NEW DELHI, Aug 8: Mentha oil prices edged higher by 0.28 per cent to Rs 704.30 per kg in futures trading today as speculators indulged in creating fresh positions after demand from consuming industries picked up in the spot market.
At the Multi Commodity Exchange, mentha oil for delivery in August edged up by Rs 2, or 0.28 per cent, to Rs 704.30 per kg in a business turnover of 177 lots.
Likewise, the oil for delivery in September traded higher by the same margin to Rs 716.80 per kg in 31 lots.
Market analysts said besides improved demand from consuming industries in the spot market, restricted arrivals from Chandausi in Uttar Pradesh helped mentha oil prices to trade higher at futures trade. (PTI)
Mentha oil futures rise 0.28% on spot demand
‘India should appoint its point person for defence tech talks’
WASHINGTON, Aug 8: The new Indian government needs to appoint its point person for holding talks with the US on the path-breaking Defence Trade and Technology Initiative (DTTI), a former top Pentagon official has said.
“One of the biggest things would be a true Indian counterpart for the DTTI and an embrace on the Indian side of coming up with ideas for breakthrough collaborations in coproduction and co-development,” Vikram J Singh, who till recently was former Deputy Assistant Secretary of Defense for South and Southeast Asia, told.
The Undersecretary of Defense for Acquisition, Technology and Logistics, Frank Kendall, who was recently appointed as the American point person to leads the DTTI, would soon be visiting New Delhi.
“He should see everyone involved, but should also have a designated counterpart, someone empowered by the (Indian Defense) Minister and the National Security Advisor,” said Singh, who is currently the vice president for National Security and International Policy at the Center for American Progress, an eminent US think-tank.
Noting that the status of India-US defense ties “are fine”, Singh, however, said but both the countries could get much more out of the defence security relationship with a little effort.
Defense Secretary Chuck Hagel, is in New Delhi to hold talks with his counterpart Arun Jaitley, and other leaders of the new government.
Singh hoped Hagel’s visit would result in reaffirmation of the American commitment to India’s strong, independent rise as a world power.
During his meetings, Hagel would explore India’s interest in true collaboration on DTTI; and explore what more the US can do operationally and multilaterally, for example with Japan and Australia and European partners, he said.
Referring to the fact that Hagel goes to Australia after India, Singh said: “US-India-Australia cooperation in defense is an important opportunity.”
Closure on pending defense sales that have been languishing like M777 would be a good signal, he said.
Observing that India’s defense modernisation has fallen far short of its potential, Singh said: “A modern, highly capable Indian military is something the United States views as good for the region and the world.”
The US can be a great partner in this, he added. (PTI)
Gold futures rise on positive global cues
NEW DELHI, Aug 8: Gold prices rose sharply by Rs 246 to Rs 29,016 per 10 grams in futures trading today as speculators enlarged positions on positive cues from overseas markets.
At the Multi Commodity Exchange, gold for delivery in October rose by Rs 246, or 0.86 per cent, to Rs 29,016 per 10 grams in a business turnover of 260 lots.
Similarly, the yellow metal for delivery in December moved up by Rs 212, or 0.74 per cent, to Rs 28,950 per 10 grams in three lots.
Market analysts said speculators enlarged their positions on the back of a firming global trend as safe-haven demand increased on tension over Ukraine and unrest in the Middle East. This mainly led to rise in gold prices at futures trade.
Meanwhile, gold traded 0.30 per cent higher at USD 1,316.91 an ounce in Singapore today, the highest since July 21. (PTI)
Lead futures decline 0.32% on overseas cues, subdued demand
NEW DELHI, Aug 8: Lead softened by 0.32 per cent to Rs 138.80 per kg in futures trade today amid a weak trend overseas and subdued demand from battery-makers in the domestic spot market.
At the Multi Commodity exchange, lead for delivery in August fell by 45 paise, or 0.32 per cent, to Rs 138.80 per kg in a business turnover of 375 lots.
Similarly, the metal for delivery in September traded lower by 40 paise, or 0.29 per cent, to Rs 139.25 per kg in 10 lots.
Marketmen said besides subdued demand from battery-makers in the domestic spot market, a weak trend in copper and other base metals at the London Metal Exchange weighed on lead prices at futures trade. (PTI)
Jeera futures trade 0.67% higher on spot demand
NEW DELHI, Aug 8: Jeera prices rose 0.67 per cent to Rs 11,250 per quintal in futures trade today as participants created speculative positions amid a firm trend at spot market on pick-up in demand.
At the National Commodity and Derivatives Exchange, jeera for delivery in August moved up by Rs 75, or 0.67 per cent, to Rs 11,250 per quintal with an open interest of 2,553 lots.
Similarly, the spice for delivery in September traded higher by Rs 70, or 0.62 per cent, to Rs 11,395 per quintal in 6,291 lots.
Analysts attributed the rise in jeera futures to fresh positions created by speculators amid pick-up in demand in the spot markets against restricted arrivals from producing regions. (PTI)
Copper futures rise on spot demand
NEW DELHI, Aug 8: Copper prices rose 0.22 per cent to Rs 440.10 per kg in futures trade today as speculators created positions amid a firm trend in spot markets on increased domestic demand.
However, the metal’s weakness at the London Metal Exchange (LME), capped the gains.
At the Multi Commodity Exchange, copper for delivery in November traded higher by 95 paise, or 0.22 per cent, to Rs 440.10 per kg in a business turnover of seven lots.
The metal for delivery in August edged up by 90 paise, or 0.21 per cent, to Rs 432.60 per kg in 508 lots.
Globally, copper for delivery in three months fell as much as 0.40 per cent to USD 6,972 a tonne at the LME after imports by China, the biggest user of the metal, fell in July to the lowest since April 2013.
Analysts said increased demand from consuming industries at domestic spot markets helped copper to trade higher at futures trade but a weak trend at the LME, limited the gains. (PTI)
Refined soya oil futures remain up on spot demand
NEW DELHI, Aug 8: Refined soya oil prices rose further by 0.45 per cent to Rs 662.80 per 10 kg in futures trading today as speculators enlarged positions amidst rising demand in the spot market.
At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September gained Rs 3, or 0.45 per cent to Rs 662.80 per 10 kg with an open interest of 1,13,790 lots.
Similarly, the oil for delivery in August edged up by Rs 2.40, or 0.36 per cent to Rs 670 per 10 kg in 35,935 lots.
Marketmen said speculators enlarging positions, driven by strong demand in the spot markets, mainly kept refined soya oil prices higher for the day at futures trade. (PTI)
Indo Rama Synthetics reports Q1 net profit of Rs 22.05 crore
NEW DELHI, Aug 8: Polyster manufacturer Indo Rama Synthetics India Ltd has reported a net profit of Rs 22.05 crore for the first quarter of current fiscal, against a net loss of Rs 30.03 crore in the year-ago period.
The company’s net sales during the quarter ended June 30 stood at Rs 705.27 crore as against Rs 706.26 crore in the first quarter of the previous fiscal 2012-13, it said in a press release.
Indo Rama Synthetics, India’s largest dedicated polyester manufacturer, also said it has taken some cost improvement initiatives, which will further add to its competitiveness.
“With the polyester prices bottoming out and rupee stabilising, we expect the sentiments and performance to improve from here,” the company said.
Commenting on its financial performance, the company’s Chairman and Managing Director O P Lohia said, “The overall market outlook for polyester remained turbulent and uncertain in the last few quarters. High raw material cost has impacted the overall business proposition in a big manner.
“We remained watchful, agile and prudent and have launched several operational excellence initiatives to further enhance our operational performance in the last quarter. I am confident that with our clear strategic focus, superior execution and top notch team, we will be delivering better margins in the future.”
Lohia added that the “recent government announcement of levying Provisional Anti Dumping Duty on imports of PTA (purified terephthalic acid which is used in making poylster) will have a huge impact on the margins of the polyester industry, which is already reeling under thin margins and will keep on suffering as competition will become more severe.
“The downstream industry will have to become more alert as there is no anti dumping duty on fabrics which would become expensive and the garment would also become dearer.”
The company has an integrated manufacturing complex in Butibori near Nagpur in Maharashtra, with production capacity of 6,10,050 tonnes per annum of various products.
Indo Rama said it expects to see improvement in the overall economic environment to help it perform better in the coming quarters.
“With demand looking up in the coming year, we project that the following quarters will be better than the last,” it said. (PTI)
Silver futures move up on global cues
NEW DELHI, Aug 8: Silver prices moved up by 0.70 per cent to Rs 44,120 per kg in futures trade today as speculators created fresh positions amid higher global trend.
At the Multi Commodity Exchange, silver for delivery in September gained Rs 304, or 0.70 per cent, to Rs 44,120 per kg in a business turnover of 373 lots.
Similarly, the white metal for delivery in December moved up by Rs 307, or 0.69 per cent, to Rs 44,954 per kg in nine lots.
Analysts said speculators created fresh positions in tandem with higher global trend as worsening geopolitical tensions raised demand for a safe-haven, pushing silver prices higher at futures trade.
Meanwhile, silver rose 0.33 per cent to USD 20.01 an ounce in Singapore. (PTI)
Kim, Kanye West buy USD 20 million house
LOS ANGELES, Aug 8: Reality TV star Kim and rapper-husband Kanye West have bought a property worth USD 20 million.
The property in LA is located near Kim’s mother Kris Jenner’s, reported the People magazine.
“Soon (we’ll be moving out of my mom’s). It might be a few months, but I’m not sure. We just found a new, amazing place,” the 33-year-old ‘Keeping Up with the Kardashians’ star said.
Kim and Kanye, 37, has been staying with Jenner ever since daughter North was born in June 2013, as they were renovating the USD 11 million home, they had bought in Bel Air last year.
“I am so ready to be out of my mom’s house, you have no idea. But it will be nice to still be close,” Kim said.
“When we bought our Bel Air house, we didn’t have a baby, we weren’t even pregnant. After you have a baby, you realise that you need so many other things and a different kind of space. So being in the city is a different life. We wanted to be away and have more privacy,” she added.
The new estate is reportedly set on 3.5 acres and boasts two swimming pools, two spas and its own vineyard as well as a spacious master suite with a mirrored dressing area and enormous custom closets. (PTI)