Business » News Updated

Business

All You Need To Know About Current Gold And Silver Rates

AdminAugust 26, 20200

Gold jewellery stood at Rs 51,188/10 grams and silver at Rs 62,541/KG (excluding GST), according to IBJAGold, Silver Price Today: Gold and silver rates moved on a sluggish note on Wednesday as concerns that a global recovery from the coronavirus pandemic-related slowdown may not be so soon and hopes on the US-China trade negotiations. Typically, any improvement in investors' risk-appetite hurts precious metal prices as money flows towards capital markets. Analysts say gold and silver prices are expected to move sideways for the time being, taking a breather from all-time highs registered recently. (Also Read: Silver Is Outperforming Gold, Is It The New Gold?)On Multi Commodity Exchange (MCX), the gold futures contract traded flat and silver futures edged lower, following a positive start o

Business

Supreme Court Pulls Up Centre, Seeks Its Stand On Waiving Interest On Loans During Moratorium

AdminAugust 26, 20200

Supreme Court said that the central government cannot hide behind the RBI.The Supreme Court on Wednesday asked about the government's stand on waiving interest on loan repayments during the moratorium. The top court said that the central government cannot hide behind the Reserve Bank of India and should not look at business interest only. The court directed the central government to make its stand clear by September 1.The top court was hearing petitions that wanted waiver of interest to be levied on loan repayment during moratorium period in lockdown.A bench headed by Justice Ashok Bhushan said, "This happened because you locked down the entire country. You have to tell us your stand on two things: disaster management act and if the interest on interest will be accounted for.When the top c

Business

Silver Lining For Some Start-Ups Amid Covid-19 Pandemic

AdminAugust 26, 20200

Covid-19 has certainly shattered several dreams for businesses globally and many firms across the globe had to adapt to new ways to run the businesses but the pandemic has also been a silver lining for a few start-ups.When people couldn't order their favourite meal or craved for hygienic home-cooked meals a new application called 'The Yummy Idea' was launched in May 2020. Tushar Garg, co-founder of The Yummy Idea says, "In this scenario the increased sensitivity towards health and hygiene has helped us enter the market."'Explurger' - a social media application that reveals the travel profile for each individual was launched on August 15. Its founder Jiten Bhatia says that when people are bored they are excited to try something fresh."This app allows them to share their travel memories as w

Business

Auto Stocks Rise Upto 5% On Tax Cut Hopes

AdminAugust 26, 20200

Two-wheelers are currently taxed at the highest GST slab of 28 per cent.Auto stocks rose up to 5 per cent after Finance Minister Nirmala Sitharaman hinted on Tuesday that GST Council would look into the auto industry's demand for lowering the tax rates on two-wheelers, which are currently taxed at the highest slab of 28 per cent. At 11:00 am, the NSE Auto index - comprising shares in 15 manufacturers of automobiles and auto ancillaries - gained 1.4 per cent to 8,095.35, with TVS Motor, Hero Motocorp, Tata Motors, Bajaj Auto and M&M adding 1.7 per cent to 4.3 per cent each on the NSE.Speaking to industry executives at a virtual briefing, Ms Nirmala Sitharaman said lowering taxes on some types of vehicles was a "good suggestion". The finance minister said two-wheelers merited a rate revision

Business

Bad Bank Not Only Necessary But Unavoidable: Former RBI Governor D Subbarao

AdminAugust 26, 20200

New Delhi: Former Reserve Bank of India Governor D Subbarao made a strong case for setting up a bad bank saying it is "not just necessary but unavoidable" in the present circumstances when non-performing assets (NPAs) are likely to balloon and much of the resolution will have to take place outside the Insolvency and Bankruptcy Code framework.Even the Economic Survey 2017 had proposed this idea, suggesting the creation of a bad bank called Public Sector Asset Rehabilitation Agency (PARA) to help tide over the problem of stressed assets. "The standard advantage of a bad bank is that the entity taking a decision on the sale price is different from the entity accepting that price. Conflict of interest and corruption are avoided, and importantly, are seen to be avoided," he said in an interview

Business

Sensex Falls Over 200 Points From Day’s High As Markets Erase Early Gains

AdminAugust 26, 20200

Domestic stock markets gave up early gains in a choppy session on Wednesday. The S&P BSE Sensex index climbed to as high as 38,980.60 in morning deals, and fell 215.51 points from that level to hit 38,765.09 on the downside. The broader NSE Nifty 50 benchmark fell to as low as 11,472.25, having gained to as high as 11,517.55 earlier compared to its previous close of 11,461.85. Gains in automobile and banking stocks were countered by losses in consumer goods, pharmaceutical and IT shares.At 10:33 am, the Sensex traded 5.64 points - or 0.01 per cent - lower at 38,838.24, while the Nifty was up 9.70 points - or 0.08 per cent - at 11,481.95.Auto stocks rose after Finance Minister Nirmala Sitharaman said lowering taxes on some types of vehicles was a "good suggestion". The Nifty Auto index - c

Business

Covid Shock To Consumption Severe, Demand Recovery Will Take Time: RBI

AdminAugust 26, 20200

Private consumption has lost its discretionary elements across the board, the central bank said.HighlightsPrivate consumption has lost its discretionary elements across the board The government is constrained in its ability to provide more stimulus Transport, hospitality, recreation and cultural activities took a hitReserve Bank of India said demand in the economy is likely to take more time to mend in the absence of greater fiscal support, even as the government is constrained in its ability to provide more stimulus. "An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe," the Reserve Bank of India said in its annual report for the year ended June. "It will take quite some time to mend and regain the pre-Covid-19 momentum."Private consum

Business

Sensex Opens Over 50 Points Higher, Nifty Above 11,500

AdminAugust 26, 20200

On Monday, the Nifty climbed to a nearly six-month closing highDomestic stock markets started Wednesday's session on a positive note, amid cautious gains in Asian equities. The S&P BSE Sensex index opened 86.30 points - or 0.22 per cent - higher at 38,930.18, and the broader NSE Nifty 50 benchmark began the day at 11,512.85, up 40.60 points - or 0.35 per cent - from its previous close. Analysts awaited the release of official data on the country's gross domestic product (GDP) due next week for cues. Source link

Business

In Absence Of Funds, PMC Bank Depositors Survive On Loans, Charity

AdminAugust 26, 20200

The liquidity risks have increased for the non-bank financial companies.In February, 82-year-old Kishan Lal appealed to India's finance minister for help, saying in a Twitter message he was ready to donate his kidney and eyes if someone could help arrange funds to treat his daughter, who had a brain tumour. The Lals had enough savings to tide over the medical crisis - more than Rs 25 lakh ($33,450) in Punjab & Maharashtra Co-operative (PMC) BankBut withdrawals were capped at Rs 50,000 from each account at the time because authorities were investigating fraud at PMC. The withdrawal cap is now at Rs 100,000 per depositor."I just borrowed money from wherever I could, I had to save my daughter," Mr Lal said."If I had access to my own money, I'd not have been ashamed."The Reserve Bank of India

Business

Petrol Price Hike Paused After Six Days, On Wednesday

AdminAugust 26, 20200

Fuel prices vary across the country due to crude oil prices, foreign exchange rates and local taxesDomestic petrol prices were left unchanged in the metros on Wednesday, i.e. August 26 after six consecutive daily hikes, and diesel rates were untouched as well. In Delhi, the price of petrol was steady at Rs 81.73 per litre, while diesel prices were kept steady at Rs 73.56 per litre, with effect from 6 am on August 26, according to notifications from the state-run Indian Oil Corporation. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).Here are the latest prices of petrol and diesel (in rupees per litre) in the four metros on August 26:CityPetrolDieselDelhi81.7373.56Kolkata83.2477.06Mumbai88.3980.11Chennai84.7378.86Source: Indian OilState-run Indian Oil Corporation, Bharat P