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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.

 

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.

Sun Pharma says it sought re-inspection of its Halol facility, awaiting US FDA response

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Sun Pharma, India’s largest drug maker on Friday said it has completed remediation exercise at its Halol plant in Gujarat and made a request to the US FDA for re-inspection.

“The remedial steps to address these observations are now complete and we are now awaiting a re-inspection by the US FDA,” said Dilip Shanghvi, Managing Director of Sun Pharma in the company’s earnings call.

“Till we have a successful outcome from the re-inspection we will not get any approvals from this facility,” Shanghvi added.

Shanghvi said the drug maker is giving top priority to bring back Halol unit under compliance.

The US FDA re-inspected the Halol facility from November 17, 2016, through December 1, 2016, and issued nine Form 483 observations.

Halol is an important plant for the company and contributed 10-15 percent to its US sales before the factory received a warning letter from the US FDA for violation of manufacturing norms in December 2015.

SEBI calls on exchanges, clearing corps to better deal with tech glitches- JOIN US FOR MORE DAILY FREE INTRADAY TIPS

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Market regulator Securities and Exchange Board of India (SEBI) admonished stock exchanges, clearing corporations and depositories on Friday to have procedures in place to deal with technological disruptions or cyber attacks, and to quickly share any information when such instances occur.

 

In a statement, SEBI added it would also undertake “a comprehensive review” of the technology and systems deployed at these institutions.

 

The statement comes after SEBI convened a meeting of relevant parties on Friday following a technology glitch at the National Stock Exchange (NSE) earlier this month that led to a near five-hour long trading disruption.

 

SEBI added NSE had assured the regulator at the meeting that the exchange was strengthening its internal processes “to further reduce the response time for recovery and also the adoption of automated processes.”

RBI Governor meets Jaitley before monetary policy review

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Ahead of the Reserve Bank of India’s (RBI) forthcoming monetary policy review next week, RBI Governor Urjit Patel held his customary meeting with Finance Minister Arun Jaitley here on Friday.

 

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A Finance Ministry source here said that following his meeting with Jaitley, Patel also met the new Economic Affairs Secretary Subhash Chandra Garg.

 

The six-member monetary policy committee (MPC) of the RBI headed by Patel will meet on August 1-2 in Mumbai for the third bi-monthly policy review of the fiscal in the backdrop of latest macro data strengthening the case for an interest rate cut by the central bank.

 

Retail inflation in June dropped to a record low of 1.54 per cent, while industrial production data showed that the growth in factory production fell to 1.7 per cent in May, from 8 per cent in the same month a year ago.

 

At its second bi-monthly monetary policy review of the fiscal on June 7, the Reserve Bank of India maintained status quo on its repo, or short-term rate for lending to commercial banks, at 6.25 per cent. In doing so, the policy statement said the six-member MPC was guided by the risks to inflation.

Indian ADRs: Dr. Reddy’s Lab slips 3.3%, ICICI Bank, Tata Motors down

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Indian ADRs ended lower on Friday. In the IT space, Infosys fell 0.32 percent at USD 15.59 and Wipro shed 0.04 percent at USD 6.12.

 

 

In the banking space, ICICI Bank declined 0.24 percent at USD 9.48 and HDFC Bank was down 0.03 percent at USD 96.29.

 

 

In the other sectors, Dr. Reddy’s Laboratories tumbled 3.37 percent at USD 38.30 and Tata Motors slipped 1.06 percent at USD 34.49.

 

 

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S&P 500 dented by earnings; Dow hits record high

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The S&P 500 slipped on Friday on negative reactions to earnings reports from high-profile names such as Amazon, Exxon and Starbucks and a drop in shares of tobacco companies.

 

The Dow industrials, however, set a record high, buoyed by Chevron after the energy company’s results.

 

Despite Friday’s share reactions, results overall have come in better than expected for the second quarter and stocks are trading near record highs.

 

More than halfway through reporting season, S&P 500 companies are on track to increase earnings by 10.8 percent.

 

Investors were also digesting data showing the US economy accelerated in the second quarter as consumers ramped up spending and businesses invested more in equipment.