India’s Gold Consumption Down 7%
India’s gold consumption in 2011 fell by 7% to 933.4 tonnes, down from 1,006.3 tonnes, due to volatility in rupee value and the tightening of monetary policy to control inflation, says a report by World Gold Council.
“The rapid rise and fall in the rupee, and resulting domestic gold price swings had a strong impact on gold buying with both jewellery and investment demand in H2 (second half of 2011) were lower by around 33 %,” the report said.
According to the report, jewellery consumption fell by 14 %, to 567.4 tonnes in the period under review from 657.4 tonnes in 2010. However, gold bar and coin segment grew by five % in the year ended Dec 31, 2011, 366 tonnes from 348.9 tonnes in the corresponding previous year.
The council predicts a short-term slowdown in gold consumption in for 2012. However, it maintains that the demand would be robust in the long term.
Ensure Money Lent To Telecom Firms Is Given Back: SBI
The State Bank of India (SBI) has called for a mechanism to ensure that money refund should be made directly to lenders and added that even assets, including technical infrastructure, should be put under the hammer in the auction for 2G spectrum.
“Since the affected licensees have raised debt for their business plan and created security over their assets, any refunds should be routed directly in favour of the lenders, even if in some cases assignment of licenses in favour of lenders has not been completed,” SBI said in its response to the Telecom Regulatory Authority of India (TRAI’s) pre-consultation paper on allocation of 2G spectrum.
“Considering that substantial funds have been lent by banks to the affected licensees, to protect their interests, we suggest attaching/clubbing of the assets of the licensees to the spectrum proposed to be auctioned and any consideration received thereof used to set-off dues to the lenders,” it added.
SBI has funded exposure of Rs.1,100 crore to the affected telecom firms. According to SBI Deputy Managing Director Santosh Nair, the bank has also issued guarantees for the licences and has non-fund exposure to the tune of Rs.3,400 crore.
Radia Tapes: SC Seeks Centre’s Reply On Tata’s Plea
The Supreme Court today sought response from the government on whether it could share the probe report on leakage of controversial Radia tapes with Tata Group Chairman Ratan Tata.
A bench of justices G S Singhvi and S J Mukhopadhyay asked the Centre to file its response on Tata’s plea, seeking a copy of the report on the probe, which pointed out tampering of the tapes released to the media. The court granted three weeks time to the government to file its reply and posted the matter for further hearing on March 27.
Earlier, the government had expressed reluctance in sharing the report on the ground that the investigation was still in progress to find out how the tapes of Radia’s conversations, tapped by Income Tax Department, got leaked. The Centre had filed the report in a sealed envelop before the bench on January 31.
Rajesh Exports Net Profit Jumps 50%; Revenue Grows 26%
Rajesh Exports has announced its financial results for the quarter ended 31st December, 2011. Revenues for the quarter jumped 26%, compared to the same quarter of last year, to Rs. 6, 5182 million. Net Profit after Tax registered a 50 % growth at Rs. 1,147.65 million over the corresponding period of last year.
Earnings per Share (EPS) of the company gained 48 % during the quarter to Rs 3.89 per share.
Incidentally, the company continues to consolidate its position with its retail initiative under the brand name of “Shubh Jewellers”, with a total of 75 retail stores, Says Rajesh Mehta, Chairman, “The company has posted a record profit after tax of Rs 1,147.65 million for the quarter and has achieved an impressive growth in its retail business… Shubh Jewellers has emerged as a household brand and is now the largest retailer of gold jewellery in the state of Karnataka, I am confident that my team will ensure that in the near future Shubh Jewellers emerges as the largest retailer of jewellery in the country”.
IDBI Liquid Fund Awarded 5 Star Rating By ICRA
IDBI Liquid Fund has received 5 star rating at the 9th Annual ICRA Mutual Fund Awards 2012. The award was received by R M Malla, Chairman & Managing Director, IDBI Bank and Chairman IDBI Asset Management Ltd.
Dena Bank Begins Door To Door Campaign
A Nation wide Door to Door campaign for Business Development was organised by Dena Bank. The bank’s Vile Parle (East) Branch headed by Ashok S. Peswani along with Staff members of canvassed business for the Bank.
The Campaign was a grand success and will continue up to 31st March. M.K. Jain, General Manager (Maharashtra Operations), R.K. Gupta, General Manager, Priority Sector, Corporate Office and D.K. Dua, Regional Manager, Mumbai Suburban participated in the campaign.
— Business desk with inputs from agencies.