Finance

Gold futures hit fresh peak of Rs 29,091 per 10 grams on global cues

NEW DELHI: Gold futures climbed to a fresh high of Rs 29,091 per 10 grams on Tuesday , tracking a firming trend overseas as concerns about slowing economic growth and Europe's debt crisis spurred demand for the precious metal as a safe haven investment.

At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 156, or 0.50 per cent, to Rs 29,091 per 10 grams, with a business turnover of six lots.

The metal for delivery in October also rose by Rs 88, or 0.26 per cent, to Rs 28,573 per 10 grams in 1,934 lots.

In a similar fashion, the precious metal for December delivery spurted by Rs 78, or 0.23 per cent, to Rs 28,833 per 10 grams, clocking a business turnover of 183 lots.

Market analysts attributed the skyrocketing gold futures prices, which hit an all-time high, to a firming trend overseas as renewed fears over the euro zone debt crisis and concerns about stalled global growth boosted the attractiveness of the precious metal in investors' eyes.

Meanwhile, spot gold prices gained 0.6 per cent to USD 1,911.07 an ounce in the Asian region, inching toward their all-time high of USD 1,913.50 per ounce achieved on August 23.

PRABHAKAR MANI

PGDM 3 SEM

Tata Communications revises June quarter net loss to Rs 215.4 cr

Private telecom operator Tata Communications today posted a net loss of Rs 215.4 crore for the quarter ended June 30, in its revised results.

The company had a net loss of Rs 236 crore for the same quarter last year,

comments

due to market high compitation relince faced this loss main compitator is idea, tata and other company these call ret and tairif are very low.

Name nitesh ranjan
Roll no. PGDM/10/12

Rs 8kcr highway projects on anvil

NEW DELHI: The ministry of road transport and highways (MoRTH) has asked the National Highways Authority of India (NHAI) to award 3,000 km of roads on a cash contract basis during the current fiscal year to step up road construction.

This would mean that projects worth Rs 7,500 crore-Rs 8,000 crore would be up for grabs for private road developers in the next few months. So far, NHAI has been awarding projects either through the BOT (toll) or BOT (annuity) mode, but this is the first time the authority has been asked to award large stretches under the cash contract scheme.

While toll road projects have been mostly bagged by big players in the sector, cash contract projects may help small and medium-level players. "The focus of cash contract works will be more in the hinterland areas, which have remained untouched. These stretches have less traffic, and hence are not viable to collect toll," said an NHAI official.

The cost of construction is estimated to be in the range of Rs 2.5 crore and Rs 3 crore per km. The ministry is also considering whether these projects can be rolled out without acquiring additional land by using space available along the existing roads. Under this scheme, only extended two-lane roads would be built.

Officials said this method would help expedite project execution. They said Uttar Pradesh, which is going for election early next year, is likely to get a bulk of such projects. Since the projects would be funded by the NHAI or the ministry, the Union government will have greater control over these projects that could help complete the work on time.

In the first phase of this scheme, the highways ministry has started floating tenders for 540 km of highways in UP. Some officials in the ministry say the timeframe of one year for the maintenance of these roads by private contractors may lead to poor quality, and they want this to be extended to three to five years.

NAME-DEEPAK KUMAR JHA

PGDM(3rd sem )

pg/10/06

Gold futures hit fresh peak of Rs 29,091 per 10 grams on global cues

Infosys hires Vasudev Nayak from Wipro to tackle visa row

BANGALORE: Infosys has quietly replaced a key official handling immigration issues with a veteran specialist from rival Wipro, triggering talk that it may be setting its house in order after being accused of visa abuse in the US.

India's second-biggest software exporter has hired Vasudev Nayak, the former head of the overseas operations cell at Wipro, in place of Eshan Joshi, an associate vice-president at Infosys' human resources division and head of its immigration department, at least three people familiar with the matter told ET.

Joshi, an Infosys veteran of 13 years, is currently on a 'sabbatical', said one of them, a company executive who requested anonymity. An Infosys spokeswoman declined to comment on Joshi's employment status. A Wipro spokeswoman confirmed that Nayak has quit the company. Joshi did not answer phone calls until Monday evening.

The change comes when Infosys, one of India's most admired companies globally, has been accused of visa misuse by a US employee Jay Palmer, who accused it of using illegal work permits, and even testified before a Senate Judiciary Subcommittee in July.

The replacement of Joshi, who earned nearly 3 crore and 2.5 crore each during the past two years in stock options alone apart from his salary, has triggered feverish speculation inside and outside the company.

"There is talk of Joshi being made a scapegoat. Another version is that he is being held accountable for the way Palmer was handled. It's difficult to say which one is true," said a company insider who knows Joshi and requested anonymity because of the sensitivity around the case.

Another person, a senior official at one of India's top-three software exporters, said Nayak.

Managing immigration better

"Nayak will have to ensure that Infosys is heard better and is prepared to fend off what appears to be a false charge," this person said.

Infosys has denied Palmer's accusations, but the allegations have gained traction at a time when lack of domestic jobs is a top political and economic issue in the US. The accusations have also put an unwelcome spotlight on the employment practices being followed by Infosys and the rest of the Indian IT sector, especially in the US, their mainstay market. \
NAME-DEEPAK KUMAR JHA
PGDM(3rd sem)
pgdm/10/06

Honda to recall over 72,000 City sedans in India

NEW DELHI: Japanese auto major Honda on Monday said it will recall 72,115 units of its mid-sized sedan City in India to replace defective power window switches as part of a global exercise.

The company, which is present in India through a joint venture with the Siel Group, Honda Siel Cars India, said the recall would cover the second generation city that were manufactured from 2005 to 2007.

"HSCI is carrying out the part replacement as part of a global exercise by Honda Motor Company to ensure stringent quality standards for its products," the company said in a statement.

The replacement would be carried out free of cost and the owners will be contacted to carry out the exercise smoothly, it added.

"Although no incident has been reported in India, HSCI is extending the same exercise to the previously sold Honda City manufactured in 2005 to 2007," the company said.

Manali
pgdm 3rd sem

Gold futures hit fresh peak of Rs 29,091 on global cues

NEW DELHI: Gold futures climbed to a fresh high of Rs 29,091 per 10 grams on Tuesday, tracking a firming trend overseas as concerns about slowing economic growth and Europe's debt crisis spurred demand for the precious metal as a safe haven investment.

At the Multi Commodity Exchange, gold for delivery in far-month February shot up by Rs 156, or 0.50 per cent, to Rs 29,091 per 10 grams, with a business turnover of six lots.

The metal for delivery in October also rose by Rs 88, or 0.26 per cent, to Rs 28,573 per 10 grams in 1,934 lots.

In a similar fashion, the precious metal for December delivery spurted by Rs 78, or 0.23 per cent, to Rs 28,833 per 10 grams, clocking a business turnover of 183 lots.

Market analysts attributed the skyrocketing gold futures prices, which hit an all-time high, to a firming trend overseas as renewed fears over the euro zone debt crisis and concerns about stalled global growth boosted the attractiveness of the precious metal in investors' eyes.

Meanwhile, spot gold prices gained 0.6 per cent to $1,911.07 an ounce in the Asian region, inching toward their all-time high of $1,913.50 per ounce achieved on August 23.
name-DEEPAK KUMAR JHA
PGDM(3rd sem)
pgdm/10/06

Tuesday, September 6, 2011