Friday, 30 June 2017

GST: A game changer for the Indian Economy >> Free Stock Tips Call on 9644405056

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It has been termed a potential game changer, the single biggest tax reform undertaken by India in 70 years of independence, one the government says is founded on the concept of “one nation, one market, one tax.”

The moment, which India has waited for more than a decade, is finally beckoning. On 1 July, a single indirect tax regime will kick into force in Asia’s third largest economy, dismantling inter-state barriers to trade in goods and services.

Sensex recovers, Nifty reclaims 9500; ITC soars 4% ahead of GST rollout

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Benchmark indices recouped losses, with the Nifty reclaiming 9500 level, driven by ITC that surged to nearly 4 percent ahead of GST implementation.

The 30-share BSE Sensex was up 15.61 points at 30,873.13 and the 50-share NSE Nifty fell 1.10 points to 9,503.

Unichem Lab receives EIR report for Goa facility

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Leading pharma company, Unichem Laboratories Limited has said that the company’s formulations manufacturing facility at Goa has received an Establishment Inspection Report (EIR) from the USFDA. This receipt indicates the successful closure of the inspection and the queries raised during the audit (Form 483). The inspection has now been closed by the USFDA.

The inspection was carried out between 14th March 2017 to 20th March 2017. Unichem Laboratories manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world.

Indian Railways safety overhaul at risk due to rail shortage >> Free Stock Tips and more click now-

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A planned $15 billion safety overhaul of India's aging rail network is facing delays as the country's state steel company is unable to meet the demand for new rails.

State-owned Steel Authority of India Ltd (SAIL) has promised to meet only around 78 percent of demand in the year to end-March 2018, prompting Indian Railways to escalate the problem to the office of Prime Minister Narendra Modi, communications between the railways and the steel ministry show.

The shortfall means upgrades of the accident-prone network could move at a slower pace than the five years initially planned, and underscores the problems facing Modi as he tries to modernize India's infrastructure. Supplies of rails are only expected to improve next year.

RBI sets average base rate for NBFC-MFIs at 9.22% - Free Stock Cash Tips and more Call on 9644405056

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The Reserve Bank today said the average base rate applicable for lending by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) for the quarter beginning July 01, 2017 will be 9.22 per cent. "The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning July 01, 2017 will be 9.22 per cent.

The Reserve Bank had, in its circular dated February 7, 2014, issued to NBFC-MFIs regarding pricing of credit, stated that it will, on the last working day of every quarter, advise the average of the base rates of the five largest commercial banks for the purpose of arriving at the interest rates to be charged by NBFC-MFIs to its borrowers in the ensuing quarter.

Finance Minister asks industry to pass on GST rate cuts to consumers

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Finance Minister Arun Jaitley asked the industry to pass on the benefits arising from tax rate reduction due to GST roll out to consumers in a transparent manner. "The overall incidence of tax after implementation of GST will be less especially in the case of the consumer goods than the present incidence of the tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large," Jaitley said. 

In a meeting with industry chambers ahead of tomorrow's midnight launch of Goods and Services Tax (GST), Jaitley asked them to ensure that all benefits arising due to the implementation of GST from July 1, 2017, are passed on to the consumers in a transparent manner.

Key Indian equity indices trade lower during early session

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Key Indian equity market indices opened in the red on Friday ahead of the Goods and Services Tax (GST) roll-out.

The 30-scrip Sensitive Index (Sensex) was trading 141.80 points or 0.46 per cent lower during the early session.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) was also trading 30.40 points or 0.32 per cent lower at 9,473.70 points.

The BSE Sensex, which opened at 30,824.97 points, was trading at 30,715.72 points (at 9.21 a.m.) in the early session, lower 141.80 points or 0.46 per cent from Thursday's close at 30,857.52 points.

The Sensex touched a high of 30,824.97 points and a low of 30,703.29 points in the trade so far.

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Equities in Asia decline despite better-than-expected China PMI data >> Call on 9644405056 for Free Stock Tips

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Asian markets lost ground on Friday despite China manufacturing activity beating expectations as select tech shares around the region sold off.

Japan's Nikkei 225 dropped 1.14 percent to trade below the 20,000 level. The benchmark index traded at 19,990.5 at 9:35 a.m. HK/SIN.

The Kospi slipped 0.41 percent and Australia's S&P/ASX 200 pulled back 1.31 percent.

Markets in Greater China traded lower as President Xi Jinping visited Hong Kong ahead of the twentieth anniversary of the Hong Kong handover. Hong Kong's Hang Seng Index declined 0.97 percent. On the mainland, the Shanghai Composite was off by 0.41 percent and the Shenzhen Composite fell 0.315 percent.

Indonesian markets remained closed today.

Indian ADRs: HDFC Bank, Tata Motors up; Infosys, Wipro down

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Indian ADRs ended mixed on Wednesday. In the banking space, ICICI Bank added 0.05 percent at USD 7.83 and HDFC Bank rose 0.49 percent to USD 61.60.

In the IT space, Infosys was down 0.07 percent at USD 16.75 and Wipro shed 0.10 percent at USD 11.54.

In the other sectors, Tata Motors advanced 0.06 percent at USD 29.47 and Dr. Reddy's Laboratories was unchanged at USD 46.29.

Tech swoon leads big drop on Wall Street >> Get Free Intraday Tips Call on 9644405056

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Wall Street fell sharply on Thursday with the S&P 500 and Dow industrials on track for their worst daily drops in six weeks as investors continued a recent move out of technology shares.

The technology sector, which has led the S&P 500's 8-percent gain for the year, dropped 2.1 percent and were the worst-performing major group. Declines in big tech stocks, including Apple and Microsoft, weighed the most on the benchmark S&P.

Financials and energy were the only sectors in positive territory as investors may have been rotating into groups that have lagged this year.

"US equities have remained extended, at or close to record territory for an extended period of time really without a tremendous amount of conviction in the market."

Indian Rupee opens lower at 64.72 per Dollar- Free Intraday Tips Provider

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The Indian Rupee slipped 9 paise in the early trade on Friday at 64.72 per Dollar versus 64.63 Thursday.

The hawkish Central Bank commentaries have resulted in risk-off sentiment across the global markets, with equities losing and treasuries getting sold off.

The USD-INR pair has retraced from recent highs tracking other EM currencies. The pair to trade in a range of 64.50-64.90/Dollar for today.

The bonds have also sold off ahead of scheduled auction today, with the 10-year benchmark yield settling at 6.50 percent, tracking the risk-off sentiment and higher US treasuries.

Nifty opens July series below 9500, Sensex sheds 100 pts- Get Free Intraday tips Call on 9644405056

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The Reserve Bank of India (RBI) has removed restrictions placed on the purchase of shares in AU Small Finance Bank by foreign investors with the total foreign investment coming below the threshold caution limit.

The aggregate limit of total foreign investment that can be received by the company shall remain at 49 percent, the RBI said in a release. The restrictions placed on "the purchase of shares of the above company are withdrawn with immediate effect.

AU Small Finance Bank (SFB) has hit the capital market with an IPO to raise around Rs 1,900 crore. Its share sale of 3,76,95,520 shares was oversubscribed 1.36 times on the second day of the offer on Thursday.

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In International markets, S&P500 took resistance of its all-time high of 2451 and witnessed profit booking. The Index is trading at 2418.

Yesterday Labour Department released initial jobless claims. The report said initial jobless claims inched up to 244,000, an increase of 2,000 from the previous week's revised level of 242,000. Economists had expected jobless claims to edge down to 240,000.

Yesterday German Index Dax witnessed huge selloff. The Index fell by almost 400 points from its 12727 and Index made low of 12342.

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On Thursday 29th June, the Indian Benchmark Index, Indian Benchmark Index Nifty opened at 9523 and closed at 9504 after making a high of 9576.The Index closed up by 13 points from its previous day close. NSE has recorded highest ever turnover in F&O segment on Thursday. The total turnover in F&O segment in yesterday’s trade stood at around Rs 14.1 lakh crore.

Bank Nifty opened at 23312 and closed at 23227 after making a high of 23476.The Index closed down by 9 points from its previous day close.

The Small Cap Index traded strong and closed at 7299 after making a low of 7254.The Index closed up by 76 points from its previous day close.

Nifty Future to open gap down by 17 points at 9487 against yesterday's close of 9504 as per SGX Nifty.

Thursday, 29 June 2017

Cabinet okays signing of pact between India and US on Homeland Security

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The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved the signing of a Memorandum of Cooperation between India and the United States of America on Homeland Security.

The memorandum of cooperation will further strengthen bilateral security relations between India and the USA and will also help in coordination and interactions among the six Sub-Groups that are proposed to be formed under Homeland Security Dialogue between the two countries.

Coal projects provide growth scope for mine developers

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With the central and state utilities expected to invite bids for coal mining in the near future, domestic mine developer and operators (MDOs) with a good track record will have big growth opportunities. The MDO route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relevant track record, subject to attractive mine economics," the rating agency said in a statement. Financial Advisory which means a lot to a Financial trader and we can do a best with your investments with all mandatory work skills subscribe us now and get two days Free Trial >>

The credit profile of the appointed MDOs during the mine development phase is perceived to be risky, owing to high CapEx and negative-to-low free cash flow. However, the credit profile is likely to improve gradually over the mine operating period as the cash flows are negative to low till the annual production reaches the peak production capacity, and thereafter turn positive. 

Considering the high CapEx during the development phase, it becomes extremely important for the operator to achieve the envisaged strip ratio and/or operational efficiencies to recover the CapEx along with a reasonable return. According to statistics, as of May 2017, one out of the four MDOs appointed by central and state power utilities in the last 21 months has commenced mining operations and another two are likely to do so in FY18. The remaining MDO will start mine development in FY19.

Key Indian equity market indices open higher- Free Intraday tips Call on 9644405056

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Taking a cue from global markets the key Indian equity market indices on Thursday opened higher.

The Sensitive Index (Sensex) of the BSE, which had closed at 30,834.32 points on Wednesday, opened higher at 30,910.97 points.

Minutes into trading, it was quoting at 30,979.62 points, up by 145.30 points, or 0.47 per cent.

At the National Stock Exchange (NSE), the broader 51-scrip Nifty, which closed at 9,491.25 points on Wednesday, was quoting at 9,537.65 points, up by 46.40 points or 0.49 per cent on Thursday.

The Indian equity markets had continued with their losing streak for the sixth consecutive session on Wednesday as investors remained spooked ahead of derivatives expiry and execution of the country's biggest indirect tax reform- Goods, and Services Tax (GST).

Farm loan waiver may dent state finances, risk slippage- Free Stock Cash Tips and more Call on 9644405056

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Loan waiver schemes being doled out to farmers could have a significant impact on state government finances and pose a risk of further fiscal slippages. Four states Uttar Pradesh, Maharashtra, Punjab, and Karnataka, which account for around one-third of India's population have announced farm loan waivers and other state governments are likely to feel pressure to implement similar policies, particularly in states with upcoming elections.

"The farm loan-waiver schemes being discussed and rolled out across an increasing number of Indian states could have a significant impact on state government finances, and might undermine efforts to bring down general government debt. Larger state deficits would delay an expected gradual reduction in general government debt, which includes central and state government debt. "There is a risk that farm loan waivers - which we have not previously factored into our assumptions - will lead to further fiscal slippage at the state level or will reduce the funds available for public investment. 

The central government has the authority to block states from borrowing to finance persistently large deficits, but it could be reluctant ahead of approaching elections in some states, with the 2019 Lok Sabha election drawing nearer," Fitch said. The Centre has gradually consolidated its fiscal position in recent years and has indicated that loan waivers will have to be funded from state coffers.

Mutual funds managers need to improve due diligence- Free Intraday Tips on Mobile Call on 9644405056

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Indian mutual funds need to improve their due diligence before investing in corporate bonds and not rely only on credit ratings given rising concerns about potential defaults, the chairman of Securities and Exchange Board of India (SEBI) said on Thursday.

The warning by SEBI Chairman Ajay Tyagi comes as several companies, including Amtek Auto, Jindal Steel and Power Ltd, Ballarpur Industries, have defaulted on their debt coupon payments over the past few years.

"Mutual funds need to further strengthen their own due diligence and evaluation mechanism and not only depend on credit rating agencies," Tyagi said in a speech at a mutual funds conference.

Tyagi also said large institutional investors needed to be more "actively involved" in monitoring corporate governance at companies, an issue in the limelight after tussles between Tata Group and ousted Chairman Cyrus Mistry.

Can Doordarshan compete with private news channels?

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In all likelihood, starting next year, Doordarshan (DD) will have two separate news channels— one each in Hindi and English. Prasar Bharati, the state-owned broadcaster that runs DD and All India Radio, plans to convert its sociocultural channel DD India into a global English-language news channel on the lines of BBC and Al Jazeera. The move will place DD India in direct competition with private English news channels like Times Now, NDTV 24x7 and Republic TV.

Currently, DD India is an international channel with social, cultural and political programming skewed towards Indian audiences living abroad.

In a bid to revive DD’s viewership and finances, Prasar Bharati will also convert its current bilingual channel DD News into a full-fledged Hindi news channel that will then have a face-off with private Hindi news channels such as Aaj Tak, India TV, ABP News and Zee News, among others.

A former Prasar Bharati official, who requested anonymity, says the move will be a positive development as the hybrid channel has always confused the viewers, who are not sure if DD News is an English or a Hindi news channel as it carries news bulletins in both the languages. Although Barc (Broadcast Audience Research Council) India, the viewership monitoring agency, classifies DD News as a Hindi news channel, DD claims that the viewership of its prime-time English news is higher than all other similar slots on private rivals.

Jayant Sinha likens GST launch to a happy Indian wedding- Free Stock Tips Call on 9644405056

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With less than 48 hours to go for the roll-out of the goods and services tax (GST), minister of state for civil aviation Jayant Sinha on Wednesday allayed fears of any disruption, likening the launch to a big wedding party.

“Just like in Indian weddings we will have a great big party and everyone will live happily ever after...I call GST gantantra ka suvidha tantra (the Republic’s instrument of simplicity),” Sinha said.

He also said that the run-up to the rollout of GST on 1 July.

“More facilities will be given to the public as the income of the government will increase,” he added. “In the future, we will be able to control inflation. This is for the people of India, while the 10 million people from the business community will find it easier to pay tax as their compliance burden will be reduced.”

On West Bengal chief minister Mamata Banerjee’s description of the implementation of the tax reform as “another epic blunder of the Centre,” Sinha responded diplomatically.

Sensex extends gains; Nifty reclaims 9550 ahead of F&O expiry

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Shares of Axis Bank soared 4 percent intraday as investors cheered fresh fundraising by the bank.

The private sector lender raised Rs 3,500 crore by issuing debt securities on a private placement basis.

The board of directors of the bank approved and allotted 35,000 unsecured subordinated perpetual additional tier-I Basel III compliant non-convertible debentures aggregating Rs 3,500 crore on a private placement basis.

These debentures will strengthen the overall capital adequacy ratio of the bank by an estimated 74 basis points (0.74 percentage) and also enhance the long-term resources," the bank said in its statement.

Asia stocks pressured as Wall Street hit by healthcare vote delay

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Asian shares slumped on Wednesday after Wall Street was knocked hard in the wake of a delay to a US healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year.

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MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei share average also slipped 0.2 percent.

On Tuesday, the benchmark S&P 500 posted its biggest one-day drop in about six weeks and closed at its lowest point since May 31, after the US Senate's move to delay voting on a health care reform bill rekindled worries on the timeline for President Donald Trump's business-friendly policies.

Indian ADRs: HDFC Bank, Tata Motors, Infosys gain

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Indian ADRs ended higher on Tuesday. In the IT space, Infosys rose 0.09 percent at USD 14.94 and Wipro gained 0.03 percent at USD 5.12.

In the banking space, ICICI Bank was up 0.04 percent at USD 9.08 and HDFC Bank added 0.65 percent at USD 88.01.

In the other sectors, Tata Motors gained 0.14 percent at USD 34.14 and Dr. Reddy's Laboratories shed 0.09 percent at USD 41.49.

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The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday with stocks falling more sharply after a healthcare bill was delayed in the US Senate, raising fresh questions about President Trump's domestic agenda.

The benchmark S&P 500 posted its biggest one-day drop in about six weeks and closed at its lowest point since May 31.

Major indexes extended losses after US Senate Republican Leader Mitch McConnell decided to put off a planned vote on a bill to dismantle the Affordable Care Act until after the Senate's July 4 recess.

The healthcare legislation, which has encountered resistance from several Republicans, is the first plank of Trump's domestic policy agenda, with investors eager for him to move onto his other plans including tax cuts, infrastructure spending, and deregulation.

Promises for such domestic polices helped fuel a 13.1-percent rise for the benchmark S&P 500 since Trump's Nov. 8 election.

"The market likes certainty, and now there's uncertainty," said Peter Costa, president of trading firm Empire Executions in New York. "What is this going to look like when this gets out of the next iteration? That uncertainty I think is just having people pause a little bit."

"I also think that when the market gets to certain levels, any type of uncertainty, especially in anything that has to do with the administration, will have an adverse effect," Costa said.

The Dow Jones Industrial Average fell 98.89 points, or 0.46 percent, to 21,310.66, the S&P 500 lost 19.69 points, or 0.81 percent, to 2,419.38 and the Nasdaq Composite dropped 100.53 points, or 1.61 percent, to 6,146.62.

Big tech names weighed most heavily on the S&P 500. Google parent Alphabet fell 2.5 percent after EU antitrust regulators hit the tech giant with a record USD 2.7-billion fine.

The Nasdaq had its worst day since a tech-led slide on June 9 raised questions about the sector.

Indian Rupee opens marginally lower at 64.55 per Dollar - Get Free Intraday Tips Call on 9644405056

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The Indian Rupee opened marginally lower at 64.55 per Dollar on Wednesday versus previous close 64.53.

The Rupee will take cues from weak domestic equity market and will trade sideways to negative. The spot USD-INR pair to trade in a range of 64.40-64.80/Dollar."

The Dollar Index tumbled against major currencies and ceded ground after hitting a five-week high against the yen.

Meanwhile, the euro traded at a ten-month high against the greenback following ECB President Mario Draghi's comments that the central bank could potentially adjust its policy in response to improving economic conditions.

Sensex extends gains; Nifty reclaims 9550 ahead of F&O expiry

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Equity benchmarks extended gains in morning trade, with the Nifty reclaiming 9550 level ahead of the expiry of June derivative contracts.

The 30-share BSE Sensex was up 179.57 points at 31,013.89 and the 50-share BSE Nifty rallied 57.30 points to 9,548.55, driven by banks, technology, and auto stocks.

The broader markets outperformed benchmarks, with the BSE Midcap and Smallcap indices rising 0.7 percent and 1.2 percent, respectively. About four shares advanced for every share rising on the BSE.

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In International markets, S&P500 has recovered from low of 2414 and is currently trading at 2443, recently the Index made high of 2451.

German Index Dax yesterday closed at 12700 recently the Index made high of 12951.

MSCI EMERGING MARKETS Index is trading 1017 recently the Index made a high of 1023.

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On Wednesday 28th June, yesterday the Indian Benchmark Index, Indian Benchmark Index Nifty opened at 9520 and closed at 9491 after making a low of 9474.The Index closed down by 20 points from its previous day close.

Bank Nifty opened at 23210 and closed at 23236 after making a low of 23114.The Index closed up by 20 points from its previous day close.

The Small Cap Index recovered 85 points from its low of 7138 to finally close at 7223.The Index closed up by 32 points from its previous day close.

Nifty Future to open gap up by 22 points at 951yesterday'close of 9491 as per SGX Nifty.

Wednesday, 28 June 2017

Closing Bell: Nifty closes below 9,500, Sensex slips 124 points, RIL falls 2.5% - Free Intraday Tips Call on 9644405056

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The NSE-Nifty closed lower by 0.20% on Wednesday as weakness in lenders on worries about provisioning for defaulted loans continued, while concerns of bloated valuations following a record-setting rally dampened risk appetite. 

Sensex lost 124 points to close at 30,834 points. The Nifty PSU Bank index slid as much as 1.7% to its lowest in three months, a day after a news report said the central bank has ordered lenders to raise their provisioning against loans undergoing bankruptcy proceedings. 

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The Nifty is up 16.2% this year so far. It last hit a record high on 6 June. Tuesday’s weakness has not gone away as there are concerns that valuations are pretty expensive. State Bank of India declined as much as 2.1%. It had fallen 3.2% on Tuesday. Reliance Industries Ltd fell as much as 2.5%, its biggest intraday percentage loss in 3 months, and was the biggest drag on both the Nifty and the Sensex. The stock had risen 32.8% this year as of Tuesday’s close. 

However, oil refiners gained as crude traded marginally lower after a report of rising US inventories underscored concerns that a three-year supply glut is far from over. Indian Oil Corp (IOC) climbed as much as 2.4%, while Bharat Petroleum Corp Ltd (BPCL) gained as much as 2.1%.

Railways to boost communication mechanism with States

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In a bid to expedite the Railway projects and to improve coordination with State Government for faster execution, Ministry of Railways is working on a system of Coordinating Officers of both Railways and the respective State Governments. On the request of Ministry of Railways, the majority of the States have nominated their representatives to sort out different issues of mutual coordination and to monitor the progress of Railway Projects in their respective State.

The representative from States have been holding regular meetings with railway authorities on various issues involving alignment, land acquisition, forestry, and wildlife clearances, law & order problems, Road Over and Under Bridges, shifting of electrical lines, canal crossings, funding of projects, identification of interested parties etc.

TVS Motor Company formed an alliance with Abans Auto a leading distributor in Sri Lanka

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TVS Motor Company said that it has formed an alliance with Abans Auto a leading distributor in Sri Lanka to launch TVS King, the 200 cc passenger three-wheeler in the Sri Lankan market. As a part of the agreement, the Company will leverage Abans Auto’s network of over 200 showrooms and appointed dealers in strategic locations around Sri Lanka. Furthermore, Abans Finance will provide finance schemes to the customers of TVS Motor Company at affordable rates, the company said in a filing to the Bombay Stock Exchange.

Commenting on the partnership, R Dilip, Senior Vice President - International Business, TVS Motor Company, said, “Abans Group is a respected and trusted brand in Sri Lanka. Their auto subsidiary, Abans Auto has an unrivaled distribution of 200 showrooms and touch points across the country. Known for providing superior customer experience in sales and service, it is an ideal platform for TVS King to gain acceptance in the country.