GOLD DECLINES ₹185 OWING TO MUTED DEMAND
NEW DELHI: Gold prices fell by ₹185 to ₹29,370 per 10 grams at the bullion market here on Thursday owing to lower demand from local jewellers. Silver prices also weakened by ₹740 per kg on reduced offtake by industrial units. Standard gold (99.5% purity) dropped by ₹185 to end at ₹29,370 per 10 grams from Tuesday’s level of ₹29,555. Pure gold (99.9%) also eased by the same margin to close at ₹29,520 per 10 grams as against ₹29,705 previously. Globally, gold prices bounced from 19-month lows as dollar slipped following announcement of Us-china trade talks, although sentiment remained negative.
Andhra Bank raises MCLR by 0.15% for various tenors
NEW DELHI: State-owned Andhra Bank has increased the marginal cost of funds based lending rate (MCLR) by 0.15% to up to 8.70% for various tenors. “The bank has increased its MCLR with effect from August 16, 2018,” Andhra Bank said in a BSE filing. The
MCLR for overnight, 1 month, 3 month, 6 month and one year tenors has been raised by 0.15% each to 8.15%, 8.20%, 8.40%, 8.55% and 8.70%, respectively, the bank said. The move will make consumer loans such as auto, car and home loans costlier for buyers. In June, too, Andhra Bank had increased the MCLR by 0.05% to up to 8.55% for various tenors.
Maruti Suzuki hikes car prices by up to ₹6,100
NEW DELHI: Maruti Suzuki India (MSI) on Thursday hiked prices of its vehicles by up to ₹6,100 in order to partially offset increase in commodity and distribution costs and adverse foreign exchange rates. The price change varies across models and is up to ₹6,100 (ex-showroom Delhi), the company said in a statement. The new prices are effective from Thursday, it added. Earlier this month, MSI senior executive director (marketing and sales) RS Kalsi had said the firm has been analysing the adverse movement of commodity prices which were going towards the higher side.
HC seeks CBDT reply to brokers’ plea against NSE
MUMBAI: The Bombay high court on Thursday directed the Central Board of Direct Taxes (CBDT) to file its reply by August 23 in a petition filed by the Association of National Exchanges Members of India (ANMI) against the National Stock Exchange (NSE) and Securities and Exchange Board of India (Sebi). The brokers’ lobby ANMI moved the court against the capital markets regulator Sebi and NSE for holding brokers responsible for collecting securities transaction tax (STT) on physical delivery of derivatives. The court had asked CBDT on Monday to provide clarity on the issue.
Vivo invests ₹200 cr in its Greater Noida facility
NEW DELHI: Chinese handset maker Vivo on Thursday said it has ramped up the manufacturing capacity of its Greater Noida facility and has invested about ₹200 crore. The company, which has already invested about ₹300 crore in the plant, has also added surface-mount technology (SMT) lines to the unit. “The facility has increased production to more than 2 million units per month, reiterating Vivo’s commitment to ‘Make in India’. The newly added SMT lines are catering to the growing demand for Vivo smartphones in the country,” Vivo said.
COMPILED FROM MINT REPORTERS AND AGENCIES