Bonds, Currencies & Commodities
NSE reports brisk trading in gold ETFs on Dhanteras

On Dhanteras, the number of gold ETF units traded on NSE went up by 81% to 4,441 kg

 
Mumbai: The National Stock Exchange (NSE) on Sunday saw brisk trading in gold exchange traded funds (ETFs) on the occasion of Dhanteras recording a turnover of Rs1,337 crore against Rs636 crore on the same day last year, reports PTI.
 
In terms of volume, the number of gold ETF units traded went up by 81% to 4,441 kg (each unit of ETF is equal to one gram of gold) over the same day last year, the exchange said in a release.
 
Dhanteras is considered an auspicious day to buy precious metals like gold and the exchange held a special trading session on Sunday.
 
Overall also, the volume in gold ETFs on the exchange have been going up. In the January-July period, the average monthly traded value in Gold ETFs on NSE grew by 28% to Rs1,195 crore against Rs933 crore in the same period in 2011.
 
Gold ETFs carry an advantage over physical gold like 99.5% purity assurance.
 
Currently, 14 Asset Management Companies offer this product on the NSE platform.
 

User

Reckitt Benckiser, TTK Group part ways

As part of the settlement, TTK Group bought the entire 49.87% stake of New Bridge holdings BV in the condom joint venture TTK-LIG, while the JV would sell its 49% stake in foot-care unit to Reckitt Benckiser

 
New Delhi: Consumer goods manufacturer Reckitt Benckiser said it settled its dispute with TTK Group in two joint ventures in India involved in condoms making and foot-care business, reports PTI.
 
As part of the settlement, TTK Group has bought the entire 49.87% stake of New Bridge holdings BV -- an affiliate of Reckitt Benckiser -- in the condom joint venture TTK-LIG Ltd, the company said in a statement.
 
On the other hand, TTK-LIG Ltd would sell its 49% stake in the foot-care joint venture, SSL-TTK Ltd to Reckitt Benckiser post FIPB clearance, it added.
 
The company, however, did not disclose the financial details of the transaction.
 
"While TTK Group would retain the company and its assets, New Bridge Holdings/Reckitt Benckiser have retained their brands (Durex, Kohinoor, Fiesta) and their PI Technology and TTK would no longer use the same," the statement said.
 
Commenting on the development, Reckitt Benckiser South East Asia SVP Chander Mohan Sethi said: "We are excited with the prospect of building unique initiatives around our new healthcare brands."
 
TTK group and Reckitt Benckiser were having serious differences over everything from nomination of directors to pricing and distribution strategy in the last one and half years.
 

User

LIC reduces exposure to finance, consumer and cement companies in Q2

LIC has emerged as net sellers during July-September quarter 2012 and most of the pullout was in private sector companies, says a report by BofA-Merrill Lynch

 
New Delhi: State-run Life Insurance Corp of India (LIC), a major domestic institutional investor, offloaded shares worth over Rs7,020 crore (about $1.3 billion) in companies related to financial, consumer and cement sectors in the July-September quarter this year, reports PTI quoting a research note.
 
At the same time, LIC acquired shares worth about Rs2,355 crore (about $436 million) in software and telecom companies, the global research report by BofA-Merrill Lynch said.
 
LIC sold shares of private lenders ICICI Bank and HDFC Bank and pharma company Cipla, while bought shares of Tata Consultancy Services (TCS), Infosys, Wipro, telecom major Bharti Airtel, the report said.
 
"State-run LIC lowered its exposure to companies like ICICI Bank (with sale of shares with an estimated $207 million), HDFC Bank ($175 million), Cipla ($132 million), Voltas ($94 million) and HUL ($91 million)," the report said.
 
On the other hand, LIC's major investment during the quarter included Wipro ($114 million), Bharti Airtel ($97 million), Hero Motocorp ($81 million), Infosys ($80 million) and TCS ($55 million).
 
The report said that LIC has emerged as net sellers during July-September quarter 2012 and most of the pullout was in private sector companies.
 
In contrast, LIC was net buyer during April-June quarter 2012 as the insurer had purchased shares worth an estimated over $2 billion (about Rs11,000 crore) in India equities and sold shares to the tune of $115 million.
 
In terms of sectors, LIC sold shares valued at $450 million in the finance portfolio during the quarter under review, followed by consumer ($198 million), cement ($192 million), pharma ($139 million), industrial ($134 million) and media/hotel ($53 million), the report said.
 
In contrast, the insurance giant's investment in the software sector stood at $277 million, followed by $112 million in the telecom category, $23 million in auto space, $19 million in metal and mining sector and $5 million in the energy area.
 
Financial sector accounted for 24% of LICs total equity portfolio in the country followed by energy 16%, consumer goods 12% and industrial space 10%.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)