NEW DELHI, Nov 28: Lead prices eased by 0.20 per cent to Rs 126.65 per kg in futures trade today after speculators reduced their exposures amid a weak trend overseas and subdued demand at spot markets.
At the Multi Commodity Exchange, lead for delivery this month shed 30 paise, or 0.20 per cent, to Rs 126.65 per kg in business turnover of 115 lots.
On similar lines, the metal for delivery in March shed 15 paise, or 0.10 per cent, to Rs 127.45 per kg in 100 lots.
Marketmen said a weak trend in base metals at the London Metal Exchange (LME) and subdued demand at domestic spot markets from battery-makers, mainly attributed fall in lead futures pries. (PTI)
Lead futures down on global cues, subdued demand
Silver futures down 0.90% on weak global cues
NEW DELHI, Nov 28: Silver prices fell by 0.90 per cent to Rs 35,563 per kg in futures trade today as speculators engaged in reducing their positions largely in tune with a weakening trend overseas.
At the Multi Commodity Exchange, silver for delivery in December contracts traded lower by Rs 324, or 0.90 per cent, to Rs 35,563 per kg in business turnover of 947 lots.
Similarly, the white metal for delivery in far-month March next year contracts declined by Rs 270, or 0.74 per cent, to Rs 36,445 per kg in business volume of 435 lots.
In the international market, silver fell 1.20 per cent to USD 16.05 an ounce in Singapore, the lowest since November 20.
Market analysts said a subdued trend in precious metals in the global markets as crude oil at the lowest level in four years increased prospects for a cooling of consumer prices, reducing demand for an inflation hedge, put pressure on silver futures trade here. (PTI)
Just Dial shares up nearly 4% on RBI move
MUMBAI, Nov 28: Shares of search engine Just Dial Ltd surged nearly 4 per cent today after the Reserve Bank allowed the company to raise the foreign shareholding limit to a maximum of 75 per cent of its paid-up capital under the portfolio investment scheme (PIS).
Just Dial’s scrip climbed 3.5 per cent to Rs 1,620.90 on the BSE.
On the NSE, the stock jumped 3.6 per cent to Rs 1,624.
“…Foreign institutional investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 75 per cent (revised from earlier limit of 49 per cent) of the paid-up capital of Just Dial Limited under PIS,” RBI had said in a notification yesterday.
The decision to raise such investment limit came after the company passed resolutions at its board of directors’ level and a special resolution by shareholders, agreeing to enhance the limit of its equity shares and convertible debentures by FIIs.
FIIs held 26.64 per cent shares in the company as of September 30, 2014.
FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
The RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis and has fixed the cut-off points two percentage points lower than the actual ceiling. (PTI)
North East to be developed as new ‘spice destination’
THIRUVANANTHAPURAM, Nov 28: To tap North East states’ potential to emerge as a destination for cultivation of spices, the Spices Board has embarked on plans to promote farming of a wide range of produce that fetch great demand in domestic and global markets.
According to the Board, with Assam in the core location, Arunachal Pradesh, Manipur, Nagaland, Tripura, Meghalaya and Mizoram are congenial grounds for commercial cultivation of spices retaining their unique generic properties.
Spice India, the official journal of Kochi-based Spices Board, said the rich land and the alluvial soil deposits along the Brahmaputra river basin and the tropical rain forests offer a splendid backdrop for organic farming.
“Given a support, these factors can contribute towards improving farm incomes, enhancing food and nutrition security, accelerating the overall economic growth of the region and marketability of produce from this region,” the journal said.
The project is expected to give a fillip to a variety of spices like Naga chillies, highly pungent bird’s eye chillies of Mizoram, high curcumin bearing Lakadong turmeric of Meghalaya, Himalayan ginger and large cardamom.
To start with, the Board will come up with flagship schemes in Arunachal Pradesh, partnering with the state Horticulture Department, as part of which an MoU has already been signed.
Spices Board Chairman A Jayathilak, who was in Arunachal Pradesh last month, offered to provide critical support like establishing primary processing units closer to production areas for traders and exporters to procure clean spices. (PTI)
Cardamom futures up 1.26 pc on firm demand
NEW DELHI, Nov 28: Cardamom prices rose by 1.26 per cent to Rs 799.40 per kg in futures trade today as speculators indulged in creating fresh positions driven by firm demand in the spot market.
Further, tight supplies in the physical market following restricted arrivals from producing belts also supported the uptrend.
At the Multi Commodity Exchange, cardamom for December contracts rose by Rs 10, or 1.26 per cent, to Rs 799.40 per kg, with a trading volume of 339 lots.
The spice for delivery in January 2014 was trading up by Rs 5.90, or 0.69 per cent, to Rs 855 per kg, with a business volume of 60 lots.
Traders said rising export and spot demand against restricted arrivals from producing regions mainly influenced cardamom prices at futures market. (PTI)
JK polls: Former MP among 8 file nominations in Kathua
JAMMU, Nov 28:
Former Member of Parliament Choudhary Lal Singh, among eight candidates, today filed his nomination in Kathua district for phase five polling which will go to the polls on December 20.
“Four candidates filed their nomination from Kathua constituency besides one nomination form was issued to the intending candidate,” an official spokesman here said.
He said the candidates who filed their nominations today included Balbir Singh (JKNPP), sitting MLA Charanjit Singh (Independent), Som Nath Majotra (BSP) and Som Datt Shastri (Independent) from Kathua constituency.
Former MP Choudhary Lal Singh (BJP) filed nomination from Basohli constituency and his wife Kanta Andotra as substitute candidate of BJP, Mahmood Hussain (Independent) filed his nomination from Billawar, Pawan Dev Singh (JKNPP) filed nomination from Bani Assembly constituency.
“One nomination form was issued from the office of Returning Officer- Kathua, two forms issued from RO’s office Hiranagar and two nomination forms were issued from the office of RO- Basohli,” he said. (AGENCIES)
People of J&K see new ray of hope: PM
NEW DELHI, Nov 28:
Contending that the people of Jammu and Kashmir see a “new ray of hope”, Prime Minister Narendra Modi tonight said the heavy voter turnout in phase I of the Assembly polls held on November 23 was a clear message that the ballot has prevailed and bullet rejected.
“Addressed rallies in Udhampur & Poonch. Wonderful atmosphere during the rallies,” he tweeted after returning from Jammu where he exhorted the people to vote for BJP.
“People of J&K see a new ray of hope. They are determined to end this ‘turn by turn’ looting & will vote for progress,” he said in another tweet.
Referring to the over 70 per cent balloting on November 23, he said “the heavy voter turnout in Phase 1 gave a clear message from people of J&K to the world – the ballot has prevailed & the bullet is rejected.”
Jammu and Kashmir is having five-phased polling that will end on December 20.
“A vote for BJP is a vote to end corruption, loot & emotional blackmailing that has become a part of J&K’s political culture for last few yrs,” Modi said in yet another tweet. (AGENCIES)
Fight for upholding Article 370 not an electoral plank: Omar
SRINAGAR, Nov 28:
National Conference leader Omar Abdullah today said that his party’s fight to uphold the special status of Jammu and Kashmir was not an electoral fight but an ideological battle for state’s political dignity.
“The demand of National Conference reversing erosions in Article 370 and for the restoration of internal autonomy in Jammu and Kashmir was not an electoral plank but formed the basis of a struggle that Sheikh Mohammad Abdullah spent 23 years in jail for,” Omar said addressing election rally in Beerwah constituency.
“Sheikh Abdullah did not spend almost half his life in prison as an electoral plank,” Omar, who is contesting from Beerwah segment, said.
“We are not seeking power to steal urea or rice from the godowns of the people. We are not seeking power to start land grabbing. We are not seeking power to facilitate BJP’s ambitions in JK. We are asking for your vote so that we can again fight the battle that we fought in 1953 under Sheikh Sahab’s command,” Omar said.
The Chief Minister said that NC believed in serving the developmental and governance related day-to-day needs of the people.
Omar, however, said that development is not a substitute for the political resolution of the Kashmir issue.
“Our proposed resolution is the reversal in the erosions made to Article 370 and the complete restoration of internal autonomy. We will continue to stand by these perennial demands with renewed vigour and strength,” he said. (AGENCIES)
BJP exploited people in the name of Article 370: Cong
UDHAMPUR, Nov 28:
Attacking BJP over Article 370, Congress today said the saffron party “exploited” the people of Jammu and Kashmir on the issue for 60 years and is now asking them to forget it for the sake of gaining power.
“They have already exploited the people of J&K in the name of Article 370 for the last 60 years, and now for the sake of attaining power, have deleted the same from even their manifesto,” senior Congress leader Ghulam Nabi Azad said.
He was campaigning at various locations in the upper reaches of Reasi, Gool-Arnas, Gulabgarh- Mahore and Chenani constituencies.
The Congress leader also accused BJP of having a “divisive and polarising” agenda.
“People of the state, especially Jammu, are feeling cheated by the exploitative machinations of BJP, as in their desperation to attain power, they have forsaken their core ideology and are even seen hobnobbing with separatists,” Azad said.
On BJP allegations related to Roshini scam, Azad said, “BJP has no issue as it has gauged the mood of the people in the first phase of elections and is now using diversionary and misleading methods to exploit people.”
He said the Roshini scheme was a people-friendly measure of his Government which benefited lakhs of poor people of the State.
It was aimed to regularise the occupation of land by those poor people who had been holding it since decades, Azad said, adding that this was to safeguard them from rapacious elements in the system.
“However, certain unscrupulous officials tampered with the revenue records to change the titles of the land. Upon coming to know about such distortions and abuse of the scheme, I from a public platform at Kathua in December 2013, demanded a probe into the wrongdoings. Vigilance organisation has already initiated a probe into the matter,” said Azad.
If voted to power, Congress will complete the probe in the matter in the shortest possible time, he said.
Azad said BJP should go through CAG reports related to Gujarat where “all procedures were thrown to winds” for “distributing” lands to corporates.
Reacting to PDP leader Mehbooba Mufti reportedly refusing to take any support from Congress, Azad said, “When did we offer support to PDP?”
“Does not everybody in the State know PDP has been supporting BJP and not any other political party?” he said.
“We are going to the people with our model of 2006-08, while PDP will replicate the ‘Gujarat model’ in the State, which proves beyond any point that they do not have any paradigm to offer to the people of the State,” he said.
Seeking a decisive mandate for his party, the former Chief Minister said people of J&K want sustained and effective development and only Congress-led Government can do this.
“We have a credible track record of performing excellently on the fronts of development, growth and infrastructure building.”
“The entire State has seen my performance and we are seeking a decisive mandate from the people on the basis of that record,” Azad said.
“We are faced with a gigantic task of reviving the flood-ravaged economy, rebuilding public infrastructure on a fast-track basis and creating employment opportunities for the youth,” said Azad, adding that people of the State are determined to defeat the non-performing and exploitative forces.
Without naming any party, Azad said their role in dividing the secular vote has been fully seen by the people in the Chenab Valley in the first phase of elections and the voters should not get misled on their slogan of stopping BJP.
“They should introspect and do some soul-searching and should not try to shed crocodile tears on the rise of BJP or pretend to be well-wishers of Kashmiris or assume to be flag-bearers of secularism,” said Azad. (AGENCIES)
Trade worth Rs 813 cr generated along LoC in FY14: Govt
NEW DELHI, Nov 28:
Trade generated along the Line of Control (Indo-Pak) through Trade Facilitation Centre Chakan-Da-Bagh and Salamabad stood at Rs 813 crore in value terms during 2013-14, Parliament was informed today.
The trade generated along Nathu La Pass (India-China) during the same year was to the tune of Rs 8.91 crore.
“No incidence of adulteration which adversely affected trade has come to the notice of Government,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
She was responding to queries on the value of trade along the LoC and Nathu La Pass and whether the Government has taken note that the trade across the region was affected by adulteration.
In a separate response, Sitharaman said some industries and associations have indicated their sensitivities on products in the metal industries including copper due to imports from Free Trade Agreement (FTA) partners.
The share of preferential imports under FTAs to the total imports for copper products during the period 2013-14 is insignificant, she said.
Moreover, for protecting the interest of the domestic including metal industries, these agreements provide for maintaining sensitive or negative lists of items on which limited or no tariff concessions are granted, she said.
In addition, she said, in case of a surge in imports and injury to the domestic industry, a country is allowed to take recourse to the measures such as anti-dumping and safeguards. (AGENCIES)