India’s gold and silver imports shot up 138% year-on-year in April as customers took advantage of lower prices, increasing pressure on the current account balance and limiting the space for monetary easing even though inflation slowed in the month.
With gold prices remaining weak, consumers rushed to buy the precious metal on the occasion of Akhsahya Tritiya on Monday. Gold retailers witnessed 15-40% increase in the sale compared to last year.
HT reports.
Local search engine JustDial today said that it will hit the capital markets on May 20 to raise up to
Rs. 950 crore through an initial public offer.
After falling to over two-month low levels in early trade, the rupee today closed 7 paise higher at 54.73 against the US dollar on fresh selling of the American currency by exporters and moderate FII inflows.
Investors lost
Rs. 1 lakh crore on Monday as a combination of profit booking, panic selling and weak global cues battered Indian stocks. The Sensex crashed 430.65 points and fell below the psychological 20,000 level to close at 19,691.67.
HT reports.
Keeping up the four week-gaining streak driven by foreign inflows, the benchmark Bombay Stock Exchange Sensex and National Stock Exchange Nifty rose to 28-month highs on the special trading session organised today.
India's gold imports are expected to fall by 50% to below 500 tonne this fiscal if the Reserve Bank's recent move to restrict banks' bullion imports is made effective, a senior MMTC official said.
If you are rushing to buy gold ahead of Akshaya Tritiya, analysts suggest doing so with caution because the recent sentiment-driven price surge of gold is not going to hold for long.
Rachit Vats and
Anupama Airy report.
The BSE benchmark Sensex today gained 40 points in a special two-hour trading session as investors indulged in selective buying of bluechip stocks tracking gains in healthcare and metal sector shares.
The benchmark Bombay Stock Exchange Sensex on Friday posted its highest closing in more than three months at 20,082.62, as cash flow into equities continued across the globe.
The government in any country borrows from the market or other sources in order to bridge the gap between its revenue and expenditure. The money that government owes is known as public debt or national debt.
The rupee oday hit a more than a three week low, losing 32 paise to 54.57 against the dollar in early trade due to appreciation of the US currency against other currencies.
Sensex today closed above the 20,000 mark after a gap of 100 days and Nifty closed at its highest level in 2013 on heavy buying in auto, consumer durables, FMCG and banking shares amid improvement in IIP suggesting pick-up in growth.
After a lull of more than two years, the market for initial public offerings (IPOs) is expected to roar back to life in 2013, giving retail investors an opportunity to buy into strong companies at attractive prices.
Manu P Toms reports.
Back with a bangFood services major Jubilant FoodWorks on Thursday reported a 11.5% year-on-year rise in net profit to Rs. 32.7 crore for the three months from January till March of the last fiscal year against Rs. 29.3 crore a year-ago. Net sales rose to Rs. 365.8 crore during the quarter from Rs. 282.9 crore a year-ago. HT reports.