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Ncdex Turmeric Market Report By Ripples Advisory

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Turmeric on NCDEX settled down -0.19% at 8272 on late profit booking after prices gained due to the arrival of medium and good quality turmeric from the producing belts. Further, receipt of some fresh upcountry orders limited the downside. The arrivals in the main physical markets such as Nizamabad, Duggirala (AP), Salem, Erode and Sangli reported decreasing compared to last week.

In Telangana State, Turmeric sowing reported, around 21028 hectares as compared to last year same period 25516 hectares, normal in season 48083 hectares.In Andhra Pradesh, till now Turmeric sowing complete around 2522 hectares as compared to last year 2638 hectares. Normal area in season around 19059 hectares. Spot turmeric prices at Erode remained in upward trend at Erode.

At the Erode Turmeric Merchants Association, the finger variety was sold at Rs. 7,644-9,569 a quintal and the root variety Rs. 7,489-8,599. Of the arrival of 1,819 bags, 1,373 were sold. As per dept of commerce data, turmeric exports in April 2016 increased by 27% compared to last year at 9,135 tonnes.

In 2015-16, 85,426 tonnes exported compared to 90,738 tonnes in 2014-15. Technically market is under long liquidation as market has witnessed drop in open interest by -0.17% to settled at 20565 while prices down -16 rupee, now Turmeric is getting support at 8211 and below same could see a test of 8151 level, And resistance is now likely to be seen at 8331, a move above could see prices testing 8391.

Indian ADRs: Tata Motors up, ICICI Bank, Wipro Down

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Indian ADRs ended mixed on Friday. In the IT space, Infosys shed 0.30 percent at USD 16.57 and Wipro was down 0.71 percent at USD 11.25.

In the banking space, ICICI Bank fell 0.26 percent at USD 7.82 and HDFC Bank gained 0.55 percent at USD 69.43.

In the other sectors, Tata Motors rose 1.44 percent at USD 37.34 and Dr Reddy’s Laboratories was up 0.02 percent at USD 53.34.

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Aluminium Futures Rise On Spot Demand

Aluminium on MCX settled down -1.38% at 106.85 tracking weakness from LME Aluminium which was bid 1.5 per cent weaker at $US1,600, the lowest in more than three weeks. Aluminium was the only metal in negative territory – it was last at $1,618, down $7, after a surprise stock jump of 12,600 tonnes to 2,310,050 tonnes.
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Prices are under pressure due to LME stock rose while prices can see bounce again as strengthening Chinese demand led Norsk Hydro, to raise its forecast for global aluminium demand growth this year to 4-5 percent as it reported forecast-beating earnings on Thursday.
At the MCX, Aluminium futures for July 2016 contract is trading at Rs 107.25 per 10 grams, up by 0.37 %, after opening at Rs 106.35, against a previous close of Rs 106.85. It touched an intraday high of Rs 107.50.

Trading Ideas

Aluminium trading range for the day is 105.2-109.8.

Norsk Hydro ASA raised its annual global aluminum demand-growth forecast to 4 % to 5 % for 2016.

Aluminum daily stocks at Shanghai exchange came down by 2199 tonnes.

Reliance Industries to Pump in Rs 15,000 cr in Jio Through rights Issue

Reliance Industries will infuse another Rs 15,000 crore in its telecom arm Jio through a rights issue, reported PTI. “We wish to inform you that the Board of Directors of the company at their meeting held on July 14 approved further issue of 1,500 crore equity shares of Rs 10 each aggregating to Rs 15,000 crore to the existing equity shareholders of the company on rights basis,” the company said in a regulatory filing.

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The issue is expected to be completed in the next three months. The rights issue, which follows a similar size issue in January this year, will increase the equity of Reliance Jio to Rs 60,000 crore from Rs 45,000 crore, making it one of the most capitalised telecom companies in India.

Billionaire Mukesh Ambani-led Reliance Industries is said to have invested about Rs 1,30,000 crore in its telecom arm including the investment on spectrum or airwaves; and the total investment may top Rs 1,50,000 crore.

The company is slated to launch the much-talked about high-speed broadband and 4G telecom services in coming weeks. It is already offering services for a limited number of users on a trial basis, integrating spectrum and testing the network.

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L&T Infotech to make Stock Market Debut on July 21

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L&T Infotech, which recently concluded its Rs 1,243-crore IPO, will make its stock market debut on July 21. The listing will take place at the NSE in presence of L&T Group Executive Chairman A M Naik and other top officials along with merchant bankers. The company’s shares will list on leading stock exchanges NSE and BSE.

The company’s IPO had attracted more than one million applications, the highest for any share sale offer in at least five years. From 2011 till date, L&T Infotech is the first one to attract million applications.

L&T Infotech had fixed a price band of Rs 705-710 per share for the offering. Kotak Mahindra Capital Company, Citigroup Global Markets India and ICICI Securities were the managers of the issue.In the financial year 2015-16, L&T Infotech’s revenue from operations and other income stood at Rs 6,143.02 crore, while it clocked a profit after tax of Rs 922.17 crore during the same period.

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GOLD MARKET NEWS UPDATE

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Gold rose 0.8% to USD 1,325.79 an ounce. Prices surged 8.1 percent on Friday to the highest in two years as the referendum result caused turmoil across global markets. Bullion rose for a second day as the pound extended a record sell off and European equities fell to the lowest since February.

Meanwhile, gold has rallied 25 per cent this year as investors sought a protection of wealth and the Federal Reserve indicated it would keep interest rates low.

At the MCX, Gold futures for August 2016 contract is trading at Rs 31,330 per kg, down by 0.69 %, after opening at Rs 31,450, against a previous close of Rs 31,401. It touched the intra-day low of Rs 31,301.

Gold prices are expected to witness profit booking. One can sell with a stop loss above 1700. Prices are expected to test 31250-100.

UCO Bank’s Director Sunil Kumar Maheswari Resigns

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UCO Bank has informed BSE that Prof. Sunil Kumar Maheswari, who was appointed on the Board of the Bank as part time Non-official Director for a period of three years under Section 9(3) (h) of Banking Companies (Acquisition and Transfer of Under takings) Act, 1970 vide Government of India notification dated June 21, 2013 has demitted his office on completion of his tenure.

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