Weak gold may boost sales by up to 40 pc this Akshay Tritiya

May 12, 2013

Weak_gold

Mumbai, May 12: The continued weakness in gold prices is likely to boost jewellery sales by up to 40 per cent this Akshay Tritiya, according to retailers.

"Due to the sudden dip in prices, we expect a very positive response from consumers as now is the time they indulge in gold. The festive season along with the low rates make it a perfect spending opportunity. The increase expected can be anywhere around 30-40 per cent compared to last year," Manubhai Jewellers Director Samir Sagar told PTI here.

Echoing him, Shree GaneshJewellery House Head-Retail, GAJA, Rahul Singh said, "We expect around 40 per cent rise in Akshay Tritiya sales compared to last year."

The day is considered auspicious to buy gold. But non-Hindu buyers also take advantage of the offers and discounts offered by jewellers, he added.

All India Gems and Jewellery Federation (GJF) Chairman Haresh Soni said overall sales in jewellery and bullion is expected to rise by about 25 per cent considering current reduction in gold prices this Akshay Tritiya.

From the regional perspective, southern India is expected to consume high percentage of sales, he added.

Gitanjali Group Chairman and Managing Director Mehul Choksi said drop in gold prices normally boosts demand for jewellery and coins. When the gold peaked late last year at above Rs 32,000 per 10 grams, demand slowed in terms of value, while during the recent drop to almost Rs 27,000 there has been a surge of consumers in jewellery stores across India. "If gold prices remain relatively weaker than last year's peak, which is what the market now expects, then demand will be good, if they fall further, demand on Akshay Tritiya will soar by 30 per cent," he added.

Kotak Mahindra Bank Executive Vice President Puneet Kapoor said this season Kotak Mahindra Bank is expecting to sell around 175 kg of gold coins and bars, which will be 30 per cent higher compared 135 kg during last Akshay Tritiya.

After witnessing steep fall in prices -- up to almost 20 per cent -- the price of gold became stagnant at the new level, and has again started inching upwards in anticipation of higher demand.

In the last 10 days, gold has already gained almost 8 per cent and if the trend continues, it will bring investor community back to the fore, he pointed out.

Reliance Capital Executive Director, Broking and Distribution Business, Vikrant Gugnani said gold prices as well as gold sales hit a high during last Akshay Tritiya. "The run-up to this Akshay Tritiya has seen some volatility in the gold prices and we expect this to have a positive impact on sales of gold coins. We are optimistic and expect a 30 per cent growth in sales over last year," he said. The bearish trend in gold prices has also given boost to online jewellery sales as the e-commerce has matured in jewellery segment in the past 10-12 months.

JewelsNext.com CEO Gaurav S Issar said, "We are expecting good sales with ticket size of Rs 25,000-50,000 this season. Last Diwali, transactions ranged between Rs 10,000-20,000 since there was no marketplace model, less awareness about e-commerce, less matured market."

On the investment side, Religare Securities AVP & in-charge - Metals, Energy and Currency Research - Sugandha Sachdeva said a steep correction in prices just ahead of Akshay Tritiya is absolutely a perfect time for the investors for fresh buying.

The ETF data of previous years suggests that the turnover on Akshay Tritiya has been extraordinarily high. "Gold Exchange Traded Funds (ETF) on NSE recorded a turnover of around Rs 600 crore last year on Akshay Tritiya and this year we expect an additional growth of around 400 crore, given the fact that gold appears to be a good bargain at current levels.

Last year, India's gold consumption (coins and jewellery) on this day was around 17 tonnes and this year sales are expected to be around 20 to 25 tonnes, if prices drop further," she added. MCX gold this week-end was at Rs 26,987 per 10 grams, while in the international market it was at USD 1,447 an ounce.

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News Network
January 1,2020

Jan 1: The ban on the practice of instant triple talaq, making it a penal offence and the increase in the strength of Supreme Court judges were two of the major achievements of the law ministry in 2019.

In July, Parliament gave its nod to The Muslim Women (Protection of Rights on Marriage) Bill, 2019. The new law makes talaq-e-biddat or any other similar form of talaq having the effect of instantaneous and irrevocable divorce pronounced by a Muslim husband void and illegal.

It makes it illegal to pronounce talaq three times in spoken, written or through SMS or WhatsApp or any other electronic chat in one sitting.

According to the new law, any Muslim who pronounces the illegal form of talaq upon his wife shall be punished with imprisonment for a term which may extend to three years, and shall also be liable to fine.

During the year, four new judges were appointed to the Supreme Court in September, taking its strength to 34, the highest-ever.

However, vacancies in high courts and lower courts are on the rise and convincing state governments and the 25 high courts to come on board to create an all-India judicial service to recruit judges for the subordinate courts tops the agenda of the Law Ministry in 2020.

Besides creating a consensus on setting up the All-India Judicial Services, the ministry will also have to focus on filling up vacancies in the high court. On an average, the vacancies stood at 400 throughout this year.

With more than 5,000 positions of judicial officers in district and subordinate courts lying vacant, the Law Ministry has pitched for setting up all-India judicial services.

The sanctioned strength of the judicial officers in district and subordinate courts was 22,644. The number of judicial officers in position and vacant posts is 17,509 and 5,135, respectively.

The government has proposed that while states and high courts can recruit judicial officers, the Union Public Service Commission (UPSC) can hold pan-India entrance tests.

The ministry has made it clear that such services would not encroach on the powers of the states.

As of now, the selection and appointment of judges in subordinate courts is the responsibility of the high courts and state governments concerned.

The Narendra Modi government has given a fresh push to the long-pending proposal to set up the new service to have a separate cadre for the lower judiciary in the country.

But there is a divergence of opinion among state governments and respective high courts on the constitution of the All India Judicial Service (AIJS).

One of the problems cited is that since several states have used powers under Code of Criminal Procedure (CrPC) and Code of Civil Procedure (CPC) to declare that the local language would be used in lower courts even for writing orders, a person say selected from Tamil Nadu may find it difficult to hold proceedings in states like Uttar Pradesh and Bihar.

The other point of opposition is that an all India service may hamper the career progression of state judicial services officers.

Another key issue the ministry has to handle in 2020 is vacancies in the 25 high courts.

Throughout 2019, on an average, the high courts faced a shortage of 400 judges.

According to Law Ministry data, as on September 1, the high courts had 414 vacant positions as compared to the sanctioned strength of 1,079 judges. The figure was 409 in August and 403 in July, as per the data.

A three-member Supreme Court collegium recommends the names of candidates for appointment as high court judges. In case of appointments to the Supreme Court, the collegium consists of five top judges of the top court.

High court collegiums shortlist candidates for their respective high courts and send the names to the law ministry.

The ministry, along with background check reports by the Intelligence Bureau, forwards it to the Supreme Court collegium for a final call.

The government has maintained that appointment of judges in the high courts is a "continuous collaborative process" between the Executive and the Judiciary, as it requires consultation and approval from various Constitutional authorities.

Vacancies keep arising on account of retirement, resignation or elevation of judges and increase in judges' strength. In June last year, the vacancy position stood at 399, while it was 396 in May.

In April, 399 posts of judges were vacant, while the figure was 394 in March. The vacancy position in February stood at 400 and in January, it was 392, according to the data collated by the Department of Justice.

Over 43 lakh cases are pending in the 25 high courts.

Another priority would be the finalisation of the memorandum of the procedure to guide the appointment and transfer of the Supreme Court and high court judges. The issue had now been pending for over two years now with the SC collegium and the government failing to reach a consensus.

Successive governments have also been working on making India a hub of international arbitration. It has taken several steps to change laws dealing with commercial disputes.

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News Network
June 20,2020

Hyderabad, Jun 20: IAF Chief Air Chief Marshal RKS Bhadauria on Saturday said that the force is well prepared and suitably deployed to respond to any contingency and it will never let the sacrifice of the bravehearts of Galwan go in vain.

"It should be very clear that we are well prepared and suitably deployed to respond to any contingency. I assure the nation that we are determined to deliver and will never let the sacrifice of the braves of Galwan go in vain," IAF Chief Air Chief Marshal Bhadauria said here.

Bhadauria was speaking at the Combined Graduation Parade (CGP) at Air Force Academy in Hyderabad.

His remarks come days after 20 Indian soldiers lost their lives in the violent face-off on June 15-16 during an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

Speaking about the current border situation with China, he said: "We are aware of the situation, be it on LAC or beyond, be it their air deployments, their posture and kind of deployments. We've full analysis and we have taken necessary action that we need to take to handle any contingency that may come up."

"We are monitoring all the moments and we are aware of the full situation," he added.

He further said that in spite of the "unacceptable Chinese action" at Galwan Valley in eastern Ladakh, which claimed lives of 20 Indian Army personnel, efforts are underway to ensure that the current situation at the Line of Actual Control (LAC) is resolved peacefully.

He asserted that the IAF is determined to deliver and the development at the LAC in Ladakh is a small snapshot of what the force is required to handle at short notice.

The IAF Chief further appealed to people to join him in paying tribute Colonel Santosh Babu and his brave men who made the sacrifice while defending the LAC in Galwan valley.

"The gallant actions in a highly-challenging situation have demonstrated our resolve to protect India's sovereignty at any cost," the Indian Air Force (IAF) chief said.

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News Network
January 6,2020

Jan 6: Senior Bharatiya Janata Party leader Subramanian Swamy on Sunday said the country's economy is not showing good signs though Prime Minister Narendra Modi has manifested tremendous leadership skills in fighting terror and in social welfare projects.

The fiscal decisions of the government have not yielded the desired results, the Rajya Sabha MP said here.

"Modi had shown tremendous leadership skill in fighting terror, in several social areas, micro areas like bringing toilets to every village home. But the economy is a complex system...," he said while taking part in a discussion.

While every minister is talking about a 5 trillion dollar economy by 2024, but the current GDP growth has to be multiplied in four years to achieve that, the former Union minister said.

He said, if wages are slashed as a measure to cope with the situation, labor will become cheap but that will also cut down the people's purchasing power triggering dip in demand, closing down factories and rise in unemployment.

"This is one problem for which you really need an economist," he said.

Swamy said in jest, "I think Modi has one problem with me. Not only I am an economist but also a politician."

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