Commodity News

Gold Prices decline by Rs 70 to Rs 28,030

Gold Prices decline by Rs 70 to Rs 28,030

For the ninth day, gold prices have declined by Rs 70 in the national capital today. The current price of 10 gram gold is Rs 28,030. On the other hand, silver has held stable at 42,600 per kilogram on scattered enquiries from industrial units.

According to traders, a weakening global trend has caused sustained selling by stockists where gold has fallen towards a two-month low as investors assess whether the economy of the United States is strong enough for the Federal Reserve to lift the rates, reserved pressure on the prices of gold.

IIFL Wealth acquires majority stake in India Alt

IIFL Wealth acquires majority stake in India Alt

IIFL Wealth Management Ltd. has confirmed that that it has acquired a majority stake in India Alternatives Investment Advisors Private Ltd. (India Alt).

India Alt is a private equity fund registered with capital market regulator SEBI. With an initial commitment of Rs 230 crore, it makes investments primarily in mid-growth stage companies.

IIFL Wealth is the private wealth management division of IIFL Group, which is making efforts to expand its presence in the private equity industry and provide an additional offering under its asset management platform.

Italian court rejects India’s bid to recover AgustaWestland guarantees

Italian court rejects India’s bid to recover AgustaWestland guarantees

An Italian court has rejected India's request to recover nearly 300 million euros in bank guarantees over a cancelled helicopter deal with defence group Finmeccanica.

The court ruled that it had no jurisdiction over the money deposited as security, which it said had already been paid out by the State Bank of India (SBI) and Deutsche Bank.

Announcing the move, Finmeccanica said in a statement, "The Milan court has confirmed the ruling made last January, prohibiting... the payment of collateral of more than 278 million euros deposited in relation to the contract."

Google slashes prices for Google Drive

Google slashes prices for Google Drive

Internet giant, Google has said that it is lowering the prices of its plans for storage for the customers making it more affordable for the customers. The move will undercut all of its competitors in the market.

The company said that it will lower prices of its 100 GB, 1 TB and 10 TB plans to $1.99, $9.99 and $99.99 respectively. Following the price cut, Google is now offering 10 times more storage for the same price as rival Dropbox.

L&T jumps 3% on better-than-expected Q3 margins

L&T jumps 3% on better-than-expected Q3 margins

Stock in engineering giant Larsen & Toubro (L&T) gained nearly 3 per cent in early morning trade on Thursday, after the company reported higher-than-expected margins for the October-December quarter.

The largest engineering group of India reported an impressive year-on-year jump of 190 basis points in its ebitda margins, while adjusted margins climbed 160 basis points, thanks to higher revenues from the infrastructure segment.

India slashes tariff value on imported gold and silver

India slashes tariff value on imported gold and silver

India, the world's largest consumer of gold, has slashed import tariff value of gold and silver by $6 per 10 grams and $5 per kilogram (kg), respectively.

Import tariff value of gold has been slashed from $398 to $392 per 10 grams, while import tariff value of silver has been cut from $643 to $638 per kg. The Central Board of Excise & Customs (CBEC) announced the move through a notification.

Amazon gains 1M new Prime members within a week

Amazon gains 1M new Prime members within a week

Amazon, the world's most popular online retailer, has claimed that it gained around a million Prime members just within a week of December this year.

The online retail giant even claimed that the $79 Amazon Prime membership was signed up by so many people in the third week of December that it had limit the sign ups avoid a slow down in the system.

As per a recent estimate by analysts, Amazon's Prime service, which offers all-you-can-eat free two-day delivery on millions of eligible items, has nearly 20 million users around the globe.

Blackberry signs 5-year deal with Foxconn

Blackberry signs 5-year deal with Foxconn

BlackBerry Ltd on Friday announced a five-year partnership with Taiwan-based Foxconn Technology Co Ltd to build low-end devices for sale emerging markets.

The deal is unconventional in the sense that BlackBerry will not pay upfront for components used in the phones made on its behalf by Foxconn. Instead, the Taiwanese electronics maker will take a share of profit that will be generated by the sale of each device in return for assuming responsibility for inventory management.

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Apollo Tyres shares gain over 8% after Cooper loses court bid on merger

Stock in Apollo Tyres Ltd jumped more than 8 per cent in early morning trade on Tuesday, a day after a US court dismissed Cooper Tire & Rubber Co plea seeking a directive to force the Indian tyre maker to complete their proposed $2.3 billion merger deal.

The Delaware Supreme Court on Monday dismissed Cooper's plea against a previous court ruling that Indian tyre maker was fulfilling its commitment of reaching new contract terms with workers' unions at Cooper's Ohio and Texas-based plants.

Reliance, Airtel tojoin hands to bring 4G services to Punjab

Reliance, Airtel tojoin hands to bring 4G services to Punjab

Reliance partner with Airtel to bring 4th generation (4G) services to the state of Punjab, Reliance chairman Mukesh Ambani announced on Monday.

Addressing a gathering at the Indian School of Business (ISB) campus, Mohali, the venue of the Progressive Punjab Summit that kicked off yesterday, Mr. Ambani said that collaborative cooperation between companies could lead to the common goal of delivering value to customers.