To understand the importance of going global in today's world, watch Business Agenda for India in Competing Digital World.
To understand the importance of going global in today's world, watch CEO Briefing 2014, a business agenda for India in competing digital world.
Kunal Bothra, Head of Advisory at LKP suggests holding Jaypee Infratech.
Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, " Jaypee Infratech after trading from Rs 18 odd to Rs 40 odd levels in the last four five months it is cooling off, it is a process of retracement which the stocks go through or consolidation if you are looking at the larger uptrend. It is a similar phase which is happening for Jaypee Infratech and I believe the fact that it is taking a bounce from its 20 day moving average, in fact a couple of weeks back it took a bounce from the 30 odd levels which is a 20 day moving average."
"It is a good sign building up for Jaypee Infratech. If the investor can hold for the next three to six months then a breakout of Rs 40 could trigger a very strong uptrend where it continued from Rs 18 to Rs 35-36 levels in the last four five months. So if the investor can hold on and the stock breaks out of Rs 40 you could potentially look at even Rs 60-65 as a target on Jaypee Infratech," he added.
Goldpetal prices on MCX slipped. MCX Goldpetal July contract was trading at Rs 2814 down Rs 10, or 0.35 percent.
At 16:06 hrs MCX GOLDPETAL June contract was trading at Rs 2777 down Rs 12, or 0.43 percent. The GOLDPETAL rate touched an intraday high of Rs 2797 and an intraday low of Rs 2773. So far 1023 contracts have been traded. GOLDPETAL prices have moved down Rs 73, or 2.56 percent in the June series so far.
MCX GOLDPETAL July contract was trading at Rs 2814 down Rs 10, or 0.35 percent. The GOLDPETAL rate touched an intraday high of Rs 2821 and an intraday low of Rs 2808. So far 3034 contracts have been traded. GOLDPETAL prices have moved down Rs 164, or 5.51 percent in the July series so far.
MCX GOLDPETAL August contract was trading at Rs 2823 down Rs 7, or 0.25 percent. The GOLDPETAL rate touched an intraday high of Rs 2832 and an intraday low of Rs 2816. So far 743 contracts have been traded. GOLDPETAL prices have moved down Rs 277, or 8.94 percent in the August series so far.
Silvermic prices on MCX were trading lower. MCX Silvermic August contract was trading at Rs 44721 down Rs 401, or 0.89 percent.
At 16:09 hrs MCX SILVERMIC June contract was trading at Rs 44102 down Rs 431, or 0.97 percent. The SILVERMIC rate touched an intraday high of Rs 44470 and an intraday low of Rs 44010. So far 18419 contracts have been traded. SILVERMIC prices have moved down Rs 3176, or 6.72 percent in the June series so far.
MCX SILVERMIC August contract was trading at Rs 44721 down Rs 401, or 0.89 percent. The SILVERMIC rate touched an intraday high of Rs 45050 and an intraday low of Rs 44590. So far 19769 contracts have been traded. SILVERMIC prices have moved down Rs 5010, or 10.07 percent in the August series so far.
MCX SILVERMIC November contract was trading at Rs 45585 down Rs 333, or 0.73 percent. The SILVERMIC rate touched an intraday high of Rs 45902 and an intraday low of Rs 45461. So far 1032 contracts have been traded. SILVERMIC prices have moved up Rs 1585, or 3.60 percent in the November series so far.
The incident comes a day after a similar blast in a GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday.
Five persons were killed and ten others injured after an explosion occurred at the Alang ship breaking yard in Bhavnagar district in Gujarat.
The blast was triggered by a gas leak at plot no 140, where ship breaking working was in progress.
The injured labourers have been shifted to a hospital.
The incident comes a day after a similar blast in a GAIL gas pipeline in the East Godavari district of Andhra Pradesh. The blast in the GAIL pipeline left 14 people dead and many others injured on Friday .
The fire in the incident had also hit nearby houses, shops and coconut plantations.
GAIL stock price
On June 27, 2014, GAIL India closed at Rs 456.10, down Rs 3.65, or 0.79 percent. The 52-week high of the share was Rs 469.55 and the 52-week low was Rs 273.00.
The company's trailing 12-month (TTM) EPS was at Rs 34.49 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 13.22. The latest book value of the company is Rs 225.49 per share. At current value, the price-to-book value of the company is 2.02.
The indigenous PSLV-C23 rocket, carrying satellites of France, Germany, Canada and Singapore, will be launched from Satish Dhawan Space Centre (SHAR) in Sriharikota.
In his first visit to Tamil Nadu after becoming Prime Minister, Narendra Modi will make a brief stopover here tomorrow enroute to Sriharikota to witness the launch of ISRO's PSLV C-23 rocket.
Modi has no official engagements in the city even as state BJP sources said they have not planned any function for the leader at the airport so far. Security has been beefed up at the airport in view of Modi's visit, police said.
The Prime Minister's special aircraft from New Delhi is expected to land at around 3.55 pm after which he is scheduled to reach Sriharikota by a helicopter following a brief stopover.
Four helicopters have been stationed here for use by the Prime Minister and his entourage, police said.
The indigenous PSLV-C23 rocket, carrying satellites of France, Germany, Canada and Singapore, will be launched from Satish Dhawan Space Centre (SHAR) in Sriharikota.
IFC was holding talks with Magma Fincorp and Cholamandalam for subscribing to NCDs of these NBFCs, he said. "Microfinance institutions (MFIs) will also get benefit of this," Agarwal said.
Non Convertible Debentures (NCDs) have recently become the preferred route of investment for multilateral agency International Finance Corporation (IFC) in debt for non banking financial companies (NBFCs).
"Recently we have started debt financing through NCDs to NBFCs. The first one is AU financiers, a Rajasthan-based NBFC of USD 25 million. We are looking at more opportunities through this route," IFC senior investment officer A K Agarwal said here today on the sidelines of a financial markets conclave by CII.
IFC was holding talks with Magma Fincorp and Cholamandalam for subscribing to NCDs of these NBFCs, he said. "Microfinance institutions (MFIs) will also get benefit of this," Agarwal said.
Asked about the reason for NCDs as the new preferred route for debt financing, Agarwal said this instrument was an option due to restrictions on ECBs for NBFCs. "As per ECB guidelines, NBFCs were not allowed to raise Dollars. IFC can only invest in Dollars as we do not have an India balance sheet. But under the NCD guidelines Dollars can be converted in spot market and can be invested in rupee lending as FIIs," Agarwal said.
He said IFC remained committed to MFIs and will continue to invest in the sector. Agarwal declined to comment on whether the agency was planning any hike in its stake in the MFI Bandhan once it was converted to a bank.
Bandhan, a city based MFI had received in-principal approval for a banking licence and IFC had close to 11 percent stake. Total exposure of IFC in India was roughly USD 4.5 billion. Of that around 1/3 was equity and 2/3 debt. Financial sector exposure is estimated to be around 30-35 per cent. "We have been investing more than a billion dollar year-on-year," Agarwal added.
The cyclonic circulation near the coastal parts of Odisha and Andhra Pradesh will continue to bring good Monsoon rain over Odisha and Andhra Pradesh. Due the influence of the system, no dry spell is in the offing for East and Northeast India. According to latest weather update by Skymet Meteorology, here's a list of top ten rainiest cities in India on Friday, 27th of June.
Cities State Rainfall (in millimetres) Malda West Bengal 189 Pasighat Arunachal Pradesh 132 Jagdalpur Chhattisgarh 72 Cherrapunji Meghalaya 39 Balurghat West Bengal 38 North Lakhimpur Assam 32 Dibrugarh Assam 26 Ambikapur Chhattisgarh 24 Jalpaiguri West Bengal 23 Nellore Andhra Pradesh 22
By: Skymetweather.com
Arguing that global pharma companies share the same goal of "patient first" with that of the Government of India, corporate executives attending the day-long "US-India BioPharma and Healthcare Summit" organised by the USA-India Chamber of Commerce said they should not be considered as adversaries by New Delhi.
Top executives of American pharma companies favour "dialogue" with India and "not confrontation" to address their concerns on key issues like the protection of intellectual property (IP) and clinical trials.
Arguing that global pharma companies share the same goal of "patient first" with that of the Government of India, corporate executives attending the day-long "US-India BioPharma and Healthcare Summit" organised by the USA-India Chamber of Commerce said they should not be considered as adversaries by New Delhi.
While asserting there can be no compromise on IP protection issues, executives from top US pharma companies said that they are willing to work with India like - tier pricing - to come out with a solution, which is acceptable to the both the parties.
"We can sit around a table and have a dialogue. We need to move from seeing the industry as adversary to work together to help patients. The only way we can do it is by having collaboration and actually a dialogue," Bahija Jallal, executive Vice President of MedImmune, a prominent bio-tech company, told PTI.
Also read: GDUFA fee: 86 generic drug approvals voluntarily withdrawn
"We want to work together with the Indian Government. But we can't right now, go (to India) in a meaningful way if there is no IP protection," she Jallal adding that New Delhi's compulsory licensing policies would force pharma companies to go to some other countries.
"The Government has to understand, the first thing that we care about is the patient. We can have a dialogue. Every country that we go to, we understand the different layers that exists economically," she said.
Dr Robert Langer, David J Koch Institute Professor at the prestigious Massachusetts Institute of Technology (MIT), argued that not protecting intellectual property would destroy innovation in the long term.
Patents system, he said, is very important for encouraging many aspects of innovation. "Having investment capital, having laws that encourages investment into innovation is important," Langer said.
An Indian-origin portfolio manager, convicted for his role as the "central figure" in one of the most lucrative insider trading schemes in US history, should be sentenced to more than eight years in prison, Manhattan's top federal prosecutor Preet Bharara has said.
Mathew Martoma, 39, was convicted in February of one count of conspiracy to commit securities fraud and two counts of securities fraud. A former portfolio manager of CR Intrinsic Investors, a division of hedge fund giant SAC Capital, Martoma will be sentenced on July 28 and and faces a maximum of 20 years in prison.
Also Read: Is Sebi stepping into industry-wide insider trading probe?
Ahead of the sentencing, India-born Bharara asked the federal court here to sentence Martoma to more than eight years in prison for collecting confidential information about a high-profile drug trial and making profits and avoiding losses of USD 275 million for SAC Capital. Martoma, a father of three, even earned a USD 9.3 million bonus for himself due to his various trades for SAC.
"Martoma was the central figure in the most lucrative insider trading scheme ever charged. Over a period of approximately 18 months, the defendant cultivated and corrupted two doctors legally bound to guard confidential information concerning a high-profile drug trial, ultimately obtaining an advance preview of the highly anticipated public announcement of the results," Bharara said in the government's sentencing memorandum submitted in court yesterday.
Bharara alleged that Martoma's entire success in his four years at SAC Capital was based on illegal insider trading. Days after beginning his employment at SAC Capital, Martoma began searching for doctors who would be willing to provide him access to confidential information about an Alzheimer's disease drug trial conducted by Elan Pharmaceuticals and Wyeth Corporation. Bharara said Martoma caused approximately USD 750 million worth of Elan and Wyeth securities to be traded based on the illegal inside information, netting profits and avoiding losses of USD 275 million for SAC Capital.
According to federal sentencing guidelines, Martoma faces a 15- to 19-year prison term. Bharara said while the government does not oppose a sentence below the 15-19 years range, Martoma should be given "a sentence that nevertheless includes a substantial period of incarceration that is commensurate with the seriousness of the offense conduct and the unprecedented ill-gotten gains that it generated".
"A significant period of imprisonment toward the high end of the insider trading sentences imposed by courts in this District - and above Probation's recommendation of 96 months - is warranted," Bharara said. "Martoma's role in the offence was central. Martoma was not a passive recipient of inside information; he urged those with duties to Elan and Wyeth to share with him information that breached these duties," Bharara said rejecting claims made by Martom'a defence that he had "dedicated himself to a lifetime of (good work) and giving".
"Martoma's post-graduate working life has been limited to highly-paid work for hedge funds. The bulk of Martoma's earnings from his hedge fund career - the entirety of his USD 9 million bonus from SAC Capital - were the proceeds of securities fraud," Bharara said. Federal prosecutors also noted in the sentencing memorandum that Martoma had been expelled from Harvard University in 1999 for allegedly doctoring his law school transcript to try to gain a federal clerkship. Martoma had even changed his name from Ajai Mathew Thomas before applying to Stanford University, where no one knew that he had been expelled from Harvard.
Following his conviction, Martoma was stripped of his MBA degree by Stanford business school, the first time the prestigious US institution has revoked a graduate's degree.
Standard gold (99.5 purity) and pure gold (99.9 purity) both concluded at their overnight levels of Rs 28,150 and Rs 28,300 per 10 grams, respectively. Silver (.999 fineness), however, eased by Rs 10 per kilo to Rs 45,275 as compared to Friday's closing level of Rs 45,285.
Gold prices displayed a virtually steady trend in an otherwise lacklustre bullion market here today due to lack of local buying support at existing levels. On the other hand, silver moved down marginally on sluggish industrial demand.
Standard gold (99.5 purity) and pure gold (99.9 purity) both concluded at their overnight levels of Rs 28,150 and Rs 28,300 per 10 grams, respectively. Silver (.999 fineness), however, eased by Rs 10 per kilo to Rs 45,275 as compared to Friday's closing level of Rs 45,285.
Also read: Expert advice on how to invest in silver & gold ETFs
Meanwhile, the yellow metal rebounded in overseas trade on safe-haven spirit amid worsening geopolitical conditions as well as dollar weakness.
Gold for August delivery rose to settle at USD 1,320 an ounce on the Comex division of the NYMEX late yesterday, while July silver edged lower to USD 21.08 an ounce.
With the Union Budget in July, experts analyse what the month holds for the market. Ajay Srivastava, CEO, Dimensions Consulting Pvt. Ltd. is overweight on the power and engineering sector. He feels these two sectors will gain the most from the Budget coming through.
Srivastava believes PSU banks are overpriced with incorrect disclosures. He also advises investors to hold oil and gas stocks in an interview with CNBC-TV18's Udayan Mukherjee.
Besides, the current valuations are overstretched but substantial correction is yet to be witnessed despite the sectoral falls, says Srivastava adding such correction can only be seen when liquidity starts to dry up or macro concerns overtake markets. However, he says there is no trigger for that in our under-invested domestic market.
Also read: Temper your expectations for this Budget: Citi's Vaish
Below is the verbatim transcript of the interview:
Q: How are you feeling going into his Budget, bullish or conservative?
A: You have to be focused on few sectors that will gain whether the Budget comes through in whichever manner and I think those sectors are related to the major parts of economy. We believe that the power sector is going to gain a lot, the engineering sector is going to gain a lot. I am not too sure about whether the consumer, consumer durable space has already got the share of the good news in terms of excise duty extension but I don't think that is where the money is going to be made. The money is going to be made in power and engineering sector because they will get some amount of benefits in the Budget through the Budget exercise and through the exercise of pass through costing of coal prices etc. So I think if you really position for the Budget, these two sectors in my view would gain the most from any Budget which comes through. I don't think government has too much money to give away at this point of time but these two sectors will get the lions share of whatever largest is extended in the Budget.
Q: So if you had to create a portfolio going into the Budget of these two sectors, power and engineering, which four stocks would you choose?
A: Indiabulls Power is one of them, it will gain and why are we picking up those stocks is also relative to their book value, relative to the valuation. So in power we have said very clearly that the two stocks that we think will do well is going to be Reliance Infrastructure in engineering sector, Indiabulls Power, we have a big position in terms of the power sector. L&T of course is on everybody's books at this point and there are few smaller engineering companies in the power sector in the transmission lines. That is roughly the portfolio on which you put a lot of weightage in terms of the Budget coming through.
Q: Do you see the possibility of a correction led by any of these factors like monsoon or Iraq or inflation over the next few months or do you see the market consolidating and strengthening post the Budget?
A: Fact of life is our valuations have stretched far beyond reasonable expectation of earning growth in the next 12-24 months. The fact is that the liquidity that is coming in from abroad is what is guiding this rally. So unless something major happens, say Iraq goes all over the place and the liquidity moves to safety, that will be one of the major factors. I am not too sure at this point of time, a domestic factor will trigger a big correction in the market for two reasons. One is abundant international liquidity, number two is underinvested Indian domestic investors.
You already see in the big chunk which is happening in the last few days people trying to catch the rally by buying C grade stocks, C grade not in quality sense necessarily but much smaller stocks and they are trying to catch the rally. So we have a very under invested domestic market, abundant liquidity flows which is what is cushioning the corrections and keeping shorts at bay. So meaningful correction can only happen if the liquidity strap starts to dry up or there is an international event that says we reverse the flows of flight to safety of capital. That is the only event, which will trigger a major correction.
Otherwise what you have seen very interestingly that the market is correcting sector wise, you will see the oil and gas corrected in the last two days and policy announcement. Some value buying will come there. You saw IT correcting in the last month and half back, IT valuations came back. You saw pharma correcting, pharma has come back. So it is also giving opportunity that without having a global correction in the market, sector corrections are giving good places for people to enter and get into stocks which they would not normally have gone to given the valuations.
Q: How are you approaching this market now? Are you positioning yourself for the medium-term, are you buying every dip, what has been your portfolio approach?
A: We have been booking profits very regularly, sometimes in a bad manner because the price went up but that is okay. At this point of time, we have almost zero holdings in banking stocks. In fact, 15500 we went short in the Bank Nifty. We believe that the stock prices of the PSU banks are over priced. We believe the disclosures were not correctly done in the March 31 financial in terms of the sale of assets to the ARCs and this ARC bomb is going to haunt the banks in next 24-36 months when people actually realized what exactly happened in March 31 balance sheet.
Optically, it looks much better but the reality underlying is that as the sole inflated prices for a fixed fee commission to be paid to the ARCs. The beauty is, no disclosure in the financials, say how much asset I have sold, what are the book value, what are the valuations. So one sector we don't have a holding today is the banking sector. That sector is going to be weak in the next couple of months. Whether the monsoon comes in, has a bad match, you will have farm loan waivers, payment will get defeated. You will have a need to restructure the loans again if the consumer demand continues to be bad what it is already in the market. So banks are a bit overpriced and our holding is almost next to nothing unless there is significant correction. Power industry, engineering sector is where we are overweight at this point of time. Pharma remains steady weight, IT we have only one stock, nothing much.
Q: What about oil and gas?
A: Oil and gas we have maintained the holding we didn't the correction we have not sold off the holdings. We continue to be overweight on that and if there is significant correction today we will add to the holdings. The fact is whether you like it or not in next 12-18 months prices will be put to market and that will give us major fill up to market. Short-term policy measures delays can happen but that also gives an opportunity that is what I am saying; market is giving you entry points at any point of time you buy oil and gas today you will make 20-25 percent return at the end of a year.
Q: What do you sense from Retail and HNI right now, it is fair to say that they have missed a lot of this year party are they in a scramble to get in or do you still see reluctance because the numbers are not suggesting that they are in still getting in an major way?
A: The two part of the market, what we are seeing from our investors is from one part of the market is actually scrambling to get in and saying wake and we write the next big wave if it happens they have kind of left out. Second one is saying that there is a fundamental disconnect with their reality of economic life in India versus what the market is showing and that market remains sceptical. The big chunk is the people are not willing to commit long term money to any instrument today on equity market, they don't believe that the equity market is for real in terms of valuation. So, a major chunk of money which went to insurance schemes so the equity funded insurance schemes has almost dwindle it is almost negative.
We have seen consistently in the last three to four months withdrawal, hardly anybody is putting money in long term instrument. So there is a short term trader who wants to get on to the bandwagon if he can through whichever stocks that he can see but there is a 65 percent chunk of people who believe that there is a serious disconnect and the only reason the markets are up is because the foreigners are buying out of zero cost money.
In India you can actually get a return, let's take a look at our businesses, our cash discount rates today are running at three percent a month if a pare supplier below his time is three percent a month, 36 percent on a simple basis yield now why would I want to put my money in the equity market? if I am getting zero percent money in England sure I would want to put money in equity but if I am getting 24 percent yield on my own businesses I don't see a reason to go to equity market and that is where the disconnect is, cost of capital and the economic reality of India versus the stock market exuberance.
Q: What is the economic reality from the small businessmen that you speak to smaller and medium enterprises that you speak to? Have things started turning around do you see anything improving over the last couple of months or has it been a combination of sentiment and stock market gains which have not yet filtered down to things like real estate commercial real estate where people start believing that things are turning around really?
A: Whatever we have seen is mostly anecdotal, we haven't got enough data to compile but all the companies we are speaking to, are saying that June is perhaps one of the worst month they have seen in terms of consumer buying they have seen. Whether it is a retail space, it is a commercial space, a real estate, June has been an absolutely disastrous month for all them. I don't think unlike previous time, stock market euphoria came on to the retail market as you rightly said, it hasn't this time.
The real estate companies have not moved at least in North, south is a little lot better but north has been a very grim situation on the demand side and you will see the results when they come out April to June, it will be a pretty bad set of numbers for April to June so reality is that things are getting worst on the ground June has been a bad month and government is not hiding from it, government is acknowledging it that June is not going to be a good month and you can already see that the discounts in the market have gone up, real estate people are discounting heavily, as I said when you are getting two to three percent cash discount, it tells you a desperate nature of the market.
Q: Do you disagree that this could be the start of a multiyear cycle like 2003/2007 or do you agree with that hypothesis that a lot of people seem to subscribe to?
A: What I say is that the current, if you start from the cycle on today's valuation I don't see too much upside unless in terms of significant quantum booming market unless the global funds remain and rates become as benign as zero and one percent. If that hypothesis means true and that is true for all global markets now, everybody is doing well, it is not that we are the only one. We may have done better this year but everybody is doing well because the opportunity cost of money is zero or one or two percent. Till that remains we are in a good zone of equities. If that hypothesis turns around we are in a severely overvalued market even from today's perspective factoring in all the policy changes and all the benefits we are going to get in the next 12 to 24 months.
GSL Nova Petrochemicals� board meeting will be held on July 04, 2014, to consider and approve the issue of Notice of Postal Ballot in respect of proposal for to sale, transfer and/ or dispose off company's all or any undertaking and/or properties including the plant and machinery(S) and the Land & Building.
GSL Nova Petrochemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on July 04, 2014, inter alia, to consider and approve the issue of Notice of Postal Ballot u/s 110 of the Companies Act, 2013 and Section 180(1)(a) of the Companies Act, 2013 in respect of proposal for to sale, transfer and/ or dispose off company's all or any undertaking and/or properties including the plant and machinery(S) and the Land & Building.Source : BSE
Read all announcements in GSL Nova Petro
Karvy Commodities has recommended to buy MCX Gold August around Rs 27300-27350 for the target price of Rs 26020/28300 with a stop loss of Rs 27000, in its research report dated June 27, 2014.
Three weeks of June have passed and gold prices have jumped over 5% from the levels of $1260-1270. Last week we saw gold prices rising to near to two month highs and there were few prominent factors that pushed the gold prices higher. Geo-political turmoil going in Iraq pushed gold higher as part safe haven urge while Brent oil rising above $115 supported Bullion as an inflation hedge. Besides we had the FOMC meeting wherein the Fed Chairman sounded comfortable about the outlook for inflation and probably was not keen uptill middle 2015 to hike interest rates. Nonetheless, physical demand continued to be lower while the investment demand has also been muted. Therefore, we believe going ahead in the next week or in the near term the gains may not be as high as it was noticed in the past week. Lastly, from the derivatives front, we have seen a good amount of price rise with higher volume and open interest so possibly the trend may not immediately turn back into bearish though fresh buying effect may not be seen in the next week. So this means we may expect gold to stay less volatile in the next week while the gains would be also capped.
Weekly call: MCX August Call: Buy at 27300-27350 TP 26020/28300 SL 27000
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Karvy Commodities has come out with its report on Soybean. The research firm has recommended to buy Soybean from lower levels at both CBOT and NCDEX platform.
Last evening, CBOT soybean for November delivery settled at $12.44, up by 1.24 % from previous close. Prices rose tracking strong cues from positive export sales data. The latest USDA weekly export sales data released yesterday showed an increase in net sales of old-crop soybeans by 224 % from previous week. Prices are also getting support from the prevailing rainy weather in the US Midwest region on expectation that the crop yield may affect. According to the latest USDA crop progress report, US soybean planting is 95 % completed, up by 3 % from previous week and 1 point ahead of last five years average. Soybean emergence is reported at 90 % which is 3 points above five years average. Almost 73 % of the crop is reported to be in excellent condition.
NCDEX soybean for July delivery futures settled at Rs. 3928/ quintal, up by 0.31 % from previous close. At the physical market of Indore, soybean traded at Rs. 3900-3950, remain unchanged from previous day. The daily arrivals across MP reported at 25,000 bags, steady as against previous arrivals. According to the trade sources, since few days sluggish demand is witnessed in the physical market owing to low availability of quality soybeans, crushing disparity and weakened soy meal exports. The delay in monsoon is affecting the soybean crop sowing progress in the major growing areas. However, in some of the irrigated areas of Maharashtra and Madhya Pradesh little amount of sowing is witnessed.
Outlook: At 9 AM: IST, E-CBOT soybean is seen trading at $ 12.40/ bushel, down by 0.30 % from previous close. The rainy season in the Midwestern region of US is likely to continue for today which may support the prices for near term. So, we expect CBOT November soybean to trade on a bullish note at today's session. Meanwhile, at the domestic front soybean prices may trade marginally upside in today's session. While we look at the PVO analysis, prices rose while volume and open interest declined which indicates market is expected to remain volatile. Therefore, based on above clues we recommend buying soybean from lower levels at both CBOT and NCDEX platform.
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Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to buy buy Cardamom, Jeera on dip and CPO above Rs 535, in its report dated June 27, 2014.
Cardamom July MCX: Cardamom escalated higher from 935.5 and closed at 953.4. As prices broke the resistance of 950, rally would continue towards 970 followed by 990 levels. Moreover, the daily RSI (14) is supportive for the bullish outlook in the immediate run. However, Slippage below 920 could see a major fall towards 900 levels in the near term.
CPO July MCX/NCDEX: CPO slipped lower from the high of 532 and closed the day at 528.7. If prices are able to trade above the internal trend line support of 527 could see bounce back towards 530 or even higher to 534 levels. But it is required to break 535 to trigger strong rallies in the near term. Meanwhile, daily RSI (14) seems neutral for the day. On the lower side, major weakness is seen only successful trades below 522 levels.
Jeera July NCDEX: Even after profit booking, if prices are able to stay above 11040, upward journey likely to continue towards 11600 or even higher to 11800 levels for the day.
Strategies:
Buy CPO above Rs 535
Buy Cardamom on dips
Buy Jeera on dips
(Prices in Rs.)
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Karvy Commodities has come out with its report on Crude oil. "Markets are joyous about future prospects about US economy, we maintain our buying view in the commodity though herein too for small targets today", says the report.
We held a broad positive bias in crude oil on anticipation that crude inventory data from the US might deliver positive number led by extended drop in crude stocks whereas we also might see decent reading over gasoline demand. Oil prices trade in ranged manner for larger part of the day while tuned lower ahead of the inventory data.
As per the DoE reading US crude stocks increased 1.7 million barrels with total inventories remaining in the upper half of the average range for this time of year. Gasoline and distillate inventories too gained though only optimism was supported by the fact that refineries continued to churn more oil with refinery utilization rate increasing to 88.5% as probably refiners add more oil for consumption later. Rise in product stocks could be linked to the fact that local on one side crude oil refinery inputs increase to 15.7 MBPD, higher by 275,000 BPD than previous week whereas US oil imports too average higher by over 100,000 barrels to 7.3 MBPD for the week ended 20th June.
The effect on prices remained minimal whereas support into the commodity came in the form of reports that US allowed exports of some processed shale oil and building expectations that change in export policy is coming for the first time in last four decades. Backed by above cues and adding the fact that markets are joyous about future prospects about US economy we, maintain our buying view in the commodity though herein too for small targets today.
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Initial deliveries of the all-new BMW X5 in India will commence by June as an overwhelming demand for the vehicle in the market has pushed the waiting period to three months, BMW said in a statement.
German luxury carmaker BMW today rolled out a diesel variant of its locally manufactured Sports Utility Vehicle X5, from its Chennai plant at an ex-showroom price of Rs 70.9 lakh.
Initial deliveries of the all-new BMW X5 in India will commence by June as an overwhelming demand for the vehicle in the market has pushed the waiting period to three months, BMW said in a statement.
The diesel variant of the BMW X5 xDrive30d model, which was launched last month, is being locally produced at BMW's plant in Chennai.
Also read: Jaitley extends excise cut for auto, cap goods till Dec 31
"The third generation BMW X5 has received tremendous customer response and excitement since it was first displayed at the Delhi Auto Expo 2014," BMW Group India President Philipp von Sahr said. The company might also consider ramping up the production to meet the huge demand in the Indian market, he added.
"The team at the facility will build the all-new BMW X5 with uncompromising engineering. We are confident that the BMW X5 produced in Chennai will further increase our momentum in the Indian luxury car segment," said Robert Frittrang, Managing Director of BMW's Chennai plant.
According to Karvy, one can buy MCX Gold August at Rs 27300-27350 for the target price of Rs 26020/28300 with a stop loss of Rs 27000.
Three weeks of June have passed and gold prices have jumped over 5% from the levels of $1260-1270. Last week we saw gold prices rising to near to two month highs and there were few prominent factors that pushed the gold prices higher. Geo-political turmoil going in Iraq pushed gold higher as part safe haven urge while Brent oil rising above $115 supported Bullion as an inflation hedge. Besides we had the FOMC meeting wherein the Fed Chairman sounded comfortable about the outlook for inflation and probably was not keen uptill middle 2015 to hike interest rates. Nonetheless, physical demand continued to be lower while the investment demand has also been muted. Therefore, we believe going ahead in the next week or in the near term the gains may not be as high as it was noticed in the past week. Lastly, from the derivatives front, we have seen a good amount of price rise with higher volume and open interest so possibly the trend may not immediately turn back into bearish though fresh buying effect may not be seen in the next week. So this means we may expect gold to stay less volatile in the next week while the gains would be also capped.
Weekly call: MCX Gold August Call: Buy at 27300-27350 TP 26020/28300 SL 27000
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Dani Commodities has come out with its report on MCX Crude. According to the research firm one can buy MCX Crude oil at Rs 6470 with a stoploss of Rs 6400 for the target price of Rs 6570.
Crude oil futures inched up in the Asia electronic session today stealing support from Iraq tensions which might affect the supply*However the gains were limited as the weekly oil inventories showed a rise last week and the weak durable goods data also weighed on oil*
Crude oil for August delivery is trading up 18 cents at $ 106.68 per barrel on the New York Mercantile Exchange*Yesterday, it climbed 47 cents, or 0.4%, to settle at $106.50 a barrel*
The U.S*Energy Information Administration said in its weekly report that U.S*crude oil inventories increased by 1.7 million barrels in the week ended June 20, compared to expectations for a decline of 1.6 million barrels*Total U.S*crude oil inventories stood at 388.1 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 0.7 million barrels, below forecasts for a gain of 1.4 million barrels, while distillate stockpiles rose by 1.2 million barrels, above expectations for an increase of 0.9 million barrels.
The downbeat data from US also failed to pull the oil prices lower*The Commerce Department reported that U.S*gross domestic product contracted at an annual rate of 2.9% in the first quarter of the year, far surpassing consensus forecasts for a decline of 1.7%.
MCX CRUDE OIL
International: Major Support for WTI at USD100 Bullish above USD 100
Domestic: Buy at 6470, Stoploss 6400, Target 6570.
(Prices in Rs.)
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Rossell India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 06, 2014 (both days inclusive) for the purpose of Payment of Dividend & 20th Annual General Meeting (AGM) of the Company to be held on August 06, 2014.
Rossell India Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 01, 2014 to August 06, 2014 (both days inclusive) for the purpose of Payment of Dividend & 20th Annual General Meeting (AGM) of the Company to be held on August 06, 2014.Source : BSE
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Nitta Gelatin India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from July 09, 2014 to July 11, 2014 (both days inclusive) for the purpose of 38th Annual General Meeting (AGM) of the Company to be held on July 11, 2014.
Nitta Gelatin India Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from July 09, 2014 to July 11, 2014 (both days inclusive) for the purpose of 38th Annual General Meeting (AGM) of the Company to be held on July 11, 2014.Source : BSE
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Avanti Feeds Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from July 25, 2014 to August 02, 2014 (both days inclusive) for the purpose of Payment of Dividend & 21st Annual General Meeting (AGM) of the Company to be held on August 02, 2014.
Avanti Feeds Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from July 25, 2014 to August 02, 2014 (both days inclusive) for the purpose of Payment of Dividend & 21st Annual General Meeting (AGM) of the Company to be held on August 02, 2014.Source : BSE
Read all announcements in Avanti Feeds
OTCO International Ltd has informed that the Board of Directors of the Company at its meeting held on June 25, 2014, has transacted the cessation of Mr. Ramakanta Panda from the Board of the Company.
OTCO International Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 25, 2014, has transacted the following :- Cessation of Mr. Ramakanta Panda from the Board of the Company.Source : BSE
Read all announcements in Otco Intl
EL CID Investments Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from August 13, 2014 to August 27, 2014 (both days inclusive) for the purpose of Payment of Dividend & transfer of shares.
EL CID Investments Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 13, 2014 to August 27, 2014 (both days inclusive) for the purpose of Payment of Dividend & transfer of shares.Source : BSE
Read all announcements in Elcid Investmen
Silvermic prices on MCX were trading higher on Tuesday. MCX Silvermic November contract was trading at Rs 46260 up Rs 527, or 1.15 percent.
At 16:03 hrs MCX SILVERMIC June contract was trading at Rs 44913 up Rs 464, or 1.04 percent. The SILVERMIC rate touched an intraday high of Rs 44988 and an intraday low of Rs 44225. So far 30316 contracts have been traded. SILVERMIC prices have moved down Rs 2365, or 5.00 percent in the June series so far.
MCX SILVERMIC August contract was trading at Rs 45413 up Rs 513, or 1.14 percent. The SILVERMIC rate touched an intraday high of Rs 45485 and an intraday low of Rs 44660. So far 8754 contracts have been traded. SILVERMIC prices have moved down Rs 4318, or 8.68 percent in the August series so far.
MCX SILVERMIC November contract was trading at Rs 46260 up Rs 527, or 1.15 percent. The SILVERMIC rate touched an intraday high of Rs 46295 and an intraday low of Rs 45480. So far 391 contracts have been traded. SILVERMIC prices have moved up Rs 2260, or 5.14 percent in the November series so far.
The clarifications have been sought through merchant bankers of the two rival bidders - Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as 'persons acting in concert'.
Market regulator Sebi has sought clarifications from two rival bidders who have made offers for acquisition of additional stakes in Vijay Mallya-led UB Group's Mangalore Chemicals and Fertilisers Ltd (MCFL).
The clarifications have been sought through merchant bankers of the two rival bidders - Deepak Fertilisers and Zuari Fertilisers, among which the latter has been joined by the existing promoters of MCFL as 'persons acting in concert'. According to latest data made public by Sebi, the clarifications were sought from JM Financial (merchant banker for Deepak Fertiliser group) on June 20. Prior to that, Sebi sought additional details on June 17 from ICICI Securities and Ambit Corporate Finance, who are acting as merchant bankers for Zuari in their proposed open offer for MCFL.
Also Read: Sebi bars Tijaria Polypipes, its directors for up to 7 yrs
The reply was awaited from the merchant bankers for both the open offers, says the latest update on 'processing status of draft offer documents' filed with the capital markets regulator as on June 20. It could not be ascertained whether there has been any developments since then and the next update would be provided by Sebi next week.
An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi. The battle for MCFL started in April last year when Zuari Fertilisers bought about 10 per cent in the company from SBI group entities in the open market.
Deepak Fertilisers followed with acquisition of a 24.46 per cent stake in MCFL in July 2013. Zuari group then increased its stake to 16.43 per cent in the same month. Zuari, Deepak Fertiliser and MCFL compete with each other in the fertiliser business, but a huge debt burden of the Mallya-led group had triggered a takeover battle for MCFL.
Earlier in May this year, UB Group joined hands with the Zuari group to ward off a hostile takeover bid by Deepak Fertilisers for MCFL and offered to buy more shares in the firm at a 9 per cent higher rate than their rival. This counter offer came less than a month after Deepak Fertilisers raised its stake in the firm to 25.31 per cent and made an open offer to buy an additional 26 per cent at Rs 63 per share, totalling Rs 194 crore.
Saroj Poddar-led Zuari group has teamed up with the UB Group in its offer to buy a 26 per cent stake for Rs 68.55 apiece for a total of Rs 211.22 crore in MCFL. UB Group currently holds nearly 22 per cent stake in MCFL, but over half of their shareholding is pledged.
Sebi received the draft offer document by Deepak Fertiliser group of acquirers on May 8 for an open offer worth Rs 190.28 crore. This was followed by receipt of draft offer document by Zuari group on May 27 for an open offer worth Rs 211.23 crore.
Mangalore Chem stock price
On June 24, 2014, Mangalore Chemicals and Fertilisers closed at Rs 74.00, up Rs 0.35, or 0.48 percent. The 52-week high of the share was Rs 78.30 and the 52-week low was Rs 38.95.
The company's trailing 12-month (TTM) EPS was at Rs 5.99 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 12.35. The latest book value of the company is Rs 55.20 per share. At current value, the price-to-book value of the company is 1.34.
Ludlow Jute & Specialities has informed that B. M. Thakkar the Managing Director of the Company has resigned from the office of the Managing Director of the Company with effect of closing hours of June 23, 2014 due to personal reasons.
Ludlow Jute & Specialities Ltd has informed BSE that B. M. Thakkar the Managing Director of the Company has resigned from the office of the Managing Director of the Company with effect of closing hours of June 23, 2014 due to personal reasons.Source : BSE
Read all announcements in Aekta
Varinder Bansal lists what should be on your radar in trade tomorrow.
Varinder Bansal lists what should be on your radar in trade tomorrow.
According to Kunal Bothra of LKP Securities, one may hold Tata Global Beverage.
Kunal Bothra of LKP Securities told CNBC-TV18, "The investors should hold on to Tata Global Beverage . The stock is nearing its monthly and the longer term breakout at Rs 169-168. My sense is that the volumes particularly for this month have been phenomenally well as compared to the last 15-20 months on the monthly charts.'
"There could be a strong momentum happening for Tata Global Beverage in the next couple of months and its close to a breakout point and if that happens the stock could cross Rs 200 mark in the next couple of months," he added.
The yellow metal has gained grounds once again in the recent weeks and rose nearly 6 percent this month. The rise was partly due to rising violence in Iraq and lingering tensions over Ukraine lifting bullions safe haven appeal
Comments from the US that it could launch air strikes to support the Iraqi government after a rampage by Sunni Islamist insurgents led to the rally
Government forces continued to battle Sunni militants for control of Iraq's biggest refinery as U.S. President Barack Obama said the United States will send up to 300 military advisers to Iraq to combat the extremist insurgency
On the flip side, the central bank slashed its forecast for U.S. economic growth to a range of between 2.1 percent and 2.3 percent from an earlier forecast of around 2.9 percent
The Fed also reduced its monthly asset purchases from $45 billion to $35 billion
Although high reading for U.S. inflation has raised expectations the Fed might signal a sooner-than-expected rise in interest rates. Tightening rates would also lift the dollar and put pressure on dollar-priced commodities like gold.
However, lack of interest by the Fed members to raise the interest rates and slow momentum in the US economy has acted as a trigger for traders to push the precious metals higher.
In the International markets, gold prices gained by around 3 percent in the last week. Gold prices touched a weekly high of $1321.9/oz before closing at $1314.32/oz on Friday.
In the Indian markets, gold prices rose by around 3.9 percent in the last week taking cues from strong international markets. Gold prices touched a weekly high of Rs.27820/10 gms before closing at Rs.27668/10 gms on Friday.
Outlook
From a week's point of view, we expect gold prices to trade positive as the Iraq situation has led to bullions safe haven appeal
Militants have taken control over the capital city of Baghdad and very soon it might take control over southern Iraq
Escalating geo-political tensions in between Ukraine and Russia is also acting as a positive factor
Meanwhile, speculators have raised their bullish bets on gold indicating that prices are heading higher in international markets towards $1320.
In the Indian markets, gold prices are expected to trade positive in line with strength in international markets gold prices can possibly head towards Rs.28000 mark in the near term.
Weekly Technical Levels - Trend Up
Spot Gold : Support $1290/$1270 Resistance $1340/$1360.
Strategy: Buy MCX Gold August between 27200 – 27,250, SL- 26,800, Target – 28,100 / 28,200
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According to Angel Commodities one can buy NCDEX Cocudakl (Cottonseed Oil Cake) July between Rs 1620-1628 with a stop loss of Rs 1570 for the target price of Rs 1710-1720.
NCDEX Cocudakl (Cottonseed Oil Cake) July contract, it was trading in the "Higher Top Higher bottom formation" from last couple of days after making a low of 1,513 levels (In daily price chart in the attached pdf).
We observed today that as per candlestick pattern it gives "V pattern" breakout and trading above it. According to Harmonic Trading pattern it has also completed "AB=CD pattern" which is also positive for the prices.
Indicator Analysis
Technically speaking on the oscillator front, 14 day RSI is rising and currently reading at 56 and MACD is also trading in positive zone, which indicate optimism.
Key Levels
Resistance could be seen at 1,710 levels and then final resistance will be observed at 1,780 levels. Prices can find support at 1,570 levels and below that strong support is seen at 1,510 levels.
Looking at positive chart formation coupled with oscillators indicating optimism we recommend Buy in NCDEX Cocudakl July contract.
Positional Call - Buy NCDEX Cocudakl July between 1620 - 1628, SL - 1570, Target - 1710 / 1720.
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Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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Arnav Pandya
Salaried individuals often find themselves in a bind because some of their financial details have changed and they find that the tax that is deducted each month is actually higher than what it should be. One of the ways in which they can tackle the position is through the use of the investment declaration form as this would allow them to ensure that they have mentioned the right points to their employer who would take this into consideration and hence ensure that a lower amount of tax is actually deducted. Here is a closer look at the issue and what the individual can actually do.
Actual process
There is a certain amount of income that is earned by the employee and this is distributed under various heads. Depending upon the figures here plus the various tax saving investments that would be undertaken by the employee during the year the employer works out the annual tax liability and then ensures that the required amount of tax is deducted each month on the salary that is paid out. Thus there are two main factors that are at play here. One is the income amount and the heads under which this is received while the other is the investments that are actually done by the individual which will lead to the benefit of a lower tax for them.
Changes
The ideal situation for the individual taxpayer would be that the details of the investments and other processes that they do is available right at the start of the financial year so that these details are provided to the employer in the investment declaration form. This would ensure that the entire figure is considered by the employer right from day one and the maximum possible tax savings are considered in the workings and the action is taken accordingly. However this is not always the case as there might be some steps that happen in the middle of the year which might not have been present earlier. This could be something like a home loan taken after a few months from the start of the financial year so this might not have been present in the earlier workings but would now have to be included because the impact can be quite significant.
Prompt action
Whenever there is any such change that is actually witnessed then the individual should ensure that they transmit these details to their employer. This might require the filling in of the investment declaration form again with the updated details and giving of some other details that would help the employer in ensuring that the right amount of deduction is done on the tax front. The employee should ensure that they consider this aspect and finish this process because there is a need to ensure lower tax deduction and this opportunity should not be missed. If this is not done immediately then there could be a higher tax deduction which they would need to claim later from the tax department as refund.
Need
The need to ensure that there is some action taken on this front is important because this is to ensure that while the issue is still with the employer before the end of the financial year in terms of the amount of the tax deducted at source the right details are considered. If this chance is missed out then there would be a position where the individual would find that they have to take the refund from the government which can only be done when the return is to be filed and hence this will have a long time lag. This would mean that the amount involved during this time would not be recoverable but early action could lead to adjustments in future tax deductions during the year.
In marked contrast to other cities, the dynamics of luxury housing in Mumbai have changed dramatically over the last decade. Delhi, Kolkata and Chennai continue to have location-specific premiums, which have risen consistently. Boat Club Road in Chennai, Jor Baug in Delhi and Ballygunge in Kolkata continue as the most premium areas of these cities, while Cuffe Parade, Marine Drive, Pedder Road and other premium locations in Mumbai have witnessed a slowdown in demand and price appreciation.
In Mumbai, with the CBD shifting to BKC for all practical purposes, even the most attractive parts of the city have not witnessed increased action in terms of sales, relative appreciation and leasing over the last 5-7 years.
With the CBD and even the Diamond Market moving to Bandra Kurla Complex (BKC), there has been a dramatic shift of preferences for luxury housing in Mumbai. South Mumbai residents now show increasing preference for moving to complexes in Mahalaxmi and Jacob Circle, giving up the standalone buildings they have been occupying since security and parking have become a challenge.
The shift towards Worli reflects that a desire to be close to the Sea Link for faster access to BKC is another important market trend. The Bandra-Khar-Santacruz belt and specifically BKC have become the best options for corporate employees who wish to live closer to their workplaces. Diamond traders are also shifting to these areas and to Worli for the same reason.
The Media, Pharma, FMCG and SME sectors are the key residential property drivers in the Andheri-Malad-Goregaon-Powai belt. With HUL, P&G, Glenmark, Sun Pharma and many other larger names shifting their headquarters to the Andheri-Powai belt, we have seen a sudden increase in demand for premium and marquee properties in this market. The wish to reside closer to the airports, highways and Metro stations are the key drivers for this preference.
Denizens of the media world (i.e. television and film artist) prefer living in the Andheri-Malad-Goregaon belt, as these areas are closer to the major studios. With the sudden increase of channels and programs over the last 5-7 years, there is now an unprecedented demand for good premium and marquee properties in this belt.
South Mumbai properties that have perennial demand:
| Building Name | Location | Reason | Indicative Price Points in the Re-sale space | |
| 1 | Samudra Mahal | Worli | Sea Facing/Profile of Occupants | Starting from Rs.1 Lac per square feet |
| 2 | Kalpataru Horizon | Worli | Sea Facing/Profile of Occupants | Starting from Rs. 70,000 per square feet |
| 3 | Godrej Bayview | Worli | Sea Facing/Profile of Occupants | Starting from Rs.75,000 per square feet |
| 4 | Raheja Vivarea | Mahalaxmi | Race Course /Sea Facing / Profile of Occupants | Starting from Rs.60,000 per square feet |
| 5 | Jolly Maker Chambers (Cluster) | Cuffe Parade | Sea Facing / Profile of Occupants | Starting from Rs.65,000 per square feet |
| 6 | Signature Island | BKC | Only Luxury Project inside G Block of BKC & Profile of Occupants | Starting from Rs.55,000 per square feet |
| 7 | Oberoi Woods | Lokhandwala | Preferred by Media world | Starting from Rs.25,000 per square feet |
Mumbai's new alternate luxury locations:
A family living in South Mumbai that wants to upgrade from a 2 BHK to 3 BHK or 4 BHK usually operates with a limited additional budget after selling its existing home. After a prolonged stint in South Mumbai, very few locations provide comparable appeal – or, indeed, comparable options.
Such families will consider options in Mahalaxmi, Parel, Lower Parel and Worli, and tend to be open to locations such as Mazgaon and Byculla as secondary options. The additional investment for exploring these alternatives is usually between Rs. 2-4 crore. Reputed developers like K Raheja Corp., Kalpataru and Runwal have luxury projects in these areas and are actively catering to the demand coming from erstwhile residents of South Mumbai.
South Mumbai residents who cannot stretch their budget to accommodate their new space requirement are looking at Wadala as alternate option. With the arrival of the Eastern Freeway and the Monorail, Wadala has in fact become a hot destination for South Mumbai residents whose children study in Cathedral, G D Somani Memorial and other reputed schools. Currently, Dosti Group's projects are clear leaders in this location, thanks to the superior social infrastructure they provide.
In the CBD area, the BKC belt has surprised most market pundits over the last decade. With the robust development in this prime location of Mumbai, many families from South Mumbai have been able to move into luxury projects there with just marginal budget additions. In the process, they have gained the advantages of additional bedrooms as well as significantly enhanced luxury living experience. The BKC luxury residential market is being serviced by developers like Sunteck, Kalpataru and Hubtown.
'Affordable Luxury' locations:
In a city like Mumbai, the concepts of luxury and affordability tend to be mutually exclusive concepts. Given the ever-escalating shortage of land in the city, coupled with the skyrocketing cost of construction, property price increases and multiple new taxes introduced in the last budget have conspired to push up the consumer cost of buying homes.
The new trend 'affordable luxury' does address the traditional clientele for luxury homes in Mumbai, but applies to local residents of suburban and far-suburban areas who are seeking to upgrade their lifestyles within their current localities. Developers who cater to the demand for affordable luxury are constrained upon to ensure that their offerings meet the actual requirements as well as affordability of these buyers, as well as the interest of investors who are seeking to capitalize on the trend of 'localized upgradation'.
Currently most suburbs have multiple choices in this category. A few areas that rank high on factors such as overall living standards and growth are:
Sukanya Kumar
RetailLending.com
Many people jump at the first opportunity to pay off their mortgage, and while it may seem like a great financial relief, a closer look can help us uncover the advantages of holding on to a mortgage until the end of its tenure.
There may be a belief that paying off a mortgage delivers peace of mind, financial freedom and a sense of financial security, but this belief may be short-lived once you compare it to the benefits of holding on to your mortgage. Many of my clients start off with this view, and it's surprising how many of them don't consider the benefits of not paying off your mortgage early. For a person unaware, it is an astonishing eye opener as its counter intuitive to their thinking. Let take a closer look at these benefits.
#1 It's the cheapest loan available in India
With the current interest rate levels of home loans, it is certainly the cheapest form of credit available in India. Other financial lending products such as personal loans, educational loan, credit cards and business loans are significantly more expensive than home loan products. So this begs the question, why pay off the cheapest loan? Rather, it's better to pay off the other types of loans and hang on to your mortgage.
#2 Maximise on the retirement premium
Over the years with increase in inflation and cost of living, it is scary, at the least, to imagine living without a regular inflow of funds post retirement. Understanding this fear, retirement products to secure your future are available form banks today. In case of extra funds, it would make logical sense to invest this surplus into retirement products allowing one to have access to funds post retirement. It is advisable that people invest into these products rather than using them to repay the mortgage.
#3 It's a tax saving investment
Sections in the Income Tax Act, namely 24(b) and 80EE, allow for significant deductions on the interest payable on a housing loan. These deductions are major advantages of not paying off your mortgage early. Why pay it off and lose the tax benefit?
# 4 Saving for emergencies
We live in a world of uncertainty, and the need for surplus funds may arise at any time. It is always a good idea to keep a contingency fund for unplanned medical, repair, and accidental expenses that may just pop up their ugly head every once in a while. Surplus funds should be used as a contingency corpus for these types of expenses that none of us can predict.
# 5 Enjoying your retirement
After working for most of your life, we all deserve to enjoy our post-retirement phase. Saving for traveling the world, spoiling your grand kids, and just plain enjoying your life is a great idea. Most people spend 25-30% of their lifetime's earning post-retirement, why spend it in a cash-poor and miserable way? Invest into enjoying this phase of your life from now, and avoid using free funds in foreclosing your mortgage.
After analyzing the benefits, it's easy to see why you should resist foreclosing your home loan sooner than required. There are much better ways to use your surplus funds, and these methods are bound to give you true financial security, peace of mind and happiness. Maybe counter intuitive, but definitely the smarter move!
According to the latest weather update by Skymet Meteorology Division in India, good Monsoon showers will continue over most parts of Northeast and East India. Konkan, Goa and Karnataka along the west coast of peninsular India will also continue to receive good amounts of rain. As predicted, Southwest Monsoon has covered east Uttar Pradesh and is likely to cover central parts of the state in next 24 hours.
Here are the top ten rainiest cities in India on Friday, 20th June-
Cities State Rainfall (in millimetres) Cherrapunji Meghalaya 232 Gorakhpur Uttar Pradesh 84.4 Darjeeling West Bengal 84.1 Karwar Karnataka 70.2 Bokaro Jharkhand 67 Agumbe Karnataka 68.4 Honnavar Karnataka 59.3 Burdwan West Bengal 59 Coochbehar West Bengal 51 Barpeta Assam 50
By: Skymetweather.com
SLIDESHOW
Sat, Jun 21, 2014 at 16:24
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The passenger services have been subsidized by the freight traffic. In recent years even freight fares have come under pressure, says FM.
Explaining the rationale behind the steep railway fare and frieght hike, finance minister Arun Jaitley said that the Railway Minister has taken difficult but correct decision. The Narendra Modi-led government on Friday hiked rail fares by 14.2 percent and freight charges by 6.5 percent .
Here are Jaitley's view posted on his Facebook page:
The Indian Railways for the last few years have been running at a loss. The only way that Railways can survive is when users pay for the facilities that they avail. The passenger services have been subsidized by the freight traffic. In recent years even freight fares have come under pressure.
On 5th February, 2014 when the UPA was in power, it was the Railway Board which proposed a 5% increase in the freight rates and a 10% increase in the passenger fares. The proposal was to rationalize the freight rates with effect from 1st April,2014 and the passenger fares with effect from 1st May,2014. Even as the Interim Budget of the Railways was yet to come, the date 1st May,2014 was chosen hoping that the General Elections would be over by that day. The Railways had proposed that this increase would give the Railways an additional revenue of Rs.7900 crores. Armed with this decision, the then Railway Minister Shri Mallikarjuna Kharge met the then Prime Minister Shri Manmohan Singh on 11th February,2014. The then Prime Minister approved the hike and suggested that both freight and passenger fare should be implemented with effect from 1st May,2014 itself.
The Railway Board accordingly notified this increase on 16th May,2014 when the Election results were being declared. This decision gave effect to what the Railway Board, the Rail Minister and the then Prime Minister had concurred. The Railway Minister developed cold feet and in the evening of 16th May,2014, even after the UPA had been defeated in the Elections, he countermanded the order of the Railway Board so that theoretically the decision taken by him and the then Prime Minister is implemented by the Railway Minister of the NDA Government.
By withdrawing the countermanding order, the present Railway Minister, D.S. Sadananda Gowda has taken a challenging decision. The choice before Shri Gowda was whether to allow the Railways to bleed and eventually walk into a debt trap by following the policy of the UPA Government or implement the decision which the UPA Government had taken to increase the fares for both passenger and freight but did not have the courage to implement . A loss making railway will provide below-par services. It will eventually not even have the resources to pay its' bill. India must decide whether it wants a world class Railway or a ramshackled one. The Railway minister has taken a difficult but a correct decision.
Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.
Google Inc's Nest Labs will buy home-monitoring camera startup Dropcam for about USD 555 million in cash, technology blog Re/code reported on Friday, taking another step deeper into consumers' homes.
Nest and Dropcam confirmed the acquisition in separate blog posts on Friday, but did not specify the price tag. Google declined to comment.
Also Read: Google to buy satellite company Skybox Imaging for $500m
Google is increasingly expanding into new markets, with efforts ranging from high-speed Internet access to advanced research on self-driving cars and robotics.
It bought Nest, which makes smart thermostat and smoke alarms, this year for USD 3.2 billion, the Internet firm's second-largest ever acquisition.
The deal was touted as a foray into the fast-growing "smart" home automation market, at a time consumer appliances and Internet services are merging. But it also raised concerns about the privacy implications for Google, which already collects rafts of data about users' online habits.
Dropcam, which lets users monitor homes and offices via its camera hardware and software, will adopt Nest's privacy policy after the acquisition, the latter company said in its blog post. That means data will not be shared with any other firm, including Google, without a user's permission, it said.
Dropcam's backers include Kleiner Perkins Caufield & Byers, Accel Partners and Menlo Ventures.
To improve the condition of micro, small and medium enterprises, the government is working on simplifying processes to facilitate such entrepreneurs and a separate policy for this sector is on the anvil.
"If work is done properly, effectively and on priority basis in this sector, then we can see that a person with minimum income can get employment. He can feel self reliant," Union MSME Minister Kalraj Mishra told reporters here today. He said the MSME ministry is encouraging small entrepreneurs by which they can stand strongly.
"The facilities which entrepreneurs should get are not there like single window system. We are simplifying the process to facilitate entrepreneurs," he said.
The Minister said that till now MSME was governed by the industrial policy and does not have a policy of its own.
"We are in process of framing a separate policy for MSME sector," he said.
"Even people in rural areas can feel self-reliant financially, therefore a thought of "berozgaar se rozgaar tak (from unemployment to employment) has come and we will give a practical shape to it," he said.
The Minister said that skill-related training is already being imparted.
"What Prime Minister (Narendra Modi) said about removing poverty, this can be a very strong medium. It can also be a medium for what PM said about skill to every hand," he said.
However, he refused to specify the time frame in which the policy would be given a formal shape.
"But it will be much before then expected. The objective is to remove problems being faced by the entrepreneurs," he added.
He termed coordination between the state and the Centre important to promote the MSME sector and said that work is being done to bring an integrated system in place.
A survey is being conducted across the country and on the basis of its report lakh of people can be made self-employed in poor and backward areas, he added.
Geojit Comtrade has come out with its report on metals and energy. According to the research firm, one can sell MCX Natural Gas June around Rs 278 levels with a stop loss above Rs 282 for target price of Rs 270.
MCX Gold Aug : Buy around 27500 levels with a stop loss placed below 27300 levels for targets of 27800 levels.
MCX Silver July : Buy around 44100 levels with a stop loss placed below 43800 levels for targets of 44700 levels.
MCX Crude July : Buy around 6380 levels with a stop loss placed below 6330 levels for targets of 6450 levels.
MCX Copper June : Sell around 413 levels with a stop loss placed above 417 levels for targets of 405 levels.
MCX Nickel June : Sell around 1120 levels with a stop loss placed above 1135 levels for targets of 1080 levels.
MCX Lead June : Sell around 128 levels with a stop loss placed above 129 levels for targets of 126 levels.
MCX Zinc June : Sell around 130 levels with a stop loss placed above 131 levels for targets of 128 levels.
MCX Aluminium June : Sell around 112 levels with a stop loss placed above 113 levels for targets of 110 levels.
(Prices in Rs.)
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Silvermic prices on MCX were trading flat on Friday. MCX Silvermic August contract was trading at Rs 44578 up Rs 40, or 0.09 percent.
At 16:00 hrs MCX SILVERMIC June contract was trading at Rs 44267 down Rs 44, or 0.10 percent. The SILVERMIC rate touched an intraday high of Rs 44713 and an intraday low of Rs 44000. So far 42117 contracts have been traded. SILVERMIC prices have moved down Rs 3011, or 6.37 percent in the June series so far.
MCX SILVERMIC August contract was trading at Rs 44578 up Rs 40, or 0.09 percent. The SILVERMIC rate touched an intraday high of Rs 44960 and an intraday low of Rs 44280. So far 10944 contracts have been traded. SILVERMIC prices have moved down Rs 5153, or 10.36 percent in the August series so far.
MCX SILVERMIC November contract was trading at Rs 45400 up Rs 53, or 0.12 percent. The SILVERMIC rate touched an intraday high of Rs 45800 and an intraday low of Rs 45115. So far 730 contracts have been traded. SILVERMIC prices have moved up Rs 1400, or 3.18 percent in the November series so far.
Sundram Fasteners Investments, a wholly owned subsidiary of Sundram Fasteners has acquired 24.53 percent of equity share capital of TVS Infotech consequent to the allotment of right shares to Sundram Fasteners Investments. With this acquisition, Sundram Fasteners Investments ahs 62.27 percent equity stake in TVS Infotech.
Sundram Fasteners Ltd has informed BSE regarding "Acquisition of Equity Shares in TVS Infotech Limited". Sundram Fasteners Investments, a wholly owned subsidiary of Sundram Fasteners has acquired 24.53 percent of equity share capital of TVS Infotech consequent to the allotment of right shares to Sundram Fasteners Investments. With this acquisition, Sundram Fasteners Investments ahs 62.27 percent equity stake in TVS Infotech.Source : BSE
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Mehraboon Irani, Principal and Head- Pvt Client Group Business at Nirmal Bang Securities is of the view that one may buy HDFC Bank, HDFC, Tata Motors, ONGC and Bharti Airtel.
On June 20, 2014 HDFC Bank closed at Rs 823.50, down Rs 2.15, or 0.26 percent.
The company's trailing 12-month (TTM) EPS was at Rs 35.21 per share. (Mar, 2014). The stock's price-to-earnings (P/E) ratio was 23.39. The latest book value of the company is Rs 180.59 per share. At current value, the price-to-book value of the company was 4.56. The dividend yield of the company was 0.84 percent.
Silver prices on MCX were trading higher on Thursday. MCX Silver September contract was trading at Rs 42944 up Rs 259, or 0.61 percent.
At 15:58 hrs MCX SILVER July contract was trading at Rs 42672 up Rs 274, or 0.65 percent. The SILVER rate touched an intraday high of Rs 42690 and an intraday low of Rs 42350. So far 6345 contracts have been traded. SILVER prices have moved down Rs 10751, or 20.12 percent in the July series so far.
MCX SILVER September contract was trading at Rs 42944 up Rs 259, or 0.61 percent. The SILVER rate touched an intraday high of Rs 42944 and an intraday low of Rs 42673. So far 329 contracts have been traded. SILVER prices have moved down Rs 4056, or 8.63 percent in the September series so far.
The connectivity to this global airport will be done by 2016 and the completion of the project will take nearly 5-6 years, says Sanjay Bhatia.
City and Industrial Development Corporation (CIDCO) has indicated that the first phase of the new international airport will be ready by December 2018. CNBC-TV18 spoke to the VC and MD of CIDCO Sanjay Bhatia to know what are the initiatives taken by the agency on infrastructure front and what does the project pipeline look like going ahead.
According to Bhatia, the proposed Rs 14,500 crore international airport at Navi Mumbai will complete its first phase by December 18 and will begin operations soon after. The connectivity to this global airport will be done by 2016. The completion of the project will take nearly 5-6 years.
The agency has settled all the disputes related to land acquisition with the villages with a much favourable settlement package.
CIDCO is also developing a 600 sq mt township for the airport. The Mumbai Trans Harbour link is expected to be ready by 2019, says Bhatia.
The other key projects in CIDCO's pipeline include Rs 2,100 crore metro rail project in Navi Mumbai, Rs 1,421 crore Nerul-Belapur-Ural rail project and Rs 1,450 crore Balanga dam project.
The agency is also aiming to construct 6,000 affordable houses and Rs 36 crore nature park project, Bhatia adds.
Transcript to follow shortly
Gold prices on MCX advanced on Thursday. MCX Gold October contract was trading at Rs 27020 up Rs 142, or 0.53 percent.
At 15:55 hrs MCX GOLD August contract was trading at Rs 26953 up Rs 127, or 0.47 percent. The GOLD rate touched an intraday high of Rs 26955 and an intraday low of Rs 26800. So far 6345 contracts have been traded. GOLD prices have moved down Rs 2347, or 8.01 percent in the August series so far.
MCX GOLD October contract was trading at Rs 27020 up Rs 142, or 0.53 percent. The GOLD rate touched an intraday high of Rs 27020 and an intraday low of Rs 26860. So far 60 contracts have been traded. GOLD prices have moved down Rs 1280, or 4.52 percent in the October series so far.
Rajesh Agarwal of Eastern Financiers advises buying Tata Global Beverages with a target of Rs 250.
Rajesh Agarwal of Eastern Financiers told CNBC-TV18, " Tata Global Beverage is a kind of story which one needs to hold for at least 18-24 months to get reasonable returns because as we all know that the company has got good brands under its pocket not only in India but internationally also they are holding very good brands, their tie-up with Pepsi, Starbucks is going to add to the bottomline in a very big way but these things would require some time."
"The debt has been reduced to considerable levels in the last one year or so. It is one stock which one should have in ones portfolio for a longer term horizon and we would recommend a buy in this stock with a price target of Rs 250," he added.
Geojit Comtrade has come out with its report on metals and energy. According to the research firm, one can sell MCX Gold August around Rs 26900 levels with a stop loss above Rs 27200 for the target price of Rs 26500.
MCX Crude June : Buy around 6420 levels with a stop loss placed below 6350 levels for targets of 6530 levels.
MCX Natural Gas June : Buy around 283 levels with a stop loss placed below 279 levels for targets of 293 levels.
MCX Copper June : Buy around 406 levels with a stop loss placed below 402 levels for targets of 414 levels.
MCX Nickel June : Buy around 1125 levels with a stop loss placed below 1090 levels for targets of 1180 levels.
MCX Lead June : Buy around 126.60 levels with a stop loss placed below 125 levels for targets of 129 levels.
MCX Zinc June : Buy around 128 levels with a stop loss placed below 127 levels for targets of 130 levels.
MCX Aluminium June : Buy around 109.50 levels with a stop loss placed below 108 levels for targets of 112 levels.
(Prices in Rs.)
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CRISIL Research has come out with its report on Helios and Matheson Information Technology. The research firm has maintained the valuation grade of 5/5 and fundamental grade of 3/5 to the company.
Helios and Matheson Information Technology's (Helios') Q2FY14 results (financial year-ending September) were in line with CRISIL Research's expectations. Consolidated revenues grew 1.8% q-o-q to Rs 2,035 mn driven by volume growth. In dollar terms, revenues grew 2.2% q-o-q to US$33.1 mn. EBITDA margin was largely flat q-o-q at 22.5%. PAT grew 2.9% q-o-q to Rs 164 mn. The company expects a healthy deal pipeline over the next two years. Accordingly, we maintain Helios' two-year revenue CAGR estimate (in dollar terms) of 16% to US$155 mn in FY15. We expect the currency to remain firm compared to our earlier estimates. Hence, we lower our earnings estimates. We maintain the fundamental grade of 3/5.
SMAC offerings at the initial stage
Helios continued test runs in new generation offerings – social media, analytics, cloud computing and mobility (SMAC). It conducted test runs for learning education cloud for one of its clients this quarter and now plans to offer this service to other clients too. In Q2FY14, it invested ~Rs 15 mn on SMAC offerings and monetised some gains. However, these offerings are at a nascent stage and will take time to make a meaningful contribution to the company's revenues.
Earnings and fair value lowered
Following downward revision in earnings estimates, we lower our discounted cash flow (DCF)-based outstanding fair value estimate for Helios to Rs 114 per share from Rs 125. The fair value implies P/E multiples of 4.9x FY14E and 4.2x FY15E EPS respectively. At the current market price of Rs 82, the valuation grade is 5/5.
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
CRISIL Limited. All Rights Reserved. Published under permission from CRISIL"
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Geojit Comtrade has come out with its report on agricultural commodities. The research firm has recommended to sell Cardamom on pullbacks, Chana below Rs 2814 and buy Refined soy oil on dips, in its report dated June 18, 2014.
Cardamom July MCX: Cardamom prices plummeted sharply from 921.7 and finally closed at 895.4 levels. Prices broke the lower trend channel support of 915 and triggered selling pressure. For the day, expect to continue the liquidation towards 880 followed by 860 levels. The daily RSI (14) is also indicate weakness in the counter. On the other side, any rise above 942 could reverse the negative momentum and take prices higher.
Chana July NCDEX: Chana prices Slipped lower from the high of 2913 and closed the day at 2825 levels. Prices are now required to break the horizontal trend line support of 2814 to set off major selloffs towards 2799 followed by 2760/2720 levels. Moreover, daily RSI (14) also showing negative sentiments for the day. Conversely, a direct rise above 2960 could negate the intraday bearish sentiments and open up strong rallies.
Refined Soy oil July NCDEX: As long as prices stay above 674 sharp rallies likely to see towards 683/685 or even higher to 690 levels.
Strategies:
Sell Cardamom on pullbacks
Sell Chana below Rs 2814
Buy Refined soy oil on dips
(Prices in Rs.)
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