ONGC proposes to partner in building n-reactors: Minister

ONGC

In a bid to push nuclear power development in India, the state-run Oil and Natural Gas Corporation (ONGC) has submitted a plan to collaborate with the Nuclear Power Corp for setting up reactors, a minister said on Friday.

“ONGC has come forward with a plan. They have a lot of money they would like to invest and we have the technical expertise,” Minister of State in the Prime Minister’s Office Jitendra Singh, who also looks after the Department of Atomic Energy (DAE), said while addressing an atomic energy conclave here organized by India Energy Forum.

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The government has recently amended the Atomic Energy Act 1962 to enable the Nuclear Power Corporation of India (NPCIL) to form joint ventures (JVs) with public sector undertakings (PSUs) in order to meet the high cost of setting up nuclear plants.

Earlier this year, the government approved the construction 10 indigenous pressurized heavy water nuclear reactors with a total capacity of 7,000 MW. Each of the reactors would have a capacity of 700 MW.

India currently has around 7,000 MW of operational nuclear power plants, and about 6,700 MW Aof plants under implementation, which will be set up by 2021-22.

Singh also said that the Centre is currently working with various state governments to sensitize about the additional uses of nuclear energy in fields other than electricity like in irradiation of agriculture products, medicine, among others.

He also stressed the need for a vast sensitization programme to remove misconceptions about the health and safety aspects of nuclear power.

He said “there is a lot of public antagonism to nuclear”, which disaffected politicians exploit to organize protests against utilities that are proposed to be built in some areas.


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Whirlpool of India Q2 net profit up 25.09% at Rs 73.45 cr

Whirlpool of India

The company reported a standalone net profit of Rs 73.45 crore for the quarter ended September 30, 2017, as compared to Rs 58.72 crore in the same period last year, registering a year-on-year growth of 25.09 percent. Net revenue of the company rose substantially by 47.21 percent to Rs 1,159.67 crore in July-September quarter of this fiscal as against Rs 787.74 crore in the corresponding period last year.

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During July-September quarter, operating expenses increased by 38.80 percent to Rs 1,046.17 crore from Rs 753.74 crore in year-ago period. Other Income grew by 48.66 percent at Rs 27.68 crore versus (Sep’16 Rs 18.62 crore). Operating Profit surged by 26.56 percent to Rs 113.50 crore as against Rs 89.68 crore in the year-ago period, while Operating Profit Margin (OPM) contracted year-on-year to 13.97 percent in September quarter. Interest grew by 7.64 percent y-oy to Rs 1.69 crore, while Taxation increased by 48.32 percent to Rs 40.55 crore (Sep’16 Rs 27.34 crore).


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TRAI committed to data protection, says R S Sharma

TRAI

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RS Sharma, Chairman, Telecom Regulatory Authority of India (TRAI), has said that TRAI was committed to data protection and was in favor of defining the responsibility of various stakeholders in the value chain to ensure that customers’ data is safeguarded. Speaking at ‘i-Bharat 2017’ organized by FICCI in collaboration with the Ministry of Electronics & IT, Government of India, TRAI Chairman said that information privacy, security and data ownership, needed to be defined.

He added that TRAI followed the process of consultations and formulated policies or issued any mandate. Only after seeking views and conducting open houses with industry and relevant stakeholders, TRAI would finalize any policy going forward as well. He added that several consultation papers were out in the public domain for recommendations and suggestions. Addressing the issue of data ownership, Sharma said that there was asymmetry of information.

In most of the cases, the users were not even aware of the long-term consequences of sharing data and how it could be misused. There was also the issue of bounded rationality and instances have come to light where the privacy policy of a service provider seeks the right to use the data of the customer in any form.

Speaking on net neutrality, Sharma said that net neutrality calls for access to internet content without any discrimination in data speed and cost and TRAI will come out with its views on net neutrality very soon. He added that digital consent and blockchain were emerging trends and suggested that there should be a provision for data portability as well.


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Indian Stock Market Live: Nifty hits record high of 10,366.15 on 1st day November series

Financial Advisory

Cipla, BPCL, Sun Pharma, Kotak Mahindra Bank, Bajaj Finance, L&T, Bajaj Auto, Aurobindo, Infosys and Tata Motors gained 1-2 percent.


10:30 am Oil Update: Oil prices inched higher, with Brent crude approaching USD 60 a barrel amid tightening market expectations, buoyed by comments from Saudi Arabia’s Crown Prince backing the extension of OPEC-led output cuts.

International benchmark Brent crude futures were up 0.17 percent, at USD 59.40 a barrel.

Brent is now a third above 2017 lows touched in June and at levels last seen in mid-2015.

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10:20 am Market Outlook: At a time when the market is set in the bull zone, several voices have spoken about the expensive valuations of the indices or stocks.

Since the new government took over, many structural changes have been unleashed.

While now may not be the right time to go and buy, he is hopeful of a churn in the economy and within the sectors too, there could be firms that could perform well.

In fact, the current situation where valuations are costly, ‘Modi dream’ coming under attack on the political front, among others, is all ‘bad weather and climate change’, he said. It means that the current situation could just be short-term noise and not long-term impact as structurally the country will perform a lot better.


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Asian shares gain after upbeat earnings from US tech titans

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Japan’s Nikkei gained 0.6 percent while South Korea’s Kospi rose 0.2 percent and Australian shares rose 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in Dollar terms.


Asian shares gained on Friday as technology shares were boosted by upbeat earnings from US hi-tech giants while the Euro hovered near three-month low against the Dollar after the European Central Bank extended its stimulus.

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Japan’s Nikkei gained 0.6 percent while South Korea’s Kospi rose 0.2 percent and Australian shares rose 0.2 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in Dollar terms.

Earnings from Alphabet, Microsoft, and Amazon, the world’s second, third and fifth largest companies by market capitalization, were all upbeat, boosting their shares in after-hours trade.

Shares in those companies rose 2.8 percent, 4.5 percent, and 7.6 percent respectively.

Prior to that, the US S&P 500 Index gained 0.1 percent to edge near the record high touched last week, thanks to the robust global economy and solid corporate earnings.

As third-quarter earnings season nears the half-way mark, 74 percent of US companies have topped expectations, above the 72 percent beat rate for the past four quarters.

The US House of Representatives helped pave the way on Thursday for deep tax cuts sought by President Donald Trump, passing a budget blueprint for fiscal 2018 that will enable the tax legislation to win congressional approval without any Democratic votes.

On the whole, growth shares were strong yesterday both in the US and in Europe. And now that the Republicans can pass the tax reform, the tax cut debate now looks set to kick off next week.

German shares hit a record high while the pan-European Eurofirst 300 Index gained 1.1 percent, its biggest gains in 3 1/2 months after the ECB extended its bond-buying programme to September.

Although the ECB halved the size of its bond purchase to 30 billion euro per month from January, it also promised years of stimulus and even left the door open to backtracking.

Eurozone bond yields plunged, with the benchmark 10-year German Bund yield falling about 6 basis points to 0.42 percent, the biggest daily fall in nine months.

Yields on debt issued by Southern European countries seen as less creditworthy also fell, with the premium that investors demand from Italian bonds falling to 1.53 percentage points, near 7 1/2-month low touched in early August.

In the currency market, the ECB’s dovish stance sent the euro to a three-month low of USD 1.1631.

The Dollar was little moved against the yen at 114.09, near Wednesday’s three-month high of 114.245.

The Australian dollar slipped to 3 1/2-month low of USD 0.7654, starting from a softer-than-expected local inflation data earlier in the week.

On the other hand, Brent crude futures held firm after closing at a 27-month high on Thursday as the market focused in on Saudi Arabia’s comments about ending a global supply glut, brushing off an unexpected increase in U.S. crude inventories and high U.S. production and exports.

Brent stood little changed at USD 59.32 a barrel, just below Thursday’s high of USD 59.55

US West Texas Intermediate crude fetched USD 52.64 a barrel, flat from Thursday’s six-month closing high.


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27th October- OPENING BELL- ECB Kept Rates Unchanged But Would Taper 30 Billion Euro From Next Year

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The ECB announced that it will lower the size of its asset purchases at the beginning of next year while extending them for nine months. The economists interpret this as a dovish announcement. Thus, currently, monthly asset purchase programme will remain unchanged at 60 billion Euro till Dec 2017.

From January 2018, the net asset purchases will be reduced to a monthly pace of 30 billion euros, which will continue until the end of September 2018. After September, ECB will decide on a further course.


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Indian ADRs: ICICI Bank down 3%, Tata Motors gains

Indian stock market

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Indian ADRs ended mixed on Thursday. HDFC Bank rose 0.85 percent and Dr. Reddy’s Laboratories was down 0.08 percent.

Indian ADRs ended mixed on Thursday. In the IT space, Infosys was unchanged at USD 15.01 and Wipro fell 1.71 percent to USD 5.17.

In the banking space, ICICI Bank declined 3.18 percent at USD 8.82 and HDFC Bank rose 0.85 percent to USD 90.19.

In the other sectors, Tata Motors added 0.50 percent at USD 32.28 and Dr. Reddy’s Laboratories was down 0.08 percent at USD 35.71.


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Dow, S&P gain but Nasdaq dips as healthcare lags

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The Dow Jones Industrial Average rose 71.61 points, or 0.31 percent, to 23,401.07, the S&P 500 gained 3.26 points, or 0.13 percent, to 2,560.41 and the Nasdaq Composite dropped 7.12 points, or 0.11 percent, to 6,556.77.

 

The Dow and S&P 500 advanced on Thursday after a round of positive corporate earnings announcements, but gains were curbed and the Nasdaq lost ground on a drop in the healthcare sector.

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DowDuPont was up 2.8 percent as the biggest boost to the S&P 500. It forecast third-quarter profit well above Wall Street’s expectations ahead of the combined company’s first earnings report next week.

Twitter jumped 18.5 percent after the company said it could turn its first-ever profit in the fourth quarter, helped by cost cuts and new sources of revenue.

The healthcare sector, off 1.03 percent, held gains in check, led lower by a 16.4-percent plunge in Celgene, the biggest drag on the S&P 500 and the Nasdaq. The company reported lower-than-expected sales for its psoriasis drug Otezla and lowered its overall 2020 sales outlook.

Losses accelerated in the sector after the St. Louis Post-Dispatch reported, citing public records, that Amazon gained approval from a number of state pharmaceutical boards to become a wholesale distributor. In addition, President Donald Trump announced steps to fight the opioid crisis in the United States by declaring it a national public health emergency.

“Even though it has been talked about for months and the stocks had taken a hit several times, when reality hits there is always another downside to it and the group is getting slammed,” said Ghriskey.

Shares of the online retailer climbed about 6 percent following the closing bell after its quarterly results.

Trump’s search for a new Federal Reserve chair narrowed down to Fed Governor Jerome Powell and Stanford University economist John Taylor. A White House official told Reuters that no final decision had been made.

The Dow Jones Industrial Average rose 71.61 points, or 0.31 percent, to 23,401.07, the S&P 500 gained 3.26 points, or 0.13 percent, to 2,560.41 and the Nasdaq Composite dropped 7.12 points, or 0.11 percent, to 6,556.77.

As third-quarter earnings season nears the half-way mark, 74 percent of companies have topped expectations, above the 72 percent beat rate for the past four quarters.

However, earnings growth for the quarter is currently 5.3 percent, well below the double-digit growth rates of the prior two quarters. With major US indexes at record levels, earnings have been scrutinized to see if they warrant stretched valuations.

Also denting healthcare names was a fall of 4.8 percent in Bristol-Myers Squibb after its quarterly profit fell short of estimates due to higher costs and an inventory write-off. AbbVie dropped 2.4 percent after reporting deaths in psoriasis studies.

Late in the session, shares of Aetna surged after Dow Jones reported CVS Health was in talks to buy the company. Aetna shares closed up 11.5 percent at USD 178.60

Advancing issues outnumbered declining ones on the NYSE by a 1.08-to-1 ratio; on Nasdaq, a 1.04-to-1 ratio favored advancers.

About 7.04 billion shares changed hands on US exchanges, above the 5.97 billion daily average over the last 20 sessions.


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Indian Rupee down 20 paise in opening trade

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For USD-INR, we expect a range of 64.95-65.20 to hold for today, says Ripples Advisory Private Limited.

The Indian Rupee declined in the early trade on Friday. It has opened lower by 20 paise at 65.02 per Dollar versus 64.82 Thursday.

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The ECB yesterday, extended their bond-buying programme by another 9 months. As a result, the Euro was hammered and the Dollar index surged past 94 levels.

This would impact USD-INR today along with other emerging market currencies. We expect a range of 64.95-65.20 to hold for today.

“The 10-year benchmark bond yield is expected to trade within a range of 6.79-6.81 percent today,” he added.

The Dollar stood tall, on track for weekly gains, while the euro slumped to three-month lows after the European Central Bank extended its bond purchases and reduced the chances that it would hike interest rates in 2018.


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Government bringing stringent consumer protection law

Prime Minister Narendra Modi

Prime Minister Narendra Modi on Thursday said the government was in the process of enacting stringent legislation aimed at protecting consumers along with setting up a Consumer Protection Authority (CPA).

“Consumers’ protection is this government’s priority. We are in the process to bring a new law on consumer protection keeping in mind the need of the country and business practices here,” Modi said at an International Conference on Consumer Protection for East, South and South-East Asian Countries.

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“We are in the process of forming a Consumer Protection Authority, which will have executive powers, for immediate redressal.”

The rules were being streamlined to solve consumer problems in less time and at less cost, he added.

“The stress is being given on consumer empowerment. Strict provisions are being contemplated against misleading advertisements,” Modi said.

He said India was among the few countries which had enacted a law a year after the UN adopted guidelines on consumer protection in 1986.

The Prime Minister also said the prices of commodities were set to go down and consumer interests were to be protected effectively due to the implementation of the Goods and Services Tax (GST).

Due to the GST, the competition among companies was going to increase. So prices will go down. It will help consumers from lower middle class and poor sections,” Modi said.

“Earlier, transportation by trucks would take five days but it has come down to just three days now as checkpoints on borders have vanished after the GST. It means transportation cost has gone down. This is going to be transferred to consumers,”

Taking a dig at those opposed to the GST, he said: “Some people may be taking advantage of the lack of awareness. However, the benefits will be transferred (to consumers) in days to come.”

Talking about the conference, Modi said: “It shows how seriously we take the needs of our citizens and how we strive hard to solve their problems.

“It is the first conference in the region, where everyone is trying in their own ways to save the interest of consumers. However, we have to keep in mind that the world is going towards a single market,” Modi said.


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