GOLD IMPORTS RISE 22% TO $33.65 BILLION IN 201718
NEW DELHI: The country’s gold imports, which has a bearing on the current account deficit (CAD), increased by 22.31% to $33.65 billion in 2017-18, according to commerce ministry data. Imports of the yellow metal stood at $27.51 billion in 2016-17 financial year. In 2015-16, the imports aggregated at $31.7 billion. CAD, which is the difference between the inflow and outflow of foreign exchange, jumped to $48.7 billion, or 1.9% of GDP, in 2017-18 fiscal. This was higher than $14.4 billion, or 0.6%, CAD in 2016-17 fiscal. Increase in gold imports pushed the country’s trade deficit to $157 billion in the last fiscal, an increase of about 45%.
Rupee holds at 1week high against dollar
MUMBAI: The rupee on Friday climbed to a two-week high of 68.53 before closing almost flat at 68.65 against the US currency in a roller coaster trading session even as stocks continued their bullish ascent. The rupee gained just one paisa to end at a fresh one-week high of 68.65 at interbank foreign exchange market here as monthend dollar demand from oil importers trimmed its early sharp gains. The rupee oscillated between a high of 68.53 and a low of 68.76 in day trade. Expectations of buoyant capital inflows along with likely Ipo-related inflows outweighed impact of broad overnight dollar gains, helping the rupee touch a twoweek high in early trade.
India’s forex reserves head for $400 billion
MUMBAI : India’s foreign exchange reserves may soon drop below the $400 billion mark for the first time since November as the central bank steps up action to shore up one of Asia’s worstperforming currencies. Reserves have steadily declined by $21 billion from a record peak of $426 billion in mid-april, and official data on Friday showed it was little changed in the week through July 20 at $405 billion. With the rupee set to remain under pressure in the face of an emerging-market sell-off, trade war jitters and a stronger dollar, there’s hardly any sign the central bank will ease up on its currency intervention.
HDFC AMC $408 mn IPO subscribed 83 times
BENGALURU : HDFC Asset Management Co. Ltd’s initial public offering (IPO) to raise ₹2,800 was subscribed 83 times, underscoring the strong growth potential in the Indian mutual fund sector that has seen assets doubling in three years. HDFC AMC, the second-biggest mutual fund manager in the country with ₹3.07 lakh crore worth of assets under management in the June quarter and its peers in the ₹23.57 lakh crore sector have benefited from Indians moving away from traditional investments.
Jubilant Life Q1 net profit up 39% at ₹200.37 cr
NEW DELHI: Drug firm Jubilant Life Sciences on Friday reported a 39.42% rise in its consolidated net profit to ₹200.37 crore for the quarter ended June 30, 2018, mainly on account of robust sales in the pharmaceuticals segment. The company had posted a net profit of ₹143.71 crore for the corresponding period of the previous fiscal, Jubilant Life Sciences said in a filing to BSE. Consolidated total revenue from operations stood at ₹2,078.65 crore for the quarter.
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