India Gold Eases on Global Cues

India's gold futures eased on Thursday on a strong rupee and tailing losses in the overseas market, but the drop wasn't enough to lift local spot demand, which has been subdued for the past two days, dealers said.

The most-active gold for June delivery on the Multi Commodity Exchange (MCX) was 0.39% lower at 21,893 rupees per 10 grams at 4:22 p.m.

"Jewellers were not buying. They have secured enough supplies to cater to their demand in short-term. For the past two days demand was weak," said a Mumbai-based dealer with a state-run bank dealing in bullion. Wedding season in India, the world's largest consumer of bullion, will continue through May.

International gold prices eased in Europe on Thursday as the euro surrendered early gains to soften against the dollar and oil prices retreated, but trade was muted as investors awaited firmer direction from the currency markets.

SEBI withholds listing

Market regulator Securities and Exchange Board of India (SEBI) has withheld the listing of sponge iron manufacturer Vaswani Industries, reports CNBC-TV18.

The SEBI move follows complaints over irregularities related to allotment of shares post its Initial Public Offering (IPO). The Vaswani IPO was open from April 29-May 3.

As per the plan, the company is looking to raise Rs 50 crore via IPO. Issue proceeds are proposed to be used for pre-payment of the term loan (Rs 24.38 crore) and long term working capital (Rs 17.47 crore).

Nifty Flat; L&T looks jittery ahead of results

The Indian markets opened in green echoing Asian markets move. The benchmark index Nifty was inching towards 5450 mark. Analysts suggest that the Nifty might bounce back 50-100 points on back of expiry next week. There are huge shorts in the market and rollover will start to pick up from tomorrow which may lift Nifty 50-100 points on profit booking and rollovers.

At 09.22 hrs, the Sensex was up 61.39 points or 0.34% at 18147.59, and the Nifty was up 15.80 points or 0.29% at 5436.40. About 636 shares advanced, 349 shares declined, and 2656 shares remain unchanged.

L&T is set to announce its fourth quarter results today. According to CNBC-TV18 poll, net sales may surge 18.5% at Rs 16100 crore versus Rs 13585.10 crore. Operating profit margins are seen at 14.22% Vs 15.09%.
Nifty gainers: GAIL, ITC, Sterlite Industries, Bajaj Auto and Reliance Capital were up 1-2%.

Narayana Murthy Leaving the Infosys

Leaving Infosys to N R Narayana Murthy was like parents sending away their daughter after her marriage, the founder and outgoing chairman has said in his last letter to the company's shareholders.

"The best analogy that I can think of for this separation between Infosys and me is that of one's daughter getting married and leaving her parents' home," Murthy said in an emotional letter to Infosys' shareholders.

Having nurtured the country's leading IT firm for the last 30 years, Murthy would be succeeded by eminent banker K V Kamath as Infosys' Chairman with effect from August 21 and would thereafter become 'Chairman Emeritus'.

Murthy, in his letter published in the company's annual report for 2010-11, went on to say that he had to go through tough times explaining to his son and daughter about whom he loved more -- Infosys or the family.

Murthy said that his children do not believe him, even today, that he loved them more than anything else.
"When I was spending 16-hour days in the office and was away from home for as many as 330 days in a year, it was hard for my children to believe in my commitment to the family," he said.

He went on to explain in his letter the entire journey of the company to become one of the leading technology majors of the country. Wishing the current management of the company luck for the future, Murthy said that he would be always there, whenever needed by Infosys.

In early trade Rupee up 9 paise against U.S. dollar

The Indian rupee strengthened by 9 paise to Rs. 45.06 against the U.S. dollar in early trade on the Interbank Foreign Exchange on Wednesday, largely in line with other stronger Asian currencies overseas and a higher opening in the stock market

The rupee had depreciated by 29 paise to close at a nearly two-month low of Rs. 45.15/16 against the U.S. dollar in the previous session on Monday following weakness in equities and fresh dollar demand.The forex and money markets remained closed on Tuesday on account of “Buddha Purnima“. Forex dealers said dollar weakness against other Asian currencies and the higher opening in the stock market mainly supported the rupee.