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Gold duty hike to hurt jewellery trade, spur grey market: GJC

Mumbai, May 13 (PTI) The gems and jewellery industry is likely to face challenging times ahead following the hike in gold import duty to 15 per cent, from 4 per cent earlier, a move that could spur the grey market, the All India Gems and Jewellery Council (GJC) said on Wednesday. “Business is now going to become difficult on the back of the Prime Minister’s austerity measures and following the import duty hike in bullion. What the industry fears is that this will give rise to grey market… smuggling is likely to grow, setting up a parallel economy in the

Trump says he does not need China’s help to end Iran war, Tehran tightens grip on Hormuz

WASHINGTON/LONDON/BAGHDAD, May 12 (Reuters) – U.S. President Donald Trump said on Tuesday he does not think he ​will need China’s help to end the war with Iran, even as hopes for a lasting peace deal dwindled and Tehran tightened its grip over the Strait ‌of Hormuz. Ahead of a high-stakes summit in Beijing, Trump said he did not think he would need to enlist Chinese President Xi Jinping to resolve the conflict, which has continued to block maritime traffic that normally provides one-fifth of the world’s oil supply. “I don’t think we need any help with Iran. We’ll win it

Stock markets pare early gains; trade lower

Mumbai, May 13 (PTI) Benchmark equity indices slipped in the negative territory after rising marginally during early trade on Wednesday amid elevated crude oil prices and persistent geopolitical uncertainty. Foreign fund exodus also hit investor sentiment. The 30-share BSE Sensex climbed 75.64 points to 74,614.51 in early trade. The 50-share NSE Nifty went up by 17.10 points to 23,391.10. However, both the benchmark indices failed to carry forward the momentum. The BSE benchmark traded 182.60 points lower at 74,362.19, and the Nifty quoted 41.05 points down at 23,352.25. From the 30-Sensex firms, Power Grid, NTPC, Bajaj Finance, State Bank of

Rupee recovers 16 paise from all-time low to 95.52 against US dollar in early trade

Mumbai, May 13 (PTI) The rupee rebounded by 16 paise from its all-time low to 95.52 against the American currency in early trade on Wednesday amid hopes of lower demand for the US dollar due to import curbs. Forex traders said market participants are expecting some resilience in the dollar-rupee pair as gold importers curb their demand. The Indian government raised import tariffs on Gold and Silver to 15 per cent from 6 per cent to curb overseas purchases of the metals and ease pressure on the Country’s FX reserves. However, elevated crude oil prices and the strength of the

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