Acting on reports that some authorised entities were not accepting Qatari riyals, the Reserve Bank of India (RBI) on Friday clarified that it has not restricted the exchange of the currency. "It has come to the notice of RBI that certain entities authorised under the Foreign Exchange Management Act (FEMA) to deal in foreign exchange, are not undertaking the exchange of Qatari riyals in India. "It is clarified that the Reserve Bank has not issued any instructions restricting the exchange of Qatari riyals in India," the apex bank said in a notification here. The RBI, under FEMA, authorises dealers for sale/purchase of foreign exchange. The clarification comes as four major Arab states have severed ties with Qatar over its support to terrorism and have demanded it close down Al-Jazeera television and cut ties with Iran.
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As much as Rs 1,538 crore will be spent on developmental projects in Thiruvananthapuram under the Smart Cities Mission, a Minister said on Friday. The Kerala capital tops a list of 30 cities announced on Friday. While Rs 500 crore will come from the Centre, Rs 450 crore will be contributed by the state government, Rs 50 crore by the Thiruvananthapuram Municipal Corporation, while the remaining will come through the Public-Private Participation model. "The all-round developmental programme will ensure uplift of the poor, as per the schemes drawn up by the Thiruvananthapuram Municipal Corporation," Minister for Local Self-Government K.T. Jaleel said. The latest list -- including 12 state capitals -- takes the number of cities chosen so far to 90 under the Smart City Mission. Thiruvananthapuram's Lok Sabha MP Sashi Tharoor this month flayed the manner in which the Smart Cities Mission was being implemented. Free Trials for two days in Financial Market click here to subscribe us >> http://www.ripplesadvisory.com/nifty-future-.php
Tata Steel Ltd said on Friday it sold its stake in Tata Motors Ltd to Tata Sons, the holding company of India's salt-to-software Tata conglomerate, for 37.83 billion rupees ($586.3 million). Tata Steel sold about 83.54 million shares at 452.80 rupees apiece, it said in a stock exchange filing. As of end-March, the steelmaker owned a 2.9 percent stake or about 83.64 million shares in Tata Motors, according to stock exchange data. Last week, Tata Steel said it would sell the stake to Tata Sons on or after June 23. Indian media had reported that Tata Sons planned to reduce crossholdings among group companies.
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US stocks ended higher on Friday after a last-minute trading spike and a technology sector gain offset weakness in financial stocks and sent the Nasdaq higher, giving it a weekly gain for the first time in three weeks. The energy sector rebounded and finished the strongest of the S&P's 11 sectors with a 0.8 percent rise as oil prices came back from multi-month lows. Bank stocks ended lower even after they passed their annual stress test as some results were weaker than expected and investors focused on a flattening yield curve. The healthcare rally faded on Friday as investors tried to decipher whether a Senate Republican bill to replace Obamacare, released Thursday, would gain enough support to pass.
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घरेलू स्मार्टफोन निर्माता कार्बन ने गुरुवार को कृत्रिम बुद्धिमत्ता (एआई)-आधारित समाधान वाले स्मार्टफोन 'ऑरा नोट 2' लांच किया। कार्बन मोबाइल्स के कार्यकारी निदेशक शशिन देवसरे ने कहा, "इसके साथ हमारा लक्ष्य उपयोगकर्ताओं के अनुभव को समृद्ध बनाना है। यह सरलीकृत प्रौद्योगिकी और नवीनता का संगम है, 'ऑरा नोट 2' निश्चित रूप से ग्राहकों की पसंदीदा स्मार्टफोन बनेगी।" इस डिवाइस के साथ एक 'विस्तोसो' नाम का एप आता है जो प्रयोक्ता किसी कपड़े का तस्वीर खींच कर उसे ऑनलाइन साइट पर सर्च करने की सुविधा मुहैया कराता है, क्योंकि इस एप का एआई इंजन कपड़े के प्रिंट, पैटर्न और रंग को स्वचालित रूप से पहचान लेता है और प्रासंगिक परिणाम दिखाता है। 'ऑरा नोट 2' एंड्रायड 7.0 (नूगा) ऑपरेटिंग सिस्टम पर आधारित है। इसमें 1.25 गीगाहट्र्ज का क्वैड कोर प्रोसेसर 2 जीबी रैम के साथ साथ है। इसमें 16 जीबी का स्टोरेज है जिसे 32 जीबी तक बढ़ाया जा सकता है। यह एक 4जी/वीओएलटीई फोन है जो 13 मेगापिक्सल का मुख्य कैमरा और 5 मेगापिक्सल का अगला कैमरा है तथा इसमें 2,900 एमएएच की बैटरी लगी है।
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Key Indian equity market indices opened flat on Friday following global cues.
The 30-scrip Sensitive Index (Sensex) was trading 12 points or 0.04 per cent higher during the early session.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 7.80 points or 0.08 per cent higher at 9,637.80 points.
The BSE Sensex, which opened at 31,352.57 points, was trading at 31,302.74 points (at 9.16 a.m.) in the early session, higher 12 points or 0.04 per cent from Thursday's close at 31,290.74 points.
The Sensex touched a high of 31,365.39 points and a low of 31,296.01 points in the trade so far.
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Shriram EPC Limited (SEPC), one of the leading service providers of integrated design, engineering, procurement, services has that it has won multiple orders under its water management business amounting to Rs. 165 crore. “The first order amounting to Rs. 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O& M of the Bulk Water Supply Scheme for 3 months.
The ADB funded project is to be executed over a period of 30 months with 3 months for O&M. The second order amounting to Rs. 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of Water supply scheme in Hosur,” the company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 26 apiece, up 9.01 per cent from the previous close at 09:30 hours on BSE.
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The United States is expected to authorize India's purchase of a naval variant of the Predator drone, a source familiar with the situation said on Thursday, ahead of a visit next week by Indian Prime Minister Narendra Modi to try to revitalize ties in his first meeting with President Donald Trump. Securing agreement on the purchase of 22 unarmed drones, worth more than $2 billion, is seen in New Delhi as a key test of defense ties that flourished under former President Barack Obama but have drifted under Trump, who has courted Asian rival China as he seeks Beijing's help to contain North Korea's nuclear program. The deal would still require approval by Congress. California-based General Atomics, the maker of the Guardian drone sought by India, declined to comment.
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Union Minister Nirmala Sitharaman assured trade and industry that their grievances on GST would be taken up with the government and she would personally recommend having a review three months after its implementation. Responding to queries about fixing the slab for different trades and industries during an interactive session organised by BJP's Coimbatore district unit here, Sitharaman, who is Minister of State for Commerce and Industry, said there should not be any confusion about GST rates on various products.
Industry should come forward to raise their doubts and objections. The Minister said there would be some teething problems during implementation of the system, which was conceptualised by taking the people into confidence and trust and was also passed by various State Assemblies.
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Oil edged up on Friday, recovering slightly from steep falls earlier in the week, but is set for the worst performing first-half in two decades despite ongoing production cuts. Brent crude futures were at $45.31 per barrel at 0222 GMT, up 9 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 percent, at $42.84 per barrel. Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day (bpd) that has been in place since January. That's the worst first-half performance for crude oil since 1997, when rising output and the Asian financial crisis led to sharp price falls. The weak markets are a result of doubts over OPEC's ability to rein in a fuel supply overhang that has dogged markets since 2014 as production has largely outpaced consumption.
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Gold held steady on Friday above a five-week low touched earlier this week, supported by technicals, but the metal was still on track for a third weekly fall.
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FUNDAMENTALS
* Spot gold was nearly unchanged at $1,250.70 per ounce at 0053 GMT. It was set for a small weekly fall of about 0.3 percent, having eased about 1 percent in each of two preceding weeks.
* U.S. gold futures for August delivery gained 0.2 percent to $1,251.9 per ounce.
* The dollar was little changed against a basket of currencies on Thursday as low U.S. bond yields offset in-line data on domestic jobless claims and home prices, keeping it close to the one-month peak it reached earlier this week.
* Theresa May offered fellow EU leaders a "fair" deal on Thursday for compatriots living in Britain after Brexit, though her peers sounded sceptical and demanded more detail from a prime minister weakened by an electoral misfire two weeks ago.
* Bank of Japan Deputy Governor Kikuo Iwata on Thursday dismissed the need to raise interest rates any time soon, stressing that the economy still requires support from "powerful" monetary easing, with inflation far from the central bank's 2 percent target.
The Union Cabinet, at a meeting here chaired by Prime Minister Narendra Modi, on Thursday passed a resolution to express gratitude to Chief Ministers and others for cooperation on the Goods and Services Tax (GST) issue. "The GST is a shining example of national integration and of fiscal federalism at its best. It is a testimony to the working of India's federal democracy. It has been made possible because of close cooperation between the Centre, state governments, and political parties," a Finance Ministry statement said. "The Cabinet acknowledged the contribution made by all state governments, by all Chief Ministers and state Finance Ministers, and by all political parties, which made it possible for the GST to be implemented from July 1".
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The Reserve Bank of India (RBI) on Thursday said it has reconstituted the "Overseeing Committee (OC)" formed to look at the stressed assets of the banking sector. "The OC will, for the present, have five members, including a chairman, and will work through multiple benches as may be necessary and constituted by the Chairman to opine on the cases referred to it by the banks,". Further, the apex bank named Pradeep Kumar as Chairman of its reconstituted OC, whose members will take charge from September 7. The OC's other members are financial experts Janki Ballabh, M.B.N. Rao, Y.M. Deosthalee and S. Raman.
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The Indian rupee opened marginally higher at 64.56 per dollar against previous close 64.59. "The USD-INR pair continues to consolidate in a very narrow band, with the dollar index rising from recent lows and the dollar gaining against most other currencies." "We expect the pair to continue trading in the 64.40-64.70/dollar range today." The bonds saw a bout of profit booking with the 10-year benchmark bond yield closing at 6.45 percent. We expect the yield to trade in the 6.43-6.48 percent range today,". The dollar was flat against a basket of currencies as low US bond yields offset in-line data on domestic jobless claims and home prices, that kept it close to the one-month peak it reached earlier this week. The yen garnered some safe-haven demand on softness in global markets.
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India sold a 2.5 percent stake in engineering and construction group Larsen & Toubro Ltd (L&T) on Wednesday, raising more than 40 billion rupees ($619.27 million) that will help the government meet its annual fiscal deficit target. The stake, held by the state-owned Specified Undertaking of Unit Trust of India (SUUTI), was sold through block deals in stock markets, said Neeraj Gupta, the top bureaucrat looking after government stake sales. SUUTI owned a 6.68 percent stake in L&T as of the end of March. India is aiming to raise 725 billion rupees through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government's fiscal deficit target of 3.2 percent of gross domestic product. L&T shares were up 0.6 percent at 0800 GMT, outperforming a 0.4 percent fall in the broader NSE index.
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Taking cue from global markets the key Indian equity market indices on Thursday opened higher.
The Sensitive Index (Sensex) of the BSE, which had closed at 31,283.64 points on Wednesday, opened higher at 31,351.53 points.
Minutes into trading, it was quoting at 31,370.11 points, up by 86.47 points, or 0.28 per cent.
At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which had closed at 9,633.60 points, was quoting at 9,653.30 points, up by 19.70 points or 0.20 per cent.
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More than 300,000 new workers can be employed in wind and solar jobs and more than one million total employment opportunities can be created in achieving India's ambitious clean energy goals to install 160 GW of renewable power by 2022. The labour-intensive rooftop solar segment will employ 70 per cent of the new workforce, creating seven times more jobs than large-scale projects such as solar farms, published jointly by the Council on Energy, Environment and Water (CEEW) and the Natural Resources Defense Council (NRDC). It also said it found that strong growth in the domestic solar manufacturing industry could provide fulltime employment for an additional 45,000 people in India.
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Asian stocks advanced on Thursday as oil prices struggled to climb off a 10-month low hit overnight on concerns over a supply glut and falling demand. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.3 percent. Japan's Nikkei fell 0.1 percent, with shares in auto air bag maker Takata Corp plunging 50 percent as they exchanged hands for the first time since sources said last week it was preparing to file for bankruptcy. South Korea's KOSPI added 0.2 percent, while Australian shares jumped 0.6 percent. The right and safe way for stock dealers to walk in, for more goes through our website Click here--http://www.ripplesadvisory.com/nifty-future-.php Free Trials are also availed!
Russian companies which have had a long experience in working with India can take a lead role in participating in the Make in India programme, Indian Defence Minister Arun Jaitley said on Wednesday. "We have initiated a series of policy and procedural changes to facilitate tie-ups, including joint ventures and technology partnerships between Indian and foreign companies. Russian companies, which already have a long experience of working in India and working with India are well placed to take a leading role in this process," Jaitley said about his government's flagship programme at the plenary session of the 5th International Forum for Technological Development TECHNOPROM here.
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The Reserve Bank of India's monetary policy committee wants more evidence that inflation has sustainably fallen below its target before deciding whether to lower interest rates, minutes from its last meeting showed on Wednesday. The RBI voted 5-1 to keep the repo rate at 6.25 percent earlier this month, but issued a slightly less hawkish statement after consumer inflation eased to 2.99 percent in April, below its 4 percent target. The vote marked the first non-unanimous decision in the five meetings since the MPC was formed last September. However, the rest of the panel, including Governor Urjit Patel, wanted more evidence that inflation would ease, while expressing concern that prices would accelerate later this year.
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The Indian rupee opened flat at 64.53 per dollar on Thursday versus previous close 64.52. "Global currency markets are lacklustre despite fall in crude prices and low inflation in advanced economies. The next trigger for rupee appears to be the pace and quality of GST implementation." "We expect the USD-INR pair to trade in a range of 64.40-64.70/dollar for the day." "The minutes of the MPC June policy meeting has raised expectations of monetary easing in subsequent policy reviews. The G-Sec market is expected to be volatile today on profit booking. We expect the 10-year benchmark bond yield to trade in a range of 6.40-6.47 percent for the day,". The dollar edged lower against basket of rival currencies and is trading on the backfoot versus the yen. The greenback also eased from one-month highs on falling oil prices.
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Asian stocks advanced on Thursday as oil prices inched up after hitting a 10-month low overnight on concerns over a supply glut and falling demand, dragging US and European shares lower. MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent. Japan's Nikkei and South Korea's KOSPI were flat, while Australian shares rose0.4 percent. Crude oil crept up from multi-month lows hit on Wednesday on concerns over growing US production and reduced Chinese refinery activity. "The time for contrarian trades in oil is fast approaching, but I would want to see some stability in price and the technicals start to become more convincing,".
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Indian ADRs ended mostly higher on Wednesday. In the IT space, Infosys added 0.15 percent at USD 14.82 and Wipro was up 0.02 percent at USD 9.84.
In the banking space, ICICI Bank shed 0.86 percent at USD 8.91 and HDFC Bank rose 0.47 percent at USD 89.08.
In the other sectors, Tata Motors rose 0.29 percent at USD 35.17 and Dr Reddy's Laboratories declined 0.16 percent at USD 41.50.
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The S&P 500 and Dow stock indexes were weighed down by falling energy shares as oil prices fell on Wednesday and added to investor concerns about low inflation, while healthcare and technology stocks helped lift the Nasdaq Composite index. Energy was the weakest S&P sector with a 1.6 percent decline after oil prices reversed course during the morning session and US crude touched its lowest point since August despite larger-than-expected declines in inventories. Continued weakness in oil futures added to investor worries about inflation and as a result hurt cyclicals such as banks and industrials.
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पंजाब की कांग्रेस सरकार ने मंगलवार को राज्य विधानसभा में अपना पहला बजट पेश किया, जिसमें कुल 1.18 लाख करोड़ रुपये के वित्तीय प्रस्ताव शामिल हैं। इसमें शिक्षा और सामाजिक क्षेत्र पर विशेष ध्यान दिया गया है। बजट प्रस्तुत करते हुए वित्तमंत्री ने कहा, "यह बजट पंजाब के 99 फीसदी लोगों के लिए फायदेमंद है।" विपक्षी दलों के दबाव और कांग्रेस के घोषणापत्र के वादे को ध्यान में रखते हुए बादल ने कृषि ऋण माफी के लिए 1,500 करोड़ रुपये की प्रारंभिक लागत का खाका पेश किया। "31 मार्च तक राज्य का कुल कर्ज 1,86,618 करोड़ रुपये है, जिसमें 4,435 करोड़ रुपये का आधिकारिक कृषि ऋण भी शामिल है, जिसे राज्य सरकार ने केंद्र की मंजूरी के बिना विभिन्न एजेंसियों से उठाया है।"
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वैश्विक क्रेडिट रेटिंग एजेंसी फिच रेटिंग्स ने कहा है कि साल 2017 की पहली तिमाही में भारतीय सकल घरेलू उत्पाद (जीडीपी) की वृद्धि दर 6.1 फीसदी रही, जोकि साल 2014 की चौथी तिमाही के बाद से सबसे धीमी रफ्तार है। रेटिंग एजेंसी ने यह भी कहा कि वैश्विक वृद्धि दर में सुधार हो रहा है। सोमवार को जारी ग्लोबल इकोनॉमिक आउटलुक में फिच ने कहा, "जीडीपी की वृद्धि दर साल दर साल आधार पर साल 2017 की पहली तिमाही में 6.1 फीसदी रही, जो साल 2016 की चौथी तिमाही में 7.0 फीसदी थी। यह साल 2014 के चौथी तिमाही के बाद से सबसे धीमी वृद्धि दर है।" फिच ने कहा कि घरेलू मांग में कमी के कारण वृद्धि दर में गिरावट हुई है। इसमें कहा गया, "ऐसा प्रतीत होता है कि साल 2016 के नवंबर में की गई नोटबंदी के कारण सरकार ने अर्थव्यवस्था में से 86 फीसदी नकदी लगभग रातोंरात निकाल ली थी, जिसका असर लोगों द्वारा किए जाने वाले खर्च पर पड़ा और मांग में गिरावट आई।"
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The Commerce Ministry will complete its Foreign Trade Policy (FTP) review earlier than expected so as to coincide with the launch of GST on July 1, a senior official said on Tuesday, adding that exporters have sought policy incentives for boosting shipments. "The objective of the meeting was to seek inputs for the review of FTP to coincide with the launch of GST (Goods and Services Tax). Exports have made a revival and they need support so that it continues to grow,".
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The 30-scrip sensitive index (Sensex) on Wednesday opened on a negative note during the morning session of the trade. The Sensex of the BSE, after opening at 31,302.18 points, touched a high of 31,305.60 points and a low of 31,234.87 points. On Tuesday it closed at 31,297.53 points. The Sensex is trading at 31,237.13 points, down by 60.40 points or 0.19 per cent. On the other hand, the broader 51-scrip Nifty at the National Stock Exchange (NSE) opened at 9,648.10 points after closing at 9,653.50 points. The Nifty was trading at 9,634.40 points on Wednesday morning.
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Ruling out Central funding for any state's farm loan waiver, Finance Minister Arun Jaitley on Tuesday said that the government has to meet its fiscal deficit target. "We have got Fiscal Responsibility and Budget Management (FRBM) Act and fiscal deficit target, we intend adhering to it," the Finance Minister told reporters here during a press briefing when asked about the farmers' agitation demanding farm loan waiver in various states. The FRBM committee has set a 3.2 per cent fiscal deficit target for the current year. Jaitley's response comes a day after Punjab announced farm loan waiver following Uttar Pradesh and Maharashtra.
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India's Reliance Industries Ltd has shut a diesel hydro desulphuriser (DHDS) at its export-focused 580,000 barrels per day refinery for about two to three weeks for maintenance.
Reliance, owner of the world's biggest refining complex, has two mega-sized refineries with combined capacity of 1.2 million bpd at Jamnagar in western Gujarat state.
Reliance plans to change the catalyst of the DHDS during the shutdown period, the sources added. Reliance has two DHDS units of 150,000 bpd each at the plant.
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Oil prices held around multi-month lows in early Asian trading on Wednesday as investors discounted evidence of strong compliance by OPEC and non-OPEC oil producers with a deal to cut global output. Brent was down 6 cents at $45.96 barrel at 0035 GMT. The global benchmark ended down 89 cents, or 1.9 percent, on Tuesday at its lowest settlement since November. U.S. crude futures for August were trading down 3 cents at $43.48. The July contract, which expired on Tuesday, settled down than 2 percent at its lowest since September. The Organization of the Petroleum Exporting Countries and other producers agreed to cut output by 1.8 million barrels per day (bpd) for six months from January and compliance with the agreement has reached more than 100 percent.
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Gold inched up on Wednesday after hitting its lowest in five weeks in the previous session, buoyed as equities fell.
FUNDAMENTALS
* Spot gold had risen 0.2 percent to $1,245.30 per ounce by 0038 GMT, after dropping as far as $1,241 in the previous session.
* U.S. gold futures for August delivery climbed 0.2 percent to $1,246.3 an ounce.
* A renewed slump in oil prices to seven-month lows put Asian investors on edge on Wednesday, overshadowing a decision by U.S. index provider MSCI to add mainland Chinese stocks to one of its popular benchmarks.
* However, MSCI shocked many emerging market investors by failing to upgrade Argentina from the frontier market category where it has languished in recent years.
* Oil fell about 2 percent on Tuesday, with Brent settling at seven-month lows and U.S. crude at its cheapest level since September, after increased supply from several key producers overshadowed high compliance by OPEC and non-OPEC oil producers with a deal to cut global output.
Toshiba Corp said its board has chosen a Japanese government-led consortium as the preferred bidder for the conglomerate's prized flash memory chip business. The group consists of a state-backed fund, the Innovation Network Corp of Japan (INCJ), the Development Bank of Japan (DBJ), as well as U.S. private equity firm Bain Capital. South Korean chipmaker SK Hynix Inc and the core banking unit of the Mitsubishi UFJ Financial Group Inc are set to provide financing, sources familiar with the matter have said. Toshiba said it wants to reach a definitive agreement by June 28, the day of its annual shareholders meeting.
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The Indian rupee declined in the early trade on Wednesday. It has opened lower by 13 paise at 64.63 per dollar versus 64.50 Tuesday.
The dollar hit a one-month high against a basket of currencies on the view that the Federal Reserve may raise interest rates once more this year, while sterling tumbled after the Bank of England's governor said it is not the time to raise rates.
The rupee fell in yesterday’s session and, for the day, expect it trade with a slight weaker bias in the range of 64.40 and 64.85.
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The Union Minister of State for Development of North Eastern Region (DoNER), Jitendra Singh has said that GST will bring down tax on several goods and contrary to a perception held in certain quarters. “The rollout of GST from 1st of July will bring a huge relief to the poor and lower middle class by resulting in a tax rate lower than the present tax rate,” said Jitendra Singh while addressing a meeting to discuss the various aspects of GST rollout with Delhi-based Resident Commissioners of eight North-Eastern States.
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Minister of Railways Suresh Prabhakar Prabhu on Monday inaugurated a slew of services in Odisha and Assam through video conferencing from Rail Bhawan. Suresh Prabhu inaugurated new railway line between Bolagarh Road and Nayagarh Town, and also extended passenger trains No. 58429/58430/58431/58432 (Khurda Road- Bolagarh) upto Nayagarh Town. The minister also launched Nayagarh Town Railway Station which was built at a cost of Rs 2.5 crore, with passenger amenities like booking windows, public address system, waiting hall, platform, toilets, drinking water. Prabhu also inaugurated passenger halt at Bolagarh Town. Location of the halt is between Rajsunakhala and Bolagarh Road stations on Khurda Road-Bolangir new line in Khurda Division of East Coast Railway. It has been built at a cost of Rs 98 lakhs.
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Piyush Goyal, Minister of State for Power, Coal, New and Renewable Energy and Mines on Monday launched the Energy Conservation Building Code 2017 (ECBC 2017). Developed by Ministry of Power and Bureau of Energy Efficiency (BEE), ECBC 2017 prescribes the energy performance standards for new commercial buildings to be constructed across India.
“The updated version of ECBC provides current as well as futuristic advancements in building technology to further reduce building energy consumption and promote low-carbon growth. ECBC 2017 sets parameters for builders, designers and architects to integrate renewable energy sources in building design with the inclusion of passive design strategies,” according to a statement released by the ministry of power.
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Gold edged higher on Tuesday after hitting near five-week lows in the previous session when the dollar rose as an influential Federal Reserve official reaffirmed the central bank's hawkish stance.
FUNDAMENTALS
* Spot gold rose 0.1 percent to $1,243.90 per ounce, as of 0044 GMT, after it hit a fresh near five-week low of $1,242.61 during the session.
* U.S. gold futures for August delivery fell 0.1 percent to $1,245.10 per ounce.
* New York Federal Reserve President William Dudley reinforced expectations that the U.S. central bank will continue on its path of tightening monetary policy.
* World stock markets climbed on Monday as technology and retail stocks rebounded from recent weakness and U.S. Treasury yields rose in the wake of hawkish comments from a Federal Reserve official.
* The dollar reached to session highs against the euro and yen on Monday as comments from New York Federal Reserve President William Dudley, suggesting the central bank remains on track to raise U.S. interest rates further despite recent disappointing inflation data.
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Oil markets held around seven-month lows on Tuesday as investors focused on persistent signs of rising supply that are undermining attempts by OPEC and other producers to support prices. Brent futures were up 4 cents at $46.95 at 0214 GMT. On Monday, they fell 46 cents, or 1 percent, to settle at $46.91 a barrel. That was their lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) and other producers agreed to cut output for six months from January. U.S. West Texas Intermediate crude futures were down 1 cent at $44.19 a barrel. They declined 54 cents, or 1.2 percent in the previous session, to settle at $44.20 per barrel, the lowest close since Nov. 14. The July contract will expire on Tuesday and August will become the front-month.
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Commerce and Industry Minister Nirmala Sitharaman will chair the meeting of 70-member Board of Trade (BoT) today to discuss ways to boost exports. The meeting assumes significance as the ministry is reviewing the foreign trade policy (2015-20), which is expected to be released by the end of this month. It will be the second meeting of the BoT, a top advisory body on trade. The objective of the BoT is to have continuous discussion and consultation with trade and industry. The BoT would advise the government on policy measures related to FTP in order to achieve the objective of boosting India's trade. The Board's last meeting was held in April 2016.
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