Stocks in Asia rise as Dollar edges up; copper holds onto overnight gains

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South Korea’s benchmark Kospi index advanced 0.1 percent as steelmakers pared gains made in the last session. Tech stocks, however, were mostly higher: Samsung Electronics rose 1.67 percent and SK Hynix gained 1.78 percent.

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Stocks in Asia rose in early Tuesday trade as commodities held onto most overnight gains made on the back of better-than-expected China producer prices.

Japan’s Nikkei 225 was up 0.49 percent in early trade, continuing its upward trajectory after touching a fresh 21-year high in the last session. Automakers, financials and manufacturing names traded higher after the Dollar edged up against the yen.

Meanwhile, South Korea’s benchmark Kospi index advanced 0.1 percent as steelmakers pared gains made in the last session. Tech stocks, however, were mostly higher: Samsung Electronics rose 1.67 percent and SK Hynix gained 1.78 percent.

Down Under, the S&P/ASX 200 gained 0.6 percent, with the materials sub-index adding to overnight gains and climbing 0.92 percent. Major miners, banks and oil stocks notched gains early in the session.

Copper prices were steady after surging on Monday when China’s producer price index beat expectations. That metal cracked the USD 7,000 per ton level in the last session, reaching heights not seen since 2014. Copper last traded at USD 7,122.

Investors are expecting a “relatively positive backdrop” in the space ahead of China’s 19th Party Congress, which is set to begin October 18.

Also in the commodities patch, oil prices were stable after getting an overnight boost on headlines that Iraqi forces had captured parts of Kirkuk, an oil-rich city controlled by Kurdish forces. Brent crude futures were off 0.09 percent at USD 57.77 a barrel and US crude was 0.25 percent lower at USD 51.74.

Meanwhile, the greenback edged up against a basket of rival currencies overnight, with the Dollar index standing at 93.300 at 8:16 a.m. HK/SIN. The US currency also firmed against the Japanese Yen to trade at 112.22 — above levels around the 111.7 handle seen at the end of Asian trade on Monday.

In other currencies, the Euro slid for the fifth straight day following an election in Austria which put right-leaning People’s Party leader Sebastian Kurz on track to becoming the youngest leader in the world.

Catalan leader Carles Puigdemont’s failure to clarify Catalonia’s position on independence from Spain also likely weighed on the common currency, which traded at USD 1.1787 at 8:31 a.m. HK/SIN, its lowest level in around a week.

Stocks on Wall Street touched record highs on Monday as earnings season carried on. The Dow Jones tacked on 0.37 percent, or 85.24 points, to close at 22,956.96.

In corporate news, the falsification of product data at Japan’s Kobe Steel took place for longer than the 10-year period indicated by the steelmaker, Nikkei Asian Review said. The practice had actually occurred for decades at the company, Nikkei said, citing a source. Kobe Steel shares were last up 4.72 percent.

Elsewhere, Tencent Holdings Chairman Ma Huateng has sold part of his stake in the internet company, according to the Wall Street Journal. Ma raised approximately 2.1 billion Hong Kong Dollars (USD 269 million) after he lowered his stake in Tencent to 8.63 percent from 8.69 percent, the WSJ reported.

In economic news, minutes from the Reserve Bank of Australia showed policymakers were in no hurry to raise interest rates in the country just because other economies were doing so.


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Indian ADRs: HDFC Bank, Wipro, ICICI Bank down

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Indian ADRs ended mostly lower on Monday. ICICI Bank was down 0.70 percent and Infosys shed 0.61 percent.


Indian ADRs ended mostly lower on Monday. In the IT space, Infosys shed 0.61 percent at USD 14.62 and Wipro fell 1.62 percent to USD 5.46.

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In the banking space, ICICI Bank was down 0.70 percent at USD 8.51 and HDFC Bank declined 2.16 percent at USD 96.53.

In the other sectors, Tata Motors gained 1.49 percent at 33.28 and Dr. Reddy’s Laboratories was up 1.61 percent at USD 36.62.


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Indian Rupee opens lower at 64.79 per Dollar

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The fiscal deficit is a concern from a medium-term perspective. But, if fiscal deficit largely remains under control, then INR should continue to perform well in the medium term.

The Indian Rupee opened marginally lower at 64.79 per Dollar on Tuesday against previous close 64.74.

The environment is constructive on INR. Exports pick-up provides some cheer/relief to the economy at large.

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“Fiscal deficit is a concern from a medium-term perspective. But, if fiscal deficit largely remains under control, then INR should continue to perform well in the medium term.

The Dollar held gains against the Yen and Euro, supported by a rise in Treasury yields following a report that US President Donald Trump was favoring a policy hawk as the next head of the Federal Reserve.

Markets also took heart from Trump’s conference where he reiterated that reforms to tax policy would be completed by year-end.

For interest rate market, there is no major trigger. Wholesale inflation data, already out yesterday suggests lower inflation and should be conducive to the bond market, which has already been built in the price.

For the day, expected the 10-year benchmark bond yield to trade in a really narrow range.


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Market Live: Sensex slips on profit booking but Nifty still holds 10,200 at open

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Persistent Systems, Federal Bank, Delta Corp, Radico Khaitan, DHFL, Prime Focus, Aries Agro, Jaiprakash Power and Jaiprakash Associates gained up to 20 percent.


Equity benchmarks opened mildly lower on profit booking Tuesday after the rally in three consecutive sessions.

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The 30-share BSE Sensex was down 33.86 points at 32,599.78 and the 50-share NSE Nifty fell 15.10 points to 10,215.80.

Axis Bank, Reliance Industries, GAIL, Bajaj Auto, Yes Bank, IOC and Bharti Airtel were early gainers while Wipro, Bajaj Finance, and BPCL were losers.

DCB Bank, JM Financial, and Colgate were down 1.5-2.5 percent.

Persistent Systems, Federal Bank, Delta Corp, Radico Khaitan, DHFL, Prime Focus, Aries Agro, Jaiprakash Power and Jaiprakash Associates gained up to 20 percent.


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Airtel-Tata deal beneficial but raises integration risk: S&P

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Bharti Airtel’s takeover of Tata Teleservices’ consumer mobile business will bolster its subscriber and revenue market share but could raise integration risk at a time when the Sunil Mittal-led company is also combining operations with Telenor, S&P Global Ratings has said. S&P said however that Airtel’s rating is “unaffected” by its recently-announced acquisition of the Tata Group firm. In our view, this deal increases integration risk for Bharti because the company will be simultaneously integrating the operations of Telenor India (acquired last fiscal) and Tata Teleservices over the next 12-18 months while responding to the intense competition.

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The S&P Global Ratings note added however that it expects Bharti to be able to manage the integration risk because it has successfully managed such deals in the past, particularly in the African markets. The deal will be neutral to Bharti’s leverage in 2017-18 and 2018-19. Airtel will assume a small portion of the deferred spectrum liability but not any debt obligation of Tata Teleservices. “We believe Bharti is committed to maintaining its credit profile and will continue to take steps to contain its leverage within our rating tolerances,” it pointed out. The ‘cash free and debt free’ acquisition will boost Bharti’s India subscriber and revenue market share to 31.9 percent and 40.6 percent respectively. The subscriber and revenue market share stood at 27.7 percent and 34.8 percent respectively, in the three months ended June 30, 2017.

Like many industry analysts, S&P to believes that the deal will help reduce the gap between Bharti and the new combined force of soon-to-be-merged Idea Cellular and Vodafone India. However, in the same breath, it cautioned that market share numbers are prone to significant changes, given the intense price competition in the Indian telecom sector.


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Godrej Agrovet shares rise 34% on stock market debut

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Shares of Godrej Agrovet make stock market debut at Rs615.60 per share, up 33.8% over its issue price of Rs460

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Shares of Godrej Agrovet Ltd debuted on the stock exchanges at Rs615.60 per share, up 33.8% over its issue price of Rs460. The Rs1,157 crore initial public offering (IPO) of agri-business unit of Godrej Industries Ltd was oversubscribed 95.41 times during the share sale from 4-6 October.

Analysts had said the issue was fairly priced. According to ICICI Securities Ltd, based on its 2016-17 consolidated figures, Godrej Agrovet is available at a market cap to sales of 1.8 times, price to earnings (PE) of 35.4 times and price to book of 8.8 times.

“We arrive at a fair value of Godrej Agrovet breaking the business into individual segments and identifying suitably listed peers. We arrive at a fair market cap of Rs11,000 crore for Godrej Agrovet as compared to targeted IPO market capitalization of Rs8,850 crore at an upper price band of Rs460,” the brokerage firm said in a note on 29 September.

Analysts also said that a consistent margin profile through innovative product launches amid improved operational efficiencies and optimal asset turnovers have led the company to become an extremely capital-efficient firm in the animal feed, oil palm, and crop protection verticals.

Godrej Agrovet has a diversified business model, with animal feed making up 50% of sales, oil palm 10%, crop protection 15% and dairy 20%. It is the largest palm oil producer in India and focuses on improving the productivity of farmers by innovating products and services that sustainably increase crop and livestock yields.

Godrej Agrovet owns well-established brands Milk More, Calf Starter and Excel across animal life cycles and sells the Jersey, Real Good Chicken, and Yummiez brands from its dairy and processed poultry and foods divisions, respectively.

In the past five years (FY13-17), the company’s revenue and profitability have expanded at a compounded annual growth rate (CAGR) of 15.6% and 29.8%, respectively. Proceeds from the fresh issue (Rs291.5 crore) will be used for the repayment of working capital facilities and commercial paper and the balance for general corporate purposes.


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Reasons Why Flipkart in talks to buy Stake in BookMyShow

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Online ticketing platform BookMyShow may be valued at $500-700 million if the proposed deal with Flipkart goes through

 

Flipkart Ltd is in talks to buy a large minority stake in ticketing platform BookMyShow, as India’s most valuable internet firm seeks to improve customer stickiness and gain a higher share of spending by urban Indians, according to three people familiar with the matter.

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The online retailer wants to invest fresh capital into BookMyShow (Bigtree Entertainment Pvt. Ltd) as well as buy shares from some of its investors, the people cited above said on condition of anonymity.

BookMyShow may be valued at $500-700 million if the proposed deal goes through, the people said. Mint couldn’t ascertain the amount that Flipkart plans to invest in BookMyShow, which last raised Rs550 crore in July 2016 from Stripes Group, Accel Partners, SAIF Partners and Network18 at a valuation of more than Rs3,000 crore. Accel is also an investor in Flipkart.

Flipkart had initially expressed an intent to buy BookMyShow, one of the three people said. But the two other people said a stake sale is more likely than an outright sale. Reliance Industries-owned Network18, which is the single largest shareholder in BookMyShow with a 39% stake, is bullish on the firm, these two people said.

Flipkart and BookMyShow didn’t respond to emails seeking comment.

BookMyShow, which caters to well-off people in urban India, is one of India’s very few capital-efficient and profitable internet companies. For the year ended March 2016, the firm posted a profit of Rs3.1 crore on revenue of Rs248 crore. The last fiscal year, however, sales growth took a hit because of a push by Paytm into movie tickets. But over the past few months, BookMyShow has fought back and it still controls a majority of movie ticket bookings. The company, which also sells tickets for sporting events and plays, bought Burrp, a restaurant-search platform, in July.

Flipkart is seeking a deal and business partnership with BookMyShow partly to get a higher share of the spending by upper-middle-class and rich Indians. Compared with rival Amazon India’s Prime subscription service, Flipkart lacks an equivalent differentiator. By striking partnerships with the likes of BookMyShow, Flipkart wants to offer a range of services to keep customers coming back to its platform, said the people cited earlier. It also plans to launch groceries this year in order to push repeat purchases by customers.

Having raised nearly $3 billion in two tranches this year from SoftBank Group Corp., Tencent Holdings, and others, Flipkart plans to pursue more M&A deals. Last month, Flipkart bought F1 Info Solutions, which offers repair services for mobiles and electronics, for an undisclosed amount.

Flipkart is India’s most acquisitive internet firm. Since starting out in 2007, it has bought or invested in over 20 companies. Its largest acquisition was that of online fashion retailer Myntra for more than $330 million in May 2014. Earlier this year, Flipkart also tried to buy struggling smaller rival Snapdeal (Jasper Infotech Pvt. Ltd) for nearly $1 billion in stock but the deal collapsed in August because of differences over valuation and deal structure, among other things.


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Sensex up 100 pts; Nifty hovers around 10200 after hitting record high

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Nifty Midcap was up 0.6 percent or 115 points in early trade on strong market breadth.


Analysts said that 13,000-13,500 levels on Nifty look achievable in next 18 months.

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The house has an EPS estimate for Nifty at Rs 487 for FY18, Rs 602 for FY19 and Rs 693 for FY20.

The economy is looking good currently on the back of good PMI manufacturing as well as services, decent IIP and good commercial vehicle sales, so one could see a gradual pickup in second quarter FY18 as far as macros are concerned.

So, although worst seems to be over as far as macros are concerned, one should realize that the festive season has come early this time and so should not pronounce too early that this is the bottom.


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Indian Market Live: Sensex off day’s high, Nifty below 10,200; RIL drags, metals shine

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Nifty Midcap was up 0.6 percent or 115 points in early trade on strong market breadth.


The Rupee trimmed initial gains but was still trading up by 17 paise to 64.75 against the US currency on bouts of Dollar selling by some banks and exporters amid higher domestic equities.

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The Dollar index was trading steady at 93.14 against a basket of six currencies in early trade.


11:30 am Buzzing: Godrej Agrovet share price slipped below Rs 600 level due to volatility in the market, but still trading above issue price of Rs 460.

The stock was trading at Rs 580.70 on the National Stock Exchange, up 26.23 percent over issue price.

11:19 am Financial Closure: CG Tollway, a special purpose vehicle (SPV) of IRB Infrastructure Developers, has successfully achieved financial closure for its another BOT project of 6 laning of NH-79, Chittorgarh – Gulabpura Bypass.

The SPV, basis the concession agreement signed and executed with National Highway Authority of India (NHAI) for this Rs 2,090 crore project, has tied up with the consortium of lenders led by State Bank of India.


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Asia markets rise as investors await China inflation data

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Japan’s Nikkei 225 climbed for a ninth straight day, with investors looking to extend gains after the benchmark index touched a fresh 21-year high in the last session. The index was up 0.7 percent.

 

Major Asian indexes climbed on Monday as investors await the release of China inflation data.

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Japan’s Nikkei 225 climbed for a ninth straight day, with investors looking to extend gains after the benchmark index touched a fresh 21-year high in the last session. The index was up 0.7 percent.

Ahead, politics will be in focus for Japanese markets as the country gears up for lower house election at the end of the week.

Across the Korean Strait, the Kospi gained 0.43 percent as steelmakers notched gains: Posco jumped 5.38 percent and Hyundai Steel was up 3.12 percent in early trade. Tech stocks were mixed, with SK Hynix sliding 0.58 percent, but LG Electronics climbing 1.92 percent.

Down Under, the S&P/ASX 200 rose 0.71 percent, with the materials sub-index rising 1.46 percent and leading gains. Major miners surged: Rio Tinto was up 2.8 percent, Fortescue Metals climbed 2.45 percent and BHP jumped 2.2 percent.

Elsewhere, China is likely to be in the spotlight this week as the 19th National Congress of the Communist Party China kicks off on Oct. 18. Investors in the region will also keep an eye on inflation data out of the world’s second-largest economy due later in the day.

U.S. September consumer prices released Friday were softer than expected. Still, although the headline 0.5 percent increase was below the 0.6 percent, and the rise in prices was the largest monthly increase in eight months. Despite the weaker-than-expected number, Federal Reserve Chair Janet Yellen appeared positive on the inflation outlook in the months ahead in a Sunday speech. Yellen indicated that inflation was likely to improve despite the unexpectedly low levels seen this year. “While the Fed may well get one more hike in December, if goods inflation fails to show up next year, there might not be too much more in a hurry,” Joanne Masters, senior economist at ANZ, said in a note. The Dollar initially slid following the lackluster data release, but later recouped losses.

The Dollar index, which tracks the greenback against a basket of six currencies, stood at 93.086 by 8:31 a.m. HK/SIN, above a low of 92.749 seen on Friday. Against the Japanese currency, the Dollar edged up to fetch 111.93 Yen. Meanwhile, stocks on Wall Street touched record levels on Friday as earnings season rolled on. The Dow Jones industrial average rose 0.13 percent, or 30.71 points, to close at 22,871.72.In individual stocks, SoftBank Group was up 1.5 percent in early trade. The spike in share price came after news that T-Mobile and SoftBank-controlled Sprint intended to announce a merger.

That followed a report from Nikkei Asian Review during the weekend that Softbank had “reached a broad agreement” on the deal.Over in South Korea, Samsung Electronics tacked on 0.44 percent after announcing Friday it was expecting record profit for the third quarter. Oil built on Friday’s gains following news that Iraqi forces had captured parts of Kirkuk, an oil-rich province, citing local media. The Iran nuclear deal was also in focus after President Donald Trump’sdecision not to certify that Tehran was in compliance with obligations that were part of the agreement.Global benchmark Brent crude spiked 0.98 percent to trade at $57.73 a barrel and U.S. West Texas Intermediate advanced 0.78 percent to $51.85.


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