Commodities & Bullion

Oil prices fall ahead of US data

Posted on Wednesday, July 30, 2014 - 07:11 am

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Posted by on Wednesday, July 30, 2014 - 07:11 am.
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The steep fall of Jignesh Shah

Posted on Wednesday, July 30, 2014 - 06:12 am

Jignesh Shah, once rubbing shoulders with the heads of the world’s largest exchanges and aiming to himself run the biggest among these and the related systems, has seen the earth shift rapidly below his feet. Almost all that he’d earned has evaporated, following the failure a year before of one of his unregulated bourses, National Spot Exchange (NSEL). And, then, there’s his reputation. His net worth is eroding. The share price of Financial Technologies (FTIL), his flagship venture, has improved in recent weeks but that is of little consolation. As on today, his holding in FTIL is worth Rs 728 crore – it was Rs 1,139 crore on July 31 last year, when NSEL, its subsidiary, suspended trading and the whole fiasco came out in the open. However, most of this worth is notional, as his assets, including the FTIL holding, has been attached by the economic offences wing (EOW) of the Mumbai police. Soon after the crisis came out in the open, the stock price of FTIL crashed to Rs 102, earlier seen a decade earlier. When the company started selling its stake in Multi Commodity Exchange (MCX), the share price improved; it is now Rs 346. FTIL is now selling all its exchanges. An exit from MCX is on the verge of completion and Indian Energy Exchange could be next. Abroad, it sold Singapore Mercantile Exchange for Rs 931 crore; the money was used to repay its debt to banks. Its stake in Dubai Gold and Commodities Exchange (DGCX) could also fetch a good valuation but it is owned by a Dubai government venture and all depends upon how or whether the latter purchases that stake or allows FTIL to divest – there is no valuation benchmark. “Without prejudice to the legal rights and remedies, FTIL would like to exit from exchange businesses,” said an FTIL spokesperson. Shah was arrested on May 7 last year; he is to soon come out on bail. He will have to face court cases, respond to the chargesheet that the EOW will file and also have to face NSEL investors’ wrath. But Shah hasn’t lost it all. ATOM, a technology for the future, is in his fold. ODIN is still a preferred software for brokers and tickers, with potential. For now, though, all this is long-term.


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Posted by on Wednesday, July 30, 2014 - 06:12 am.
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Crude oil futures decline on weak Asian cues

Posted on Tuesday, July 29, 2014 - 20:50 pm

Those who took the plunge when others were fearful

Between June 2013 and June 2014, the promoter holding of both firms has remained constant, at 45.63% for FTIL and 26% for MCX


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Posted by on Tuesday, July 29, 2014 - 20:50 pm.
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Lead futures gain 0.26% on spot demand, global cues

Posted on Tuesday, July 29, 2014 - 19:52 pm

Those who took the plunge when others were fearful

Between June 2013 and June 2014, the promoter holding of both firms has remained constant, at 45.63% for FTIL and 26% for MCX


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Posted by on Tuesday, July 29, 2014 - 19:52 pm.
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Copper down 0.1% on overseas cues

Posted on Tuesday, July 29, 2014 - 17:02 pm

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 17:02 pm.
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Zinc up 0.2% on global cues

Posted on Tuesday, July 29, 2014 - 15:40 pm

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 15:40 pm.
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Aluminium up 0.3% on global cues, pick-up in demand

Posted on Tuesday, July 29, 2014 - 14:43 pm

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 14:43 pm.
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Mentha oil falls 0.58% on profit-booking

Posted on Tuesday, July 29, 2014 - 13:39 pm

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 13:39 pm.
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Nickel up 0.2% on rising demand, global cues

Posted on Tuesday, July 29, 2014 - 12:39 pm

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Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 12:39 pm.
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Cardamom down 0.3% on profit-booking

Posted on Tuesday, July 29, 2014 - 11:39 am

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Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 11:39 am.
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Palm oil up 0.4% on rising demand

Posted on Tuesday, July 29, 2014 - 10:39 am

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 10:39 am.
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Silver up 0.5% in futures trade

Posted on Tuesday, July 29, 2014 - 09:41 am

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 09:41 am.
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Centre reduces insurance premium on cotton crop to 6%

Posted on Tuesday, July 29, 2014 - 08:39 am

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 08:39 am.
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Jute sector faces threat of ban on government quota

Posted on Tuesday, July 29, 2014 - 07:39 am

The Jute Commissioner has warned the jute industry of a ban on their getting a government quota for five years, citing unfair trade practices by some mills.


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Posted by on Tuesday, July 29, 2014 - 07:39 am.
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Indian setback helping global iron ore miners

Posted on Tuesday, July 29, 2014 - 06:39 am

Foreign miners are a little surprised that India, enormously rich in iron ore, is becoming a major importer of the steel-making ingredient. The country could end up importing up to 15 million tonnes (mt) of ore this financial year, with JSW Steel alone bringing in six mt of foreign origin mineral, equalling 20 per cent of its annual requirement of 30 mt.


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Posted by on Tuesday, July 29, 2014 - 06:39 am.
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Slowdown likely for diamond processors

Posted on Tuesday, July 29, 2014 - 05:39 am

The second half of the calendar year (July-December) is likely to remain challenging for the diamond processing sector in India. The sector witnessed robust growth in the first half.


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Posted by on Tuesday, July 29, 2014 - 05:39 am.
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Tech provider be neutral of commex ownership: FMC

Posted on Tuesday, July 29, 2014 - 04:41 am

Today’s picks

Nifty, Bank Nifty, HCL Tech, Coal India & Tata Steel


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Posted by on Tuesday, July 29, 2014 - 04:41 am.
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Gold bounces on renewed stockists demand; silver regains

Posted on Sunday, July 27, 2014 - 07:39 am

FPIs pump in Rs 1.22 lakh cr in securities

In 2013, investments in Indian securities was Rs 62,288 crore


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Posted by on Sunday, July 27, 2014 - 07:39 am.
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New FAO norms come as a shot in the arm for rice exporters

Posted on Sunday, July 27, 2014 - 06:39 am

The newly adopted global norms by the Food and Agricultural Organization (FAO) of the United Nations (UN) for rice exports are likely to benefit India the most.


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Posted by on Sunday, July 27, 2014 - 06:39 am.
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Gold hits one-month low as strong data offset safe-haven lure

Posted on Saturday, July 26, 2014 - 15:39 pm

Gold hit a one-month low on Thursday after robust economic data from the United States, China and the euro zone deterred investors from safe-haven assets, even as tensions simmered in the West Asia and Ukraine.


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Posted by on Saturday, July 26, 2014 - 15:39 pm.
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