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With Vishal Sikka gone, what next at Infosys?

 

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As Infosys Ltd searches for a successor to Vishal Sikka, who quit on Friday as its first non-founder chief executive, the company confronts the risk of more top-level departures, executives and analysts said.

 

It is one of the three issues that Infosys needs to address even as its board scours the resumes of internal and external candidates who could potentially replace Sikka.

 

Infosys may see significant flux at its Silicon Valley office where top executives such as Navin Budhiraja and Abdul Razack help generate business from new areas of business such as digital, they said.

 

“Now I worry for the California-based executives he (Sikka) brought onboard—this will be a power shift back to Bangalore, and most of the guys Vishal brought on board will either jump ship or be pushed out very quickly,” said Phil Fersht, CEO of US-based HfS Research, an outsourcing-research firm.

 

Sikka’s departure followed months of friction between the board of Infosys and founders led by N.R. Narayana Murthy, who has alleged corporate governance lapses, including in the $200 million purchase of Israeli automation technology firm Panaya Ltd.

RBI to issue fluorescent blue Rs 50 note in new series

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The Reserve Bank of India (RBI) on Friday said it will soon issue a Rs 50 currency note in Mahatma Gandhi (New) Series, which will be fluorescent blue in color.

 

The bank notes of Rs 50 denomination issued by the Reserve Bank in the earlier series will continue to be legal tender, the central bank said in a statement.

 

“The new denomination has the motif of Hampi with a chariot on the reverse, depicting the country’s cultural heritage. The base colour of the note is fluorescent blue,” it said.

 

The note has other designs, geometric patterns aligning with the overall colour scheme, both at the obverse and reverse.

 

The dimension of the bank note will be 66 mm x 135 mm, RBI said.

 

The Rs 50 denomination bank notes in the new series will bear the signature of RBI Governor Urjit R. Patel.

 

SAIL looks for product differentiation

 

 

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State-run Steel Authority of India Ltd (SAIL) sees “product differentiation” as a key strategy to survive in the competitive market, its chairman P.K. Singh said on Friday.

 

“In the present circumstances, only the best in the class will survive. At a time of high over capacities across the world, product differentiation is the requirement of the hour and we have to match the best in quality, variety, and standards,” he said, after visiting its Rourkela Steel Plant (RSP) which boasts of a 4,300 mm new plate mill.

 

This bill has the potential to capture demand from niche segments and the plant has teamed up with the Defence Metallurgical Research Laboratory (DMRL) and the Indian Navy to develop special grade steel plates for naval requirements.

 

The steel producer said new plate mill along with special plate plant have created unique facilities for the making of special grades steals for defense applications thereby “increasing the capacity of quenched, tempered plates with desired ballistic qualities”.

RBI governor says state banks need more capital

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State-run banks will need a bigger recapitalization to resolve bad loan problems were capitalization balance sheets, the Reserve Bank of India Governor Urjit Patel said on Saturday.

 

Extra capital will need to be raised in several ways, including raising funds from the market and through the government diluting its stake in state-run banks, Patel told a conference in Mumbai.

 

He also said that the banks would need to take haircuts as they address bad loans.

Power Grid signs loan agreement with ADB

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Power Grid Corporation of India said that it has entered into a loan agreement with Asian Development Bank (ADB) on August 17, 2017, for an amount of USD 500 million.

 

The proceeds of the Loan are proposed to be utilized for funding of Green Energy Corridor (Part-D); ±800kV HVDC Bipole link between WR (Raigarh, Chhattisgarh) and SR (Pugalur, Tamil Nadu) and ±320kV VSC based HVDC Link between Pugalur & North Trichur (Kerala), the company said in a filing to the Bombay Stock Exchange. 

 

Meanwhile, shares of the company were trading at Rs 222.95 apiece, up 1.59 per cent from the previous close at 14:35 hours on BSE.

India`s July domestic air passenger traffic up 12%

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Domestic air passenger traffic rose by 12.43 per cent in July to 95.65 lakh from 85.08 lakh reported for the corresponding month of last year.

 

On a sequential basis, total domestic air passenger traffic had risen by 19.98 percent to 95.68 lakh in June.

 

According to data furnished by the civil aviation regulator Directorate General of Civil Aviation (DGCA), passenger traffic during the January-July period grew by over 17 per cent.

 

“Passengers carried by domestic airlines during January-July 2017 were 657.21 lakh as against 560.87 lakh during the corresponding period of previous year thereby registering a growth of 17.18 percent,” the DGCA said in its monthly domestic traffic report.

 

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Infosys to buy back shares up to Rs 13,000 crore for Rs 1,150 apiece

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Infosys said on Saturday that it would buy back shares up to Rs 13,000 crore at a fixed price of Rs 1,150 per share. The company plans to buyback 11.3 crore shares or 4.92% of its equity capital.

 

The company further said that the buyback represents a premium of 17.73 percent and 17.92 percent on BSE and NSE, respectively, over the closing price of the stock as of August 16, 2017, the date of intimation to the exchanges of the board meeting to consider the proposal of the buyback.

 

The buyback comes in the wake of a surprise exit of Vishal Sikka on Friday as MD and CEO of the company. He cited “continuous stream of distractions and disruptions” among reasons for quitting.

 

The news of Vishal Sikka’s exit didn’t do well among market participants. The S&P BSE Sensex lost 270 points while Infosys shares crashed by 9.6 percent following the news of Vishal Sikka’s resignation.

Steel consumption up 3.7% in July

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India’s steel consumption in July rose by 3.7 percent to 6.905 million tonnes (mt) over the corresponding month last year and exports in the last month grew by 64 percent, the Steel Ministry’s latest report said on Saturday.

“Overall consumption in July at 6.905 it was down by 4.2 per cent in June 2017 but was up by 3.7 per cent in July 2016,” the report of the ministry’s Joint Plant Committee (JPC) said.

India’s consumption of total finished steel at 27.911 it saw a growth of 4.4 percent in April-July period over the same period of last year, under the influence of rising production for sale and imports.

Exports of total finished steel increased by 65.5 percent to 2.807 mt in April-July 2017 over the same period of last year and overall exports at 0.77 mt in July only was up by 19 percent over the previous month but grew by 64 percent over the year-ago month.

EXCLUSIVE >> Wall Street rises on Fed bets but North Korea mutes gains

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The three major US stocks indexes ended higher on Friday, snapping three days of losses, as investors bet on slower US rate hikes, but gains were muted by increasingly aggressive exchanges between the United States and North Korea.

 

Weaker-than-expected July consumer price data led investors to bet that benign inflation would keep the US Federal Reserve from raising rates again this year.

 

While this gave investors some hope after a jittery week, there were still signs of nervousness in choppy late afternoon trading, primarily due to ongoing threats from the United States and North Korea.

 

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President Donald Trump said Friday that the US military was “locked and loaded,” while Pyongyang accused him of driving the Korean peninsula to the brink of nuclear war. He told reporters in the late afternoon that he hoped North Korea “fully” understood the gravity of his warning about taking military action against the United States or its allies.

 

While the data gave investors appetite for growth sectors such as information technology and biotechnology it soured them to rate-sensitive stocks such as banks, said Keith Lerner, Chief Market Strategist, SunTrust Advisory services in Atlanta.

 

“There’s not a great incentive to buy big. You’re less than 2 percent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers,” said Lerner.

 

The Dow Jones Industrial Average rose 14.31 points, or 0.07 percent, to 21,858.32, the S&P 500 gained 3.11 points, or 0.13 percent, to 2,441.32 while the Nasdaq Composite added 39.68 points, or 0.64 percent, to 6,256.56.

 

For the week the S&P fell 1.4 percent and the Dow lost 1.1 percent – their largest weekly drops since the week ending March 24 – and the Nasdaq was off 1.5 percent.

 

Robert Phipps, a director at Per Stirling Capital Management in Austin, said he was reassured after Dallas Fed President Rob Kaplan said the Fed needs evidence of progress toward its inflation goal before raising rates.

 

“If earnings can stay strong and interest rates remain low, investors can look beyond North Korea and continue to rally equities,” said Phipps.

 

Traders saw the chance of a rate hike in December falling to 40 percent from 42 percent before Friday’s data, according to Federal funds futures.

 

Nearly USD 1 trillion has been wiped out from global equity markets since Trump’s vow on Tuesday to unleash “fire and fury” on North Korea if it threatens the United States.

 

Five of the 11 major S&P sectors ended higher, with technology’s 0.75-percent rise leading the advances.

 

But the S&P Bank sub-sector fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits.

 

While the Russell 2000 index ended up 0.1 percent on the day, it was more than 5 percent below its July 25 record close and for the week it fell 2.7 percent, its biggest weekly drop since February 2016.

 

Shares of Snap ended down 14 percent after hitting a record low following a miss on revenue and daily active users. At least 12 brokerages cut their price targets on the stock.

 

J.C. Penney finished down 16.6 percent after hitting a record low following the retailer’s bigger-than-expected quarterly loss.

 

Advancing issues barely outnumbered decliner on the NYSE by a 1.15-to-1 ratio; on Nasdaq, a 1.10-to-1 ratio favored advancers.

 

About 6.15 billion shares changed hands on US exchanges, below the 6.29 billion average for the last 20 sessions.

 

Indian ADRs: Tata Motors, Dr. Reddy’s Lab, HDFC Bank slip 2%

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Indian ADRs ended lower on Friday. In the banking space, HDFC Bank shed 2.62 percent at USD 94.48 and ICICI Bank fell 0.25 percent to USD 8.79.

 

In the IT space, Infosys was down 0.28 percent at USD 15.32 and Wipro was down 0.02 percent at USD 6.13.

 

In the other sectors, Tata Motors slipped 2.11 percent at USD 29.39 and Dr. Reddy’s Laboratories declined 1.92 percent at USD 30.33.