Crude oil rose in Asia on Friday, holding overnight gains as investors looked ahead to U.S. rig count data and more comment from OPEC members ahead of a meeting at the end of next month to agree on details of a proposed plan to curb output. Crude oil for December delivery on the New York Mercantile Exchange rose 0.10% to $49.77 a barrel. Brent oil for December delivery on the ICE Futures Exchange in London gained 0.12% to $50.53 Overnight, oil prices climbed during North American hours on Thursday, pulling further away from the prior session's three-week low amid renewed optimism over the implementation of a planned deal by OPEC to limit production. Saudi Arabia and its Gulf OPEC allies are willing to cut 4% from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters. But Russian Energy Minister Alexander Novak told the officials that Moscow would not cut output, but rather freeze it at current levels, the sources said. The 14-member oil group reached an agreement to cap output to a range of 32.5 million to 33.0 million barrels per day in talks held on the sidelines of an energy conference in Algeria late last month. However, OPEC said it won’t finalize details on individual output quotas until its next official meeting in Vienna on November 30. In September, the group’s production reached 33.4 million barrels a day. The possibility that producers could walk away empty-handed from the upcoming meeting looms large after Iraq, Iran, Nigeria and Libya all signaled they might not take part in the proposed production cut deal. Russia’s unclear stance is also fueling uncertainty. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
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Physical demand ahead of the festival season in India kept gold prices steady on Thursday amid a firm dollar, while markets awaited more direction on a rate hike from the US Federal Reserve. Bullion is expected to gain over the next few days on account of festival buying in India, the world's second-largest consumer of gold. The metal is traditionally given as a gift during festivals such as Dhanteras and Diwali. "Investors look to India for signs of increasing physical demand," analysts at Australia's ANZ bank said in a note on Thursday. Spot gold was down 0.1 per cent to $1,265.74 an ounce by 0408 GMT. US gold futures were little changed at $1,266.30 an ounce. "While the Indian physical buying is supporting prices, the liquidation of longs last week has put some break on the upside movement and gold prices will stay within $1,260-$1,280 range for the time being," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. "The dollar is a bit stronger and there is no sign of gold going above $1,300 and we are seeing some liquidations in the ETFs," Leung said. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.49 per cent to 942.59 tonnes on Wednesday. "The markets are waiting for the FOMC meeting next week and elections," Leung added. The Federal Reserve is expected to raise interest rates three times by the end of 2017, Chicago Fed President Charles Evans said earlier in the week, which had sent the dollar rallying to nine-month highs on Monday. The market will look to the third quarter U.K. GDP data and data from the US due later in the day for the latest economic clues. The Bank of Japan is likely to abstain from expanding stimulus next week, and a Reuters poll showed the Bank of England is not expected to ease policy until early 2017. Spot gold is expected to test a support at $1,261 per ounce, with a good chance of breaking below this level and falling more to the next support at $1,251, according to Reuters technical analyst Wang Tao. Among other precious metals, silver was down 0.1 per cent to $17.58 an ounce, while platinum shed 0.5 per cent to $957.74. Platinum rose to an over two-week high of $970.80 on Wednesday. Palladium was up 0.1 per cent at $622.50 an ounce. Gold prices extended gains on Wednesday after touching nearly 3-week highs in the previous session, buoyed by rising physical demand ahead of India's late-October festival season. Gold prices extended gains on Wednesday after touching nearly 3-week highs in the previous session, buoyed by rising physical demand ahead of India's late-October festival season. FUNDAMENTALS
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International Brent crude oil futures were trading at USD 51.38 per barrel at 0117 GMT, down 8 cents from their last close. Oil prices dipped early on Tuesday over disagreement within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices. International Brent crude oil futures were trading at USD 51.38 per barrel at 0117 GMT, down 8 cents from their last close. US West Texas Intermediate (WTI) crude futures were down 5 cents at USD 50.47 a barrel. Iraq's oil minister Jabar Ali al-Luaibi said the second-largest producer in the Organization of the Petroleum Exporting Countries (OPEC) wanted to be exempt from output curbs as it needed more money to fight Islamic State militants. "Crude oil prices laboured under the weight of various OPEC members seeking exemption from the production cut agreement," ANZ bank said on Tuesday. Until there is more clarity on the planned cut, which OPEC hopes will be coordinated with non-members like Russia, analysts said oil prices would likely remain range-bound - but volatile - around current levels. "Expect more of this choppy interplay until more concrete news emerges, as speculative buying runs into record producer selling of the futures contracts for hedging," said Jeffrey Halley, senior market analyst at brokerage OANDA in Singapore. The private American Petroleum Institute (API) is due to publish its weekly crude stocks estimates later on Tuesday, followed by the official Energy Information Administration (EIAD) data due on Wednesday. US crude inventory data is closely watched as a means to estimate the country's supply overhang. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
Gold prices were under heavy selling pressure in North American trade on Friday, as strong gains in global equity markets dampened demand for the yellow metal. Global stocks rallied again on Tuesday, as prospects for more monetary stimulus from the Bank of Japan combined with easing political tensions in Britain boosted appetite for riskier assets. Asian shares rose to a 2-1/2-month peak, with Japan's Nikkei jumping 2.5% as investors bet the country's government may inject $100 billion in fiscal spending to boost the economy. Meanwhile, European stocks were sharply higher, with Germany's DAX climbing nearly 2%, as political uncertainty in the U.K. eased with the imminent appointment of Home Secretary Theresa May as U.K. prime minister. Elsewhere, U.S. stock markets opened higher, with the S&P 500 and Dow hitting fresh intraday record highs, while the Nasdaq traded at its strongest level of the year so far. Gold for August delivery on the Comex division of the New York Mercantile Exchange fell by as much as 1.1% to hit a session low of $1,342.50 a troy ounce. It last stood at $1,343.00 by 13:39GMT, or 9:39AM ET, down $13.60, or 1%. A day earlier, gold shed $1.80, or 0.13%. Gold surged to $1,377.50 last week, a level not seen since March 2014, as uncertainty surrounding global growth in wake of Britain’s vote to exit the European Union sent investors flooding into safe haven assets. Prices of the yellow metal are up nearly 30% so far this year amid fading expectations of a Federal Reserve rate hike and as expectations mounted that central banks around the world will step up monetary stimulus to counteract the negative economic shock from the Brexit vote. Also on the Comex, silver futures for September delivery inched up 3.3 cents, or 0.16%, to trade at $20.34 a troy ounce during morning hours in New York, while copper futures advanced 3.4 cent, or 1.61%, to $2.182 a pound. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
Appirio and Wipro are coming together to unlock transformational synergies in the applications space and help enterprises create new business models, Abidali Z. Neemuchwala said. Wipro Limited, a leading information technology, consulting and business process services company, today announced that it has signed a definitive agreement to acquire Appirio, a global cloud services company that creates next generation worker and customer experiences for a purchase consideration of USD 500 Million. Established in 2006, Appirio is headquartered in Indianapolis with offices in San Francisco, Dublin, London, Jaipur, and Tokyo and has 1250 employees worldwide. Appirio is a trusted partner to some of the world's leading brands, including Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation. Once completed, Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers. "In an increasingly digital world, as consumer behavior and expectations continue to be reshaped by experiences, companies are recognizing that they need to transform how they engage with customers and employees by leveraging the power of Cloud. Appirio and Wipro are coming together to unlock transformational synergies in the applications space and help enterprises create new business models," said Abidali Z. Neemuchwala, Chief Executive Officer & Member of the Board, Wipro Limited. Wipro will consolidate its existing cloud applications practices of Salesforce and Workday under the Appirio brand and structure. Chris Barbin, Chief Executive Officer of Appirio, will lead the expanded business. "When you combine Wipro's global scale and deep digital focus with Appirio's transformative worker and customer experience expertise, and best in class team, brand, and partners, you create a formidable force in the industry," said Chris Barbin, Chief Executive Officer of Appirio. "Together, our aim is to dominate the market and claim the top spots in industry Net Promoter Score, market share, and best places to work." "Chris and his team have spent the last decade building Appirio into a global leader delivering amazing customer experiences with Salesforce," said Marc Benioff, Chairman and Chief Executive Officer, Salesforce. "I couldn't be more proud of Appirio as it joins Wipro, where together they will continue to drive customer success on a much larger scale." "As one of our earliest partners, Appirio has played a key role in the Workday Community, and we're thrilled to see such a great opportunity for the team's continued growth," said Aneel Bhusri, Co-founder and Chief Executive Officer, Workday. "With Appirio, Wipro gains an organization with deep industry expertise and a strong commitment to customer service, dedicated to helping companies take their businesses to the cloud." The acquisition is subject to customary closing conditions and regulatory approvals and is expected to be closed in the quarter ending December 31, 2016. William Blair & Company acted as financial advisor to Appirio during the transaction. Stock Commentary: Wipro Ltd is currently trading at Rs 495, up by Rs 0.45 or 0.09% from its previous closing of Rs 494.55 on the BSE. The scrip opened at Rs 495.2 and has touched a high and low of Rs 500.7 and Rs 492.3 respectively. So far 1274520(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 120214.79 crore. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 606.75 on 20-Apr-2016 and a 52 week low of Rs 470 on 29-Sep-2016. Last one week high and low of the scrip stood at Rs 496.7 and Rs 470.1 respectively. The promoters holding in the company stood at 73.25 % while Institutions and Non-Institutions held 16.27 % and 9.9 % respectively. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
US West Texas Intermediate (WTI) crude oil futures were trading at USD 51.44 per barrel at 0122 GMT, down 16 cents from their last close. Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in US stocks and an expectation of an OPEC-led cut in production. US West Texas Intermediate (WTI) crude oil futures were trading at USD 51.44 per barrel at 0122 GMT, down 16 cents from their last close. International Brent crude futures were trading at USD 52.64 per barrel, down 3 cents. Traders said that the price dips were a result of profit taking following a rally the previous day, which saw WTI settle at a 15 month high, fueled by a reduction in US crude stocks by 5.2 million barrels in the week ended Oct. 14 to 468.7 million barrels. "Oil prices continued to rise overnight on optimism over OPEC supply restraint and weaker-than-expected inventories," ANZ bank said on Thursday. The overall mood in oil markets remained confident, with most analysts expecting further increases. Reuters technical commodity analyst Wang Tao said US oil is expected to break a resistance zone of USD 51.67-USD 52.11 per barrel, and then rise towards USD 52.78, while Brent oil may stabilize around a support at USD 52.49 per barrel and then retest a resistance at USD 53.45. The Organization of the Petroleum Exporting Countries (OPEC) plans to meet on Nov. 30 and hopes to decide on a half a million to one million barrels per day oil production cut, and the producer cartel hopes that non-OPEC exporters, especially Russia, will cooperate. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
Endurance Technologies shares got listed at Rs 572 a piece, a 21% premium to its issue price. It has fixed issue price at the higher end of price band of Rs 467-472 per share. Endurance Technologies shares got listed at Rs 572 a piece, a 21% premium to its issue price. The issue, which opened for subscription during October 5-7, was oversubscribed 43.84 times. The reserved portion of qualified institutional buyers oversubscribed 53.43 times and non-institutional investors 127.07 times. It has fixed issue price at the higher end of price band of Rs 467-472 per share. The scrip opened at Rs 570 and has touched a high and low of Rs 601 and Rs 570 respectively. So far 15628718(NSE+BSE) shares were traded on the counter. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php The company reported a 25% decline in consolidated net profit at Rs 69 crore for the July-September quarter. Zensar Technologies, a leading digital solutions and technology services company that specialises in partnering with global organisations across industries on their Digital Transformation journey, announced its audited consolidated financial results for the quarter ended September 30, 2016 of FY 2016-17. The company reported a 25% decline in consolidated net profit at Rs 69 crore for the July-September quarter. The company had posted a net profit of Rs 91.3 crore in the year-ago period. Financial Highlights: The Company reported quarter on quarter revenue growth of 2.2% in constant currency at close of Q2 FY17 and 1.8% from 114 USD M to 116 USO M in USO terms. The EBITDA for the quarter grew by 4.1% from 15.9 USD M to 16.6 USD M. Digital Services continued its growth momentum and contributed 27.8% of Q2 FY16-17 revenue. Sandeep Kishore, Chief Executive Officer and Managing Director, Zensar Technologies said, "This Quarter has been a good one for new order booking, and we continue to have a robust pipeline across all service lines. We have signed large deals with marquee clients in the Digital and IMS Cloud businesses. Innovative new solutions that we have launched in the areas of automation and robotics aligned with our clients' business needs, have begun to show traction". "At Zensar the digital initiatives launched earlier this year have begun to show a 'Return on Digital™' helping us pass on the benefits to our clients", Sandeep added. S Balasubramaniam, Chief Financial Officer, Zensar Technologies said, "Zensar's focus on its top 20 clients both in terms of penetration through multi service and digital have begun to show results in terms of revenue and profitability. This along with the Companies initiatives around operational and financial efficiencies have led to our EBITDA increasing to 14.3%". Market Leadership: Digital, eCommerce, IMS and Oracle are key levers of growth for Zensar, and significant developments have been made in capabilities, partnerships, client acquisition and new services being taken to market. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
This deal is the largest ever foreign acquisition in India. It proves the attractiveness of the Indian energy market to foreign investors as India is one of the fastest growing fuel consuming economies in the world, Chanda Kochhar said. ICICI Bank Ltd is currently trading at Rs 253.65, up by Rs 11.8 or 4.88% from its previous closing of Rs 241.85 on the BSE. Rosneft bought a 49% stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte and Russian investment Fund United Capital Partners split another 49% equity equally. The remaining 2% is held by minority shareholders after delisting of Essar Oil. Chanda Kochhar, MD & CEO, ICICI Bank said, “I welcome the announcement of the acquisition of Essar Oil by the Rosneft-led consortium. This deal is the largest ever foreign acquisition in India. It proves the attractiveness of the Indian energy market to foreign investors as India is one of the fastest growing fuel consuming economies in the world." The scrip opened at Rs 244 and has touched a high and low of Rs 255.75 and Rs 244 respectively. So far 19508327 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 140734.4 crore. The BSE group 'A' stock of face value Rs 2 has touched a 52 week high of Rs 292.65 on 16-Oct-2015 and a 52 week low of Rs 180.8 on 26-Feb-2016. Last one week high and low of the scrip stood at Rs 253.1 and Rs 239.15 respectively. The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 65.58 % and 9.04 % respectively. If you want more information regarding the Market News & many other tips like Tradeindia Services , Intraday Tips , MCX Normal Calls , Indore Advisory Company , SEBI Registered Company , Share Market Services , NSE & BSE Market Tips , Free MCX Market Tips , MCX Premium Tips , Jewelers Contract , Commodity market tips , call @ +91-7415033556 or fill form http://tradeindiaresearch.com/freetrial.php
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