Bullion Markets

India’s gold imports to decline by 63%

India’s gold imports to decline by 63%India, the world's largest gold consumer, is about to see a 63% decline in its gold imports in the calendar year 2009.

Anjani Sinha, president of the IBMA reported that gold imports may fall by 63 percent to 250 tonnes as demand has been heavily reduced due to persisting high prices and also because of rupee depreciation.

Gold market to see a rise in sales in festive season

GoldGold market of India is expecting to see an increase in sales in the coming festive months as customer demand will prevail over the fears of economic slowdown.

Mr. Bhaskar Bhat, Managing Director, Titan Industries Limited, said that current Indian gold market stood at Rs 80,000 crore, and it is expected to rise to Rs 125,000 crore by the year 2014.

He made this announcement after the inauguration of Tanishq’s first large format retail store in Chennai.

Gold imports fall by 47% in 2008

Due to rising prices and slowing economy dented demand, India’s gold import has witnessed 47 percent decline in 2008 to 402 tons.

According to Bombay Bullion Association, imports in December fell 81 percent to 3 tons from 16 tons in the same month a year before.

The sources said that in fiscal 2007, India, the world’s major buyer of the metal, had imported 759 tons of gold.  
 

Miscellaneous

Big steel and power companies may be stripped off their captive mines

Big steel and power companies may be stripped off their captive mines

Big steel and power companies like NTPC, ArcelorMittal, GVK Power, Jindal Steel & Power, GMR Energy and Damodar Valley Corporation may be stripped off the captive mines that were allotted to them.

As per the information available, as many as 97 companies are going to be given notice by the government asking them as to why they have failed in starting work in the captive mines provided to them.

Escorts up for a rebound?

Escorts up for a rebound?

After losing most of its market to players like Mahindra, perhaps the north India based tractor manufacturer, Escorts is up to make a rebound in the domestic circuit.

While the company has been cutting its operational and financial expenses, the fact of the matter is that it is also looking at expanding its market share in the domestic circuit. The third largest tractor manufacturer in the country has been relying on its tractor business for the overall Group, the company is targeting to take its market share up by 1% in the short run.

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