New Delhi: Gold prices surged by Rs170 to regain a record level of Rs20,600 per 10gm in the national capital today, as stockists and jewellers increased their holdings for the wedding season, amid a firm global trend, reports PTI.
Weak stock market cues made investors park their funds into bullion as an alternative investment and supported the precious metal's prices. However, silver and its coins held steady in restricted buying at existing higher levels.
The yellow metal in overseas markets, which normally set the price trend on the domestic front, gained as a weak dollar raised demand for the metal as a safe haven.
Gold gained $12.30 to $1,366.40 an ounce in New York last evening.
On the domestic front, gold of 99.9% purity surged by Rs170 to regain its peak levels of Rs20,600 per 10gm, a level last seen on 11th November, while gold of 99.5% purity jumped up by Rs150 to Rs20,460 per 10gm.
Sovereign followed suit and gained Rs50 to Rs16,450 per piece of 8gm.
On the other hand, silver ready and weekly-based delivery remained steady at Rs42,400 and Rs41,930 per kg in restricted buying at prevailing higher levels.
Silver coins also traded around previous levels of Rs45,900 for buying and Rs46,000 for selling of 100 pieces.
Investors from around the world are particularly keen about the consumption and infrastructure sectors in India, CLSA found out at a conference in Gurgaon last week. While they have a positive outlook, they are conscious about some key challenges that remain—like managing human resources and delays in kicking off projects
CLSA held a conference for its institutional investors in Gurgaon from 15th to 17th November. The conference had as many as 200 investors from 20 countries interacting with senior managements of 62 leading Indian companies. According to CLSA, following are some stock ideas that elicited good interest at the conference.
Here are some highlights from CLSA's report on companies that made presentations at the conference.
Dr Reddy's Laboratories
The company's financials are improving. Cash conversion has shortened to 90 days from six months and net gearing has improved from 2.6x to 1.6x.
Shree Renuka Sugars
(This article is based on secondary research. The report is for information only. None of the stock information, data and company information presented herein constitutes a recommendation or solicitation of any offer to buy or sell any securities. Investors must do their own research and due diligence before acting on any security. Some of the opinions expressed in this article are the author's own and may not necessarily represent those of Moneylife).
New Delhi: Admitting challenges in taming inflation which remains above the comfort level of 4%-5%, prime minister Manmohan Singh said today that it is making serious efforts to contain price rise, reports PTI.
"Our government is making serious efforts to moderate inflation rates," Mr Singh said at the Indian Labour conference here.
He said there are difficulties to check the price rise but the government "shall overcome" them. Though the food and general inflation rates have been declining for the past few weeks, they remain quite high, causing hardship to the common man.
Despite some moderation, food inflation is still in double digits with the index hovering at 10.30% for the week ended 6th November.
The general rate of price rise, covering almost all the commodities, was 8.58% in October.
The Reserve Bank of India has been following a tight monetary policy to anchor inflationary expectations.
However, as finance minister Pranab Mukherjee said recently, the pressure on prices is also coming from supply constraints.
According to experts, agricultural and manufactured items' output has not been keeping pace with demand, leading to higher prices of food items and commodities.