Oil prices slide as concerns about global economy, oversupply weigh

Oil prices fell on Thursday, retreating from an 8 percent rally in the previous session as the oil market focused on signs of faltering global economic growth and record production of crude.

Brent crude futures dropped 4.24 percent, or $2.31, to settle at $52.16 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell $1.61 to settle at $44.61 a barrel, down 3.48 percent.

"The market is giving back some of its gains from yesterday that were brought along with the euphoria in the stock market," said Andrew Lipow, president of Lipow Oil Associates in Houston.

Prices surged on Wednesday, tracking a spike on Wall Street after President Donald Trump's administration attempted to shore up investor confidence.

U.S. stocks retreated for most of the session on Thursday, dragging oil prices, before roaring back to end in positive territory.

Brent and WTI have lost more than a third of their value since the beginning of October and are heading for declines of more than 20 percent in 2018.

Concerns about slowing global economic growth have dampened investor demand for riskier asset classes and pressured crude futures.

Market participants are also worried about a glut of crude.

U.S. crude stocks rose by 6.9 million barrels in the week ended Dec. 21 to 448.2 million, data from industry group the American Petroleum Institute showed on Thursday. Analysts had expected a decrease of 2.9 million barrels.

Official U.S. government data will be released on Friday.

Three months ago it looked as if the global oil market would be undersupplied through the northern hemisphere winter as U.S. sanctions removed large volumes of Iranian crude. But other oil exporters have compensated for any shortfall, depressing prices.

The Organisation of the Petroleum Exporting Countries, along with Russia and other producers, agreed this month to reduce output by 1.2 million barrels per day (bpd), equivalent to more than 1 percent of global consumption.

But the cuts will not take effect until January and oil production has been at or near record highs in Russia, Saudi Arabia and the United States, now the world's top crude producer pumping 11.6 million bpd.

Russian Energy Minister Alexander Novak said the country will cut its output by between 3 million and 5 million tonnes in the first half of 2019. It then will be able to restore it to 556 million tonnes (11.12 million barrels per day) for the whole 2019, on par with 2018, he added.

Although U.S. sanctions have put a cap on Iran's oil sales, Tehran has said its private exporters have "no problems" selling its oil.

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Source: Moneycontrol

Crude oil futures fall on weak global cues

Crude oil prices plunged by 2.53 percent to Rs 3,511 per barrel on Tuesday as speculators reduced bets amid a weakening trend overseas.

At the Multi Commodity Exchange, crude for delivery in current month contracts fell by Rs 91, or 2.53 percent, to trade at Rs 3,511 per barrel in a business turnover of 1,801 lots.

On similar lines, oil for delivery in January moved down by Rs 90, or 2.47 percent, to Rs 3,553 per barrel in 4,711 lots.

Marketmen said, trading sentiments at futures trade dampened after crude oil prices tumbling to a 14-month-low to trade below the USD 59 a barrel on signs of oversupply in the US and as investor concern over global economic growth and fuel demand grows.

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Source: Moneycontrol

US oil prices inch up amid stockpile drop, signs of easing trade tensions

US oil prices edged up on Thursday, buoyed by a drawdown in inventories and by signs of easing trade tensions between Washington and Beijing.

Oil prices have also been supported by OPEC-led supply curbs announced last week, although gains have been muted after the producer group lowered its 2019 demand forecast.

US West Texas Intermediate (WTI) crude futures were at $51.27 per barrel at 0020 GMT, up 0.23 percent from their last settlement.

International Brent crude oil futures had yet to trade.

"Crude oil prices rose, helped by the easing trade tension, as well as a fall in inventories," ANZ bank said on Thursday.

"The news that China is looking to redraft its 'Made in China' 2025 plan boosted hopes that trade talks are progressing better than expected."

China appears to be easing its high-tech industrial development push, dubbed 'Made in China 2025', which has long irked the United States, amid talks between the two countries to reduce trade tensions, according to new guidance to local governments.

A drop in US crude stockpiles, though less than expected, has helped boost sentiment, analysts said.

US crude inventories fell by 1.2 million barrels in the week to Dec. 7, compared with market expectations for a decrease of 3 million barrels.

Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said 2019 demand for its crude would fall to 31.44 million barrels per day, 100,000 bpd less than predicted last month and 1.53 million less than it currently produces.

This adds to the concerns of several market watchers that the decision led by the group to cut production by 1.2 million bpd overall might not be enough to override a glut, especially on the back of soaring US output.

"Oil markets have been concerned about the possibility of weaker macroeconomic and oil demand growth; when combined with booming US shale output, this could keep markets oversupplied in 2019, even with the OPEC+ cut," Societe Generale analyst Michael Wittner said in a note.

"At this point, the OPEC+ cuts appear to have merely put a floor under prices."

The United States, where crude production has hit a record 11.7 million bpd, is set to end 2018 as the world's top oil producer, ahead of Russia and Saudi Arabia.

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Source: Moneycontrol

Oil drops as OPEC makes supply cut dependent on Russian support

Oil prices fell on Friday, pulled down by OPEC's decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.

International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel at 0144 GMT, down 56 cents, or 0.9 percent from their last close.

US West Texas Intermediate (WTI) crude futures were at $51.24 per barrel, down 25 cents, or 0.5 percent.

The declines came after crude slumped by almost 3 percent the previous day, with the Organisation of the Petroleum Exporting Countries (OPEC) ending a meeting at its headquarters in Vienna, Austria, on Thursday without announcing a decision to cut crude supply, instead preparing to debate the matter on Friday.

"OPEC has decided to meet Friday again...(as) Russia remains the sticking point," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore.

Analysts still expect some form of supply reduction to be decided.

"We are beginning to witness the outline of the next iteration of production cuts, with OPEC conforming to cut its own production by around 1 million barrels per day, with the cartel lobbying non-OPEC members to contribute more," Japanese bank MUFG said in a note.

SUPPLY SURGE, PRICE PLUNGE

Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.

Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.

That increase alone is equivalent to the output of major OPEC producer the United Arab Emirates.

The surge is largely down to soaring U.S. crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.

As a result, the United States last week exported more crude oil and fuel than it imported for the first time on records going back to 1973, according to data released on Thursday.

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Source: Moneycontrol

Crude reality remains restricted to demand-supply, even as OPEC meets on December 6

It is estimated that a $10 per barrel increase in crude oil prices increases the current account deficit of India by $15 billion, or around 0.50 percent of GDP. Rising crude oil prices have also a profuse knock-on effect on inflation and fiscal deficit. Therefore, it is no coincidence that rising crude oil prices dents the Indian rupee (INR) and pushes up bond yields. The correlations are sturdy enough to endure in the foreseeable future.

This is primarily because it is not just the price of crude oil but a robust year-on-year increase in crude oil consumption coupled with a depreciating rupee over the longer term that may lead to our crude oil import bill swelling by 7-8 percent annually, even if crude oil prices remain static. There is no escape from it unless India makes huge advancements in the area of electric or alternate energy vehicles over the next few years and arrests the rise in crude oil imports.

In the years to come, oil market players and followers alike will remember Jamal Khashoggi and how his unfortunate and untimely demise turned the tables on the crude oil market. The oil market remains adequately supplied despite US sanctions on Iran, thanks to a surge in US exports and Saudi Arabia's production being near an all-time high.

However, in the upcoming meeting of OPEC on December 6, it is widely believed that Saudi Arabia may not cut its crude oil production by much, if at all. This will obviously divide the OPEC and may estrange Russia within an already uncomfortable alliance, much to the delight of crude oil consumers like India.

Crude oil price move in the last 5 years have baffled most experts and I won't even try to climb that slippery slope. Though based upon volatility in production and prices in last three years it may appear that if OPEC cuts production by 0.50 -1.0 million barrels per day on December 6, we may then see Brent crude settling within $60-70 per barrel range by the year-end.

Production cuts of more than one million barrels per day can catapult Brent crude beyond $70 per barrel by the end of the year. No, production cuts won't be taken kindly by the oil bulls who may throw in the towel and we may witness the final capitulation in Brent towards $50 per barrel.

Crude oil like gold attracts observers and commentators alike who relish to wax eloquent at each major price move. However, like every other commodity, crude oil's fortunes shall be decided by the demand-supply equation, the only reality that matters at the end of the day. One of those days may be in the next week.

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Source: Ecnomictimes

Oil claws back some losses after 'Black Friday' plunge

Oil prices clawed back some losses after a nearly 8 percent plunge in the previous session, but remain under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.

Front-month Brent crude oil futures rose 91 cents, or 1.6 percent, to $59.71 per barrel by 0520 GMT.

US West Texas Intermediate (WTI) crude futures, were up 49 cents, or 1 percent, at $50.91 per barrel.

The gains did little to make up for Friday's selloff, which traders have already dubbed 'Black Friday'.

Reacting to Friday's falls in Brent and WTI, China's Shanghai crude futures on Monday fell by 5 percent, hitting their daily downside-limit.

The downward pressure comes from surging supply and a slowdown in demand growth which is expected to result in an oil supply overhang by next year.

"2019 will be a choppy year for the oil market as questions surrounding the prospect of a slowing global economy and a supply surplus are expected to increase," analysts at Fitch Solutions said on Monday.

Fitch said that even an expected supply cut led by the Organization of the Petroleum Exporting Countries (OPEC) following an official meeting on December 6 "may not be enough to counteract the bearish forces."

WIDER DOWNTURN

Oil markets are also being affected by a downturn in wider financial markets.

"2018 clearly marked the end of the 10-year Asia credit bull market due to tightening financial conditions in Asia (especially China), and we expect this to remain the case in 2019," Morgan Stanley said in a note released on Sunday.

"We don't think that we are at the bottom of the cycle yet," the US bank said.

Oil markets have also been weighed down by a strong US-dollar, which has surged against most other currencies this year, thanks to rising interest rates that have pulled investor money out of other currencies and also assets like oil, which are seen as more risky than the greenback.

"Anything denominated against the USD is under pressure right now, said McKenna.

Another risk to global trade and overall economic growth is the trade war between the world's two biggest economies, the United States and China.

"The US-China trade conflict poses a downside risk as we forecast the US to impose 25 percent tariffs on all China imports by Q1 2019," US bank J.P. Morgan said in a note published on Friday.

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Oil prices climb amid expected OPEC cut, but markets remain wary

Oil prices rose around 1 percent on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.

Despite that, market sentiment remains weak on signs of a demand slowdown amid deep trade disputes between the world's two biggest economies, the United States and China.

Front-month Brent crude oil futures were at $67.29 per barrel at 0259 GMT, up 53 cents, or 0.8 percent, from their last close.

US West Texas Intermediate (WTI) crude futures, were up 71 cents, or 1.3 percent, at $57.17 per barrel.

"The market's bullish radar is still waiting for OPEC+ to deliver a sizeable cut number," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

The Organization of the Petroleum Exporting Countries (OPEC), de-facto led by Saudi Arabia, is pushing for the producer cartel and its allies to cut 1 million to 1.4 million barrels per day (bpd) of supply to adjust for a slowdown in demand growth and prevent oversupply.

Despite Monday's gains, crude prices remain almost a quarter below their recent peaks in early October, weighed down by surging supply and a slowdown in demand growth.

This comes in part after Washington granted Iran's major oil customers, mostly in Asia, unexpectedly broad exemptions to sanctions it re-imposed on Tehran in November.

Japanese refiner Fuji Oil is set to resume Iranian crude purchases after Japan received one of those waivers, industry sources familiar with the matter said.

Japan had ceased all purchases of Iranian oil prior to receiving the waiver in early November.

Meanwhile, oil production in the United States is surging.

US energy firms added two oil rigs in the week to Nov. 16, bringing the total count to 888, the highest level since March 2015, a weekly report by energy services firm Baker Hughes said on Friday.

The rising drilling activity points to a further increase in US crude oil production, which has already jumped by almost a quarter this year, to a record 11.7 million bpd.

Put off by a surge in supply and the slowdown in demand, financial markets have been becoming increasingly wary of the oil sector, with money managers cutting their bullish wagers on crude futures and options to the lowest level since June 2017, the US Commodity Futures Trading Commission (CFTC) said on Friday.

The speculator group cut its combined futures and options positions on US and Brent crude during the week ended Nov. 13 to the lowest since June 27, 2017.

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Crude seen as wildcard as foreigners return to Indian bonds

Global funds are warming up to India’s sovereign bonds after shunning them for most of this year. Whether the interest will sustain depends on the price of oil, the nation’s top import.

Overseas holdings have risen 80.1 billion rupees ($1.1 billion) in the previous three weeks, data from the Clearing Corporation of India Ltd. show. The inflows have coincided with a swift drop in crude costs and debt-buying support from the central bank, helping put the benchmark 10-year bonds on course for their first quarterly gain in more than a year.

“With the US mid-term elections over, oil prices weakening and the dollar not seeing egregious moves relative to other currencies, we see value in owning Indian sovereigns,” said Manu George, director of fixed income at Schroder Investment Management Ltd. in Singapore.

Oil’s descent into a bear market has once again burnished the appeal of assets in nations running current-account deficits. Indonesian bonds, seen by some as a bellwether for sentiment toward developing markets, have set a blistering pace over the past month, gaining almost 8 per cent.

Indian sovereign bonds rallied on Wednesday as oil showed little sign of recovering from its unprecedented decline. The 10-year yield dropped five basis points to 7.71 per cent to head for its lowest close since Aug. 1. The rupee -- Asia’s worst-performing currency in 2018 -- surged to an almost two-month high as crude’s slump eased concern over India’s current-account deficit.

Earlier in the year, elevated energy prices, fears of fiscal slippage and the rupee’s plunge helped drive a yearlong rout in Indian bonds, with foreign holdings falling by as much as 330 billion rupees around mid-June from end-2017 levels.

“If oil continues to fall, we can expect it to be supportive of Indian government bonds as oil is arguably the major swing factor in terms of impact to economic growth and how it weighs on sentiment for India,” said Thomas Wu, head of Asia fixed income for discretionary portfolio management at Pictet Wealth Management in Hong Kong.

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Source: Economictimes

शेयरों पर नजर (Stocks to Watch) : टाटा मोटर्स, वेदांत, अपोलो टायर्स, टाटा ग्लोबल और रिलायंस इंडस्ट्रीज

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खबरों के कारण जो शेयर आज नजर में रहेंगे उनमें टाटा मोटर्स, वेदांत, अपोलो टायर्स, टाटा ग्लोबल और रिलायंस इंडस्ट्रीज शामिल हैं।

तिमाही नतीजे आज - अपोलो टायर्स, इमामी, एक्साइड इंडस्ट्रीज, पिडिलाइट इंडस्ट्रीज, टाटा ग्लोबल बेवरेजेज, टोरेंट पावर, रिलायंस इन्फ्रा, आदित्य बिड़ला फैशन, ग्रेविटा इंडिया, वी2 रिटेल, एचईजी, एचएफसीएल और बल्लारपुर इंडस्ट्रीज

टाटा मोटर्स - कंपनी को अप्रैल-जून तिमाही में 1,863 करोड़ रुपये का घाटा हुआ।

वेदांत - कंपनी का तिमाही मुनाफा 0.7% की मामूली बढ़त के साथ 2,248 करोड़ रुपये रहा।

बीएएसएफ इंडिया - कंपनी ने 0.7 करोड़ रुपये के मुकाबले 2018 की अप्रैल-जून तिमाही में 24.4 करोड़ रुपये का मुनाफा कमाया।

पावर ग्रिड - पावर ग्रिड ने 2,052.4 करोड़ रुपये के मुकाबले 2,240.5 करोड़ रुपये का मुनाफा कमाया।

रिलायंस इंडस्ट्रीज - कंपनी ने सरकार के खिलाफ गैस विवाद मामले में मध्यस्थ निर्णय जीत लिया।

महानगर गैस - कंपनी ने 124.3 करोड़ रुपये के मुकाबले 3.2% की वृद्धि के साथ 128 करोड़ रुपये का मुनाफा कमाया।

कैस्ट्रॉल इंडिया - कैस्ट्रॉल इंडिया का मुनाफा 137.9 करोड़ रुपये से 19% बढ़ कर 164.2 करोड़ रुपये रहा।

जिंदल स्टील - भारतीय रेलवे रेलों के लिए पहली बार वैश्विक निविदा में कंपनी को 1 लाख टन का ठेका मिला।

हिंदुस्तान पेट्रोलियम - कंपनी की ईरान से अगस्त में तेल आयात की योजना नहीं है।

एशियाई बाजारों की सुस्ती के बावजूद भारतीय बाजार में अच्छी शुरुआत

कल अमेरिकी बाजार के ऊपरी स्तरों से फिसलने और आज सुबह एशियाई बाजारों में सुस्त शुरुआत के बावजूद भारतीय बाजार शुरुआती कारोबार में थोड़ी मजबूती दिखा रहा है।

पहले आधे घंटे के कारोबार में सेंसेक्स और निफ्टी में आधा फीसदी से कुछ कम की बढ़त चल रही है। सुबह करीब 9.35 बजे बीएसई सेंसेक्स (BSE Sensex) 151 अंक या 0.45% की मजबूती के साथ 33,940 पर है। एनएसई निफ्टी (NSE Nifty) 40 अंक या 0.39% की बढ़त दर्ज कर 10,420 पर है।

छोटे-मँझोले सूचकांक भी लगभग इसी तरह की चाल दिखा रहे हैं। बीएसई मिडकैप और स्मॉलकैप दोनों में लगभग आधा फीसदी बढ़त है। यही हाल एनएसई के मिडकैप और स्मॉलकैप सूचकांकों का है। क्षेत्रीय सूचकांकों में मेटल में 1.7%, रियल्टी में 0.98% कैपिटल गुड्स में 0.97%, बैंकिंग सूचकांक में 0.80%, हेल्थकेयर में 0.71%, आईटी में 0.60% और टेलीकॉम में 0.40% की बढ़त चल रही है। तेल-गैस क्षेत्र का सूचकांक 0.40% गिरावट पर है।

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ADANI ENTERPRISES UPDATE BY RIPPLES ADVISORY

ADANI ENTERPRISES: EX-DATE FOR DEMERGER Shares of Adani Enterprises (AEL) will turn ex-date for the proposed demerger, which will unlock value of its renewable sector business. It will transfer the renewable power business to Adani Green Energy (AGE), which will be listed on the bourses later. In lieu of the transfer of assets, AGE will issue 761 shares of ₹10 each for every 1,000 shares of 1 each to the shareholders of AEL. The renewable power contributed about 816 crore, or 9.5 per cent to AEL’s FY17 turnover.

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Pipavav Founders sent Rs5,440 crore Arbitration notice by Reliance Infra

Anil Ambani-led Reliance Infrastructure Ltd on Monday said the company and its wholly-owned subsidiary Reliance Defence Systems Pvt. Ltd have issued a Rs5,440 crore arbitration notice to founder-promoters of erstwhile Pipavav Defence and Engineering Ltd, citing a breach of warranties..

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Exactly two years ago, Reliance Defence had bought Pipavav Defence, India’s largest shipyard, from the Gandhis of SKIL Infrastructure Ltd. Later, it bought another 26% stake in the company through an open offer.

In a stock exchange filing, Reliance Infra said it is making indemnity claims of Rs5,440.38 crore under the purchase agreement dated 4 March 2015 against Nikhil and Bhavesh Gandhi and their companies SKIL Infrastructure, Grevek Investments and Finance Pvt. Ltd, and SKIL Shipyard Holdings Pvt. Ltd.

Reliance Infra did not disclose the nature of these breaches.

“The company has discovered that there have been serious breaches of warranties and representations made by the founder-promoters (of Pipavav Defence). As per the share purchase agreement, we are entitled to claim the loss caused in an arbitration,” said a person aware of the development, on condition of anonymity.

Warranties are assurances of the state of affairs and governance standards of the company, and any breach can lead to a claim.

Reliance Infra is convinced of the breaches discovered and is therefore compelled to enforce its rights, this person added.

Reliance Group declined to furnish additional details.

Calls and messages received no response from Nikhil Gandhi, founder-chairman at Pipavav Defence.

Composite PMI shows Private sector Activity Contracted in February

Scarcely did we rejoice about GDP growth picking up in the December quarter than the Purchasing Managers’ Indices (PMI) delivered bad news. The Nikkei India Composite PMI Output Index, a gauge of conditions in both the manufacturing and services sectors, showed that private sector activity contracted in February 2018. The composite index fell from 52.5 in January to 49.7 in February. A reading below 50 indicates contraction from the previous month.

The composite index was dragged lower by the services PMI, which fell from 51.7 in January to 47.8 in February. Manufacturing, too, lost momentum during the month, falling from January’s 52.4 to 52.1, although it continued to expand.

Which sectors dragged down the services index? The PMI survey says, “Downturns in consumer services, finance & insurance, real estate & business services outweighed the upturns in information & communication and transport & storage.” What’s more, consumer services and real estate & business services reported declines in new business.

The PMI numbers for February indicate a loss of momentum in the economy. Although it’s still not reason for alarm, perhaps what it shows is that the recovery is going to be slow. There are, after all, headwinds emanating from higher interest rates, higher inflation, the parlous state of the banking sector and from the external sector.

Within the services sector PMI, the input price and prices charged indices moved up. Taken together with the rise in output prices in the manufacturing PMI, it shows the return of inflationary pressures.

It is also unfortunate that the “future output” sub-index in the manufacturing PMI and the “business expectations” sub-index in the services PMI have moved down in recent months, indicating that animal spirits among entrepreneurs are drooping.

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Greenply Industr Q3 net Profit Jumps 50.25% at Rs 36.06 cr

The company reported standalone net profit of Rs 36.06 crore for the quarter ended December 31, 2017 as compared to Rs 24.00 crore in the same period last year, registering a year-on-year growth of 50.25 per cent. Net revenue of the company rose moderately by 11.29 per cent at Rs 399.29 crore in October-December quarter of this fiscal as against Rs 358.78 crore in the corresponding period last year. During October-December quarter, operating expenses increased by 8.18 per cent to Rs 336.64 crore from Rs 311.18 crore in year ago period.

Other Income dipped by 63.54 per cent at Rs 1.01 crore versus (Dec'16 Rs 2.77 crore). Operating Profit surged by 29.28 per cent to Rs 62.65 crore as against Rs 48.46 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 16.14 per cent in December quarter. Interest declined by 22.42 per cent y-o-y to Rs 2.56 crore, while Taxation increased by 23.73 per cent at Rs 14.60 crore (Dec'16 Rs 11.80 crore).

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PNB will Need to own Responsibility for `bonafide Transactions` - Fnance Ministry

India's Punjab National Bank (PNB), which is at the centre of a probe into a $1.77 billion loan fraud scam, will need to honour the "bonafide" transactions that have occurred through the bank's platform, a finance ministry official said on Monday.

In the case, diamond billionaire Nirav Modi and others are accused of colluding with bank employees to fraudulently obtain advances for payments to overseas business suppliers, in the country's biggest ever bank scam.

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Some banks have said that PNB was liable to make good on the credit extended, although PNB maintains other lenders share some of the blame as they should have more closely examined the requests for credit. Analysts have warned, however, that PNB may be left on the hook.

Rajiv Kumar, India's financial services secretary, said the bank "will have to own responsibility of bonafide transactions."

Morgan Stanley estimated on Thursday if PNB had to assume all the liability from the fraud it would need 80 billion rupees ($1.25 billion) in additional capital, which at the stock's current valuation would mean a 14 percent dilution.

Kumar also said the ministry had written to all banks to take effective steps to avoid a repeat of a PNB-like fraud. The Reserve Bank of India will also take all the required steps in the fraud case, Kumar said.

"Our responsibility is to ensure that fire alarms are installed and are in working condition. We can't stop every fire," Kumar told Reuters.

Today's picks: From Adani Ports to IOC, hot stocks to watch on Tuesday

Nifty Current: 10,378 (fut: 10,375), Target: NA Stop-long positions at 10,455. Stop-short positions at 10,295. Big moves could go till 10,250, 10,500. 

A long 10,300p (37), short 10,200p(18) could gain 15-20 if the index tests10,300.Bank Nifty Current: 25058 (fut: 25072) Target: NAStop-long positions at 24,970. Stop-short positions at 25,200.

Big moves could go till 25,400, 24,725. Trend remains down and short-covering will hit resistance at 25,250.

Adani Ports Current price: Rs 394 Target price: Rs 387Keep a stop at Rs 400 and go short. Add to the position between Rs 389 and Rs 390. Book profits at Rs 387.Tata Steel Current price: Rs 649 Target price: Rs 660Keep a stop at Rs 643 and go long. 

Add to the position between Rs 655 and Rs 658. Book profits at Rs 660.Indian Oil Corp Current price: Rs 369 Target price: Rs 364 Keep a stop at Rs 373 and go short. Add to the position between Rs 365 and Rs 366. Book profits at Rs 364.

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Opening bell: Asian Markets open Higher; Bharti Airtel, Ultratech Earnings in Focus

US stocks end higher; Asian shares surge in early trade

Stocks traded higher on Wednesday, following the release of stronger-than-expected quarterly results from some of the biggest US companies.

Stock indices in Asia on Thursday bounced back from declines in the last session, tracking substantial overnight gains on Wall Street. Investors also awaited a raft of China data, as well as interest rate decisions from South Korea’s and Indonesia’s central banks due later in the day.

Newgen Software IPO gets 70% subscription on Day 2

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The initial public offering (IPO) of IT firm Newgen Software Technologies was subscribed 70% on the second day of the share sale on Wednesday.

Amber Enterprises IPO fully subscribed on Day 1

The Rs600-crore initial share public offering (IPO) of Amber Enterprises was fully subscribed on the first day of its bidding.

Puravankara to invest Rs600 crore on low-cost housing project

Realty firm Puravankara Ltd said it will invest Rs600 crore to construct an affordable housing project in Bengaluru.

Amalgamation scheme: Tata Power shareholders’ meet on 19 February

Tata Power said it will convene shareholders’ meeting on 19 February to seek approval for the proposed amalgamation of four group entities with the company.

HUL Q3 profit rises 28% to Rs1,326 crore

Hindustan Unilever Ltd posted a 28% rise in its third-quarter profit, underpinned by higher sales from its personal care business.

Earnings corner

Adani Power, Bharti Airtel, Hindustan Zinc, Mastek, Yes Bank and UltraTech Cement are among the companies that will be announcing their December quarter earnings on Thursday.

Received loan not Grant from Gujarat Government: Tata Motors

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Automobile major Tata Motors has said it received a loan worth Rs 584.8 crore and not a "grant" from Gujarat government for setting up a factory in the state.

"The investor friendly environment created by the Government of Gujarat (GoG) encouraged Tata Motors to set-up its manufacturing plant in Sanand, with a long-term vision to make it one of the leading automotive hubs, further enabling Gujarat to contribute to the prosperity and growth of India," the automobile major said in a statement on Thursday.

"Given the scale of the project and its potential to drive growth in the state, the GoG offered Tata Motors an incentive package in the form of a loan (not a grant), which is to be repaid to the state government as per the Loan Agreement executed. The loan given to Tata Motors from the GoG is from taxes paid by Tata Motors. Until now, the state government has given a loan of Rs 584.8 crore to Tata Motors."

The development comes after Congress Vice President Rahul Gandhi had alleged the state government had doled out favours worth crores to the company to set up its factory in the state.

"Since the establishment of the Sanand plant, there has been a spurt in economic activity and growth in employment (direct and indirect) within the state, making Gujarat one of the key auto hubs within the country with huge employment generation," the statement said.

"The project has also given rise to capital investments which has further resulted in the development of incidental industrial activities and employment generation in small and medium scale industries."

R-Power inks Agreement for Bangladesh Power Plant, LNG Terminal

Reliance Power (RPower) announced on Thursday said that it has signed the project agreements for executing the first phase of its gas-fired power plant and liquefied natural gas (LNG) terminal integrated project in Bangladesh.

"Reliance Power today (Thursday) completed execution of project agreements for Phase - I of its project in Bangladesh," an RPower release said here. 

"The first Phase of Reliance Power's integrated project consists of 750 MW combined cycle gas based power plant to be set up at Meghnaghat near Dhaka and 500 mscfd (million standar cubic feet per day) LNG Terminal at Kutudbia Island in Bangladesh," it said.

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R-Power said the Terminal Use Agreement for the LNG Terminal project was signed with Bangladesh state-run PetroBangla.

"The project agreements for the power project have already been executed with Bangladesh Power Development Board (BPDB)," it added.

The integrated project entails an investment outlay of over $1 billion, which represents the largest foreign direct investment (FDI) in Bangladesh and the largest investment in the country's energy sector, the statement said.

"Reliance Power will relocate one module of world-class equipment procured from internationally reputed original equipment manufacturers for its 2,250 MW combined cycle power project at Samalkot in Andhra Pradesh, for the Phase-1 project in Bangladesh," it said.

The MoU for the integrated project was signed in June 2015 in Dhaka during the Bangladesh visit of Prime Minister Narendra Modi.

"The Reliance project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power," it added.

Opening bell: Asian Markets open Mxed; GMR, RCom, NTPC, L&T in News

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Asian markets ease in morning trade

Asian markets were subdued in morning trade as concerns about another sharp sell-off in Chinese stocks weighed on investor sentiment. Overnight, US stocks closed slightly lower. S&P 500 at 2,601 points is down 0.04%.

GMR Airports IPO likely by June 2019

GMR Airports Ltd, a unit of GMR Infrastructure Ltd, is meeting investment bankers as it prepares to launch its initial share offering (IPO) planned by June, reports Mint. The company plans to use the funds to repay debt, private equity investors and projects.

China Development Bank files insolvency case against RCom

China Development Bank has become the first lender to file a case against debt-ridden Reliance Communications Ltd (RCom) under the Insolvency and Bankruptcy Code, reports Mint.

Reliance Jio is likely to chase the 4G airwaves in the 850 MHz band in seven key markets that RCom has got by merging Sistema Shyam Teleservices with itself, if the government backs the regulator’s call for easing spectrum caps, reports The Economic Times.

NTPC power plants face Bhel equipment woes

NTPC Ltd has been facing problems at several of its power projects due toissues related to equipment supplied by Bharat Heavy Electricals Ltd (Bhel), reports Mint.

L&T may sell some assets by March to fund acquisitions

Larsen and Toubro Ltd (L&T) plans to sell its electrical unit and spin out its road assets trust by March 2018, a sign that funding for plans to acquire more companies in information technology will soon be in place, reports Bloomberg.

ITC plans Rs10,000 crore investment in food processing business

ITC Ltd plans to invest around Rs10,000 crore in the coming years to strengthen its business in the food processing sector, reports Business Standard.

Textile exports may fall 10-12% in FY18

India’s textile exports are likely to decline by 10-12% for the current financial year due to the reduction in tax exemptions granted to exporters, appreciation in the Indian rupee against the dollar and shifting of import orders to competing countries, reports Business Standard.