Briefly Business: January gold imports surge 23%, hit 18-month top

January gold imports surge 23%, hit 18-month top

Mumbai: Gold imports in January surged 23 per cent from a year ago to their highest in 18 months as traders snapped up supplies ahead of a hike in duty. The country imported 100 tonnes of gold last month, the head of the Bombay Bullion Association said. This is about 40 per cent more than the average monthly imports last year.

Sebi lets gold ETFs to invest in gold deposits

Mumbai: Market regulator Sebi has allowed gold exchange traded funds (ETFs) to invest in gold deposit schemes of banks as part of overall efforts to utilise idle stocks of the yellow metal for productive purposes.

MahSatyam buys 51% in Brazilian firm

Mumbai: Mahindra Satyam has said it has acquired a 51 per cent controlling stake in Brazilian SAP consulting firm Complex IT in a deal likely to be closed by next month.

EPFO to widen investment basket

Keen to increase its interest rate payout, the Employees' Provident Fund Organisation has decided to follow in the footsteps of the National Pension Fund and is set to widen its investment basket to include debt paper from more private sector firms in its portfolio.

While the EPFO will continue investing in dual 'AAA' rated paper, its investment advisory body — the Finance and Investment Committee — has decided to include listed private sector firms with a net worth of Rs 3,000 crore and minimum dividend of 15 per cent in the last five years.

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