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Thursday, March 01, 2018

Gold plunges Rs 460 on weak global cues, fall in demand
Gold prices tumbled by Rs 460 to Rs 31,390 per 10 grams at the bullion market yesterday, snapping their four-day rising streak due to subdued global cues amid slump in local jewellers' demand. Silver also fell by Rs 250 to Rs 39,300 per kg owing to reduced offtake by industrial units and coin makers. Traders said, sentiment was downbeat as the precious metal fell in global markets, because the dollar held recent highs after Federal Reserve Chairman Jerome Powell vowed to prevent the economy from overheating while sticking with gradual rate rises.

BSE to delist 36 cos from March 5
Leading stock exchange BSE will delist 36 companies from next week as trading in their shares has remained suspended for over three years. These companies will be delisted from March 5, BSE said in two separate circulars yesterday. They belong to various sectors ranging from textiles, chemicals, pharma and technology. The move comes at a time when authorities are clamping down on shell companies -- listed as well as unlisted -- for being allegedly used as conduits for illicit fund flows. In August, Sebi had directed exchanges to act against 331 suspected shell companies, while the government has already deregistered more than 2 lakh firms that have not been carrying out business activities for long. In a circular, BSE said that 28 companies, that have suspended for more than 3 years and and are under liquidation, will be delisted.

PUSHPA (Project for Upgradation of Skilled Handicrafts and Perishing Art Forms) a Non-Profit Organisation spearheaded by Vivek Varun Prasad, organised an exhibition of handicrafts made by artisans from various places in rural India at the Campion School Cooperage from Feb 17-19, 2018. The exhibition was a platform for artisans in rural India to showcase their handicrafts, which have been their speciality handed down by their forefathers and are now rapidly becoming a dying art form. The whole concept of revival of such dying art-forms was conceived by Vivek Varun Prasad, whose childhood passion is traditional art in the form paintings or handicrafts. This first exhibition by PUSHPA was a myriad display of exquisite expressions of traditional crafts persons.

Shreeyum Foods launches “Infuze”
Shreeyum Foods Pvt. Ltd., a start-up organization recognized under the Start -up India Scheme, yesterday announced the launch of Infuze, India’s first of its kind purified water infused with natural flavors of herbs and fruits. Speaking on the launch, Akshay Solanki, Promoter and Director of Shreeyum Foods Pvt. Ltd., said, “Flavored water industry in India is still at very nascent stage with no established player in Non-sugary infused water category but with the growing health consciousness, India is not very far from demanding and adopting flavored water. With Infuze, water is being made more interesting and readily available to the modern health conscious smart individuals who are bored of drinking normal water and want an alternate to the carbonated sodas and other unhealthy drinks. The Concept of Infused water is generation old in India but is diminishing with time. As an innovator in the new beverage category of ‘Flavored water’ we are passionate about bringing those infused water beverages again to the lives of people and promote a healthy lifestyle.”

Uprise India 2018 - Women Empowerment Initiative launched In Mumbai
Akash Shukla, Founder of Uprise India 2018 and Business Head of Circle Creation, has launched Uprise India 2018 -Women Entrepreneur Initiative. Co-chairperson Product council of NASSCOM – Dr. Somdutta Singh, Geeta Tandon – Stunt Woman, Lipika Varma – Senior Journalist & Critic, Akash Shukla - Founder of Uprise India 2018, Namrata Jain - Psychologist & Entrepreneur, Kanupriya Agarwal (Founder, PWN) inaugurated the launch. Shukla said, “With the help our initiative, women who are trying to achieve their entrepreneurial dreams, would be getting proper guidance so that they can achieve their dreams and long term goals and this will also help them in making their own unique identity around the globe”.

Razorpay to power UPI on IRCTC
Razorpay has collaborated with Indian Railway Catering and Tourism Corporation (IRCTC) to help customers make online payments on latter's website and mobile app through UPI (Unified Payment Interface). "Razorpay's partnership with IRCTC is intended to offer a frictionless payment experience to consumers through the UPI channel and help users get comfortable with digital money, which will eventually help in increasing adoption of digital payments," Razorpay said in a statement. It added Razorpay's payment gateway is expected to process more than a million transactions a month on IRCTC website and mobile app.

Royal Enfield launches new range of Thunderbird
Niche bike maker Royal Enfield yesterday launched a new range of its popular model Thunderbird -- Thunderbird 500X and Thunderbird 350X -- priced at Rs 1,98,878 and Rs 1,56,849 (ex-showroom Delhi), respectively. Powered by a single cylinder, air cooled 499 cc engine, the Thunderbird 500X generates 41.3 Nm torque at 4000 rpm. "The key selling point is that these are thunderbirds with a custom inspired look as a lot of people buy thunderbird and further customise it. We have now given an already customised bike to a certain level," Royal Enfield President Rudratej Singh told PTI.

Aircel files for bankruptcy
Telecom operator Aircel yesterday said it has filed for bankruptcy as the company has been facing "troubled times" in "highly financially stressed" industry. In a statement here, Aircel said that intense competition following the disruptive entry of a new player, legal and regulatory challenges, high level of unsustainable debt and increased losses had together caused significant "negative business and reputational impact" on the company. "The Board of Directors of the Corporate Debtor today announced that they have filed an application under Section 10 of the Insolvency and Bankruptcy Code 2016 for undertaking Corporate Insolvency Resolution Process for the respective companies: Aircel Cellular, Dishnet Wireless, Aircel Ltd," the the statement said.

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