Page 2956 - Business Finance

Castor seeds on upward trend, add Rs 19 per quintal

Maintaining the rising trend for the second consecutive session, castor seed prices looked up by Rs 19 to Rs 4,698 per quintal in futures trade today as speculators were expanding bets in line with robust physical markets. Marketmen said, investors were raising their holdings on the back of sturdy demand by the soap, paint and lubricant industries amid falling ready stocks in the spot markets, which held castor seed futures prices positive for the second straight day. At the National Commodity and Derivative Exchange platform, castor seed delivery for the immediate contract August gained by Rs 19 or 0.41 per cent to Rs 4,698 per quintal, showing an open interest of 17,390 lots. Likewise, the delivery of the most traded near contract September went up by Rs 15 or 0.32 per cent to Rs 4,745 per quintal, business turnover revealed in 1,41,680 open lots.

China's factory inflation slows; trade war with US yet to push up prices

The July inflation data is the first official reading on the impact on prices from China's tariffs on $34 billion of US goods that went into effect on July 6

Blue Origin among 6 NASA picks for 'tipping point' space tech

Amazon chief Jeff Bezos-owned Blue Origin is among the six companies NASA has selected for developing 10 "tipping point" technologies that have the potential to significantly benefit commercial space economy and future NASA missions, including lunar lander and deep space rocket engine technologies.

Guar seed futures revive on positive spot leads

Guar seed prices regained Rs 48.50 to Rs 4,412 per quintal in futures trade today on optimistic purchases made by the participants following firm physical market trends. Marketmen mentioned the recovery in the guar seed futures prices to halt in supplies from growing belts amid pick up in demand for guar gum makers at prevailing levels in the spot markets. At the National Commodity and Derivatives Exchange counter, guar seed delivery for October surged by Rs 48.50 or 1.11 per cent to Rs 4,412 per quintal, with an open interest of 1,05,020 lots. Meanwhile, the delivery for November advanced by Rs 39 or 0.89 per cent to Rs 4,439.50 per quintal, having an open interest of 6,510 lots.

Bharat Forge Q1 net up 34 pc at Rs 234.45 cr

Auto components maker Bharat Forge today reported a 33.91 per cent jump in standalone net profit at Rs 234.45 crore for the June quarter. The company had posted a net profit of Rs 175.07 crore during the same period of the previous fiscal. Total income during the quarter under review stood at Rs 1,513.91 crore. It was Rs 1,283.7 crore in the year ago period, Bharat Forge said in a BSE filing. The company said revenue from operations, part of total income, for the quarter ended June 30, 2018 is not comparable with the corresponding period a year ago due to implementation of GST since July 1, 2017. The company's stock was trading 0.66 per cent up at Rs 643.65 apiece on BSE.

Refined soya oil futures up 0.02% on spot demand

Supported by improved demand at the domestic spot market against restricted arrivals from producing belts, refined soya oil prices traded marginally higher by 0.02 per cent to Rs 734.20 per 10 kg in futures trade today as speculators raised their bets. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September edged higher by 15 paise, or 0.02 per cent to Rs 734.20 per 10 kg with an open interest of 38,910 lots. However, the oil for delivery in August held steady at Rs 736.15 per 10 kg in 18,360 lots. Analysts said widening of positions by traders on the back of pick up in demand in the physical market against restricted supplies from producing regions, helped refined soya oil prices to trade higher in futures trade.

Cipla shares jump 5 pc post Q1 earnings

Shares of Cipla today spurted nearly 5 per cent after the company posted a 10 per cent increase in consolidated net profit for the June quarter. The stock, after a positive opening, further jumped 4.49 per cent to Rs 661.90 on BSE. At NSE, shares of the company gained 4.73 per cent to Rs 662.50. Drug major Cipla yesterday posted a 10 per cent increase in its consolidated net profit to Rs 451 crore for the first quarter ended June 30, driven by robust sales across various markets. The company had reported a net profit of Rs 409 crore in the same period of the previous fiscal. Total income from operations stood at Rs 3,939 crore in the quarter, as compared to Rs 3,525 crore earlier.

Zinc futures up 0.39% as demand picks up

Amid pick up in demand at domestic spot market, zinc prices edged higher by 0.39 per cent to Rs 181.55 per kg in futures market today as participants raised bets, taking positive cues from the spot market on rising demand. At the Multi Commodity Exchange, zinc for delivery in September edged up by 70 paise, or 0.39 per cent to Rs 181.55 per kg in business turnover of 29 lots. Similarly, the metal for delivery in August was trading higher by 60 paise, or 0.33 per cent to Rs 181.55 per kg in 1732 lots. Analysts said expansion of positions by traders on the back of rising demand from consuming industries in the physical market, mainly supported the upmove in zinc prices at futures trade.

Jaitley attends RS for first time after renal transplant

Union Minister Arun Jaitley today attended the proceedings in the Rajya Sabha for the first time after undergoing a renal transplant in May. Jaitley, who is also the Leader of the Upper House, was holding the charge of Finance and Corporate Affairs Ministries. He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis. Rajya Sabha members would be voting to elect the Deputy Chairperson today.

Robust demand lifts nickel futures by 0.11%

Nickel prices traded marginally higher by 0.11 per cent to Rs 965.90 per kg in futures trade today as participants raised bets, taking positive cues from the spot market on upsurge in demand. At the Multi Commodity Exchange, nickel for delivery in September rose by Rs 1.10, or 0.11 per cent to Rs 965.90 per kg in business turnover of 25 lots. Likewise, the metal for delivery in August edged up by 10 paise, or 0.01 per cent to Rs 960.40 per kg in 2,850 lots. Analysts said widening of positions by traders due to pick up in demand from alloy-makers in the physcal markets, influenced nickel prices in futures trade.

Silver futures harden by 0.33% on overseas cues

Silver prices went up by 0.33 per cent to Rs 38,909 per kg in futures market today as speculators enlarged positions amid positive global cues. At the Multi Commodity Exchange, silver for delivery in December rose by Rs 127, or 0.33 per cent to Rs 38,909 per kg in business turnover of 15 lots. Likewise, the white metal for September gained Rs 111, or 0.29 per cent to Rs 38,058 per kg in 396 lots. Market analysts said widening of positions by traders in tandem with a firm global trend, attributed the rise in silver prices at futures trade. Meanwhile, silver rose by 0.19 per cent to USD 15.43 an ounce in Singapore.

Volumes jump at Vardhman Textiles Ltd counter

Vardhman Textiles Ltd witnessed volume of 57446 shares by 10:48 IST on BSE, a 34.16 times surge over two-week average daily volume of 1682 shares

HPCL gains after strong Q1 earnings

Hindustan Petroleum Corporation rose 0.73% to Rs 284.45 at 10:45 IST on BSE after the company reported 85.91% rise in net profit to Rs 1719.21 crore on 26.12% increase in net sales to Rs 67331.52 crore in Q1 June 2018 over Q1 June 2017.

Ramco Systems partners with AP Carqo Loqistic Network Corp., Philippines

To implement Logistics Software to streamline its freight operations nationwide.

Abu Dhabi National Energy's second-quarter profit jumps on higher oil prices

ABU DHABI (Reuters) - Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly five-fold rise in second-quarter profit, as higher oil and liquids prices offset a drop in production.

Copper futures gain 1.12% on rising demand

Copper prices surged by 1.12 per cent to Rs 422.70 per kg in futures trading today as speculators raised bets, driven by pick up in demand in the spot market. At the Multi Commodity Exchange, copper for delivery in August rose by Rs 4.70, or 1.12 per cent to Rs 422.70 per kg in business turnover of 2,571 lots. Similarly, the metal for delivery in November gained Rs 4.35, or 1.02 per cent to Rs 429.50 per kg in 57 lots. Market analysts said building of positions by participants on the back of surging demand from consuming industries in the physical markets, mainly led to rise in copper prices at futures trade.

Lead futures edge higher 0.48% on positive spot cues

Lead prices edged up by 0.48 per cent to Rs 147.95 per kg in futures market today as traders built up fresh positions, taking positive cues from spot market on uptick in demand. At the Multi Commodity Exchange, lead for delivery in September edged higher by 70 paise, or 0.48 per cent to Rs 147.95 per kg in business turnover of 2 lots. On similar lines, the metal for delivery in August was trading higher by 60 paise, or 0.41 per cent to Rs 149.95 per kg in 200 lots. Analysts said fresh positions created by traders due to pick up in demand from battery-makers in the physical market mainly led to the rise in lead prices at futures trade.

Growth worries see New Zealand's central bank turn 'blatantly dovish', kiwi slides

WELLINGTON (Reuters) - New Zealand's central bank unexpectedly committed to keep interest rates at record lows through to 2020 and said it was worried about persistently disappointing growth, a dovish tilt that sent the local currency skidding to multi-year lows.

Oil prices rebound after heavy declines over trade dispute

TOKYO (Reuters) - Oil prices on Thursday eked out gains on concerns about Iranian crude supplies as the U.S. hit Tehran with renewed sanctions, halting the previous session's declines amid the escalating China-U.S. trade dispute and worries over China's demand.

Dai-ichi buys Suncorp's life unit, as Australian firms exit insurance sector

SYDNEY/TOKYO (Reuters) - Australia's Suncorp Group is selling its life insurance division to Dai-ichi Life Holdings for $540 million, making the Japanese firm Australia's biggest in a sector that domestic companies are scrambling to quit.