Rajendra Jadhav Mumbai India’s gold imports surged 67 per cent in 2017 from the previous year to 855 tonnes as jewellers replenished inventory amid a rebound in retail demand, provisional data from precious metals consultancy GFMS showed. The rebound in purchases by India, the world’s second-biggest consumer of gold after China, could support global prices, which are already near their highest levels in three months. Spot gold values gained more than 13 per cent last year, their best annual performance since 2010.
Companies and Markets
Companies & Markets
Banks are in the process of initiating insolvency proceedings against 25 defaulting companies out of the 28 non-performing accounts given by the central bank, after failing to recast their loans by the December 13 deadline. Banks have an exposure of close to Rs 2 lakh crore in the second list of companies.
Telecom regulator Trai on Tuesday issued rules for network connectivity, making it mandatory for operators to ink interconnectivity pacts “on a non-discriminatory” manner within 30 days of receiving a request from another incumbent or face a heavy penalty of up to Rs 1 lakh per day per service area. There are 22 telecom service areas in the country.
The finance ministry on Tuesday said RBI Bonds Scheme has not been closed but the interest rate on such papers has been lowered to 7.75 per cent.
Arecord Rs 1,61, 116 crore was raised through various equity market routes in 2017, the highest ever mop-up in a calendar year, with IPOs and QIPs dominating the scene, says a report by Prime Database.
The year "2017 witnessed raising of Rs 1.6 lakh crore through the public equity market, 3.6 times the amount raised in the preceding year," said Pranav Haldea, managing director, Prime Database.
This is the highest amount raised in a calendar year, the previous high being Rs 97,746 crore raised in 2010.
Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “The inaugural trading day of the new calendar year began on a flat note…a sharp decline in last 45 minutes of the trade dragged the index significantly lower to conclude the session with nearly a percent cut.
India's national benchmark index ended at two-week low on Monday, the first trading day of 2018 while posting its biggest fall in a month on basket selling by large institutional investors amid thin volume trades.
Bharti Infratel, Tata Consultancy Services, Tata Motors, Bosch and IndusInd Bank led decline among the 50-share Nifty constituents.
Public sector behemoth LIC has lost market share in the individual life insurance segment to private players over the last decade as private insurers, with a strong backing of their banking parent or partner, have been steadily increasing their new business.
Wary of debt, domestic companies funded their asset growth through equity and internal accruals in FY 18.
Forty per cent of the aggregate asset base expansion was funded by shareholders’ equity, a combination of internal accruals and equity capital rising.
The contribution of debt to aggregate asset growth was only 7 per cent, indicating de-risking of balance sheet by companies.
Making home and other retail loans cheaper to old borrowers in the New Year, State Bank of India (SBI) on Monday cut its base rate and its benchmark prime lending rate (BPLR) by 30 basis points (bps). With this latest reduction, SBI’s base rate is the lowest among lenders.