JEHANABAD, June 16:
Police today detained a sarpanch for carrying a loaded pistol at the RJD supremo Lalu Prasad’s public meeting at Uta middile school premise under Town police circle area in Jehanabad town of Bihar.
Sanjay Singh, Sarpanch of Damua gram panchayat in Kako block and a retired BSF constable, was detained after it was found that he was carrying a pistol loaded with two live cartridges at Prasad’s public meeting, Superintendent of Police Harpreet Kaur said.
During preliminary interrogation, Singh told police that he had licence of the weapon which he was carrying for self defence, she said. (PTI)
Sarpanch detained for carrying weapon at Lalu’s meeting
Cottonseed oil weakens in thin trade
NEW DELHI, June 16: Cottonseed oil prices declined by Rs 25 per quintal in an otherwise steady wholesale oils and oilseeds market today owing to slackened demand.
However, other edible and non-edible oils moved in a narrow range in limited deals and settled around previous levels.
Traders said lack of buying support against adequate stocks position mainly helped cottonseed oil prices to decline.
In the national capital, cottonseed mill delivery oil (Haryana) shed Rs 25 to Rs 6,400 per quintal.
The following were today’s quotations per quintal: Oilseeds: Mustardseed 2,950-3,050 and Groundnut Seed 2,150-2,900.
Vanaspati Ghee (15-litre tin) 1,100-1,250.
Edible oils: Groundnut Mill Delivery (Gujarat) 11,550, Groundnut Solvent Refined (per tin) 1,850-1,900, Mustard expeller (Dadri) 7,950, Mustard Pakki Ghani (per tin) 1,165-1,305, Mustard Kachi Ghani (per tin) 1,320-1,420, Sunflower 6,300, Sesame Mill Delivery 8,150, Soybean Refined Mill Delivery (Indore) 7,750, Soyabean Degum (Kandla) 7,300,Crude Palm Oil (Ex-Kandla) 7,400, Cottonseed Mill Delivery (Haryana) 6,400, Palmolein (RBD) Rs 7,950, Palmolein (Kandla) 7,600, Rice Bran (phy) 3,800 and Coconut(per tin) 1,350-1,400.
Non-edible oils: Linseed 5,150, Mahuwa 4,000, Castor 8,250-8,350, Neem 4,350-4,450, Rice Bran 3,280-3,380 and Palm Fatty 3,225-3,300.
Oilcakes: Groundnut Dehusk 800-850, Sesame 950-1,150, Mustard (New) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175. (PTI)
Rice basmati rises on fresh buying
NEW DELHI, June 16: Rice basmati prices rose up to Rs 200 per quintal on the wholesale grains market today following fresh buying by stockists and retailers,supported by ongoing marriage season.
However, bajra fell due to lack of necessary buying support.
Marketmen said fresh buying by stockists and retailers supported by ongoing wedding season mainly pushed up wholesale rice basmati prices.
In the national capital, rice basmati common and Pusa-1121 variety ended higher at Rs 6,000-6,100 and Rs 5,200-6,200 against last close of Rs 5,900-6,000 and Rs 5,000-5,900 per quintal, respectively.
On the other hand, bajra shed Rs 10 to Rs 980-990 per quintal.
The following are today’s quotations per quintal:
Wheat MP (deshi) 1,605-1,825, Wheat dara (for mills) 1,210-1,215, Chakki atta (delivery) 1,215-1,220, Atta Rajdhani (10 kg) 190, Shakti bhog (10 kg) 190, Roller flour mill 620-640 (50 kg), Maida 650-680 (50 kg) and Sooji 750-780 (50kg).
Basmati rice (Lal Quila) 9,500, Shri Lal Mahal 9,500, Super Basmati Rice, 9,000, Basmati common new 6,000-6,100, Rice Pusa-(1121) new 5,200-6,200, Permal raw 2,100-2150, Permal wand 2,300-2,350, Sela 2,500-2,600 and Rice IR-8 1,600-1,650, Bajra 980-990, Jowar yellow 1,200-1,250, white 2,000-2,150, Maize 1,050-1,060, Barley 1,270-1,280, Rajasthan 1,080-1,090. (PTI)
Cashew declines on subdued demand
NEW DELHI, June 16: Cashew prices fell up to Rs 15 per kg in the national capital today, owing to fall in demand from retailers and stockists.
Adequate stocks position following increased arrivals from producing belts also weighed on the cashew prices.
Cashew kernel (No 180, 210, 240 and 320) prices fell up to Rs 15 to settle at Rs 665-740, Rs 640-680, Rs 560-610 and Rs 565-580 per kg, respectively.
Marketmen said sluggish demand from retailers and stockists against adequate stocks mainly led to decline in cashew kernel prices.
The following are today’s quotations (per 40 kg):
Almond (California) Rs 11,800 Almond (Gurbandi-new) Rs 6,400-7,100; Almond (Girdhi) Rs 2,800-3,000; Abjosh Afghani Rs 6,000-20,000.
Almond Kernel (California) Rs 425-430 per kg, Almond Kernel (Gurbandi-new) Rs 320-440 per kg. (PTI)
Rajmah strengthens on rising demand
NEW DELHI, June 16: In limited deals, rajmah prices strengthened by Rs 50 per quintal on the wholesale pulses market today on rising demand from retailers.
However, other pulses moved in a narrow range in scattered deals and settled around previous levels.
Marketmen said rising demand from retailers mainly influenced rajmah chitra prices.
In the national capital, rajmah chitra advanced by Rs 50 to Rs 7,400-8,700 per quintal.
The following are today’s pulses rates per quintal:
Urad 3,200-3,800, Urad Chilka (local) 4,065-4,365, best 4,500-5,000, Dhoya 5,040-5,140, Moong 3,450-4,450, Dal Moong Chilka local 4,200-4,600, Moong Dhoya local 4,700-4,800 and best quality 5,400-5,500.
Masoor small 3,350-3,650, bold 3,500-3,750, Dal Masoor local 4,300-4,400, best quality 4,400-4,500, Malka local 4,200-4,250, best 4,400-4,500, Moth 2,600-3,000, Arhar 3,450-3,750, Dal Arhar Dara 4,850-5,050.
Gram 4,250-4,850, Gram Dal (local) 4,750-4,850, best quality 4,800-4,900, Besan (35 kg) Shakti bhog 1,920, Rajdhani 1,920, Rajmah Chitra 7,400-8,700, Kabli Gram small 4,550-8,050, dabra 2,700-2,800, imported 4,700-5,100; Lobia 4,600-5,200, Peas white 2,800-2,825 and green 2,950-3,000. (PTI)_
Copper inches up on industrial demand
NEW DELHI, June 16: In restricted activity, copper prices traded higher by Rs 2 per kg in the local non-ferrous metals market today on increased industrial demand.
Traders said increased industrial demand and reports of a firming global trend mainly led to rise in copper prices.
In the national capital, copper mixed scrap added Rs 2 to Rs 406 per kg.
The following are metal rates per kg:
Zinc ingot 114-120, nickel plate (4×4) 1,052-1,055, gun metal scrap 226, bell metal scrap 228, copper mixed scrap 406, chadri deshi 285.
Lead ingot 135, lead imported 133, aluminium ingots 123, sheet cutting 125, aluminium wire scrap 129 and aluminium utensils scrap 124. (PTI)
Steel remains steady in narrow movements
NEW DELHI, June 16: The local steel market ended on a steady note today as prices moved in a tight range on lack of worthwhile activity from construction units, settled around previous levels.
Traders said absence of any worthwhile activity due to paucity of funds mainly kept steel prices steady.
The following are today’s quotations per tonne:
CTD saria (Kamdhenu): 8-mm 53,100, 10-mm 51,000, 12-mm 50,800, 16-25 mm 51,500.
Saria Jai Bharat (TMT): 8-mm 45,900, 10 mm 45,100, 12-mm 44,400,16-25 mm 44,700.
Amba shakti (TMT): 8-mm 49,400, 10-mm 47,800, 12-mm 47,000, 16-25 mm 47,600.
MS Angle: (50×5) (50×6) 44,700, (40×5) (40×6) 33,500.
Angle Capital (ISI) (40X5) (40×6) 36,900, (35X5) (65X6) 33,900. Girder 125X65 RS 39,300. (PTI)
Caustic soda rises on pick-up in demand
NEW DELHI, June 16: Caustic soda prices rose by Rs 50 per 50 kg in the national capital today largely on the back of pick up in demand from consuming industries amid fall in supplies from producing belts.
Caustic soda flake rose by Rs 50 to conclude at Rs 1,950- 2,050 per 50 kg.
Marketmen said apart from rising demand from detergent manufacturers and other consuming industries, fall in supplies from producing belts also pushed up caustic soda prices on the wholesale chemical market here.
The following are today’s quotations:
Ammonium chloride (50 kg) Rs 850-2,200, acetic acid (1kg) Rs 42-45, ammonia bicarb (25 kg) Rs 450-625, boric acid technical (50 kg) Rs 3,500-4,300, borex granular (50 kg) Rs 2,000-2,300.
Caustic soda flake (50 kg) Rs 1,950-2,050, citric acid (50 kg) (China) Rs 3,200-3,600, citric acid deshi (50 kg) Rs 3,000-3,600, camphor slab (1 kg) Rs 360, camphor powder (1kg) Rs 325, glycerine (1 kg) Rs 150-200, hexamine (1kg) Rs 96, hydrogen peroxide (1 kg) Rs 50-75, menthol bold crystal (per kg) Rs 2,325, menthol flake (1 kg) Rs 1,650 and mentha oil (1kg) Rs 1,480.
Paraffin wax (1 kg) Iran Rs 90
Paraffin wax (1 kg) China Rs 106
Paraffin wax (1 kg) Indian Rs 107
Soda ash (50 kg) (Tata) Rs 1,200
Soda ash (50 kg) (Gujarat) Rs 1,150
Soda ash (50 kg) (DCW) Rs 1,150
Soda ash (50 kg) (Birla) Rs 1,150
Soda Hydro Sulphate (1 kg) Rs 130-160
Sodium hydro sulphite (1 kg) damosha Rs 115 Sodium hydro sulphite (1 kg) china Rs 108 Sodium hydro sulphite safolite (1 kg) Rs 125-150 Sodium silicate (Qtl) Rs 1,050-1,200
Sodium nitrate (50 kg) Rs 1,900-2,000
Sodium nitrite (50 kg) Rs 2,000-2,300
Sodium bio-carbonate (50 kg) Rs 1,050
Stable bleaching powder (25 kg) Rs 350-400 Tartaric acid france (1 kg) Rs 440
Thymol (1 kg) Rs 1200
Titanium dioxide (1 kg) Rs 170-300
Oxalic acid (pcpl) 50 kg Rs 2,700-3,000 Zinc oxide (Kg) 110-120.
(PTI)
Sales Tax dept unearths Rs 1,000 cr VAT evasion; files FIRs
MUMBAI, June 16: Raids conducted by Maharashtra Sales Tax department have unearthed tax evasion of Rs 1,000 crore, involving 1,150 hawala dealer and 37,000 beneficiaries.
“The checks were carried over last six months and FIRs have been filed in several cases,” sales tax commissioner Sanjay Bhatia told.
The official attributed the accomplishment to the computerisation of the department.
Of the total amount, Rs 400 crore have already been collected and the process to collect the remaining amount is underway, Bhatia said.
The sales tax department formed a special cell called Economic Intelligence Unit three years ago. It looks into cases of dealers claiming false credits, hiding turnover, and even hawala transfers.
Hawala entails making bogus invoices to allow a trader to claim tax credits. In this racket, the hawala operator, posing as the ‘seller’, exists only on paper and gets a cut in return.
Some beneficiaries had even dragged the department to the Bombay High Court challenging the provisions of VAT Act, but the transparency and handling of voluminous transactions with precise accuracy as a result of the IT initiative, led to the Court upholding the actions of the department, he said.
The department raided major beneficiaries who have evaded a huge quantum and also sent notices to around 37,000 dealers across the state, giving them an opportunity to make payment and escape actions like prosecution, another department official said. (PTI)
ECB’s Coeure banking union could revive money markets
FRANKFURT, June 16: A European banking union could help revive money markets by restoring confidence in the creditworthiness of banks and governments, European Central Bank Executive Board member Benoit Coeure said.
Coeure, who is in charge of market operations on the ECB’s board, called for closer integration as ‘uncoordinated national reactions to heightened uncertainty could be collectively lethal to the single market for capital’.
The ECB is one of the main supporters of such a union, which would involve the introduction of a single European supervisory body, a pan-euro area deposit guarantee scheme and a resolution fund to wind down banks if necessary.
European Commission president Jose Manuel Barroso said he believed a banking union could be in place within a year, but European paymaster Germany says it will not support one unless it is preceded by fiscal union within the euro zone.
‘Restoring proper market functioning requires a series of actions to rebuild confidence in the creditworthiness of banks and governments, as well as the taking of decisive steps towards a banking union,’ Coeure said in a text of a speech released on Saturday and prepared for Morgan Stanley’s annual global investment seminar.
Money markets have been impaired since the onset of the financial crisis as banks began to lend less to each other in the market for fear of not getting their funds back, relying instead increasingly on central banks.
To ease such strains, the ECB injected more than 1 trillion euros into the banking system with twin 3-year loan operations in December and February, but there is growing concern that banks are becoming too reliant on central bank support.
‘Central bank intermediation of interbank funds was necessary to ensure a smooth transmission of monetary policy across the euro area and to avoid a major credit crunch. However, it may have come at the cost of crowding out some market activity,’ Coeure said.
A banking union could help revive the market by restoring trust among market players, Coeure said.
‘The adverse feedback loop between banks and sovereigns – in which doubts about the solvency of the sovereigns feed doubts about the solvency of the banks, and vice versa – will be broken more readily by the establishment of a true banking union,’ he said.
Coeure also said Europe’s permanent rescue fund, the European Stability Mechanism, should be able to inject capital directly into banks.
‘The emergence of truly pan-European banking institutions, provided they are properly controlled, would attenuate asymmetric shocks within member states and favour risk-sharing,’ Coeure said.
Another key aspect was to strengthen banks’ balance sheets and Coeure called upon regulators to make sure that banks would have sufficiently high capital buffers in place.
‘Leverage in the euro area banking system must be reduced. The aggregate leverage (asset-to-equity) ratio of large euro area banks remains comparatively high by international and historical standards,’ Coeure said.
(agencies)