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Government plans to invest Rs 1.45 lakh cr in North-East road infrastructure

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To upgrade infrastructure in the North-East, the government is planning to undertake highway projects worth about Rs 1.45 lakh crore in next two to three years, Union Minister Nitin Gadkari said. The government has already taken up many road improvement projects under Special Accelerated Road Development Programme for North-East for better connectivity in the region, besides setting up National Highways & Infrastructure Development Corporation Ltd to augment the capacity of the agencies involved in development and maintenance of highways in the region.

“The government is planning to invest about Rs 1.45 lakh crore in the North-East for development of National Highways,” Road Transport, Highways, Shipping and Water Resources Minister Gadkari told. Of the proposed Rs 1.45 lakh crore investment, the government plans to invest about Rs 48,000 crore in Assam, Rs 22,000 crore in Manipur and Rs 20,000 crore in Nagaland for building roads. Projects worth Rs 17,000 crore are planned in Sikkim, Rs 12,000 crore in Mizoram, Rs 10,000 crore in Arunachal Pradesh and Rs 8,000 crore each in Meghalaya and Tripura.

The government has earlier said that it is giving special attention to infrastructure development projects, such as road, rail, communication, and telecom network in the North- East. A total of 197 on-going road development projects are being implemented under various programmes/schemes of Ministry of Road Transport and Highways in the North Eastern States, it as said.


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Nifty holds 10,200; HDFC Bank, Infosys gain ahead of Q2 earnings- Market News by Ripples Advisory

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Zuari Agro Chemicals, S Chand, Rico Auto, Saregama India, Jaiprakash Associates, NIIT Technologies, NIIT, Sobha, Puravankara, Godrej Properties and Brigade Enterprises gained 1-6 percent.


10:25 am Buzzing: Hindustan Zinc gained half a percent as brokerages houses remained positive on the stock post-earnings.

Macquarie has maintained its outperform rating on the stock with increased target price at Rs 329 from (Rs 296 per share) as strong volume & prices drove Q2FY18 earnings.

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It feels the production is on track to achieve FY18 guidance.

Macquarie has raised FY18, FY19 & FY20 EPS estimates by 4 percent, 7 percent & 13 percent, respectively.

10:19 am Market Update: Equity benchmarks continued to trade higher in morning, with the Nifty holding 10,200 level, backed by banks, metals and auto stocks.

The 30-share BSE Sensex was up 136.01 points at 32,642.73 and the 50-share NSE Nifty rose 43.90 points to 10,228.80.

The market breadth was strong as about two shares advanced for every share falling on the BSE.

10:05 am Air India divestment: The government yesterday received bids from six consulting companies and investment banks for the mandate of advising it on the divestment of its stake in Air India.

The candidates in the fray are KPMG, EY, Rothschild & Co, BNP Paribas, ICICI Securities and Edelweiss Financial Services. October 23 was the last date for submitting the bids and the government will select two out of the six for the advisory process.

The fact that only six firms are in contention for the mandate, which is a prestigious one, may leave the government a little puzzled as the September 25 pre-bid meeting had seen the presence of ten companies. Another official, not involved with the process but whose bank is among the bidders, was not surprised.


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Asian shares hover near recent highs; China Congress eyed

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Investors are closely watching China and the 19th Communist Party Congress, which winds up on Tuesday and at which President Xi Jinping is expected to release the composition of the Standing Committee – the apex of power in the country. 

Asian shares held within striking distance of recent decade highs on Tuesday even as Wall Street fell from record levels, while currencies kept to narrow ranges ahead of key economic events.

Investors are closely watching China and the 19th Communist Party Congress, which winds up on Tuesday and at which President Xi Jinping is expected to release the composition of the Standing Committee – the apex of power in the country.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent firmer at 549.71 points, not far from a 10-year high of 554.63 set last week.

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Australian shares also edged higher and back toward a 5-1/2 month peak touched on Monday, while Japan’s Nikkei fell 0.2 percent from a 21-year high.

“Despite a lack of any real movement in markets, we know there are landmines and event risk to work through and this creates the opportunity for short-term traders,” said Chris Weston, chief strategist at IG Markets.

“Whether the gains can continue this week is obviously yet to be seen. I remain a bull, but of the view that these markets are tired, fatigued and need new information to fuel the beast.”

In the United States, the Dow Jones Industrial Average fell 0.23 percent, the S&P 500 lost 0.40 percent and the Nasdaq Composite slipped 0.64 percent.

Corporate results will dominate near-term sentiment with earnings from General Motor, McDonald’s, and Lockheed Martin due later in the day.

European STOXX 600 shares rose 0.16 percent, although Madrid’s bourse IBEX shed 0.6 percent as Spain’s crisis entered another week.

Madrid took the unprecedented step of firing the government of Catalonia on Saturday in the last resort to thwart its push for independence. Catalan leaders called for civil disobedience in response.

In Germany, the far-right Alternative (AfD) party is set to clash with other parties over its nomination for a senior parliamentary post when the Bundestag meets on Tuesday.

The political tensions have weighed on the euro which hovered near two-week lows at $1.1752. The market is on edge ahead of a European Central Bank meeting on Thursday where it is expected to announce some form of policy tapering.

Investors were also biting their nails as suspense builds over who might be the next chair of Federal Reserve after Janet Yellen’s term expires in February.

U.S. President Donald Trump has indicated an announcement is expected “very shortly.”

The market is betting on Federal Reserve Governor Jerome Powell as the likely choice while Trump is also weighing on Stanford University economist John Taylor and current Federal Reserve Chair Janet Yellen.

The Dollar index inched lower to 93.8 but stayed in sight of a recent two-month peak.

The New Zealand dollar rose 0.2 percent from near five-month lows with investors focussed on any policy tidbits out of the country’s new Labour government.

In commodities, spot gold was mostly unchanged at $1282.26 an ounce.

Oil prices were little changed as supply disruptions in Iraq dented exports by OPEC’s second-largest producer and U.S. drilling rates showed a slowdown.

Brent crude added 6 cents to $57.43, while U.S. crude rose 3 cents to $51.93 a barrel.


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Indian ADRs: Infosys, ICICI Bank, Tata Motors slip; Wipro, HDFC Bank, Dr Reddy’s Labs gain

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In the banking space, ICICI Bank was down 1.25 percent at USD 7.91 and HDFC Bank was up 0.46 percent at USD 96.

Indian ADRs ended mixed on Friday. In the IT space, Infosys shed 0.95 percent at USD 14.56 and Wipro gained 1.69 percent at USD 5.43.

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In the banking space, ICICI Bank was down 1.25 percent at USD 7.91 and HDFC Bank was up 0.46 percent at USD 96.

In the other sectors, Tata Motors slipped 0.61 percent at 32.75 and Dr. Reddy’s Laboratories was up 1.02 percent at USD 36.68.


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Dow snaps 6-day winning streak as GE posts biggest drop in 6 years by Ripples Advisory

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The Dow Jones industrial average closed 54.67 points lower at 23,273.96, as General Electric shares fell 6.3 percent, marking their biggest one-day decline since August 2011.


U.S. stocks fell from record levels on Monday as a decline in General Electric shares weighed on investor sentiment. Wall Street was also gearing up for the busiest week of the earnings season.

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The Dow Jones industrial average closed 54.67 points lower at 23,273.96, as General Electric shares fell 6.3 percent, marking their biggest one-day decline since August 2011.

The company reported earnings on Friday which fell short of analysts’ expectations as profits were undermined by restructuring and weak performance at its oil and gas businesses. Analysts also panicked on Monday over the possibility GE may have to cut its dividend.

Morgan Stanley analyst Nigel Coe lowered his rating on GE to underweight from equal weight and cut his price target to $22 from $25.

“The reduction to our target price is driven by a substantial cut to earnings expectations,” Coe said in a note to clients. “We also see a higher probability of a dividend cut that we do not view as priced in. We believe investors need to take action to protect against the possibility of near-term underperformance in the event of a dividend cut in November and this is clearly an additional factor in our rating change.”

The S&P 500 declined 0.4 percent to close at 2,564.98, with industrials and telecommunications lagging. Hasbro was the second-worst-performing stock in the S&P 500, falling 8.6 percent after the company warned of weaker holiday-season sales due to the bankruptcy of its largest customers, Toys ‘R’ Us.

The Nasdaq composite finished 0.6 percent lower at 6,586.83, as shares of Amazon, Facebook, and Alphabet all fell. The tech-heavy index, along with the Dow and S&P 500, hit intraday records earlier in the session.

Investors also braced themselves for the busiest week of the earnings season.


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Rupee opens 4 paise higher, hovers around 65 against US Dollar

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The Indian Rupee has opened higher by 4 paise at 64.97 a Dollar


The Indian Rupee continued hovering around 65 against the US Dollar. It has opened higher by 4 paise at 64.97 a Dollar on Tuesday.

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The focus has now turned on the new incumbent at US Federal Reserve.

US President had mentioned that he is very close to finding the new Federal chair.

The USD-INR seems to be in a territory of calm. Today could be a repeat of the same sentiment as the pair is expected to trade within a range of 64.95-65.10 a Dollar.

In the previous session, the Rupee closed at 65.01, higher by 3 paise compared to Wednesday’s close of 65.04 a Dollar.


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24th October 2017- OPENING BELL >> Realty Sector Zoomed Sunteck Rose 17.20%

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Realty Sector yesterday rose 2.97%, Suntech was up by 17.20%, Kolte Patil zoomed by 18.94%, Ajmera Realty gone up by 2.40%, DLF rose by 2.25% and Sobha was up 8.67%. With the onset of RERA and GST, the sector is witnessing an increase in customer confidence and an improved market sentiment. Builders and Developers believe that credible players are likely to gain ground and unorganized players will be pushed out and they will witness consolidation in the sector.
 


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Asia markets largely rise as Dollar climbs against the yen after Abe election win

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Japanese Prime Minister Shinzo Abe’s ruling coalition secured a two-thirds “super majority” after winning 312 out of 465 seats available at Sunday’s election. Abe’s solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.

Asian stocks were mostly higher on Monday as the Dollar spiked to more than three-month highs against the yen following a snap election in Japan on Sunday.

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Japanese Prime Minister Shinzo Abe’s ruling coalition secured a two-thirds “super majority” after winning 312 out of 465 seats available at Sunday’s election. Abe’s solid win at the polls points to a continuation of fiscal and hyper-easy monetary policies under his Abenomics program.

Those developments were cheered by investors, with Japanese equities popping at the open. The Nikkei 225 surged 1.06 percent, with exporters notching gains on the softer Japanese currency: Nissan rose 1.34 percent, Mitsubishi Motor was up 2.12 percent and Sony rose 1.13 percent. The broader Topix was up 0.79 percent.

Ahead of Sunday’s election, the Nikkei 225 had closed higher for 14 straight sessions, partially boosted by optimism that Abe’s ruling coalition would win.

Following the news, the Dollar also spiked to trade at 113.86 yen at 9:50 a.m. HK/SIN. The greenback went as high as 114.09 earlier — its highest levels in more than three months.

While the election result had been largely expected, the strong mandate resulting from Abe’s convincing victory “made all the difference for markets,” Jingyi Pan, a market strategist at IG, said in a note.

Across the Korean Strait, the Kospi erased early gains to slip 0.11 percent. Gains in blue-chip tech names were offset by declines seen in manufacturing and retail plays.

Down Under, the S&P/ASX 200 rose 0.11 percent. The telecommunications services rose 1.59 percent, leading gains on the broader index.

Meanwhile, Hong Kong’s Hang Seng Index declined 0.53 percent in early trade. Mainland markets traded a touch above the flat line: The Shanghai Composite was higher by 0.03 percent and the Shenzhen Composite was up 0.156 percent.

Markets in Thailand and New Zealand are closed today for public holidays.

Stateside, stocks closed higher on Friday after the U.S. Senate passed a budget measure late on Thursday. The move unlocked reconciliation, which enables Republicans to pass a tax bill with a simple 51-vote majority in the Senate.

The Dow Jones industrial average tacked on 0.71 percent, or 165.59 points, to close at a record 23,328.63. Other major indexes touched record highs during the session.

The Dollar index stood at 93.809 at 9:49 a.m. HK/SIN, compared to levels around the 93.6 handle seen on Friday.

Ahead, investors are likely to keep an eye on the race for the position of Federal Reserve chair. President Donald Trump indicated in a Fox News interview aired over the weekend that Stanford University economist John Taylor and Federal Reserve Governor Jerome Powell remained among the candidates he was considering. He also said he would make his decision shortly.

Back in Asia, China’s 19th Party Congress remained in focus as markets awaited signs on the future leadership line-up of the country, which will be officially unveiled later this week.

Also in China, average home prices in September rose 6.3 percent compared to one year ago. That figure was below the 8.3 percent increase seen in August.

In corporate news, Singapore-listed Noble Group said it would be disposing of its capital stock of Noble Americas Corporation, the company’s global oil liquids business, for roughly $582 million. Noble shares were down 2.63 percent in early trade.

In currencies, the euro was in focus following an ongoing political crisis in Spain. The common currency traded at $1.1765 at 9:57 a.m. HK/SIN after falling as low as $1.1750 in the session.

On the energy front, U.S. crude futures were up 0.5 percent at $52.10 a barrel. Brent crude futures were 0.29 percent higher at $57.92.


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Indian ADRs: Infosys, ICICI Bank, Tata Motors slip; Wipro, HDFC Bank, Dr Reddy’s Labs gain

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In the banking space, ICICI Bank was down 1.25 percent at USD 7.91 and HDFC Bank was up 0.46 percent at USD 96.

Indian ADRs ended mixed on Friday. In the IT space, Infosys shed 0.95 percent at USD 14.56 and Wipro gained 1.69 percent at USD 5.43.

In the banking space, ICICI Bank was down 1.25 percent at USD 7.91 and HDFC Bank was up 0.46 percent at USD 96.

In the other sectors, Tata Motors slipped 0.61 percent at 32.75 and Dr. Reddy’s Laboratories was up 1.02 percent at USD 36.68.


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Wall Street hits record highs; tax plan hopes fuel optimism

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The Dow Jones Industrial Average rose 165.59 points, or 0.71 percent, to end at 23,328.63, the S&P 500 gained 13.11 points, or 0.51 percent, to 2,575.21 and the Nasdaq Composite added 23.99 points, or 0.36 percent, to 6,629.05.

 

US stocks hit record closing highs on Friday and the S&P 500 posted the sixth week of gains after the US Senate passed a budget resolution, lifting hopes that President Donald Trump’s tax-cut plan may move forward.

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Shares of General Electric reversed an early drop of 6.3 percent to end 1.1 percent higher, and the S&P industrials index also finished up 1.1 percent.

The company’s new chief executive vowed to shed more than USD 20 billion worth of assets after the company’s quarterly results badly missed Wall Street’s expectations.

The Senate’s approval late Thursday of a 2018 budget blueprint could pave the way for Republicans to pursue a tax-cut package without Democratic support.

“It’s just a reaction to the thought that just maybe there might be something coming from Congress in the way of tax reform.

“Everybody had kind of given up hope, and after the comments over the last 24 hours, people are like, shoot, this may actually happen.”

Stocks rallied following the November election of Trump, partly on his promises to cut taxes and reduce regulations.

The S&P index of financials which are expected to benefit from the administration’s proposed policies, rose 1.2 percent and its components were among the day’s best performers. The small-cap Russell 2000 index gained 0.5 percent. Small-cap companies are likely to get a boost from tax reform.

The Dow Jones Industrial Average rose 165.59 points, or 0.71 percent, to end at 23,328.63, the S&P 500 gained 13.11 points, or 0.51 percent, to 2,575.21 and the Nasdaq Composite added 23.99 points, or 0.36 percent, to 6,629.05.

All three indexes posted all-time closing highs, extending their recent run of records, and the Dow, which broke above 23,000 this week, rose 2 percent for the week.

The Dow also registered the sixth week of gains while the Nasdaq posted its fourth. The S&P 500 was up 0.9 percent for the week while the Nasdaq added 0.4 percent.

Some investors saw little reason to worry about the extended climb.

“This has been a healthy advance. It has been a slow, steady grind upward. There’s been extraordinarily low volatility,” said Hank Smith, co-chief investment officer at Haverford Trust in Radnor, Pennsylvania.

Investors continue to monitor news on potential candidates for the Federal Reserve chair position.

Boosting stocks late Thursday, Politico reported Fed Governor Jerome Powell is the leading candidate to become Trump’s nominee, which many would consider a continuation of the current stock market-friendly monetary policy.

Trump said in an interview with Fox Business Network on Friday he was considering tapping both Powell and Stanford University economist John Taylor for the central bank’s top two posts.

Also on the earnings front, PayPal’s stock rose 5.5 percent after upbeat earnings.

The pace of third-quarter reports should pick up next week, with results from Caterpillar and other big names.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.58-to-1 ratio favored advancers.

About 6.2 billion shares changed hands on US exchanges. That compares with the 5.9 billion daily average for the past 20 trading days.


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