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Box 31291, Ras Al Khaimah, United Arab Emirates Phone: +971 7 206 8 666 Email : [email protected] Website : www.rak-ia.com J & R EVENTS A Complete Event Management Company Our Services in Corporate Event Include: Plant Inauguration – Delegates/Client Visits – Theme Conference – Product launch Designer Stage/Backdrop - Annual Family Day – Annual Awards/Theme Night Project Parties/Picnic – Team Building Exercise/Games Motivational Speakers - Professional Anchor/Comparer Entertainment: Celebrity Artist Management - Orchestra/Semi Live Band – Professional Dancers – DJ – Professional Sound & Intelligent Lights – LCD Projectors – Corporate Gifts – Professional Video/Photographer – Floral Arrangement One Stop Solution For Your Entire Requirement In Events… Phone: 020 2685 5300 / 98230 88170 / 99752 35777 Email: [email protected] Website: www.eventsjackratna.com Facebook Page: https://www.facebook.com/eventsjackratna NEWS ABSTRACTS From MCCIA International & National Business and Economy Updates For the week ended on 11 July 2015 Dear Members, The credit disbursed to Scheduled Commercial Banks (SCBs) recorded a Y-O-Y growth of 9.3% during the fortnight ended 26th June 2015. Food credit fell by Rs. 54.3 billion to Rs. 1.1 trillion, while non-food credit rose by Rs. 109.3 billion to Rs. 65.5 trillion. During the same period, money supply; which is broad money (M3) expanded by Rs. 0.3 billion to Rs. 108.5 trillion. Out of the components of M3, demand deposits with banks rose by Rs. 183 billion to Rs. 1.9 trillion and time deposits expanded by Rs. 141.8 billion to Rs. 85 trillion, although the currency with public fell by Rs. 311 billion to Rs. 14.3 trillion. In June 2015, the Central government mopped up Rs. 161 trillion from the market via Treasury bills and dated securities in June 2015. This was the highest amount of borrowings in 22 months. Borrowings rose by 18% in June on m-o-m basis. This was unlike the trend observed in the past seven years. The Government’s gross fiscal deficit declined by 13.4% during April-May 2015 on a Y-o-Y basis. It touched 37.5% of the full year’s target by May 2015 as against 45.3% a year ago. However, net market borrowings rose by 53% to Rs. 1.45 trillion. We always look forward to your suggestions and feedback. Kindly read through the weekly updates on the national and international economy with “NEWS ABSTRACTS from MCCIA”. ANANT SARDESHMUKH DIRECTOR GENERAL INTERNATIONAL ECONOMY AND BUSINESS NEWS China stock market surges in volatile session Mainland Chinese shares rebounded on Thursday after regulators took further steps to try to calm the stock market. The Shanghai Composite index reversed earlier losses to close up 5.76%, its biggest percentage gain since 2009. A move to ban big investors from selling stocks may have helped to support the market, analysts said. Meanwhile, the state-run news agency Xinhua said police were investigating "vicious short-selling" on the country's stock market. Xinhua said authorities would "crack down" on operations that had broken the laws and regulations related to trading. The benchmark Shanghai index closed up 202.14 points at 3,709.33. IMF says US Fed should delay interest rate rise until 2016 The International Monetary Fund has warned the US Federal Reserve against raising interest rates this year. A rise risks adding to the growing economic and political threats to US growth, the IMF said in a health check on the world's largest economy. Many economists had forecast a rise in September, although recent economic and jobs data had dampened expectations. The Washington-based IMF also warned that US share prices were hitting unsustainable levels. A rate rise would trigger more gains in the value of the dollar, something that the IMF has said previously this year could stall growth and impact across emerging markets. The dollar has risen about 20% against a basket of currencies during the past 12 months. House prices hit £200,000 record The average cost of properties in the UK has exceeded £200,000 for the first time, according to the Halifax. It said house prices jumped by 1.7% in June compared with the previous month, marking their fourth consecutive monthly rise. Annual price inflation also rose significantly, from 8.6% in May to 9.6% in June. It brings the average price of a UK house or flat to £200,280, the highest amount recorded by the Halifax measure. German exports post strongest monthly rise of the year German exports rose at their fastest pace this year in May, boosting expectations that Europe's largest economy will pull off stronger growth in the second quarter after expanding modestly in the first. Seasonally-adjusted exports climbed unexpectedly by 1.7 per cent on the month while imports increased by 0.4 per cent, widening the trade surplus to 22.8 billion euros, data from the Federal Statistics Office showed on Thursday. Economists polled by Reuters had expected exports to slip by 0.8 per cent and imports to rise by 0.9 per cent. INDIAN ECONOMY AND BUSINESS NEWS Sensex closes 114 points down, Nifty fails to hold 8,350; Vedanta, BPCL top losers After remaining in a thin range for most of the session, the S&P BSE Sensex eventually settled 114.06 points lower as investors turned cautious ahead of the kick start of the earnings season, with TCS' Q1 numbers scheduled later in the day. The 30-pack index shed 0.41 per cent to settle at 27,573.66. Nifty fell 34.50 points, or 0.41 per cent, to close at 8,328.55. Selling in IT majors TCS and Infosys weighed heavy on indices. Weakness in index heavyweights such as Reliance Industries and ITC added to the sentiment. Market breadth was mixed, with one of every two BSE stocks ending lower. BPCL and Vedanta were the top losers on Nifty, down about 5 per cent each. India's two-speed inflation strains country's indebted companies Indian firms battling towering debts are calling for more interest rate cuts as they worry the central bank is tying monetary policy too much to consumer inflation and ignoring the longest streak of wholesale price falls on record. Reserve Bank of India (RBI) Governor Raghuram Rajan in 2014 started using consumer prices as the bank's key inflation measure to focus policy on ordinary Indians. This year, the link between consumer prices and monetary policy became even stronger as the RBI formally adopted an inflation-targeting regime. Indian economy sustainable at 8-10 per cent India's economic growth will be sustainable at 8 to 10 per cent per annum over the longer-term, a top Indian economist said here today. "In the longer-run, the growth will be sustained by between 8 per cent and 10 per cent per annum over the next 15 years. India has good prospects and support of the government's growth-oriented policies," said Professor Arvind Panagariya, vice chairman of the National Institution for Transforming India (NITI) Aayog. India's June consumer price inflation likely to nudge up, May factory growth rate to be steady Indian data to be released in coming days is likely to show consumer price inflation nudged up slightly in June and factory output growth little changed in May, pointing to a gradual improvement in industry, according to a Reuters poll. The median forecast from a survey of 30 economists this week put inflation at 5.10 per cent in June compared to May's 5.01 percent. The Reserve Bank of India, which has already cut the repo rate three times this year, is closely monitoring the effect of monsoon rains on inflation to determine whether there is leeway to ease policy further. Gold, silver rebound on firm global cues, jewellers buying Gold prices rebounded by Rs 200 to Rs 26,370 per 10 grams at the bullion market today, tracking a firm trend overseas amid fresh buying by jewellers. Silver also surged by Rs 1,050 to Rs 35,500 per kg on increased offtake by industrial units and coin makers. Bullion traders said sentiment turned better after gold advanced from three-month lows in global markets after dollar weakened, raising demand for the precious metals. Gold in Singapore, which normally sets price trend on the domestic front, rose by 0.7 per cent to USD 1,166.69 an ounce and silver advanced 1.5 per cent to USD 15.39 an ounce. Indian Rupee opens higher at 63.32 per dollar The Indian rupee gained further in early trade Friday. The currency has opened marginally higher by 7 paise at 63.32 per dollar against yesterday’s close of 63.39 a dollar. Pramit Brahmbhatt of Veracity said, “Concerns raised over the Greece debt issue will continue to hover over the market. We see the rupee range between 63.2064/dollar today.” Euro firmed up on signs that cash-strapped Greece was making some progress in its efforts to secure fresh funding. Compiled by: Ms. Sharmila Ranade & Ms. Varsha Mahajan Edited by: Ms. Manjari Desai For information on advertising in NEWS ABSTRACTS contact Manjari Desai, Director - Corporate Relations and Communications at [email protected] or call 25709000 Have a comment or a suggestion to improve this newsletter? Write to MANJARI DESAI at [email protected] Want to unsubscribe or recommend to your friends ‘NEWS ABSTRACTS FROM MCCIA’ then write to [email protected] Disclaimer: This information has been collected through secondary research and MCCIA is not responsible for any errors in the same.