Friday, 18 August 2017

इंफोसिस: विशाल सिक्का का इस्तीफा

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विशाल सिक्का ने इंफोसिस के एमडी और सीईओ पद से इस्तीफा दे दिया है। विशाल सिक्का को प्रोन्नत करते हुए इंफोसिस का वाइस चेयरमैन बनाया गया है। वहीं यूबी प्रवीण राव को कंपनी के अंतरिम एमडी और सीईओ के तौर पर नियुक्त कर दिया गया है। विशाल सिक्का का इस्तीफा तत्काल प्रभाव से स्वीकार कर लिया गया है।

विशाल सिक्का का प्रोमोटर्स के साथ लगातार मतभेद चल रहा था और उन्होंने इस लगातार मतभेद की वजह से ही इस्तीफा दिया है। विशाल सिक्का ने अपने इस्तीफे में कहा है कि लगातार उनको अच्छे काम को नजरअंदाज किया गया है। उन पर लगाए गए सभी आरोप बेबुनियाद, झूठे साबित हुए हैं। लगातार उनके काम में रुकावट डाली गई। उन्होंने आगे कहा कि बढ़ते तनाव के बीच उन्होंनें 100 घंटे से ज्यादा बिताए हैं। विशाल सिक्का ने कहा कि उन्होंनें शेयरधारकों के हित में इस्तीफा दिया है। इस्तीफे के पहले से वे बोर्ड के संपर्क में थे।

White House jitters and Barcelona terror attack weigh on Asian shares; Nikkei falls 1.3%

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Asia markets were pressured in early Friday trade after investors on Wall Street sold off on growing uncertainty over the Trump administration's ability to follow through on its economic policies.

Japan's Nikkei 225 fell 1.31 percent as risk off trade from the US session followed through into the Asian trading day. Across the Korean Strait, the Kospi declined 0.81 percent.

Meanwhile, Australia's S&P/ASX 200 tumbled 1.10 percent, driven by broad-based losses across all sub-indexes barring the health care sector. The heavily-weighted financials sub-index recorded a 1.59 percent fall.

Doubts over President Donald Trump's ability to carry out proposed economic policies grew in the US following rumors that National Economic Council Director Gary Cohn would be the next key member to resign from the administration. The rumor was later refuted by the White House.

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

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Indian ADRs ended mostly lower on Thursday. In the banking space, HDFC Bank was down 2.01 percent at USD 94.24 and ICICI Bank slipped 2.7 percent at USD 9.01.

In the IT space, Infosys gained 1.79 percent at USD 15.93 and Wipro was down 2.13 percent at USD 5.96.

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In the other sectors, Tata Motors was down 2.03 percent at USD 29.44 and Dr. Reddy's Laboratories shed 0.42 percent at USD 30.82.

Washington's mounting woes push S&P to biggest loss in three months

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US stocks sold off on Thursday, with the S&P 500 recording its biggest daily percentage drop in three months as escalating worries about the Trump administration's ability to push through its economic agenda rattled investors.

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The benchmark index also closed at its lowest since July 11, with the day's move marking the first time since the November 8 election of two days with more than 1 percent declines so close together. The index dropped 1.4 percent last Thursday, as concern over a possible conflict between the United States and North Korea hit the market.

The falls mark a break from a period of low volatility and subdued moves. The S&P 500 has had just four 1 percent declines this year.

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In International market, S&P500 witnessed sell off and has come to its support level of 2430. The index is currently trading at 2433. The weakness was on Report that Gary Cohn is resigning as Trump's economic advisor, however, the White House has denied the claims.

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Cohn was earlier president and chief operating officer of Goldman Sachs (GS), currently, serves as the Director of the National Economic Council. Cohn was very upset with Trump's unusual remarks indicating blame for the clashes between white house supremacists and counter-protesters should be shared by both sides. The Labor Department released a report which came as bigger than expected drop in initial jobless claims in the week ended August 12th.

German Index Dax yesterday closed at 12121, recently the index made a low of 11926.

MSCI emerging market index is trading at 1057 recently the index made a low of 1045.

Sensex opens 200 points lower, Nifty below 9850

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Infosys slipped as much as 6.09 percent in morning trade on Friday after the board of directors of Infosys Ltd said that they have accepted the notice of resignation of Dr. Vishal Sikka as the Managing Director and CEO, effective immediately.

Mr. U. B. Pravin Rao has been appointed Interim Chief Executive Officer and Managing Director reporting to Dr. Sikka under the overall supervision and control of the Company’s Board.

In his notice of resignation to the Board, Dr. Sikka reiterated his belief in the great potential of Infosys, but cited among his reasons for leaving a continuous stream of distractions and disruptions over the recent months and quarters, increasingly personal and negative as of late, as preventing management's ability to accelerate the Company's transformation.

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The Benchmark Index Nifty yesterday opened at 9946 and closed at 9904 after making a low of 9884. The index was up by 7 points from its previous close of 9897.

Bank Nifty opened at 24495 and closed at 24237 after making a low of 24122. Bank Nifty was down by 201 points from its previous close of 24438.

Nifty to open gap down by 54 points at 9860 against yesterday’s close of 9914 as per SGX Nifty.

The Cash Market Benchmark Index Small Cap continued its rally for the fourth day and added 60 points to the index to close at 7552. The index opened at 7518 and made a high of 7601.

Thursday, 17 August 2017

New “Make in India” metro rail policy gets Cabinet nod

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The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved a new Metro Rail Policy that seeks to enable the realization of growing metro rail aspirations of a large number of cities but in a responsible manner. The policy opens a big window for private investments across a range of metro operations making PPP component mandatory for availing central assistance for new metro projects. Private investment and other innovative forms of financing of metro projects have been made compulsory to meet the huge resource demand for capital intensive high capacity metro projects.

“Private participation either for the complete provision of metro rail or for some unbundled components (like Automatic Fare Collection, Operation & Maintenance of services etc) will form an essential requirement for all metro rail projects seeking central financial assistance,” says the policy, to capitalize on private resources, expertise, and entrepreneurship. In view of inadequate availability and even absence of last mile connectivity at present, the new policy seeks to ensure it focusing on a catchment area of five km's on either side of metro stations requiring States to commit in project reports to provide necessary last mile connectivity through feeder services, Non-Motorised Transport infrastructures like walking and cycling pathways and introduction of para-transport facilities. States, proposing new metro projects will be required to indicate in project report the proposals and investments that would be made for such services.

Nokia 8 launched globally, too soon be available in India

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Finnish company HMD Global on Thursday launched its much-awaited flagship device Nokia 8 that will be available in India during the festival season.

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Available in four colors -- polished blue, polished copper, tempered blue, and steel -- Nokia 8 would be available at the global price of 599 euros ($705) through September, the company said in a statement.

The device boasts three industry-first features for Android smartphones, including a collaboration with ZEISS optics, Nokia 'OZO Audio' and 'Dual-Sight' mode.

With only 4.6mm thin at the edge and 7.3mm slim on average, the flagship device's unibody is made from 6000 series aluminum with select models featuring a high-gloss mirror finish.

"People are inspired by the content they consume. It's these people who have inspired us to craft a flagship smartphone which perfectly balances premium design, an outstanding experience, and powerful performance," said Juho Sarvikas, Chief Product Officer of HMD Global.

Ramco Cements buys back shares worth Rs 167.70 cr

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Ramco Cements said that it has bought back 25 lakh shares at an average price of Rs 670.80 apiece at a cost of Rs 167.70 crore. "We have bought back 25,00,000 shares at a cost of Rs 167.70 crore excluding brokerage and other charges and at an average price of Rs 670.80 per share," the company said in a Bombay Stock Exchange (BSE) filing.

The company further said post buyback, the paid up share capital would stand reduced from Rs 23,80,76,780 to Rs 23,55,76,780 and number of equity shares would stand reduced from 23,80,76,780 to 23,55,76,780 of Re 1 each. Meanwhile, shares of the company were trading at Rs 690.15 apiece, down 0.39 per cent from the previous close at 11:20 hours on BSE.

YES Bank cuts savings account interest rate by up to 1%

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Private sector lender Yes Bank today reduced the interest rate on savings bank accounts by 1 per cent to 5 per cent for deposits of less than Rs 1 lakh. However, the bank will continue to pay 6 per cent interest on deposits of over Rs 1 lakh and less than Rs 1 crore. The bank has also slashed interest rate on savings accounts to 6.25 per cent from existing 6.5 per cent for deposits over Rs 1 crore.

The new rates would be effective from September 1, Yes Bank said in a statement. Yes, Bank is the fifth lender to reduce saving account interest rate after market leader State Bank of India (SBI) begun the process of reducing the interest rate. On July 31, SBI slashed interest rate on savings account deposits by 50 basis points to 3.5 per cent on balance of Rs 1 crore and below.

Asia shares up on North Korea reprieve, Dollar back in doldrums

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Asian stocks edged up on Thursday as tensions between the US and North Korea came off the boil, while worries about President Donald Trump's ability to implement his pro-growth agenda and the Federal Reserve's concerns about low US inflation hit the Dollar.

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MSCI's broadest index of Asia-Pacific shares outside Japan added 0.3 percent in early trade.

Japan's Nikkei slipped 0.1 percent, weighed down by the yen's strength.

South Korean shares advanced 0.1 percent after the leaders of both North Korea and the United States appeared to back off from their heated rhetoric from last week.

Trump on Wednesday praised North Korean leader Kim Jong Un for a "wise" decision not to fire missiles towards the U.S. Pacific territory of Guam after North Korean media reported that Kim had delayed to a decision while he waited to see what the U.S. did next.

Indian ADRs: ICICI Bank, Infosys, Tata Motors, HDFC Bank gain; Wipro slips

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Indian ADRs ended mostly higher on Wednesday. In the banking space, HDFC Bank was up 0.55 percent at USD 96.17 and ICICI Bank jumped 2.55 percent at USD 9.26.

In the IT space, Infosys gained 1.03 percent at USD 15.65 and Wipro was down 0.65 percent at USD 6.09.

In the other sectors, Tata Motors gained 2 percent at USD 30.05 and Dr. Reddy's Laboratories added 0.58 percent at USD 30.95.

Wall Street ends up but off highs after Trump announcement, Fed minutes

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US stocks ended slightly firmer on Wednesday but off the day's highs as worries mounted over President Donald Trump's agenda and minutes from the latest Federal Reserve meeting suggested policymakers are worried about weak inflation.

Indexes lost some ground following Trump's disbanding of two high-profile business advisory councils after two more CEOs resigned from the manufacturing council on Wednesday in response to his comments on weekend violence in Charlottesville, Virginia.

Wall Street stayed volatile following the release of the last Federal Reserve meeting's minutes, which showed policymakers appeared increasingly wary about recent weak inflation. Some called for a halt to further interest rate hikes until it was clear the trend was transitory.

Indian Rupee slips 16 paise in opening trade

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The Indian Rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per Dollar versus 64.12 Monday.

Encouraging US economic data and FII outflows will help the Dollar appreciate. The USD-INR to trade in a range of 64-64.50 for the day.

The US Dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favorable light.

The US currency also continues to benefit from abating fears about a military showdown between the US and North Korea.

The pound, on the other hand, tumbled after UK inflation came in softer than expected, quelling some concern that the Bank Of England would soon raise interest rates.

Sensex opens in the green, Nifty above 9900 in opening tick

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Shares of Infosys rose 3.6 percent in the early trade on Thursday as the company announced that it will consider share buyback issue on August 19.

The decision will be taken during a meeting of the board of directors of the company on Saturday.

For the same purposes, the company has closed the trading window with immediate effect and the trading window will re-open on August 22, 2017.

If the buyback is approved, any offers to purchase or solicitations of offers to sell will be made pursuant to a tender offer statement on Schedule to which will be filed with the US Securities and Exchange Commission by the company.

FOREX NEWS >> International Market Morning Update 17th August 2017- Get Free Stock Tips-

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In International S&P500 is trading at 2463, recently the Index made a low of 2430. German Index Dax yesterday closed at 12212, recently the Index made a low of 11926. MSCI emerging market Index is trading at 1066 recently the Index made a low of 1045.

The Federal Reserve remains on track to unwind its $4.5 trillion balance sheet at an "upcoming" meeting, according to the minutes of the central bank's July monetary policy decision. Policy makers also expect to raise their benchmark lending rate by a quarter percentage point one more time this year despite ongoing concerns about stubbornly tame inflation.

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The Benchmark Index Nifty closed in the green for the second day and closed 9897 after making high of 9904. The Index opened at 9825 and made low of 9774.

Bank Nifty closed above its 3day high levels of 24327 and closed at 24437. The Index closed in the green for the third consecutive day.

Nifty to open gap down by 5 points at 9902 against yesterday’s close of 9907 as per SGX Nifty.

The Cash Market Benchmark Index Small Cap rallied 560 points in last 3 days. The Index remained in green for continuous three trading session. The Index yesterday closed at 7492 after making high of 7498.

Wednesday, 16 August 2017

Zydus Cadila bags approval for Tiadylt ER capsules

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Zydus Cadila has said that it has received the USFDA final approval to market Tiadylt ER (Diltiazem Hydrochloride Extended-Release, USP) capsules (in strengths of 120 mg, 180 mg, 240 mg, 300 mg, 360 mg and 420 mg) and Azelastine Hydrochloride Nasal Spray (137 mcg). “Tiadylt ER capsules are used to treat hypertension, angina and certain heart rhythm disorders. The drug will be manufactured at the group’s formulations manufacturing facility at Ahmedabad,” the company said in a filing to the Bombay Stock Exchange.

On the other hand, Azelastine Hydrochloride is used to relieve nasal symptoms such as runny/itching/stuffy nose, sneezing and post-nasal drip caused by allergies or other conditions. It will be manufactured at the group’s formulations manufacturing facility at Moraiya, Ahmedabad. The group now has more than 140 approvals and has so far filed over 300 ANDAs since the commencement of the filing process in FY03-04. Meanwhile, shares of the company were trading at Rs 477.60 apiece, down 1.55 per cent from the previous close at 14:10 hours on BSE.

States take over Rs 2 lakh cr of DISCOMs debt

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Under Ujwal DISCOM Assurance Yojana, States have taken over the targeted debt of Rs. 2.09 lakh crores of their DISCOMs under borrowing exemption from the FRBM Act for the years 2015-16 and 2016-17, according to a statement released by the Ministry of Power.

As per the provisions of UDAY Scheme, the States would start taking over losses of DISCOMs in a graded manner from now on, starting with taking over 5 per cent of the losses of FY17 from the current financial year. Continued, concerted and coordinated efforts by the Centre, States, and DISCOMs, in the spirit of cooperative and competitive federalism, would help turn around the Distribution Sector by FY19.

The process of States taking over the targeted debts and issuing them as SDL Bonds have now been completed. As of now, the participating DISCOMs have to issue Bonds worth approximately Rs 37,000 crores, which would be done in due course. Rest of the debt with DISCOMs is mostly in the nature of CAPEX debt, which pays for itself, or Scheme based debt, which converts into grants fully or partially. Thus, they are not required to be taken over by the States.

Market Live: Sensex up over 150 points, Bank Nifty sees sharp recovery

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Pushed higher by a recovery in midcaps and banking stocks, the market in the afternoon session extended its gains and Nifty was above 9800-mark.

The Sensex was up 168.13 points at 31617.16, while the Nifty was up 47.70 points at 9841.85. The market breadth was still narrow as 1,459 shares advanced against a decline of 893 shares, while 97 shares were unchanged.

The Nifty Bank, after falling to levels of 23947, staged a bounceback and led to the strong recovery in Kotak Mahindra Bank.

Midcaps staged a recovery from the day’s low points, outperforming the Nifty during the current session. Autos, bank, FMCG, pharmaceuticals, IT and metals gained the most.

International Market Morning Update- 16th August 2016 by Ripples Advisory

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In International markets, S&P500 recovered from its low on account of value buying. The Index recently made a low of 2430 and is currently trading at 2463.

German Index Dax yesterday closed at 12189, recently the Index made a low of 11926.

MSCI emerging market Index is trading at 1056 recently the Index made a low of 1045.

Retail sales in the U.S. rose by more than expected in the month of July, according to a report released by the Commerce Department. The report said retail sales climbed by 0.6 percent in July after rising by a revised 0.3 percent in June. Economists had expected sales to increase by 0.4 percent compared to the 0.2 percent drop originally reported for the previous month.

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After 5 days of consecutive selling, the Benchmark Index showed strength on 14th Aug. The Index closed at 9794 after making a high of 9818.

Bank Nifty also remained strong last day. The Index opened at 24051 and closed at 24116 after making a high of 24212. Federal Bank up by 2.98%, PNB by 2.03% and Yes Bank by 2.25% were among the movers in the Banking Index.

Nifty to open gap up by 6 points at 9815 against yesterday’s close of 9809 as per SGX Nifty.

The Cash Market Benchmark Index, Small Cap was up by 2.83% last day. The Index closed at 7369 after making a high of 7379.

Asian shares mostly climb as investors digest regional earnings and a stronger Dollar

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Asian shares were mostly higher in early Wednesday trade as investors digested earnings releases from regional corporates and a resurgent Dollar.

Japan's Nikkei 225 edged down 0.03 percent, with gains in most tech stocks offset by losses in auto names. South Korea's Kospi rose 0.67 percent as markets returned from a public holiday.

Australia's S&P/ASX 200 gained 0.07 percent, as steep gains in the energy sub-index, which was up by 3.26 percent, were offset by declines in the health care, information technology, and financial sub-indexes.

US July retail sales rose 0.6 percent, which was stronger, than the 0.4 percent forecast. Meanwhile, retail sales for the month of June were revised upwards to reflect a 0.3 percent gain from a previously recorded 0.2 percent decline.

Indian ADRs: ICICI Bank, Infosys, Dr. Reddy's Labs gain; Tata Motors fall

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Indian ADRs ended mostly higher on Tuesday. In the banking space, HDFC Bank was up 0.43 percent at USD 95.64 and ICICI Bank gained 0.89 percent at USD 9.03.

In the IT space, Infosys added 0.13 percent at USD 15.49 and Wipro was up 0.16 percent at USD 6.13.

In the other sectors, Tata Motors declined 0.97 percent at USD 29.46 and Dr. Reddy's Laboratories added 0.16 percent at USD 30.77.

Wall Street ends flat; economic data offset retailer results

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US stocks ended little changed on Tuesday as declines in Home Depot and other retailers following results offset upbeat US retail sales data.

Home Depot's stock was down 2.7 percent and was the biggest drag on both the S&P 500 and Dow. Although the home improvement chain reported strong earnings and raised its forecast, investors appeared to be worried about supply constraints in the housing market that could be a drag on Home Depot's future earnings.

Shares of smaller rival Lowe's Cos were down 4.4 percent.

The S&P 500 consumer discretionary index, down 0.9 percent, also took a hit from a steep fall in the shares of Coach and Advance Auto Parts after disappointing results. The S&P 500 retail index was down 1.6 percent.

However, US retail sales recorded their biggest increase in seven months in July as consumers boosted purchases of motor vehicles as well as discretionary spending.

The data helped the dollar touch its highest level against a basket of major currencies in nearly three weeks.

"The retail sales numbers that came out today - that's nothing but good news. We had a positive surprise for this month and upward revisions for the past two months," said Brad McMillan, chief investment officer for Commonwealth Financial Network in Waltham, Massachusetts.

"People are spending but they're not spending on the same things. So from an economic perspective, it's all good news. From a company-level perspective, there are winners and there are losers."

The Dow Jones Industrial Average was up 5.28 points, or 0.02 percent, to 21,998.99, the S&P 500 lost 1.23 points, or 0.05 percent, to 2,464.61 and the Nasdaq Composite dropped 7.22 points, or 0.11 percent, to 6,333.01.

The markets had rebounded in the last two sessions after a standoff between the United States and North Korea showed signs of easing.

North Korean leader Kim Jong Un has delayed a decision on firing missiles towards Guam while he waits to see what the United States does, the North's state media reported.

Indian Rupee slips 16 paise in opening trade

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The Indian Rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per Dollar versus 64.12 Monday.

Encouraging US economic data and FII outflows will help the Dollar appreciate. The USD-INR to trade in a range of 64-64.50 for the day.

The US Dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favorable light.

The US currency also continues to benefit from abating fears about a military showdown between the US and North Korea.

The pound, on the other hand, tumbled after UK inflation came in softer than expected, quelling some concern that the Bank Of England would soon raise interest rates.

Sensex opens on a positive note, Nifty above 9800; Tata Power gains 3%

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Equity benchmarks continued with its positive momentum from the previous session and opened on a good note, with the Nifty reclaiming 9800-mark.

The Sensex was up 77.14 points at 31526.17, while the Nifty rose 23.05 points at 9817.20. The market breadth was positive as 626 shares advanced against a decline of 186 shares, while 27 shares were unchanged.

Midcaps were back in favor as they outperformed the benchmarks, while other gainers included FMCG, auto stocks, and metals.

Adani Ports, Tata Motors, Tata Power and BPCL were the top gainers, while Larsen & Toubro, Cipla, and Asian Paints lost the most on both indices.

The Indian Rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per Dollar versus 64.12 Monday.

Encouraging US economic data and FII outflows will help the dollar appreciate. We expect the USD-INR to trade in a range of 64-64.50 for the day.

The US Dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favorable light.

Monday, 14 August 2017

Why we Celebrate Independence Day of India-

Independence Day

India got Independence on 15th of August in 1947, so people of India celebrate this special day every year as the Independence Day on 15th of August. In the event celebration, organized in the National Capital, New Delhi, the Prime Minister of India unfurled the National Flag in the early morning at the Red Fort where millions of people participate in the Independence Day ceremony.

India got Independence on August 15th in 1947 after lots of movement of Independence during which many freedom fighters sacrificed their lives. After Independence, Jawaharlal Nehru became first Indian Prime Minister on 17thof August in 1947 who raised the National Flag at Red Fort near Lahore Gate in Delhi.

There is an Ashok chakra in the center of our Flag which contains 24 spikes distributed evenly. At this special day, we remember the great sacrifices of Bhagat Singh, Sukhdev, Raj Guru, Gandhiji and other dared freedom fighters for their unforgettable contribution in the Independence of India.

India is a country where millions of people live together whether they belong to various religion, cultures or traditions and celebrate this special occasion with great joy. At this day, as being an Indian, we should feel proud and must take an oath to keep ourselves loyal and patriotic in order to save our motherland from any type of attack or humiliation by other countries.

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Ripples Advisory Private Limited, Indore

Saturday, 12 August 2017

Egypt train collision kills 44, injures nearly 180

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At least 44 people were killed and nearly 180 others injured after two trains collided near Egypt's coastal city of Alexandria, officials said.

The Egyptian cabinet said in a statement that the number of deaths may increase and the final toll will be announced after clearing the debris of the two trains.

The deadly collision took place yesterday after a train traveling to Alexandria from Cairo, crashed into the back of another train coming from the Canal city of Port Said, which was waiting at a small station in the district of Khorshid, east of Alexandria, the Egyptian Railways Authority said in a statement.

The area of the collision has been cordoned off by security forces as a rescue team is currently searching for survivors over the night and removing the wreckage off the tracks, it said.

Iman Hamdy, 26, a survivor of the accident, said that she was traveling on the train going to Alexandria and noticed that it was already in a bad condition.

Sun Pharma says it sought re-inspection of its Halol facility, awaiting US FDA response

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Sun Pharma, India's largest drug maker on Friday said it has completed remediation exercise at its Halol plant in Gujarat and made a request to the US FDA for re-inspection.

“The remedial steps to address these observations are now complete and we are now awaiting a re-inspection by the US FDA,” said Dilip Shanghvi, Managing Director of Sun Pharma in the company’s earnings call.

“Till we have a successful outcome from the re-inspection we will not get any approvals from this facility,” Shanghvi added.

Shanghvi said the drug maker is giving top priority to bring back Halol unit under compliance.

The US FDA re-inspected the Halol facility from November 17, 2016, through December 1, 2016, and issued nine Form 483 observations.

Halol is an important plant for the company and contributed 10-15 percent to its US sales before the factory received a warning letter from the US FDA for violation of manufacturing norms in December 2015.

Deflation stalks India, farm loan waivers might hit GDP by 0.7%


In the second volume of the Economic Survey for 2016-17, which was released on Friday, Chief Economic Advisor Arvind Subramanian argued that the Indian economy faced significant short-term concerns, saying it was subject to strong deflationary pressures.

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The growth outlook was more subdued than when the first volume was presented just before the Union Budget for 2017-18 in February; the Survey said all indicators “pointed to a deceleration in real activity since the first quarter of 2016-17, and a further deceleration in the third quarter”. The Survey retained its prediction of GDP growth in 2017-18 coming in at between 6.75 and 7.5 per cent but said that “outcomes closer to the upper end” were considerably less probable now than they had been earlier. The Survey also warned that current growth would be difficult to sustain given underlying factors.