MMTC Ltd, the largest of the three companies, is seeking approval for the merger from its 2,000-odd employees this week, and State Trading Corporation and PEC will launch a similar exercise next month.
In Jan the country raised the import tax on the yellow metal by 2 percentage points.
While the government is banking on divestment of its stake in the country's biggest trading giant MMTC Ltd to meet its Rs 40,000-crore (Rs 400 billion) disinvestment target for 2010-11, MMTC chairman and managing director Sanjiv Batra believes it may take more time, as the government is yet to appoint independent directors on its board.
Last week, after months of scrutiny, the Forward Markets Commission, the regulator for futures trading in commodities, approved a proposal from state-owned MMTC Ltd and finance-to-real estate group Indiabulls to set up a national multi-commodity exchange.
The famed Indian appetite for gold is being manifest with renewed vigour this season as a surge in festival demand and a recent fall in prices has fuelled a virtual 'gold rush' in the market.
Country's largest gold importer MMTC Ltd has decided to join the SEZ bandwagon by setting up a gems and jewellery park in joint venture with a private player in the tax-free enclave.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
The NINL management can see this as their moment of giving back to the nation and humanity. Its plant has an oxygen unit that can produce 418 tonnes of oxygen every day. 418 tonnes is about 58% of Delhi's daily demand for oxygen, notes Sudhir Bisht.
Iran has complained of irregular shipments
It will be the first to go, in what has become an overcrowded segment since India first allowed futures trading in commodities in 2003.
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