Friday, 30 September 2016

Govt starts process of appointing new RBI Deputy Governor

The Reserve Bank has currently three Deputy Governors as against the requirement of four.

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Government has initiated the process for appointment of a new RBI Deputy Governor in place of Urjit Patel who was recently elevated to head the central bank.

The Reserve Bank has currently three Deputy Governors as against the requirement of four.

As per the norms, two of the Deputy Governors are taken from within the RBI, while two are hired from outside -- one banker and one economist. Patel was from the economist pool.

The candidate should have at least 25 years of relevant experience and be below the age of 60 years.

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Inviting applications, the Finance Ministry said the appointment will be be for a period of three years and the person will be eligible for re-appointment. The interested candidates should apply latest by October 21.

The post carries a pay scale of Rs 80,000 (pre-revised).

The candidate should have work experience in public administration including experience at the level of Secretary or equivalent in Government of India; or in an Indian or international public financial institution.

The Finance Ministry further said that the Financial Sector Regulatory Appointments Search Committee may also make nominations for the post. Also, the Committee may recommend relaxation in the eligibility and qualifications/ experience criteria, in respect of outstanding candidates.

Currently the three RBI Deputy Governors are: R Gandhi, S S Mundra and N S Vishwanathan.




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Live Stock Market Updates - Nifty trades below 8600 mark

The BSE Mid-cap Index is trading up 0.76% at 13,012 whereas BSE Small-cap Index is trading up 0.90% at 12,627. GAIL, Infosys, Wipro, Sun Pharma, RIL and SBI are among the gainers, whereas Adani Ports, Bharti Airtel, Dr.Reddy's and Cipla are losing sheen on BSE.

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The Indian equity market started off the first day of October series on a positive note, rebounding sharply after previous day's sharp sell-off.

At 9:40 AM, the S&P BSE Sensex is trading at 27,875 up 47 points, while NSE Nifty is trading at 8,602 up 11 points.

The BSE Mid-cap Index is trading up 0.76% at 13,012 whereas BSE Small-cap Index is trading up 0.90% at 12,627.

GAIL, Infosys, Wipro, Sun Pharma, RIL and SBI are among the gainers, whereas Adani Ports, Bharti Airtel, Dr.Reddy's and Cipla are losing sheen on BSE.

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Some buying activity is seen in realty, oil & gas, utilities, auto and pharma sectors, while FMCG, consumer durables and telecom are showing weakness on BSE.

The INDIA VIX is down 2.19% at 18.0450. Out of 1,850 stocks traded on the NSE, 564 declined, 916 advanced and 370 remained unchanged today.

A total of six stocks registered a fresh 52-week high in trades today, while 42 stocks touched a new 52-week low on the NSE.

Seamec soared 8.8% after the company has entered into an agreement with HAL Offshore (HAL) for deployment of vessel SEAMEC II along with provision of services of ROV, the contract commenced with effect from September 28, 2016.

Lovable Lingerie climbed 2.5% on the BSE. Promoters of Lovable Lingerie Ltd are in talks with private equity funds to sell 15-20% stake in the company, as per media reports.

Alkem Laboratories Ltd tanked 6.5% after the company has received 13 observations from the US Food and Drug Administration (USFDA) after the regulator inspected its manufacturing facility at Daman.

Yes Bank gained 1.3% after the bank is planning to raise up to Rs.2,500 crore by issuing long-term bonds on a private placement basis.

NHPC zoomed 2% after the company has signed a power purchase pact with the Government of Rajasthan as well as Inox Ltd for a 50 mw wind power project in the state.

Lupin inched up 1%. The company said it has received approval from the US health regulator to market its memantine hydrochloride extended-release capsules, used in treating Alzheimer's disease.

Zee Entertainment Enterprises Ltd gained 0.55% after the company announced acquisition of UAE-based radio station. The company already operates satellite television channels like Zee Aflam and Zee Alwan in the UAE market.

Kotak Mahindra Bank is trading marginally lower on the BSE. ING offloaded a 2.5% stake in Kotak Mahindra Bank for an estimated Rs 3,653 crore through an open market transaction.

Sintex Industries jumped 6% to Rs.77.50 after the company said its board has approved demerger of custom moulding business and prefab business from its two arms Sintex BAPL and Sintex Infra Projects, respectively.

HCL Technologies gained 1%. HCL and IBM said that the companies have entered a 15-year partnership for automation and development and operations.

Jubilant Life Sciences rose 2%. Jubilant Life Sciences has successfully raised $300 million through a sale of unsecured bonds by its pharmaceuticals arm in Singapore, as per media reports.

The rupee opened marginally higher one paise at 66.85/$ against US Dollar Friday as against the previous close of 66.84/$.

Market participants are anxiously awaiting the Monetary Policy Review on October 4, the first to be held under the newly appointed RBI Governor Urjit Patel and the first to be decided by a six-member panel.

On the economy front, Finance Ministry exuded confidence that currency and stock markets will stabilise in the next few days and decisive action against terrorism will spur growth.

Asian markets are trading mixed. In Japan, the Nikkei 225 fell 1.6%. Hong Kong's Hang Seng slipped 1.3%, while Shanghai Composite is trading in green.


Wall Street closed lower on Thursday. The Dow Jones industrial average slid 1.07% to 18,143.45 points at the close, its sharpest decline since Sept 13. The S&P 500 lost 0.93% to end at 2,151.13 and the Nasdaq Composite dropped 0.93% to 5,269.15.

US crude futures added 1.7% to USD 47.83, after climbing to as high as USD48.32, the highest level in almost five weeks.

On agenda today are GST Council meet, CPI for Industrial workers and Core Sector growth for August. The rollovers have been below average. Foreign investors have pumped in over Rs.7,000 crore.



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Live Stock Market Updates - Sensex, Nifty rally; Banking, Auto stocks lead gains

The INDIA VIX is down 0.34% at 13.8000. Out of 1,869 stocks traded on the NSE, 474 declined, 1,018 advanced and 474 remained unchanged today.

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The Indian equity market opened higher on firm global cues. The domestic market led by energy producers and automakers amid a rally in crude oil prices.

At 10:11 AM, the S&P BSE Sensex is trading at 28,439 up 99 points, while NSE Nifty is trading at 8,779 up 33 points.

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The BSE Mid-cap Index is trading up 0.30% at 13,491 whereas BSE Small-cap Index is trading up 0.84% at 13,149.

India is well on its way to emerge as a major player in global economy, Finance Minister Arun Jaitley said reacting to the latest WEF’s global ranking. India rose 16 ranks, faster than any other, to climb to 39 in FY17 among 138 countries.

OPEC members agreed to cut output to boost prices despite differences between Iran and Saudi Arabia. Crude oil prices rallied taking with it global equity markets.

ONGC, Bajaj Auto, RIL, GAIL, Hero MotoCorp, Coal India, SBI and Adani Ports are among the gainers, whereas Bharti Airtel, Wipro and NTPC are losing sheen on BSE.

Some buying activity is seen in energy, oil and gas, auto, industrial, finance, banking and metal sectors, while telecom sector is showing weakness on BSE.

The INDIA VIX is down 0.34% at 13.8000. Out of 1,869 stocks traded on the NSE, 474 declined, 1,018 advanced and 474 remained unchanged today.

A total of 61 stocks registered a fresh 52-week high in trades today, while 11 stocks touched a new 52-week low on the NSE.

Market participants are anxiously awaiting the Monetary Policy Review on October 4, the first to be held under the newly appointed RBI Governor Urjit Patel and the first to be decided by a six-member panel.

Asian markets are trading mixed. In Japan, the Nikkei 225 jumped 1.4%. Hong Kong's Hang Seng and Shanghai Composite are trading in green.

The rupee opened marginally higher one paise at 66.45/$ against US Dollar Thursday as against the previous close of 66.45/$.

Wall Street ended higher on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut crude oil production. As crude oil prices rose. The Dow Jones industrial average rose 0.61% to end at 18,339.24 points and the S&P 500 gained 0.53% to 2,171.37. The Nasdaq Composite added 0.24% to 5,318.55. Brent crude was up 0.4% at USD 48.87 a barrel, adding to overnight gains of 5.9%.

On the economy front, EPFO will invest 8-10% of its annual incremental corpus amounting to nearly Rs.14,000 crore in the equity market this financial year, increasing its investments in stocks, according to the media report.

Sebi allowed commodity derivative exchanges to launch options contracts for trading with the aim of increasing liquidity and attracting more investors to the commodities market.



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Nifty, Midcap remain higher; ICICI Prudential lists at Rs 329

ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.


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ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.

ICRA on Sugar: Despite the government has imposed stock-holding limits on sugar mills, prices of the sweetener in the domestic market are likely to remain firm in the next 3-4 quarters due to tight stock position, says a report.
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According to credit rating agency ICRA, sugar prices have remained firm and increased from around Rs 31,500/million tonnes in March to Rs 36,000/million tonnes in August and continue to hover around the same price in September, 2016.

This has been supported by an expected decline in the sugar production, actual decline in the domestic sugar stocks during sugar year (SY) 2015-16, and also a global sugar deficit scenario, which drove up international sugar prices, the report said. 

Buzzing: Shares of Eros International Media rose by nearly 5 percent after the entertainment firm said it has tied up with UAE's largest film distribution and exhibition network, Phars Film.

Eros International Media yesterday announced its association with Phars Film.

The partnership allows the two companies to jointly co-produce Malayalam films and explore theatrical rights between themselves, the company said in a BSE filing.

The deal licenses Eros to tap distribution of all Malayalam movies produced jointly in India while Phars Film will present the same overseas where it enjoys a dominant market share, it added.

Oil Update: Oil futures fell on profit booking after rising nearly 6 percent the day before on a surprise move by OPEC to curb crude output.

The Organization of the Petroleum Exporting Countries agreed to limit its production to a range of 32.5-33.0 million barrels per day (bpd) in talks held on the sidelines of an energy conference in Algeria.

But how much each country will produce is to be decided at the next formal OPEC meeting in November, when an invitation to join cuts could also be extended to non-OPEC countries such as Russia. Also read - Buy, sell, hold: 3 stocks analysts are bullish on, negative on 1

Market Check Equity benchmarks as well as broader markets remained higher on positive global cues and ahead of expiry of September futures & options contracts.

The 30-share BSE Sensex was up 121.69 points at 28414.50 and the 50-share NSE Nifty gained 37.15 points at 8782.30. The market breadth remained strong as about 1369 shares advanced against 503 declining shares on the BSE.

Reliance Industries and ONGC remained strong, rising 1-2 percent whereas ICICI Bank fell nearly a percent after subdued listing of insurance subsidiary. ITC, HUL, Axis Bank, Bharti Airtel, Wipro and Dr Reddy's Labs were down 0.3-0.8 percent.

ICICI Prudential Life Insurance Company saw subdued listing today. The stock has opened at Rs 329 apiece, a 1.5 percent discount to issue price of Rs 334.




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Wednesday, 28 September 2016

Top 14 stocks in focus today: Mphasis, Balaji Telefilms, Ahluwalia Contracts

Check out the companies which will be in focus during trade today based on recent and latest news developments.

 

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Mphasis Ltd: The company has informed BSE that the Board of Directors of the Company at its meeting held on September 27, 2016, approved the recommendation of a dividend of Rs.20 per Equity Share of Rs. 10/- each for the financial year ended March 31, 2016. The dividend, if declared at the ensuing Annual General Meeting of the Company, will be paid within 30 days of the Annual General Meeting.

Motherson Sumi: Reserve Bank has allowed foreign investors to hike their stake in Motherson Sumi Systems to up to 30% from 24% earlier.

Max India: Max India Ltd said it has received shareholders' approval for amalgamation of Max Life Insurance Company with Max Financial Services as also the demerger of insurance business for transfer to HDFC Standard Life Insurance Company.

Dilip Buildcon: The National Highways Authority of India (NHAI) has awarded four laning of 127 km of national highway stretch between Lucknow and Sultanpur to Dilip Buildcon. The project would be constructed at the cost of Rs 2,845 crore.

M&M: Mahindra and Mahindra (M&M) on Tuesday announced its SUV Scorpio with Intelli-Hybrid technology for the Delhi and NCR market, at a starting price of Rs.9.35 lakh (ex-showroom).

Coal India: Coal India's buyback offer will open next week on October 3 and would remain open till October 18. The company plans to buy back 1.7% (10.89 crore) fully paid up equity shares at Rs 335 per share totalling Rs.3,650 crore.

PTC India: IDFC Mutual Fund has reduced its stake in PTC India Ltd from over 5% to 3%. Additionally, PTC India Financial Services said that it may consider raising funds on a private placement basis, as per media reports.

Karur Vysya Bank Ltd: Karur Vysya Bank seeks members' approval for sub divison of shares in 1:5 ratio.

Ahluwalia Contracts (India) Ltd: The company received letter to stop construction of International Convention Centre and Police Headquarter Bhawan, Patna.

Jindal Stainless: The company has received approval from Orissa Industrial and Infrastructure Development Corporation ('IDCO) vide its letter dated 24 September 2016 conveying its no objection for effecting the transfer or right to use of the land on which the Hot Strip Mill and the Coke Plant of the Company are located, to Jindal United Steel and Jindal Coke, respectively.

Balaji Telefilms: The Board of Directors of the Company at its meeting held on 27 September 2016 has considered and approved a composite scheme of arrangement between the Company and its wholly owned subsidiaries viz. Balaji Motion Pictures and Bolt Media and their respective shareholders and creditors.

NIIT: The company has acquired the business of Bangalore-based start-up Perceptron Learning Solutions Pvt Ltd. This acquisition aims to bring together complementary technology platforms and capabilities of NIIT and Perceptron, enabling NIIT to further accelerate its Digital Transformation initiatives – StackRoute, digiNxt, and Training.com.

KNR Constructions Ltd: The company has completed the rehabilitation and upgradation of existing National Highway 565 from 425km to 509km between Penchalakonda and Yerpedu section in Andhra Pradesh under National Highways Development Programme IV, as per media reports.

Lanco Infratech Limited: Lanco Infratech is looking to sell 1200mw coal-fired Anpara Power plant in Uttar Pradesh to bring in additional equity required to complete the under-construction power plants totalling 4000mw, as per media reports.

Manpasand Beverages: Manpasand Beverages has informed BSE that a meeting of QIP Committee of the Company is scheduled to be held on September 30, 2016, inter alia, to consider and determine the price for Equity Shares of the Company to be issued in the QIP, in accordance with Chapter VIII and other applicable provisions of the SEBI Regulations and Section 42 of the Companies Act, 2013 read with Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014.


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Tuesday, 27 September 2016

Live Stock Market Updates - Sensex jumps over 100 points; Nifty above 8750.

The BSE Mid-cap Index is trading up 0.29% at 13,299 whereas BSE Small-cap Index is trading up 0.59% at 12,963. Out of 1,868 stocks traded on the NSE, 548 declined, 962 advanced and 358 remained unchanged today.


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The Sensex rallies over 100 points while the broader Nifty50 moved above its crucial psychological level of 8,750 on the back of buying in metal, oil & gas and auto stocks.

At 11:01 AM, the S&P BSE Sensex is trading at 28,329 up 36 points, while NSE Nifty is trading at 8,742 up 19 points.

The BSE Mid-cap Index is trading up 0.29% at 13,299 whereas BSE Small-cap Index is trading up 0.59% at 12,963.

Power Grid, Axis Bank, Infosys, TCS, Hero MotoCorp and Reliance Industries and are among the gainers, whereas ICICI Bank, Bharti Airtel, GAIL, HDFC, L&T, Maruti Suzuki and HUL are losing sheen on BSE.

Some buying activity is seen in IT, technology, realty, oil &gas, power, metal, energy, pharma, auto and banking sectors, while telecom, FMCG and oil & gas sectors are showing weakness on BSE.

The INDIA VIX is down 2.12% at 14.2550. Out of 1,868 stocks traded on the NSE, 548 declined, 962 advanced and 358 remained unchanged today.

A total of 50 stocks registered a fresh 52-week high in trades today, while 18 stocks touched a new 52-week low on the NSE.

The rupee opened higher six paise at 66.54/$ against US Dollar Tuesday as against the previous close of 66.60/$.

Asian markets are trading mixed. Shanghai Composite and Nikkei 225 are trading marginally higher while Nikkei 225 slipped 0.33%.

Wall Street closed lower on Monday. The Dow Jones industrial average dropped 0.91% to end at 18,094.83 points and the S&P 500 lost 0.86% to 2,146.1. The Nasdaq Composite lost 0.91% to finish at 5,257.49.


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Monday, 26 September 2016

Sensex plunges around 300 points; rate-sensitive shares drag


The Indian markets have extended their losses and are trading near day's low amid weak European cues. At 13:20 p.m., the benchmark S&P BSE Sensex was trading at 28,369 levels, down by 299 points or 1.07%. Nifty50 had declined 90 points or 1% and was trading at 8,742 points.The top Sensex losers were, ONGC, ICICI Bank and Bharti Airtel, all losing between 2%-3%. Reliance Industries Ltd, Coal India Ltd, and Power Grid Corporation of India Ltd were the top gainers, surging around 1%.Top Nifty50 losers were ICICI Bank, Bharti Airtel and ONGC, down between 1%-3% while the top gainers were Reliance Industries Ltd, Bharat Petroleum Corporation Ltd and Tata Power, gaining between 1%-3%.

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Benchmark indices are trading near day’s low as selling pressure among financials and auto shares have intensified. Weakness in Asian and European stocks also weighed on sentiment.

By 12:35 PM, the S&P BSE Sensex dipped 219 points at 28,449 and the Nifty50 slipped 62 points to trade at 8,770. Broader markets are outperforming- BSE Midcap and Smallcap indices are up 0.1% each.

Top losers from the Sensex pack are ICICI Bank, Bharti Airtel, Adani Ports, M&M and Hero MotoCorp, all slumping between 1%-3%. However, RIL has surged nearly 2%.

Among other shares, Marksans Pharma has moved higher by 12% to Rs 53.55 on the BSE after the company announced that it has got US drug regulator nod for loratadine liquid filed capsules 10 mg.

Adlabs Entertainment has surged 17% to Rs 117, extending its previous two trading days rally on the National Stock Exchange (NSE) on back of heavy volumes.Updated at 10:50 am

Continuing the trend that as set in the morning session, the Indian markets are still trading lower tracking weakness among global peers.

At 10:50 a.m. the S&P BSE Sensex was trading at 28,535 points, down by 133 points or 0.5%. Nifty50 too fell by 41 points or 0.5%, trading at 8,791 levels. BSE Midcap and Smallcap indices are up 0.1%-0.2%.

Asian shares began the week under a cloud on Monday after losses on Wall Street, as investors' attention turned from central banks to American politics ahead of the first US presidential debate.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1% in early trade, while Japan's Nikkei stock index slumped 0.5% against the headwinds of a stronger currency.

Back home, KNR Constructions hit a 52-week high of Rs 765, up 5.5% on the BSE in an early morning trade, after the company announced that the board will meet on Friday, September 30, to consider stock split in the ratio of 1:5.

Vardhman Textiles  rallied 4% to Rs 1078 on the BSE after the company announced that the board approved a buyback of 6.13 million equity shares for Rs 1,175 per share.

Top losers from the Sensex Midcap pack are ISCI, Den and Prestige, all plunging more than 3%. On the gaining side, Marksans Pharma, Raymond and Hindustan Copper are up 5%-8%. 

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