Thursday 31 August 2017

Mumbai building collapse: 12 killed, 14 injured, 30 others feared trapped



MUMBAI BUILDING COLLAPSE - A five-storey residential building in the congested Bhendi Bazar area of south Mumbai collapsed today, killing at least 12 people and injuring 14 others, officials said. About 30 others were feared trapped.

Fire brigade officials said some nine families lived in the dilapidated Husaini Building. Some media reports said it also housed a play school but children had not arrived yet when the tragedy occurred.

The building, mostly housing lower-middle class families, was located in the Muslim-dominated Pakmodia Street near the J J Hospital.

The building, which also had six godowns on the ground floor, crumbled at around 8:30 am. It's not clear if the heavy rains that inundated Mumbai this week had weakened the building, said to be over 100 years old.

What remained was a large mound of concrete rubble and steel rods encircled by other houses including what appeared to be a tall building. Rescue workers in hard hats clambered up the mound and hammered at concrete slabs with hammers to reach underneath. Cranes and bulldozers were also deployed to scoop up the debris. Residents helped with bare hands.

"The exact number of trapped people cannot be known immediately," deputy commissioner of police (Zone 1) Manoj Sharma said.

Doctor's body found in seashore after Mumbai deluge



MUMBAI FLOOD - Rescuers have located and identified the body of renowned gastroenterologist Deepak Amarapurkar, who went missing on Tuesday evening after falling into an open manhole during the Mumbai deluge, officials said on Thursday.

Untraceable since he left for home in his car from Bombay Hospital, Amarapurkar had accidentally fallen into the manhole on a flooded road barely a kilometer from his residence in Prabhadevi.

After the flood waters receded on Wednesday, BMC workers launched a massive search for him inside the manhole and connecting drains but could not locate him.

Much later, his body washed off the Worli seashore and he was identified by his imported wrist-watch. An umbrella was stuck on the manhole cover, officials said.

Amarapurkar, 58, was a senior gastroenterologist working with Bombay Hospital and is survived by his wife and two children.

Late on Tuesday, witnesses said they had seen him walking on the flooded roads after his car stalled and suddenly falling into the open manhole near Senapati Bapat Marg.
READ MORE

Demonetisation hit RBI's seigniorage, increased printing cost: SBI Research

RBI, reserve bank of India

Demonetisation has caused a net loss to the Reserve Bank of India's (RBI's) seigniorage -- the profit accruing from currency issuances and liquidity operations -- besides increasing the cost of printing notes, says an SBI Research report.

On November 8 last year, the government had banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

"The demonetisation exercise has resulted in net loss of seigniorage to the RBI," SBI's research report Ecowrap said.

"In the current case, there is a seigniorage loss, as the face value of Rs 15.28 lakh crore (15.28 trillion) of Rs 17.10 lakh crore (17.1 trillion) has been printed," it said.

The report further said that "the cost of printing notes and coins has increased during this year".

In its Annual Report for 2016-17, RBI has said that post demonetisation, it has spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

Wipro gains after shareholders approve Rs 11,000 cr buyback proposal

Abidali Neemuchwala, wipro

STOCK MARKET - Shares of Wipro gained nearly 2% on Thursday in an otherwise weak market after country’s third-largest software services firm said its shareholders have approved the company’s Rs 11,000 crore buyback proposal.

The stock added as much as 1.8% to Rs 297 on the BSE against 0.2% fall in the Nifty IT index.

Last month, the Bengaluru-based firm had said it will purchase up to 34.37 crore shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

“The aforesaid special resolution has been passed through postal ballot and e-voting by members by requisite majority,” Wipro said in a filing to the BSE.

The voting, which ended on 28 August, saw 99.68% of the votes being cast in favour of the buyback offer. Wipro was trading marginally higher at Rs291.40 on the BSE.

Share buybacks improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market conditions.
GET LIVE UPDATES ON MARKET

Top technical calls: Buy India Cements, Hindustan Oil Exploration

markets

STOCK MARKET - Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
Nifty technically continues to make lower top on daily chart, however after making a low at 9,700 levels the RSI is showing signs of bounce back, now having the near term resistance level of 9,950. However, the support for the day is seen at 9,840 while resistance is seen at 9,930.

INDIA CEMENTS - BUY      
CMP: Rs 173.90
TARGET: Rs 192    
STOP LOSS: Rs 165

The stock has made a double bottom like pattern in the daily chart taking support at the 200 DMA which is at 169 level. The stock looks attractive with the RSI indicator also showing a trend reversal signaling a buy, thus indicating a positive bias in the stock. We recommend to buy this stock for an upside target of 192 levels keeping a stop loss of 165.            

SPECIALITY RESTAURANTS - BUY    
CMP: Rs 121.55
TARGET: Rs 135  
STOP LOSS: Rs 113

The stock has been in a consolidation phase for some time at around 117 levels and now it has produced a bullish candle pattern in the daily chart to indicate strength and potential for further rally. The RSI has indicated a trend reversal with positive bias and potential for further upward move in the coming days. We recommend a buy in the stock for an upside target of 135 keeping a stop loss of 113

GET LIVE UPDATES ON MARKET

Wednesday 30 August 2017

Gorakhpur tragedy: 48 children dead in 48 hours at BRD Medical College

Children receive treatment in the Encephalitis  Ward at the Baba Raghav Das Medical College Hospital where over 60 children have died over the past one week, in Gorakhpur district. (Photo: PTI)

As many as forty two children were killed in last 48 hours in Gorakhpur's Baba Raghav Das (BRD) Medical College, which is already under scanner for deaths of over 70 infants at the Gorakhpur hospital in a week in the month of July.

"42 children died in 48 hours of which seven due to encephalitis, rest due to other reasons," PK Singh, Principal BRD Medical College said.

July tragedy:
Last month, 70 children died in BRD Medical College. It is alleged that the children died due to the lack of liquid oxygen in the hospital. The Yogi Adityanath government received flak from the Opposition over the same.

Earlier in the day, suspended principal of the B.R.D. Medical College Rajiv Mishra and his wife Purnima were arrested from Kanpur in connection with the deaths of over 70 infants.

The couple has been taken to Gorakhpur by the Special Task Force (STF) of Uttar Pradesh police.

Earlier, an FIR was lodged against the suspended principal of the B.R.D medical college, Dr. Rajiv Misra, along with six other hospital personnel, and two officials of the oxygen-supplying agency Pushpa Sales Private Limited, Manish Bhandari and Uday Pratap Sharma under the charges of criminal negligence.
READ MORE

Nifty may break below 9,685 ahead of F&O expiry: Prabhudas Lilladher

markets, stocks, sensex, nifty, bse, nse

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry. However, the support for the day is seen at 9,750 while resistance is seen at 9,840.
 
BUY RBL BANK    
CMP: Rs 531.55      
TARGET: Rs 565      
STOP LOSS: Rs 510

The stock after making a bottom at around Rs 475 has recovered significantly and thereafter witnessed a consolidation phase for some time. It has produced a positive bullish candle indicating strength and potential to rise further upward. The RSI indicator has indicated a trend reversal signaling a buy supported by tremendous volume participation and hence we recommend a buy in this stock for an upside target of Rs 565 keeping a stop loss of Rs 510.

GET LIVE UPDATES ON MARKET

Nifty outlook and top trading ideas by HDFC Securities for today's trade

markets, stocks, sensex, nifty, bse, nse

STOCK MARKET - Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani, technical analysts (PCG desk) at HDFC securities:

Nifty Outlook
Nifty has failed to surpass the crucial resistance of its previous top 9948 and turned southward. Any level below 9740 would form lower bottom and would also violate the support of upward sloping trend line on the daily charts. Far Support is seen at 9450 in Nifty. However, Close above 9925 would be considered bullish, which might pull Nifty towards new all-time highs above 10137.

TINPLATE - BUY
CMP: Rs 155.55
STOP LOSS: Rs 146
TARGET: Rs 175

In the Month of July 2017, Stock broke out from the crucial resistance of 99 with a big jump in volumes. In the Existing Month stock consolidated initially but managed to remain at highest level by the end of the Month. The recent breakout has also resulted in to ascending triangle breakout on the monthly charts. MACD on the Monthly chart is trading above its signal line and KST indicator has also turned bullish, as Gap between KST line and Signal line has widened sharply. Considering the technical evidences discussed above we recommend buying the stock between 155.55 and 150, for the target of 175, keeping SL at 146.

GET LIVE UPDATES ON MARKET

Tuesday 29 August 2017

Motorola G5S priced at Rs 13,999, G5S Plus at Rs 15,999 launched in India

Representational image

Lenovo-owned Motorola on Tuesday launched Moto G5S Plus and Moto G5S in India. G5S would start retailing at Rs 13,999 while G5S Plus would cost Rs 15,999.

Both smartphones will be exclusively available on e-commerce site Amazon.in starting from Tuesday at 11.59 pm.

The G5S lineup come with an all-metal unibody design and run Android 7.1.1 Nougat OS out-of-box.

Of the two smartphones, G5S Plus has a bigger 5.5-inch screen while G5S comes with a 5.2-inch screen.

Moto's G5S Plus sports two 13MP sensors at the rear. One is a monochrome lens and the other one is RGB sensor. Specifications of G5S Plus include a Qualcomm Snapdragon 625 processor with 4GB RAM and 64GB internal storage option.

The storage is further expandable up to 128GB via a microSD card slot. Moto G5S Plus is powered by a 3,000mAh battery with TurboPower feature.
READ MORE

Monday 28 August 2017

SC raps Gujarat govt over slow trial in rape case against Asaram Bapu

Asaram Bapu

The Supreme Court on Monday questioned the Gujarat government over the slow pace of trial in the rape case involving self-styled godman Asaram Bapu.

A bench comprising justices N V Ramanna and Amitava Roy asked the state government why the victim has not been examined till now.

It asked the state government to file an affidavit in this regard and posted the matter for further hearing after Diwali.

The apex court had on April 12 asked the trial court in Gujarat to expedite the recording of evidence of prosecution witnesses in a sexual assault case lodged by two Surat-based sisters against the self-styled godman.

The court had asked the Surat trial court to record the testimonies of 46 remaining prosecution witnesses including the alleged rape victims.

Earlier, the top court had refused to grant bail to Asaram on various grounds including his poor health in two separate sexual assault cases lodged in Rajasthan and Gujarat.

The apex court, while dismissing his bail plea on January 30, had observed that Asaram had placed a "fictitious document" to persuade the court to grant him bail and had ordered registration of an FIR against those responsible for preparing and filing the alleged fake papers.

Gurmeet Ram Rahim Singh sentenced to 10 years in jail in rape case

Gurmeet Ram Rahim

Rape convict Dera Sacha Sauda head Gurmeet Ram Rahim Singh was on Monday sentenced to 10 years in jail on charges of rape of a female devotee in 1999 by the Special CBI Court of Panchkula. The self-styled godman will now be taken for a medical examination, after which he will be given a jail uniform and will be allotted a cell in the jail.

The Special CBI judge Jagdeep Singh had allotted 10 minutes each to both sides to put forth their arguments. The prosecution, reportedly, had demanded the maximum punishment for the rape convict.

The Defence had argued that Ram Rahim was a social worker, who had worked for the welfare of people, so the judge should take a lenient view.

Just minutes before the pronouncement of the sentence, two cars were reportedly torched by the Dera Sacha Sauda supporters in the Phoolka area of Haryana's Sirsa.

Just before the judge was about to announce the quantum of sentence, reports of violence trickled in. Two cars were reportedly torched by Dera Sacha Sauda supporters in the Phoolka area of Haryana's Sirsa.

After the self-styled godman's conviction on Friday, large-scale violence by his followers in parts of Haryana, Punjab and Delhi, resulting in the deaths of 38 people. Ram Rahim is lodged in a Rohtak district jail.
READ MORE

Doklam standoff ends: MEA says troops begin 'disengaging'

Doklam crisis begins winding down

Troops involved in the border standoff between India and China at Doklam have begun disengaging, a press statement by the Ministry of External Affairs (MEA) said on Monday.

Shortly after the MEA statement, China’s Foreign Ministry said that Indian troops had withdrawn to the Indian side of the disputed border at Doklam, where the two countries’ soldiers had been locked in a standoff for more than two months, news agency Reuters reported.

Speaking at a daily news briefing, ministry spokeswoman Hua Chunying said Chinese troops would continue to patrol the disputed Doklam region, the report added.

New Delhi and Beijing have reached an understanding for disengaging troops involved in the Doklam standoff, the MEA press statement said.

According to the statement, "expeditious disengagement" of border personnel at the face-off site has been agreed to and "is ongoing".

The MEA statement said that during bilateral communications, "we were able to express our views and convey our concerns and interests". It was on the basis of these communications, according to the statement, that the agreement to disengage was reached.

The People's Daily has also tweeted that India has withdrawn its troops.
READ MORE

Google Pixel vs Apple iPhone 8: Know everything about much awaited devices

iPhone

Google and Apple are gearing up to unveil their next generation smartphones soon -- Pixels and iPhones. The next iteration of Pixel devices and iPhones are the most awaited smartphones this year.

This year, Apple is expected to launch two upgraded versions of iPhone 7 and 7 Plus i.e. iPhone 7S and iPhone 7S Plus, and an anniversary edition ‘iPhone 8’ that has been hitting the rumour mills and is touted to feature dual rear camera and curved edge-to-edge OLED screen. The next generation iPhones are speculated to feature screen size ranging from 4.7-inch to 5.8-inch.

The iPhone 8 is speculated to feature faster A11 processor, designed on 10nm production unit, iOS 11, virtual home button, cameras with augmented reality app support, 3D facial recognition and infrared sensor for face recognition in low-light.

As for pricing, reports hint that the basic version of the next generation iPhones may cost in excess of $1,000.

Petrol prices hit 3-yr high at Rs 69.04/litre; up by Rs 6/litre since July

Petrol price up by Rs 6/litre since July, highest rate in 3 years

STOCK MARKET - Petrol price has been hiked by Rs 6 per litre since the beginning of July and is now priced at its highest rate in three years with rates being revised in small dosages daily.

Diesel price has increased by Rs 3.67 a litre and now costs Rs 57.03 a litre in Delhi, the highest in four months, according to data from state-owned oil companies.

A litre of petrol costs Rs 69.04 a litre in Delhi, the highest since second-half of August 2014 when it was priced at Rs 70.33.

State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantaneously reflect changes in cost.

Prices of petrol and diesel have been revised at 06:00 hours everyday since June 16.

Rates during the first fortnight dropped but have since July 3 been on the rise.

Petrol price was at Rs 65.48 a litre on June 16 in Delhi and it dropped to Rs 63.06 by July 2. However, rates have since gone up every day except on four occasions when prices were cut by 2-9 paise per litre.

GET LIVE UPDATES ON MARKET

Thursday 24 August 2017

RBI to introduce Rs 200 note tomorrow, check out its key features

Rs 200 note, currency

The new Rs 200 currency note will be introduced in the market tomorrow, Reserve Bank of India said on Thursday.

The new denomination has Motif of Sanchi Stupa on the reverse, with bright yellow being the base colour of the note, RBI said in a statement.

Along with the new Rs 200 note, the government has also confirmed a new Rs 50 note. The earlier Rs 50 notes will continue to remain legal tender.

"The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (New) Series, bearing the signature of Urjit R Patel, Governor, RBI from select RBI offices, and some banks," it said.

Here are its salient features
Obverse (Front)
1. See through register with denominational numeral 200
2. Latent image with denominational numeral 200
3. Denominational numeral २०० in Devnagari
4. Portrait of Mahatma Gandhi at the centre
5. Micro letters ‘RBI’, ‘भारत’, ‘India’ and ‘200’
READ MORE

Case against driver, contractor in Kaifiyat Express accident

Kaifiyat Express derailment

KAIFIYAT EXPRESS ACCIDENT - A case has been registered with the Government Railway Police (GRP), Etawah against accused dumper driver and contractor Alok Dubey of Raj Construction Company, in connection with the Kaifiyat Express derailment where over 20 people were injured.

Meanwhile, Air India Chairman and Managing Director Ashwani Lohani is all set to assume the charge of Railway Board Chairman, today.

"Orders promoting me as Chairman, Railway Board have been issued today. I shall be joining my parent organisation, the lndian Railways tomorrow," Lohani said in a statement.

He further said that his journey with the Air India was one of the most satisfying periods of his life.

Lohani was appointed Railway Board Chairman soon after A.K. Mittal stepped down from the post.

Mittal took this drastic step after Uttar Pradesh witnessed two train derailments within five days; one in which 10 coaches of Kaifiyat Express heading towards Delhi derailed after colliding with a dumper near Auraiya district, leaving over 20 people injured and the other, on August 19, wherein more than 20 died and 200 were injured after 13 coaches of the Puri-Haridwar Utkal Express ran off the tracks in the Muzaffarnagar district.

Railway Minister Suresh Prabhu has also hinted towards offering his resignation in the wake of the two train derailments.

After SC verdict on privacy, 5-judge Bench to test Aadhaar validity

aadhaar validity

In a landmark judgment, the Supreme Court on Thursday upheld the Right to Privacy as "a fundamental right" under Article 21 of the Indian Constitution, in a unanimous decision.

However, the verdict does not comment on whether the government's demand for Aadhaar to be linked to all financial transactions amounts to an infringement of privacy.

"The court has not said anything about whether Aadhaar is invalid or not," lawyer Prashant Bhushan was quoted as saying by television channels. "Right to privacy being a fundamental right means a lot for Aadhaar. It will now be seen whether the restrictions imposed by Aadhaar are reasonable restrictions or not," he added.

With the nine-judge Bench ruling against the government stand on privacy,  Aadhaar case will be referred to a five-judge Bench. The Bench will hear several petitions challenging the validity of the Act.

The Congress party, which had launched Aadhaar when it was in power, welcomed the verdict. “Path-breaking and seminal judgment. A great victory for liberty and freedom... Supreme Court rejects Modi government’s attempt to whittle down the right to privacy,” party’s chief spokesperson Randeep Singh Surjewala tweeted.

Earlier, the Supreme Court had on August 2 reserved its judgment over the issue of whether right to privacy is fundamental or not.

Liquor stocks gain after Supreme Court clarifies on Highway liquor ban

Liquor ban

STOCK MARKET - Shares of liquor companies have rallied by up to 15% on BSE in early morning trade after the report suggests that the Supreme Court on Wednesday clarified that the liquor ban on highways does not extend to municipal areas.

The court, in an order dated July 11, which was uploaded on the Supreme Court website on Wednesday, clarified that the 500-metre ban does not prohibit licensed establishments within municipal areas.

Among the individual stocks, United Spirits, Globus Spirits, GM Breweries, Pincon Spirit and Radico Khaitan were up in the range of 5% to 13% on BSE. On comparison, the S&P BSE Sensex was up 0.12% at 31,605 at 09:35 am.

Despite a ban on serving alcohol 500 metres from highways, which came into effect on April 1, most of the frontline liquor stocks had outperformed the market since then. United Spirits, Khoday India, Radico Khaitan and Pioneer Distilleries had gained in the range of 14% to 21%, against 7% rise in the benchmark index.

GET LIVE UPDATES ON MARKET

JioPhone pre-booking starts today at 5 pm: You can book it for Rs 500


JioPhone


The pre-booking of JioPhone will start for Rs 500 across its retail stores, the website and Jio App from 5 pm on Thursday, according to a message sent out by Reliance Jio.

"India Ka Smartphone is finally here! Pre-booking for JioPhone starts Aug 24 at 5 pm," an SMS sent to a Jio customer read.

A leading channel partner of RELIANCE JIO Retail, which did not wish to be named, said the messages are being sent to all those who have registered their interest in JioPhone.

"As announced by RIL CMD (Mukesh Ambani), JioPhone will be given against payment of fully-refundable deposit of Rs 1,500. Customers will be able to book JioPhone for Rs 500 and the balance Rs 1,000 can be paid at the time of delivery in September. The total amount will be refunded after 36 months when the customer returns the phone," the partner said.

Ambani had announced that voice calling for customers of the "effectively free" JioPhone would always be free and they would get unlimited data for a month against payment of Rs 153.

Jio has also announced a weekly plan for Rs 53 and a 2-day plan for Rs 23 for unlimited data access.

CLICK TO READ FEATURES OF JIO PHONE

Wednesday 23 August 2017

Apex Frozen Foods IPO subscribed 1.12 times

Representational image

STOCK MARKET - The initial public offer (IPO) of Apex Frozen Foods that deals in aquaculture products was oversubscribed 1.12 times so far on the second day of bidding on Wednesday.

The IPO, with an aim to raise up to Rs 152 crore, received bids for 69,46,240 shares as against the total issue size of 62,10,000, NSE data till 1445 hours showed.

Apex Frozen on Monday raised over Rs 43 crore from anchor investors. The offer will close on Tuesday.

The offer of up to 87 lakh shares, including the anchor portion of 24,90,000, with a face value of Rs 10 each is in the price band of Rs 171-175.

At the upper end, it can fetch up to Rs 152.25 crore while at the lower limit, the company will raise at least Rs 148.77 crore.

The IPO comprises fresh issue of 72.50 lakh shares and an offer for sale of 14.50 lakh by promoters.

Proceeds from the issue will be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.

The shares will be listed on the NSE and the BSE.
GET LIVE UPDATES ON MARKET

PSU banks in focus as Cabinet approves alternative mechanism for merger

PSU banks in focus as Cabinet approves alternative mechanism for merger

STOCK MARKET - Shares of public sector undertaking (PSU) banks are in focus, trading higher by up to 4% on BSE, after the Cabinet on Wednesday approved setting up of an alternative mechanism for merger of public sector banks.

Allahabad Bank, Syndicate Bank, Indian Overseas Bank, Bank of India, Dena Bank, Andhra Bank, Union Bank of India, Oriental Bank of Commerce and Punjab National Bank were up more than 3% each.

At 02:59 PM; Nifty PSU Bank index was up 2% as compared to 1% rise each in Nifty Private Bank and the benchmark Nifty50 index.

In past one month, the PSU Bank index had underperformed the market by falling 8%, against less than 2% decline in Nifty50 and Nifty Private Bank index till Tuesday. Central Bank of India, Oriental Bank of Commerce, Syndicate Bank and Union Bank of India were down more than 15% during the period.

According to Business Standard report, the merger could take into account asset quality, capital adequacy ratio, profits and locations of banks, sources said.

GET LIVE UPDATES ON MARKET

Infosys saga: What markets want to hear in NRN Murthy's investor call

Narayan Murthy

STOCK MARKET - The public spat between the Board and Narayana Murthy, one of the co-founders of Infosys, has taken a heavy toll on not only the stock, but its public image as well. In a latest, Infosys co-founder N R Narayana Murthy planned to to reach out to investors on Wednesday evening to explain his stand on the developments. However, the call has now been rescheduled to August 29.

Between August 18 when Vishal Sikka, its managing director (MD) and chief executive (CEO) tendered his resignation, Infosys has slipped over 14% to 877 levels Rs till close of trade on Tuesday and eroded nearly Rs 33,000 crore in investor wealth as measured by market capitalisation (market-cap), ACE Equity data show.

Analysts say investors have been already incrementally negative on Infosys given the dispute between promoters and the board, and Vishal Sikka's sudden exit last week has further fueled their concerns.

“We consider this event would be further taken negatively. We believe other than an imminent buyback there might not be any major triggers to look forward to over the next two quarters. We expect a de-rating of the stock, and downgrade to ‘reduce’ with the target price cut to Rs 875 from Rs 1000,” point out Ashwin Mehta and Rishit Parikh of Nomura in a report.

GET LIVE UPDATES ON MARKET

Avenue Supermarts hits new high; up over 200% against IPO price

D-Mart

STOCK MARKET - Avenue Supermarts, which operates supermarket chain D-Mart stores, hit a new high of Rs 996, up 4% in intra-day trade, extending Tuesday’s 3% gain on the National Stock Exchange (NSE). The stock is trading at its highest level since listing on March 21, 2017.

Avenue Supermarts (D-Mart) which is promoted by veteran ace investor Radhakishan Damani rose 233% against its initial public offer (IPO) price of Rs 299 per share. The stock had ended at Rs 642 on first day of its listing, and has rallied 55% since then. On comparison, the benchmark Nifty50 index gained 6% during the same period.

D-Mart is an emerging national supermarket chain that offers customers a range of home and personal products under one roof. The Company offers a wide range of products with a focus on foods, non-foods (FMCG) and general merchandise & apparel product categories.

The company had reported 48% year on year growth in its reported net profit of Rs 175 crore in June 2017 quarter (Q1FY18) as compared to Rs 118 crore in the corresponding quarter of last fiscal. The company’s EBITDA ((earnings before interest, taxation, depreciation and amortisation) margin was at 8.4% in Q1FY18 as compare to 8.8% in Q1FY17.

GET LIVE UPDATES ON MARKET

Buy Apollo Tyres, Aptech and Future Enterprises: Prabhudas Lilladher

stocks, equity, mutual, MF, mutual funds, sensex, stock

STOCK MARKET - Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty View:
The view remains corrective, though on intraday basis we may keep seeing some pull back rally. Only a decisive move in Nifty past 9,850-9,930 levels would change the scenario. The MACD & RSI indicators in the daily chart still indicate a downward bias, however, the support for the day is seen at 9,720 while resistance is seen at 9,810.

APOLLO HOSPITALS - BUY    
CMP: Rs 1,098.50      
TARGET: Rs 1,200      
STOP LOSS: Rs 1040
The stock has given a very steep correction and now has bounced back with decent volume participation making a hockey stick candle pattern in the daily chart to indicate positive bias. The RSI has hit oversold zone and now is making a recovery attempt with a trend reversal signaling a buy. We anticipate further up move in the coming days and hence we recommend a buy in this stock for an upside target of 1200 keeping a stop loss of 1040

GET LIVE UPDATES ON MARKET

Tuesday 22 August 2017

Triple talaq ban a victory for women who defied male chauvinism: Swamy

Subramanian Swamy

Rajya Sabha MP and BJP member Subramanian Swamy on Tuesday said,''It's a great day and a day of victory for the brave and courageous Muslim women and is triumph over male chauvinism.''

"It is a strong step taken in favour of those fierce and powerful women who defied male chauvinism. The practice was against the Constitution. Now, it is time for us to move towards a Uniform Civil Code," Swamy told reporters here.

Highlighting a further scope for improvement, Swamy stated that the six-month time period given to the Union Government to formulate a new legislation will help the society progress.

The Supreme Court earlier struck down the practice of Triple Talaq as 'unconstitutional' by a 3:2 majority, after it resumed the hearing on the matter on Tuesday morning.

The five-judge constitution bench headed by Chief Justice of India (CJI) J.S. Khehar, deciding on the verdict, was seemingly split on the legality of the practice.

FPIs turn net sellers of equity, offloaded over 10K cr, in last 7 sessions

Regulator has enough firepower to manage FCNR (B) deposit outflows, says Rajan

STOCK MARKET - Foreign Portfolio Investors (FPIs) have turned net sellers of Indian equities in the past seven trading sessions, offloading a net amount of over Rs 10,000 crore.

According to depository data, FPIs sold a net sum of Rs 8,542 crore in equities between August 9 and August 18.  As per stock exchanges provisional data, they sold another Rs 1,983 crore on Monday, August 21, translating into a total net outflow of Rs 10,525 crore.\

During the period, the benchmark S&P BSE Sensex corrected 755 points or 2.3% to close at 31,259 on yesterday. Total market capitalization of BSE traded stocks had declined by nearly Rs three lakh crore from Rs 12.90 lakh crore to Rs 13.20 crore.

Earlier, between April 26, 2017 and May 8, in eight trading sessions, FPIs were net sellers of Rs 2,597 crore in Indian equity market.

While, in the 20 trading sessions, between December 19, 2016 and January 16, 2017, they sold stocks worth Rs 11,540 crore. Despite net selling by FPIs, the Sensex rallied 3.5% during the period, on back of strong net inflow of Rs 12,242 crore by the domestic mutual funds.

Sata of mutual funds for the last 6 sessions were not available on the Securities and Exchange Board of India (Sebi) website.

GET LIVE UPDATES ON MARKET

Indian Hotels down 9% in two days after board approves rights issue

Indian Hotels, Taj Hotels

STOCK MARKET - Indian Hotels Company was trading 6% lower at Rs 112.50, extending its Monday’s 3% fall on BSE, after the company said its board approved the fund raising of upto Rs 1,500 crore through rights issue.

Tata Group hospitality firm said the objective of the rights issue is to meet the long-term financing needs for capital expenditure, growth plans and debt repayment.

Indian Hotels has consolidated gross debt of Rs 3,383 crore. After taking into account liquidity of Rs 161 crore, the net debt was Rs 3,221 crore as at June 30, 2017 (Q1FY18).

The company had posted consolidated operating EBITDA (earnings before interest, taxation, depreciation and amortisation) of Rs 91 crore in Q1Fy18 as compared to Rs 94 crore (excluding Taj Boston Rs 86 crore) corresponding quarter of the previous year.

Although from a long term perspective the company’s domestic segment is expected to gain traction (led by higher occupancy, limited capacity addition and rise in spending by domestic travellers), analysts at ICICI Securities believe the subdued performance of international subsidiaries continues to remain an overhang.

“Further, the recent announcement of right issue is expected to lead to dilution of equity and return ratios in the medium term. The financials are expected to improve only after the benefits of capex kick in. Hence, we downgrade the stock from BUY to HOLD,” the brokerage firm said in event update.

GET LIVE UPDATES ON MARKET

Fortis Healthcare trims losses, stock down 1% after falling 13% intraday

Fortis Healthcare board approves scheme for diagnostics business demerger

SOCK MARKET - Fortis Healthcare trimmed most of its losses and was down 1% after hitting 30-month low of Rs 126, down 13% on the National Stock Exchange (NSE) in intra-day trade, on the back of heavy volumes. The stock was trading at its lowest level since February 11, 2015.

The trading volumes on the counter more than doubled with a combined 19.15 million equity shares 3.7% of total equity of Fortis Healthcare exchanging hands on the NSE and BSE till 10:20 am.

On August 14, Fortis Healthcare had informed the stock exchanges that, Fortis Healthcare Holdings Private Limited, the promoter of the company, sold 5.46 million (1.05%) equity shares on August 10, through off-market.

Due to sale from July 25, 2017 to August 10, 2017, the cumulative shareholding of Fortis Healthcare Holdings, has been reduced by 2% accordingly, this disclosure has been made, it added.

Earlier, on July 18, 2017, Fortis Healthcare Holdings had sold 13.5 million or 2.6% stake of Fortis Healthcare for Rs 203 crore through open market on NSE. 

Meanwhile, total promoters holding in company declined from 62.91% on January 28, 2017, to 42.96% at the end of June 2017 quarter, the shareholding pattern data shows.

GET LIVE UPDATES ON MARKET

Nifty to witness selling pressure in the short-term, says Chandan Taparia

markets, stocks, sensex, nifty, bse, nse

Nifty outlook and top three trading ideas by Chandan Taparia of MOSL:

Nifty Outlook:
Nifty index failed to hold above its crucial hurdle of 9,880 and corrected sharply after breaking its immediate support of 9,775 mark. During the day it fell down towards 9,740 and finally closed the session with the loss of around 83 points. It formed a bearish candle on the daily chart and closed below to its 50 DEMA which has a negative implication if follow up selling continues. It is just few points away from the major support trend line by connecting the lows of 9,088, 9,448, 9,685 and 9,720. If this trend line is broken decisively then short term trend may continue its pace of selling pressure towards 9,600 zones while on the upside resistances are shifting lower to 9,820 and 9,850 marks.

STOCK MARKET:
BHARAT FINANCIAL - BUY
Last Close: Rs 867
Stop Loss: Rs 847
Target: Rs 920
It has seen a V shaped recovery in the last week and given a strong breakout on daily, weekly and monthly scale. It formed a positive price pattern and momentum could drive it to hit the 52 weeks high of 920-939 zones.

GET LIVE UPDATES ON MARKET

Monday 21 August 2017

Manappuram Finance surges 14% after huge block deals

Manappuram Finance surges 14% after huge block deals

STOCK MARKET - Manappuram Finance has moved higher by 14% to Rs 96.75 on BSE, after a more 5% of total equity of the company changed hands via multiple block deals.

Till 02:46 pm; a combined 76.12 million shares representing 9% of total equity capital of Manappuram Finance have changed hands on NSE and BSE.

The name of buyers and sellers were not ascertained immediately.

On August 14, Manappuram Finance announced that the rating agency CARE Ratings upgraded the long-term credit rating of the company to CARE AA (double A) stable from CARE AA- (double A minus) stable. The revised credit rating applies to the Rs 5,680 crore long term bank facilities of the company and its NCD issues aggregating to Rs 580 crore.

A  press release issued by CARE Ratings said that the revision in the long term rating factors in the significant improvement in financial performance of the company during FY17, primarily supported by its focus on shorter tenure loans leading to lesser under recovery. The profitability in FY17 is also aided by growth in AUM and decline in the cost of borrowings in trend with industry.

GET LIVE UPDATES ON MARKET

VIP Industries hits record high on heavy volumes

vip

STOCK MARKET - VIP Industries has rallied 11% to Rs 217, also its record high on BSE in intra-day trade, on back of an over 10-fold jump in trading volumes.

Till 11:13 am; a combined 1.54 million equity shares representing 1% of total equity of VIP Industries changed hands on the BSE and NSE.

Thus far in August, the stock outperformed the market by surging 26%, as compared to 3% decline in the S&P BSE Sensex.

VIP Industries had reported 30% year on year (YoY) growth in its consolidated net profit at Rs 40.98 crore, and significantly better than expected operating performance in June quarter.

Operational revenue during the quarter grew 8.8% to Rs 407 crore on YoY basis. Earnings before interest, taxation, depreciation and amortisation (EBITDA) margin expanded 170 bps to 15.3% from 13.6%.

GET LIVE UPDATES ON MARKET

Infosys hits 3-year low as buyback fails to cheer Street

Infosys share buyback

STOCK MARKET - Infosys dipped  to its three-year low of Rs 881, down 4.5% in intra-day trade, extending its previous day’s fall of nearly 10% on National Stock Exchange (NSE) after the IT major's buyback plan failed to cheer the markets. The company on Saturday announced that it would buy back shares worth up to Rs 13,000 crore, or 4.92%, from investors at Rs 1,150 per share.

The share buyback price is at a whopping 24.6% premium to its Friday’s closing price of Rs 923. But this is post 10% correction the stock underwent on Friday, after the resignation of Managing Director and Chief Executive Officer (CEO) Vishal Sikka.

“Vishal Sikka's exit was the biggest risk and with this becoming an eventuality, the company faces a big challenge of filling the leadership vaccum. Sikka had guided the company well at a time when the industry is undergoing a metamorphosis towards newer technologies,” according to analysts at Antique Stock Broking.

We believe that leadership churn and the resultant growth slowdown will result in stock trading at the lower end of its historical range, said the brokerage firm in company update.

GET LIVE UPDATES ON MARKET

Aadhaar mandatory for stock markets: Brokers ask for more time

Aadhaar, aadhaar card

STOCK MARKET have asked brokers to furnish Aadhaar details for all their existing clients before the end of this year. Brokers fear they won't be able to meet the deadline and have asked for more time for compliance.

"The December deadline will be slightly cumbersome in terms of achieving 100 per cent compliance. We have told stock exchanges to give us a year to complete the full database," said CJ George, MD, Geojit Financial Services.

"There are legacy clients. There are a lot of investors who are not active now but were active in the past. We have asked for time for such accounts. Even if we give notice, they won't respond," he added.

In a notice last week, stock exchanges directed brokers to cease the accounts of clients who fail to submit Aadhaar details by December 31, 2017. Clients who have opened trading accounts after June 1, 2017, have been given six months to submit details.

GET LIVE UPDATES ON MARKET

The support for Nifty50 for the week is seen at 9,670: Prabhudas Lilladher

markets, stocks, sensex, nifty, bse, nse

STOCK MARKET - Nifty view and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty View
Nifty makes a lower top formation in the daily chart, indicating exhaustion at higher levels. The daily and weekly trend continue to be down in Nifty. The support for the week is seen at 9,670 while resistance is seen at 9,960.

MOLD-TEK PACKAGING - BUY    
CMP: Rs 293      
TARGET: Rs 320      
STOP LOSS: Rs 270

The stock after correcting from the levels of 314 has been in consolidation at around 272 – 278 levels for some time which is also a strong support zone and  now has picked up strongly and has the potential to rally further to new heights. The RSI also has reversed its trend recently to signal a positive bias and with good volume participation witnessed, we recommend a buy in this stock for an upside target of  320 keeping a stop loss of 270

GET LIVE UPDATES ON MARKET

Thursday 17 August 2017

Indices erase gains to end flat but Nifty holds 9,900; auto, banks drag

markets, stocks, sensex, nifty, bse, nse

STOCK MARKET - Benchmark indices pared gains to end flat on Thursday dragged by losses mainly in the banking and auto stocks. Index heavyweights Infosys and Coal India however, provided some relief to the investors, leading the gains on the fromtline indices.

Shares of Infosys, India's No. 2 software services exporter, rose 4.5% after the company said on Wednesday its board would consider a proposal to buy back shares at a meeting later this month.

Investors also took cues from Reserve Bank of India's minutes of August 02 meeting. The MPC members warned inflation could start accelerating later this year, while noting the focus should be on ensuring banks cut their lending rates further: despite the RBI rate cut, none of the major lenders have lowered the cost of loans.

Sentiment was also upbeat across global markets with Asian shares advancing as tensions between the US and North Korea came off the boil, although the Federal Reserve's concerns about weak US inflation weighed on the dollar.

GET LIVE UPDATES ON MARKET

Apollo Hospitals hits 34-month low

Apollo Hospital

STOCK MARKET - Apollo Hospitals Enterprise has slipped 7% to Rs 1,069, its lowest level since October 23, 2014 on BSE, in an otherwise firm market.

The National Pharmaceutical Pricing Authority (NPPA) on Wednesday fixed the price for primary knee replacement of titanium alloy at Rs 38,740 while the price for revision knee replacement of any material was pegged at Rs 62,770.

"It is noticed that orthopedic knee implants are having unjustified, unreasonable and irrational high trade margins leading to their exorbitant prices, which affects the out-of-pocket expenses of patients and lakhs of patients are not able to pay for arthoplasty procedures due to exorbitant prices," said the NPPA notification.

Meanwhile, in past three trading sessions, the stock of healthcare services company tanked 12% after the company’s net profit more-than-halved in June 2017 quarter (Q1FY18).

The standalone net profit of the company declined 51% year-on-year (YoY) to Rs 35 crore from Rs 72 crore in the corresponding quarter of previous fiscal. Income from operations grew 15% to Rs 1,684 crore from Rs 1,465 crore in year ago quarter.

“Earnings before interest, taxation, depreciation and amortisation (EBITDA) declined 7% YoY to Rs 165 crore, affected by regulations on stent pricing, loss from its newly operational Mumbai hospital, higher doctor guaranteed fees and one-time settlement charges,” analyst at Elara Capital said in quarterly update.
GET LIVE UPDATES ON MARKET

Infosys gains 3% as board to consider share buyback proposal on August 19

Infosys

STOCK MARKET - Infosys was up 3% at Rs 1,010 on BSE in early morning trade after the company said its board will meet on Saturday, August 19, to consider share buyback proposal.

“The board of directors of the Company will consider a proposal for buyback of equity shares of the Company at its meeting to be held on August 19, 2017,” Infosys said in a regulatory filing.

Infosys added that it was closing its trading window with immediate effect and that the window would reopen on August 22.

The Securities and Exchange Board of India (Sebi) has approved Infosys' share buyback and also offered a solution for participation by holders of the company’s American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), the Business Standard reported. CLICK HERE TO READ FULL REPORT.

The cash-rich technology major had in April proposed to pay Rs 13,000 crore to shareholders through a buyback, but the proposal was tied in regulatory knots.

Thus far in the calendar year 2017, Infosys stock had underperformed the market by falling 3.3% as compared to 19% rise in the S&P BSE Sensex till Wednesday.

GET LIVE UPDATES ON MARKET

Intraday support for Nifty seen at 9,840, says Prabhudas Lilladher

markets, stocks, sensex, nifty, bse, nse

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty outlook
Nifty, after giving a correction of approximately 450 points, has bounced back to close at 9,897 which is the trend line, so currently Nifty lies at cusp of levels. The next move up or down would bring in clarification for the direction of the market. The support for the day is seen at 9,840 while resistance is seen at 9,945.

BUY ACC
CMP: Rs 1811.20      
TARGET: Rs 2000      
STOP LOSS: Rs 1750
     
The stock has made a higher bottom formation in the daily chart with a rising trend bias and is poised for an up move to scale new heights. The RSI has also made a trend reversal signaling a buy and with decent volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2000 keeping a stop loss of Rs 1750.

GET LIVE UPDATES ON MARKET

Nifty outlook and trading ideas from Tradebulls Securities

Nifty outlook and trading ideas from Tradebulls Securities

Nifty outlook and top technical calls from Sacchitanand Uttekar, AVP – Technical (Equity) at Tradebulls Securities:

Nifty Outlook
The ongoing corrective wave has been in line with our expectation. The 25 days short term time cycle indicates the next significant reversal time zone near Sept 8, 2017. Even on the price scale the retracement support lies near 9,600 in conjunction with its immediate trend-line support. The ongoing higher top & higher bottom sequence could only distort incase 9,440 is breached on a closing basis. Therefore the current setup provides a good reward to risk opportunity for fresh longs near 9,700-9,600 zone where we expect the corrective wave to stabilize & the market to witness some consolidation ahead of its fresh upmove. Investors & traders could start building longs in a staggered way with a stop below 9,440 with an expectation of a move back above 10,150.

STOCK MARKET :
Torrent Pharma - BUY
CMP: Rs 1,323
Stop Loss: Rs 1,180
Target: Rs 1,560

GET LIVE UPDATES ON MARKET

Wednesday 16 August 2017

Hero MotoCorp best performing auto stock, up 10% so far in August

Hero MotoCorp best performer auto stock in August; up 10% in August

Hero MotoCorp (HMC) hit a new high of Rs 4,044, up 2% on BSE in intra-day trade, extending its past two weeks gain, after the company reported a strong 17% growth in total two-wheeler sales of 623,269 units in July. The world’s largest two-wheeler manufacture had sold 532,113 units in the corresponding month of the previous fiscal (July 2016).

Hero MotoCorp is the best performing stock among automobiles, up 10% thus far in the month of August. On comparison, the S&P BSE Sensex and S&P BSE Auto index were down 2.7% and 2.3%, respectively. Eicher Motors and Bajaj Auto up 2%, while TVS Motor gained marginally by 0.1% during the period.

Despite sluggish sales for the first few days of the month due the transition to Goods & Service Tax (GST), Hero MotoCorp recorded six-lakh plus sales for the month of July. This is the third consecutive month of six-lakh plus sales for the company in this fiscal, having clocked 624,185 units in June and 633,884 units in May.

The company said it is confident of carrying forward this growth momentum into the upcoming festive season.
READ MORE

Simplex Infra, Gayatri Projects up over 6% on healthy June quarter results

Infrastructure

STOCK MARKET - Simplex Infrastructures has surged nearly 8% to Rs 500 after the company posted 67% year-on-year (YoY) jump in net profit at Rs 29 crore, despite single digit growth in topline. Total operational income grew 6% to Rs 1,539 crore from Rs 1,445 crore in the same quarter last year.

The company said the fresh order inflow during the quarter was Rs 1,406 crore against Rs 1,145 crore in an year ago quarter.

Order backlog of June 2017 stands at Rs 16,419 crore in addition to the L1 of Rs 1,029 crore, it added.

Gayatri Projects rallied 7% to Rs 172 after reporting a more-than-doubled net profit of Rs 45.11 crore in Q1FY18 against Rs 6.35 crore in previous year quarter. Operational revenue rose 50% to Rs 660 crore from Rs 440 crore in the corresponding quarter of previous fiscal.

GET LIVE UPDATES ON MARKET

Top technical calls for today's trade: Buy Escorts, Glenmark Pharma

markets, sensex, nifty

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

TATA GLOBAL BEVERAGES

CMP: Rs 178.75        
TARGET: Rs 200      
STOP LOSS: Rs 162
The stock after having a small correction has pulled back strongly and the two big positive candles indicate strength and potential to run further upward and scale new targets. The RSI indicator also has given a strong reversal in the trend signaling a buy and with good volume activity visible, we recommend a buy in this stock for an upside target of 198 keeping a stop loss of 160.

ESCORTS - BUY  
CMP: Rs 611.55        
TARGET: Rs 665      
STOP LOSS: Rs 560
The stock has made a lower bottom formation pattern in the daily chart and now it has recovered strongly to make a pullback rally. We anticipate further upward movement in the coming days and with RSI indicator also making a positive trend reversal and with decent volume participation, we recommend a buy in this stock for an upside target of 665 keeping a stop loss of 560.

GET LIVE UPDATES ON MARKET

Option strategy on Tata Steel by Motilal Oswal Securities

Image result for Option strategy on Tata Steel by Motilal Oswal Securities

STOCK MARKET - Option Strategy on Tata Steel by Chandan Taparia, Derivatives and Technical Analyst at MOSL:

TATA STEEL – BULL CALL SPREAD
BUY TATA STEEL 620 CALL @ 15.00
SELL TATA STEEL 630 CALL @ 11.20
BEP : 623.80
KEEP SL : 4000
KEEP TARGET : 8000

Rationale:
1. Positive sector outlook and a fresh breakout in the stock
2. Put writing at 620 and 600 strike is supporting it to move higher
3. Call unwinding at 600, 610 and 620 strikes could take it to higher levels.
4. However, maximum Call OI at 640, may restrict its upside
5. Thus low risk Bull Call Spread is recommended

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

GET LIVE UPDATES ON MARKET

Nifty outlook and top three trading ideas by Chandan Taparia of MOSL

markets, stocks, sensex, nifty, bse, nse

Nifty Outlook and few trading ideas by Chandan Taparia, Derivatives and Technical Analyst at MOSL:
STOCK MARKET

IOC
Reco: BUY
Last Close: Rs 419
Stop Loss: Rs 409
Target: Rs 445
It has made multiple lows at Rs 403 in the last couple of days, which suggests sustained buying interest at this level. It made three outside up pattern which is a bullish sign. Price action sees a strong momentum and it is likely to witness more upside towards Rs 445. Thus, we recommend buying at current levels with a stop below Rs 409 for a rally towards Rs 445.

YES BANK
Reco: BUY
Last Close: Rs 1,778
Stop Loss: Rs 1,740
Target: 1,850
Major trend of the stock is positive and recent declines from Rs 1,860 to Rs 1,700 provides a fresh buying opportunity. It has been among the outperformer in last couple of months so a stability or a bounce back in index could start the fresh leg of rally.

GET LIVE UPDATES ON MARKET

Monday 14 August 2017

India to import 25 tonnes of duty-free gold from South Korea: Officials

Representative image

STOCK MARKET - Indian traders are likely to import 25 tonnes of gold from South Korea in July and August, taking advantage of a recent tax change that allows importers to ship in gold without paying a 10 per cent customs duty, industry officials told Reuters.

The cheap imports are putting pressure on local refiners and banks who cannot match the steep discounts being offered on bullion sales from the duty-free gold from South Korea.


"Already 12 tonnes have been landed from South Korea since the implementation of GST. By the end of this month imports could be around 25 tonnes," James Jose, secretary of the Association of Gold Refineries and Mints told Reuters.

India, the world's second biggest gold consumer after China, imposes a 10 per cent import duty on gold, but this does not apply to countries with which it has signed Free Trade Agreements (FTAs), like South Korea.

To avoid duty-free imports from those countries, India previously imposed a 12.5 percent excise duty. However, this was scrapped along with other local taxes when a Goods and Services Tax (GST) was introduced from July 1.

GET LIVE UPDATES ON MARKET

World shares, dollar rise after week of North Korea-driven losses

markets, shares, stocks, investor, BSE, Nifty, Sensex

STOCK MARKET - World stocks rose on Monday, attempting to recover after fears of a U.S.-North Korea nuclear standoff drove them to the biggest weekly losses of 2017, while the dollar too rose off four-month lows it had hit against the yen.

European shares bounced after falling nearly 3 percent last week, with the pan-European STOXX 600 up 0.7 percent following on from a 0.9 percent jump in MSCI's index of Asia-Pacific shares outside Japan.
Those gains were led by bounces in Australia, Hong Kong and South Korea while MSCI's world index rose 0.2 percent.

U.S. stock futures rose 0.6 percent, suggesting a higher open later in the day.

"The risk aversion has stabilised and investors have gotten used to the North Korea situation a little bit - as long as it doesn't escalate further," said Daniel Lenz, a strategist at DZ Bank in Frankfurt.

Last week's losses - and yen gains - were sparked by a war of words between Pyongyang and Washington after U.S. President Donald Trump warned North Korea it would face "fire and fury" if it threatened the United States .

That prompted North Korea to say it was considering plans to fire missiles at the U.S.-held Pacific island of Guam.

GET LIVE UPDATES ON MARKET

Reliance Communications rallies 19% on back of heavy volumes

A man opens the shutter of a shop painted with an advertisement of Reliance Communications in Mumbai

STOCK MARKET - Reliance Communications (RCOM) has rallied 19% to Rs 24.65 on BSE in intra-day trade on the back of heavy volumes.

The trading volumes on the counter more than doubled with a combined 41.03 million shares, representing 1.6% of total equity of RCOM, changing hands on BSE and NSE so far.

Thus far in the calendar year 2017, the stock underperformed the market by falling 29% as compared to 17% rise in the S&P BSE Sensex till Friday, August 11, 2017.

According to reports, the National Company Law Tribunal (NCLT) is set to pronounce its decision on August 14 on whether or not to consider the proposal of merger between RCOM’s wireless business and Aircel.

RCOM and Aircel have already received approvals for the merger scheme from the Stock Exchanges, the Securities and Exchange Board of India (SEBI), the Competition Commission of India (CCI) and the shareholders of both companies.

“As part of this transaction, RCOM’s overall debt will reduce by Rs 14,000 crore, together with transfer of liability for spectrum installments of an additional approximately Rs 6,000 crore,” the company said in press release, while announcing June quarter results.

GET LIVE UPDATES ON MARKET

Down under, ‘King’ Kohli is thunder: Why Aussies are going gaga over Virat

The Indian skipper’s exploits apart, the broadcasters may have little choice: With local stars Smith and Warner banned, they might grab so...