Friday, 31 March 2017

Market To Remain Strong As India Will Follow 1 Nation 1 Tax (GST

Yesterday, Indian Benchmark Index Nifty opened at 9143. Nifty made a high of 9183 and closed at 9174, 30 points high from its previous day’s close of 9144. The Index is moving forward to break its all time high of 9218 which it has made on 17th Mar 17.

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Bank Nifty Index has made an all time high of 21696 yesterday on 30th Mar and closed at 21621. HDFC Bank was the major mover in the Index which made an all time high of 1480 and closed at 1466, which is 2.63% high from its previous day’s close.

The Small Cap Index which is the benchmark of cash shares made an all time high of 6958 and closed at 6943.

Nifty Future is opening at 9184 as per SGX Nifty at 8:50 am IST, 10 point above its previous close of 9174.80.

Thursday, 30 March 2017

Microsoft to roll out Creators Update on April 11

Microsoft has announced that the next major update to Windows 10 -- the Windows 10 Creators Update -- will begin rolling out to the 400 million monthly active devices worldwide on April 11. The company will also launch Surface Book and Surface Studio devices in new markets soon.

Surface Book and Surface Studio are available for pre-order in new markets, including Britain, Austria, China, Denmark, Finland, France, Germany, Hong Kong, Japan, the Netherlands, Norway, Sweden and Switzerland. The devices will be available for purchase on April 20. 

The easiest and most effective way to get the Creators Update is through the Windows Insider programme. The new capabilities coming with the Windows 10 Creators Update include faster Microsoft Edge browser, additional security and privacy protections, simpler game broadcasting with Beam, and 3D designing for everyone. 

In Microsoft Edge, the Creators Update will deliver better tab management features designed specifically to address the chaos and clutter of the web and the fear of losing tabs.

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Mentha oil little Changed on Uptick in Demand

Mentha oil futures were little changed during morning trade in the domestic market on Thursday as investors and speculators indulged in building up of fresh bets in the agri-commodity amid increase in physical demand for mentha oil from major consuming industries in the domestic spot market. 

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Further, widening of positions by traders in the spot market was led by a surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on higher supplies from producing regions, supported mentha oil prices at futures trade.


At the MCX, mentha oil futures for March 2017 contract is trading at Rs 993.30 per kg, up by 0.08 per cent, after opening at Rs 992.50, against the previous closing price of Rs 992.50. It touched the intra-day high of Rs 993.60.

OPEC Compliance with oil Curbs rises in March as UAE Joins cut

OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the UAE has helped boost OPEC compliance this month with its production-cutting deal to 95 percent, up from an initial February estimate of 94 percent and a record high, according to Reuters surveys. 

The Organisation of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) from Jan. 1 - the first accord on supply curbs since 2008. Non-OPEC countries pledged to cut about half as much. In comments made to Reuters, OPEC Secretary-General Mohammad Barkindo said the OPEC and non-OPEC agreement "is gradually, but steadily working its way to restore balance to the oil markets". 

"The rebalancing process is already underway," he added. OPEC wants to end a glut that is keeping oil <LCOc1> below $52 a barrel, half the level of mid-2014. But stocks are still high despite strong OPEC compliance, boosting expectations that the group will seek to prolong the agreement.

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Reliance Infra InvIT fund gets NHAI approval

Reliance Infrastructure InvIT Fund has got a crucial approval from National Highway Authority of India (NHAI), sources said. This is the first approval granted by NHAI for any InvIT fund. 

The RInfra InvIT Fund, with a proposed issue size of Rs 3,000 crore and an option to retain over-subscription up to 25 per cent, will own 10 toll road assets connecting major urban centres, with an option to acquire further assets in future. The road assets extend 770 km across five states with long concession periods. 

In November last year, the Securities and Exchange Board of India (SEBI) had granted the Certificate of Registration in terms of Regulation 6 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 to Reliance Infrastructure InvIT Fund. 

A month after receiving the certificate of registration, Reliance Infrastructure InvIT Fund had filed the draft red herring prospectus with the SEBI in December 2016. Reliance Infrastructure's proposed InvIT Fund issue is in line with the government's initiative to promote alternative means for long-term infrastructure financing.

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Kotak Mahindra Aims to Double Customer Base on new app

Kotak Mahindra Bank on Wednesday said it is planning to double its customer base through its new mobile banking app called 8-11. "We plan to double customer base in the next 18 months through the unique new phenomenon in Indian banking named 8-11," Uday Kotak, executive vice-chairman and MD of Kotak Mahindra Bank told reporters here at the launch of the app. 

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"It is inspired by Prime Minister Narendra Modi's November 8 (demonetisation) move. The inspiration is from Modi's vision of new India," he said. People can open an account using Aadhaar and PAN on 8-11, which offers up to six per cent interest on savings bank accounts, he added. 

"It offers zero balance, zero charges for all digital transactions. Only Aadhaar and PAN are required to open and operate it," Kotak said.

Market To Trade With Positive Bais On GST

Yesterday, Indian Benchmark Index Nifty opened gap-up by 28 points at 9128, the index made high of 9153 after FM begin debate on GST in Lok sabha which is highly expected to roll-out from 1st July 2017. Nifty closed at 9144. Arun Jaitley Commented on GST that • GST bill is expected to get passed in parliament on 12th April and impose taxes from 1st July. • The Tax will include tax slab of 5, 12, 18 and 28. Maximum capping to the structure is 40% to cater financial emergency. • Finance Minister expects to meet again on 31st March to approve the item in each category.

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Bank Nifty index made new all time high of 21419 and closed at 21391. SBI was up by 2.34%, Kotak Mahindra Bank was up by 0.35%, ICICI Bank was up by 1.91% and HDFC Bank zoomed 0.66%. Federal Bank, Indusind Bank and Yes Bank made new 52 week high today.

• Small Cap Index is trading in a range of 90 points from 6800 to 6890 from last 5 trading sessions. The index today made a high of 6890 and closed at 6876.

Nifty Future is opening at 9195 as per SGX Nifty at 8:00 am IST, 12 point above its previous close of 9183.35.

Wednesday, 29 March 2017

Dilip Buildcon bags road Project in Karnataka

Dilip Buildcon has said that it has been declared as lowest -1 (L1) bidder for orders valued at Rs.503.10 Cr. by NHAI in Andhra Pradesh on EPC mode. Dilip Buildcon Limited (DBL) has been declared as the Lowest-1 (L-1) bidder for the project of 4 Laning, Rehabilitation and Upgradation of NH-4 from Nalagampalli to AP/Karnataka Border from Km 171.590 (Design km 172.00) to Km 216.912 (Design km 219.687) (Design length = 47.687 Km) under NHDP-IV in the State of Andhra Pradesh on EPC mode. 

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The contract amount for this Four Lane NHAI project on EPC mode in the state of Andhra Pradesh project, to be executed on EPC basis, is Rs. 503.10 crore with 24 months of completion period. Meanwhile, shares of the company were trading at Rs 345.60 apiece, up 1.80 per cent from the previous close at 10:00 hours on BSE.

SBI to Raise Stake in SBI Card to 74% by June-end

State Bank of India (SBI) said it will increase its stake in SBI Card to 74 per cent by June end, reported PTI. "Stake will be increased by first quarter of next financial year...There are few regulatory issue that is being sorted out," SBI chairperson Arundhati Bhattacharya said at the launch of SBI Card Unnati. 

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The board of SBI has already given approval for hike of the bank's stake in its two credit card joint ventures with General Electric Company to 74 per cent. The bank has approval to infuse Rs 1,160 crore in the two JVs -- SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL)-- through purchase of equity shares from GE Capital so as to increase the bank's stake in both the companies to 74 per cent. Asked about remaining 26 per cent stake, she said, the decision has to be taken by GE. "Within next one month there should be finality on the remaining stake sale," it said. 

The American company seeks to exit SBI Cards. SBI currently holds 60 per cent stake in SBICPSL and 40 per cent in GECBPMSL. The balance being held by GE Capital in both the ventures. As per an agreement between SBI and GE Capital at the time of formation of SBI Cards, it was decided that whenever any party decides to exit the JV, the decision has to be on the basis of mutual understanding.

Tuesday, 28 March 2017

International Market Morning Update:

In international market S&P500 yesterday gave away it's ground of 2319 and closed at 2340. The index recently made a high of 2401 and has corrected almost 80 points after US President Donald Trump failed to pass his new healthcare bill.

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German Index Dax yesterday closed at 12065. The index is trading in a narrow range of 400 points from 12150 to 11830.

MSCI Emerging market index is trading at 968 recently the index made a high of 979.  

Market To Remain Strong On GST Bill Discussion

Yesterday, Indian Benchmark Index Nifty Opened 20 points gap down at 9093 and made high of 9094, the index closed at 9045 after making low of 9025. Heavy weight in Index HDFC Bank fell1.02%, Reliance Industries fell 2.77% and Infosys was down by 0.25%. Arun Jaitley Commented on GST that: • GST bill is expected to get passed in parliament on 12th April and impose taxes from 1st July. • The Tax will include tax slab of 5, 12, 18 and 28. Maximum capping to the structure is 40% to cater financial emergency. • Finance Minister expects to meet again on 31st March to approve the item in each category.
 
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Bank Nifty opened at 21178 and made high of 21179, the index closed at 20157 after making a low of 20980.

Smallcap index traded in a narrow range of 63 points from 6882 to 6819.

Nifty Future is opening at 9130.80 as per SGX Nifty at 8:50 am IST, 29 point above its previous close of 9101.60.

Monday, 27 March 2017

Menthaoil trading range for the day is 974.7-994.3

Menthaoil on MCX settled up 0.85% at 986.5 amid rise in physical demand for mentha oil in the domestic spot market. Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices. However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh. 

As cash is the primary mode of transaction in agriculture sector which contributes 15% to India’s total output. Earlier it was estimated that total area under Mentha planting will drop by 20% to 1.75 lakh ha for this season resulting into a proportionate fall in Mentha oil production this year. 

While sentiments is improved after the report titled, "World Essential Oil Market - Opportunities and Forecasts, 2015 - 2022," the world essential oil market released last year which expects industry to reach $11.5 billion by 2022, with a CAGR of 10.1% from 2016 to 2022. 

As some of the key driving factors of the market are rising inclination towards natural products, growing popularity of relaxation therapies, increasing disposable income resulting in better standards of living, and growing awareness of the probable side effects of chemical substances.

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Trading Ideas: 

*Menthaoil trading range for the day is 974.7-994.3. 

*Mentha oil spot at Sambhal closed at 1124.30 per 1kg. Spot prices was remain unchangeby Rs.0.00/-. 

* Mentha oil edged higher amid rise in physical demand for mentha oil in the domestic spot market. 

*Further, tight stocks position on higher supplies from producing regions, too supported mentha oil prices. 

*However, some gains were capped by speculation that sowing activity had been increased in key production area of Uttar Pradesh.

Naturalgas Market update

Naturalgas on MCX settled up 1.37% at 200.3 with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17, matching forecasts. 

That compared with a withdrawal of 53 billion cubic feet in the preceding week, a build of 15 billion a year earlier and a five-year average drop of 21 billion cubic feet. Total natural gas in storage currently stands at 2.092 trillion cubic feet, according to the U.S. Energy Information Administration, 16% lower than levels at this time a year ago but 12.7% above the five-year average for this time of year. 

Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S., even as a spring-like weather system with heavy showers and thunderstorms impacts the central U.S. The week will be mostly mild to warm across the country with limited demand for heating or cooling besides the far northern U.S., according to forecasters.

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Trading Ideas: 

*Naturalgas trading range for the day is 195.4-203.8. 

*Natural gas prices gained with traders betting that low production and rising demand for exports mean supplies are tightening despite waning cold weather. 

*Meanwhile, updated weather forecasting models showed that warm to mild conditions will dominate most of the U.S. 

*The U.S. EIA said in its weekly report that natural gas storage in the U.S. declined by 150 billion cubic feet in the week ended March 17.

JSW Steel keen to Snap up Troubled Steel cos for Expansion

JSW Steel is keen to capitalise on the stress in the sector by acquiring distressed alloy companies so that it can expand its capacity faster, a top official said as per the PTI report. "We are looking at distressed companies for acquisition," JSW Steel Chairman Sajjan Jindal told a select group of mediapersons at an event here to commission the group's port project over the weekend. He was replying to a question on whether his company would be looking at acquiring distressed steel companies like Monnet or Bhushan Steel. 

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"JSW is in a position to consolidate this industry. And in case, anywhere in the world, if steel industry has to remain consolidated, there cannot be too many players," Jindal said. He said the steel sector is "passing through a difficult phase" with companies facing problems due to a collapse in prices following the 2008 financial crisis from which the global economy is yet to come out. The billionaire industrialist, however, hinted that the worst is behind the steel makers with a recent surge in demand and prices, which is reflected in the numbers showing a jump in exports. 

"I wouldn't say the problems are behind us fully, but as of today the industry is doing well," he said. Jindal also thanked the Finance and Commerce ministries for measures, like anti-dumping duties and minimum support price, taken over the past year which have all helped the sector. 

It can be noted that the sector is one of the most stressed leaving banks with a pile of dud assets. In some cases, banks have replaced the management after revamping their loans and converting their debt into equity, and then finding for buyers.

Tata Power`s arm sells stake in Nelito

Tata Power has said in a filing to the Bombay Stock Exchange that NELCO and Af-Taab, subsidiaries of the company, along with other shareholders of Nelito have entered into an agreement for sale of shares of Nelito to DTS Corporation, Japan. 

NELCO Limited (NELCO), a subsidiary of the Company and Af-Taab Investment Company Limited (Af-Taab), a wholly owned subsidiary of the Company, both together hold 49.89 per cent in Nelito Systems Limited (Nelito). 

Tata Power is India's largest integrated power company with significant international presence in wind, solar, hydro and geothermal energy space. Meanwhile, shares of the company were trading at Rs 85.80 apiece, down 0.81 per cent from the previous close at 09:30 hours on BSE.

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Exchange of Rs 4,500 in old Notes Allowed in Nepal

The Reserve Bank of India (RBI) will allow exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national, a visiting team of the Indian central bank here hinted on Sunday. The Indian proposal has sent waves of nervousness among the Nepali public as India had earlier allowed Nepali citizens to possess up to Indian Rs 25,000 each. 

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An RBI team led by Dipali Pant Joshi, executive director, RBI, held talks with a Nepali team, led by Nepal Rastra Bank (NRB) Deputy Governor Chintamani Siwakoti, in Kathmandu and offered to provide exchange facilities up to INR 4,500 in banned Indian currency notes and gave one week's window to complete the exchange formalities. 

However, the Nepali side has been pushing to arrange facilities up to Indian Rs 25,000 which was earlier allowed to a Nepali citizen to hold legally. If the Indian side remains adamant over the decision, many people who possess banned Indian rupee notes would suffer badly. 

After both sides stated their respective positions, the next meeting has been scheduled for Monday, said officials at Nepal Rastra Bank, the central bank of Nepal.

International Market Morning Update:

On Friday S&P closed at 2342 after making a high of 2353, the Index opened at 2343 and made a low of 2332. S&P500 has a crucial support at 2030, below which the next target would be 2313. Currently S&P500 is trading at 2328. Markets did not get much time to react on the failure of Trump’s health bill on Friday, as the vote took place late night, thus Today would be crucial day for the markets.

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German Index Dax ,is trading in a narrow range of 400 points from 12150 to 11830 and friday closed at 12104.20.

Last week MSCI emerging market Index gave a breakout of its recent high of 956.50 and made a high of 979.65 , friday it closed at 969. The movement of the Index is showing immense strength in Emerging markets.The Index is currently trading at 969.

Stock Market Today by Shailesh Saraf – 27th March 2017

Indian Benchmark Index Nifty traded in a narrow range of 43 points from 9089 to 9134 on Friday. The Index opened at 9104 and closed at 9108. Last week Nifty traded in range of 149 points from 9168 to 9019.

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Bank Nifty rallied after Finance Minister said that he will soon announce a policy for quick settlement of non- performing assets taking help of RBI. The Index opened at 20988 and made a low of 20929. It closed at 21123 after making a high of 21174.

Small Cap Index made new record high on Friday of 6893 and closed at 6862. The Index opened at 6860 and made low of 6854.

Nifty Future is opening at 9092.50 as per SGX Nifty at 8:40 am IST, 51 point below its previous close of 9143.55.


Friday, 24 March 2017

Infosys, Tech Mahindra, TCS bag top awards by Hyderabad IT body

Infosys, Tech Mahindra and Tata Consultancy Services bagged top IT exporter awards by the Hyderabad Software Enterprises Association (HYSEA). The apex body of more than 300 IT, ITeS companies on Thursday held 25th Annual HYSEA Summit and Software Product Awards.

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Microsoft was adjudged as the top MNC IT exporter and Google the fastest growing IT company. Amit Sharma, Global COO, IBM, Global Business Services, and Katherine B. Hadda, Consul General, U.S. Consulate, Hyderabad, gave away the awards. Virinci Technologies bagged Best Indian IT SME Company, Virtusa (India) Pvt. Ltd. and GE (India) Exports Pvt. Ltd. bagged Best Indian IT services company in Rs 100 to 500 crore category and CA Technologies Pvt. Ltd in Best MNC IT services company category. 

CSR Awards were presented to Honeywell Technology Solutions, Wells Fargo Interprise Global Services and CPersistent Systems. Ten new start-ups received the awards in "HY10-Hyderabad's Hot 10 New Startups" category. 

Paymatrix, Callfree Infotainment, Gayam Motor Works, Ebutor Distribution, Bulbul Apps, Enmovil Solutions, Stumagz, H-Bots, FDood 4 Thought Foundation and Recycled India were adjudged as the Hot 10 Startups.

Carlyle Group takes Minority Stake in logistics firm Delhivery

The Carlyle Group has acquired a minority stake in Indian logistics firm Delhivery, while existing investor hedge fund Tiger Global also raised its stake, for a combined investment of more than $100 million, the buyout fund said on Friday. 


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The investment comes amid expectations India's logistics sector is set to expand strongly as the country unveils a new unified national sales tax and through growing online retail sales. 

Delhivery was founded in 2011 as a food delivery company but has since shifted to providing logistics services in more than 600 Indian cities through 12 fulfilment centres. 

"We see significant potential for technology-enabled logistics in the country with the growth of e-commerce," Neeraj Bharadwaj, managing director of the Carlyle Asia buyout team, said in the statement.

Thursday, 23 March 2017

Cardamom Futures rise 0.22% as Demand picks up

Cardamom futures were trading higher during morning trade in the domestic market on Thursday as investors and speculators build up fresh bets in the agri-commodity amid increase in physical demand for cardamom in the domestic spot market. 

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Further, insufficient supplies on restricted physical arrivals from the major cardamom producing regions, supported the upwardtrend in the domestic cardamom prices. 

At the MCX, cardamom futures for April 2017 contract is trading at Rs 1392.50 per kg, up by 0.22 per cent, after opening at Rs 1392, against a previous close of Rs 1389.50. It touched the intra-day high of Rs 1395

Mentha oil Futures little Changed on rise in Demand

Mentha oil futures were little changed during morning trade in the domestic market on Thursday as investors and speculators indulged in building up fresh bets in the agri-commodity amid rise in physical demand for mentha oil from major consuming industries in the domestic spot market.

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Further, widening of positions by traders in the spot market was led by a surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on higher supplies from producing regions, supported mentha oil prices at futures trade.

At the MCX, mentha oil futures for March 2017 contract is trading at Rs 968.10 per kg, up by 0.07 per cent, after opening at Rs 965.80, against the previous closing price of Rs 967.40. It touched the intra-day high of Rs 971.60.

Mahindra & Mahindra’s arm Sells Entire stake in MICPL

Mahindra & Mahindra has said in a filing to the Bombay Stock Exchange that Mahindra Retail Private Limited ('MRPL'), an indirect subsidiary of the company, has sold its entire shareholding (100 per cent) in Mahindra Internet Commerce Private Limited ('MICPL'). Hence, MICPL has ceased to be a subsidiary of MRPL and as such of the Company. 

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Mahindra and Mahindra Limited is an Indian multinational automobile manufacturing corporation headquartered in Mumbai, Maharashtra, India. It is one of the largest vehicle manufacturers by production in India and the largest manufacturer of tractors in the world. Meanwhile, shares of the company were trading at Rs 1271.60 apiece, up 0.06 per cent from the previous close at 09:29 hours on BSE.


Bank of Baroda Raises Rs 1,000 cr via Bonds

State owned Bank of Baroda said it has raised Rs 1,000 crore by issuing Basel III compliant additional tier I bonds. The bonds will bear coupon rate of 9.14 per cent. The bank issued 10,000 bonds of face value of Rs 10 lakh each. To comply with Basel-III Capital Regulations, banks need to improve and strengthen their capital planning processes. 

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These norms are being implemented to mitigate concerns on potential stresses on asset quality and consequential impact on performance and profitability of banks. Indian banking system has been implementing Basel III standards in phases since April 1, 2013. The banks are expected to fully implement these norms by March 2019.

This will align full implementation of Basel III in India closer to the internationally agreed date of January 1, 2019. Meanwhile, shares of the company were trading at Rs 160.70 apiece, down 0.34 per cent from the previous close at 10:13 hours on BSE.

NSE to add 15 Stocks to F&O Sector from March 31

Stock exchange major National Stock Exchange (NSE) on Wednesday announced that it will add 15 stocks to the futures and options (F&O) segment. The NSE said in a statement that the additional stocks will be available for trading from March 31. 

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Reliance Defence and Engineering, InterGlobe Aviation, PVR, Capital First, Muthoot Finance, Dalmia Bharat, Equitas Holdings and Infibeam Incorporation are in the list of 15 additional stocks. 

The other scrips available for trading would be Ujjivan Financial Services, Suzlon Energy, Piramal Enterprises, Escorts, Shree Cements, Max Financial Services and Indian Bank, the statement said. 

"The market lot, scheme of strikes and quantity freeze limit of the above mentioned securities shall be informed to members on March 30, 2017 through a separate circular," it added.

Cabinet nod for Extending oil Production Sharing Contracts

A Union Cabinet panel on Wednesday approved a policy for extending the licences of oil and gas fields awarded before the 1999 New Exploration Licensing Policy (NELP) regime, on payment of an additional 10 per cent profit share. 

The Cabinet Committee on Economic Affairs approved the policy for grant of extension to the Production Sharing Contracts (PSC) signed by the government awarding pre-NELP exploration blocks, to enable and facilitate investment to extract the remaining reserves," a Petroleum Ministry release said here. 

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The policy, under which contractors will have to pay an additional 10 per cent profit during the extended period of the contract, will enable companies to extract not only the remaining reserves but also plan to extract additional reserves by implementing new technologies, the statement said. 

"In certain fields, additional recovery of hydrocarbons can be obtained through Enhanced Oil Recovery/Improved Oil Recovery (EOR/IOR) Projects and as such the production would extend beyond the current duration of PSC," it said. During the current year, the production from these oil and gas blocks, allotted in pre-NELP regime, is around 55 million barrels of oil and 965 million standard cubic metres of natural gas.

Market To Remain Volatile Ahead Of Banknifty Expiry & Heath Care Bill Voting In Senate

Indian Benchmark Index Nifty closed in the negative territory for the fourth consecutive day after making and all time high of 9218 tracking weak global cues. The index has correcred almost 190 points from its high, if it falls further below 9060 immediate support is at 8892. Yesterday Nifty Index opened gap down by 75 points at 9047 and closed at 9030 after making a low of 9019.

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Bank Nifty yesterday opened gap down by 204 points at 20815 and closed at 20781 after making low of 20754. ICICI Bank fell almost 2.52%, HDFC Bank 0.83% and SBI fell 1.69%.

Small Cap index opened gap down by 45 points at 6775 and closed at 6774 after making low a 6754.

Nifty Future is opening at 9083.50 as per SGX Nifty at 8:10 am IST, 37 point above its previous close of 9046.75.

Tuesday, 21 March 2017

HCL to provide IT Services to Volvo Ocean Race

HCL Technologies, the leading global IT services company has said that it has been chosen as the strategic IT services provider to the Volvo Ocean Race. HCL will be responsible for developing and delivering IT solutions for the 2017–18 edition of the race around the world. The Volvo Ocean Race held every three years witnesses the coming together of the best sailors across the world to compete in the toughest offshore challenge. 

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The IT infrastructure being developed in collaboration with HCL will form the backbone of Volvo Ocean Race’s streaming and TV production for key events such as arrivals, departures and the In-Port Race series. 

HCL will support vital services, such as inter-site connectivity at the race’s global stopovers, digital content delivery, mobile data centres and infrastructure with full redundancy, best-in-class Wi-Fi networks, and multimedia facilities for media centres and race offices. Meanwhile, shares of the company were trading at Rs 863.65 apiece, up 0.04 per cent from the previous close at 09:29 hours on BSE.

Copper Futures Slump over 0.93% on Global Cues

Copper futures fell during afternoon trade in the domestic market on Monday as investors and speculators exited their positions in the industrial metal tracking weak cues globally despite solid housing market in China, world's top metals consumer. Further, China's red-hot property market picked up pace in February, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand. 

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Besides, striking workers union at the world's largest copper mine, BHP Billiton's Escondida, in Chile called a fresh offer of talks by management to end a 39-day strike 'manipulative'. 

At the MCX, copper futures for April 2017 contract is trading at Rs 387.10 per kg, down by 0.93 per cent, after opening at Rs 389.55, against a previous close of Rs 390.75. It touched the intra-day low of Rs 386.55.

Bharti Infratel says Nettle Infra to buy about 21.63 Percent Stake in co from Airtel

Telecom tower infrastructure company Bharti Infratel said Nettle Infrastructure Investments would buy about 21.63 percent of its stake from company's promoter Bharti Airtel Ltd. 

In a disclosure filed with National Stock Exchange, Bharti Infratel said Nettle Infra Investments, a wholly-owned unit of Bharti Airtel, would acquire about 400 million shares on or after March 27. 

Shares of Bharti Infratel rose as much as 1.34 percent in early trade on Tuesday to be among the top gainers on the broader Nifty 50 index. - See more at: http://www.investmentguruindia.com/StockMarket/Bharti-Infratel.

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Bumper listing: D-Mart operator Avenue Supermarts Shares Double on debut at Rs 604

Avenue Supermarts, the operator of supermarket retail chain D-Mart, more than doubled on debut on hefty buying by investors. The stock listed at Rs 604.4 on the Bombay Stock Exchange, up 102 percent over issue price of Rs 299.

Investors earned huge returns on their money invested in the issue. One lot of 50 shares at issue price of Rs 299 cost Rs 14,950 for an investor. At listing price of Rs 610, the total value of investment jumped Rs 30,500.

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Hence, investor having one lot earned solid returns of Rs 15,550 (excluding brokerage charge).

The stock touched an intraday high of Rs 615 (up 105.68 percent) and low of Rs 558.75 (up 86.87 percent) after opening.

The public issue, which received bids worth Rs 1.38 lakh crore against an issue size Rs 1,326.70 crore (excluding the portion of anchor investors), was oversubscribed 104.59 times.

The Rs 1,870 crore IPO of Avenue Supermarts was open for subscription during March 8-10 and the price band was at Rs 295-299 per share.

The IPO was the biggest since PNB Housing Finance's Rs 3,000 crore offer in October last year.