Gold recovers on fresh buying, firm global cues

Scattered buying by stockists and jewellery fabricators for the marriage season and reports of firming global trends boosted gold prices

Gold prices today rose marginally by Rs15, snapping their three-day losing streak in the bullion market on fresh buying by stockists and jewellery fabricators, reports PTI.

Standard gold and ornaments recovered by Rs15 each to Rs17,025 per 10 gram and Rs16,875 per 10 gram, respectively. Sovereign closed flat at Rs14,050 per piece of 8 gram.

Silver, however, dropped by Rs50 to Rs28,050 per kg on poor industrial demand.

Market analysts said that scattered buying by stockists and jewellery fabricators for the marriage season and reports of firming global trends boosted gold prices.

In the global market, which normally sets the price trend on the domestic front, gold rose by $4 to $1,158.80 an ounce in New York, last evening.

Silver ready dropped by Rs50 to Rs28,050 per kg and weekly-based delivery shed Rs5 at Rs27,865 per kg.

Silver coins continued to trade around the previous level of Rs33,600 for buying and Rs33,700 for selling of 100 pieces.


Ash clouds in Europe: Many West-bound Indian flights cancelled

Spokespersons from Air India, Jet Airways and Kingfisher Airlines have said that they have suspended operations to and from Western destinations due to closure of airspace after the eruption of a volcano in Iceland

All long-haul flights between India and Britain, the US, Canada as well as some other European cities were cancelled or indefinitely delayed today as airspace remained closed over several North European airports due to drifting ash from a volcano in Iceland, reports PTI.

Spokespersons of Air India, Jet Airways and Kingfisher Airlines said that they have suspended operations to and from these destinations due to closure of airspace.

All West-bound flights of Air India were suspended from this afternoon for the next 48 hours, a spokesperson of the national carrier said.

Similarly, Jet Airways announced indefinite delay in its flights to London’s Heathrow airport and its European hub Brussels that were scheduled for departure today.

These included onward flights from Brussels to JFK Airport in New York, Newark and Toronto, a spokesperson said.

Due to closure of Heathrow and Brussels Airports, Jet Airways has announced an indefinite delay of its flights bound for Europe.

A spokesperson also said that Jet Airways was working with the authorities to obtain the required permission to reschedule the flights at the earliest and said all penalties for cancellation or rescheduling of travel plans have been waived.

Kingfisher also cancelled four flights between London (Heathrow) and Delhi and Mumbai scheduled today.

Passengers have been advised to call the airline office to know their flight schedule before proceeding for airports, officials said.

Ash clouds from the Icelandic volcano continued to hang over European skies today shutting down major airport hubs like Frankfurt, London and Paris for the second day.

The British Air Traffic Control has prohibited aircraft from entering certain parts of airspace over the UK as flying ash can compromise visibility and debris can be sucked into the engines of aircraft.


RIL steps in as strategic investor in Deccan 360

RIL’s stake would be over 26% in the cargo airline; details still awaited on the capital being infused

The Mukesh Ambani-led Reliance Industries today forayed into the aviation space as a “strategic investor” with over 26% stake in cargo airline Deccan 360, reports RIL.

While the companies did not disclose the quantum of investment, RIL said that a wholly-owned subsidiary would provide “growth capital” for the new cargo airline.

Later speaking to reporters, Capt Gopinath said that RIL’s stake would be over 26%, but below 50%. He, however, declined to comment when asked about the amount of capital being infused by Reliance Industries (RIL).

"We want to make it clear that it is not a sale. We would rather say that they (RIL) have invested in the company,” Capt Gopinath said, adding that RIL would have two nominees on Deccan 360’s five-member board of directors.

“We were in talks with some private equity players and some other potential strategic investors, but we chose Reliance, not because theirs was the highest bid, but because of (the) strategic advantage of this deal,” he said, but did not elaborate further.

Capt Gopinath said that the company has 300 employees, while it has a network of 60 franchises with an additional workforce of 1,500.

As many as 3,000 applications were received when the company invited franchisees to join it, he added.

“We believe that our collaboration with Deccan 360 will see a transformation in the logistics domain in India,” RIL's chairman and MD Mukesh Ambani said in a statement.

RIL’s investment would help Deccan 360 increase its air and surface network coverage across the country, the company said.

Deccan 360 is already present in 50 cities and would expand to 100 cities in the next 12-18 month, Capt Gopinath said.

He further said that RIL and Deccan 360 would start discussions from Monday to finalise the areas of potential cooperation.

Deccan 360 is developing a 50-acre hub at Nagpur in Maharashtra and currently has eight freight aircraft covering 15 airports and a fleet of over 300 trucks and 850 vehicles nationwide.

Capt Gopinath is credited with pioneering the low-cost passenger airline service in India and had previously founded Air Deccan, the country’s first budget air carrier, that he later sold to industrialist Vijay Mallya-led Kingfisher Airlines.



Narendra Doshi

7 years ago

Some diversification by Mukesh Ambani Group at last. Should & hope it is a serious attempt & a lasting one for the airline/aircargo space, eventually.
All the best for Mukesh to keep his statement words to cherish for the future generations.
Two Sincere enterpreneurs should put to use their INDIVIDUAL BEST strengths TOGETHER & give birth to a GLOBAL winner.

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