Tuesday, 20 February 2018

Gold prices fall for a third day as dollar bounces off December 2014-lows

By Eileen Soreng


Gold prices fell for a third straight session on Tuesday as the dollar rebounded from over three-year lows hit last week, while investors waited for the minutes of the latest Federal Reserve meeting for clues on the outlook for U.S. interest rates.

Spot gold was down 0.4 percent at $1,341.20 an ounce at 0340 GMT. Earlier, it fell to as low as $1,340.16, the lowest since Feb. 14.

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U.S. gold futures were down 1 percent at $1,342.90 per ounce, posting its biggest one-day fall in nearly two weeks.

The dollar index, which measures the greenback against a basket of six currencies, was up 0.3 percent at 89.397. It fell to 88.253 last week, the lowest since December 2014.






The U.S. currency showed signs of a bounce-back as some investors bought in after last week's declines, though the gains on Tuesday were capped by growing concerns that a rising fiscal deficit in the United States could disrupt the economy.

The minutes of the January Fed meeting will provide key guidance for the dollar and gold, said Helen Lau, an analyst at Argonaut Securities.

"The key driver will be interest rate hikes ... How fast and how many times they can raise," Lau added.

The U.S. Fed will release the minutes of its Jan. 30 to 31 policy meeting on Wednesday. The meeting was held during last month's drop in equity markets and investors are interested in the Fed's response to the market gyrations as well as the rate outlook.

Higher U.S. interest rates would limit demand for non-interest bearing gold.

Meanwhile, Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak.

Analysts said despite the rate hike outlook, investors will still be wary of rising inflation in the United States.

Gold prices rose 2.4 percent last week in its best weekly gain in more than five months, as investors bought gold on fears of rising inflation in the United States.

Spot gold is expected to test a support at $1,338 per ounce, with a good chance of breaking below this level and falling more to the next support at $1,326, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver was down 0.6 percent at $16.57 an ounce.

Palladium was 0.4 percent lower at $1,028.65, after rising to the highest since Feb. 2 at $1,050 in the previous session.

Platinum was down 0.1 percent at $1,001.24, after rising to a three-week high on Monday at $1,013.60.

(Reporting by Eileen Soreng in Bengaluru, Editing by Joseph Radford and Christian Schmollinger)

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Idea is to bring more consumers into billing cycle: Power Secy

In an interview to CNBC-TV18, Ajay Kumar Bhalla, Power Secretary, Government of India spoke about the latest happenings in the sector and growth going ahead.

In an interview to CNBC-TV18, Ajay Kumar Bhalla, Power Secretary, Government of India spoke about the latest happenings in the sector and growth going ahead.
Bhalla said that electricity demand has increased and current plant load factor (PLF) is at 59.8 percent.

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He further said that we have seen a rise in absolute demand for power in all quarters this financial year.


According to him, PLF might not be the correct criteria to judge demand for power.

On tariff policy, he said we are finalizing the draft of the policy. Aggregate Technical and Commercial (AT&C) losses will be capped from April 1, 2019, he added.
We expect some Distribution Companies (DISCOMs) to achieve Ujwal DISCOM Assurance Yojana (UDAY) AT&C loss targets, he said.


He also mentioned that the state government supported the idea to bring down the AT&C loss.


Bhalla further mentioned that our idea is to bring more consumers into billing cycle.


Talking about the gas-based plant, he said we have provided subsidized gas for last two years.


We don't see sense in providing a subsidy to gas plants in the current environment, Bhalla mentioned.


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Suven Life Sciences rises 3% on product patents in India and South Korea

Suven announced that the grant of one product patent from India and one product patent from South Korea corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.

Suven Life Sciences shares gained as much as 3 percent in morning Tuesday on securing product patents in India and South Korea.

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"....announces that the grant of one product patent from India and one product patent from South Korea corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases," the pharma company said in its filing

These patents are valid through 2029 and 2033 respectively, it added.

The granted claims of the patents include the class of selective Alpha4 Beta2 and 5-HT4 compounds respectively and are being developed as therapeutic agents for major depressive disorders and for the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, attention deficient hyperactivity disorder (ADHD), Huntington's disease, narcolepsy, Parkinson and schizophrenia respectively, it said.


At 10:46 hrs Suven Life Sciences was quoting at Rs 194.90, up Rs 3.70, or 1.94 percent.


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Market Live: Sensex rises 100 pts, Nifty reclaims 10,400; all sectoral indices in the green

Fortis Healthcare, Bhushan Steel, Amtek Auto, Kaya and JSW Energy gained 1-5 percent.

9:52 am Market Update: Benchmark indices recouped early losses, with the Sensex rising more than 100 points led by private banks, technology, and metals stocks.

Nifty50 traded above 10,400 levels while all sectoral indices were trading in the green.


Nifty Metal was the biggest gainer among sectoral indices, rising 1.5 percent.

About two shares advanced for every share falling on the BSE.

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9:45 am Rupee Trade: The rupee depreciated 21 paise to 64.42 against the US dollar at the interbank forex market today on increased demand for the greenback from importers and banks.


A strong dollar in overseas markets weighed on the Indian rupee, a currency dealer said.


On Friday, the rupee had ended 30 paise lower at 64.21 against the US dollar on rising global crude prices and worsening trade deficit.


On a net basis, foreign investors withdrew Rs 895.79 crore from stocks yesterday, according to provisional FPI data.
The dollar recovered from a 15-month low against the yen to trade at 106.75, up 0.15 percent for the day.


9:40 am Nirav Modi to PNB: Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said PNB's ”overzealousness” shut the doors on his ability to clear the dues.


He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.


In a letter Modi wrote on February 15/16 to the Punjab National Bank management, a copy of which PTI has seen, he pegged the money his companies owe to the bank under Rs 5,000 crore.


"The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns.


"This thereby jeopardized our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter.


"In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," he said.


9:29 am Q3 Earnings Analysis: Ridham Desai of Morgan Stanley said in Q3FY18, earnings growth weakness was led by public sector banks and PSU oil companies. Improving revenue and earnings breadth was a key positive.


Morgan Stanley coverage revenue growth rose to a 3-quarter high at 15 percent YoY and beat MS analysts' expectations by 4 percent, he added.


He said the strongest growth came from energy and materials. EBITDA growth at 15 percent YoY was 3 percent behind MS analysts' estimates.


Healthcare sector saw the most decline in EBITDA growth combined with margin compression of 430 bps, he added.


9:21 am Buzzing: Fortis Healthcare shares rallied 3.7 percent after ace investor Radhakishan Damani's firm Derive Investments picked up half a percent equity stake in the company.


Derive Investments has bought 26.5 lakh equity shares of the company at Rs 144.5 per share through block deals on Monday, as per bulk deal data on the National Stock Exchange.


Meanwhile, promoters holding in the company reduced to 8.85 percent from 34.33 percent earlier after lenders revoked 25.58 percent equity of promoter group.


9:15 am Market Check: Benchmark indices opened mildly higher with the Sensex rising over 100 points but immediately trimmed gains to trade flat as volatility continued ahead of the expiry of February futures & options contracts later this week.


The 30-share BSE Sensex was up 19.27 points at 33,793.93 and the 50-share NSE Nifty fell 3 points to 10,375.40.
The nifty Midcap index fell 73 points.


PNB, Allahabad Bank, Union Bank, Bank of Baroda, Bank of India, GMR Infrastructure, Adani Power, JSPL, Nalco and Jaiprakash Associates were down 1-4 percent.
Fortis Healthcare, Bhushan Steel, Amtek Auto, Kaya and JSW Energy gained 1-5 percent.



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Buy, Sell, Hold: 2 stocks and 1 sector are in focus on February 20, 2018

Tata Steel, Reliance Industries and steel sector are being tracked by investors on Tuesday.

Tata Steel

Brokerage: PhillipCap | Target: Rs 910

The brokerage house said that acquisition costs for Bhusan assets could be lower than reported after adjusting working capital recovery. Further, a potential to improve profitability via synergies is significantly higher, it said, adding that the acquisition is a strategic fit.


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Brokerage: Morgan Stanley



The research firm said that key point for Tata’s acquisition of Bhushan assets will be deal value Eq stake. It also highlighted that potential to expand capacity will be key considerations for Tata. It sees debt rising to USD 17 billion in FY19.

Brokerage: Macquarie | Rating: Outperform

Macquarie said that it is calculating EV/EBITDA for Bhushan Steel At 6.3–7.6x FY19E Vs Tata At 7x. It estimates that the acquisition would increase Tata’s net debt to 4.6 times FY19. Further, it believes that stock correction on headline bid value is making risk-reward attractive.

Reliance Industries

Brokerage: Jefferies | Rating: Underperform | Target: Rs 790

The global research firm said that average revenue per user (ARPU) may remain soft for now, while price competition could remain high in urban areas. Further, refining and olefin margins could soften in 2018-19. Going forward, higher gross refining margins and telecom revenues could be upside risks.

Steel

Brokerage: CLSA

CLSA said that valuations for Bhushan assets are above Tata’s own expansion cost. Further, a favourable deal structure could still be a value creation. Inorganic expansion may not come as cheap as we initially envisaged. It remains positive on India’s steel industry given tightening demand-supply.

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Monday, 18 September 2017

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Wednesday, 6 September 2017

Sensex slips 200 pts, Nifty breaks 9900 at open; Just Dial soars 5%

INDIAN STOCK MARKET

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Equity benchmarks opened sharply lower on Wednesday and erased all its previous day's gains, tracking weakness in global peers.

The 30-share BSE Sensex was down 201.91 points at 31,607.64 and the 50-share NSE Nifty fell 56.75 points to 9,895.45.

Nifty Midcap lost 0.7 percent as about three shares declined for every share rising.

Bharat Financial Inclusion, Divis Labs, Adani Enterprises, JP Associates, Adani Power, HCC, Indiabulls Real, DLF, Idea Cellular, Escorts, Ujjivan Financial, M&M Financial, InterGlobe Aviation were down up to 3 percent. However, Just Dial rallied 5 percent as HDFC MF picked up stake in the company.