steel industries are growing at the rate of around 9-10 per cent while our economic growth rate is around 8-9 per cent, Additional Secretary in the Union Ministry of Steel, S Machendranath said here today while inaugurating a three-day International Seminar on "Mineral Processing Technology(MTP-2010) at National Metallurgical Laboratory (NML).

He said the country, which currently ranked fourth in steel production had produced 69 million tonne of steel against targeted capacity of 73 million tonne this year and it would likely to go up in the third quarter.

The country has set target to produce 100 million tonne of steel by 2012-13 and 200 million tones by 2020, Machendranath said emphasizing the need to develop technology to improve the quality of minerals including iron-ore and coal as import cost has been rising.

He strongly advocated for systematic approach for sustainable growth of steel industries in the country as the demand for mineral resources including iron ore would grow manifold with the expansion of steel sector.

Appreciating the role of Indian Institute of Mineral Engineers (IIME) in the development of Industrial sector in the country, Machendranath stressed the need for Research and Development as well as to upgrade iron-ore and minimize high ashes in coal.

He said the Steel Development Fund, which was meant for R and D as well as product and process development had funded for four schemes for the industry last year and would spent Rs 30 crores this year for eight schemes including minimizing the high ash in coal. (PTI)

Lead futures melts 0.63 pc on global trend

NEW DELHI, Dec 16: Taking weak cues from global markets, lead futures prices today fell by 0.63 per cent to Rs 109.60 per kg.

Sluggish demand at domestic spot markets from battery makers also kept pressure on the lead futures prices here.

At the Multi Commodity Exchange counter, lead for January delivery fell by 70, or 0.63 per cent, to Rs 109.60 per kg, with a business turnover of 88 lots.

Similarly, the metal for delivery in December, shed 65 paise, or 0.55 per cent to Rs 108.60 per kg, with a trade volume of 1,435 lots, while prices for delivery in February was down by 35 paise, or 0.32 per cent to Rs 110.30 per kg in a turnover of three lots.

Analysts said apart from a weak trend at the London Metal Exchange, fall in demand at spot markets here, also attributed fall in lead futures prices here. (PTI)

Nickel extend losses in futures trade

NEW DELHI, Dec 16: Amid a weak trend overseas and sluggish spot demand, nickel futures prices fell by 0.55 per cent to Rs 1,124.30 per kg today.

At the Multi Commodity Exchange counter, nickel for February delivery fell by Rs 6.20, or 0.55 per cent to Rs 1,124.30 per kg, with a business turnover of 17 lots.

Similarly, contract for January delivery of the metal traded Rs 5.60, or 0.50 per cent down at Rs 1,116 per kg, with a turnover of 303 lots.

Marketmen said weak trend in copper and other base metals on the London Metal Exchange (LME), as rally in dollar reduced appeal for commodities as an alternative investment and sluggish domestic demand, weighed heavily on nickel futures prices here.

Meanwhile, the LME Index of prices for six industrial metals retreated 0.9 per cent yesterday. (PTI)

RBI retains repo, CRR and reverse repo

MUMBAI, Dec 16: The Reserve Bank of India today announced that it would retain the repo rate at 6.25 per cent and the reverse repo rate at 5.25 per cent under the Reserve Bank’s liquidity adjustment facility (LAF).

In its mid-term policy review, the bank has also retained the cash reserve ratio (CRR) at 6.0 per cent of net demand and time liabilities (NDTL) of scheduled banks.

There have been significant global and domestic macroeconomic developments since the announcement of the Second Quarter Review of Monetary Policy on November 2, 2010.

A slow recovery and persistent unemployment motivated another round of quantitative easing in the US. However, recent data showed some signs of improvement, especially in respect of real GDP and consumer confidence, even though the unemployment rate has increased.

Although economic recovery has been progressing in Europe, financial stability concerns have resurfaced as the sovereign debt problem spread further. Major emerging market economies (EMEs) continue to experience robust growth.

Significantly, despite the slow recovery and slack capacity in advanced economies, international commodity prices such as oil, food, industrial inputs and metals have risen noticeably in recent weeks. Reflecting the strength of demand and higher commodity prices, inflation has started creeping up in most EMEs, according to RBI.

The RBI observed that GDP growth of 8.9 per cent in Q2 of 2010-11 suggests that domestic momentum remains strong. Agricultural growth has recovered on the back of a good monsoon. After flagging during August-September, the index of industrial production (IIP) grew by over 10 per cent in October 2010.

Various indicators of industrial activity, including the Purchasing Managers’ Index (PMI) also suggest a strong underlying momentum. Lead indicators of services sector activity have continued to increase at a robust pace. These developments reinforce the Reserve Bank’s projection of 8.5 per cent for real GDP growth for 2010-11 which will be reviewed in the Third Quarter Review scheduled on January 25, 2011.

After remaining in double digits for five successive months, year-on-year headline WPI inflation declined to 8.8 per cent in August 2010 and further to 7.5 per cent in November 2010. Consumer price (CPI) inflation for industrial workers and rural/agricultural labourers softened to single digit rates from August 2010, after remaining in double-digits for over a year.

The overall reduction in inflation reflects moderation of food price inflation following a favourable monsoon. Food price inflation moderated from an average of 15.7 per cent in Q1 of 2010-11 to 12.3 per cent in Q2, to 10.0 per cent in October 2010 and further to 6.1 per cent in November 2010.

(UNI)

Copper futures soften on global cues

NEW DELHI, Dec 16: Copper futures prices fell by 0.25 per cent to Rs 414.95 per kg today, as speculators indulged in reducing their positions, amid a weak trend in global markets.

At the Multi Commodity Exchange counter, copper for delivery in February traded Rs 1.05, or 0.25 per cent down at Rs 414.95 per kg, with a trade volume of 5,540 lots.

The metal for delivery in April also weakened by Re one, or 0.24 per cent to Rs 417.10 per kg, with a business turnover of 630 lots. It ended 0.60 per cent higher at Rs 398.35 per kg in the previous session.

Analysts said a weak trend at the London Metal Exchange (LME), where copper fell by 0.9 per cent mainly put pressure on the metal prices in futures trade here.

Meanwhile, the LME Index of prices for six industrial metals, including copper and aluminium retreated 0.9 per cent yesterday, amid concerns over Europe’s debt problems and China’s monetary tightening. (PTI)

Forex - Hong Kong and Shanghai Banking Corporation

MUMBAI, Dec 16: The following are the foreign exchange rates here today, as quoted by Hongkong and Shanghai Banking Corporation:

(All rates in rupees per unit)

Currency T.T. Buying T.T. Selling Pound Sterling 69.18 71.93 US Dollar 44.91 45.90 Canadian Dollar 43.87 46.54 Bahraini Dinar 117.49 122.90 Kuwaiti Dinar 157.16 164.40 Omani Riyal 115.14 120.44 Euro 58.65 61.22 Swiss Franc 45.99 47.82 Swedish Krone 6.43 6.83 Japanese Yen 0.5279 0.5495 Australian Dollar 43.87 45.65 Hong Kong Dollar 5.66 6.02 Singapore Dollar 33.80 35.20 Danish Krone 7.81 8.27 Norwegian Krone 7.38 7.81 UAE Dirham 11.98 12.74 New Zealand Dollar 32.22 34.84 Saudi Riyal 11.74 12.48 S African Rand * * * * Chinese Yuan * * * * Thai Bhat 1.45 1.57 Sri Lanka Rupee 0.3930 0.4252 Philippine Peso 0.99 1.07 Qatari Riyal 11.97 12.95 --------

(PTI)

Instanex Skindia GDR Index declines

MUMBAI, Dec 16: The Instanex Skindia GDR declined by 61.22 points, or 1.91 per cent, to 3,141.03 on December 15 from 3,202.26 in the previous session.

The P/E ratio also moved down to 26.87 from 27.31 in the previous session, an Instanex Capital release said here today.

The following are the GDR and ADR rates for December 15 in US dollars, with the difference vis-a-vis the previous level given as a percentage in brackets: Company: Price Percent chg Dr Reddy’s (ADR) 39.82 (-1.78)

GAIL (GDR) 65.80 (-1.56)

Grasim Ind (GDR) 50.23 (-4.51)

ICICI Bank (ADR) 47.77 (-2.45)

Infosys Tech (ADR) 71.42 (+0.17)

ITC (GDR) 3.67 (-1.92)

L&T (GDR) 44.23 (-1.47)

Mah & Mah (GDR) 16.50 (-1.37)

Ranbaxy Labs (GDR) 12.20 (-4.24)

Reliance (GDR) 46.57 (-0.72)

Satyam Comp (ADR) 2.83 (+2.54)

SBI (GDR) 119.64 (-4.52)

Sterlite Ind (ADR) 14.93 (-0.86)

Tata Commun (ADR) 10.86 (-2.34)

Tata Motors (ADR) 29.66 (-0.07)

(PTI)

Mentha oil remains up on spot, exports demand

NEW DELHI, Dec 16: Buoyed by the strong spot and exports demand, mentha oil futures prices rose by another Rs 7.40 to Rs 1,144.60 per kg today.

At the Multi Commodity Exchange counter, mentha oil for delivery in January gained Rs 7.40, or 0.65 per cent to Rs

1,144.60 per kg, with a business volume of 287 lots, while December contract was up by Rs 5.70, or 0.50 per cent to Rs 1,129 per kg, with a trading volume of 1,115 lots.

Similarly, the oil for February month contract surged by Rs 3.50 or 0.30 per cent to Rs 1,147 per kg, with an open interest of 62 lots.

Analysts said fresh positions created by speculators, supported by pick up in domestic and export demand, mainly pushed up mentha oil futures prices. (PTI)