Commodity News

Vedanta shareholders approve plans to buy govt.’s stakes in Hindustan Zinc, Balco

Vedanta shareholders approve plans to buy govt.’s stakes in Hindustan Zinc, Balc

Mining conglomerate Vedanta Resources moved a step closer towards its goal to acquire the Indian Government’s minority stakes in two of its subsidiaries after its shareholders approved the proposals.

London-listed Vedanta has plans to raise offers to acquire Indian Government’s remaining stakes in Hindustan Zinc Ltd and Bharat Aluminium Co (Balco) for US$2.94 billion and US$338 million, respectively.

Wipro shares fall more than 8% after Q2 results lag peers

Wipro shares fall more than 8% after Q2 results lag peers

Wipro shares lost more than 8 per cent in morning trade on Wednesday after analysts pointed out that the information technology (IT) firm's September quarter results lagged those of peers.

Wipro's consolidated revenue jumped 13 per cent quarter on quarter to Rs 10,992 crore in the July to September quarter. Services EBIT margin jumped by 250 basis points to 22.5 per cent.

However in dollar terms, the Bangalore-based company's revenue grew just 2.7 per cent quarter on quarter in the three months ended September 30.

Jewellers turn their focus to diamonds to offset decline in gold demand

Jewellers turn their focus to diamonds to offset decline in gold demand

Indian jewellers are turning their focus to diamond jewellery in a bid to offset the government's clampdown on sales of gold.

Leading jewellery companies like Gitanjali Gems and Titan Industries are now aggressively promoting their diamond jewellery to make up for the losses they suffered due to decline in demand for gold jewellery.

Gitanjali Gems and Titan Industries are also expanding their reach in overseas markets like Dubai and Singapore as part of their efforts to boost sales.

Jewellery stocks slip as investors worried about future earnings

Jewellery stocks slip as investors worried about future earnings

Gems and jewellery companies suffered steep declines in their stocks on Tuesday as investors were worried that the government's measures to curb gold imports might hurt earnings from the stocks.

The government and the Reserve Bank of India (RBI) have long been trying to curb gold imports as heavy imports of the precious yellow metal have been significantly contributing to the country's widening current account deficit
(CAD).

New Factory Commencement at Chandigarh to Cater Domino’s, Dunkin Donuts Customers

New Factory Commencement at Chandigarh to Cater Domino’s, Dunkin Donuts Customer

Sources suggested about the announcements made by the Jubilant FoodWorks. The company is commissioning its factor factory called "commissary" at Zirakpur near Chandigarh.

It was suggested that the commissioning of the factory is being done because of an excellent response made by the customers of Domino's Pizza and Dunkin Donuts at the outlets of Chandigarh, Mohali, Panchkula and the states of Punjab, Haryana, Uttarkhand, Himachal Pradesh and Jammu and Kashmir.

Sahara Chief Subrata Roy Feels Victimized for Years by Political Vendetta and RBI

Sahara Chief Subrata Roy Feels Victimized for Years by Political Vendetta and RB

Market regulator, the Securities & Exchange Board of India summoned Sahara Chief Subrata Roy yesterday to give details of assets belonging to him and his two group companies. SEBI may use those assets for auction to produce nearly Rs 24,000 crore needed to be returned to the investors.

"It started as political vendetta against us in 2005, and thereafter became a chain reaction. First, the RBI took action against us in 2008 and then SEBI clamped down on our businesses", the head of the diversified conglomerate said.

Spot Gold Seen Trading at USD 1560

Spot Gold Seen Trading at USD 1560

Today morning, the spot gold was seen trading at USD 1560 and not a bigger change in the trend is expected.

As per the reports from a research firm, the daily close of gold trade below USD 1539 may drag it to hit a new multi-support level of USD 1525/1520. Cyprus is expected to sell its gold holdings to meet its national debt and it is said that it will help it maintain its hold over the market keeping the price of gold lower.

Weaker Rupee May Benefit Gold: Report

Weaker Rupee May Benefit Gold: Report

A recent report published by Emkay Commodity Research has suggested that International prices would lead up the Gold prices in India. The report talks about energy and valuable metals. The report also suggests that the weaker condition of the Indian Currency rupee would benefit the gold.

In the U. S., the worsen job market has supported the gold prices. The expectations that federal government in the U. S. would carry on with the motivational programs in the times to come have led to the gold's inflation. The weak condition of Dollar has boosted the gold sales.

Sensex Trades Flat, May Decrease Further

Sensex Trades Flat, May Decrease Further

Amidst lowdown in the market, speculations are rife that Sensex would further dip. At present, the sensitive index is at 18452.38 that is the lowest after 21 November, 2011.

According to A. K. Prabhakar, Senior Vice President at Brokerage, AnandRathi, Sensex could get better considering the oversold market, however, overall trading would remain flat in the near future. He added that pressure created by Fibonacci levels is also responsible.

Gold Makes a Come-Back after Ten-Month Low

Gold Makes a Come-Back after Ten-Month Low

A retrace of prices of gold has now pleasantly been witnessed after the market saw a recovery of Rs 30,000 per ten gram levels. Bullion market has called it a strong come-back for gold.

Reports have revealed that there is a rise in gold prices by Rs 470 to Rs 30,030 per ten gram. Silver has seen an increase of Rs 800 to Rs 52,400 per kg. After a ten-month low, gold has again seen a surge.