31 July 2013

Gold futures rise 0.86% on firm global cues

Gold futures prices on Wednesday rose by 0.86% to Rs 28,590 per 10 grams as speculators enlarged positions, largely in tune with a firming overseas trend.

Covering-up of short positions by speculators at prevailing levels also influenced Gold futures prices, traders said.

At the Multi Commodity Exchange, metal prices for delivery in far-month October gained Rs 245, or 0.86 per cent, to trade higher at Rs 28,590 per 10 gm in a turnover of 1,615 lots.

Similarly, the metal prices for delivery in August edged up by Rs 210, or 0.73%, to Rs 28,915 per 10 gm, clocking a business volume of 1,997 lots.

Analysts attributed gains in the precious metal at futures trade to a firm trend in the overseas markets as investors awaited the conclusion of US Federal Reserve policymakers' meeting today for signals on whether the Fed may start reducing its unprecedented stimulus programme in the coming months.

Globally, gold rose as much as one per cent to trade at $1,339.74 an ounce in Singapore.

RBI not in favour of sovereign bond

Addressing his 20th monetary policy review which marked the end of his five-year term, Reserve Bank of India governor D Subbarao left foreign exchange markets in a tizzy by stating that he did not favour a sovereign bond issue and that RBI will not stand in the way of a falling rupee except to curb volatility. The absence of the any further measures to protect the domestic currency and lower growth forecasts also increased pressure on the local currency which fell by more than a rupee on Monday. In what is probably his last monetary policy, Subbarao provided his take on economic issues facing the country...

Relief to Sahara in Sebi contempt plea

The Supreme Court on Tuesday asked market regulator Sebi whether other Sahara companies should face contempt of court proceedings and made liable for violating the court order directing Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) to refund Rs 24,000 crore.

The bench of Justices K S Radhakrishnan and J S Khehar asked, "What is the connection of SIRECL and SHICL with other group companies? Can we, while pursuing these two companies, order attachment of the assets of other group companies? Before us, only these two companies had given an undertaking that they had invested the monies in other group companies. But the other companies had not stood surety for these two companies."

Sebi counsel Arvind Datar termed the Sahara group as a "single economic entity" and said for the default of one of the companies within the single entity, the court could proceed against the group and its companies.

India has self-belief to retain 2015 World Cup title: Kapil Dev

India's 1983 World Cup winning skipper Kapil Dev feels the growing self belief of the Indian cricket team that they can win regularly outside their own borders could hold them in good stead to defend the 2015 World Cup title in Australia and New Zealand.

Indian sides have notoriously played like champs at home and chumps overseas, but Kapil thinks the country's triumph at this year's Champions Trophy in the United Kingdom could prove to be a pivotal moment on the road to the game's showpiece event in early 2015.