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Saturday, December 28, 2013

State Trading Corporation of India Ltd (Rs.170.50): Will the scrip be able to touch Rs.400?
[Editor: Pramod Mittal’s Ispat group owes over Rs.630 crore to the State Trading Corporation (STC) which the latter is now trying to recover from JSW Steel of the Sajjan Jindal group (which acquired the beleaguered Ispat Industries in 2010. This is positive for the STC India Ltd, as the company is pretty SURE of recovering this FUND, since Sajjan Jindal Group, unlike the, Ispat Group, has GOOD REPUTATION in the markets. CLICK HERE. Moreover STC India Ltd has an equity of only Rs.60 Cr and about 90% of  its shares are held by the government of India. Public holding is only 10% of which Institutions hold 2.12%.. Besides, the Hindu Business Line on October 3, 2013 writes: The logic goes like this. The Indian lust for gold has caused a tsunami of gold imports. That has dented India’s current account with a huge hole. The current account deficit has brought the rupee to its knees. QED: Gold, which has derailed the rupee, is India’s villain. 
Based on this rationale, the Government has renewed the psychological and fiscal war against gold that had been halted in the early 1990s. But is the perception that gold is the main cause of India’s woes on the external sector, right? Is the fall in rupee value due to the rise in gold imports? Had gold imports not risen, would the rupee value have not fallen? A scrutiny of the numbers reveals that it is the unprecedented capital goods import of $587 billion in nine years of UPA rule, red-carpeted by the UPA with tax cuts and zero-rated tariff structures, which disfigured the current account with a total deficit of $339 billion. The damage to current account from net import of gold ($161 billion) and oil ($515 billion) seems far less. Besides disrupting the current account, capital goods import has sent the nation’s growth into ICU (See ‘The elephant experts didn’t see, Business Line, September 5, 2013). How is it then gold is demonised as the sole villain? Because modern economics brands gold a “barbaric relic”. CLICK HERE & CLICK HERE
Also, KITCO NEW on December, 2013 writes: The country’s current-account deficit hit an all-time high of $88.2 billion, or 4.8% of gross domestic product, for the fiscal year that ended in March. This led to the rules on gold imports as authorities sought to bring down the deficit to $60 billion. In mid-November, Reserve Bank of India Governor Raghuram Rajan said the deficit for the current fiscal year could fall to $56 billion, well below an earlier estimate of $70 billion. “If they achieve the target of a $60 billion current account deficit...there should be some relaxation of gold import rules,” Nambiath said. 
This could occur by April or May, he continued, suggesting authorities could at least trim the gold duties, if not other measures such as the 80-20 rule. CLICK HERETherefore, it will be more prudent to think that the government of India could bring in some changes in its GOLD IMPORT POLICY in the coming days]