Commodity News

Steel Exchange India Received Conversion Order from RINL

Steel Exchange India Received Conversion Order from RINL

Steel Exchange India Ltd (SEIL), a steel manufacturing company based in Andhra Pradesh, received a conversion order Rashtriya Ispat Nigam Ltd (RINL) to roll out TMT (thermo mechanically treated) bars from billets supplied by RINL.

Though the value of the contract is not disclosed, this has been announced that the quantity that needs to convert per month would be 10,000 tonne. The charges of the conversion would be paid on per tonne basis including the transportation charges which will remain fix throughout the contract.

Maruti’s Chairman Says to Cut the Production if the Slump Continues

Maruti’s Chairman Says to Cut the Production if the Slump Continues

Maruti's chairman RC Bhargava said to cut production if the downslide in car sales continue. He said that industry is going through a struggling phase and has witnessed a negative growth for sometimes now.

The cuts in production completely depend on the rates of car sales in the market. Company's petrol car sales fell down to 12% in December last year and in February it went to 21%.

Gold Price Continues to Rise

Gold Price Continues to Rise

As per recent reports, it has been revealed that gold price continues to register a rise for the third time in a row. The gold price increased by Rs 140 which amounted to Rs 30,240 per 10 grams.

Similar pattern was noticed in silver pricing as well. It was found that the silver price has increased by Rs 150 amounting to Rs 54,800 per kg. Rise in gold price has put the yellow metal above USD 1,600 per ounce which is said to be the highest level that has happened in this week.

Anil Ambani’s Reliance Group named in London case

Anil Ambani’s Reliance Group named in London case

Two UBS bankers backed the creation of an illegal offshore investment vehicle to allow Indian billionaire Anil Ambani to invest in India stocks, UK market & financial services regulator told a London tribunal.

The claim has been made in a case brought against UBS's former wealth management executive Sachin Karpe and the bank's recently deceased Kurt Kumschick. Karpe allegedly misled the UBS about the true ownership of the Mauritius-based investment vehicle, called Pleuri.

Galaxy Surfactants Ltd IPO receives soft response on 1st day

Galaxy Surfactants Ltd IPO receives soft response on 1st dayOn the first day of bidding the Chemical manufacturer Galaxy Surfactants Ltd IPO has received a quiet response. May 13, when the IPO came up it managed to receive bids for 13,920 shares or 0.28 per cent only, which is less compared to the 50.40 lakh, shares which were for sale.

Tata Motors might start exporting Aria SUV

Tata Motors might start exporting Aria SUV

Auto major, Tata Motors has said that it will consider exporting its new Sports Utility Vehicle (SUV) Aria from the country.

The company might start exporting the SUV in the next six months. It has recorded a strong 77 per cent growth in exports in September 2010 compared to the same month last year.

Tata Motors Passenger Car Business Unit Utility Vehicles Product Group Head S G Saksena confirmed that the company has some plans for export and pointed out that it takes about six months for a company to start exporting a vehicle after it is introduced in the domestic market.

Nokia N8 pleases customers

Nokia N8 pleases customers

The recently launched smartphone from Nokia, the N8 has received good reviews from the customers. The Nokia N8 is based on Symbian 3 OS from the company and has a 12MP camera sensor.

The N8 smartphone comes with Ovi services allowing users to access social networking services and also enjoy on-demand online television programmes. The device features 12MP camera, USB-on-the-Go, 720p HD video output.

L&T Planning to Hire Five Investment Banks to Handle IPO

L&T Planning to Hire Five Investment Banks to Handle IPO

In order to raise between $200 million and $300 million, L&T Finance Ltd. is planning to hire five investment banks to handle a proposed initial public offering.

As per the sources, the Companies, which are expected to be hired by the non-banking finance company, include JM Financial Ltd., Citigroup and HSBC. The supporting bankers, which will be hired by the L&T Finance for the planned IPO, are expected to include Barclays and Credit Suisse.

Tata Motors to start South African production unit soon

Tata Motors to start South African production unit soon

Tata Motors’ new plant in South Africa will start rolling out the company's commercial vehicles by the end of the current financial year, the company said in a press conference in Mumbai on Friday.

Speaking on the occasion Managing Director (India Operations) of the company Prakash M Telang said that the plant would roll out around 3000 to 4000 units per annum to start with and it would scale for its capacity later depending on demand. The plat would manufacture both light and medium commercial vehicles in the begging and might move in to manufacturing of Tata's world trucks later.

trading of commodities-demands made by CM od Madhya Pradesh

The chief minister of Madhya Pradesh, Shivraj Singh Chouhan stated in a press release that trading agricultural commodities in future should be restricted in order to control the frequent rise in its prices. The annual plan size for MP was approved today for the year 2010-2011.

The chief minister mentioned that efforts were being made on the development strategy of the state in order to include more focused attention on the improving the facilities for drinking water. Efforts were also being made for agricultural facilities.