Silver rises further; hits new high at Rs58,400 on global cues

Silver continued its winning streak for the third straight session and surged Rs900 to hit yet another high of Rs58,400 per kg today

New Delhi: Silver continued its winning streak for the third straight session and surged Rs900 to hit yet another high of Rs58,400 per kg today on sustained heavy buying by stockists, driven by a firm global trend.

Silver coins also rose by Rs1,500 to scale a new peak of Rs64,500 for buying and Rs65,000 for selling of 100 pieces, PTI reports

Gold also rose by Rs150 to Rs21,300 per 10 grams on heavy buying by retail customers for the ongoing 'Navratra' festival.

Trading sentiments turned bullish in overseas markets, as silver rose to a 31-year high and gold to a record level as the sovereign-debt crisis in Europe deepened, after Moody's Investors Service cut Portugal's credit rating and higher grain and oil prices worsened the inflation outlook.

In global markets, gold rose by 1.55% to $1,457.80 an ounce and silver by 1.79% to $39.28 an ounce.

On the domestic front, silver ready spurted by Rs900 to an all time high of Rs58,400 per kg and weekly-based delivery by Rs715 to Rs57,815 per kg.

Similarly, gold of 99.9% and 99.5% purity jumped up by Rs150 to Rs21,300 and Rs21,180 per 10 grams, respectively. Sovereigns, too, gained Rs50 to Rs17,550 per piece of eight grams.

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Agriculture minister says record foodgrains output of 235.88 million tonnes in 2010-11

Ministry revises harvest figure upwards from February estimates; should help ease food inflation

New Delhi: The country harvested a record 235.88 million tonnes (MT) of foodgrains in the 2010-11 crop year ended June, helped by all-time high output of wheat and pulses, the government announced today.

Economists feel that the higher foodgrain production will help ease food inflation, which stood at 9.5% for the week ended 19th March.

"The third advance estimate figures are available with me, which show an all-time record production of foodgrains at 235.88 million tonnes. Wheat at 84.27 million tonnes and pulses at 17.29 million tonnes are also the highest recorded production ever," agriculture minister Sharad Pawar said at the Kharif Conference to plan the next crop year.

The agriculture ministry has revised upward the estimates for foodgrain production to 235.88 million tonnes (MT) in the third advance estimates for 2010-11 from 232.07 MT in the second advance estimates released in February.

Thanks to a good monsoon, foodgrain production this year was nearly 18 MT higher than the 218.11 MT achieved in 2009-10 that was affected by drought. The previous record was 234.47 MT in 2008-09. In the foodgrains basket, the ministry has upped the production estimates for wheat, rice, pulses and coarse cereals.

"The benefit of higher foodgrain production is already showing in food inflation. The announcement of bumper crop would help further ease pressure on food prices," said DK Joshi, principal economist with credit rating agency Crisil.

According to the third advance estimates, wheat output has risen by 3 MT from the February projection to a record 84.27 MT. The earlier record was 80.8 MT in 2009-10.

Similarly, pulses output has been upped by nearly one million tonnes from the second advance estimate to a record 17.29 MT this year. Last year, pulses production stood at 14.66 MT, while the all-time record of 14.91 million tonnes was achieved in 2003-04.

While rice production has been revised upward marginally to 94.11 MT in 2010-11 from the second advance estimate, it is much higher than last year's output of 89.09 MT.

Coarse cereals production, too, has been revised slightly upward to 40.21 MT in 2010-11 from the earlier estimate. Last year's production stood at 33.55 MT.

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Tata Mutual Fund files offer document with SEBI to launch SIP Fund Series 3&4

Tata Mutual Fund to launch Tata SIP Fund Series-3 and Tata SIP Fund Series-4

Tata Mutual Fund has filed offer document with SEBI to launch SIP Fund Series 3&4. It is a close-ended hybrid scheme with the maturity period of 36 months from the date of allotment. It consists of two series-Tata SIP Fund Series-3 and Tata SIP Fund Series-4.

The investment objective of the schemes is to achieve long term growth. The schemes seek to achieve the objective by investing systematically in equity or equity related instruments.

During the first year, the scheme will invest up to 35% in equity or equity related instruments with high risk profile and 65%-100% in debt, money market and securitised debt instruments. In the second year, the scheme will invest up to 30%-70% in equity or equity related instruments with high risk profile and up to 30%-70% in debt, money market and securitised debt instruments. And in the third year, the scheme will invest up to 65%-100% in equity or equity related instruments with high risk profile and up to 35% in debt, money market and securitised debt instruments. Investment by the scheme in securitised debt will not normally exceed 20% of the net asset of the scheme.

The minimum investment amount for both the schemes is Rs5,000. CRISIL Liquid Fund Index and BSE Sensex will be the benchmark index. Bhupinder Sethi and Murthy Nagarajan Venugopal will manage the fund.

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