Strong domestic demand, followed by healthy exports have aided India’s steel industry’s production and sales growth in the fourth quarter of 2020-21 on a sequential basis, say analysts. Revenues of steel companies are expected to improve 20 per cent quarter-on-quarter and 45-50 per cent from a year ago on higher realization and rising demand, led […]
The recent fall in gold prices is unlikely to affect the asset quality of non-banking financial companies (NBFCs) lending against gold in any considerable manner, according to a report published by rating agency, CRISIL. “However, banks that were aggressively disbursing gold loans during the last fiscal may see some impact on their asset quality,” CRISIL […]
The Gem and Jewellery Export Promotion Council (GJEPC) said the Maharashtra government has allowed export operations to resume with restrictions in number of people working in the manufacturing units during the ongoing night curfew and weekend lockdowns to curtail the coronavirus spread. In a virtual meeting with the gems and jewellery manufacturers and exporters on […]
The national body of the gems and jewellery industry All India Gem and Jewellery Domestic Council (GJC) has written to the Chief Minister of Maharashtra Uddhav Thackeray to allow jewellers to operate on the festive days in the month of April and the upcoming wedding season despite the lockdown. There are several auspicious occasions such as Gudi […]
After gold’s weakest quarterly performance in around five years at the end of March, there are encouraging signs that it may have reached close to bottom. By the end of the first quarter, gold was down 10% year-to-date and 18% below its record level of $2,067/ounce reached in early August. The catalyst for the slide was […]
The directorate general of foreign trade (DGFT) has said in a notification that the import policy for copper and aluminium has been amended from “free” to “free with compulsory registration” under the non-ferrous metal import monitoring system (NFMIMS). The NFMIMS will be effective from 12 April, 2021. In line with the import monitoring system for […]
The International Monetary Fund (IMF) projected a stronger recovery for the global economy in its latest World Economic Outlook, but said the future was still daunting as the world still faces extreme social and economic strain one year into the Covid-19 pandemic. “We are now projecting a stronger recovery for the global economy compared with our […]
Steel analysts expect a surge in hot-rolled coil (HRC) prices again, with prices expected to rise between Rs 2,000 and Rs 3,000 a tonne during April 2021. Strong domestic demand, rise in export price offers from Vietnam and local steel being Rs 5,000 a tonne cheaper against imported steel on landed cost are few of […]
Public sector Steel Authority of India Ltd (SAIL) clocked its best ever quarterly sales at 4.27 million tonnes (MT) during the March quarter of the last fiscal year, up 14 per cent over the year-ago period. The domestic steel giant’s crude steel production too increased by 6 per cent during the quarter to 4.55 MT. “The […]
India’s gold imports in March 20201 surged 471 per cent from a year earlier to a record 160 tonnes, a government source told Reuters, as reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers. Higher imports by the world’s second-biggest bullion consumer could support benchmark gold prices, which have corrected nearly […]
