Wednesday, 28 June 2017

BHEL bags order for 15 MW solar Photovoltaic Power Plant

State-run BHEL on Tuesday said that it has secured an order for setting up a 15 megawatt (MW) solar photovoltaic (SPV) power plant on engineering, procurement and construction (EPC) basis, in Gujarat.

"The order has been placed on BHEL by Gujarat Alkalies and Chemical Limited (GACL) for setting up the SPV Power Plant at Gujarat Solar Park at Charanka in Gujarat," the company informed the BSE in a filing.

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"Significantly, this will be BHEL's first ground-mounted solar PV project in the state of Gujarat. The company is presently executing over 180 MW of ground-mounted and rooftop Solar PV projects across the country."

However, BHEL did not divulge the cost of the project.

"The company has enhanced its state-of-the-art manufacturing lines of solar cells to 105 MW and solar modules to 226 MW per annum," the filing said.

"In addition, space-grade solar panels using high efficiency cells and space-grade battery panels are manufactured at its Electronic Systems Division, Bengaluru."

Gold firm as U.S. Healthcare vote delay Weighs on stocks, Dollar

Gold prices firmed on Wednesday as the dollar struggled and shares weakened after a vote on U.S. healthcare reforms was postponed and European Central Bank President Mario Draghi hinted the ECB could trim its stimulus this year.

Asian shares slumped on Wednesday after Wall Street was knocked hard as U.S. Senate Republican leaders delayed a vote on a healthcare overhaul on Tuesday until next month, adding to investor worries about President Donald Trump's ability to deliver on his promises of tax reform and deregulation.

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The dollar index, which weighs the greenback against a basket of six currencies, slipped to 96.322 on Wednesday, its lowest since November.

Spot gold rose 0.4 percent to $1,251.91 per ounce by 0408 GMT.

U.S. gold futures for August delivery was up 0.5 percent to $1,252.50 per ounce.

"Gold prices recovered from most of the sudden plunge in prices earlier this week, with huge volumes being bought on the open in Europe," ANZ said in a note.

"These gyrations point to erroneous trades, with little macro-events inducing such volatility. In the end, gold is back where it all started at around $1,250/oz," it added.

The precious metal slid 1 percent on Monday as a large sell order hit sentiment, though losses were limited by political uncertainty around the world.

"The dollar and the equities are on the back foot at the moment, providing a little support to gold," a Sydney-based trader said.

Sebi tweaks OFS norms to Encourage Employees' Participation

Relaxing its offer-for-sale (OFS) norms, markets regulator Sebi allowed companies' promoters to sell shares within two weeks from the OFS transaction to their employees, reported PTI. Currently, promoters cannot buy or sell the company's shares for 12 weeks after the OFS. In order to streamline the process of OFS with an objective to encourage greater participation by employees, Sebi has modified the existing provision with respect to restriction on sale of shares by promoters post-OFS.

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"Promoters of eligible companies shall be permitted to sell shares within a period of two weeks from the OFS transaction to the employees of such companies. The offer to employee shall be considered as a part of the said OFS transaction," Sebi said in a circular. At their discretion, promoters can offer shares to employees at the price discovered in the OFS transaction or at a discount to the price discovered.

Besides, promoters would have to make necessary disclosures in the OFS notice to the exchange including number of shares offered to employees and discount offered, if any.

Friday, 23 June 2017

Shriram EPC bags multiple orders worth Rs 165 cr

Shriram EPC Limited (SEPC), one of the leading service providers of integrated design, engineering, procurement, services has that it has won multiple orders under its water management business amounting to Rs. 165 crore.

“The first order amounting to Rs. 83.37 crore from City Corporation Davanagere, involves designing, building and improving bulk water supply for 24X7 water supply to Davanagere city and O& M of the Bulk Water Supply Scheme for 3 months.

The ADB funded project is to be executed over a period of 30 months with 3 months for O&M. The second order amounting to Rs. 82.56 crore from Tamil Nadu Water Supply & Drainage Board (TWAD Board) entails implementation of Water supply scheme in Hosur,” the company said in a filing to the Bombay Stock Exchange. Meanwhile, shares of the company were trading at Rs 26 apiece, up 9.01 per cent from the previous close

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SEBI Proposes stricter Separation on Investment Products

The Securities and Exchange Board of India (SEBI) on Thursday proposed to more clearly segregate entities advising on investment products from those selling them in an effort to prevent conflicts of interest.

Under current rules, companies are allowed both to advise and sell mutual funds or other investment products only through "separately identifiable departments or divisions", which must maintain an "arms-length relationship" between the two functions.

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Fees charged for each service must also be clearly separated.
But the SEBI on Thursday sought to make that separation more clear, proposing that companies would no longer be able to offer both advisory and distribution services unless they were split into separate subsidiaries, proposing that the division be completed within six months.

The SEBI also said those providing investment advice must have proper permission from regulators of the products about which they give advice.

The SEBI oversees equities, corporate bonds, and mutual funds, while the central bank oversees trading of currencies and government bonds.

"To prevent the conflict of interest that exists between advising of investment products and selling of investment products by the same entity/person, there should be clear segregation between these two activities," the SEBI said in a draft proposal.

GST may lead to better operating profit margin for multiplex operators

Multiplex companies—PVR Ltd and Inox Leisure Ltd—are expected to benefit from the implementation of the goods and services tax (GST). That’s mainly on account of the input tax credit on fixed costs that these firms bear such as rent, common area maintenance and so on. Ratings agency Icra Ltd estimates that input tax credit will be available on 33% of the total operating expenses. The GST rate has been fixed at 28% for tickets costing over Rs100 and 18% for those under Rs100.

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Tickets below Rs100 account for a small portion of overall ticket sales of PVR and Inox. This is disappointing considering that the entertainment tax is in a similar range (of 28%) for these firms. As analysts from Dolat Capital Market Pvt. Ltd point out, entertainment tax for PVR and Inox based on their net box-office collection is 29% and 27%, respectively, as on fiscal year 2017 (FY17) and thus a 28% GST rate would not have any impact for the multiplex chains. Note that the industry was expecting 18% rate across the board.

Amid loan waivers, foreign investors want nothing to do with state bonds

Indian states have never been able to attract dollars to finance their market borrowings. Since October 2015 when state development loans (SDL) were first allowed to be picked by foreign portfolio investors, not more than a trickle has come in. But over the last few months, foreign investors are earnestly avoiding state bonds even though their pockets are filled to brim with central government bonds and even private corporate bonds. Since April, foreign investors have bought only Rs140 crore worth of state bonds while they grabbed nearly Rs40,000 crore of central government securities. The total approved investment limit in state bonds for investors was hiked by Rs6,000 crore in April this year and that of government bonds was hiked by Rs11,000 crore. Foreign investors even willingly bought more than Rs35,000 crore worth of corporate bonds at a time when companies are fixing their over-leveraged balance sheets.

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Thursday, 22 June 2017

Oil Prices climb off 10-month lows as U.S. Stockpiles Drop

Oil prices rose on Thursday after U.S. crude and gasoline stockpiles fell, but worries over whether OPEC-led output cuts would be able to rein in a three-year glut continued to drag.

The market largely shrugged off comments overnight from Iran's oil minister that members of the Organization of Petroleum Exporting Countries (OPEC) are considering deeper cuts in production.

Brent crude futures were 4 cents higher at $44.86 a barrel at 0219 GMT, after falling 2.6 percent in the previous session to their lowest since August last year.

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U.S. crude futures were up 6 cents at $42.59 a barrel. On Wednesday, they settled down at $42.53, after touching their lowest intraday level since August 2016.

Since peaking in late February, crude has dropped around 20 percent, with only brief rallies, completely erasing gains at the end of the year in the wake of the initial OPEC-led production cut.

OPEC and other producers agreed to cut output by 1.8 million barrels per day from January for six months, subsequently extended for a further nine months.

With production rising in Nigeria and Libya, countries exempt from the deal, and output surging in the United States, which was not part of the agreement, many bulls appear to have thrown in the towel.

Oil has "now fallen into 'bear' territory," ANZ said in a research note. "OPEC (and allies) may have pared back production, but that's being offset by relentless drilling in the U.S. and more output in Libya."

A bigger-than-expected cut in U.S. crude stockpiles reported overnight is barely shifting the dial.

Uber investor Bill Gurley to leave Company’s board of Directors

Turmoil at Uber Technologies Inc. continues as longtime backer and director Bill Gurley is leaving the company’s board following the resignation of chief executive officer Travis Kalanick.

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Gurley will hand the board seat to Matt Cohler, his partner at Benchmark, a spokesman for the venture capital firm said.

This will be the third change to Uber’s board in recent weeks. TPG’s David Bonderman was replaced as director by his colleague David Trujillo on Wednesday. Bonderman resigned after he made a sexist remark to fellow board member Arianna Huffington at a company all-hands meeting meant to address Uber’s flawed corporate culture. Wan Ling Martello, an executive at Nestle SA, joined the board earlier this month.

Gurley was one of Uber’s earliest investors and biggest fans. He played a key role on the board over the years, helping to recruit many of the company’s executives. But in private Gurley became a vocal critic of Kalanick in recent months, people familiar with the matter said. The start-up has been in upheaval for most of this year, following rider protests over the company’s ties to the Trump administration and an investigation into Uber’s corporate culture conducted by former US attorney general Eric Holder.

Can niche Products drive VST Tillers into the big league?

The VST Tillers Tractors Ltd stock hit a new 52-week high this week. Despite the company’s unexciting performance in the March quarter, the stock gained almost 20% in the last one month, as the management guided for healthy growth in fiscal year 2018 (FY18).

The company expects power tiller volumes to rise this year, after dropping 7% in FY17. Tractor sales, which increased 24% in FY17, are forecast to register double-digit growth this year also.

VST Tillers is trying to reduce its dependence on power tillers, which are dependent on government subsidy, which is prone to payment delays. Given the subdued outlook for the power tillers business (projected to see an annual average growth of 5-6%), the company is focusing on tractors for growth. It launched two new tractor models and aims to increase its market share further. According to ICICI Securities Ltd, VST Tillers’ management expects tractors to power tillers sales mix to reach 60:40 by 2020. Last fiscal year, the company derived 41% of its revenues from the tractors business.

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The strategy sounds plausible. But it faces one challenge—scalability. Right now, VST Tillers operates in the less than 30 horsepower (hp) segment. It roughly constitutes less than 10% of the total tractor industry’s volumes. It is not present in the 30-40hp and 40-50hp categories, which constitute three-fourths of India’s tractor market and are seeing growth.

“While the government’s push for increased farm mechanisation by subsidising tractor purchases is likely to aid sales in the lower HP segment, a continued customer shift towards increased usage of various agro-implements is likely to lead to a further increase in market size for high HP tractors over the long term,” ratings agency Icra Ltd said in a recent note.

In the overall tractor market, VST Tillers right now has less than 2% market share. It aims to increase this to 5%. New products and geographical expansion can help the company drive sales in the near term. But as an analyst with a domestic broking firm points out, it can be tough to make significant gains in market share without a presence in the large and fast growing 30-50hp segment.

The flip side of GST: its Impact on the Informal Economy

The markets are gung-ho about the shift to the goods and services tax (GST). One factor driving this optimism is the anticipated shift of business from small, unorganized firms in some sectors to organized ones. Since the latter are already in the formal economy, comply with regulations, are generally larger in size and pay taxes, the switch will be much easier for them, which will ultimately translate into increased market share.

Analysts have been preparing lists of companies that will benefit in sectors such as apparel, tiles and sanitaryware, plywood, textile, footwear, electrical equipment and appliances, and plastics and packaging. All these sectors have a high composition of unorganized firms (see chart).

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For example, analysts expect the share of the informal segment in the tiles industry to decline from 40% currently to 20%. Similarly, nearly 60% of the ready-mixed concrete market is unorganized. In the light electrical segment, more than 35% of the businesses are in the informal sector. Certainly, this augurs well for larger companies in the organized sector. This also comes at a time when volume growth has just recovered from the effects of demonetisation and corporate India is desperate for a much-awaited earnings recovery.

But the gain in market share of listed companies means a corresponding fall in the share of units operating in the informal economy. GST is sure to take a toll on the financial health of small- and medium-sized enterprises (SMEs) operating in these sectors. Economists say that the informal or unorganized sector accounts for nearly 50% of India’s gross domestic product and is responsible for more than 80% of total job creation in the country.

Many of the firms operating in this part of the economy make profits largely due to tax evasion and non-compliance with regulatory norms, which allows them to offer products at comparatively lower prices. However, in the GST-era, it will be a struggle for survival for such firms because they will be faced with taxes, lower margins and a sharp spike in the cost of compliance. Some firms in the unorganized sector may go under, while others could find their profits curtailed. 

To be sure, in some instances the two sets of companies cater to different customers, but there is always some overlap. And it is not just the manufacturers in the informal economy who will suffer but also the smaller dealers and wholesalers.

The economics of logistics under the GST regime also favour large companies in the organized sector.

Minutes Reveal two Poles of the Monetary policy Committee

The minutes of the monetary policy committee meeting should put to rest the misgivings one (including this publication) had as to whether the committee members echo a party line. The fact that one member, Ravindra Dholakia, dissented is known but the minutes reveal the real vigour behind the discussions.

Dholakia wanted a 50 basis points cut in the repo rate but the Reserve Bank of India (RBI) had the vote of five to hold rates. He disagreed on almost every outlook that the central bank provided and not just the inflation forecast.

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The most interesting revelation from the minutes is the emergence of two poles, the dissenter Dholakia and the notable hawk Michael Patra, an RBI official. Both the members have polar opposite outlooks based on the same set of data.

While Dholakia said that core inflation figures indicate a clear declining trend and not stickiness, Patra read the opposite. The two members differed strongly even on the output gap. Patra believes that an output gap calculated on historic data will be wider than otherwise and a projected growth of 7.3% in gross value-added for fiscal year 2018 makes a case for a narrowing of the gap. However, Dholakia argued, “There cannot be disagreement on the Indian economy significantly under-performing compared to its potential now for quite some time.” The output gap is here to stay and will keep a lid on inflation, he said.

Dholakia also argued that farm loan waivers and state fiscal profligacy won’t be inflationary, in direct contrast to all other members’ statements.

Wednesday, 21 June 2017

Daily revision of fuel prices Structurally Positive for OMCs

The shift to daily revision in prices of petrol and diesel from fortnightly revision starting 16 June is structurally positive for Indian oil marketing companies (OMCs)—Bharat Petroleum Corp. Ltd (BPCL), Hindustan Petroleum Corp. Ltd (HPCL) and Indian Oil Corp. Ltd (IOC). With this, India joins countries such as the US and Australia where fuel prices are revised on a daily basis.

This means OMCs will be able to pass on daily changes in product prices and exchange rate fluctuations without delays.
IOC said daily revision of petrol and diesel prices will set new standards of transparency, encourage the automation drive of petrol pumps and lead to better stock management practices.

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However, it will probably be a while before OMCs see benefits in the form of higher marketing margins in their financials. Every Re0.1/litre increase in petrol/diesel price adds 1.9-3.5% to OMC earnings per share, according to Credit Suisse Securities (India) Pvt. Ltd.

It’s also worth remembering here that competition from private sector companies will pose a threat to expansion in marketing margins. Already, OMCs have lost market share in the fuel retailing business to private sector firms in fiscal year 2017 (FY17).

Nevertheless, all three stocks have outperformed the Nifty 50 index in the past year, supported by earnings growth. Even so, valuations aren’t expensive.

Kotak Institutional Equities highlights in a report on 19 June that OMCs may look optically inexpensive trading at 10-12 times price-to-earnings multiples or 6-6.7 times EV/Ebitda for FY19. EV is short for enterprise value and Ebitda stands for earnings before interest, tax, depreciation and amortization.

“However, it may be justified as a significant portion of the business is cyclical and it also requires meaningful amount of capex for upgradation and modernization, let alone to raise capacities,” added Kotak.

Are half-baked anti-Profiteering rules a Nightmare in the Making?

In the current format, the government’s anti-profiteering rules on the goods and services tax (GST) raise more questions than answers. While the intent is to curtail inflation post-GST implementation, the notification suffers from a lamentable lack of clarity on many aspects, increasing uncertainty for businesses.

To begin with, the law would be applicable to all businesses irrespective of their nature or revenue. Since businesses are already struggling to brace for the 1 July deadline, tax experts say it would have been better if these provisions were restricted to those having oligopolistic markets or ones where a significant inflationary spiral is expected due to GST.

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“The concern at this point in time is whether the sweeping provisions provided in the law can be effectively enforced without affecting business confidence. Also, every reduction in tax rates or increase in input tax credit may not lead to a corresponding reduction in prices as there could be simultaneous upward movement of costs of raw material or forex swings,” said M.S. Mani, senior director (indirect tax) at advisory firm Deloitte India.

There is no clear timeline that has been provided for the implementation of the law. Most importantly, there is no mention whether the mechanism for implementing anti-profiteering measures will be product-based or entity based. The rules only talk about the composition of an anti-profiteering committee and that it has the power to determine the methodology and procedure.

Globally, various economic factors like supply and demand conditions, cost structure of the supplier, and geographical location of the marketplace is considered to determine this mechanism. For instance, in Malaysia, the net profit margin methodology is used.

Anti-profiteering has not yielded the desired results in some countries where it was adopted. It proved to be a disaster in Malaysia as it is said to have been misused by tax officials, which led to tax terrorism.

सेबी की अहम मीटिंग, लिस्टिंग नियम बनेंगे आसान

21 जून को सेबी की अहम बैठक है। इसमें एनपीए से निपटने से लेकर आईपीओ की लिस्टिंग के नियम आसान बनाने पर चर्चा होगी। सेबी की कल की बैठक में एनपीए से निपटने की रणनीति पर चर्चा होने के साथ ही आईपीओ के लिस्टिंग नियम आसान बनाने पर विचार किया जाएगा। जिसके चलते अब लिस्टिंग 6 दिन की जगह 4 दिन के भीतर हो सकती है।

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इसके साथ ही सेबी की इस बैठक में पब्लिक ऑफर डॉक्यूमेंट को छोटा करने, डिफॉल्टर कंपनियों को खरीदना आसान करने, पी नोट्स के जरिए निवेश पर सख्ती करने, इंडिपेंडेंट डायरेक्टरों को और अधिकार देने और एनपीए के खिलाफ लड़ाई में सेबी के भी शामिल होने से जुड़े निर्णय लिए जा सकते हैं।

निफ्टी 9630 के करीब, सेंसेक्स 50 अंक कमजोर

कमजोर ग्लोबल संकेतों के चलते घरेलू बाजारों में भी दबाव देखने को मिल रहा है। सेंसेक्स और निफ्टी की शुरुआत कमजोरी के साथ हुई है। शुरुआती कारोबार में निफ्टी 9630 के करीब आ गया है, जबकि सेंसेक्स में 50 अंकों तक की गिरावट दिखी है। मिडकैप और स्मॉलकैप शेयरों में भी सुस्ती का माहौल है।

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बैंकिंग, ऑटो, आईटी, मेटल, कंज्यूमर ड्युरेबल्स और ऑयल एंड गैस शेयरों में बिकवाली देखने को मिल रही है। बैंक निफ्टी 0.3 फीसदी गिरकर 23,630 के नीचे फिसल गया है। हालांकि एफएमसीजी, कैपिटल गुड्स और रियल्टी शेयरों में खरीदारी आई है।

फिलहाल बीएसई का 30 शेयरों वाला प्रमुख इंडेक्स सेंसेक्स 57 अंक यानि 0.2 फीसदी की गिरावट के साथ 31,240 के स्तर पर कारोबार कर रहा है। वहीं एनएसई का 50 शेयरों वाला प्रमुख इंडेक्स निफ्टी 29 अंक यानि 0.3 फीसदी की कमजोरी के साथ 9,625 के स्तर पर कारोबार कर रहा है।

बाजार में कारोबार के इस दौरान दिग्गज शेयरों में एचसीएल टेक, अंबुजा सीमेंट, वेदांता, पावर ग्रिड, ओएनजीसी, विप्रो, टाटा स्टील, मारुति सुजुकी और एचडीएफसी 1.5-0.5 फीसदी तक गिरे हैं। हालांकि दिग्गज शेयरों में एलएंडटी, सन फार्मा, एशियन पेंट्स, एचयूएल, एनटीपीसी और एचयूएल 1.6-0.25 फीसदी तक बढ़े हैं।

Tuesday, 20 June 2017

Passengers in domestic Airlines grow 17.63% in January

Passengers carried by domestic airlines grew by close 18 per cent to 465.87 lakhs during January-May 2017 as against 396.04 lakhs in the corresponding period of previous year, according to the performance report of the domestic airlines released on Monday.

"Passengers carried by domestic airlines during Jan-May 2017 were 465.87 lakhs as against 396.04 lakhs during the corresponding period of previous year thereby registering a growth of 17.63 per cent," it said.

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According to it, the passenger load factor in May 2017 showed increasing trend compared to previous month primarily due to beginning of tourist season.

The private airline Spicejet with a 94.3 load factor for the last month topped among domestic airlines.

During last month, a total of 716 passenger related complaints had been received by the scheduled domestic airlines and the number of complaints per 10,000 passengers for May 2017 was around 0.70, the performance report said.
The overall cancellation rate of scheduled domestic airlines for May has been 0.33 per cent. Zoom Air reported the highest rate of cancellations with 6.45 per cent in May while no cancellation was recorded by Vistara, according to the report.

Out of various reasons of cancellations, technical problems were the highest with 52.1 per cent while commercial reasons at 3.4 per cent were the lowest.

Wipro Investors vote for higher Authorised Capital

Shareholders of software major Wipro Ltd approved two resolutions of its board to increase the authorised share capital and issue bonus shares through postal ballot and by electronic voting, said the company on Monday.

"As decided by the company's board on April 24-25, a postal ballot and electronic voting were conducted from May 5 to June 3 to seek approval of the members (shareholders) on the resolutions to increase the authorised share capital and issue bonus shares, said the IT major in a regulatory filing to the BSE.

The first resolution was on increasing the authorised share capital to Rs.1,126.50 crore from Rs 610 crore and the second to issue bonus shares and stock dividend as American Depository Shares (ADS) to their holders.

A total of 3,881 members, including 2,634 through postal ballot and 1,247 through e-voting system voted with assent, while 82 members, including 60 through postal ballot and 22 through e-voting system voted against the measure.

The number of votes cast (equity shares of Rs 2 each) by 2,634 members through postal ballot was 306,91,401 and 211,89,26,648 by 1,247 members through e-voting

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Gold hovers near five-week low; political Tensions Support

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Gold inched higher on Tuesday, supported by global political uncertainties, after touching a five-week low earlier in the session as a key U.S. Federal Reserve official reaffirmed its hawkish stance on interest rate hikes.

Risk aversion due to Brexit, concerns over U.S. President Donald Trump's ability to carry out financial reforms, election results in Europe and Middle East turmoil has provided some support for gold, said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
"We can see things are getting more complicated and investors have to take some time to put things into context," To said.

Spot gold rose 0.2 percent to $1,244.76 per ounce by 0431 GMT. U.S. gold futures were nearly flat at $1,246.60
Spot prices touched a low of $1,242.61 an ounce early in the session, the weakest since May 17, after New York Fed President William Dudley reinforced that recent weak data is unlikely to derail plans to keep raising interest rates.

Gold is used as an alternative investment during times of political and financial uncertainty.

British and EU Brexit negotiators agreed how to organize talks on Britain's divorce at a first meeting in Brussels on Monday, where both sides stressed goodwill but also the huge complexity and tight deadline.

Late Monday, Chicago Fed President Charles Evans said it may be worthwhile for the U.S. central bank to wait until year-end to decide whether to raise rates again and that it should move slowly to raise them and trim its massive bond portfolio.
Spot gold may break a resistance at $1,248 per ounce and rise towards the next resistance at $1,251, as it failed to break a support at $1,243, according to Reuters technical analyst Wang Tao.

After having broken through the 100-day moving average, the 200-day moving average could be the next significant support for gold, said OANDA analyst Jeffrey Halley.

"A daily close below here suggests we could target the May lows."

SpiceJet in Provisional deal for 40 Boeing 737 MAX 10 jets

Indian low-cost carrier SpiceJet signed a provisional deal on Monday to buy 40 of Boeing's newly launched 737 MAX 10 jets, becoming an inaugural customer of an aircraft designed to blunt strong sales of rival planemaker Airbus' A321neo.
The agreement, valued at $4.7 billion at current list prices, includes a new order for 20 planes and a conversion of 20 of SpiceJet's 737 MAX 8 aircraft from an existing order, the companies said at the Paris Airshow.

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SpiceJet chairman Ajay Singh said the 190-230-seat aircraft was right for India's growth, the fastest in global aviation.
"As happens in many countries growing at the pace at which India is growing, many airports are running out of capacity and for those airports this is a perfect aircraft," he told a news conference.

Asia, especially India, is a key market for planemakers, with analysts expecting Indian passenger numbers to more than triple over the next 20 years as millions more people become wealthy enough to fly for the first time.

SpiceJet, which was briefly forced to ground its fleet in late 2014 when it ran out of cash, is the fourth-largest Indian airline behind InterGlobe Aviation's IndiGo, Jet Airways and state-run Air India.

निफ्टी में हल्की बढ़त, सेंसेक्स 50 अंक मजबूत

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शुरुआती कारोबार में घरेलू बाजारों में हल्की बढ़त के साथ कारोबार देखने को मिल रहा है। निफ्टी की चाल थोड़ी सुस्त है, लेकिन सेंसेक्स में 0.15 फीसदी की बढ़त आई है। निफ्टी 9670 के करीब पहुंचा है, जबकि सेंसेक्स 50 अंकों तक मजबूत हुआ है।


मिडकैप और स्मॉलकैप शेयरों में अच्छी खरीदारी आई है। बीएसई का मिडकैप इंडेक्स 0.4 फीसदी तक बढ़ा है, जबकि निफ्टी के मिडकैप 100 इंडेक्स में 0.1 फीसदी की मामूली बढ़त दर्ज की गई है। बीएसई का स्मॉलकैप इंडेक्स 0.25 फीसदी तक बढ़ा है।

ऑटो, कैपिटल गुड्स, कंज्यूमर ड्युरेबल्स और पावर शेयरों में खरीदारी देखने को मिल रही है। बैंक निफ्टी 0.1 फीसदी तक गिरकर 23,722 के स्तर पर नजर आ रहा है। पीएसयू बैंक और रियल्टी बिकवाली आई है।

फिलहाल बीएसई का 30 शेयरों वाला प्रमुख इंडेक्स सेंसेक्स 53 अंक यानि 0.15 फीसदी तक बढ़कर 31,364 के स्तर पर कारोबार कर रहा है। वहीं एनएसई का 50 शेयरों वाला प्रमुख इंडेक्स निफ्टी 12 अंक की तेजी के साथ 9669 के स्तर पर कारोबार कर रहा है।

Infosys Faces Ample Real Risks, it needn’t Worry about fake ones

Early last week, Infosys Ltd made a laughable addition to the list of risk factors for its shareholders: it said that actions of activist shareholders could impact the trading value of its securities. Infosys’s decision to categorise this as a risk factor is ludicrous, especially at a time when peer Cognizant Technology Solutions Corp. has embraced nearly all suggestions given by activist shareholder Elliott Management Corp. Bloomberg Gadly columnist Andy Mukherjee has articulated well why Infosys’s move is plain silly.

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As luck would have it, later in the week, a far more credible risk factor emerged at the company. Infosys announced that one of its top executives, Sandeep Dadlani, global head of the manufacturing, retail, consumer packaging and goods and logistics units, had resigned. Dadlani oversaw over a third of the company’s business, and his exit is the latest in a series of jolts the company has faced in recent months.

According to this Mint report, nine executives of the rank of executive vice-president and above have quit Infosys since Vishal Sikka took over as Infosys’s first non-founder chief executive officer in August 2014. And at least in some quarters, this is being construed as a vote against the new CEO’s strategy.

Besides, Mint reported earlier this month that Infosys has dropped its aspirational target of achieving $20 billion in revenue by financial year 2020-21. Then there were news reports that the company’s founders plan to sell their stake in the company.

And as if the flow of negative news wasn’t enough, chief operating officer U.B. Pravin Rao added to the mix by stating that clients are asking for a so-called cost takeout of 20-30% of contract value in traditional services, with the view to reinvest it in new technology solutions. While the company later clarified that this doesn’t mean there is pricing pressure, that’s what a part of the Street concluded anyway. After all, like most Indian IT companies, Infosys gets a much larger proportion of revenue from traditional services than from new areas such as digital solutions.

Coffee: Higher output a risk for Prices in 2017-18

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The headline forecast for coffee in 2017-18 indicates consumption is growing, while output could be flat. Coffee output is expected at 159 million bags—a bag is 60kg—the same as the previous year, according to the US department of agriculture’s (USDA’s) forecast. Domestic consumption is pegged to increase by 1.3% and along with higher exports, is expected to lower closing stocks of coffee in 2017-18. That is ordinarily a good situation for prices.

The trend looks somewhat different when you consider the two varieties, Arabica and Robusta. In 2016-17, the Arabica crop had risen by 14% but is now expected to fall by 3.6% mainly due to a decline in Brazil, which has an off year for the crop.

The Robusta variety, on the other hand, is expected to increase by 6.7%, as output in countries such as Vietnam, Brazil, Indonesia and even India is projected to increase. These countries saw output decline in 2016-17 due to bad weather conditions. Vietnam is the largest grower of Robusta and its output is expected to benefit from good rains between January and March, said the USDA report.

India’s output by volume tilts towards Robusta, at 70% of the estimated coffee output in 2016-17, according to Coffee Board data. Although output fell that year, prices of Robusta had risen sharply. The Robusta benchmark of the International Coffee Organization on 15 June was up by 24% over a year ago, but the Brazilian Arabica benchmark was down by 10.6%. Recent months have seen Robusta prices turn flattish-to-lower.

Monday, 19 June 2017

कमोडिटी बाजार में आज क्या हो रणनीति

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कच्चे तेल में गिरावट बढ़ती जा रही है। पिछले हफ्ते करीब 5 फीसदी का गोता लगाने के बाद आज भी दबाव कायम है और ब्रेंट का दाम 47 डॉलर के स्तर पर आ गया है। जबकि नायमैक्स क्रूड में 44.5 डॉलर के पास कारोबार हो रहा है। दरअसल अमेरिका में ऑयल रिग तेजी से बढ़ रहा है। ऐसे में पिछले महीने ओपेक की बैठक के बाद से कच्चे तेल का दाम करीब 13 डॉलर तक लुढ़क चुका है। इस बीच डॉलर में रिकवरी से ग्लोबल मार्केट में सोना भी कमजोर पड़ गया है।

कॉमैक्स पर ये 1252 डॉलर के आसपास कारोबार कर रहा है। हालांकि चांदी में निचले स्तर से रिकवरी आई है और इसका दाम करीब 0.5 फीसदी बढ़ गया है। इस बीच डॉलर के मुकाबले रुपये में हल्की रिकवरी आई है। डॉलर इंडेक्स में बढ़त के बावजूद डॉलर के मुकाबले रुपया मजबूती के साथ खुला है और 1 डॉलर की कीमत 64.40 के नीचे आ गई है।

बेस मेटल्स की बात करें तो एमसीएक्स पर एल्यूमीनियम का जून वायदा 0.4 फीसदी टूटकर 120 रुपये के आसपास दिख रहा है वहीं कॉपर 0.4 फीसदी की गिरावट के साथ 3675 रुपये के आसपास नजर आ रहा है। एमसीएक्स पर लेड 0.5 फीसदी की बढ़त के साथ 135 रुपये के ऊपर चला गया है वहीं निकेल 0.2 फीसदी की बढ़त के साथ 575 रुपये के आसपास दिख रहा है जबकि जिंक 0.6 फीसदी की मजबूती के साथ 160 रुपये के ऊपर कारोबार कर रहा है।

एग्री कमोडिटीज की बात करें तो एनसीडीईएक्स पर जीरे का जुलाई वायदा 0.1 फीसदी की कमजोरी के साथ 18940 रुपये के आसपास दिख रहा है वहीं धनिया का जुलाई वायदा 1.8 फीसदी की बढ़त के साथ 5150 रुपये के आसपास कारोबार कर रहा है।

जीरा एनसीडीईएक्स (जुलाई वायदा): खरीदें - 18800, स्टॉपलॉस - 18500, लक्ष्य - 19400

धनिया एनसीडीईएक्स (जुलाई वायदा): खरीदें - 5020, स्टॉपलॉस - 4880, लक्ष्य - 5400

चांदी एमसीएक्स (जुलाई वायदा): खरीदें - 38400, स्टॉपलॉस - 38100, लक्ष्य - 39000

कच्चा तेल एमसीएक्स (जुलाई वायदा): खरीदें - 2860, स्टॉपलॉस - 2830, लक्ष्य - 2920

आज से खुला सीडीएसएल का आईपीओ

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सेंट्रल डिपॉजिटरी सर्विसेज लिमिटेड यानी सीडीएसएल का आईपीओ आज से 21 जून तक के लिए खुल गया है। कंपनी ने एंकर इन्वेस्टर्स के जरिए 154 करोड़ रुपये जुटा लिए हैं। कंपनी इस इश्यू के जरिए 520 करोड़ रुपये जुटाएगी। आईपीओ का प्राइस बैंड 145 रुपये से 149 रुपये के बीच रखा गया है। जबकि लॉट साइज 100 शेयर का है।

सीडीएसएल की प्रोमोटर बीएसई है जिसकी कंपनी में 50 फीसदी हिस्सेदारी है। आईपीओ के बाद बीएसई की कंपनी में हिस्सेदारी घटकर 24 फीसदी रह जाएगी। आईपीओ के बाद सीडीएसएल का शेयर एनएसई पर लिस्ट होगा। सीडीएसएल देश की पहली लिस्ट होने वाली डिपॉजिटरी कंपनी है।
मोतीलाल, एंजेल ब्रोकिंग, निर्मल बंग, एलकेपी सिक्योरिटीज, केआर चोकसी, आईसीआईसीआई डायरेक्ट औऱ जीईपीएल कैपिटल की सीडीएसएल के आईपीओ में सब्सक्राइब करने की सलाह है।

India to allow late Filing in First two Months of GST - Arun Jaitley

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India will launch a new national Goods and Services Tax (GST) as planned on July 1, Finance Minister Arun Jaitley said on Sunday, but will let companies file late returns for the first two months so that they can adapt to a new online filing system.

The GST, the biggest tax reform in India's 70-year history, will require firms to file three online returns each month. Some business lobby groups have urged a delay to the rollout to allow more time to get ready.

Jaitley, speaking after a meeting of a GST coordination panel, said there would be "a slight relaxation of time" covering July and August before the strict GST filing timetable would apply from September.

Companies would be able to file simplified, aggregate returns in July and August, with a deadline of the 20th of the following month, said Hasmukh Adhia, a finance ministry official steering the launch of the tax.

Once fully up and running, the GST would require companies to file a complete return of their sales invoices by the 10th of the following month, with a second of their purchase invoices by the 15th. A third return would calculate their tax bill.

"Relaxation for filing transaction-wise returns in July, August ... will provide relief to the industry," said Harishanker Subramaniam, head of indirect tax at EY India.

The GST marks a technological leap forward for India - it will be driven by an IT back end that can process up to 5 billion invoices a month. It also poses a huge challenge for larger companies to remodel their business process, while many small-time traders lack the technological know-how to cope.

More than 6.5 million businesses have already signed up for the GST, Jaitley said, more than four-fifths of those already registered to pay India's old business taxes.