Titan industries gets govt nod for direct gold imports
New delhi/mumbai:Titan industries, a jewellery maker promoted by the tata group, has got approval from the government to directly import gold, its key raw material, said a government official, a move which will help the company save its operating costs.
Shares of titan industries closed at 6.2% higher at 242.8 rupees on the National Stock Exchange. "They(The company)Can plan their own procurement and not depend on anybody,"Said nayan pansare, a director with yes jewellery, who also advises jewellery companies.
"We will allow anybody(Private party)Who is an actual user, but won't allow anybody to import just for trading purpose,"Said anup k.Pujari, india's director general of foreign trade, told reuters.Rajesh exports, which exports jewellery is among the private firms that are given permission to import gold.
At 13:32 GMT on Monday, the mostactive gold for April delivery on the Multi Commodity Exchange(Mcx)Quoted 0.4% lower at 27, 905 Indian rupees per 10 grams.India imports majority of its 900 tonnes of gold requirements.
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Horsemeat weighing 100kg and falsely labelled as beef has been identified by british council officials, with 40kg of it already sold to the public.
The meat was imported by hungarian food ltd in preston, lancashire, and sold on its market stall in the town and a shop in liverpool called taste of hungary, the uk food standards agency(Fsa)Said.
Attila fabian, who runs the eastern european store in waterloo, merseyside, said he was shocked to have discovered he had been selling the meat when environmental health officers visited the shop on friday.
He said he had bought 20 1kg bags of what he thought was diced beef from hungarian food ltd in may last year, rather than import it directly, but it sold so badly that he took four or five bags home for his family.
'I didn't know about it, ' he said.
'It tasted like beef, it looked like beef.
'I was shocked today when environmental health told what happened exactly.'
He said they sold 12 or so bags of the horse meat, and there were still three
Ralph Lauren Outlet bags in the freezer which were taken away today for tests.
He said the shop had ceased trading with hungarian food ltd after they 'fell out' in july last year.
Shadow
Pandora Charms UK environment secretary mary creagh said:'This worrying development means the horse meat scandal has spread from supermarkets and schools through to market stalls.
'Ministers should have started testing for horse meat as soon as it was discovered in January to get this illegal meat off our streets.Their delay means this scandal still has a long way to go.'