GOLD IMPORTS IN JUNE QUARTER DIP 25% TO $8.43 BN

NEW DELHI: Gold imports fell by 25% to $8.43 billion in the first quarter of the current fiscal due to sliding prices of the metal in both global and domestic markets. According to the commerce ministry data, gold imports had amounted to $11.26 billion in the corresponding quarter of last financial year, 2017-18. The imports of the metal have been declining since January this year. Contraction in gold imports help contain the current account deficit (CAD). 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.

LIC board to meet today to finalise IDBI stake buy

NEW DELHI: The board of insurance behemoth LIC is scheduled to meet on Monday to finalise the acquisition of 51% stake in IDBI Bank, people familiar with the matter said. The due diligence process by LIC is complete as per the directions of Insurance Regulatory and Development Authority of India (Irdai), they said. State-owned Life Insurance Corporation will approach markets regulator Sebi after getting approval from its board, which will meet in Mumbai. Irdai has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden state-owned bank get a capital support of ₹10,000- 13,000 crore.

IRCON gets Sebi nod for IPO, issue likely in Sept

NEW DELHI: Market regulator Sebi has given its go-ahead for the initial public offering (IPO) of rail PSU IRCON, which could hit the markets in September to raise about ₹500 crore, an official said. IRCON had filed papers with the Securities and Exchange Board of India (Sebi) for the IPO, through which the government will divest 10% stake or over 99 lakh shares. “Sebi gave its nod for IRCON IPO on July 13,” an official said on Sunday.

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