Gold declines below Rs. 30-K-mark on weak global cues

Gold prices slips below the Rs. 30,000-mark on Thursday, going down  by Rs. 100 to trade at over 3-month low of Rs. 29,950 per 10 grams at the bullion market on account of  a weak trend overseas along with muted demand from local jewelers. Similarly, price of Silver also plunged Rs. 375 to Rs. 38,125 per kg owing to reduced off-take by industrial units and coin makers. Globally, the rates of gold fell 0.45 percent to USD 1,257.10 an ounce and silver by 0.31 percent to USD 15.87 an ounce in Singapore.

In New Delhi, gold of 99.9% & 99.5% purity declined by Rs. 100 each to Rs. 29,950 and Rs. 29,800 per 10 grams, each. The yellow metal had lost Rs. 200 on Wednesday, while Sovereign followed suit and fell by Rs. 100 to Rs. 24,400 per piece of 8 grams.

Silver ready dropped by Rs. 375 to Rs. 38,125/ kg and weekly-based delivery by Rs. 440 to Rs. 37,335/kg.  Silver coins also dipped by Rs. 1,000 at Rs. 71,000 for buying and Rs. 72,000 for selling of 100 pieces.

RBI keeps key policy rate unchanged at 6%

The Reserve Bank of India (RBI) monetary policy committee (MPC) on Wednesday kept the repo rate unchanged at its 5th bimonthly MPC meeting, given the warning over rising inflation.

The result was along the lines of the majority of market expectation, which anticipated the RBI to keep the key repo rate (the rate at which it infuses liquidity in the banking system) unchanged at 6 percent.

In the preceding meeting in October, the RBI had maintained status quo on rates. Since then, inflation based on the consumer price index (CPI) has grown to 3.58 percent, the fastest pace in 7 months, owing rising food and fuel prices.

Future Supply Chain raises Rs. 195 cr, from anchor investors::

Future Group’s logistics arm Future Supply Chain Solutions has announced that it has garnered Rs. 195 crore ahead of its IPO that opens on Wednesday.

The IPO clocked allocation of over 29.35 lakh equity shares to 16 anchor investors at Rs. 664 share apiece, the upper end of the price band of Rs. 660-664. The Anchor investors consist of HDFC Trustee Company., Reliance Capital Trustee Company Ltd, L&T M.F and IDFC M.F.

The IPO is a combine of fresh issuance of shares by promoters Future Enterprises Ltd, which will lead to a dilution of 4.43% of their stake, and an  OFS by private equity investor Griffin Partners aggregating to 20% of equity.

Future Supply Chain Solutions Limited (FSC) is an Indian supply chain and logistics company catering to corporates in various domains such as Food and FMCG; Apparels, Footwear and Accessories; Home and Furniture, Automotive, Pharma and Light Engineering and much more.