Copper on MCX settled up 0.53% at 376.65 recovered from the Monday’s fall tracking gains from LME copper which ended 0.4 per cent higher at $US5,778, after slipping to its lowest since March 27 at $US5,730. On Monday, it broke below the 100-day moving average at $5785, and ended with a 1.5 per cent loss. As pressure seen after the world's biggest copper mine Escondida has restarted production but is still some way from a return to full capacity after a strike that ended in late March, a senior executive from mine owner BHP Billiton, said. Chinese markets were out on holiday for a second day, draining the market of liquidity and direction in yesterday session also.
Naturalgas on MCX settled up 4.21% at 212.8 rose to a two-month high Tuesday, a move likely tied to falling output and rising power-plant outages that could lead to more demand for gas-fired power. The jump is part of a monthlong rally that already has lifted gas 28% from its low of 2017. A glut that has lingered for years and often led to historically low prices finally appears to be causing output cuts and new demand to reverse the market. Also a strong spring storm with heavy showers and thunderstorms will track across the southern and east-central U.S. and then across the Northeast in the first half of the coming week, according to forecasters at NatGasWeather.com. However a strong spring storm with heavy showers and thunderstorms will track across the eastern US today.
Crudeoil on MCX settled up 1.46% at 3325 gained tracking firmness from Nymex Crude which settled above $51 mark for first time in month supported by an unplanned production outage in the North Sea and expectations of a drawdown in U.S. crude and product inventories. In the North Sea, production of crude oil from Britain's 180,000 barrel per day Buzzard field was temporarily halted while repair work is carried out at an onshore processing terminal, noting normal output should be restored in the coming day or two. Earlier in the session, WTI dipped below $50, before oil futures regained their footing. Crude oil prices was also supported after a larger than expected draw in industry estimates of U.S.
Silver on MCX settled up 0.59% at 42570 as investors turned their attention to U.S. trade data ahead of President Donald Trump's meeting with Chinese President Xi Jinping. Prices also seen supported as investors parsed through mixed manufacturing data and weaker-than-expected auto sales numbers. The ISM survey of manufacturing-sector activity showed growth slowing, albeit no more than expected. Meanwhile, the Commerce Department said February U.S. construction spending increased 0.8% to its highest level in more than ten years, but it missed expectations of 1% rise. The main focus for markets this week centers on President Donald Trump's first meeting with Chinese counterpart Xi Jinping on Thursday and Friday.
Gold on MCX settled up 0.42% at 29016 buoyed by a weaker dollar on tepid economic data from the United States and as investors turned to safe-haven assets on worries over geopolitical tensions. Supporting gold was geopolitical tension sparked by U.S. President Donald Trump who on Sunday held out the possibility of using trade as a lever to secure Chinese cooperation against North Korea. A measure of U.S. manufacturing activity retreated from a 2-1/2 year high in March amid a decline in production and an inventory drawdown. Hedge funds and money managers raised their net long position in COMEX gold by 33,179 to 99,150 lots in the week to March 28, the highest in more than three weeks.
New Delhi [India], Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.
The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.
It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.
New Delhi [India], Apr 5 : Largest hotel network OYO on Wednesday announced its partnership with Ola Money, the digital payment solution from Ola, India's most popular mobile app for transportation.
Under the partnership, OYO customers will be enabled to make one-touch payments for their hotel rooms through Ola Money wallet for both web and app bookings.
New Delhi [India], Apr. 5 : The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.
The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
New Delhi [India], Apr 4 : Whirlpool has announced the launch of its most innovative range of Air Conditioners in the Indian market with a lineup of ACs includes Whirlpool 3D cool Inverter range and Fantasia Inverter, which are at par with the 2018 Bureau of Energy Efficiency (BEE) norms.
The leading home appliance company, Whirlpool has also launched its new Magicool AC 5 star range to make energy efficient products available to consumer at entry price points. Whirlpool's 3D Cool range has been designed keeping in mind the extreme humid conditions in India and the capability to perform during temperature of 52-55 degrees C.
New Delhi [India], Apr. 4 : Accenture acquired UK-based Genfour, a pure play automation service provider with deep domain expertise and industry experience in assessing, implementing and managing automation solutions. The acquisition strengthens Accenture's capabilities as a leading provider of intelligent automation services. Terms of the transaction were not disclosed.
The addition of Genfour expands Accenture's ability to apply intelligent automation solutions that help clients transform and re-engineer their business processes. Clients can take advantage of data-driven insights that enable faster, more informed business decisions and better quality of service to their customers.
New Delhi [India], Apr. 4 : JobsForHer (JFH), a connecting portal that enables women on a professional break to restart their careers, announced its Returnee Drive with some large women-friendly organisations.
These organisations, namely Sapient, Intuit and PayPal, extended support to help progress the gender agenda by making a strong commitment to increasing female participation in the workforce.
As business leaders, they recognise the industry's need to have a balanced workforce and enable career advancement for women. They know that gender-balanced companies with more engaged workforces achieve greater economic results.
New Delhi [India], Apr 4 : India's leading innovative solar solutions provider and one of the largest solar power EPC and Development companies RaysExperts on Tuesday announced that it has commissioned a 5.5 MV solar project for Delhi Metro Rail Corporation (DMRC).
This will be one of the largest distributed rooftop solar plants setup across India.
RaysExperts' solar installation will supply power to multiple metro stations, cleaning bays, parking yards and other metro rail supporting facilities. The project has the capacity to produce 87 million units of power every year.
Increase in IPP cap on production beyond reassessed capacity is a credit positive for urea manufacturers, says ICRASubmitted by Ashok Rawat on Tue, 04/04/2017 - 17:33
New Delhi [India], Apr 4 : Credit rating agency ICRA on Tuesday said that the Cabinet Committee on Economic Affairs (CCEA) has approved certain amendments related to increasing the IPP-linked cap on urea production beyond re-assessed capacity (RAC) in the New Urea Policy-2015 (NUP-2015) in a meeting held on March 31, 2017.
Further, to address any future fluctuations in the import parity price (IPP) that would have an adverse impact on the production beyond the RAC by urea units, the Department of Fertilizers (DoF) has been authorised to take an appropriate decision in consultation with Department of Expenditure.
New Delhi [India], Apr.4 : Cyient, a global leader in communications engineering and service management assurance services and solutions, today announced a collaboration with Amdocs to implement GE's Geographical Information System (GIS), Smallworld, as part of the Next-Generation Business/Operations Support System (NGBOSS) project for NetLink Trust.
The NGBOSS project aims to improve the user experience for NetLink Trust's customers with faster deployment of new fiber networks while reducing fault repair and outage times, as well as delivering improved service quality.
New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.
As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.
With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.
Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.
New Delhi [India], Apr.4 : Union Revenue Secretary Hasmukh Adhia on Tuesday revealed that the provisional tax collection for fiscal 2016-17 shows net growth of 18 percent.
Addressing media in the national capital, Adhia said that the government would shortly be issuing a detailed report on provisional tax collection.
In a tweet, he said, "Provisional tax collection figures for 16-17 released. Total net tax revenue grows at 18% to 17.10 lac cr, highest in last 6 years. Direct tax growth rate is 14.2% and indirect tax growth rate is 22%."
He said that direct tax collections upto March 2017 stood at Rs. 8.457 lakh crore, while indirect tax collections (Central Excise, Service Tax and Customs) for fiscal 2016-17 stood at Rs.8.63 lakh crore
New Delhi [India], Apr 3 : Indian mobile wallet major MobiKwik on Monday announced its association with Google Play for the customers to easily pay for their favorite apps and games in just one click.
The association will give access to a wide range of games, movies, fun and other entertainment apps and purchase them anytime without going to various authorized retailers.
"By associating with Google Play we want our customers to enjoy their cherished movies, read books, enjoy games and more without any problem. The users don't have to compromise with their wishes of purchasing any app on Google Play due to shortage of funds. MobiKwik takes every initiative to make our customers content and happy with our services," said Chief Business Officer at MobiKwik, Vineet K. Singh.
New Delhi [India], Apr 3 : Taxi aggregator Ola on Monday announced its effort to promote digital economy across the country as it integrated with Unified Payment Interface (UPI) to further simplify digital payment options for millions of customers.
The integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform. UPI integration will lead to one of the fastest mode of payment for millions of Ola users.
As the country has made significant stride towards cashless economy, UPI itself has seen great acceptance, with the value of transaction through the interface reaching to more than 1300 crore, according to recent RBI report.
For a nation that is looking to migrate completely onto a digital medium,
New Delhi [India], Apr 3 : World leader in digital security Gemalto released the findings of the Breach Level Index revealing that 33 reported data breaches led to almost 36.6 million data records being compromised in India during 2016, an increase of 14 percent compared to 2015.
Identity theft and unauthorized access to financial data were the leading type of data breaches in 2016, accounting for 73 percent of all data breaches. In addition, 61 percent of the data breaches in 2016 did not disclose the number of compromised records at the time they were reported in India.
New Delhi [India], Apr 3 : India's leading travel search engine ixigo has announced the launch of a wearable product that will change the way one perceives the world around them.
ixigo glass is a first-of-its-kind smart wearable that helps users see real-time comparisons for whatever they lay their eyes on. For instance, if a user is looking through the glasses and sees a bunch of cabs on the road, the glasses will project the various price offerings, telling them which one they can book at the lowest fare.