Shares in Titan Co Ltd(TITN.NS) surged on Thursday after the Reserve Bank of India (RBI) eased gold import rules by allowing seven more private agencies to ship the precious metal. The stock was trading up 10.2 percent as of 9:25 a.m.The move by the RBI, announced late on Wednesday, could augment supplies of gold, according to analysts.Among other jewellery companies Gitanjali Gems (GTGM.NS) gained 13.5 percent, Rajesh Exports Ltd (REXP.NS) rose 12.73 percent.Meanwhile, Tribhovandas Bhimji Zaveri Ltd (TBZL.NS) jumped 20 percent and Shree Ganesh Jewellery House (SHRG.NS) rose 5 percent.India’s gold demand is likely to pick up in the second half of the year as curbs on bullion imports are expected to be eased by the country’s new government, the World Gold Council (WGC) and other industry officials said on Tuesday.Gold imports by India, the world’s No. 2 bullion consumer after China, could double from current levels if the restrictions are eased, according to an industry estimate. This would help global prices that slumped 28 percent last year – the first drop in 13 years – partly due to India’s curbs.Struggling with a ballooning trade deficit, India in 2013 imposed a record high duty of 10 percent on overseas purchases of gold, the second-biggest expense in its import bill, and introduced a rule tying import quantities to export levels.”The change (in gold policy) is inevitable because Modi seems to be pro-gold,” said Albert Cheng, WGC’s head of the far east region, referring to Narendra Modi who romped to a landslide victory in the recently concluded general elections in India. “It’s just a matter of when he is going to do it.”Modi, who leads the pro-business Bharatiya Janata Party, has said any action on gold should take into account the interests of the public and traders, not just economics and policy.Indian gold imports plunged by a fifth last year though jewellery and investment demand rose 13 percent. The gap between supply and demand have sent premiums in the country to $100 an ounce above the global benchmark, causing a spurt in smuggling.Gold demand in India fell by a fourth to 190.3 tonnes in the quarter to March due to the curbs, WGC said in its quarterly report, which also noted that demand in top buyer China fell from the previous year’s record levels.Sudheesh Nambiath, an analyst with metals consultancy GFMS, said there is likely to be an early review to the current policies on gold with the Bharatiya Janata Party (BJP) leading in the centre. GFMS is owned by Thomson Reuters.”Our current expectation is that any policy review would allow monthly gold imports of an average of 50-60 tonnes a month and a reduction in import duty as well,” said Nambiath, who was part of a four-member delegation to detail the current policies on gold to Modi in September.This would address industry concerns while also keeping the trade deficit in check, he said.Imports have been running at an average of 24.69 tonnes since July 2013, compared with an average of 78 tonnes before the then government started making adjustments, Nambiath said.Somasundaram PR, WGC’s head of Indian operations, reiterated the industry body’s forecast for India’s full-year gold demand, shrugging off the sharp drop in demand in the first quarter.”We continue to hold 900-1,000 tonnes (of annual demand in India) as it is expected to pick up in the second half,” Somasundaram said.TIMING OF CHANGEWhile industry analysts are confident about Modi’s stance on gold, they are unsure how soon he will relax the rules.”We feel that removal of gold policy curbs won’t happen in a hurry, and it will take another two months for further action,” said Prithviraj Kothari, a director at India Bullion and Jewellers Association (IBJA).Two months would put it around the same time India’s full-year budget is due.BJP leaders told the industry body in February that if the party came to power, it would review the gold policies in the first three months in power, another IBJA official had earlier told Reuters.India’s trade deficit has been falling in recent months, largely due to the drop in gold imports, and any step to ease the rules would be taken cautiously, some analysts have said.”A possible rollback of the duty on bullion imports may not occur overnight, should it occur at all, but would more likely happen later this year,” HSBC analysts said this month.”An easing of the tariffs may provide a boost in demand for gold in India and would be price supportive, but we believe this would be a medium to longer-term scenario,” they said. read more
Her ideas flow; senses come alive as she uses women’s breasts and nipples to communicate her concerns on gender issues. Joshi belongs to a new breed of young artists, who have no qualms in addressing identity issues like sexuality and feminism in a direct, bold and often radical manner. Several forms have been integrated to these extraordinary and surreal sculptures, in varying complexities and sizes. Her ingenious ideas break away from the ordinary mould as her hard-hitting images seizes the viewer’s attention. Also Read – ‘Playing Jojo was emotionally exhausting’She creates the ridiculous to make an observation on life and society and reacts against censorship of the female body that still prevails in our society. Why is the same breast that was precious when it fed a child treated as a sexual object, seriously questions the artist. For the artist a nipple without a breast is just an innocent brown circle and does not merit censorship. Moreover, she seems to be saying, ‘I am a woman everywhere, not just in my breasts!’ Also Read – Leslie doing new comedy special with NetflixJoshi’s voyage into self-discovery and experiment are intense in works like the large Roots and Wings. The artist presents the challenge of identity faced by women. For Joshi it is as important for a woman to be able to define herself with situations and conditions she is born with, as well as departures from them.Megha started her career as a Set Designer and Art Director for film and television, with over seventy projects to her credit, before returning to full time art practice. She has participated in numerous curated group shows and residencies, both nationally and internationally including R.A.P.E at Art Bull, The Embedded Landscape at Religare Arts and Make/Do at Gallery Ske. Her work has been exhibited at the India Art Summit 2009 and 2011 and the India Art Fair 2012 and 2013. Megha has also been part of several residencies like those at Religare Arts, New Delhi, Scotland, and an International art residency and exhibition in Iceland, supported by the Ministry of Science and Culture of Iceland. Megha trained as a sculptor has a natural talent of drawing and doodling. Her fluid thoughtful lines mark some particular ink and watercolor /mixed media works that simply stand out by their sheer intensity. Megha’s practice spans Sculpture and Installation art and she works with a vast array of media including her recent stint with photography using herself as a subject. She puts together a high impact show, with the intent to awaken consciences rather than merely shock right from her soul, a silent rebellion, not to be ignored. read more
The sports ministry on Friday confirmed that tennis icon Sania Mirza will be awarded the Rajiv Gandhi Khel Ratna, the country’s highest sporting honour, while 17 others, including cricketer Rohit Sharma, hockey goalkeeper P.R. Sreejesh and ace shooter Jitu Rai will be given Arjuna awards.Apart from the quartet, wrestlers Bajrang and Babita Kumari, men’s singles shuttler Kidambi Srikanth, boxer Mandeep Jangra, rower
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