MCX Gold October contract trades flat.

 MCX GOLD August contract was trading at Rs 27661 down Rs 6, or 0.02 percent. The GOLD rate touched an intraday high of Rs 27799 and an intraday low of Rs 27641. So far 4006 contracts have been traded. GOLD prices have moved down Rs 1639, or 5.59 percent in the August series so far. 


MCX GOLD October contract was trading at Rs 27748 up Rs 6, or 0.02 percent. The GOLD rate touched an intraday high of Rs 27879 and an intraday low of Rs 27723. So far 118 contracts have been traded. GOLD prices have moved down Rs 552, or 1.95 percent in the October series so far.

Bank of Baroda exits MCX; exchange appoints new auditor

State Bank of India, Corporation Bank and Bank of Baroda - all PSU lenders - had together bought 9.69 percent in MCX in 2004 at a total investment of Rs 3.94 crore, according to the offer share sale document of the exchange.

Multi-Commodity Exchange of India (MCX) today said one of its investors, state-run Bank of Baroda , has sold its entire stake in the troubled bourse. State Bank of India ,  Corporation Bank and Bank of Baroda -  all PSU lenders - had together bought 9.69 percent in MCX in 2004 at a total investment of Rs 3.94 crore, according to the offer share sale document of the exchange. In April, Corporation Bank reportedly offloaded stake worth Rs 19.91 crore in the exchange and brought down its stake to 1.32 percent from 2.10 percent.

Asian Paints trades in green on the BSE

Asian Paints is currently trading at Rs 587.50, up by 2.55 points or 0.44% from its previous closing of Rs 584.95 on the BSE.

Domestic paint major Asian Paints is assessing opportunities to expand its footprint in international markets. Meanwhile, expansion of the manufacturing capacity in Bangladesh from 12,000 kilo litre to 24,000 KL per annum is nearing completion and commissioning is expected by the first quarter of 2014-15. The company’s subsidiary at Sri Lanka has acquired land at Matugama Industrial estate for a new manufacturing facility.

Moreover, the company’s wholly-owned subsidiary in Mauritius, Asian Paints (International), had in April signed an agreement with shareholders of Kadisco Chemical Industry PLC., Ethiopia, to acquire either directly or through its subsidiaries 51 per cent of its share capital. The company is awaiting regulatory approvals for closure of this acquisition.

Asian Paints is India’s largest paint company and Asia’s third largest paint company. The company along with its subsidiaries has operations in 20 countries across the world and 28 paint manufacturing facilities, servicing consumers in 65 countries through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and Taubmans.

Ranbaxy up; Nod to Generic Version of Novartis Drug

Ranbaxy Laboratories rose 5.8 per cent in early trading after the US Food and Drug Administration (FDA) on Thursday said it has approved the company's generic version of Novartis AG's blood pressure drug Diovan.

The US Food and Drug Administration (FDA) said on Thursday it has approved Ranbaxy Laboratories Ltd's generic version of Novartis AG's blood pressure drug Diovan.

Novartis lost its patent rights to Diovan in the United States at the end of 2012 but has avoided generic competition because of multiple quality control problems at Ranbaxy that prevented the company from exercising its right to become the first generic version of the drug on the market.

Bond yields inch up ahead of Rs 15,000 crore debt auction

Bond yields edged higher in the range-bound trade on Friday, as traders made room for Rs 15,000 crore debt sale later in the session, though further upside of yields was capped on account of overnight fall of US treasury yields and brent crude.

On the global front, US Treasuries yields dropped on Thursday as traders eyeing a possible slowing of American economic growth drove up prices for a fourth straight day. Meanwhile, Brent crude steadied above $113 a barrel on Friday, holding on to most of previous session's losses and heading for the biggest weekly loss since March as investors unwound their positions on reduced concerns over exports from strife-torn Iraq.

Back home, the yields on new 10 year Government Stock 2023 were trading 1 basis point higher at 8.74% from its previous close of 8.73% on Thursday.

The benchmark five-year interest rate swaps were trading 1 basis point lower at 7.93% from its previous close of 7.94% on Thursday.

The Government of India announce the sale of four dated securities for Rs 15,000 crore on June 27, 2014, including (i) 8.27% Government Stock 2020 for a notified amount of Rs 3000 crore, (ii) 8.83% Government Stock 2023 for a notified amount of Rs 7000 crore, (iii) 8.32% Government Stock 2032 for a notified amount of Rs 2,000 crore and lastly, (iv) 8.30% Government Stock 2042 for a notified amount of Rs 3000 crore.

L&T moves up as its arm forms a Joint Venture with Thales

Larsen & Toubro (L&T) is currently trading at Rs. 1677.75, up by 5.40 points or 0.32% from its previous closing of Rs. 1672.35 on the BSE.

L&T Technology Services, a wholly-owned subsidiary of Larsen & Toubro (L&T), has purchased 74% of the equity capital of Thales Software India, the Indian subsidiary of Thales, the global technology leader in aerospace, transportation and defense and security markets.  With this transaction, L&T Technology Services will now manage and oversee the management control, operations and delivery of services of the new joint venture.

The joint venture brings together the strategic strengths of both the groups. By retaining 26% equity stake, Thales will help the company develop the latest trends in the avionics industry, one of its core businesses. This collaboration adds to L&T Technology Services' growing competencies by enhancing its expertise in high-end avionic software.

The joint venture capitalises on the existing strong relationship between the two groups, L&T and Thales and ensures a long term partnership in the engineering services domain. Furthermore, the transaction should enable Thales to select this new group as its Indian Offset Partner, resulting in inflow of Offset related revenues in the joint venture.

Larsen & Toubro (L&T) is a technology, engineering, construction and manufacturing company. It is one of the largest and most respected companies in India's private sector.

ICICI Prudential MF introduces Capital Protection Oriented Fund - Series VI - 1100 Days Plan D

ICICI Prudential Mutual Fund has launched the New Fund Offer (NFO) of ICICI Prudential Capital Protection Oriented Fund - Series VI - 1100 Days Plan D, a close ended income scheme. The NFO opens for subscription on Jun 27, 2014 and closes on Jul 10, 2014. No entry load or exit load will be applicable for the scheme. The minimum subscription amount is Rs 10,000 & thereafter multiples of Rs 1 during NFO.

The scheme’s performance will be benchmarked against CRISIL MIP Blended Index and its fund managers are Vinay Sharma, Rahul Goswami, Aditya Pagaria and Ashwin Jain.

The investment objective of the scheme is to protect capital by investing a portion of the portfolio in highest rated debt securities and money market instruments and also to provide capital appreciation by investing the balance in equity and equity related securities. The debt securities would mature on or before the maturity of the Scheme.

Yes Bank gains on entering into a MoU for vehicle financing.

Yes Bank, India’s fourth largest private sector bank, has entered into a Memorandum of Understanding (MoU) with Ashok Leyland whereby the bank will extend retail financing to customers of Ashok Leyland’s commercial vehicles.

With this tie-up, Ashok Leyland will be able to leverage the extensive branch network and customer reach of Yes Bank and provide more efficient and effective service to its customers.

Yes Bank has international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. It has a strong pan India presence with 500+ branches and 1100+ ATMs in all 28 states and 7 Union Territories.

Piramal Enterprises gains on entering into MoU with SBICAP

Piramal Enterprises is currently trading at Rs. 690.00, up by 2.15 points or 0.31% from its previous closing of Rs. 687.85 on the BSE.

Piramal Enterprises and SBI Capital Markets (SBICAP) have entered into a Memorandum of Understanding (MoU) whereby both the companies have agreed to cooperate on business related opportunities in acquiring controlling stakes in Road PPP Assets where many developers are looking at hiving off their completed / near completion assets to repair their Balance Sheets.

The company and SBICAP have mutually agreed to engage on a preferred relationship basis for advisory services for such identified road assets. SBICAP would also assist PEL in obtaining necessary approvals for closing such transactions.

Piramal Enterprises is one of India’s largest diversified companies, with a presence in pharmaceutical, financial services and healthcare information management sectors. 

Market positive; healthcare scrips up ~2%

Some buying activity is seen in healthcare, consumer durables, oil & gas and banking on BSE, while auto sector is showing weakness. 

BSE Sensex is trading up 134 points at 25,196, while S&P Nifty is trading up 43 points at 7,536. 

BSE Mid-cap is up 0.69% at 9,244, while BSE Small-cap is up 0.88% at 10,069.

Some buying activity is seen in healthcare, consumer durables, oil & gas and banking on BSE, while auto sector is showing weakness. 

Sun Pharma, HDFC, Dr Reddy's Lab, TCS, ONGC and RIL are among the gainers, whereas Bharti Airtel, M&M, Hindalco, Maruti Suzuki, Hero MotoCorp and Tata Motors are losing sheen on BSE. 

In its 9th Financial Stability Report, the RBI report said persistent high inflation can alter inflation expectations permanently and may ultimately impact financial savings, investment and growth. Expectations are interest rate status quo may continue here.
High inflation and the consequent low real rate of return on financial assets may force savers to take excessive risks in their search for better returns, the RBI said.