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NSE reports brisk trading in gold ETFs on Dhanteras

On Dhanteras, the number of gold ETF units traded on NSE went up by 81% to 4,441 kg

 
Mumbai: The National Stock Exchange (NSE) on Sunday saw brisk trading in gold exchange traded funds (ETFs) on the occasion of Dhanteras recording a turnover of Rs1,337 crore against Rs636 crore on the same day last year, reports PTI.
 
In terms of volume, the number of gold ETF units traded went up by 81% to 4,441 kg (each unit of ETF is equal to one gram of gold) over the same day last year, the exchange said in a release.
 
Dhanteras is considered an auspicious day to buy precious metals like gold and the exchange held a special trading session on Sunday.
 
Overall also, the volume in gold ETFs on the exchange have been going up. In the January-July period, the average monthly traded value in Gold ETFs on NSE grew by 28% to Rs1,195 crore against Rs933 crore in the same period in 2011.
 
Gold ETFs carry an advantage over physical gold like 99.5% purity assurance.
 
Currently, 14 Asset Management Companies offer this product on the NSE platform.
 

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Reckitt Benckiser, TTK Group part ways

As part of the settlement, TTK Group bought the entire 49.87% stake of New Bridge holdings BV in the condom joint venture TTK-LIG, while the JV would sell its 49% stake in foot-care unit to Reckitt Benckiser

 
New Delhi: Consumer goods manufacturer Reckitt Benckiser said it settled its dispute with TTK Group in two joint ventures in India involved in condoms making and foot-care business, reports PTI.
 
As part of the settlement, TTK Group has bought the entire 49.87% stake of New Bridge holdings BV -- an affiliate of Reckitt Benckiser -- in the condom joint venture TTK-LIG Ltd, the company said in a statement.
 
On the other hand, TTK-LIG Ltd would sell its 49% stake in the foot-care joint venture, SSL-TTK Ltd to Reckitt Benckiser post FIPB clearance, it added.
 
The company, however, did not disclose the financial details of the transaction.
 
"While TTK Group would retain the company and its assets, New Bridge Holdings/Reckitt Benckiser have retained their brands (Durex, Kohinoor, Fiesta) and their PI Technology and TTK would no longer use the same," the statement said.
 
Commenting on the development, Reckitt Benckiser South East Asia SVP Chander Mohan Sethi said: "We are excited with the prospect of building unique initiatives around our new healthcare brands."
 
TTK group and Reckitt Benckiser were having serious differences over everything from nomination of directors to pricing and distribution strategy in the last one and half years.
 

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