Browse Category: commodity tips

Sensex, Nifty trade flat after opening higher; Bharti twins gain

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ICICI Prudential Life, HDFC Standard Life, and SBI Life were under pressure, falling 2-4 percent.

State-owned lender United Bank of India said it has received market regulator SEBI’s approval for issue of equity shares worth Rs 1,000 crore by way of institutional placement.

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The Kolkata-headquartered bank had in January informed the bourses it planned to raise up to Rs 1,500 crore through qualified institutional placement (QIP), rights or public issue.

The lender had raised Rs 127.49 crore through sale of shares to qualified institutional investors in May.


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Rupee Opens 11 paise Higher at 64.80 against US Dollar

The Indian Rupee has opened higher by 11 paise compared with previous day’s closing level of 64.91 a Dollar.

The Indian Rupee has opened at 64.80 against the US Dollar, higher by 11 paise compared with previous day’s closing level of 64.91 a Dollar.

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US FOMC minutes sounded caution on the potential impact of the sudden reversal of asset price inflation on growth.

Activity in the currency market is expected to be muted due to the Thanksgiving holiday in the US.

The Rupee holds on to its gains registered post the Moody’s upgrade and is expected to trade today in the range of 64.65-64.95 against the US Dollar.


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23rd November 2017- OPENING BELL- Moody’s Has Stable Outlook For Real Estate, IT Services, Oil Companies And Auto & Auto Suppliers

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Moody’s upgrades the outlook of Real Estate, IT services, Oil companies and Auto & auto suppliers to stable. Rating agency Moody’s sees an improvement in the credit profiles of Indian companies next year, driven by better sales as it expects goods and services tax (GST)-related disruptions to wane, leading to an allover recovery in economic activities.

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Yesterday realty was top performing sector, it rose by 1.65%, where Arvind Smartspace rose by 9.80%, Nila Infra zoomed by 6.62%, Brigade was up by 4.96%, and Ganesh Housing gained by 3.43%.

IT Sector also rallied after stable outlook given by Moody’s. The sector rose by 0.84%, where control print rose by 9.55%, Aptech zoomed by 6.73%, Mastek was up by 3.98%.

Among the minor sector, Carbon and Consumer Goods were top performing sectors gaining 3.83% and 2.90% respectively. Tgoa Carbon gained 5%, Himadari Chemical zoomed by 6.63% and Rain Industries rose by 5%.

Yesterday, Nifty opened at 10351 and closed at 10342 after making a low of 10310.Smallcap Index opened at 8529 and closed at 8538 after making a low of 8467.

Nifty Future is opening gap- up by 7 points against yesterday close of 10360 as indicated by SGX Nifty which is currently trading at 10367.


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Bajaj Steel Industries bags Order Worth $7 mn

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Bajaj Steel Industries is a dynamic e-commerce company dedicated to providing clients with a full spectrum of Cotton Baling Press and steel industries solutions.

Bajaj Steel Industries has been awarded a prestigious order from Egyptian Holding Company for Cotton. The order is for 3 Gining Plants based on Rotobar Gining Technology aggregating worth $70,05,591, the company said in a filing to the Bombay Stock Exchange.

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Bajaj Steel Industries is a dynamic e-commerce company dedicated to providing clients with a full spectrum of Cotton Baling Press and steel industries solutions. Meanwhile, shares of the company were trading at Rs 177.10 apiece, up 13.49 percent from the previous close at 11:25 hours on BSE.


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Stock Market Indices won`t contribute to GDP Growth: Pranab Mukherjee

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Former President Pranab Mukherjee termed the recent upward trends witnessed in stock markets in the country as mere financial transactions by some blue-chip companies and said these trends have very little impact on GDblue-chip reported PTI. Whatever little impact these indices will contribute to the GDP growth, they will not create a single job, Mukherjee said while delivering a talk organized by Ravenshaw University Development Trust.

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“We are not for growth in terms of numerical statistics. But growth for creating wealth and having the possession of that wealth at the hands of the people,” he said and emphasized on having a growth, which will generate jobs, create income and wealth at the hands of the people. Mukherjee, who had been union finance minister for a substantial period, said India during last 10 years had witnessed GDP growth rate at more than 8 percent but there has been stagnation recently.

“Probably, we will overcome the current stagnation and we will have a growth rate at seven to seven and a half percent,” he said. Raising a fundamental question as to what type of growth India needs, the former President said the unemployment situation in the country should be reflected in our policy formulation in the coming years, which will ensure real growth.

He said the policies should ensure that we can not only have steady and substantial growth but at the same time, growth must create a condition which will enhance the income of the people at large.


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FMCG Firms Slash Prices Post GST Reduction

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FMCG companies, including ITC, Dabur, HUL, and Marico, said they have cut prices of various products to pass on the benefits of GST rate reduction to end-consumers, reported PTI. The companies said they will extend the price reduction to other categories, which have also seen tax rate cuts. The development comes a day after the government asked the firms to pass on lower GST rates to consumers.

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The Goods and Services Tax (GST) rate was reduced to 178 items, including detergents, shampoos and beauty products, from 28 percent to 18 percent from November 15. “ITC has modified the price of its relevant products keeping in mind the applicable rates under the recent GST notification,” a company spokesperson told PTI. Similarly, an HUL spokesperson said: “We have reduced the price for Bru Gold coffee from Rs 145 to Rs 111 on a 50 gm pack. Any further price changes will be communicated in due course.”

HUL remains committed to passing on the benefits of GST reduction to the consumers, the spokesperson added. Likewise, Marico CFO Vivek Karve said the company has effected MRP reductions on products across categories such as deodorants, hair gels, hair creams, body care etc. “While the new production shifts to new reduced MRP immediately, we are passing on the benefits on existing stocks either through stickering the products with reduced MRP or by providing additional discounts to our trade channel partners,” he said.

Karve further said the company has also sent out communication to its partners to pass on the benefit of reduced taxes to the consumers. Earlier in the day, Dabur India said it has cut prices of existing stocks across categories such as shampoos, skin care and home care by 9 percent. The company said it had also revised the MRP of fresh produce with immediate effect which will hit the shelves by next month.

When contacted, a Patanjali spokesperson said: “We welcome this step and the benefits must be transferred to the customers. We are evaluating over the quantum of decrease.” Earlier, CBEC Chairperson Vanaja Sarna in a letter to all major FMCG companies had pointed out the need to immediately revise the MRP on all the products for which the tax reductions have been announced by the GST Council.

GST rates on a number of items have also been reduced from 18 percent to 12 percent and from 12 percent to 5 percent. Items on which tax rate has been cut from 28 percent to 18 percent include chewing gum, chocolates, coffee, custard powder, dental hygiene products, creams, after-shave, deodorant, detergent and washing powder, razors and blades, cutlery, batteries, goggles, wrist watches and mattress. The tax rate on a condensed mil, refined sugar, pasta curry paste, diabetic food, and bamboo/cane furniture has been cut from 18 percent to 12 percent.


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Uber paid Hackers $100,000, concealed data stolen from 57 Million accounts

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Uber Technologies Inc paid hackers $100,000 to keep secret a massive breach last year that exposed the personal information of about 57 million accounts of the ride-service provider, the company said on Tuesday.

Discovery of the U.S. company’s cover-up of the incident resulted in the firing of two employees responsible for its response to the hack, said Dara Khosrowshahi, who replaced co-founder Travis Kalanick as CEO in August.

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“None of this should have happened, and I will not make excuses for it,” Khosrowshahi said in a blog post.

The breach occurred in October 2016 but Khosrowshahi said he had only recently learned of it.

The hack is another controversy for Uber on top of sexual harassment allegations, a lawsuit alleging trade secrets theft and multiple federal criminal probes that culminated in Kalanick’s ouster in June.

The stolen information included names, email addresses and mobile phone numbers of Uber users around the world, and the names and license numbers of 600,000 U.S. drivers, Khosrowshahi said.

Uber passengers need not worry as there was no evidence of fraud, while drivers whose license numbers had been stolen would be offered free identity theft protection and credit monitoring, Uber said.

Two hackers gained access to proprietary information stored on GitHub, a service that allows engineers to collaborate on software code. There, the two people stole Uber’s credentials for a separate cloud-services provider where they were able to download driver and rider data, the company said.

A GitHub spokeswoman said the hack was not the result of a failure of GitHub’s security.

“While I can’t erase the past, I can commit on behalf of every Uber employee that we will learn from our mistakes,” Khosrowshahi said.

“We are changing the way we do business, putting integrity at the core of every decision we make and working hard to earn the trust of our customers.”

Khosrowshahi said Uber had begun notifying regulators. The New York attorney general has opened an investigation, a spokeswoman said.

Uber said it had fired its chief security officer, Joe Sullivan, and a deputy, Craig Clark, this week because of their role in the handling of the incident. Sullivan, formerly the top security official at Facebook Inc and a federal prosecutor, served as both security chief and deputy general counsel for Uber.

Kalanick learned of the breach in November 2016, a month after it took place, a source familiar with the matter. At the time, the company was negotiating with the U.S. Federal Trade Commission over the handling of consumer data.

A board committee had investigated the breach and concluded that neither Kalanick nor Salle Yoo, Uber’s general counsel at the time, were involved in the cover-up, another person familiar with the issue said. The person did not say when the investigation took place.

Uber said on Tuesday it was obliged to report the theft of the drivers’ license information and had failed to do so.

Kalanick, through a spokesman, declined to comment. The former CEO remains on the Uber board of directors, and Khosrowshahi has said he consults with him regularly.

CRIME PAYS

Although payments to hackers are rarely publicly discussed, U.S. Federal Bureau of Investigation officials and private security companies have told that an increasing number of companies are paying criminal hackers to recover stolen data.

“The economics of being a bad guy on the internet today is incredibly favorable,” said Oren Falkowitz, co-founder of California-based cybersecurity company Area 1 Security.

Uber has a history of failing to protect driver and passenger data. Hackers previously stole information about Uber drivers and the company acknowledged in 2014 that its employees had used a software tool called “God View” to track passengers.

Khosrowshahi said on Tuesday he had hired Matt Olsen, former general counsel of the U.S. National Security Agency, to restructure the company’s security teams and processes. The company also hired Mandiant, a cybersecurity firm owned by FireEye Inc, to investigate the breach.

The new CEO has traveled the world since replacing Kalanick to deliver a message that Uber has matured from its earlier days as a rule-flouting startup.

“The new CEO faces an unknown number of problems fostered by the culture promoted by his predecessor,” said Erik Gordon, an expert in entrepreneurship and technology at the University of Michigan’s Ross School of Business.


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Icra sees growth inching up to 6.3% in Q2

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Economic expansion in terms of gross value added (GVA) is expected to improve to 6.3 percent in the three months to September from 5.6 percent in the previous quarter, on the back of a rise in industrial growth. Headline GVA growth, however, is likely to trail the 6.8 percent recorded in the second quarter of FY17.

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“We expect GVA growth at basic prices to record a sequential recovery to 6.3 percent in the second quarter from 5.6 percent in the first quarter, led by a broad-based pick up in industrial growth, even as agriculture, forestry and fishing and services are likely to moderate,” rating agency Icra said in a report. Industrial growth improved to over 5.8 percent in the period from 1.6 percent in the first quarter.

Icra’s principal economist Aditi Nayar said the second quarter was a period of adjustment for the s economy, following the goods and services tax (GST) rollout. “Improved corporate earnings, partly reflecting milder discounts and higher commodity prices, and a pick-up in mining and electricity, are expected to contribute to a sequential recovery in Q2, offsetting the moderation in government spends and a tepid Kharif harvest for several crops,” Nayar said.

The significant turnaround in mining, a favorable base-effect, and supportive commodity prices, should boost mining and quarrying sub-sectors to a healthy 7.5 percent in the quarter, she added. Electricity generation also recorded an improvement led by the thermal segment. However, the real estate sector remains subdued on account of weak consumer sentiment, led by factors such as the note-ban-led drag, full implementation of the Rera and GST. This will cap construction sector remaining low at near 2.5 percent in the quarter.

The agency expects services growth to ease to 7.3 percent from 8.7 percent in the first quarter. Government’s non-interest revenue spend slid sharply to 0.8 percent in Q2 from 26.8 percent in Q1, reflecting the waning effect of front-loading of spending. However, available data for 12 states indicates a pickup in their revenue spends grew to 14.1 percent in Q2 from 10.7 percent in Q1. The report expects GVA growth in public administration and defense to ease to around 6.3 percent from 9.5 percent in Q1, weighing upon the overall GVA expansion.


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Asia Stocks supported by Global Growth Optimism, Dollar strong

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South Korea’s KOSPI rose 0.25 percent, Australian stocks climbed 0.15 percent and Japan’s Nikkei advanced 1.25 percent.

Asian stocks edged higher on Tuesday as investors took heart from further evidence of strength in the global economy, while the Dollar hovered near a one-week high against its peers thanks to higher US yields and a floundering Euro.

Gains on Wall Street overnight also helped MSCI’s broadest index of Asia-Pacific shares outside Japan tack on 0.15 percent.

South Korea’s KOSPI rose 0.25 percent, Australian stocks climbed 0.15 percent and Japan’s Nikkei advanced 1.25 percent.

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Equity markets have enjoyed strong support this year thanks to rising corporate earnings on the back of an improving global economy.

That confidence was again on display overnight, with upbeat data in Germany helping the benchmark DAX brush off worries over the collapse of German coalition government talks.

German data showed strong industrial activity, while the Conference Board’s leading economic index for the United States rose 1.2 percent in October, double the rate economists.

Wall Street was led up by telecom and tech shares, with the Dow edging back towards record highs scaled two weeks ago.

In currencies, the Dollar index against a basket of six major currencies stood near a one-week peak of 94.104 touched overnight.

The greenback was boosted by rising bond yields, with the two-year US Treasury yield touching a nine-year high of 1.755 percent overnight.

The yield has risen as investors priced in more interest rate hikes by the Federal Reserve, while the Treasury is expected to increase debt issuance with a focus on short- and intermediate-dated maturities.

The two-year yield appears to have risen too high now, as the Fed is only likely to hike rates twice at most next year considering current trends in US wages and prices.

The Dollar was also boosted as the Euro has been weakened by political risks arising from German Chancellor Angela Merkel’s failure to form a three-way coalition government, thrusting Europe’s biggest economy into a political crisis.

Merkel, whose conservatives were weakened after they won an election in September with a reduced number of seats, said she would inform the German president that she could not form a coalition after the pro-business Free Democrats withdrew from negotiations.

The Euro stood little changed at USD 1.1736 and in close reach of a six-day low of USD 1.1722 touched on Monday.

The Dollar was steady at 112.565 yen, having bounced from a one-month low of 111.890 set overnight.

The Australian and New Zealand dollars were little changed at USD 0.7551 and USD 0.6809, respectively.

US crude futures were 0.15 percent lower at USD 56.34, extending losses from overnight when wariness towards next week’s OPEC meeting and a bounce by the Dollar hurt broader commodities.


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Indian ADRs: HDFC Bank, Dr. Reddy’s Lab, ICICI Bank down

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Indian ADRs ended mostly lower on Monday. ICICI Bank fell 1.56 percent and Wipro added 1.09 percent.


Indian ADRs ended mostly lower on Monday. In the IT space, Infosys was unchanged at USD 14.64 and Wipro added 1.09 percent at USD 5.09.

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In the banking space, ICICI Bank fell 1.56 percent at USD 9.46 and HDFC Bank shed 0.44 percent at USD 93.61.

In the other sectors, Tata Motors was unchanged at USD 33.09 and Dr. Reddy’s Laboratories was down 0.28 percent at USD 35.51.


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