Though the decision to pull out of the Rs 8,603-crore (Rs 86.03 billion) multi-services SEZ project in Tamil Nadu has been taken by the MMTC brass, the formal approval for aborting the plan is expected on January 16 from the MMTC board.
MMTC recorded a sale of jewellery worth about Rs 15 crore (Rs 150 million) at its recently concluded 'Festival of Gold'.
MMTC, the most valuable public sector undertaking (PSU), raced past oil exploration giant Oil and Natural Gas Corporation (ONGC) in the market capitalisation (m-cap) ranking to occupy the number-two slot on Friday. MMTC, with an m-cap of Rs 2,71,103 crore (Rs 2711.03 billion), pushed ONGC (m-cap Rs 2,64,953 crore) down by a slot to the third position in the market cap chart on BSE.
The decision to withdraw from participating in the special purpose vehicle, being promoted by the Matyas Group, was taken by the MMTC board. MMTC was in the process of receiving shareholders' approval for investing Rs 85.85 crore and picking up up to a five per cent stake in the Maytas Group's SPV for the SEZ.
Bids, which will open on December 18, will remain valid upto December 26. Bidders should quote for a minimum 35,000 tonnes and a maximum of 1,00,000 tonnes of wheat, MMTC said.
Country's largest gold importer MMTC Ltd has decided to join the SEZ bandwagon by setting up a gems and jewellery park in joint venture with a private player in the tax-free enclave.
The commerce ministry has consented to 10 per cent disinvestment in MMTC that can fetch the government Rs 17,000 crore (Rs 170 billion)at present valuation.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
Equity markets may witness a gradual up-move this week with some volatility as both election and earnings season are nearing their end, analysts said, adding that global trends and trading activity of foreign investors would hold significance in dictating investors' sentiment. Benchmark indices, which had a record-breaking rally last week, would also track global oil benchmark Brent crude and the rupee-dollar trend. The monthly derivatives expiry on Thursday may also fuel volatility in markets.
Equity markets would take cues from domestic inflation data announcement, global trends and trading activity of foreign investors in a holiday-shortened week ahead, analysts said. Markets would remain closed on Tuesday for 'Diwali Balipratipada'. "As we enter a truncated week with Muhurat trading on Sunday, global cues will play a pivotal role in shaping the market direction.
Stocks of public sector undertakings (PSUs) have been on fire in the past year as investors cheered an improvement in key operating metrics and embraced counters of these state-owned enterprises, analysts suggest. The S&P BSE PSU Index has gained over 90 per cent in the past year, rising much higher than the S&P BSE Sensex, which has rose nearly 19 per cent during this period, according to ACE Equity data. The BSE PSU Index, reports show, has delivered a compound annual growth rate (CAGR) of 28 per cent (including dividends reinvestments) over five years and risen by almost 60 per cent in the past year.
Public-sector enterprise stocks have seen a good run thus far in 2023-24 (FY24), with the S&P BSE PSU Index surging by over 26 per cent during the period, compared to an 11 per cent increase in the benchmark S&P BSE Sensex.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
The Centre has conceded most of the demands of potential buyers of Neelachal Ispat Nigam Ltd (NINL). These include lowering the lock-in period for sale of assets to one year and allowing the new buyer to undertake the amalgamation of a special purpose vehicle (SPV) into NINL. An inter-ministerial group led by Department of Investment and Public Asset Management (Dipam) secretary Tuhin Kanta Pandey and the core group of secretaries on divestment (CGD) headed by Cabinet secretary Rajiv Gauba have decided that the lock-in period can be reduced to one year from the date of completion of sale, from the earlier three years proposed by Dipam, an official in the know said.
This year, Coal India plans to gauge the domestic market through a tie-up with MMTC and State Trading Corporation.
The government should partner with commodity exchanges such as MCX.
Last week, the Union Cabinet decided to import 1.2 lakh tonnes of onions to improve the domestic supply and control prices, which touched Rs 100 per kg earlier this month.
Industry estimates over 30 tonnes of gold were sold on Akshaya Tritiya this time.
While the government is banking on divestment of its stake in the country's biggest trading giant MMTC Ltd to meet its Rs 40,000-crore (Rs 400 billion) disinvestment target for 2010-11, MMTC chairman and managing director Sanjiv Batra believes it may take more time, as the government is yet to appoint independent directors on its board.
After surging to Rs 16,220 level in September, gold prices slightly eased at a time when festival and marriage season is about to pick up.
MMTC Ltd, the largest of the three companies, is seeking approval for the merger from its 2,000-odd employees this week, and State Trading Corporation and PEC will launch a similar exercise next month.
Around 75 per cent, or 372 stocks, that are part of the BSE500 are trading at least 10 per cent below their all-time high levels, despite the index hitting a record high 20,515 points on the BSE in intra-day trade on Wednesday, surpassing its previous high of 20,390 touched in March 12. The index, which accounts for 93 per cent of BSE listed companies' market capitalisation, has gained 8 per cent from its recent low of 18,983, touched on April 19. In comparison, the benchmark S&P BSE Sensex gained 6 per cent over the same period, but is still nearly 4.5 per cent away from its all-time high of 52,517 that it hit on February 16.
Both red and yellow onions have been imported from Turkey, Egypt and Afghanistan. The shipments are landing at Mumbai port.
Infrastructure and real estate prominently feature as wealth destroyers.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Digital gold is gold purchased online from various platforms including Paytm or Google Pay and stored in your online account.
Sebi had given an extension last year for PSUs to meet 25% minimum public shareholding rule
Onion prices had peaked to Rs 57 per kg on August 22.
.jpg)
The Reserve Bank of India in July introduced 80:20 scheme under which 20 per cent of the total gold imports was to be exported back.
Most consumers are going for token buying of lesser value and are waiting for price correction for purchase of wedding jewellery.
Ajit Mishra answers reader queries on the stock market.
Retail tur dal prices on Monday shot up to Rs 200 per kg despite the government's steps to boost supply and check prices, aggravating consumers' woes.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
The list mostly contains PSUs which were up for sale in the last fiscal.
While players like Paytm, MobiKwik, and PhonePe allow you to buy gold for Rs 1, Amazon Pay has kept the minimum amount at Rs 5. Digital gold is essentially an avenue for investing in physical gold.
TCS created wealth worth Rs 3,458 billion for the period 2010-15.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Tinesh Bhasin explains the pros and cons of trading in gold 'options', which were introduced in India this Dhanteras
RBI capped the gold lease period at 90 days under the direct import route.
The government on Friday approved sale of its minority stakes in four public sector firms -- Hindustan Copper, Oil India, MMTC and Nalco-- to raise up to Rs 15,000 crore.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances