Gold eases as firm dollar, bond rally offset global slowdown worries

Gold prices inched down on Thursday as bonds rallied and the dollar hovered near a two-year high, negating the support from an increasingly bitter Sino-U.S. trade dispute that rekindled doubts about global economic growth.

Spot gold was down 0.1% at $1,277.71 per ounce, as of 0312 GMT. U.S. gold futures edged 0.3% lower to $1,276.70 an ounce.

"Investors look like they prefer U.S Treasuries as a safe haven for now, evident by the inverted U.S yield curve," Howie Lee, an economist at OCBC Bank, said.

"A strong dollar is also likely impeding big players such as China and India from consuming too much (of gold)."

The dollar held steady against its key rivals on Thursday as escalating Sino-U.S. trade tensions forced investors into the shelter of safe-haven assets, including government bonds.

Against a basket of six major currencies, the dollar was steady at 98.123, hovering within the reach of a two-year high of 98.371 hit a week ago. The index is up more than 2% for the year.

Asian stocks tracked Wall Street losses on Thursday as latest exchanges between Beijing and Washington signalled the heightened risk of a prolonged trade war.

Provoking trade disputes is "naked economic terrorism", a senior Chinese diplomat said on Thursday, ramping up the rhetoric against the United States amid a bitter trade war that is not showing any signs of ending soon.

"Gold is still trading bullishly on the medium-term technicals, although there is a perceived loss of momentum," said Nicholas Frappell, global general manager at ABC Bullion.

"With bond yields so low and weakening equity markets, gold could find support. As far as the price remains above $1,265-$1,270, gold will rally back to $1,306 and $1,316 levels."

Meanwhile, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.5% to 740.86 tonnes on Wednesday.

Despite Wednesday's rise, SPDR gold holdings are down over 6% so far this year.

Gold ETF holdings have remained muted in spite of the escalation in Sino-U.S. tensions, suggesting that investors are looking at alternative sources of portfolio hedge, OCBC's Lee said.

Among other precious metals, silver fell 0.7% to $14.32 per ounce. The metal had dropped to $14.25 on Tuesday, its lowest since early December.

Platinum dipped 0.2% to $790 per ounce, after earlier falling to its lowest since Feb. 15 at $785.50. Palladium dropped 0.9% to $1,336.95 per ounce.

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Oil prices rise after bigger-than-expected fall in US inventories

Oil prices climbed on Thursday after an industry report showed a decline in U.S. crude inventories that exceeded analyst expectations.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3%, at $59 a barrel by 0023 GMT. They closed down 0.6% on Wednesday after hitting their lowest since March 12 at $56.88.

Brent crude futures, the international benchmark for oil prices, were up 3 cents at $69.48 a barrel. They fell nearly 1% in the previous session after recouping losses that saw them drop as far as $68.08.

U.S. crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed.

That was a much larger drop than the 900,000-barrel fall expected by analysts polled by Reuters.

Weekly U.S. oil inventory data has been delayed by Monday's Memorial Day holiday, with the government's report due on Thursday at 11 a.m. EDT (1500 GMT).

Crude prices also continued to be supported by falling supplies from Iran and output cuts by OPEC and other major oil producers.

Iranian May crude exports fell to less than half of April levels at around 400,000 barrels per day (bpd), tanker data showed and two industry sources said, after the United States tightened sanctions on Tehran's main source of income.

Many expect supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to be extended in a meeting next month.

Crude prices have risen by about 30 percent since the start of the year when OPEC+, which includes Russia, cut production to reduce a global glut.

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अमेरिका ने करेंसी मॉनिटरिंग लिस्ट से भारत को हटाया

ट्रंप प्रशासन ने इंडिया को मेजर ट्रेडिंग पार्टनर्स की करेंसी मॉनिटरिंग लिस्ट से हटा दिया है। अमेरिका ने कहा कि भारत सरकार इससे जुड़े कुछ मसलों को हल करने के लिए अहम कदम उठा रही है। भारत के अलावा स्विट्जरलैंड को मॉनिटरिंग लिस्ट से हटा दिया गया है। अमेरिका की इस लिस्ट में चीन, जापान, साउथ कोरिया, जर्मनी, इटली, आयरलैंड, सिंगापुर, मलेशिया और वियतनाम है। 

इंडिया को पहली बार मई 2018 में मॉनिटरिंग लिस्ट में डाला था। इस लिस्ट में उन देशों का नाम शामिल किया गया था जिनकी करेंसी को लेकर कुछ सवाल पैदा हो सकते थे। उस वक्त इंडिया के साथ चीन, जर्मनी, जापान, साउथ कोरिया और स्विट्जरलैंड का नाम शामिल था।

मंत्रालय ने कहा, ‘इस रिपोर्ट में भारत को मॉनिटरिंग लिस्ट से बाहर किया जाता है। लगातार दो रिपोर्ट में अमेरिका के साथ कारोबार में सिर्फ एक चीज प्रतिकूल पाई गई।’

रिपोर्ट में कहा गया है, ‘अक्टूबर 2018 और इस रिपोर्ट में भारत और स्विट्जरलैंड को एकतरफा दखल देने का जिम्मेदार नहीं माना गया है। लिहाजा भारत और स्विट्जरलैंड दोनों को करेंसी मॉनिटरिंग लिस्ट से बाहर किया जाता है।’

हालांकि अमेरिका ने चीन को इस बार भी सूची में बनाए रखा है, लेकिन उसे मुद्रा के साथ छेड़छाड़ करने वाला देश घोषित करने से इस बार भी इनकार किया है। मंत्रालय ने इस रिपोर्ट में कहा कि कोई भी देश मुद्रा के साथ छेड़छाड़ की शर्तों पर गलत नहीं पाया गया है।

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Petrol-Diesel Price 30th May, 2019: फिर बदले तेल के दाम, जानिए अपने शहर का हाल

पेट्रोल के दामों में बुधवार को कोई बदलाव न होने के बाद गुरुवार को इसमें राहत मिली है। उसके पिछले छह दिनों तक लगातार पेट्रोल के दामों में बढ़ोत्तरी हो रही थी। 30 मई यानी आज राजधानी दिल्ली में पेट्रोल की कीमत में छह पैसों की गिरावट आई है। यहां पेट्रोल 71.80 रुपए प्रति लीटर मिल रहा है।

वहीं डीजल के दामों में भी छह पैसे की कमी आई है। आज राजधानी में डीजल 66.63 रुपए प्रति लीटर मिल रहा है। बुधवार को डीजल के दाम स्थिर रहे थे।

मुंबई में पेट्रोल 77.41 रुपए प्रति लीटर मिल रहा है। वहीं डीजल की कीमत 69.82 रुपए प्रति लीटर है। चेन्नई में पेट्रोल 74.54 रुपए और डीजल 70.44 रुपए प्रति लीटर बिक रहा है। कोलकाता में पेट्रोल 73.86 रुपए और डीजल68.39 रुपए प्रति लीटर बिक रहा है।

इस महीने फ्यूल प्राइस में बढ़ोत्तरी हुई है लेकिन भारत में पेट्रोल-डीजल की कीमतें अपेक्षतया सामान्य रही हैं।

सभी तेल कंपनियों के पेट्रोल पंपों पर तेल की कीमतें एक जैसी ही हैं। तेल की कीमतें हर रोज अंतरराष्ट्रीय बाजार के रुख के हिसाब से बदलती हैं। कीमतों में बदलाव हर रोज सुबह 6 बजे होता है। इसलिए पेट्रोल पंप पर जाने से पहले एक बार पेट्रोल की कीमतें चेक जरूर कर लें।

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Q4 impact: Global brokerages cut target price for Cadila Healthcare

Global brokerage firms Citigroup, Macquarie and Credit Suisse maintained their rating but slashed their target price on Cadila Healthcare post Q4 results.

Cadila Healthcare's March quarter consolidated profit fell 22.1 percent year-on-year to Rs 460 crore hit by weak operating income.

Consolidated revenue during the quarter grew 15.3 percent to Rs 3,771.2 crore compared to the same period last year as the US formulations business registered a 9.3 percent growth and Emerging Markets formulations business grew 7.1 percent YoY.

India formulations business grew 2.1 percent YoY but EU formulations business fell 11.2 percent while API business showed a 6.7 percent growth YoY.

Citigroup maintained its sell rating on Cadila Healthcare but slashed its target price to Rs 255 from Rs 330 earlier.

The result was largely in-line with estimates but the guidance was underwhelming, Citi said. The global investment bank expects a sluggish phase in earnings, which is now playing out. Moraiya observation has clouded the outlook on its US pipeline, and the Heinz business acquisition also appears ROCE dilutive.

Another global investment bank, Macquarie maintained its outperform rating but slashed its target to Rs 340 from Rs 372 earlier.

The global investment bank has also lowered FY20/21 EPS estimates by 13/12 percent, to build in OAI status or Official Action Indicated for Moraiya.

At 14x FY21e PER, the risk-to-reward ratio is favourable for investors and going forward new launches are likely to offset Moraiya hit, Macquarie said.

Credit Suisse maintained its neutral rating on Cadila Healthcare slashed its target to Rs 283 from Rs 330 earlier.

The company guided for a weak outlook with earnings flat for the next four years. In the near-term, Moraiya facility flag classification is the key event to watch out for, Credit Suisse said.

The global investment bank expects the company's US generic sales to grow by a low single digit. It has slashed FY19-21 EPS estimates by 4-5 percent.

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Manpasand Beverages plummets 10% on denial of bail to top brass

Shares of Manpasand Beverages plummeted 10 percent intraday on May 30, hitting another 52-week low, after the officials of the company arrested for GST fraud were reportedly denied bail.

According to CNBC-TV18 sources, the company's Managing Director Abhishek Singh, his brother Harshvardhan Singh and the Chief Financial Officer Paresh Thakkar, who were arrested following a raid by the CGST Commissionerate Vadodara-II sleuths on May 23, have been denied bail.

On May 23, the CGST Commissionerate conducted multi-locational searches across various premises of Manpasand Beverages.

"The raids unveiled a huge racket of creating fake units for availing fraudulent credit and committing tax evasion of Rs 40 crore and involving turnover of Rs 300 crore approximately," said the CGST statement.

Following the expose, at least five of the eight directors resigned with immediate effect from the company's Board citing the GST crackdown on the company's top brass as the primary reason for their exits.

The share price of Manpasand has tanked 48 percent on the BSE since the top management was arrested. At 0955 hours, Manpasand Beverages was quoting Rs 57.10, down 9.94 percent on the BSE.

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Stocks in the news: Power Grid, United Spirits, Nava Bharat, BEL, SJVN, GNFC, Manpasand, Cholamandalam

Here are stocks that are in the news today:

Results on May 30: About 1,250 companies will release their March quarter earnings on Thursday, which include Apollo Hospital, Coal India, HDIL, IDBI Bank, NALCO, PC Jewelller, Prabhat Dairy, Reliance Infrastructure, Sadbhav Engineering, SAIL, Suzlon Energy etc.

Power Grid Corporation Q4: Profit up 51.9 percent at Rs 3,053.9 crore versus Rs 2,010.3 crore; revenue up 18 percent at Rs 9,218 croreversus Rs 7,814.4 crore (YoY).

Nava Bharat Ventures Q4: Consolidated profit down 59.3 percent at Rs 70.7 crore versus Rs 173.5 crore; consolidated revenue down 12.6 percent at Rs 773.7 crore versus Rs 884.8 crore (YoY)

Max India Q4: Loss at Rs 16.5 crore versus profit of Rs 0.6 crore; revenue down 17.7 percent at Rs 13 crore versus Rs 15.8 crore (YoY).

United Spirits Q4: Profit down 40.2 percent at Rs 126.2 crore versus Rs 211 crore; revenue down 3.5 percent at Rs 2,250 crore versus Rs 2,173.7 crore (YoY).

Bharat Electronics Q4: Profit up 19.7 percent at Rs 668.6 crore versus Rs 558.7 crore; revenue up 7.3 percent at Rs 3,884.6 crore versus Rs 3,621.8 crore (YoY).

SJVN Q4: Profit jumps to Rs 458.9 crore versus Rs 132.2 crore; revenue spikes to Rs 805.2 crore versus Rs 344.8 crore (YoY).

Ratnamani Metals & Tubes Q4: Profit up 12.5 percent at Rs 63.2 crore versus Rs 56.2 crore; revenue up 10.9 percent at Rs 686.7 crore versus Rs 619.1 crore (YoY).

Grindwell Norton Q4: Profit down 3.4 percent at Rs 42.8 crore versus Rs 44.3 crore; revenue up 5.7 percent at Rs 405.3 crore versus Rs 383.5 crore (YoY).

GNFC Q4: Profit down 71.6 percent at Rs 93.6 crore versus Rs 329 crore; revenue down 18.9 percent at Rs 1,430.9 crore versus Rs 1,764.4 crore (YoY).

Apar Industries Q4: Profit up 8.5 percent at Rs 43.7 crore versus Rs 40.3 crore; revenue up 39.4 percent at Rs 2,464.6 crore versus Rs 1,767.5 crore (YoY).

Excel Crop Care Q4: Profit at Rs 4.7 crore versus loss of Rs 0.5 crore; revenue up 31.7 percent at Rs 273.2 crore versus Rs 207.4 crore (YoY).

Bharti Airtel: SingTel completes subscription of 17 cr shares in rights issue of company worth Rs 3,740 crore.

Manpasand Beverages: Officials, which arrested for GST fraud, have been denied bail - CNBC-TV18 sources.

Cholamandalam Investment: Company enters into agreements to raise $222 million debt funds in the form of US dollar bonds.

SBI: Bank to raise up to Rs 5,000 crore in Tier 2 bonds in FY20.

Aban Offshore: Board approves raising up to $400 million overseas and raising up to Rs 2,500 crore via QIP.

Axis Bank: Board approves issuance of 4.5 crore shares on warrant conversion.

DHFL: Company made interest payment for NCDs due on May 29.

Vakrangee: Compnay appointed Gopal Bihani as COO, CFO with immediate effect.

RBI constitutes committee on development of housing finance securitisation market; Harsh Vardhan, Senior Advisor, Bain to head panel

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West Coast Paper jumps 13% on decision to acquire stake in International Paper APPM

West Coast Paper shares rallied 13 percent intraday on May 30 after the company decided to acquire International Paper APPM which has a market capitalisation of around Rs 1,660 crore.

The company entered into a share purchase agreement with existing promoters of the International Paper - namely International Paper Investments (Luxembourg) S.A.R.L. Luxembourg and IP

International Holdings Inc. USA, to acquire 51-60 percent stake in International Paper APPM, which makes and sells pulp, paper and paper boards.

"West Coast agreed to acquire stake in International Paper in the range of a minimum of 2,02,82,720 equity shares, at a price of Rs 275, aggregating to Rs 557.77 crore and up to a maximum of 2,38,62,023 equity shares (representing 60 percent of paid-up equity) at Rs 656.20 crore, after the completion of the open offer," company said in its filing.

West Coast Paper Mills was quoting at Rs 285, up Rs 22.65, or 8.63 percent while International Paper APPM was down 2.78 percent at Rs 417.40 on the BSE, at 9:37 hours IST.

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GNFC tanks 6% on dismal Q4 numbers

Shares of Gujarat Narmada Valley Fertilizers & Chemicals tanked nearly 6 percent intraday on May 30 after the company reported a 71.6 percent decline in profit for the quarter ended March 2019.

The company in its exchange release said profit for Jan-March quarter stood at Rs 93.6 crore, compared to Rs 329 crore in the year-ago period.

Revenue slumped 18.9 percent at Rs 1,430.9 crore, against Rs 1,764.4 crore in the corresponding quarter of the previous fiscal.

The board of the company recommended a dividend of Rs 7 per equity share of Rs 10 each.

At 0928 hours, GNFC was quoting Rs 290.85, down 5.68 percent on the BSE.

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Market Live: Sensex, Nifty open flat with positive bias; West Coast Paper gains 13%

Crude Update: Oil prices climbed on Thursday after an industry report showed a decline in US crude inventories that exceeded analyst expectations.

Market opens: It is flat opening for the Indian indices with Nifty around 11,900 ahead of F&O expiry of May series.

At 09:16 hrs IST, the Sensex is up 36.91 points or 0.09% at 39538.96, and the Nifty up 14.60 points or 0.12% at 11875.70. About 511 shares have advanced, 349 shares declined, and 27 shares are unchanged. 

Power Grid, Tech Mahindra, TCS, Wipro, Bajaj Auto, Tata Motors, RIL, West Coast Paper are some of the major gainers in the early trade, while losers are Sun Pharma, Yes Bank, ONGC, Cipla, Zee Entertainment, HDFC, UPL, Glenmark Pharma, BEL, United Spirits and Hero Motocorp

On the sectoral front, energy, infra, IT and pharma are trading with marginal gains.

Rupee Opens: The Indian rupee opened higher by 11 paise at 69.72 per dollar on Thursday versus previous close 69.83.

Market at pre-open: Indian indices are trading higher in the pre-opening session on May 30.

At 09:01 hrs IST, the Sensex is up 47.27 points or 0.12% at 39549.32, and the Nifty up 29.60 points or 0.25% at 11890.70.

Asian markets trade lower: Asian stocks tracked Wall Street losses on Thursday as rhetoric from Beijing and Washington over trade matters kept alive investor concerns about the tariff war's impact on global economic growth.

Brokerages View: Source: CNBC-TV18:

Citi on Havells

Buy rating, target cut to Rs 850 from Rs 886 per share

Q4 revenue below estimates due to the slowdown in demand

Credit Suisse on Havells

Maintain neutral, target cut to Rs 720 from Rs 780 per share

Weak quarter across segments; Lloyd faces severe pressure

Nomura on Havells

Maintain neutral, target at Rs 750 per share

Earnings miss due to demand slowdown & delayed start of summer

HSBC on Havells

Retain buy, target raised to Rs 775 from Rs 765 per share

Weak Q4 was predominantly due to disappointing Lloyd segment 

Jefferies on Havells

Maintain buy rating, target at 830 per share

Delayed summer impacts Lloyd; core growth robust

CLSA on Havells 

Outperform rating, target cut to Rs 780 from Rs 815 per share

Seasonality impacts Lloyd’s, ECD performance

Macquarie on Cadila Health

Maintain outperform, target cut to Rs 340 from Rs 372 per share

Lower FY20/21 EPS estimates by 13%/12%, build in OAI for Moraiya

Nomura on Cadila

Maintain buy, target at Rs 426 per share 

Operating performance below estimates

Credit Suisse on Cadila Health

Maintain neutral, target cut to Rs 283 from Rs 330 per share

Weak outlook with earnings flat for the next four years

Citi on Cadila Health

Sell call, target cut to Rs 255 from Rs 330 per share

In-line result though guidance underwhelming

CLSA on M&M

Downgrade to underperform from buy, target cut to Rs 690 from 850 per share

Waning tractor demand, legacy SUVs under pressure

Jefferies on M&M

Hold rating, target at Rs 780 per share

Beat in revenue & EBITDA; multiple headwinds remain

Citi on M&M

Maintain neutral, target cut to Rs 720 from Rs 740 per share

Peaking tractor cycle makes it difficult to be positive

Macquarie on United Spirits

Maintain neutral, target at Rs 583 per share

Pressure on gross margin may continue in near term

CLSA on Power Grid

Delay in HVDC project & dwindling visibility worry

Large year-end adjustments make Q4 incomparable

Citi on Power Grid

Buy rating, target at Rs 219 per share

Capex guidance does not factor capex on new projects

Credit Suisse on TTK Prestige

Downgrade to underperform from neutral, target raised to Rs 6,000 from 5,833 per share

Cut FY20/21 earnings by 4-9% 

Management sees no challenge in maintaining current margin

Wall Street ends lower: US stocks fell on Wednesday, with the S&P 500 and Nasdaq closing just above key support levels, as worries that a lengthy US-China trade war would crimp global growth pushed investors into the safety of government bonds.

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