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Gold price up 0.72 per cent in futures trade on Asian cues

 Gold price up 0.72% in futures trade
Buoyed by a firm Asian trend, gold prices rose by 0.72 per cent to Rs 29,500 per 10 gram in futures trade on Monday as speculators enlarged their positions.

Besides, rising demand in the domestic spot markets for the ongoing festive and wedding season too supported the rise.

At the Multi Commodity Exchange, gold for delivery in far-month February 2014 contracts rose by Rs 210, or 0.72 per cent, to Rs 29,500 per 10 gram in business turnover of 10 lots.

Similarly, the yellow metal for delivery in December traded higher by Rs 205, or 0.70 per cent, to Rs 29,685 per 10 gram in 235 lots.

Analysts said a firming trend in the Asian trade on speculation that the US Fed would not start tapering until 2014 and rising demand in domestic spot markets mainly led to rise in gold prices in futures trade.

In the national capital, gold prices went up by Rs 150 to Rs 31,650 per 10 gram on Saturday.

Globally, gold rose by $1.60, or 0.12 per cent, to $1,319 an ounce in Singapore.

BHP Billiton gives up 9 oil & gas exploration blocks in India

BHP gives up 9 oil & gas exploration blocks in India
Global miner BHP Billiton on Monday said it has given up nine oil and gas exploration blocks in India due to its inability to carry out exploration operations there.

The company is withdrawing from those blocks because of delays in clearances, according to local media, but BHP would not confirm the reason for its decision to relinquish its interest.

"The decision to relinquish these blocks is the result of an exploration portfolio review ... there have been regular discussions and communications over the last 12 months with the Ministry of Petroleum and Natural Gas," BHP said in a statement.

The company gave up its interest in six blocks awarded in India's NELP VII bid round, in which it held 26 per cent interest and GVK held 74 per cent interest as well as three blocks awarded in the NELP VIII bid round in which it held 100 per cent interest.

BHP Billiton will keep its 50 per cent interest in its NELP IX block, operated by BG Group.

Amid NSEL crisis, MCX-SX begins search for new CEO

 Amid NSEL crisis, MCX-SX begins search for new CEO
MCX Stock Exchange (MCX-SX) has begun its search for a new managing director and CEO to head the bourse, whose group entities remain embroiled in a major crisis emanating from Rs 5,600-crore payment default at the National Spot Exchange (NSEL).

The exchange was set up by Jignesh Shah-led Financial Technologies (FTIL) group, which has also promoted NSEL and commodity bourse MCX, among others.

Earlier this month, Joseph Massey resigned as MD and CEO of India's newest exchange while Shah also had to quit from its board.

In a public announcement on Monday, MCX-SX invited application from "suitably qualified and experienced" candidates for the post of Managing Director and CEO.

It is the country's newest stock exchange and began operations in currency derivatives segment from October 2008 while it commenced operations in capital markets trading in February this year.

MCX-SX said: "The candidate must be qualified in the fields of capital market, finance or management and possessing sufficient experience in related fields for at least 15 years."

The MD and CEO would report to the board of directors and would be responsible for conduct of affairs of the exchange under the direction and supervision of the board. He/she shall also be responsible to perform various functions under the bye-laws, rules and regulations of the exchange and also to comply with various statutory and regulatory requirements, it added.

The appointment will be subject to approval of Securities and Exchange Board of India (Sebi) and the candidate shall hold office for a term of three years which could be extended, the exchange said.

The candidate's age should not be more than 50 years as on October 31, it said adding that age and experience limits may be relaxed for deserving candidates at the discretion of the selection committee.

While renewing MCX-SX's licence for another one year, capital markets regulator Sebi had in September asked the exchange to set up a panel of independent directors to oversee its operations in the wake of questions being raised about 'fit and proper' status of its promoters.

After both Shah and Massey resigned, MCX-SX had said that U Venkataraman, whole-time Director, would assist the special committee of public interest directors in carrying out the functions of the exchange.

The group has seen a string of resignations in the past few weeks at its various entities.

Last week, commodity bourse MCX managing director and chief executive officer Shreekant Javalgekar also submitted his resignation.

China Q3 economic growth quickens to 7.8% yr/yr


Beijing: China`s annual economic growth quickened to 7.8 percent between July and September from 7.5 percent in the previous three months, the fastest growth this year and in line with expectations, official data showed on Friday.

Many investors have been concerned about the fragility of China`s economic revival, especially after a surprise fall in export growth in September.

The world`s second-largest economy grew 7.7 percent in the first nine months of 2013 from a year earlier, the data from the National Bureau of Statistics showed.

Other data released alongside the gross domestic product data showed industrial output grew 10.2 percent in September from a year ago, versus expectations of 10.1 percent showed in the Reuters poll.

Retail sales in September rose 13.3 percent on a year ago versus an expected 13.5 percent.

Fixed-asset investment grew 20.2 percent in the first nine months from a year earlier, versus an expected 20.3 percent. The government only publishes cumulative investment data.

Internal migrants contribute 10% to GDP: UNESCO


New Delhi: Internal migrants, estimated to constitute about 30 percent of the population, contribute 10 percent to the country's GDP with employment having become the biggest reason behind migration, a UNESCO report has said.

The report considers internal migration as being a key factor behind prosperous cities, boosting economic activity and growth.

Citing various sources, it estimated that following Census 2011, the number of migrants may have increased to about 400 million from 309 million in 2001.

The report, however, says that most of the million-plus cities have recorded significant decline in population growth, hinting that they have become "less welcoming" to migrants.

Against the projected 400 million migrants in India, their global number was 740 million in 2009.

The report entitled 'Social Inclusion of Internal Migrants in India' says women form an overwhelming majority of migrants in the country ? 70.7 percent as per Census 2001 and 80 percent according to NSSO (2007-08) data.

It said 91.3 percent women in rural areas and 60.8 percent in urban areas were migrants, putting such high numbers down to marriage.

About 30 percent of the migrants in the country belong to the 15-29 years age group.

The report says migrants are often victims of politics based on "vote banks along ethnic, linguistic and religious lines" and face political and administrative exclusion and discrimination.

Women migrants face a double discrimination for reasons particular to their gender, it adds.

Migration, it says, is an integral part of development and the rising contribution of cities to India's GDP would not be possible without them.

"Internal migrants contribute cheap labour for manufacturing and services and, in doing so, contribute to the national GDP, but this is not recognised. Far from being a drain and burden, they are in fact providing a subsidy," the report says.

"Migrants are looked upon as outsiders by the host administration and as a burden on systems and resources. Their right to the city is denied on the political defence of the 'sons of the soil' theory which aims to create vote banks along ethnic, linguistic and religious lines," it says.

The UNESCO report has pushed for promoting positive political discourse and avoiding a prejudiced negative portrayal of internal migrants.

Though not counted as metropolitan cities, Surat, Nashik, Ludhiana, Faridabad and Pune are among the million-plus cities which house the maximum migrants with respect to their overall population, the UNESCO report says.

Migrants make up 58 percent of the population in Surat, 57 percent in Ludhiana, 55 percent in Faridabad, 50 percent in Nashik and 45 percent in Pune, according to Census 2001 data cited by the report.

They account for 43 percent of the population in Delhi as well as in Mumbai.

Calling for better legal and social protection for them, the report says internal migrants are particularly vulnerable due to low rates of education and ignorance about their rights.

The overall literacy rate, as per Census 2011, was 74.04 percent with male and female literacy being at 82.14 and 65.46 percent, respectively. However, among migrants, 57.8 percent of the females and 25.8 percent of males were illiterate.

NSSO data for 2007-08 reveals that 52 percent short- duration migrants were either illiterate or had not completed primary education.

Sensex may touch 21,000 level by Diwali: Experts


New Delhi: The BSE benchmark Sensex is likely to hit the much awaited psychological level of 21,000 this Diwali, driven by robust foreign fund inflow, good quarterly earnings from corporates so far and favourable global cues, say analysts.

The Sensex touched its one-year high level of 20,932.23 on Friday triggered by global cues as concerns about the US tapering eased and China's economic growth picked up.

The 30-stock index is 323.88 points away from its all- time peak of 21,206.77 hit on January 10, 2008.

Meanwhile, foreign institutional investors (FIIs), the main driver of the Indian stock market, have poured in nearly Rs 7,000 crore (USD 1.12 billion) in the domestic equity market since the beginning of this month.

With this, the total foreign investment in the Indian stock market has reached Rs 80,174 crore (USD 14.77 billion) so far in 2013, as per data available with market regulator Sebi.

Marketmen attributed the foreign fund inflows to easing concerns over the US tapering.

"Markets rose sharply on Friday, buoyed by the postponement of the debt ceiling issue and on likely expectations that the Fed will not taper the stimulus programme in its next meeting, pending final resolution of the debt ceiling programme," said Dipen Shah, Head of Private Client Group Research at Kotak Securities.

The Sensex has gained 1,365.74 points or 6.99 percent so far this month to 20,882.89.

According to analysts, the way things are looking positive for the country and the liquidity force will take markets to higher levels.

"The Sensex is likely to remain strong in near-term. The kind of inflows and liquidity that we are seeing indicates that the Sensex may scale new highs in the days to come. The Sensex is likely to touch its all-time high by Diwali as the global set-up is good, results by Indian Inc is reasonably decent and most importantly FII inflows are robust," said Paras Bothra, Research Head at Ashika Stock Brokers.

The sentiment in the market last week was boosted on speculation that Federal Reserve could maintain monetary stimulus next year on concerns that the 16-day partial US government shutdown may curb growth in the world's largest economy.

"Markets may move up further as indications from the US markets are positive, corporate results are good. Besides, FIIs are positive on the Indian stock market. So, it is likely that markets may touch their record high levels by Diwali," said Alex Matthews, Geojit BNP, Research Head.

BSE Sensex fails to maintain initial gains, turns negative


New Delhi: The S&P BSE benchmark Sensex failed to maintain initial gains and was quoted lower in afternoon trade Monday on selling pressure mainly in consumer durables and IT counters.

The 30-share index opened higher at 20,915.76 and moved up to 20,970.92 on buying in capital goods, auto and realty shares on the back persistent capital inflows from foreign funds coupled with higher global cues.

However, it later dropped to 20,787.56 and was quoted at 20,810, showing a loss of 72.74 points, from its last weekend's level.

Similarly, the 50-share NSE benchmark Nifty moved lower by 7.70 points, to 6,182.

Foreign institutional investors (FIIs) bought shares worth Rs 1752.98 crore on last Friday, according to provisional data from the stock exchanges.

Asian markets rose as traders continued buying spree that began last week on bets that US Federal Reserve will continue its monetary stimulus for the world's largest economy.

Key benchmark indices in Singapore, Hong Kong, China, Indonesia and Japan rose between 0.1 percent and 1.13 percent, while indices in South Korea and Taiwan fell between 0.12 percent and 0.21 percent.