commodity tips-Gold prices set for biggest weekly gain in nearly two years

Gold prices held firm on Friday to remain on track for their biggest weekly percentage gain in nearly two years, buoyed by a weaker U.S. dollar and as investors looked to hedge against inflation.

commodity tips

FUNDAMENTALS

* Spot gold was largely unchanged at $1,353.51 an ounce at 0125 GMT, after touching a three-week high of $1,357.08 the session before.

* The metal is up 2.7 percent so far this week, set for its strongest weekly performance since the week of April 29, 2016.

* U.S. gold futures climbed 0.1 percent to $1,356.2 per ounce.

* The dollar languished near a three-year low against a basket of currencies on Friday, heading for its biggest weekly loss in nine months, as a slew of bearish factors offset support for the U.S. currency from rising Treasury yields amid firming inflation.

* U.S. producer prices accelerated in January, boosted by strong gains in the cost of gasoline and health care, offering more evidence that inflation pressures are building up. The Labor Department said its producer price index for final demand rose 0.4 percent last month after being unchanged in December.

* In the second report on Thursday, the Labor Department said initial claims for state unemployment benefits increased by 7,000 to a seasonally adjusted 230,000 for the week ended Feb. 10.

* U.S. President Donald Trump’s tax reform will help boost U.S. growth in the short term but may have negative consequences such as on the deficit and debt in the medium term, said International Monetary Fund chief, Christine Lagarde.

* India’s trade deficit in January was the widest in more than 4-1/2 years as a surge in the country’s oil and coal import bill outweighed a rise in exports, government data showed on Thursday.

* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.29 percent to 821.30 tonnes on Thursday from 823.66 tonnes on Wednesday.

* Polyus, Russia’s largest gold producer, posted a 7-percent increase in 2017 adjusted net profit to $1.02 billion, the company said on Thursday.

* Australia’s top gold miner, Newcrest Mining Ltd, on Thursday reported a 58-percent fall in half-year underlying profit, dragged down by disruptions such as an earthquake hitting one of its key sites earlier in 2017.

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Commodity Market Tips – Lead futures up on rising demand

Commodity Market Tips

Commodity Market Tips – Lead futures up on rising demand

Lead futures were trading higher during the afternoon trade in the domestic market on Friday as participants created fresh positions, taking positive cues from spot market on pick-up in demand. Marketmen said building up of positions by traders backed by an upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices at futures trade.

At the MCX, lead futures for February 2018 contract is trading at Rs 168.20 per kg, up by 0.48 per cent, after opening at Rs 168, against a previous close of Rs 167.40. It touched the intra-day high of Rs 168.45.

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Commodity Market Tips-Mentha oil futures down on easing demand

Commodity Market Tips

Commodity Market Tips-Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX, mentha oil futures for February 2018 contract was trading at Rs 1335 per kg, down by 0.83 per cent, after opening at Rs 1328, against the previous closing price of Rs 1346.20. It touched the intra-day low of Rs 1319.90.

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Commodity Market Tips-Cardamom futures up on rising demand

Commodity Market Tips

Commodity Market Tips-Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rising in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for March 2018 contract was trading at Rs 1155 per kg, up by 0.37 per cent, after opening at Rs 1157, against a previous close of Rs 1150.70. It touched the intra-day high of Rs 1157.

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Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

Commodity Market Tips

Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

The stock hit its 52-week low on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today after it opened on a bearish note and fell 3.27 percent to Rs 124.15 on BSE. Similarly, on NSE, the stock dropped to a low of Rs 123.40. Meanwhile, shares of PNB Housing too slipped 1.36 percent to a low of Rs 1,182.60.

A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewelry and gold worth Rs 5,100 crore and sealing six properties, the Finance Ministry said recovery would be made and nobody would be spared.

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Sensex, Nifty off opening highs; IT stocks gain, PSU Bank index falls 1%

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

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Sensex, Nifty off opening highs; IT stocks gain, PSU Bank index falls 1%

 PNB fraud case Update: Union Bank of India clarified that it has nearly 17 percent exposure to the transaction fraud worth USD 1.8 billion (Rs 11,300 crore) detected by Punjab National Bank recently.

The bank said it through its foreign branches has been taking an exposure with Punjab National Bank as a counterparty under various letters of undertakings (LoU) issued through authenticated SWIFT message.

The bank has also purchased some buyers’ credit assets from Axis Bank through risk participation as a part of normal international business practice, it added.

“The outstanding exposure related to the incident is approximately USD 300 million and the bank is fully secured by LoU / LC / other documents,” Union Bank said.

The bank is fully confident to receive the payment, it added.

9:55 am Market Update: Benchmark indices continued to trade higher in morning, with the Sensex rising 134.45 points to 34,431.92 and the Nifty up 41.70 points at 10,587.20.

About 1,144 shares advanced against 838 declining shares on the BSE.

Technology stocks continued to support the market as TCS, Infosys and HCL Technologies gained 2 percent each.

L&T, ICICI Bank, Reliance Industries, HDFC Bank and ITC gained 0.3-0.6 percent whereas HDFC, SBI, Adani Ports, Axis Bank, HUL and Eicher Motors were under pressure.

9:45 am PC Jeweller comments after PNB fraud case: As its shares got hammered in the aftermath of India’s biggest bank fraud, PC Jeweller said the company does not use a letter of credit/letter of undertaking in business transactions and buys all diamonds from local markets on a cash basis only.

The BSE had sought clarifications from the company after its share prices slumped nearly 20 percent intraday to Rs 303 apiece in the previous session.

The share ended the day at Rs 356.40, down 5.31 percent. “The company does not use the instruments of LUT/LOC (Letter of Undertakings/ Letter of Credit) etc in its business transactions.

“The company does not have any international transactions in diamonds. It procures all its diamonds from local markets on a cash basis only,” PC Jeweller said in its regulatory filing.

It assured investors and shareholders that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans.

9:35 am Buzzing: Share price of Indoco Remedies added 6.4 percent in the morning as it has received certification for its Goa plant.

The company received European GMP certification from Regulatory Authority of Hungary for its manufacturing facility for non-sterile products (Goa-plant III).

The EU GMP certification will enable the company to export medicinal products to all European countries. The granted GMP certification will also continue to support export of drug products to Canada, Australia, New Zealand and rest of the emerging territories as well, company said in a release.

Free Stock Tips

 Credit Suisse on Apollo Hospitals: Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

9:15 am Market Check: Equity benchmarks extended previous day’s gains on last day of the week, with the Sensex, Nifty Bank, and Midcap indices rising around 150 points each, tracking positive global cues.

The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80.

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

Nifty Midcap, as well as Nifty Bank indices, rallied 150 points each.

Fortis Healthcare gained 4 percent as the Supreme Court allowed the sale of pledged shares to lenders.

Indoco Remedies, Shriram EPC, Future Consumer, Apollo Hospitals, HOEC, KNR Construction, Vakrangee and 8K Miles Software were up 2-5 percent while Nalco was down 3 percent.

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Buy, Sell, Hold: Analysts are tracking 4 stocks on February 16

While maintaining Buy call on PNC Infra with reduced target price at Rs 265 (from Rs 281 per share earlier), Nomura cut EPS estimates for FY19/20 by 5-6 percent to account for higher interest costs.

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Buy, Sell, Hold: Analysts are tracking 4 stocks on February 16

Apollo Hospitals Enterprises

Brokerage – Jefferies | Rating – Hold | Target – Rs 1,140

Growth in existing hospitals improved due to the base but it was lower-than-expected. Losses in Navi Mumbai unit & AHLL are remained elevated.

“We expect growth challenges for the company to continue, and increasing competition and regulatory challenges will keep margin and return on capital employed growth limited,” Jefferies said while retaining Hold rating on the stock with increased target price at Rs 1,140 from Rs 1,080 per share.

Brokerage – Credit Suisse | Rating – Outperform | Target – Rs 1,450

Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

Brokerage – CLSA | Rating – Buy | Target – Rs 1,500

CLSA has maintained its Buy call Apollo Hospitals with a target price of Rs 1,500 per share as mature hospitals recovery is on track.

AHLL breakeven pushed out to FY20 versus FY19 earlier, which is negative, it feels.

It believes that company is well placed to see 20 percent EBITDA CAGR over FY18-20.

CLSA increased FY18-20 EBITDA by 3-6 percent and cut earnings by 10-15 percent due to losses of certain associates.

KNR Constructions

Brokerage – Nomura | Rating – Buy | Target – Rs 383

Nomura has maintained Buy call on the stock with reduced target price at Rs 383 from Rs 386 per share earlier as it cut FY19 EPS estimate by 10 percent.

The research house continued to value EPC business at 18x FY20 EPS. Execution of projects remained robust and Q4 pipeline remained strong.

Increasing order inflow visibility will address concerns, it said.

PNC Infratech

Brokerage – Nomura | Rating – Buy | Target – Rs 265

While maintaining Buy call on PNC Infra with reduced target price at Rs 265 (from Rs 281 per share earlier), Nomura cut EPS estimates for FY19/20 by 5-6 percent to account for higher interest costs.

Execution of HAM projects and pick-up in slow-moving projects will drive growth, it feels.

While company missed its guidance, Nomura believes FY19 revenue is realistic.

Phoenix Mills

Brokerage – CLSA | Rating – Buy | Target – Rs 722

CLSA has maintained its Buy call on Phoenix Mills with increased target price at Rs 722 from Rs 597 per share earlier.

Core mall portfolio is performing well as rentals rise 8-17 percent YoY.

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Sensex, Midcap gain 150 pts; Nifty hits 10,600 in opening; metals shine

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

Free Stock Tips

  Sensex, Midcap gain 150 pts; Nifty hits 10,600 in opening; metals shine

Credit Suisse on Apollo Hospitals: Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

9:15 am Market Check: Equity benchmarks extended previous day’s gains on last day of the week, with the Sensex, Nifty Bank, and Midcap indices rising around 150 points each, tracking positive global cues.

The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80.

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

Nifty Midcap, as well as Nifty Bank indices, rallied 150 points each.

Fortis Healthcare gained 4 percent as the Supreme Court allowed the sale of pledged shares to lenders.

Indoco Remedies, Shriram EPC, Future Consumer, Apollo Hospitals, HOEC, KNR Construction, Vakrangee and 8K Miles Software were up 2-5 percent while Nalco was down 3 percent.

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Indian ADRs: ICICI Bank rises 2%; Tata Motors, HDFC Bank down

Indian ADRs ended mostly higher on Thursday. Dr Reddy’s Laboratories added 0.40 percent and Wipro gained 1.28 percent.

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Free Stock Case Tips Indian ADRs: ICICI Bank rises 2%; Tata Motors, HDFC Bank down

Indian ADRs ended mostly higher on Thursday. In the IT space, Infosys was up 0.23 percent at USD 17.61 and Wipro gained 1.28 percent at USD 5.55.

In the banking space, ICICI Bank rose 2.06 percent at USD 10.41 and HDFC Bank fell 0.94 percent at USD 101.26.

In the other sectors, Tata Motors was down 0.14 percent at USD 29.24 and Dr Reddy’s Laboratories added 0.40 percent at USD 34.73.

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Free Equity Tips on Mobile-Oil rallies on Saudi comments, weak dollar

 Free Equity Tips on Mobile-Oil rallies on Saudi comments, weak dollar

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Oil prices rallied on Wednesday, shaking off earlier weakness as U.S. crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than end supply cuts too early.

Markets also benefited from more weakness in the dollar, which dropped 0.7 percent after stronger-than-expected U.S. consumer inflation figures. Oil tends to move inversely to the dollar and has also of late been trading in tandem with stocks, which finished the day up more than 1 percent.

“The demand fundamentals in today’s report were really strong,” said Richard Hastings, macro strategist at Seaport Global Securities in Charlotte, North Carolina. “At the same time, you’ve got a little bit of a weaker dollar day on inflation and that could be that some of the price reaction here.”

Brent crude futures settled up $1.64 a barrel, or 2.6 percent, to $64.36 a barrel. U.S. West Texas Intermediate crude futures gained $1.41, or 2.4 percent, to $60.60 a barrel.

U.S. crude inventories rose 1.8 million barrels last week, Energy Information Administration (EIA) data showed compared with expectations for an increase of 2.8 million barrels.

The market rallied after Al Falih said the Organization of the Petroleum Exporting Countries said he would rather leave the oil market slightly short of supplies than lift output cuts too early.

OPEC and its partners, including Russia, have curbed supply since January 2017 to drain global stocks in an agreement that continues through the end of the year.

There has been concern about that deal’s efficacy due to the sharper-than-expected increase in U.S. production, and that OPEC and Russia may look to exit the deal to preserve market share. Al Falih’s comments suggest that is not in the offing.

“The comments from Al Falih are by far most significant thing, big-picture,” said Michael Wittner, managing director and global head of oil research at Societe Generale. “These statements are saying pretty strongly that they really don’t want to go below $60 Brent.”

U.S. production rose to 10.27 million bpd last week, the EIA said, which, if confirmed by monthly data, would represent an all-time U.S. record. The International Energy Agency on Tuesday said the rapid increase in supply, particularly in the United States, could overtake consumption.

Physical markets are reflecting this concern. Prices for crude from the North Sea, Russia, the United States and the Middle East have dropped to multi-month lows.

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