Terror-hit hotels limp back to normal life

MUMBAI, Nov 25: “In memory and faith that peace can come on Earth as it is in Heaven.” Thus reads a scrawling handwriting in a memorial book placed at the historic Hotel Taj Mahal Palace & Tower. The book lies next to a sacred ‘Tree of Life’ setting, which commemorates those who laid down their lives when a handful of terrorists invaded the hotel on the night of November 26, 2008, and held guests and staff hostage for the next 60 hours.

The same night, another group entered the Trident-Oberoi Hotel, at Nariman Point barely a kilometre away from the Taj and two kilometres from the Chhatrapati Shivaji Terminus, where they carried out a spate of similar atrocities. Including foreigners, 166 people were killed in the attack which also left 264 injured or maimed. Both hotels suffered extensive infrastructure damage, in amounts running into millions of rupees.

Food inflation jumps to 15.58% as potato prices soar

STAFF WRITER 14:25 HRS IST

New Delhi, Nov 26 (PTI) Food inflation shot up to 15.58 per cent for the second week of November on the back of potato prices, which have more than doubled in the past one year.

Other essential items like pulses and onion rose by more than 25 per cent in the wholesale market, government data on inflation for week ended November 14 showed.

"Food inflation is incredibly high...The drought has aggravated the situation and I expect the wholesale price- based inflation to rise to around 7 per cent by March next year," said HDFC Bank economist Jyotinder Kaur.

With inflationary pressure building up, the RBI in its next policy review may take steps to check easy money. "It is likely that RBI in its January policy might go for monetary tightening measures and raise Cash Reserve Ratio (CRR) or policy rates," Kaur said.

Sensex ducks below 17K level on Chinese factor

STAFF WRITER 17:3 HRS IST

Mumbai, Nov 26 (PTI) The benchmark Sensex today tanked over 340 points to close below the crucial 17,000 points level on all-round selling sparked by a meltdown in Chinese stocks.

Brokers said a sudden bout selling emerged in the derivatives and cash segments on roll-over of positions a day ahead of the expiry of futures contract.

Attributing today's fall to negative global cues, brokerage company Hightech Securities Director Sanjeev Bhambri said the market is getting resistance above 17,000 mark and has a strong support at 16,600 level.

The market plunged in the afternoon trade as the Shanghai Composite tumbled by 3.62 per cent on panic selling sparked by fears about government actions against rising asset prices.

Reliance Industries, the heaviest on the Sensex, fell by nearly 3 per cent from its ex-bonus price against its last close of Rs 2,193.75. ICICI Bank dipped by 3.

Gold touches historic peak of Rs 18,000

NEW DELHI: Surpassing all previous records, gold touched another historic peak of Rs 18,000 per 10 gram in the bullion market here on persistent buying by stockists for the ongoing marriage season amid firming global cues.

Standard gold and ornaments rose by Rs 220 each to Rs 18,000 and Rs 17,850 per 10 gram, respectively. Sovereign also rose by Rs 100 to set a new peak of Rs 13,800 per piece of eight gram.

Marketmen said firming trend in the overseas market supported the rise in yellow metal here. Gold in Asia traded 0.8% higher at 1,179.20 dollar an ounce, while in futures trading in New York, the metal surged to record 1,181.60 dollar an ounce.

Gold in the international markets touched record levels as the dollar extended declines amid fears that more central banks might purchase gold from IMF.

The metal has rallied 11% after India bought 200 metric tons of gold from the International Monetary Fund in October. Mauritius, Sri Lanka and Russia have followed suit since then.

"Gold is moving on fast pace ever since the central banks started purchasing the metal," said Rakesh Anand of R K Jeweller.

Meanwhile, silver ready rose by Rs 250 to Rs 29,000 and weekly-based delivery by Rs 160 to Rs 28,580 per kg, while silver coins continued to be asked around previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.

TOI