Gold hits all-time high of Rs23,620 on firm global cues

Trading sentiment turned bullish as gold marched to a record of $1,624.30 an ounce adding 1.4% overseas, after US lawmakers failed to reach an agreement on raising the federal debt limit, increasing concerns of a US default and boosting demand for the metal as a safe haven

New Delhi: Surpassing all previous records, gold roared to an all-time high of Rs23,620 per 10 grams by adding Rs200 in the Indian national capital Monday on increased buying by stockists and investors, driven by a record rally in global markets, reports PTI.

Silver also moved up by Rs500 to Rs59,500 per kg on increased offtake by industrial units and coin makers.

Silver coins followed suit and jumped by Rs1,500 to fresh high of Rs65,500 for buying and Rs66,500 for selling of 100 pieces.

Trading sentiment turned bullish as gold marched to a record of $1,624.30 an ounce adding 1.4% overseas, after US lawmakers failed to reach an agreement on raising the federal debt limit, increasing concerns of a US default and boosting demand for the metal as a safe haven.

The white metal also gained 1.5% to $40.74 an ounce in the global markets, the highest level since 19th July.

On the domestic front, gold of 99.9% and 99.5% purity shot up by Rs200 each to fresh high of Rs23,620 and Rs23,500 per 10 grams, respectively.

Sovereigns followed suit and added Rs50 to Rs18,950 per piece of eight grams.

In line with a general firming trend, silver ready rose by Rs500 to Rs59,500 per kg and weekly-based delivery gained Rs805 to Rs60,270 per kg.

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Ashok Leyland, Nissan roll out Dost from Hosur facility

The commercial launch of Ashok Leyland Dost is scheduled later this quarter through a new exclusive dealer network

The Hinduja Group flagship, Ashok Leyland and Nissan Motor Company have rolled out their first product, the Ashok Leyland Dost, from Ashok Leyland's Hosur facility. The commercial launch of Ashok Leyland Dost is scheduled later this quarter through a new exclusive dealer network.

Designed for a higher payload of 1.25 tonnes, Dost is equipped with a 55 hp, 3 cylinder 1.5 litre CRDI engine. Completing the powertrain package is a five-speed manual gear box. Dost's practicality is further increased by its tight turning circle radius of just 4.8 m, designed to easily negotiate both congested city roads and narrow rural lanes.

The unique Front Transverse leaf suspension blends superior ride quality with high durability. The Load Sensing Proportioning Valve technology measures the weight on the load body and applies the brake force accordingly to ensure stable braking irrespective of whether the vehicle is fully loaded or empty.

DOST will be available in three versions with the top-end version featuring air-conditioning, power steering, dual-colour beige-gray trim and fabric seats. The customer will also have a palette of three colours to choose from: white, beige and blue.

On Monday, Ashok Leyland ended 2.52% up at Rs52.85 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 18,871.29.

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COMMENTS

Viswa Prakash

6 years ago

Will Dost be available for export ? We are based in Rwanda, East Africa. Please advise- Thanks

Godrej Consumer Products Q1 net profit up 94%

Consolidated net sales of GCPL for Q1 went up by 40% at Rs998 crore

Godrej Consumer Products (GCPL) has reported 94% growth in consolidated net profit at Rs239 crore for the quarter ended 30 June 2011, following a strong demand in both domestic and international markets. Consolidated net sales of the company for Q1 went up by 40% at Rs998 crore.

The figures for the current quarter are not comparable with those of the corresponding quarter of the previous year because of the acquisitions made since then.

"Enhanced penetration and improved volumes have driven our sales growth. Our international operations have also performed strongly during the period under review. We will continue to pursue a prudent but aggressive growth strategy through a blend of organic and inorganic initiatives," GCPL chairman Adi Godrej said.

GCPL did very well in all product categories, both in domestic as well as the international markets, especially in the household insecticide segment, he said.
"After a strong Q1 results we expect strong performance in the rest three quarters and also in the next few financial years on the back of innovations backed by investments," he said.

The company recently acquired 51% stake in a leading pan-African haircare company - Darling Group Holdings - for over Rs500 crore. Godrej said it is looking at similar opportunities in haircare, household insecticides and personal wash categories.

"Under our 'three by three' strategy, we are looking at opportunities in developing world, particularly at countries in Asia, Africa and South America," he said.

When asked if the company is mulling hiking prices, Godrej said, "The input costs have increased and it has put pressure on us. However, we have yet to take a decision on it."

On Monday, GCPL ended 2.99% down at Rs439.80 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.80% to 18,871.29.

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