Gold imports up 10.5% in May

The gold imports grew 78.33 per cent to $3.13 billion in April 2015

Gold imports increased 10.47 per cent to $2.42 billion in May from $2.19 billion in the same month of 2014.

The gold imports grew 78.33 per cent to $3.13 billion in April 2015. In November last year, RBI had cancelled the 80:20 scheme.

The current account deficit (CAD) in the first half of last fiscal declined to 1.9 per cent of GDP ($18 billion) from 3.1 per cent ($27 billion) in the same period of the previous year.

India is one of the largest importers of gold, which mainly caters to the demand of the jewellery industry. 

Custom duty on steel hiked

According to experts, the demand for steel is sluggish. There is hardly any investment in the sector.

The government today increased the customs duty on select flat steel products to 10%, according to a news on TV news channel.

The government today increased the customs duty on select long steel products to 7.5%, the report added.

According to experts, the demand for steel is sluggish. There is hardly any investment in the sector. However, there will be no impact on volumes in the steel industry. 

Tata Steel gains as UK trade unions suspend strike

So far, the stock has jumped to a high of Rs. 305 on the BSE. 

Tata Steel continues to trade on a firm note on the BSE, on the back of positive news flow.

According to media reports, trade unions workers of the company in the UK have decided to suspend their June 22 strike action.

So far, Tata Steel has rallied to a high at Rs. 305, and is now up 2 percent at Rs. 300.55.

The counter has registered trades of around 353,000 shares as against the two-week daily average volume of 768,000 shares.

Meanwhile, the BSE Sensex is quoted at 26,817 - up 131 points. 

Kirloskar Brothers surges after getting HC nod

The firm has received Bombay HC nod to merge Pneumatic Holdings and Kirloskar Oil Engines with the company. 

Kirloskar Brothers is trading on a gung-ho note in early morning deals on the BSE, on the back of positive news flow.

According to media reports, the firm has received Bombay High Court nod to merge Pneumatic Holdings and Kirloskar Oil Engines with the company.

The stock rallied to a high at Rs. 195, and is now up over 5.5 percent at Rs. 191.

The counter has seen trades of around 1,225 shares on the BSE, as against the two-week daily average volume of 1,141 shares.

Meanwhile, the BSE Sensex has pared early gainers, but still holds gains of 55 points at 26,741.

Bank of China enters LBMA gold price auction

BOC joins Goldman Sachs, UBS, Barclays, HSBC, Bank of Nova Scotia, Societe Generale and JP Morgan to set the gold price 

Bank of China joins the electronic auctions that set the LBMA Gold Price benchmark, the London Bullion Market Association said Monday.

BOC joins Goldman Sachs, UBS, Barclays, HSBC, Bank of Nova Scotia, Societe Generale and JP Morgan to set the gold price, administered by ICE Benchmark Administration.

The benchmark is widely used by producers, consumers and investors to trade and value the metal.

Bank of China joined the LBMA as an initial member in 1987, and has been participating in the gold trading business in London for over four decades. 

Asia ex-Japan investing funds deliver best 2015 year-to-date returns globally

Asia ex-Japan investing funds have delivered the best 2015 year-to-date returns globally, returning 15.0% and have grown their asset based by US$15.4 billion since the start of the year, bringing the region's current AUM to a record high of US$159.8 billion, says the latest Eurekahedge Report. 

These funds have given returns of ~15.0% and have grown their asset based by US$15.4 billion since the start of the year, bringing the region's current AUM to a record high of US$159.8 billion. 
 
Asia ex-Japan investing funds have delivered the best 2015 year-to-date returns globally, returning 15.0% and have grown their asset based by US$15.4 billion since the start of the year, bringing the region's current AUM to a record high of US$159.8 billion, says the latest Eurekahedge Report.
 
Among a recent survey conducted with AIMA Japan to gauge Japanese investor insights in hedge funds and alternatives, 72% of investors considered Abenomics a success in 2013 and 2014, however, almost 90% believe that the Bank of Japan (BoJ) will fail to reach its inflation target of 2% by end-2015.
 
Highlights from this month's Eurekahedge Report

• Hedge fund assets under management have increased by US$92 billion in the first five months of 2015, with one-third of this increase coming from new investor allocations. Total industry AUM stands at a record high of US$2.23 trillion.
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• Asia ex-Japan investing funds have delivered the best 2015 year-to-date returns globally, returning 15.0% and have grown their asset based by US$15.4 billion since the start of the year, bringing the region's current AUM to a record high of US$159.8 billion. 

• European hedge funds are up 5.54% year-to-date, following dismal gains of 0.56% in 2014. Total assets under management have increased by US$20.1 billion since the start of the year helped by US$7.4 billion in new investor allocations.
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• Long/short equities hedge funds performed the best for May and 2015 year-to-date across all strategic mandates reporting 1.47% and 7.31% respectively. 
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• North American managers lead in terms of year to date net investor inflows recording US$17.5 billion in new allocations, about half the level seen for the same period last yea

Top corporate news of the day-June 17, 2015

Notwithstanding the criticism of minority shareholders of Cairn India getting a raw deal, billionaire Anil Agarwal ruled out his debt-ridden mining firm Vedanta Ltd raising the offer to absorb the cash rich oil firm.

Notwithstanding the criticism of minority shareholders of Cairn India getting a raw deal, billionaire Anil Agarwal ruled out his debt-ridden mining firm Vedanta Ltd raising the offer to absorb the cash rich oil firm.

Pramerica mutual Fund is likely to acquire India's assets of Deutsche Asset Management Company (AMC) for Rs. 4bn. According to sources, YES Bank, which was in the race to acquire the German financial firm's Indian mutual fund arm, could not ink the deal as it had offered less

After the Odisha government ticked off Wipro for going slow on its development centre here, the company has committed a massive expansion of the facility, which would house 28,000 employees 

The Income Tax Department will defend the Rs204.9bn tax claim it has made on Cairn India even after the company is merged with its parent Vedanta Ltd.

Technology major Dell announced it has entered into a strategic distribution partnership with HCL Infosystems Ltd to distribute Dell's entire Hardware & Software Products.

IT services, consulting and business solutions company Tata Consultancy Services Limited (TCS) launched a new next-generation technology soutions centre of excellence (CoE) at its Hyderabad campus.

With the ban on Maggi noodles production in India, flour millers have started dumping maida into the market with a loss. In the process, prices of maida have declined by Rs. 2-3 a kg to Rs. 16-19 a kg in the vicinity of Nestle factories across the country.

Diversified business conglomerate ITC would remove the disclaimer "no added MSG" from packets of its instant noodles sold under Sunfeast Yippee brand following recent directions by the central food safety regulator FSSAI.

The government plans to sell 3% stake in Bharat Petroleum Corp Ltd, the nation's second largest state oil firm, this fiscal to raise around Rs.18 bn.

World's largest two-wheeler manufacturer Hero MotoCorp launched a new model of 100cc bike Passion Pro, priced at Rs. 47.9k (ex-showroom Delhi).

State-owned BHEL said it has commissioned NTPC's 800-MW Koldam hydro power project in Mandi district of Himachal Pradesh. 

State-run BSNL will set up 40,000 wi-fi hotspots across the country, entailing an investment of about Rs. 60bn.

Software major Infosys' CEO Vishal Sikka is mulling changes to the existing performance management process in the company. 

Top economy news of the day - June 17, 2015

The trade deficit for May 2015 came at USD10.4bn, slightly lower than April 2015. Exports and imports continued to contract, respectively, 20.2% and 16.5%.

The trade deficit for May 2015 came at USD10.4bn, slightly lower than April 2015. Exports and imports continued to contract, respectively, 20.2% and 16.5%.

Total subscriber base of seven GSM telecom operator, including Airtel, Vodafone, Idea reached 716.24 million at the end of May, as per data released by industry body COAI.

Wind energy turbine manufacturers expect additional installation of over 3,500 mega watt (MW) in 2015-16. Madhusudan Khemka, chairman, Indian Wind Turbine Manufacturers Association (IWTA) said that in 2014-15, the wind energy sector saw addition of 2,310 MW. 

The BJP-led government in Maharashtra, in a serious bid to compete with other investor friendly states, in its new information technology (IT) and IT Enabled Services (ITeS) policy has proposed waiver in stamp duty, electricity duty, octroi, entry tax and local body tax.

Asian Development Bank proposes to increase lending to India by almost 50% to USD12 bn by 2018, according to ADB President Takehiko Nakao. 

The number of mobile subscriptions in the country is expected to increase to 1.4bn by 2020, against 970mn in 2014, driven by rise in affordable devices and services, according to a report by telecom equipment maker Ericsson.

Merchandise exports in May contracted 20.2%, reaching USD22.34bn compared with USD 28bn a year ago in the same month. Exports registered a bigger fall in May as against April when it contracted 14%.