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Indian markets down

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Mumbai: After opening on a negative note on Wednesday, the Indian markets continued to be in that region during the course of the morning trade as compared to the previous day’s close.

The 30-scrip Sensitive Index (Sensex) that opened at 26,760.32 points touched a high of 26,869.08 points and a low of 27,713.28 points during the morning trade.

The S&P Sensex of the Bombay Stock Exchange (BSE) was trading at 26,837.68 points losing 7.85 points around 11.15 AM.

The previous day’s close was 26,846.53 points.

The Sensex scrips that gained are Hindalco, Tata Steel, Vedanta, Infosys, Lupin, HDFC, GAIL, Sun Pharma, Reliance and others.

The losers were TCS, Tata Motors, ICICI Bank, Cipla, Coal India, Hero MotoCorp.

The broader 50-scrip Nifty at National Stock Exchange (NSE) opened lower at 8,102.40 points as compared to the previous day’s close of 8,131.70 points.

The Nifty was trading at 8,128.30 points at 11:15 AM.

(IANS)

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Bhai Boolchand-the Indian who launched trade with Ghana

The first Indian to arrive in the Gold Coast (Ghana's colonial name) in 1890 , Bhai Boolchand launched trade in India with Ghana

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Ghanian flag, Bhai Boolchand launched trade in India with Ghana.
Ghanian flag, Bhai Boolchand launched trade in India with Ghana. pixelbay
  • Bhai Boolchand, the anonymous Indian, is credited with starting trade between Ghana and India
  • The year was 1890.

Not much is known about him, but it has now emerged that trade relations between Ghana and Indiawere started by Bhai Boolchand, the first Indian to arrive in the Gold Coast — Ghana’s colonial name — in 1890. That’s some 67 years before the British colonial government granted the country independence, research by the Indian Association of Ghana has found.

“As far as our records show, Bhai Boolchand (of the Bhaiband Sindhworki trading community), landed on the shores of the Gold Coast in western Africa in 1890. Nearly twenty years later, in 1919, the first Sindhi company was established by two brothers — Tarachand Jasoomal Daswani and Metharam Jasoomal Daswani,” the Indian Association said.

The duo opened a store — Metharam Jassomal Brothers — in the then capital city of Cape Coast in 1919.

“Their business flourished and branches were opened in Accra and Kumasi. A few years later, the two brothers separated and whilst Bhai Metharam Jasoomal continued the business as Metharam Brothers, Tarachand Jasoomal operated his business as Bombay Bazaar. These were the first two Indian companies that were established in the Gold Coast,” the Association said.

Boolchand’s arrival, therefore, pre-dates the historical links between the two countries that were always thought to have started between Ghana’s first President, Kwame Nkruman, and India’s first Prime Minister Jawaharlal Nehru. Boolchand can thus be described as the one who paved the way for the arrival of other members of the Sindhi community, initially as traders and shopkeepers.

The Indian Association said more of this group arrived in the 1950s and 1960s, with a few venturing into manufacturing industries such as garments, plastics, textiles, insecticides, electronics, pharmaceuticals and optical goods.

The Association said two more Indian firms were established under the names of Lilaram Thanwardas and Mahtani Brothers in the 1920s. This trend continued in the 1930s and 1940s with the creation of several more Indian companies like T. Chandirams, Punjabi Brothers, Wassiamal Brothers, Hariram Brothers, K. Chellaram & Sons, G. Motiram, D.P. Motwani, G. Dayaram, V. Lokumal, and Glamour Stores.

Glamour Stores, which was stared by Ramchand Khubchandani who arrived in Ghana in 1929, has grown — after changing its name to Melcom Group — to become the largest retailing business in the country. The Melcom Group, headed by Ramchand’s son Bhagwan Khubchandani, is now in its 60th year and about 40 stores all over the country.

Ramchand and his brother later went into garment manufacturing in 1955 and once employed over 1,200 Ghanaians. They later opened the first Indian restaurant, Maharaja, in Ghana. Bhagwan followed in his father’s footsteps and in 1989 established the Melcom Group with his sons-in-law, Mahesh Melwani and Ramesh Sadhwani.

Another Indian-owned company that has survived through the years is the Mohanani Group, which is currently in its 51st year. At the first-ever Ghana Expatriate Business Awards, the Ministry of Trade and Industries recognised the work of one of the thriving Indian-owned B5 Plus Steel Company and awarded it the Best Expatriate Company in the metal and steel category.

As these companies brought in new expatriate staff, some left their employers to venture out on their own — resulting in more companies opening up.

“After 1947, the Gold Coast attracted the attention of some Indian multinational companies, and big names like Chanrai, Bhojsons, K.A.J. Chotirmal, Dalamals and A.D. Gulab opened branches in Ghana,” the Association said.

“The employment of Ghanaians by these founding companies also helped to lessen the burden of unemployment in the country. This amply demonstrates the level of commitment India has in the developmental agenda of Ghana,” it said.

Indians are not only investing in the manufacturing and commercial sectors of the country; they are also investing in the financial sector. Bank of Baroda, one of India’s biggest and most reputable banks, recently established a branch in Ghana and hopefully it will expand its operations in other parts of the country very soon. (IANS)

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Key Indian Indices traded in Green: Healthy Buying witnessed in Oil and Gas, Banking and IT Stocks

The wider 51-scrip Nifty of the National Stock Exchange edged up by 27 points or 0.33 per cent to 8,155.75 points

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Indian Currency. Pixabay

Mumbai, December 6, 2016: Hopes of a monetary policy easing, coupled with broadly positive global cues, along with rupee appreciation marginally lifted the Indian equity markets during the mid-afternoon trade session on Tuesday.

The key Indian indices traded in the green, as healthy buying was witnessed in oil and gas, banking and IT stocks.

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The wider 51-scrip Nifty of the National Stock Exchange (NSE) edged up by 27 points or 0.33 per cent to 8,155.75 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,403.62 points, traded at 26,432.73 points (at 1.45 p.m.) — up 83.63 points or 0.32 per cent from the previous close at 26,349.10 points.

The Sensex has touched a high of 26,502.43 points and a low of 26,393.99 points during the intra-day trade so far.

The BSE market breadth was skewed in favour of the bulls — with 1,633 advances and 828 declines.

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“The markets traded on a flat-to-positive note following largely positive global indices and the rupee gaining momentum,” Astha Jain, Senior Research Analyst at Hem Securities, told IANS.

“Investors’ sentiments are buoyant on the hopes of a repo rate cut by the RBI by 25 basis points.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, IT, oil-gas, cement and power stocks traded with firm sentiments.

“However, banking, pharma, textile and aviation stocks traded with bearish sentiments,” Desai said.

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“Auto and media-entertainment stocks witnessed resistance at higher levels due to profit booking.”

On Friday, the equity markets closed on a higher note, as investors’ sentiments were buoyed on hopes of a monetary policy easing and positive global cues.

The barometer index was up 118.44 points or 0.45 per cent , while the NSE Nifty rose by 41.95 points or 0.52 per cent. (IANS)

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US Government keen to develop Connectivity between India and its Neighbours to Boost Economies, says US Ambassador to India Richard Verma

The US government is exploring ways to build better linkage with India especially the resource-rich northeastern region

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North-east area of India, Wikimedia

Agartala, Dec 3, 2016: The US government is keen to develop connectivity between India and its neighbours in the Bay of Bengal region and its adjoining areas to boost economies, US Ambassador to India Richard Verma said here on Saturday.

“During my visit to the northeastern states, I have discussed with the governments of the region about connectivities, trade, economy and commerce, energy-related issues,” said Verma, who has since Monday visited five of the eight northeastern states – Assam, Meghalaya, Manipur, Nagaland and Tripura, and met Chief Ministers and other stakeholders to discuss various economic and bilateral issues.

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Talking to reporters here, he said that the northeastern region of India has huge resources and potentiality and these must be utilised for the economic development of the region.

“A two-day connectivity summit would be held in Kolkata on December 14-15. We have invited all the northeastern states of India and few other neighbouring countries to participate in the event to boost the connectivity, trade and economy,” he added.

“The US government is exploring ways to build better linkage with India especially the resource-rich northeastern region through trade, education, infrastructure or innovation. Currently, over 500 US companies are working in India and we are keen to work more with India in diverse sectors.”

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Before returning to New Delhi, he visited a 726 MW power project commissioned by state-owned Oil and Natural Gas Corporation (ONGC) at Palatana in southern Tripura, 65 km south of here.

“The US-based General Electric Company has supplied the turbines for the power project,” he said, adding that the US is keen to collaborate more with India in science and technological sector.

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In Tripura, the US envoy visited famous Tripura Sundari temple and the state museum besides India-Bangladesh border at Akhaura and witnessed the beating the retreat ceremony jointly conducted by the Border Security Force (BSF) of India and Boder Guards Bangladesh.

Verma is accompanied by the US Consul General in Kolkata and other officials.

An US Consulate media official said that this visit was part of the ambassador familiarisation tour through northeast India and during this trip, he underscored several key aspects of the strong US-India partnership. (IANS)