MCX silver September futures up 0.35% to Rs 44982 per kg

MCX silver September contract was trading at Rs 44982 per kg, up Rs 159, or 0.35 percent at 15:32 hours IST. The silver rate touched an intraday high of Rs 45070 and an intraday low of Rs 44895.

MCX silver September contract was trading at Rs 44982 per kg, up Rs 159, or 0.35 percent at 15:32 hours IST. The silver rate touched an intraday high of Rs 45070 and an intraday low of Rs 44895. So far 3978 contracts have been traded. Silver prices have moved down Rs 2018, or 4.29 percent in the September series so far. MCX silver December contract was trading at Rs 45823 up Rs 139, or 0.30 percent. The silver rate touched an intraday high of Rs 45889 and an intraday low of Rs 45755. So far 52 contracts have been traded. Silver prices have moved down Rs 5177, or 10.15 percent in the December series so far.

Gold prices gain, up 0.5% to Rs 27659 per 10 gram

MCX gold August contract was trading at Rs 27659 per 10 gram, up Rs 140, or 0.51 percent, at 15:32 hours IST. The gold rate touched an intraday high of Rs 27698 and an intraday low of Rs 27545.

CX gold August contract was trading at Rs 27659 per 10 gram, up Rs 140, or 0.51 percent, at 15:32 hours IST. The gold rate touched an intraday high of Rs 27698 and an intraday low of Rs 27545. So far 4429 contracts have been traded. Gold prices have moved down Rs 1641, or 5.60 percent in the August series so far. MCX gold October contract was trading at Rs 27704 up Rs 122, or 0.44 percent. The gold rate touched an intraday high of Rs 27744 and an intraday low of Rs 27621. So far 120 contracts have been traded. Gold prices have moved down Rs 596, or 2.11 percent in the October series so far.

Kirloskar Electric bags order worth Rs 13 crore

Kirloskar Electric Company has received an order worth Rs 13 crore from Integral coach factory, Chennai (ICF) for supply and commissioning of 500kVA power source systems comprising DG sets and various other equipments used in the power cars of Rajdhani / Shatabdi and other Trains. This is the first ever biggest order released by ICF for such power source Systems.

Kirloskar Electric Company is the manufacture, sales and services of diverse range of electrical and electronic equipment such as AC Induction Motors, AC Generators, DG Sets, DC Machines & Traction Equipment, Transformers, Switchgears, Control Equipments and Systems etc., The projects and system division of the Company has specialized in executing system packages for large industries like steel, fertilizers, cement, sugar and other core sectors.

L&T bags Rs 5000cr EPC order from Kuwait Oil Corp.

The work on this project is expected to start very soon and the contract duration is from around three to five years.

Larsen and Toubro   has bagged an engineering, procurement and construction contract worth Rs 5000 crore from the Kuwait Oil Corporation. This project had been stuck since 2009 and this contract makes this one of the largest hydrocarbon deals for L&T Hydrocarbon which is a subsidiary of L&T and which had recently been hived off as a separate subsidiary. Also read: L&T bags Rs 2,442 cr order from BSNL The work on this project is expected to start very soon and the contract duration is from around three to five years. This deal is significant considering it comes at a time when L&T is looking at restructuring some of its business. It is looking at listing some of its assets, selling some of the other assets and also it has recently hived off this subsidiary since it was a drag on its valuations

ICICI Bank organizes Coin exchange Mela in Mumbai

ICICI Bank, India’s largest private sector bank, has organized Coin Exchange Mela at its various branches in Mumbai, Navi Mumbai and Thane during June 2014, under the guidance of the Reserve Bank of India. These Coin Exchange Melas were organised to offer free facilities of exchanging currency notes with coins or currency notes to the general public. Thirty six coin exchange melas were conducted at the Bank’s branches and more such events are scheduled in the month of July at its branches across Mumbai, Navi Mumbai and Thane.

ICICI Bank is India's largest private sector bank and the second largest bank in the country with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans 19 countries, including India.

Shasun Pharma stock up 2%

The stock has hit a high of Rs196 and a low of Rs161. Shares of Shasun Pharmaceuticals ended 2% higher to Rs 172 after report says that the company has successfully completed US and Mexican drug regulator inspection at its active pharma ingredients (API) facility at Tamil Nadu. The stock has hit a high of Rs196 and a low of Rs161.

ITC jumps 1.5%, Credit Suisse maintains outperform.

Shares of  ITC rose 1.5 percent intraday on Wednesday. Credit Suisse has maintained outperform rating on the stock with a target of Rs 400. The brokerage is positive that excise duty hike on cigarettes is unlikely even though investors are nervous due to the Health Minister’s demand for a 100 percent-plus hike in cigarette excise. “The past track record of BJP governments both in the states and at the centre does not have any disruptive moves on cigarettes. Also, such a move will create a large illicit cigarette market. Another negative scenario will be a change in cigarette excise duty to ad valorem, which is also a low probability event,” it said in a report. According to Credit Suisse estimates, if the rise in excise duty is within 20 percent, then ITC is likely to deliver 16-20 percent earnings growth, and the stock will make up its underperformance to other consumer stocks. At the same time, it warns that if the government goes ahead with a 100 percent excise duty hike, then ITC is likely to see significant de-rating in P/E multiples in the near term. At 09:36 hrs ITC was quoting at Rs 340.70, up Rs 4.90, or 1.46 percent on the BSE.

Adi Finechem's fixes record date for bonus issue.

The Board of Directors of Adi Finechem at its meeting held on June 30, 2014, has fixed July 10, 2014 as the record date for the purpose of ascertaining the entitlement of Bonus shares in the proportion of 1 (one) new equity bonus share of Rs. 10/- each for every 10 (Ten) existing equity shares of Rs. 10/- each

Adi Finechem Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 30, 2014, has fixed July 10, 2014 as the record date for the purpose of ascertaining the entitlement of Bonus shares in the proportion of 1 (one) new equity bonus share of Rs. 10/- each for every 10 (Ten) existing equity shares of Rs. 10/- each fully paid up by capitalization of Reserve and/or Surplus available for the same.Source : BSE 

Rupee down 14 paise against dollar in early trade

The rupeeC weakened by 14 paise to 59.92 against the US dollar in early trade today at the Interbank Foreign Exchange market on high demand for the American currency from importers. 

Forex dealers said though increased demand for the US currency from importers put pressure on the rupee but a higher opening in the domestic equity market and the dollar's rise against other currencies overseas, capped the losses. 

Yesterday, the rupee strengthened by 23 paise to close at 59.78 against the US currency after exporters and some banks sold the US currency. 

Meanwhile, the benchmark BSE Sensex rose 78.30 points, or 0.31 per cent, to 25,660.41 in early trade today. 

Reliance Infrastructure stock down 2%

The stock has hit a high of Rs754 and a low of Rs731. Shares of Reliance Infrastructure Ltd was down 2% at Rs737 on reports that Telangana government entity has approved a restructuring plan by consultancy firm EY for a project that includes a 100-storey trade tower in Hyderabad. The stock has hit a high of Rs754 and a low of Rs731. Report stated that the company which was to implement the Rs7,000-crore project, is hoping that the government will give the plan its go-ahead to the stalled venture

Brent falls below $109 as Libya restarts oilfield.

Brent crude fell below $109 a barrel on Wednesday as Libya restarted an oilfield, on track to drop for an eighth session in what would be its longest losing streak in over four years. 

Easing worries over possible disruptions to supply from the conflict in Iraq also dragged on prices. 

August Brent crude had declined 12 cents to $108.82 a barrel by 0318 GMT, down nearly 6 per cent from a nine-month high reached in June. 

US crude for August delivery was up 3 cents at $103.43 a barrel, after Tuesday's settlement marked its longest losing run since December 2009. 

The price spread between the two benchmarks is the narrowest in nearly a month. 

Libya restarted the 340,000 barrels per day (bpd) El Sharara oilfield after protesters ended a four-month strike, state-run National Oil Corp (NOC) said on Tuesday, a move that could double its current meagre crude output. 

The government took over the Ras Lanuf and Es Sider oil ports last week, ending an almost year-long occupation that reduced Libya's output to less than a quarter of the 1.4 million bpd the OPEC member used to pump before protests started last summer.