Trading in gold ETFs would begin as per the normal daily schedule at 9am Monday, but the two bourses have extended the market close timing to 8pm to provide the investors additional time for trade in yellow metal through this route on the day of Dhanteras
New Delhi: On the occasion of Dhanteras, an auspicious day for buying gold, the country’s two leading bourses National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will conduct extended trading till 8pm on Monday in Gold Exchange Traded Funds (ETFs), reports PTI.
Besides, the two bourses have also decided to waive off the transactions charges for all trades in gold ETFs on this day to cash upon the investor demand for yellow metal on this occasion.
The gold ETFs track the gold prices and each unit of these ETFs is generally equivalent to one gram of gold.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Gold ETFs, where returns are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form, have been gaining ground among investors in past few years.
Gold ETFs enable investment in the precious metal on the stock exchange platform in an electronic mode.
While the global markets have been in a turmoil over the past one year and asset classes like stocks giving huge negative returns, gold prices have rallied smartly.
Tracking gold prices, gold ETFs have appreciated by about 33% since last Dhanteras, although the prices have fallen somewhat in past one month.
“Gold ETF trading timings have been extended to match the timing with the bullion market. It would help increase some volume in the segment,” Kejriwal Research & Investment Services director Arun Kejriwal said.
Trading in gold ETFs would begin as per the normal daily schedule at 9am Monday, but the two bourses have extended the market close timing to 8pm to provide the investors additional time for trade in yellow metal through this route on the day of Dhanteras.
Trading in other market segments would be as per the normal trading hours from 9am to 3.30pm.
The extended trading would be allowed in gold ETFs of Axis, Goldman Sachs, HDFC, ICICI Pru, Kotak, Quantum, Reliance, Religare, SBI, UTI and Birla Sun Life mutual funds.
The normal trading session in gold ETFs would begin at 9am and would continue till 3.30pm, followed by a closing session between 3.40pm and 4pm, NSE said in a circular.
Thereafter, an extended trading session would take place from 4.30pm to 8pm, while a five-minute pre-open trading window would commence at 4.25pm only for order cancellations.
Investors’ interest seems to have grown fast in gold ETFs in the recent months, as the average daily value of their trade on the NSE alone has grown by over four times since the beginning of this fiscal.
As per the NSE, the daily average trading value of gold ETFs have increased by over 400% from Rs18 crore in April to Rs92 crore in September 2011.
The total assets under management in gold ETFs have more than doubled in the past one year to over Rs6,000 crore, while it has grown by over five-times in two years.
The number of investor accounts for gold ETFs has also grown to nearly four lakh, from little over one lakh accounts in September 2009.
Overall coal offtake too was stepped up during the said period to 1.17MT per day compared to 0.89MT during the first ten days of the month registering a growth of 30.8%, Coal India said in a statement
Kolkata: With a view to improve power supplies ahead of Diwali, state-run Coal India has increased despatches of the dry fuel to power utilities by 28% from 10th October, reports PTI.
The country’s largest coal miner in a statement on Saturday said that on an average, 0.85 million tonnes (MT) per day of coal were dispatched to power utilities during 11th October to 20th October vis-à-vis 0.66MT per day of supplies witnessed during the first ten days of the month.
Overall coal offtake too was stepped up during the said period to 1.17MT per day compared to 0.89MT during the first ten days of the month registering a growth of 30.8%, the statement added.
“With the improved production and despatches, as is evident, the company is striving to see that the Diwali is not affected by shortage of coal supply to power houses,” it further said.
While exuding confidence that supplies will improve further in the remaining period of the month, the company said that it hopes to continue the upward trend next month onwards.
The company said it has also ramped up coal production from 11 October 2011 onwards and during 11-20 October, the production averaged 1.13 MT per day compared to 0.95MT during 1-10 October 2011.
Last week, Coal India had come under fire from the government due to reduced supply of the raw material to the power producers as this had culminated into electricity shortages across the country.
However, coal minister Sriprakash Jaiswal and power minister Sushil Kumar Shinde had assured the nation earlier that Diwali will be celebrated without any power shortages and Coal India was asked to increase its production by several notches to meet the shortfall.
The company was also directed to divert some coal from the e-auction route to the power sector, so that supply situation could be improved.
The statement said that reduced supplies were due to excessive rainfall—varying from 1.5 to 3 times—in all major coal fields, festive Puja season and Telengana agitation.
“This situation continued till 10 October 2011... Now all the coal companies of CIL have taken up on priority basis to recover the mines affected by heavy rainfall,” the statement said, adding that Coal India extended help with supply of four to five rakes per day more to power plants than the usual supply.
Special Central Bureau of Investigation judge OP Saini today ordered framing of charges against all 17 accused in the 2G case including former telecom minister A Raja, DMK MP Kanimozhi and corporate honchos. He also ordered that trial will commence from 11th November with all the accused refusing to plead guilty to various offences
New Delhi: The second generation (2G) spectrum allocation case today reached an important milestone with a Delhi court framing charges against all the 17 accused including former telecom minister A Raja, DMK MP Kanimozhi and corporate honchos, reports PTI.
Special Central Bureau of Investigation (CBI) judge OP Saini also ordered that trial in the case will commence from 11th November with all the accused refusing to plead guilty to various offences.
“....Thereby, you all committed an offence punishable under Sections 120-B (criminal conspiracy) read with 409 (criminal breach of trust), 420 (cheating) 468 and 471 (forgery) of the Indian Penal Code and Section 7 or in alternative Section 11 read with Section 12 and 13(2) read with 13 (1b) of the Prevention of Corruption Act and within my cognisance,” the judge said in his 700-page order.
While framing charges, the judge observed that there is evidence against Mr Raja, his former private secretary RK Chandolia and former telecom secretary Siddhartha Behura.
With today’s development, accused can now move for bail as observed by the Supreme Court during the hearing of bail petition by Ms Kanimozhi earlier.
The judge said evidence is there for framing of charges against telecom firms Reliance Telecom, Swan Telecom and Unitech (Tamil Nadu) Wireless.
He also said the CBI has also brought evidence to frame charges against corporate executives of Reliance Anil Dhirubhai Ambani Group’s managing director Gautam Doshi, Surendra Pipara, group president and Hari Nair, senior vice president.
Others against whom charges have been framed are Swan Telecom promoter Shahid Usman Balwa, his cousin Asif Balwa, their colleague Rajeev Agarwal, Unitech’s MD Sanjay Chandra and DB Realty MD Vinod Goenka.
The judge said there was prima facie evidence for framing charges also against Kalaignar TV’s MD Sharad Kumar and Bollywood filmmaker Karim Morani.
“You accused A Raja and Siddharth Behura dishonestly in pursuance of the conspiracy disposed of/allocated valuable spectrum, over which you were having dominion which was entrusted to you in the capacity of public servant to M/s Swan Telecom Pvt Ltd and M/s Unitech Wireless (Tamil Nadu) in violation of law with a view to cause wrongful gain to these companies thereby you committed an offence punishable under Section 2409 read with 120-B and within my cognisance,” the judge said.
The court found prima facie evidence to frame various penal charges including cheating, forgery, abetment and criminal conspiracy against the accused.
It also found prima facie evidence of abuse of official position by Mr Raja, Mr Chandolia and Mr Behura.
The court had reserved its order on 14th October after hearing day-to-day arguments on behalf of accused and the CBI for nearly two months.
The trial of the accused would begin after the court pronounces its order on framing of charges in the case.
The CBI, in its first charge-sheet filed on 2nd April, had charged Mr Raja and others with causing a huge loss of Rs30,984 crore to the exchequer by allocating spectrum to ineligible operators as per a criminal conspiracy among themselves.
Special CBI prosecutor UU Lalit had argued that there was ‘sufficient prima facie’ evidence against all the accused to proceed with the trial as everyone of them was part of the conspiracy and the intent to commit offence “may be inferred from their knowledge”.
On the other hand, all the accused including Mr Raja had vehemently opposed the framing of charges and the plea of CBI that they caused a loss to the state in the grant of spectrum licenses.