Page 2632 - Business Finance
Barley futures decline on negative physical sentiments
Barley prices dip by Rs 22.50 to Rs 1,618.50 per quintal in futures trade as speculators sell-off holdings, depressed by downbeat physical cues. Marketmen tracking weak sign of the physical markets, traders preferred to shrink their holdings, which led fall in barley prices. In the spot markets, soaring stocks on constant arrivals from producing regions, and slackness in demand for beer-making industries kept the prices down, they added. At the National Commodity and Derivatives Exchange counter, barley delivery for September tumbled by Rs 22.50 or 1.37 per cent to Rs 1,618.50 per quintal, with an open interest of 980 lots. Also, the delivery for October fell by Rs 15.50 or 0.92 per cent to Rs 1,665.50 per quintal, clocking an open interest of 7,740 lots.
Weak market breadth
Stocks hovered in a small range with negative bias in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 48.97 points or 0.13% at 38,108.95. The Nifty 50 index was down 27.70 points or 0.24% at 11,492.60. Cement stocks declined. Sentiment was hurt by data showing that India's Services PMI has rose at slower pace in August.
RBI intervenes at 71.80 rupees/dollar - dealers
(Reuters) - The Reserve Bank of India (RBI) likely intervened mildly in the forex markets on Wednesday, two traders told Reuters, as the rupee hit a fresh low in line with other emerging market currencies hurt by dollar strength and simmering trade tensions.
India's services growth slows in August on weaker demand, rising input prices
(Reuters) - India's dominant services sector expanded at a slower pace last month than in July as weaker demand and rising input costs kept a lid on hiring, a private survey showed on Wednesday.
Qatar Airways rethinks Indian plans due to foreign ownership rules
NEW DELHI (Reuters) - Qatar Airways is reviewing plans for its own domestic Indian airline due to "confusing" foreign ownership rules and could work with a partner in India or take a stake in IndiGo instead, its chief executive said on Tuesday.
Nickel slides 0.32% on weak overseas cues, low demand
Amid weak global cues and muted domestic demand, nickel prices declined by 0.32 per cent to Rs 894 per kg in futures market. At the Multi Commodity Exchange, nickel for delivery in October fell by Rs 2.90, or 0.32 per cent to Rs 894 per kg in business turnover of 125 lots. Likewise, the metal for delivery in September shed Rs 2.40, or 0.27 per cent to Rs 889.50 per kg in 4160 lots. Analysts attributed the fall in nickel futures to a weak trend overseas as US-China trade tensions continue to weigh on metals prices. Besides, slackened demand from alloy-makers in the spot market too fulled the downtrend. Globally, Shanghai nickel fell 1.7 per cent, after hitting its lowest since April 24 overnight.
Robust demand lifts refined soya oil futures by 0.15%
Supported by uptick in demand at domestic spot markets against restricted arrivals from producing belts, refined soya oil prices traded higher by 0.15 per cent to Rs 750 per 10 kg. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in October rose by Rs 1.10, or 0.15 per cent to Rs 750 per 10 kg with an open interest of 31,850 lots. In a similar fashion, the oil for delivery in September edged up by 65 paise, or 0.09 per cent to Rs 746.20 per 10 kg in 28,840 lots. Analysts said fresh positions built up by traders following pick up in demand in the spot market against restricted supplies from producing regions helped refined soya oil prices to trade higher at futures trade.
Aluminium futures edge higher by 0.64% on spot demand
Aluminium prices went up by 0.64 per cent to Rs 149 per kg in futures market today as speculators built up fresh positions following pick-up in demand. At the Multi Commodity Exchange, aluminium for delivery in October traded higher by 95 paise, or 0.64 per cent to Rs 149 per kg in business turnover of 31 lots. On similar lines, the metal for delivery in September edged up by 70 paise, or 0.48 per cent to Rs 147.40 per kg in 667 lots. Analysts said fresh positions created by participants on the back of rising demand from consuming industries in the physical market, led to rise in aluminium prices at futures trade.
Maruti calls for clear, stable policy framework for future mobility
The country's largest car maker Maruti Suzuki India Wednesday called for a clear and stable policy framework to enable the automobile industry to prepare for future mobility. Speaking at the annual convention of Auto Component Manufacturers of India (ACMA), Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa also said India may need a technology neutral approach to meet its energy security goals. "Technologies are big ticket investments for original equipment manufacturer (OEMs) and auto component manufacturers," he said. A short-term, medium-term and long-term policy road map will be useful to plan capacities and align capital investments, Ayukawa added. Stressing on the need for a well defined road map, he said, "A clear and stable policy framework for the new technologies will give confidence to the principal investors in OEMs and component manufacturers." Commenting on new technologies and government's efforts to provide energy security and cut emission, Ayukawa said the
Positive global cues lift gold futures by 0.33%
Tracking a firm global trend, gold prices went up by 0.33 per cent to Rs 30,277 per 10 grams in futures trade today as speculators built up fresh positions. At the Multi Commodity Exchange, gold for delivery in October rose by Rs 99, or 0.33 per cent to Rs 30,277 per ten grams in business turnover of 256 lots. Similarly, the yellow metal for delivery in December was up by Rs 76, or 0.25 per cent to Rs 30,485 per ten grams in 2 lot. Market analysts said fresh positions created by traders in sync with a firming global trend, mainly attributed the rise in gold prices at futures trade. Globally, gold rose 0.07 per cent to USD 1,191.90 an ounce in Singapore.
Crude oil futures down 0.82% on weak overseas cues
Crude oil prices drifted down by 0.82 per cent to Rs 4,971 per barrel in futures trade today as speculators cut bets, driven by a weak trend overseas. At the Multi Commodity Exchange, crude oil for delivery in September fell by Rs 41, or 0.82 per cent to Rs 4,9 71 per barrel in business turnover of 1,940 lots. Similarly, the oil for delivery in October was trading lower by Rs 40, or 0.80 per cent to Rs 4,970 per barrel in 56 lots. Analysts said sentiment dampened after oil prices fell on Wednesday in global markets, partly reversing a strong jump from the previous day, as the impact of a tropical storm on US Gulf coast production was not as strong as initially expected. Globally, Brent fell 34 cents, or 0.43 per cent, to USD 77.83 a barrel while West Texas Intermediate (WTI) crude oil shed 50 cents, or 0.72 per cent to USD 69.37 a barrel, on the New York Mercantile Exchange.
Volumes jump at Muthoot Finance Ltd counter
Muthoot Finance Ltd witnessed volume of 2.66 lakh shares by 10:47 IST on BSE, a 16.93 times surge over two-week average daily volume of 15742 shares
Oil dips as U.S. storm threat eases; Iran sanctions loom
SINGAPORE (Reuters) - Oil prices fell on Wednesday, partly reversing a strong jump from the previous day, as the impact of a tropical storm on U.S. Gulf coast production was not as strong as initially expected.
Exclusive: Big Australian fund manager divests Commonwealth Bank over misconduct
SYDNEY (Reuters) - Wealth manager Perpetual Ltd said it has divested Commonwealth Bank of Australia from its A$1.3 billion ($933.6 million) ethical fund due to revelations of corporate misconduct, the first big institutional investor to do so.
Rupee slips to a new low; touches 71.75/$
The Indian rupee plunged to a fresh record low of 71.75 to a dollar during the morning trade session on Wednesday.
Rupee pares all gains, drops to fresh record low of 71.79 against USD
The rupee pared initial gains to drop to a fresh all-time low of 71.79 against the US currency, falling 21 paise in late morning deals Wednesday on sudden bouts of dollar-buying by banks and importers. Earlier, the rupee resumed higher at 71.43 against yesterday's closing level of 71.58 a dollar at the interbank foreign exchange market here. The Indian unit was trading on a volatile note, moving in a wide range quoting between 71.40 and 71.79 during morning deals. "Rupee's speculative demand is causing volatility amid crisis in the emerging market currencies and consistent rise in the crude oil prices," a dealer said. The dollar strengthened against a basket of currencies overseas as the US economy continued to exhibit strength amid a lingering threat of escalation in the US-China trade conflict, leading to a fall in the domestic unit. Meanwhile, the 30-share BSE Sensex is modestly lower by 29.83 points or 0.08 per cent at 38,128.09 at 1100 hrs.
Goldiam International jumps after bagging orders
Goldiam International rose 4.18% to Rs 82.20 at 10:52 IST on BSE after the company said it received export orders worth Rs 140 crore from its international clients for manufacturing diamond studded designed gold jewellery.
Market turns volatile
Volatility struck bourses in morning trade as the key benchmark indices cut losses soon after reversing intraday gains. At 10:19 IST, the barometer index, the S&P BSE Sensex, was down 7.45 points or 0.02% at 38,150.44. The Nifty 50 index was down 8.25 points or 0.07% at 11,512.05. Realty stocks dropped.
Kallam Textiles gets upgradation in credit ratings
From Brickwork Ratings (BWR)
Texmo Pipes spurts after winning order
Texmo Pipes & Products rose 12.76% to Rs 27.40 at 10:32 IST on BSE after the company said it received orders of HDPE pipe worth Rs 81.30 crore from Larsen & Toubro.