Trading sentiment was dampened in global markets as some investors offloaded their holdings of the precious metal after CME, the world's largest futures market, increased the margin requirement for futures transactions
New Delhi: Gold and silver registered their biggest single-day decline in 18 months in the bullion market here in the Indian capital city Friday on frantic selling by stockists, triggered by a meltdown in global markets, reports PTI.
Gold plunged by Rs700 to Rs27,140 per 10 grams, while silver tumbled by Rs1,700 to Rs62,500 per kg, following the precious metal's steepest decline in more than three years in overseas markets.
In global markets, gold nosedived by 7.5% to $1,723.70 an ounce from its record high of $1,913.50 an ounce on Wednesday, the biggest drop since March 2008.
The trading sentiment was dampened in global markets as some investors offloaded their holdings of the precious metal after CME, the world's largest futures market, increased the margin requirement for futures transactions.
The minimum amount of cash that speculators must deposit for futures trade in gold was raised by 27% per 100 ounces of the shiny metal on the CME.
Stockists in the Delhi bullion market-which was closed Thursday in support of Anna Hazare's fast demanding a strong Lokpal Bill-indulged in heavy selling in tandem with melting global markets.
In addition, demand from retailer customers has dried up at existing high levels, which further influenced the market sentiment.
In the national capital, gold of 99.9% and 99.5% purity dropped by Rs700 each to Rs27,140 and Rs26,990 per 10 grams, respectively.
Sovereigns lost Rs300 to Rs22,200 per piece of eight grams.
Likewise, silver ready plunged by Rs1,700 to Rs62,500 per kg and weekly-based delivery shed Rs1,525 to Rs62,090 per kg.
Silver coins also tumbled by Rs3,000 to Rs68,000 for buying and Rs69,000 for selling of 100 pieces.
The new open-ended equity scheme will invest in a maximum of 25 stocks. But JP Morgan does not have a great track record so far
JPMorgan Mutual Fund has filed an offer document with the Securities and Exchange Board of India (SEBI) to launch a new open-ended equity growth scheme to be called JPMorgan India Focus Fund. The scheme will normally hold equities of a maximum of 25 companies and the fund manager will have the flexibility to pick the companies. That is, he could pick a biggie like Infosys today and sell it tomorrow, if he chooses to, or invest in any smaller company as well. So, should you invest in the fund?
There is no reason to believe that the new India Focus Fund will do any better than the other well-performing schemes. Besides, JP Morgan's two existing schemes have done quite badly. JPMorgan India Equity and JPMorgan India Smaller Companies, both launched in 2007, have given returns of 5% and -8% respectively since inception.
The equity portion of the scheme will be managed by Harshad Patwardhan and Amit Gadgil. The debt portion will be managed by Nandkumar Surti and Namdev Chougule. Mr Patwardhan and Mr Gadgil also manage the India Equity and India Smaller Companies funds.
Between 65% and 100% of the assets of the Indian Focus Fund will be invested in equity and equity-related securities with a medium- to high-risk profile.
A maximum of 35% of assets would be put into debt securities, money market instruments and cash and cash equivalents with a low- to medium-risk profile.
The exit load charged will be 1% for redemption within 12 months from the date of allotment. The BSE 100 is the benchmark index for the fund.
Subscribers say that the service provider is ignoring their complaints
Despite having registered their numbers in the 'Do Not Call' service of BSNL, the phone company's subscribers continue to be disturbed by calls from telemarketers while also being interrupted by numerous promotional messages.
Subscribers who have complained to the phone company say, officials pay no heed to their grievances and are ignoring the matter. Complaints are being passed from one desk to another and nobody wants to deal with the issue.
Take the case of Pune-based BSNL subscriber Ashwin Patil (name changed). Ashwin registered under BSNL's DNC category, but he continues to receive telemarketing calls. He has so far saved more than 100 promotional messages. "I have registered for DNC. In spite of that I keep getting unsolicited calls and SMSs. My complaints to BSNL are not attended to, and different staff members are trying to dodge the issue. It seems like every person is behaving like a postman and they will not act on the complaints," he says.
Ashwin's complaint is not an isolated case, and complaints lodged on various websites suggest that DNC has not been effective and that the authorities are overlooking the disturbance caused to phone subscribers.
A complaint on www.consumercourt.in reads: "I had registered under DND (Do Not Disturb) on my BSNL mobile, but I continue to get SMSs and phone calls at odd hours." Another complainant says: "I have already registered on 'Do Not Disturb' five months ago, but I still get calls from IDBI Financial and some others."
Moneylife tried to contact the concerned BSNL officer in Pune, but without success.
Achintya Mukherjee, secretary, Bombay Telephone Users' Association, told Moneylife, "We took this matter up with the Telecom Regulatory Authority of India (TRAI). As a result, the TRAI came up with recommendations for the revision in the existing guidelines. According to the new recommendations, penalties on service providers have been increased and it has made changes in the monitoring methods. But it has continued with 'Do Not Disturb', while we were pushing for 'Do Disturb' for those who would not mind receiving marketing calls or SMSs, which would automatically leave the rest out of the system."
Mr Mukherjee said that the Department of Telecommunications has delayed issuing the notification that will bring the recommendations into effect. "They have deliberately postponed this repeatedly."
It was reported recently that in response to a question from a member of parliament about unsolicited calls and messages, Union telecom minister Kapil Sibal said "cell phone users would be able to get rid of them in six weeks when the DND (Do Not Disturb) number 1909 becomes operational." He said, "Mobile phone users would be able to opt not to receive text messages in any of seven categories like real estate, credit cards, consumer durables, banking and finance, by registering their number in the National Do-Not-Call (NDNC) registry, by calling or sending an SMS to the toll-free number 1909."
It was earlier reported that NDNC would be operational 1st August and that those responsible for unsolicited calls and messages could be punished with fines between Rs25,000 and Rs2.5 lakh.