Page 2722 - Business Finance
Prajay Engineers Syndicate Ltd leads gainers in 'B' group
Delta Magnets Ltd, N K Industries Ltd, Zydus Wellness Ltd and Ujaas Energy Ltd are among the other gainers in the BSE's 'B' group today, 27 August 2018.
Global Markets: Asian shares rise after Powell speech, stronger yuan lifts China
SHANGHAI (Reuters) - Asian shares rose on Monday, taking heart from comments by the Federal Reserve chairman that drove Wall Street to record highs on Friday, and as a tweak to the way China's central bank manages its currency boosted the yuan and stocks.
MOIL Ltd leads gainers in 'A' group
Aditya Birla Fashion & Retail Ltd, Future Consumer Ltd, Rallis India Ltd and Dr Lal Pathlabs Ltd are among the other gainers in the BSE's 'A' group today, 27 August 2018.
Sharp rise in non-oil imports exerting pressure on India's trade imbalance: ASSOCHAM
"While there is no alternative to crude oil and gold imports, domestic supply constraints have led to an increase in imports by well over the double digit in as many as 22 (other than crude and gold) out of 30 top import items," the chamber noted from the latest July data.
Soybean futures fall on subdued global leads
Soybean prices fell by Rs 29 to Rs 3,220 per quintal in futures trade today after investors cut bets amid downbeat overseas cues. Marketmen said, besides falling prices at the overseas market, sluggish demand in the physical market restrained traders to adopt a cautious stance, which led to a fall in soybean futures prices. At the National Commodity and Derivatives Exchange counter, soybean delivery for the October contract declined by Rs 29, or 0.89 per cent, to Rs 3,220 per quintal with an open interest of 53,810 lots. Similarly, the delivery of November contract fell by Rs 26, or 0.80 per cent, to Rs 3,232 per quintal clocking an open interest of 38,030 lots.
Zinc futures edge 0.20% higher on firm Asian cues
Zinc prices edged higher by 0.20 per cent to Rs 178.30 per kg in futures trade today as participants built up fresh positions, taking positive cues from the Asian markets. At the Multi Commodity Exchange, zinc for delivery in August edged up by 35 paise, or 0.20 per cent, to Rs 178.30 per kg in a business turnover of 1,722 lots. Likewise, the metal for delivery in September contracts was up by 15 paise, or 0.08 per cent, to Rs 178.30 per kg in 130 lots. Analysts said fresh positions created by traders in line with a firm trend in Asian markets as inventories in China hit their lowest in a decade. Zinc inventories in warehouses monitored by the ShFE ZN-STX-SGH fell 11.8 per cent last week to 30,800 tonnes, their lowest since October 2007. Stocks in warehouses approved by the LME have fallen for eight straight days. Meanwhile, the most-traded zinc contract on the Shanghai Futures Exchange, for October, climbed 2.2 per cent to 21,385 yuan (USD 3,111.00) a tonne, its highest since August .
Mustard seed futures drop on rising stockpiles
Mustard seed prices fell by Rs 40 to Rs 4,038 per quintal in futures trade today as participants trimmed holdings amid soaring stocks in the spot markets. At the National Commodity and Derivatives Exchange counter, mustard seed delivery for the first contract slipped by Rs 40, or 0.98 per cent, to Rs 4,038 per quintal with an open interest of 1,06,390 lots. Likewise, the delivery of October contract slackened by Rs 39, or 0.94 per cent, to Rs 4,107 per quintal with an open interest of 30,180 lots. According to marketmen, the down tick in mustard seed futures prices was mainly due to mounting stocks amid persistent arrivals from growing regions and weak demand in the spot markets.
Rise in demand lifts lead futures by 0.38%
Lead prices hardened by 0.38 per cent to Rs 146.20 per kg in futures trade today as participants built up fresh positions after pick-up in demand at the spot market. At the Multi Commodity Exchange, lead for delivery in September edged up by 55 paise, or 0.38 per cent, to Rs 146.20 per kg in a business turnover of 37 lots. Similarly, the metal for delivery in August was trading higher by 50 paise, or 0.35 per cent, to Rs 14.05 per kg in 801 lots. Analysts said fresh positions created by participants due to upsurge in demand from battery-makers in the physical market led to the rise in lead futures.
Guar seed futures rise on positive physical market sentiment
Guar seed prices went up by Rs 26 to Rs 4,365 per quintal in futures trade today on optimistic buying by investors, spurred by bullish spot market sentiments. Marketmen said participants raised their holdings on the back of tight supplies from growing regions, powered by pick up in demand from guar gum making industries in the spot markets, which led to the up move in guar seed futures prices. At the National Commodity and Derivatives Exchange counter, guar seed delivery for the November contract rose by Rs 26, or 0.60 per cent, to Rs 4,365 per quintal with an open interest of 7,750 lots. In a similar way, the delivery of October contract gained Rs 21.50, or 0.50 per cent, to Rs 4,331 per quintal, showing an open interest of 1,05,490 lots.
Cottonseed oil cake futures slip on weak spot cues
Cottonseed oil cake prices receded by Rs 18.50 to Rs 1,728 per quintal in futures trade today amid narrowing of bets by investors dampened by negative physical market leads. Marketmen said, tracking weak spot markets sentiments, traders preferred to cut down their holdings, which led to the fall in cottonseed oil cake futures prices. In the spot market, ample stocks on regular supplies from growing regions amid withdrawal of support by the animal feed makers, largely held prices down, they added. At the National Commodity and Derivatives Exchange platform, cottonseed oil cake delivery for the September contract moved down by Rs 18.50, or 1.06 per cent, to Rs 1,728 per quintal with the business turnover of 1,37,890 open interest lots. Meanwhile, the delivery December contract went down by Rs 18, or 1.03 per cent, to Rs 1,726 per quintal, with an open interest of 34,830 lots.
Aluminium futures rise 0.24% on high demand, Asian cues
Aluminium prices inched up by 0.24 per cent to Rs 145.10 per kg in futures market today as speculators raised bets, driven by pick-up in demand in the spot market amid firm Asian cues. At the Multi Commodity Exchange, aluminium for delivery in August edged up by 35 paise, or 0.24 per cent, to Rs 145.10 per kg in a business turnover of 427 lots. Likewise, the metal for delivery in September contracts was trading higher by a similar margin to Rs 146 per kg in 42 lots. Analysts said widening of positions by participants due to uptick in demand from consuming industries in the physical market and a higher Asian cues, mainly attributed to the rise in aluminium prices in futures trade. Meanwhile, Shanghai aluminium climbed 0.9 per cent to 14,865 yuan a tonne, its highest since August 9, as Chinese smelters' costs increase.
Guar gum futures spurt on firm physical cues, strong export demand
Guar gum prices rose by Rs 99 to Rs 9,300 per quintal in futures trade today as investors created bets amid strong physical markets leads backed by robust export demand. Marketmen said, speculators raised bets on surging physical markets stance, powered by rise in export demand for oil drilling industries. At the National Commodity and Derivatives Exchange counter, guar gum delivery for October hardened by Rs 99, or 1.08 per cent, to Rs 9,300 per quintal, with a business turnover of 63,075 open interest lots. Also, the delivery of the second contract November rose by Rs 86, or 0.93 per cent, to Rs 9,369 per quintal with an open interest of 3,385 lots.
Rupee pares early gains, up 3 paise against US dollar
The rupee pared most of its early gains, trading slightly higher at 69.88 against the US currency in late morning deals on sustained dollar selling by banks and exporters amid weak dollar overseas. The domestic unit opened sharply higher at 69.75 against last Friday's closing level of 69.91 a dollar at the interbank foreign exchange market here. It domestic currency witnessed volatility and moved in a wide range between 69.65 and 70.00 during morning deals, the rupee was trading at 69.88 at 1030 hrs. Higher local equities lent some support to the rupee, a dealer said. Overseas, the US dollar's safe-haven appeal faded against a basket currencies in early Asian trade, after risk sentiment in the broader markets picked up following the speech from Federal Reserve Chairman Jerome Powell. Meanwhile, the 30-share BSE Sensex is trading higher by 348.00 points, or 0.91 per cent, at 38,599.380 at 1040 hrs.
Chinese bitcoin mining rig makers aim to raise billions in Hong Kong IPOs: sources
HONG KONG (Reuters) - Three of the world's largest bitcoin mining equipment makers plan to raise billions of dollars with initial public offerings in Hong Kong, even as other companies report plunging demand for the chips needed to make bitcoin and a halving in the price of the cryptocurrency.
R Com completes sale of fibre assets to Reliance Jio for Rs 3,000 crore
Reliance Communications today said it has completed sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO). "With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO," Reliance Communications said in a BSE filing. Last week, Reliance Communications had completed the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, Reliance Jio Infocomm. Earlier this month, Reliance Communications had reinstated bank guarantees worth Rs 774 crore with the telecom department ahead of the timeline set by the telecom tribunal, and had said that its Rs 25,000 crore asset sale plans were "on track". Last year, Anil Ambani-owned Reliance Communications signed a pact with Reliance Jio for sale of wireless spectrum, tower, fibre and MCN assets - the proceeds of which were to be used to reduce debt. The deal ...
Market extends intraday gains
The market further extended gains in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex, was up 368.54 points or 0.96% at 38,620.34. The Nifty 50 index was up 107.65 points or 0.93% at 11,664.75. Both Sensex and Nifty hit fresh all-time highs in mid-morning trade. The gains were supported by favourable global cues.
Hong Kong Market surges 2%
Last Friday, speaking at a research symposium in Jackson Hole, Wyoming, where leading central bankers met to discuss the future of monetary policy, the U.S. Federal Reserve Chairman Jerome Powell said the Fed's gradual interest rate hikes were the best way to protect the economic recovery, maintain strong job growth and keep inflation under control.
China Market surges after PBOC signals its support
Last Friday, speaking at a research symposium in Jackson Hole, Wyoming, where leading central bankers met to discuss the future of monetary policy, the U.S. Federal Reserve Chairman Jerome Powell said the Fed's gradual interest rate hikes were the best way to protect the economic recovery, maintain strong job growth and keep inflation under control.
Japan Nikkei rises to near five-week high
Exporters such as automakers and tech companies led the gains, despite stronger yen. Toyota Motor Corp surged 2%, Honda Motor Co added 1.4%, Tokyo Electron advanced 1.8% and TDK Corp rose 1.9%. Sony was higher by more than 1%, Mitsubishi Electric rose almost 1% and Canon added 0.5%
Filatex India spurts on fund raising plan
Filatex India rose 4.76% to Rs 55 at 10:57 IST on BSE after the company's board approved raising of funds upto Rs 150 crore through various modes.