Banks can now lend 90 per cent of the value of borrower’s gold jewellery, up from 75 per cent earlier, after the RBI on Thursday increased the maximum permissible loan-to-value (LTV) ratio for gold loans. The new LTV ratio, applicable till March 31, 2021, may give banks a short-term edge over non-bank competitors who need […]
India’s crude oil imports fell in June 2020 to their lowest level since February 2015, while its export of refined products also declined on a year-on-year basis, for the first time in almost a year, government data showed. Crude oil imports last month dropped about 19 per cent from a year earlier to 13.68 million tonnes, down for […]
Indian state refiners’ petrol and diesel sales declined in the first half of July from the same period last month, according to preliminary data, as a renewed lockdown in parts of the country and rising retail prices hit demand. India on Friday became the third country in the world to record more than one million cases of […]
Tata Steel Ltd.’s March quarter was relatively robust, largely due to the steady performance of its European operations and of Tata Steel BSL Ltd. But FY2020-21 will be challenging as demand remains tepid while the company has only begun ramping up production. While Q4 revenues declined slightly on account of lower sales volumes and lower […]
Soaring prices of gold amid rising coronavirus cases have spooked buyers and hit demand in India, the world’s second-largest consumer of the yellow metal after China. Spot gold prices have risen to around $1,770/ounce, an eight-year high, while Indian prices have edged up to a new high of Rs 48,333/10 grams. Despite a reopening of […]
Domestic sales of steel have picked up, thanks to demand from the rural India, with the restart of industrial activities after India started exiting an extended lockdown to contain the Covid-19. Private sector steel companies, Tata Steel, JSW Steel and Jindal Steel & Power (JSPL), have seen an increase in domestic sales in June over May. For Tata Steel, […]
Global pepper demand has surged in the last two months with millions of people confined to their homes due to the pandemic. It is being believed that the experimenting home chefs across the world seem to have to consumed more than usual pepper to offset the consumption shortfall from restaurants and institutions. Pepper traders are […]
Gold imports by India slumped by about 99 per cent for a second straight month in May, disrupted by restrictions to control the coronavirus outbreak in the world’s second-biggest consuming nation. Inbound shipments fell to 1.3 tonnes last month from 105.8 tonnes a year earlier. This comes after shipments plunged to a mere 60 kilo […]
With the extended lockdown to contain the Covid-19 pandemic, demand for steel industry is expected to contract by 60-65% in the first quarter of fiscal year, according to a survey by rating agency CRISIL. Steel manufacturers are focusing on managing liquidity and cash flows in the near future. Around 75% of the survey respondents indicated that […]
Falling demand of coal has forced the public sector miner Coal India (CIL) to limit mining only to Over Burden Removal (OBR). The mining behemoth is now keeping seams exposed removing the top soil so that coal can be extracted as soon as the demand picks up. OBR is an integral part of coal mining […]
