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Commodity Market Tips-Mentha oil futures down on easing demand

Commodity Market Tips

Commodity Market Tips-Mentha oil futures down on easing demand

Mentha oil futures were trading lower during the morning trade in the domestic market on Friday as investors and speculators cut down their positions in the agri-commodity amid muted physical demand for mentha oil from major consuming industries in the domestic spot market. Further, exiting of bets by traders in the spot market was due to a fall in physical demand for mentha oil from consuming industries at the domestic spot market against sufficient stocks position on higher supplies from producing regions.

At the MCX, mentha oil futures for February 2018 contract was trading at Rs 1335 per kg, down by 0.83 per cent, after opening at Rs 1328, against the previous closing price of Rs 1346.20. It touched the intra-day low of Rs 1319.90.

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Commodity Market Tips-Cardamom futures up on rising demand

Commodity Market Tips

Commodity Market Tips-Cardamom futures up on rising demand

Cardamom futures were trading higher during the morning trade in the domestic market on Friday as investors and speculators extended their positions in the agri-commodity amid rising in physical demand for cardamom in the domestic spot market. Further, insufficient supplies on higher physical arrivals from the major cardamom producing regions supported the upward trend in the domestic cardamom prices.

At the MCX, cardamom futures for March 2018 contract was trading at Rs 1155 per kg, up by 0.37 per cent, after opening at Rs 1157, against a previous close of Rs 1150.70. It touched the intra-day high of Rs 1157.

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Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

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Punjab National Bank slumps for third straight day; hits 52-week low

Shares of Punjab National Bank continued to reel under pressure for the third consecutive day after the detection of Rs 11,400 crore fraud, slipping over 3 percent in morning trade on bourses.

The stock hit its 52-week low on both Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today after it opened on a bearish note and fell 3.27 percent to Rs 124.15 on BSE. Similarly, on NSE, the stock dropped to a low of Rs 123.40. Meanwhile, shares of PNB Housing too slipped 1.36 percent to a low of Rs 1,182.60.

A fortnight after the scam was first reported, PNB Chairman and Managing Director Sunil Mehta yesterday said it has the capability to recover the dues from Modi and promised to take action against all wrongdoers.

As the Enforcement Directorate conducted multiple searches at establishments linked to Modi, seizing diamonds, jewelry and gold worth Rs 5,100 crore and sealing six properties, the Finance Ministry said recovery would be made and nobody would be spared.

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Sensex, Nifty off opening highs; IT stocks gain, PSU Bank index falls 1%

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

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Sensex, Nifty off opening highs; IT stocks gain, PSU Bank index falls 1%

 PNB fraud case Update: Union Bank of India clarified that it has nearly 17 percent exposure to the transaction fraud worth USD 1.8 billion (Rs 11,300 crore) detected by Punjab National Bank recently.

The bank said it through its foreign branches has been taking an exposure with Punjab National Bank as a counterparty under various letters of undertakings (LoU) issued through authenticated SWIFT message.

The bank has also purchased some buyers’ credit assets from Axis Bank through risk participation as a part of normal international business practice, it added.

“The outstanding exposure related to the incident is approximately USD 300 million and the bank is fully secured by LoU / LC / other documents,” Union Bank said.

The bank is fully confident to receive the payment, it added.

9:55 am Market Update: Benchmark indices continued to trade higher in morning, with the Sensex rising 134.45 points to 34,431.92 and the Nifty up 41.70 points at 10,587.20.

About 1,144 shares advanced against 838 declining shares on the BSE.

Technology stocks continued to support the market as TCS, Infosys and HCL Technologies gained 2 percent each.

L&T, ICICI Bank, Reliance Industries, HDFC Bank and ITC gained 0.3-0.6 percent whereas HDFC, SBI, Adani Ports, Axis Bank, HUL and Eicher Motors were under pressure.

9:45 am PC Jeweller comments after PNB fraud case: As its shares got hammered in the aftermath of India’s biggest bank fraud, PC Jeweller said the company does not use a letter of credit/letter of undertaking in business transactions and buys all diamonds from local markets on a cash basis only.

The BSE had sought clarifications from the company after its share prices slumped nearly 20 percent intraday to Rs 303 apiece in the previous session.

The share ended the day at Rs 356.40, down 5.31 percent. “The company does not use the instruments of LUT/LOC (Letter of Undertakings/ Letter of Credit) etc in its business transactions.

“The company does not have any international transactions in diamonds. It procures all its diamonds from local markets on a cash basis only,” PC Jeweller said in its regulatory filing.

It assured investors and shareholders that the fundamentals of the company remain strong and it continues to move ahead as per its laid down business plans.

9:35 am Buzzing: Share price of Indoco Remedies added 6.4 percent in the morning as it has received certification for its Goa plant.

The company received European GMP certification from Regulatory Authority of Hungary for its manufacturing facility for non-sterile products (Goa-plant III).

The EU GMP certification will enable the company to export medicinal products to all European countries. The granted GMP certification will also continue to support export of drug products to Canada, Australia, New Zealand and rest of the emerging territories as well, company said in a release.

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 Credit Suisse on Apollo Hospitals: Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

9:15 am Market Check: Equity benchmarks extended previous day’s gains on last day of the week, with the Sensex, Nifty Bank, and Midcap indices rising around 150 points each, tracking positive global cues.

The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80.

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

Nifty Midcap, as well as Nifty Bank indices, rallied 150 points each.

Fortis Healthcare gained 4 percent as the Supreme Court allowed the sale of pledged shares to lenders.

Indoco Remedies, Shriram EPC, Future Consumer, Apollo Hospitals, HOEC, KNR Construction, Vakrangee and 8K Miles Software were up 2-5 percent while Nalco was down 3 percent.

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Buy, Sell, Hold: Analysts are tracking 4 stocks on February 16

While maintaining Buy call on PNC Infra with reduced target price at Rs 265 (from Rs 281 per share earlier), Nomura cut EPS estimates for FY19/20 by 5-6 percent to account for higher interest costs.

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Buy, Sell, Hold: Analysts are tracking 4 stocks on February 16

Apollo Hospitals Enterprises

Brokerage – Jefferies | Rating – Hold | Target – Rs 1,140

Growth in existing hospitals improved due to the base but it was lower-than-expected. Losses in Navi Mumbai unit & AHLL are remained elevated.

“We expect growth challenges for the company to continue, and increasing competition and regulatory challenges will keep margin and return on capital employed growth limited,” Jefferies said while retaining Hold rating on the stock with increased target price at Rs 1,140 from Rs 1,080 per share.

Brokerage – Credit Suisse | Rating – Outperform | Target – Rs 1,450

Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

Brokerage – CLSA | Rating – Buy | Target – Rs 1,500

CLSA has maintained its Buy call Apollo Hospitals with a target price of Rs 1,500 per share as mature hospitals recovery is on track.

AHLL breakeven pushed out to FY20 versus FY19 earlier, which is negative, it feels.

It believes that company is well placed to see 20 percent EBITDA CAGR over FY18-20.

CLSA increased FY18-20 EBITDA by 3-6 percent and cut earnings by 10-15 percent due to losses of certain associates.

KNR Constructions

Brokerage – Nomura | Rating – Buy | Target – Rs 383

Nomura has maintained Buy call on the stock with reduced target price at Rs 383 from Rs 386 per share earlier as it cut FY19 EPS estimate by 10 percent.

The research house continued to value EPC business at 18x FY20 EPS. Execution of projects remained robust and Q4 pipeline remained strong.

Increasing order inflow visibility will address concerns, it said.

PNC Infratech

Brokerage – Nomura | Rating – Buy | Target – Rs 265

While maintaining Buy call on PNC Infra with reduced target price at Rs 265 (from Rs 281 per share earlier), Nomura cut EPS estimates for FY19/20 by 5-6 percent to account for higher interest costs.

Execution of HAM projects and pick-up in slow-moving projects will drive growth, it feels.

While company missed its guidance, Nomura believes FY19 revenue is realistic.

Phoenix Mills

Brokerage – CLSA | Rating – Buy | Target – Rs 722

CLSA has maintained its Buy call on Phoenix Mills with increased target price at Rs 722 from Rs 597 per share earlier.

Core mall portfolio is performing well as rentals rise 8-17 percent YoY.

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Sensex, Midcap gain 150 pts; Nifty hits 10,600 in opening; metals shine

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

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  Sensex, Midcap gain 150 pts; Nifty hits 10,600 in opening; metals shine

Credit Suisse on Apollo Hospitals: Credit Suisse has upgraded the stock to Outperform from Neutral and raised target price to Rs 1,450 from Rs 1,075 per share.

Start-up losses at Navi Mumbai should reduce starting next quarter and stent pricing impact should moderate next year as company repriced insurance contracts, the researcher believes.

It feels EBITDA CAGR for FY18-20 should be strong at 20 percent versus 3 percent CAGR in past two years. FY18/19 EPS estimates cut 28/23 percent to factor in stent impact & higher AHLL losses.

9:15 am Market Check: Equity benchmarks extended previous day’s gains on last day of the week, with the Sensex, Nifty Bank, and Midcap indices rising around 150 points each, tracking positive global cues.

The 30-share BSE Sensex was up 149.65 points at 34,447.12 and the 50-share NSE Nifty rose 48.30 points to 10,593.80.

Punjab National Bank lost another 2 percent on top of 21 percent fall in previous two consecutive sessions. Gitanjali Gems tanked 19 percent on top of 20 percent correction in the previous session.

Nifty Midcap, as well as Nifty Bank indices, rallied 150 points each.

Fortis Healthcare gained 4 percent as the Supreme Court allowed the sale of pledged shares to lenders.

Indoco Remedies, Shriram EPC, Future Consumer, Apollo Hospitals, HOEC, KNR Construction, Vakrangee and 8K Miles Software were up 2-5 percent while Nalco was down 3 percent.

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Indian ADRs: ICICI Bank rises 2%; Tata Motors, HDFC Bank down

Indian ADRs ended mostly higher on Thursday. Dr Reddy’s Laboratories added 0.40 percent and Wipro gained 1.28 percent.

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Free Stock Case Tips Indian ADRs: ICICI Bank rises 2%; Tata Motors, HDFC Bank down

Indian ADRs ended mostly higher on Thursday. In the IT space, Infosys was up 0.23 percent at USD 17.61 and Wipro gained 1.28 percent at USD 5.55.

In the banking space, ICICI Bank rose 2.06 percent at USD 10.41 and HDFC Bank fell 0.94 percent at USD 101.26.

In the other sectors, Tata Motors was down 0.14 percent at USD 29.24 and Dr Reddy’s Laboratories added 0.40 percent at USD 34.73.

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Free Equity Tips on Mobile-Oil rallies on Saudi comments, weak dollar

 Free Equity Tips on Mobile-Oil rallies on Saudi comments, weak dollar

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Oil prices rallied on Wednesday, shaking off earlier weakness as U.S. crude stocks rose less than expected and Saudi Energy Minister Khalid al-Falih said major oil producers would prefer tighter markets than end supply cuts too early.

Markets also benefited from more weakness in the dollar, which dropped 0.7 percent after stronger-than-expected U.S. consumer inflation figures. Oil tends to move inversely to the dollar and has also of late been trading in tandem with stocks, which finished the day up more than 1 percent.

“The demand fundamentals in today’s report were really strong,” said Richard Hastings, macro strategist at Seaport Global Securities in Charlotte, North Carolina. “At the same time, you’ve got a little bit of a weaker dollar day on inflation and that could be that some of the price reaction here.”

Brent crude futures settled up $1.64 a barrel, or 2.6 percent, to $64.36 a barrel. U.S. West Texas Intermediate crude futures gained $1.41, or 2.4 percent, to $60.60 a barrel.

U.S. crude inventories rose 1.8 million barrels last week, Energy Information Administration (EIA) data showed compared with expectations for an increase of 2.8 million barrels.

The market rallied after Al Falih said the Organization of the Petroleum Exporting Countries said he would rather leave the oil market slightly short of supplies than lift output cuts too early.

OPEC and its partners, including Russia, have curbed supply since January 2017 to drain global stocks in an agreement that continues through the end of the year.

There has been concern about that deal’s efficacy due to the sharper-than-expected increase in U.S. production, and that OPEC and Russia may look to exit the deal to preserve market share. Al Falih’s comments suggest that is not in the offing.

“The comments from Al Falih are by far most significant thing, big-picture,” said Michael Wittner, managing director and global head of oil research at Societe Generale. “These statements are saying pretty strongly that they really don’t want to go below $60 Brent.”

U.S. production rose to 10.27 million bpd last week, the EIA said, which, if confirmed by monthly data, would represent an all-time U.S. record. The International Energy Agency on Tuesday said the rapid increase in supply, particularly in the United States, could overtake consumption.

Physical markets are reflecting this concern. Prices for crude from the North Sea, Russia, the United States and the Middle East have dropped to multi-month lows.

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Commodity Market Tips – Gold extends gain on dollar weakness

Gold prices rose further on Thursday, supported by a weaker dollar and as investors bought the yellow metal as a hedge against inflation after a faster-than-expected rise in U.S. consumer prices last month.

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Commodity Market Tips – Gold extends gain on dollar  weakness

Spot gold was up 0.3 percent at $1,354.55 an ounce, as of 0407 GMT and headed for a fourth straight session of gains.

It hit its highest since Jan. 26 at $1,355.50 on Wednesday and has gained nearly 4 percent since it dropped to a one-month low last week.

U.S. gold futures were down 0.1 percent at $1,357.2 per ounce on Thursday.

“Higher U.S. inflation combined with the US dollar exhibiting zero correlation to higher interest rates amidst burdening duel deficits (trade and budget) should play out favorably for gold markets,” said Stephen Innes, head of trading APAC at OANDA said.

The dollar index against a basket of currencies was down 0.3 percent at 88.898 after earlier hitting a nearly two-week low of 88.840.

A recovery in broader risk sentiment was also seen weighing on the dollar, which had gained during the market turmoil earlier this month.

The U.S. currency has been hit by a variety of setbacks this year, including from prospects Washington might pursue a weak dollar strategy to the perceived erosion of its yield advantage as other countries part with easier monetary policy. Concerns about the growing U.S. fiscal deficit have also weighed on the greenback.

The U.S. Labor Department said its Consumer Price Index increased 0.5 percent in January as households paid more for gasoline, rental accommodation, and healthcare, raising pressure on new Federal Reserve chief Jerome Powell to prevent a possible overheating of the economy.

Inflation fears boost gold, which is seen as a safe haven against rising prices. But expectations that the Fed will raise interest rates to fight inflation make gold less attractive since it is not interest-yielding.

“Gold’s technicals have improved dramatically in light of Wednesday’s surge and could draw further fund buying,” said INTL FCStone analyst Edward Meir.

Spot gold is expected to break a resistance at $1,357 per ounce and rise to the next resistance at $1,372, driven by a wave C, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver was up 0.2 percent at $16.91 an ounce after earlier hitting a more than one-week high of $16.94.

Palladium was 0.7 percent higher at $1,007.75, after earlier hitting a one-week top of $1,009.30.

Platinum was up 0.2 percent at $998.74, after earlier hitting $1,002.40, its highest in nearly two weeks.

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Free Stock Tips – Sensex gains 150 pts, Nifty Midcap outperforms; PNB, Gitanjali tanks

MT Educare and Zee Learn rallied 5 percent each post open offer. Infibeam gained 4 percent after the board approves the issuance of convertible warrants up to Rs 40 crore to Network18.

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Free Stock Tips – Sensex gains 150 pts, Nifty Midcap outperforms; PNB, Gitanjali tanks

9:30 am QIP Launched: Idea Cellular will raise up to Rs 3,500 crore by issuing equity shares to eligible investors through qualified institutional placement (QIP) route.

“The Board of Directors today accorded final approval for issuance of equity shares for an amount not exceeding Rs 3,500 crore by way of QIP to the eligible investors,” Idea said in a regulatory filing.

The floor price in respect of QIP, based on pricing formula, has been fixed at Rs 86.84 per share, it said in another filing.

The company may give a discount of up to 5 percent on the floor price in the QIP, it added.

On January 4, the Board had approved a proposal to raise up to Rs 6,750 crore. The company has already raised Rs 3,250 crore by allotment of shares to entities of promoter Aditya Birla Group (ABG).

9:21 am Earnings Reaction: Leading cloud computing player 8K Miles Software Services reported a 67 percent growth in net profit at Rs 44.80 crore for the three months to December, while its revenue grew 58 percent to Rs 224.46 crore. The stock was down 1 percent.

After leveraging its success in the US, the company is expanding across Europe and Asia in both public and private sectors, the company said.

“We are very bullish about our platforms as CloudEz and Automaton are seamlessly extensible to address local regulatory compliances globally. It’s important now to drive innovation faster and provide new ways of delivering care for patients across the globe,” Suresh Venkatachari, chairman and managing director of 8K Miles said.

9:15 am Market Check: Benchmark indices as well as broader markets gained around half a percent each, following a positive lead from global peers.

The 30-share BSE Sensex was up 145.73 points at 34,301.68 and the 50-share NSE Nifty gained 46.80 points at 10,547.70.

About three shares advanced for every share falling on the BSE.

PNB plunged 8 percent and Gitanjali Gems lost 18 percent on transaction fraud.

Axis Bank slipped nearly 2 percent.

Bharti Airtel, Vedanta, Tata Steel, ICICI Bank, Yes Bank and Infosys were early gainers.

MT Educare and Zee Learn rallied 5 percent each post open offer. Infibeam gained 4 percent after the board approves the issuance of convertible warrants up to Rs 40 crore to Network18.

Welspun Enterprises, Shriram EPC, Cox & Kings, and GTPL Hathway gained more than 3 percent while Repco Home Finance and Jet Airways fell over 2 percent post-earnings.

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