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Consistent demand for the US currency from oil importers and rising crude oil prices which raising inflationary pressures are major reasons for rupee depreciation. The Indian rupee touched a historic high of 71 against the US dollar on Friday, falling 26 paise today, 1.55 percent during the week and more than 11 percent year-to-date. It was trading at around 64 to the dollar on the same day last year. Consistent demand for the US currency from oil importers and rising crude oil prices which raising inflationary pressures are major reasons for rupee depreciation. Besides the robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions weighed on the domestic currency, forex dealers told PTI. VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said rupee was overvalued on trade-weighted real effectiv...

Indian shares will hit a new record high by year-end despite being rated as expensive, strategists polled by Reuters said, citing high oil prices and election uncertainty as the biggest downside risks to the BSE Sensex. While the tit-for-tat tariff war between the United States and China has hurt emerging markets and pushed the rupee to an all-time low, the benchmark index has gained nearly 14 percent this year and hit a lifetime high of 38,989 on Aug 29, outperforming other major global indices. That comes at a time when India's perennial problem of higher inflation is reappearing due to rising oil prices and also as global monetary policy is shifting to a tightening bias. Despite those concerns and increasing uncertainty ahead of national elections next year, Indian stocks have scaled several fresh highs and are forecast to continue that uptrend. The Sensex is forecast to rise another 2 percent and hit a new high of 39,500 by end-December from Wednesday's cl...

We expect L&T Tech to grow its consolidated revenues at CAGR of 23 percent for the next two years and reach Rs 4895 crore in FY19 and Rs 5696 crore in FY-20 on back of large opportunity present across capex intensive business and sustained the momentum of ramping up of existing clients With the rise of enabling technologies like 5G, IoT, Artificial Intelligence etc, the digital disruption now has expanded to almost each and every part of the global industrial complex including manufacturing and process industries. This has opened a new and bigger opportunity of more than USD 1.1 trillion markets for engineering outsourcing market. Larsen & Toubro Technology Services’ has the multi-sectoral presence and domain expertise enables cross-pollination of ideas and best practices leading to differentiated engineering solutions. During the latest quarterly results, the company has reported robust growth in revenues; it grew 33.2 percent in Q1-FY19 to USD 168.9 million as...

Gold prices inched up on Friday but remained on course to rack up their longest monthly losing streak since 2013, hit by worries over lingering U.S.-Sino trade tensions. Spot gold was up 0.2 percent at $1,202.04 an ounce at 0321 GMT, after touching a near one-week low of $1,195.95 on Thursday. Prices are down 1.7 percent so far this month, on track for a fifth straight monthly decline. U.S. gold futures were up 0.2 percent at $1,207.90 an ounce. "As $1,200 is always a psychological level, there will be some battle to regain that ... It is going to be critical whether prices are going to close above or below that level today," said Brian Lan, managing director at dealer GoldSilver Central in Singapore. Analysts and traders said gold would closely track moves in the dollar, in which the metal is priced, especially with investors bracing for the next round of the U.S.-China trade conflict. Gold prices have declined about 7.7 percent so far this year amid in...

NCDEX is in the final stage for the launching of its clearing corporation The markets regulator is working to expand the width and depth of the commodity derivatives market. Among the measures is a clearing corporation which is separate from an exchange’s trading function, allowing equity and commodity exchanges to enter each other’s area, inviting proposals for commodity index futures and rules for entry of foreign traders. These were mentioned by S K Mahanty, full-time member of the Securities and Exchange Board of India. He was speaking at the launch of the country’s first clearing corporation for commodities, floated by the Multi Commodity Exchange (MCX, as a 10 percent subsidiary, with Rs 1.5 billion net worth). He said stringent norms for meeting all types of scenarios, including default management and liquidation policies, have been prescribed for commodity clearing corporations. The new MCXCC will do its first clearing on Monday, for the trades that will happe...

International Brent crude oil futures were at $77.70 per barrel at 0232 GMT, down 7 cents from their last close. Oil prices dipped on Friday amid concerns the trade war between the United States and China could intensify, although looming US sanctions against Iran's oil exports prevented markets from falling further. International Brent crude oil futures were at $77.70 per barrel at 0232 GMT, down 7 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 3 cents at $70.22 a barrel. Still, with Venezuelan supply falling sharply and concerns around US sanctions against Iran that will target its oil exports from November, crude markets in August are on track to post a more than 4 percent rise for Brent and a 2 percent increase for WTI. In a sign of a tightening market, the amount of unsold crude stored in the Atlantic basin has dwindled from around 30 cargoes to just a handful in recent weeks, trade data showed. Despite this, ana...

Buying J Kumar Infraprojects with stop-loss at Rs 264 and target of Rs 280, Power Grid Corp with stop-loss at Rs 192 and target of Rs 200 and ITC with stop-loss at Rs 313 and target of Rs 329. The Nifty50 continued to be rangebound for the second consecutive session and closed the August expiry day on a flat note with a negative bias on Thursday. The index opened flat and remained weak throughout the session, forming small bearish candle, which resembles a 'Hammer' kind of pattern on the daily candlestick charts. The market recovered from intraday low in the late trade but that does not change the short-term outlook, experts said, adding the index is expected to be weak and remained in a consolidation mode. The Nifty Midcap index continued to outperform frontline indices, rising 0.13 percent while the sectoral trend remained mixed with Nifty Bank, Auto and Financial Service falling around half a percent each. FMCG and Pharma indices gained over a percent each....

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 10 points or 0.09 percent. Nifty futures were trading around 11,749-level on the Singaporean Exchange. The Nifty50 is likely to open lower on Friday following a mixed trend seen in other Asian markets. The index closed 15 points lower at 11,676 on Thursday. Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 10 points or 0.09 percent. Nifty futures were trading around 11,749-level on the Singaporean Exchange. US stocks ended their four-day winning streak on Thursday as trade anxieties resurfaced and investors sold risk ahead of the long Labor Day holiday weekend, said a Reuters report. Asian shares came under renewed pressure on Friday after reports US President Donald Trump was preparing to step up a trade war with Beijing and ready to impose more tariffs on Chinese imports, it said. Stocks in news: Wockhardt Ge...

Buying India Cements with the target at Rs 133 and stop loss at Rs 124, ITC with the target at Rs 325 and stop loss at Rs 315 and Sun Pharma Advanced with the target at Rs 425 and stop loss at Rs 390. The Nifty50 continued to be rangebound for the second consecutive session and closed the August expiry day on a flat note with a negative bias on Thursday. The index opened flat and remained weak throughout the session, forming small bearish candle, which resembles a 'Hammer' kind of pattern on the daily candlestick charts. The market recovered from intraday low in the late trade but that does not change the short-term outlook, experts said, adding the index is expected to be weak and remained in a consolidation mode. The Nifty Midcap index continued to outperform frontline indices, rising 0.13 percent while the sectoral trend remained mixed with Nifty Bank, Auto and Financial Service falling around half a percent each. FMCG and Pharma indices gained over a perce...

Grasim, TCS, Yes Bank, BPCL, Vedanta, Hindalco, Power Grid, Axis Bank are under pressure. Also, Nifty Bank was down 0.3 percent. Buzzing: Shares of telecom firm Idea Cellular gained more than 6 percent in the morning trade on Friday post the company received NCLT approval for Idea-Vodafone merger. NCLT (National Company Law Tribunal) has approved the merger of Idea Cellular and the Indian unit of Vodafone Group Plc, reported CNBC-TV18, quoting Sources. Foreign research house JPMorgan has maintained underweight call on Idea Cellular with a target of Rs 50 per share. Market Opening: The market has opened flat on the first day of the September futures & options series. The Sensex is down 32.76 points at 38657.34, while the Nifty is down 10 points at 11666.80.  About 551 shares have advanced, 397 shares declined, and 50 shares are unchanged.  Grasim, TCS, Yes Bank, BPCL, Vedanta, Hindalco, Power Grid, Axis Bank are under pressure. Also, Nifty Bank w...

The stock hit a 52-week high of Rs 165, up 12% on the BSE, trading close to its all-time high of Rs 178 touched on May 4, 2017, in intra-day trade. Shares of Greaves Cotton hit a 52-week high of Rs 165 per share, up 12% on the BSE in an otherwise rang bound market after the company said it will acquire a majority stake in Coimbatore-based electric vehicle (EV) company Ampere Vehicles. The stock was trading close to its all-time high of Rs 178 touched on May 4, 2017, on the BSE in intra-day trade. Ratan Tata-backed Ampere has in-house capabilities in designing, developing, manufacturing & marketing electric vehicles with a wide range of applications. “Greaves Cotton has entered into definitive agreements pursuant to which Greaves Cotton will acquire a majority stake in EV Company Ampere Vehicles Pvt. Ltd, subject to customary closing conditions. This acquisition will accelerate the development of clean energy technology solutions for mobility needs of passengers an...