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.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
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.
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.
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.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
The famed Indian appetite for gold is being manifest with renewed vigour this season as a surge in festival demand and a recent fall in prices has fuelled a virtual 'gold rush' in the market.
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.
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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.
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
Iran has complained of irregular shipments
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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.
Govt seems to bullish to meet its disinvestment target in current fiscal.
Two traders - Jindal Steel and Power Ltd and GMR Energy Ltd - have already surrendered their licences.
The NINL management can see this as their moment of giving back to the nation and humanity. Its plant has an oxygen unit that can produce 418 tonnes of oxygen every day. 418 tonnes is about 58% of Delhi's daily demand for oxygen, notes Sudhir Bisht.
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Aiming to raise Rs 40,000 crore (Rs 100 billion) from disinvestment, the government on Wednesday said it will sell its stake in 10 more PSUs, including IndianOil, MMTC, Coal India Ltd, SAIL, RINL and Shipping Corporation, in the current financial year.
The MoU seeks cooperation in upstream, midstream and downstream activities.
The list mostly contains PSUs which were up for sale in the last fiscal.
BSE PSU index rallies 10% in one month; nearly a third of the stocks on the index has gained 20% over the period
In all, 25 Chairman-cum-Managing Director (CMD) posts, 8 MD posts and 2 Chairman posts are lying vacant, according to a written reply by Minister of State for Heavy Industries and Public Enterprises P Radhakrishnan in the Lok Sabha.
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India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
The Madras high court has directed the Tamil Nadu Crime Branch-CID police to probe the case of 'missing' gold, which left the country's premier investigating agency red-faced.
In 2008, the 13 companies on the list accounted for 34 per cent of the overall m-cap.
Going by the experience of the previous years -- when the actual proceeds from stake sale were much lower than the targets -- the government's disinvestment target for 2014-15 appears too ambitious.
The divergence shows lack of financial depth in the Indian stock markets.
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In an hour-long chat on rediff.com on Friday, A K Prabhakar, senior VP and Head -- Equity Research (Retail), Anand Rathi Financial Services Ltd, discussed the best stocks to put the investors' money in.
The broader NSE Nifty too dived by 101.65 points, or 0.97 per cent, to close at 10,350.15.
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Move aimed at boosting retail investor participation in disinvestment.
The government's disinvestment programme is set to get a boost this Diwali, with the finance ministry planning to hit the market to sell a five per cent stake in Steel Authority of India Ltd (SAIL) by October.
Investor confidence has evaporated amid fears over the rising cost of funding India's gaping current account deficit, prompting New Delhi to delay plans to raise much-needed funds through partial privatisations, finance ministry sources said.
In an hour-long chat on rediff.com on Thursday, A K Prabhakar, senior VP and Head -- Equity Research (Retail), Anand Rathi Financial Services Ltd, discussed the best stocks to put the investors' money in.
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In an hour-long chat on rediff.com on Friday, A K Prabhakar, senior VP and Head -- Equity Research (Retail), Anand Rathi Financial Services Ltd, discussed the best stocks to put the investors' money in.
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