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New printer launched for small office set-up


New printer launched for small office set-up

The versatile and productive device is ideal for home and small offices as it is easy to set up, operate with minimal maintenance, secure and reliable, enabling users to scan, copy, print and fax with ease.

As professionals get accustomed to working from their home/remote offices for an extended period; and the number of small businesses in the country increases, there is a greater demand for an enterprise- experience and a-grade technology in daily operations. A compromised or slow experience results in a feeling of being inefficient and adds to frustration directly impacting productivity. An important aspect of this overall experience is the printing and documentation set-up.

Catering to this demand, Xerox® WorkCentre® 3025 multifunction printer consolidates four office-critical functions into one device with copying, scanning, faxing and printing.

Aimed at serious professionals and growth-minded small business owners, the new A4 multifunction printer (MFP) offers convenience, security and value while immediately upgrading the office set-up, a press release said.

The multifunction printer is priced at Rs 17,000 for WC 3025B (copy, print, scan) and Rs 24,000 for WC 3025N (copy, print, scan and fax) and is available on Amazon and Amazon, Xerox’s channel partners and other leading retail stores.

The Xerox® WorkCentre® 3025 takes forward Xerox’s legacy of being the industry benchmark, offering the latest connectivity options. It allows users to print from any mobile device (iPad or Android), laptop, or desktop with native AirPrint, Google Cloud Print, Mopria and Android support, from any location within the home/ office conveniently over wi-fi.

The versatile and productive device is ideal for home and small offices as it is easy to set up, operate with minimal maintenance, secure and reliable, enabling users to scan, copy, print and fax with ease.




Domestic markets end flat; SBI gains over 2%


Domestic markets end flat; SBI gains over 2%

SBI was the top gainer in the Sensex pack, gaining over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan.

After six hours of lacklustre trading, the domestic equity benchmarks ended on a flat note with a positive bias on Friday. The S&P BSE Sensex ended 14.23 points or 0.04 per cent higher at 38,854.55 while the broader NSE Nifty rose 15.20 points or 0.13 per cent to close at 11,464.45.

SBI was the top gainer in the Sensex pack, gaining over 2 per cent, followed by TCS, Tech Mahindra, HUL, Bajaj Finance, Kotak Bank and Titan.

On the other hand, IndusInd Bank (plunged nearly 2 per cent), PowerGrid, Bharti Airtel, Asian Paints and HDFC Bank were among the laggards.

Of the 30 constituents, 10 were successful to end with gains while remain 20 declined.

On a weekly basis, Sensex and Nifty added 1.29 per cent and 1.15 per cent respectively.

On the broader market front, the S&P BSE MidCap and SmallCap ended with gains by 0.58 per cent and 0.52 per cent respectively.

The markets remained cautious on adverse news-flows of COVID-19 vaccine trials, Sino-India geopolitical tensions and sell-off in US equities, said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

During the talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi on Thursday evening, India and China agreed on a five-point roadmap including quick disengagement of troops and avoiding any action that could escalate tensions for resolving the four-month-long face-off in eastern Ladakh.

Foreign portfolio investors sold equities worth USD 528 million over the past five trading sessions while domestic institutional investors sold USD 109 million worth of stocks, Zarbade stated.

“While the market is not in a bubble zone, we note that global cues (US markets on correction mode) have started to turn negative and FIIs have turned sellers along with domestic mutual funds,” he added.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note, while stock exchanges in Europe saw a mixed trend.

Global oil benchmark Brent crude was trading 0.35 per cent lower at USD 39.92 per barrel.

In the forex market, the rupee depreciated 7 paise to close at 73.53 against the US dollar.




US stocks fall amid tech sell-off


US stocks fall amid tech sell-off

Market sentiment also turned sour amid disappointing US jobless claims numbers.

US stocks gave up earlier gains to finish sharply lower on Thursday as tech shares lost momentum again after a noticeable rebound in the prior session.

The Dow Jones Industrial Average fell 405.89 points, or 1.45 per cent, to end at 27,534.58. The S&P 500 slid 59.77 points, or 1.76 per cent, to 3,339.19. The Nasdaq Composite Index dipped 221.97 points, or 1.99 per cent, to 10,919.59, Xinhua reported.

The three major indexes traded on an upbeat note earlier in the day with the 30-stock index up more than 200 points.

Shares of major US tech giants, or the so-called FAANG group of Facebook, Apple, Amazon, Netflix and Google-parent Alphabet, all closed lower. The S&P 500 tech sector sank 2.28 per cent, among the worst-performing groups.

US-listed Chinese companies traded lower, with all the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

The moves followed a tech-led market-wide rally on Wednesday that saw the Dow close up more than 400 points, as Wall Street tried to recover from a three-day heavy selling.

“Whether this pullback is now behind us remains to be seen, but volatility is likely to stick around for a little while longer,” Kevin Matras, executive vice president at Zacks Investment Research, said in a note on Thursday.

Market sentiment also turned sour amid disappointing US jobless claims numbers.

US initial jobless claims, a rough way to measure layoffs, registered 884,000 in the week ending September 5, unchanged from the previous week’s revised level, the Department of Labor reported on Thursday. Economists polled by MarketWatch had forecast new claims to fall to 840,000.




Reliance Industries looking to sell $20 billion stake in retail unit to Amazon: Report


Reliance Industries looking to sell $20 billion stake in retail unit to Amazon: Report

1. Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing retail business.
2. RIL announced that US private equity firm Silver Lake Partners will invest Rs 7,500 crore for 1.75 per cent stake in its RRVL.

Indian conglomerate Reliance Industries Ltd. is offering to sell 40 per cent stake in its Reliance Retail Ventures (RRVL) to Amazon.com Inc. for a whopping amount of $20 billion, a BloombergQuint report said on Thursday, which cited a source familiar with the matter.

Amazon has held talks about investing in Indian major’s retail business and expressed interest in negotiating a potential deal, the report said.

If the deal becomes a success then it will put Amazon’s Jeff Bezos and Asia’s richest man Mukesh Ambani on the same side of the e-commerce retail market in India, the report said, adding that a deal big as this would be the ‘biggest ever in India as well as for Amazon’.

Meanwhile, Reliance Industries issued a clarification in a BSE filing on Thursday evening, in which the company said, “We would like to reiterate that as a policy, we do not comment on media speculation and rumours and we cannot confirm or deny any transaction which may or may not be in the works. Our company evaluates various opportunities on an ongoing basis.”

“We have made and will continue to make necessary disclosures in compliance with our obligations under Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with the stock exchanges,” it added.

The oil-to-telecom company has already raised $20 billion earlier this year after it sold stakes in its technology venture, Jio Platforms Ltd., to major global investors including Facebook, Google, Silver Lake and others, report said.

Reliance Retail Limited, a subsidiary of RRVL, operates India’s largest, fastest growing retail business serving close to 640 million footfalls across its about 12,000 stores nationwide.

On Wednesday, RIL announced that US private equity firm Silver Lake Partners will invest Rs 7,500 crore for 1.75 per cent stake in its RRVL.

Late last month, Reliance acquired the retail and logistics businesses of Future Group for Rs 24,713 crore to boost its retail vertical.

Shares of Reliance Industries jumped 8.45 per cent to a record high of Rs 2,343.90 on the BSE during the day. It ended at Rs 2,314.65, up by Rs 153.40 or 7.10 per cent.

(Additional input from agencies)




BPCL to offer stock options to employees


BPCL to offer stock options to employees

The government is selling all of its 52.98 per cent stake in BPCL to a strategic investor. Expression of Interest (EoI) for the privatisation is due on September 30.

State-owned Bharat Petroleum Corp Ltd (BPCL) has offered its employees stock options at one-third of the market price as the company looks to reward staff ahead of its privatisation.

The board of BPCL on Friday “approved the proposed Employee Stock Purchase Scheme (ESPS) to the specified employees through the trust mechanism, subject to the approval of the shareholders”, the company said in a regulatory filing.

While BPCL did not give details, a source with direct knowledge of the development said ‘BPCL Trust for Investment in Shares’ holds around 9.33 per cent stake of the company’s paid-up share capital.


 
Of this, 2 per cent will be offered to employees at one-third the price of BPCL scrip in the preceding six months, he said.

There will be no change in government’s shareholding in the company.

The government is selling all of its 52.98 per cent stake in BPCL to a strategic investor. Expression of Interest (EoI) for the privatisation is due on September 30.

“The Trust formed for the purpose shall purchase the aforesaid shares from the ‘BPCL Trust for Investment in Shares’ by way of secondary acquisition through the stock exchanges as per the SEBI (Share Based Employee Benefits) Regulations, 2014 and other applicable laws,” the company said in the regulatory filing.

The source said the number of shares to be offered under the ESPS will depend on the grade of the employee and even directors on the company board would be eligible for the offer.

There will be a one-year lock-in period for the shares that employees buy under ESPS, he added.

BPCL, he said, has not yet decided on what to do with the residual 7.33 per cent stake held by the Trust.

‘BPCL Trust for Investment in Shares’ is an independent entity, of which the company BPCL is a beneficiary.

ESPS will be executed in strict compliance of the SEBI norms, the person said adding BPCL will seek shareholders’ approval for the scheme at its upcoming annual general meeting (AGM) later this month.

After shareholders approve, BPCL will make a former offer to employees.

BPCL closed at Rs 403.40 per share on the BSE on Friday.

Last month, it offered a voluntary retirement scheme (VRS) to some of its employees as part of the planned privatisation.

About 1,200 employees are likely to be given VRS, the source said.

BPCL stake sale is crucial to meeting government’s record Rs 2.1 lakh crore divestment target for the current fiscal.




Sensex, Nifty end marginally lower; Titan rises 6%


Sensex, Nifty end marginally lower; Titan rises 6%

Domestic equity indices ended negative on Thursday, dragged by banking counters as overall weak macroeconomic scenario weighed on investor sentiment. The S&P BSE Sensex ended 95.09 points or 0.24 per cent lower at 38,990.94 with Titan being the top gainer, rose nearly 6 per cent, and ICICI Bank was the top loser, shedding around 2 per cent.

Other gainers on the BSE charts included Tech Mahindra, Nestle, Maruti, Sun Pharma and Asian Paints. On the other hand, losers included shedding Bharti Airtel, Axis Bank, Kotak Bank and PowerGrid.

On the NSE, the benchmark Nifty50 closed 7.55 points or 0.07 per cent down at 11,527.45.

Sectorally, BSE bankex, finance, metal, energy, realty and utilities indices fell up to 1.51 per cent.

While consumer durables, IT, teck, capital goods, industrials and auto indices rose up to 3.37 per cent.

Broader midcap and smallcap indices outperformed the BSE benchmark, ending up to 0.74 per cent higher.

“Markets exhibited volatility and ended flat for the day, switching between gains and losses. However, global markets, especially Europe, were generally positive for the day, anticipating better economic data, Vinod Nair, Head of Research at Geojit Financial Services, said.

Domestically, data emerged that the services sector had contracted for the 6th consecutive month, in spite of phased reopening of the economy in the last two months, he said, adding that this has led to worries that the comeback, foreseen for the economy, could be long drawn out.

The market turned negative after the latest IHS Markit Services Purchasing Managers’ Index (PMI) contracted for the sixth successive month in August.

The seasonally adjusted India Services Business Activity Index rose sharply from 34.2 in July to 41.8 in August, the highest since March, before the escalation of the pandemic.

The downturn in India’s services sector activity eased in August but remained in the contraction zone as COVID-19 pandemic-induced restrictions continued to adversely impact client demand and business operations.

Bourses in Shanghai and Hong Kong ended in the red, while Tokyo and Seoul closed with gains.

Stock exchanges on in Europe were trading on a positive note in early deals.

Global oil benchmark Brent crude was trading 1.40 per cent lower at USD 43.81 per barrel.

In the forex market, the rupee depreciated 44 paise and closed at 73.47 against the US dollar.

 



Diesel price lowered for first time in six months in September; Petrol unchanged


Diesel price lowered for first time in six months in September; Petrol unchanged

In the national capital diesel was now at Rs 73.40 per litre, as against Rs 73.56 a litre previously, according to a price notification of state-owned fuel retailers.

Prices of diesel were lowered marginally on Thursday, marking its first cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre.

In the national capital diesel was now at Rs 73.40 per litre, as against Rs 73.56 a litre previously, according to a price notification of state-owned fuel retailers.

Petrol, which witnessed the second rally in rates beginning mid-August, was unchanged at Rs 82.08 a litre.

Thursday’s cut is the first reduction in diesel price since mid-March. It was then when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) had kept the diesel rates unchanged 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.

Before the latest reduction, diesel rates had gone up by Rs 12.55 a litre between June 7 and July 25. Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre.

Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause. The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then. In all, the petrol price has risen by Rs 10.68 since June 7.

In Mumbai, petrol comes for Rs 88.73 per litre while diesel is priced at Rs 79.94, as against Rs 80.11 previously, according to the price notification.

In Kolkata, petrol is priced at Rs 83.57, while diesel now costs Rs 76.90 a litre, down from Rs 77.06 previously.

In Chennai, petrol comes for Rs 85.04 a litre and diesel for Rs 78.71, as against Rs 78.86 previously.

State-owned fuel retailers revise rates of petrol and diesel daily based on average price of benchmark fuel in the preceding 15 days.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) review the rates for petrol and diesel in various parts of the country on a regular basis. The three organisations implement any changed in the rates at fuel pumps with effect from 6 am daily.




Gold Price Latest Update: Yellow metal price slips to Rs 48,444 per 10 gram


Gold Price Latest Update: Yellow metal price slips to Rs 48,444 per 10 gram

Gold prices on Tuesday dropped Rs 188 to settle at Rs 48,444 per 10 gram. According to prices given by the Indian Bullion and Jewellers Association, a Mumbai-based industry body, on July 7, the rate without GST for gold (purity-999) is Rs 48,444, while for gold with purity-995 is Rs 48,250. Meanwhile, silver prices also dropped to Rs 48,870 from Rs 49,333 per kg.

Gold prices according to purity levels are as follows:

999 - Rs 48,444/-

995 - Rs 48,250/-

916 - Rs 44,375/-

750 - Rs 36,333/-

585 - Rs 28,340/-

On the Multi Commodity Exchange, gold prices for August delivery fell by Rs 85, or 0.18 per cent, to Rs 48,140 per 10 gram in a business turnover of 1,152 lots. The yellow metal for October delivery declined by Rs 33, or 0.07 per cent, to Rs 48,320 per 10 gram in 7,844 lots. Gold was trading 0.35 per cent down at USD 1,787.30 per ounce in New York.

 
 
 



India's gold demand drops 9 pc to 690.4 tonnes in 2019 on record prices: WGC


India's gold demand drops 9 pc to 690.4 tonnes in 2019 on record prices: WGC

India's gold demand fell nine per cent to 690.4 tonnes in 2019 from the previous calendar year as record domestic prices and economic slowdown dented retail purchase, the World Gold Council (WGC) said on Thursday.

However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence.

The domestic gold price finished 2019 just above Rs 39,000 per ten grams, almost 24 per cent higher than at the end of 2018, WGC said in its latest report.

"As policy measures unfold, broader economic growth accelerates and local prices of the past six months become more acceptable among households, India's gold demand will be in the range of 700-800 tonnes in 2020," Somasundaram PR, Managing Director of WGC's India operations, told PTI.

 
 

The WGC expects policy-led and industry-led initiatives to bring a marked shift in making the industry more transparent and organised this year, he said.

Already, the government has made hallmarking (quality certification) mandatory on January 15, 2020 with a transition period of one year for the trade to sell or change its existing non-hallmarked inventory. This is an overdue reform and a positive step towards making the Indian gold more trustworthy, he said.

"These and other changes to follow are significantly positive for the long-term sustainability of demand, especially for the compliant and the organised sector," Somasundaram said.

 
 

However, short-term challenges remain as large sections of the industry compete on low margins and fear tax uncertainty, leaving little incentive for long term investments and modern trade practices, he said.

"India's average long-term gold demand is likely around 850 tonnes given its affinity to gold and economic and social context," he added.

In 2019, the WGC said India's gold demand in volume terms declined to 690.4 tonnes from 760.4 tonnes in 2018, out of which jewellery demand fell nine per cent to 544.6 tonnes from 598 tonnes, while bar and coins demand also dropped 10 per cent to 145.8 tonnes from 162.4 tonnes in the said period.

However in value terms, the country's gold demand rose three per cent to Rs 2,17,770 crore in 2019 from Rs 2,11,860 crore in the previous year.

"Dhanteras - the first day of Diwali (the Festival of Light) which fell on October 25, 2019 - failed to bring cheer to gold demand in Q4 as the higher domestic gold price and weak economic sentiment curtailed gold sales," the WGC said.

Festival demand received some support from advance wedding purchases and a dip in the gold price ahead of the November wedding season released some pent-up wedding-related demand, but volumes were nevertheless soft compared with 2018, it said, and added, the slowdown was less pronounced among the more organised national and regional chain stores.

India's gold import including through grey channels, the WGC said it declined by 14 per cent to 646.8 tonnes in 2019 from 755.7 tonnes in 2018. Imports through grey market stood at 115-120 tonnes in 2019.

"Imports remained lower due to softening of local demand and 37 per cent increase in recycled gold to 119 tonnes in 2019," Somasundaram said.

"We do believe imports may not rise as fast as demand this year. But do expect custom duty on gold to be reduced to 10 per cent from 12.5 per cent at present." Two-thirds of India's gold demand comes from rural areas, where jewellery is a traditional store of wealth.

 
 
 



Investment matters: How much would your Rs 10,000 be worth on January 14, 2020, if you invested a year ago in stock market, silver or gold?


Investment matters: How much would your Rs 10,000 be worth on January 14, 2020, if you invested a year ago in stock market, silver or gold?

Newton’s 3rd law of motion states that ‘For every action there is an equal and opposite reaction’. Last week, gold reacted to the Iranian missiles slamming into US military basis in Iraq by sky rocketing over the $1,600 per ounce mark, albeit briefly. However, a similar action on Sunday that saw Iranian mortar shells showering on a US military base in Baghdad evoked almost no reaction from gold. In fact, gold declined to end the day at $1,549.9 per ounce (London pm fix) on 13-1-2020. The global markets seemed to have regained its risk taking appetite, thereby resulting in stock market rallies that impacted gold. There seemed to be no uncertainty over the signing of the US-China trade deal as well at the moment. In late evening trading in New York, gold went lower than the London pm fix. Early morning trade on the 14th too seems to have taken gold much lower in the international markets.

In Mumbai, gold is likely to open at a much lower price on Tuesday. After opening marginally higher than Friday’s closing on Monday morning, gold ended lower at Rs.39,795 per 10 gms, barely above the January 1st opening of Rs.39,115 per 10 gms. The yellow metal would look at fresh cues from global markets and hope that after Makar Sankrat on January 15th there is demand for gold. Otherwise, gold could move sideways with not much volatility in the price. Silver too followed gold and ended after a marginal rise in the morning session before closing lower at Rs,46,265 per kg on Monday.

Gold (Rs.per 10 gms) am pm

Jan 7 40488 40537

Jan 8 41253 40851

Jan 9 40046 39881

Jan 10 39798 39760

Jan 13 39829 39797

Silver (Rs. Per kg) am pm

Jan 6 48080 47995

Jan 7 47195 47145

Jan 8 48395 47795

Jan 9 46335 46375

Jan 10 46125 46180

Jan 13 46370 46265

 
 
Investment matters: How much would your Rs 10,000 be worth on January 14, 2020, if you invested a year ago in stock market, silver or gold?



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