GOLD CONTINUES TO RISE ON FESTIVE DEMAND, GLOBAL CUES
NEW DELHI: Continuing its upward trend for the third straight day on Wednesday, gold prices gained another ₹50 to ₹30,650 per 10 grams at the bullion market on the back of sustained buying by local jewellers amid firm global cues. However, silver eased by ₹50 to ₹38,100 per kg due to reduced offtake by industrial units and coin makers. Bullion traders said persistent buying by local jewellers to meet the ongoing festive season demand at the domestic spot market and firm trend overseas kept gold higher. Globally, gold rose 0.45% to $1,195.50 an ounce in New York in Tuesday’s trade.
Glaxo seeks bids by Sep for $4 bn India sale
MUMBAI/LONDON: UK pharmaceutical giant Glaxosmithkline Plc has requested bids by mid-september for its $4.3 billion Indian consumer-health unit, which owns the popular malted milk brand Horlicks, people with knowledge of the matter said. Glaxo has sent out an information memorandum with preliminary details about the business to possible suitors, according to the people, who asked not to be identified because the information is private. The sale has attracted interest from potential bidders including Nestle SA, Pepsico Inc. and Reckitt Benckiser Group Plc, they said. It announced in March that it aims to complete a strategic review of Horlicks and other nutritional products by the end of this year.
GIC buys stake in realty firm Provenance Land
NEW DELHI: Singapore’s sovereign wealth fund GIC has acquired a ‘significant minority’ stake in Provenance Land for an undisclosed amount, the realty firm said. GIC had in December last year bought 33.34% stake in DLF’S rental arm DLF Cyber City Developers Ltd (DCCDL) for about ₹9,000 crore. DCCDL holds 27 million sq. ft of price commercial assets earning an annual rental income of ₹2,400 crore. Provenance Land, which first introduced the Four Seasons brand in India, owns a mixed-use development project spread over four acres of prime freehold land in Worli, central Mumbai, the company said in a statement.
US imposes 50% duties on metal pipes made in India
WASHINGTON: The US has announced hefty preliminary anti-dumping duties on metal pipes imported from India, China and four other countries, in an aggressive tactic by the Trump administration to protect the American industry and lower the trade deficit. Six US pipe manufacturers had filed the antidumping complaint with the commerce department in January. Announcing the preliminary determinations in anti-dumping duty investigations of imports of the pipes, the US department of commerce on Tuesday said the six countries were selling the large diameter-welded pipe—used to transport oil, gas and other fluids—far below the fair price, and that dumping harms the US industry.
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