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Online grocery startup Jumbotail raises $8.5 million in funding

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Jumbotail, an Indian startup building an online wholesale marketplace for groceries, has raised $8.5 million in a funding round led by venture firm Kalaari Capital with the participation of Nexus Venture Partners.

 

The Bengaluru-headquartered company will use the new funds to enhance technology and operational capabilities, Nexus said in a statement on Thursday.

 

Founded in 2015 with a funding of $2 million by Nexus, Jumbotail has started operations in the southern city of Bengaluru and plans to gradually expand across the country.

Cadila Healthcare enters into agreement with Phibro

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Leading pharma company, Zydus Cadila has said that it has entered into a long-term arrangement with Phibro Animal Health Corporation to license Phibro’s innovative poultry vaccine technologies and know-how to a new vaccine manufacturing facility to be built by Zydus Cadila to serve the fast growing poultry market in India.

 

Commenting on the issue, Jack Bendheim, Chairman, President and Chief Executive Officer of Phibro said, “We are proud of the more than 20-year partnership with Zydus Cadila serving the Indian animal health market and we view this as an exciting next step in our relationship.” 

 

Speaking on the development Mr. Pankaj R. Patel, Chairman and Managing Director, Zydus group said, “Our endeavor has always been to enable access to innovative therapies across geographies and this agreement with Phibro will help bring innovations to the poultry market in India.

EPFO signs pact with banks for EPF contribution and payments

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In line with the government commitment to facilitating ‘Ease of doing business’, EPFO has signed an agreement with public & private sector banks for EPFO contribution and payments. “In the presence of Bandaru Dattatreya, the Minister of State (Independent Charge) for Labour & Employment, EPFO has entered into an agreement for collection of EPF dues from employees and payment to beneficiaries as well through multiple banks in place of erstwhile single banking system,” the Ministry of Labour & Employment said on Wednesday.

 

The ministry said that collections of EPF dues have been started with PNB, Allahabad Bank, Indian Bank, Union Bank of India in addition to State Bank of India through direct online mode. Now, EPFO has signed an agreement with another five banks viz. Bank of Baroda, ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank for the collection of remittances and payments to beneficiaries, at zero transaction charges.

 

It will facilitate all the stakeholders of EPFO by allowing the employees to deposit their EPF dues in a hassle-free, anywhere, anytime manner and PF members by direct payments of their bank accounts. Consequent upon signing of the agreement, the employees having a bank account with these banks may deposit EPF dues directly in EPFO’s account using internet banking on real time basis instead of going through the aggregator mode, the ministry notified.

CAs have important role in creating black money free India: PRIME MINISTER OF INDIA

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Prime Minister Narendra Modi has told chartered accountants that they have an important role to play in creating an India that is free from corruption and black money. Days after sending out a strong message to chartered accountants at ICAI foundation day function here, Modi has also emphasized that they play a “big role in safeguarding the economic health of the country”.

 

“CAs have a very important part to play in the creation of a New India, which is free from corruption and black money,” he said in an email sent out to thousands of chartered accountants. Stating that India’s chartered accountants are well known across the world for their skills, Modi expressed happiness that the community was leaving no stone unturned to ensure the success of the Goods and Services Tax (GST). 

 

In an hour-long speech at the foundation day function of the Institute of Chartered Accountants of India (ICAI) here on July 1, Modi had sent out a strong message against chartered accountants trying to help entities in black money dealings even as he underlined their powers and responsibility. “Your signature is more powerful than that of the prime minister and the government also believes the accounts signed by you”.

Industry to add $280 billion to GDP from GST in 8-9 years

 

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The industry is expected to contribute $280 billion to Indias GDP in eight to nine years due to a positive fallout of the Goods and Services Tax (GST) as structural changes in the ease of doing business will propel growth.

The study was done by ASSOCHAM-Ashvin Parekh Advisory Services. The Mumbai-headquartered body is a global management consulting firm with Footprint in India and the UK.

Describing the GST, in the short-term, as a “mini budget short of projection of estimated revenue”, the paper said most businesses would be able to get significantly more credits under the new indirect tax regime, leading to a benefit for most of them.

“It will bring a systematic approach and enhance transparency which will aid Growth of business and would help the industry to concentrate on its core business,” the paper said.

JSW Steel crude steel output rise 1% in Q1 FY18

 

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JSW Steel said that it has registered 1 per cent growth in crude steel production at 3.91 MT in Q1FY18, compared to the quarter a year ago. The company had reported crude steel production of 3.87MT in FY 17, the company said in a filing to the Bombay Stock Exchange.

The production of rolled products (flat) increased to 2.76 million tons (MT) compared to 2.74 MT in Q1FY17, representing a growth of 1 per cent, the filing added. Moreover, the production of rolled products (long) during Q1FY18 stood at 0.83 MT, a decline of 2 percent, as compared to 0.85 MT in Q1FY17. Meanwhile, shares of the company were trading at Rs 211.10 apiece, up 1.51 percent from the previous close at 14:50 hours on BSE.

Bank of Baroda reviews MCLR rates >> Call on 9644405056 (Free Stock Tips)

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Bank of Baroda said that it has reviewed the Marginal Cost of Funds Based Lending Rate (MCLR) with effect from July 07, 2017 at existing rates. The overnight MCLR has been maintained at 8.10 per cent, one-month MCLR has been set at 8.15 percent, while 3-month MCLR has been set at 8.20 percent, the Bank said in a filing to the Bombay Stock Exchange.

One year MCLR has been kept at 8.35 per cent, while three-year MCLR has been maintained at 8.50 per cent. Meanwhile, shares of the bank were trading at Rs 161.45 apiece, up 1.25 percent from the previous close at 12:20 hours on BSE.

 

Sensex hits record high of 31,500, Nifty near 9,700, Sun Pharma, Reliance top gainers

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The BSE Sensex made a strong recovery of over 200 points to hit a record high of 31,500 points on the back of a slew of steps by regulator Sebi to make markets more attractive for investments. Asian cues remained mixed. The 30-share index rebounded by 136.27 points, or 0.44%, to 31,419.91. Realty, metal, power, and auto were in the positive zone, rising by up to 1.09%.

 

The gauge had lost 27.93 points in the previous two sessions. The NSE Nifty also moved up by 33.85 points, or 0.35%, to 9,667.45. Among a host of key decisions on Wednesday, Sebi relaxed its takeover norms for restructuring listed companies with stressed assets, which is expected to bolster efforts in the fight against bad loans.

Some short covering helped stocks, too, bounced back. Major contributors to the recovery were HDFC Ltd, PowerGrid, Asian Paints, Tata Motors, Tata Motors DVR, Sun Pharma and Axis Bank, gaining up to 1.37%.

Hike’s Kavin Mittal looks at ways to increase revenues

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In China, people have quit their day jobs to work for a live streaming app called Inke.

 

A live streamer can be discovered on the platform and paid by viewers through virtual gifts bought online. The viewers pay for these virtual gifts through real money (in-app purchases). The live streamers get 30% of this with the platform taking the rest. Some people make as much as $50,000 to $60,000 a year, just by live streaming.

 

The flip side of GST: its impact on the informal economy India is not yet there but similar virtual transactions could take off here soon, according to Kavin Bharti Mittal, founder and chief executive of Hike Messenger.

 

“The infrastructure is so much like China 4-5 years back. We believe that is going to happen in India,” he said.

 

Inke’s is the kind of revenue model that Mittal says he would like to build for his company in the next three years before he exhausts the money raised from Tencent and Foxconn (around $175 million). He may go for another round of funding before that but he knows it won’t be easy.

 

Sebi eases M&A norms for distressed firms >> Get Free Intraday Tips Call on 9644405056

 

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The Securities and Exchange Board of India (SEBI) relaxed some rules on Wednesday to hasten the resolution of stressed assets in bank balance sheets.

 

The regulator has exempted buyers of shares in distressed companies from the requirement of making an open offer even if the purchase triggers such an event under the takeover code, Sebi announced after its board meeting on Wednesday.

 

The flip side of GST: its impact on the informal economy under Sebi’s takeover norms, one of the triggers for an open offer is when an entity acquires 25% or more in a listed company. The entity then has to make an offer to buy an additional 26% stake in the company from the public shareholders.

 

Sebi said it has come across cases where lenders acquired shares in a distressed company but could not sell the stake to a new investor because the takeover norms proved restrictive and reduced the funds available for investment in the stressed firm.