Gold rallies Rs 460 on weak rupee, nears Rs 39k

Agencies
September 16, 2019

New Delhi, Sept 16: Gold on September 16 climbed Rs 460 to Rs 38,860 per 10 gram in the national capital on a weak rupee and higher oil prices, which led to investors opting for safe haven commodities, according to HDFC Securities.

In the bullion market here, gold prices for 24 Karat rose to Rs 38,860 per 10 gram from the weekend's closing price of Rs 38,400 per 10 gram, according to the data.

Silver also zoomed Rs 1,096 to Rs 47,957 per kilogram. In the previous trading, silver closed at Rs 46,861 per kilogram.

"Spot gold price for 24 Karat in Delhi was trading up by Rs 460 to Rs 38,860 on weaker rupee. The spot rupee fell by 52 paise against the dollar on higher oil prices," said Tapan Patel, senior analyst (commodities), HDFC Securities.

Globally, gold was trading in the green at USD 1,504 an ounce in New York, while silver was also quoting with gains at USD 17.87 an ounce.

International gold prices rallied on safe haven buying amid geopolitical tensions in the Middle East, he added.

"Gold prices traded higher on Monday with COMEX international spot gold prices gaining 1 per cent to USD 1,504 on higher risk premium on Middle East tensions," Patel said.

The rupee tumbled 68 paise to 71.60 against the US currency in early trade on Monday, as a sharp jump in global crude oil prices dampened investor sentiments.

Crude oil prices witnessed a sharp spike after a weekend drone attack on Saudi Arabia cut into global energy supplies.

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News Network
May 12,2020

New Delhi, May 12: With 3,604 more COVID-19 cases reported in the last 24 hours, India's tally of coronavirus cases reached 70,756, said the Union Ministry of Health and Family Welfare on Tuesday. 87 deaths were reported during the period.

As per the tally, 46,008 patients are active coronavirus cases while 22,454 patients have been cured/discharged and one patient has migrated.

With 87 deaths due to COVID-19 reported in the last 24 hours, the number of deaths has risen to 2,293.

As per the ministry, Maharashtra has the most number of coronavirus cases with 23,401 cases with 4,786 patients being cured/discharged while 868 deaths have been reported in the state.

Gujarat is second on the list with 8,541 cases that include 2,780 patients recovering from the disease and 513 fatalities.

Tamil Nadu's tally reached 8,002 cases, including 2,051 recoveries and 53 deaths.

While Delhi's tally stands at 7,233 cases with 2,129 patients recovered and 73 deaths.

Meanwhile; Mizoram (one case reported--now recovered), Goa (seven cases reported and all seven recovered), Manipur (Two cases reported and both patients recovered) and Arunachal Pradesh (one case reported--now recovered) have reported no new cases in the last 24 hours.

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News Network
March 3,2020

Chennai, Mar 3: The Madras High Court has ruled that if a working woman gives birth to a child in the second delivery after twins in the first, she is not entitled to maternity benefits as it should be treated as third child.

"As per existing rules, a woman can avail such benefits only for her first two deliveries. Even otherwise it is debatable as to whether the delivery is not a second delivery but a third one, in as much as ordinarily when twins are born they are delivered one after another, and their age and their inter-se elderly status is also determined by virtue of the gap of time between their arrivals, which amounts to two deliveries and not one simultaneous act," the court said.

The first bench, comprising Chief Justice A P Sahi and Justice Subramonium Prasad stated this while allowing the appeal from Ministry of Home Affairs.

It set aside the order June 18 2019 order of a single Judge, who extended 180 days of maternity leave and other benefits to a woman member of the Central Industrial Security Force (CISF) under the rules governing the Tamil Nadu government servants.

The issue pertains to an appeal moved by the ministry, which contended that the leave claim is by a member of CISF to whom the maternity rules of Tamil Nadu would not apply.

She would be covered by the maternity benefits as provided under the Central Civil Services (Leave) Rules, the ministry said.

When the appeal came up for hearing, the bench said it found that a second delivery, which, in the present case, resulted in a third child, cannot be interpreted so as to add to the mathematical precision that is defined in the rules.

The admissibility of benefits would be limited if the claimant has not more than two children, the bench said "This fact therefore changes the entire nature of the relief which is sought for by the woman petitioner, which aspect has been completely overlooked by the single judge", the bench said.

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News Network
April 12,2020

Hyderabad, Apr 12: Indicating that prolonged lockdown to contain coronavirus spread may lead to job cuts in the Indian IT industry, NASSCOM former president R Chandrashekhar has said that the work-from-home culture may become a positive development in the long run as it opens up newer avenues and save investments by IT firms.

The former bureaucrat also said startups which are surviving on funds infused by venture capitalists may face tougher situations if the present scenario deteriorates.

"The larger companies may not be actually cutting jobs for two reasons. One is that they do not want to lose their employees and they have money to pay. Many of them ( big companies), even if they do shed some jobs it might be at the most people who are on temporary or intern type and all. But they would not want regular and permanent employees to go. So as long as they have sufficient flexibility in their books, they would continue," said NASSCOM former president.

"But beyond a point that it goes on, for let us say, two months or three months, then even for them, they will feel the pressure. They may not just keep on providing subsidies to the employees. So the key question will be how long that goes on," Chandrasekhar said.

He also said the work-from-home systems being adopted by several firms across the globe, including India, may have a negative impact on the industry in the short-term, but in the long run it would change the work culture which hitherto was not experienced by many of the IT firms in India.

 On impact of the prolonged lockdown on startups, he said it would be a big challenge for the budding enterprises as the investments they get are based on their ideas and future revenues and the present situation under which peoples movement is curbed may shackle their progress.

 "Where will they (startups) get money to pay salaries to their employees. Venture capital investors would not pay the money or invest their money to pay salaries because they are not in the charity business."

If the employees are not paid and if they leave and it is difficult for the startup againto come up. So the whole investment plan goes for a toss, he said.

Former chairman of NASSCOM, B V R Mohan Reddy said a clear picture as to what is going to happen has not yet emerged as the situation with all respects is still evolving. Reddy said there will be a demand shrinkage for the IT industry as the entire world is under stress. "There is no economy in this world that is going to do well in this situation.

So, therefore, there will be a demand shrinkage, he said, indicating tougher times of the industry ahead.

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