India Business

India imposes 5% export duty on iron ore pellets

India imposes 5% export duty on iron ore pellets

In a bid to safeguard the interests of domestic steelmakers, India governemtn has imposed a 5 per cent duty on exports of iron ore pellets.

Previously, there was not duty on exports of iron ore pellets as exports of iron pellets were negligible. But, the Ministry of Finance on Monday said the drastic rise in exports of iron ore pellets during April-November period of last year caused an apprehension about shortage of the material in the domestic market.

Police to scan information recovered from FT’s backup server in NSEL case

Police to scan information recovered from FT’s backup server in NSEL case

The Economic Offences Wing (EOW) of the Mumbai police has finally managed to recover information linked to the crisis on the National Spot Exchange Ltd (NSEL) from a backup server of Financial Technologies.

The EOW, which is probing the Rs 5,600-crore scam at NSEL, wants to know about email interactions between officials of NSEL and FT, linked to the crisis on the exchange.

Previously, when the EOW asked for the email information, it was told that the server of FT had crashed around three months back.

Gillette India moves a step forward to meet MPS norms

Gillette India moves a step forward to meet MPS norms

The Securities & Exchange Board of India (Sebi) has finally approved Gillette India's proposal to partly reclassify its Indian promoters as non-promoter as part of its efforts to comply with the government's minimum public shareholding (MPS) rules.

Gillette India, the company behind the widely-popular shaving products, has confirmed that that the capital market regulator accepted its revised proposal to reclassify its shareholder Saroj Kumar Poddar as non-promoter.

Indian Angel Network Aims to Achieve Top 10 Status in a Decade

Indian Angel Network Aims to Achieve Top 10 Status in a Decade

Joining hands with angel investors, accelerators, and consultants to set up a no-hindrance manufacture, Indian corporates, multinationals, and the IT industry's crest body have come together. They plan to create 15 billion-dollar companies over the next decade.

Indian Angel Network (IAN) founder, Saurabh Srivastava, has shed light on the fact that funding and support takes its equitable place in the production line of technology companies. It is expected to spawn a new wave of economic growth.

Gold Tumbles Down, So Does Silver

Gold Tumbles Down, So Does Silver

It seems like the running negative sentiments have taken a turn on the global bullion markets, as gold was seen soaring down as it closed at Rs 26,740 per 10 grams today. A fall by Rs 600 placed the value of gold in the market at a tight spot, while it saw a low of Rs 1, 540 and high of Rs 25, 800 per 10 grams in the complete trading day.

It was seen by market observers that the disappointing news from the European market has thrashed the sentiments in the market to an extent that the gold saw a drop of over USD 225 in Asia in the last two trading sessions.

Gold and Silver Coin Sales at Peak

Gold and Silver Coin Sales at Peak

During the afternoon’s trade, the Indian rupee was observed at a weaker position having a strong influence from the scenario where dollar has climbed high overseas with investors. The currency has started from lower by 16 paise at Rs. 45.96 per dollar and slowly reached to 45.84.

L&T Construction Bags Rs 797cr Building Tender

L&T Construction Bags Rs 797cr Building Tender

According to a regulatory statement, L&T Construction, during the second quarter this fiscal, accounted that it has successfully won an order worth Rs 797 crore in the building and factories segment business.

However, the company said in a regulatory filing to the Bombay Stock Exchange (BSE), company officials accounted that the order has been secured from a chief mixed use building developer, which predominantly comprised of residential business deals such as retail and commercial developments at construction sites in Mumbai.

Swiss Bank Data Information

The Swiss Government official today has claimed that the tax avoidance treaty with India will be looked into. This will allow Swiss Government officials to provide financial assistance to India to deal with the tax evasion cases in the country.

Commodities Technical Analysis

Commodities Technical Analysis

Aluminium
Aluminium has remained weak but seems to be getting support at the $2000 level. We prefer to wait & watch but retain our positive bias for the overall trend.
Aluminium ($2023)
Supports 2025 2000
Resistances 2100 2140

Zinc
Zinc prices continue trading below its 200 DMA(2166). The present movements are in line with our view that a consolidation is taking place in the trend. Our overall bias remains positive.
Zinc ($2050)
Supports 2025 1950
Resistances 2125 2175

Copper

Defamation Suit Against Big Brother Mukesh Ambani, Withdrawn

 Defamation Suit Against Big Brother Mukesh Ambani, Withdrawn

The Rs 10,000 crore defamation suit that was charged against Mukesh Ambani at the high court of Bombay was withdrawn by younger brother anil Ambani. This withdrawal was done in order to create a more harmonious relationship between the brothers.

Anil Ambani's lawyers did not comment on the questions posted against them as to why there was a change in the decision made, by the lawyers made it clear that they did not want to go forward with the suit that was against Mukesh Ambani.


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