Gold regains 20k level on seasonal demand

New Delhi: Gold prices surged by Rs135 to Rs20,085 per ten grams in the national capital today on emergence of frantic buying by stockists and jewellers to meet ongoing festival and marriage season demand, reports PTI.

Gold is just Rs35 short of the Rs 20,120 per ten grams record last seen on 15th October.

Besides, silver spurted by Rs575 to its record high of Rs37,000 per kg on hectic buying by industrial units and coin makers for the auspicious festival of 'Diwali.'

Precious metal prices also shot up on buying by investors, who preferred to park their funds in bullion instead of volatile equity markets.

Gold of 99.9% and 99.5% purity rose by Rs135 each to Rs20,085 and Rs19,985 per ten grams respectively.

Sovereign also rose by Rs300 to Rs16,000 per piece of eight gram, a level never seen before.

Silver ready spurted by Rs575 to Rs37,000 per kg and weekly-based delivery by Rs685 to Rs36,390 per kg. Silver coins rose by Rs100 each to Rs36,100 for buying and Rs36,200 for selling of 100 pieces.
 

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2G spectrum proposal by month end: TRAI chief

New Delhi: The Telecom Regulatory Authority of India (TRAI) today said it would come out with the second generation (2G) spectrum pricing norms by the end of this month, reports PTI.

When asked if the regulatory body was likely to come out with the 2G pricing norms by the end of October, TRAI chairman JS Sarma said, "We are working towards it."

The new norms are likely to link pricing of 2G spectrum to the 3G spectrum licence after the controversial allotment of 2G spectrum in 2008, which many in the industry felt, was under-priced to help certain telecom operators.

TRAI is also likely to recommend an auction route for distribution of 2G spectrum beyond 6.2 Mhz and suggest scrapping the current practice of giving radio waves on the basis of the number of subscribers. The telecom regulator may change the criteria from subscriber numbers to geographical coverage.

If the proposal is implemented, new operators like Uninor, Etisalat and Loop Telecom, which already have 4.4 Mhz of 2G spectrum, may have to buy spectrum through auction beyond 6.2 Mhz.

When asked about mobile number portability (MNP) issue, which is due to be implemented from 31st October, Mr Sarma said, "We are optimistic that it would be implemented within the time frame or a few days later."

MNP is a service that allows a mobile user to change his operator while retaining the number.

The announcement comes as key mobile service providers like Bharti Airtel, Reliance, Vodafone Essar, Tata Tele, Idea, STel and Aircel are getting ready to launch high-speed 3G services.

Earlier, state-owned telcos Bharat Sanchar Nagar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) said that they were ready with the infrastructure to implement the MNP service.
 

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Personal finance Tuesday

A quick look at the latest developments in the world of personal finance

UTI is the first fund house to launch SIP investments via NSE-MFSS platform; Tata Housing ties up with MHFC to construct homes for urban lower income families in Vashind; MetLife launches new term insurance product online; DSP BlackRock MF floats DSP BlackRock FMP-3M-Series 22; Fortis MF introduces Fortis Fixed Term Fund-Series 17 D

UTI is the first fund house to launch SIP investments via NSE-MFSS platform

UTI Mutual Fund is the first fund house now to launch SIP investments (systematic investment plans) through the NSE-MFSS (Mutual Fund Service System) platform.
Terminals of NSE brokers will be the official point of acceptance and hence the date of acceptance of the transaction will be the date of entering the request on the terminal. Investors will also have the added advantage of obtaining the same day's net asset value (NAV) before 3pm at a number of outlets i.e. more than 1,500 towns and cities, including remote locations. The investors have an added advantage getting their units allotted in demat mode in addition to the existing physical mode as per their choice.

 Tata Housing ties up with MHFC to construct homes for urban lower income families in Vashind

Tata Housing has launched its latest project aimed at urban lower income families in Vashind, Maharashtra. The allotment for the homes (which are priced at Rs5.7 lakh for a 1 RK 360 sq flat and Rs7.8 lakh for a 1 BHK 489 sq flat) is on a public lottery basis.
To ensure that homes go to those who need housing, Tata Housing has kept aside a special quota of 208 flats (120-1 RK flats and 88-1 BHK flats) for Micro Housing Finance Corporation (MHFC) customers. As the Corporation provides housing loans only to urban lower income families who are buying homes to use them as residence.

MetLife launches new term insurance product online

MetLife India Insurance has launched a term insurance product Met Protect, the first such life cover plan by the company to be available online.
Met Protect would allow customers within the age group of 21-45 years to avail of life cover protection through the Internet.
Term Insurance is a product that provides protection only for a specified period of time.
Met Protect would offer customers single and semi-annual premium payment option, the first of its kind amongst all the term products available online.
MetLife India is a joint venture between the US-based MetLife International Holdings, The Jammu and Kashmir Bank, M Pallonji and other private investors.

DSP BlackRock MF floats DSP BlackRock FMP-3M-Series 22

DSP BlackRock Mutual Fund has introduced DSP BlackRock FMP-3M-Series 22, a close-ended income fund.
The primary objective of the Scheme is to seek capital appreciation by investing in debt and money market securities. It is envisaged that the Scheme will invest only in such securities which mature on or before the date of maturity of the Scheme. The Scheme may also use fixed income derivatives for hedging and portfolio balancing.
The Scheme opens on 19th October and closes on 20th October. The Scheme offers growth and dividend (payout) option. The exit load for the Scheme is nil. During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The minimum investment amount is Rs10,000. CRISIL Liquid Fund Index is the benchmark index. Dhawal Dalal is the fund manager. Mr Dalal says, "We expect to collect around Rs250 crore from DSP BlackRock FMP-3M-Series 22."

Fortis MF introduces Fortis Fixed Term Fund-Series 17 D

Fortis Mutual Fund has introduced Fortis Fixed Term Fund-Series 17 D, a close-ended income scheme.
The investment objective of the Scheme would be to achieve growth of capital by investing in fixed income securities maturing on or before the maturity of the Scheme. The Scheme opens on 19th October and closes on the same day. Maturity date of the Scheme would be three months from the date of allotment of units. The exit load for the Scheme is nil.
During the new fund offer (NFO), the units will be offered at face value of Rs10 per unit. The Scheme offers growth and dividend (payout) option. The minimum investment amount is Rs5,000. CRISIL Liquid Fund Index is the benchmark index. The Scheme will be managed by Alok Singh.
 

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