Gold up on scattered retail buying; silver ends lower

Gold prices inched up by Rs 5 to Rs 28,250 per ten gram in the national capital today on scattered buying by retailers amid recovery in global prices. Silver, however, met with resistance and shed Rs 50 to Rs 44,850 per kg. 

a better trend in the global market mainly led to rise in gold prices.Globally, gold traded 0.20 per cent higher at $1,284.91 an ounce in London. 

In Delhi, gold of 99.9 and 99.5 per cent purity traded marginally higher by Rs 5 each to Rs 28,250 and Rs 28,050 per ten gram respectively. It had gained Rs 45 yesterday. Sovereign, held steady at Rs 24,700 per piece of eight gram. 

On the other hand, silver ready slipped by Rs 50 to Rs 44,850 per kg while weekly-based delivery rose by Rs 75 to Rs 44,435 per kg on speculators' buying. 
Meanwhile, silver coins maintained a steady trend at Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces. 

Toyota Kirloskar Motor sells 13,847 units in July

In the domestic market TKM sold 11,921 units in July 2014 as compared to 11,515 units in 2013, thereby registering 4% growth.

Toyota Kirloskar Motor (TKM) sold 13,847 units in July 2014 compared to 14,470 units in July 2013.

The company exported 1,926 units of Etios series last month.

In the domestic market TKM sold 11,921 units in July 2014 as compared to 11,515 units in 2013, thereby registering 4% growth.

N Raja, Director and Senior Vice - President, Sales and Marketing said “We would like to thank our customers for the continuing success of the newly launched Corolla Altis and Etios Cross. Both the Corolla Altis and the Etios Cross have been well accepted by the customers, especially for QDR – Quality, Durability and Reliability. We sold 882 units and 888 units of the Corolla Altis and Etios Cross, respectively. The Innova & Fortuner also continue to maintain its leadership position in their respective segments. We look forward to a further improvement in customer’s purchasing sentiments with the beginning of the festive season.”

European shares fall for third day before US jobs data

European equity indexes fell for a third day on Friday, weighed by gloomy corporate outlooks and the prospect of US jobs data, which is expected to shed light on the chances of an early end to the Federal Reserve's ultra-easy monetary policy. 


While encouraging for the global economy at large, a strong US employment report would strengthen the case for an early interest rate hike by the Fed, whose monetary largesse has helped fuel a nearly 40 per cent rally in European equities over the past two years. 

At 0724 GMT, the pan-European FTSEurofirst 300 index was down 0.4 per cent at 1,344.22 points, falling for a third straight session. The euro zone Euro STOXX 50 index was down 0.3 per cent at 3,106.17 points 

The Euro STOXX 50 recorded its steepest monthly loss in over a year in July, falling 3.4 per cent amid concerns about a Fed rate hike in light of strong US GDP and labour costs data earlier this week, as well as geopolitical tensions in Ukraine and the Middle East. 

Maruti reports 21.7% increase in total sales for July'14

The company said its domestic sales rose 19.9 percent during the month to 90,093 units as against 75,145 units in July 2013.

ountry's largest car-maker  Maruti Suzuki India  (MSI) today reported 21.7 percent increase in its total sales for July at 1,01,380 units as against 83,299 units in the same month last year. The company said its domestic sales rose 19.9 percent during the month to 90,093 units as against 75,145 units in July 2013.  Maruti Suzuki Q1 net up 21% on volume growth, other income Sales of mini segment cars, including Alto, A-Star and WagonR, declined 14.4 percent to 28,759 units as compared to 33,587 units in the year-ago month, MSI said in a statement. The company said sales of the compact segment comprising Swift, Estilo, Ritz rose 81.2 percent to 25,156 units in July this year as against 13,882 units in the same month last year. MSI said sales of its popular compact sedan Dzire rose 22.2 percent during the month under review to 18,634 units as against 15,249 units in July 2013. The sales of company's mid-sized sedan SX4 dipped 27.6 percent to 233 units in July as against 322 units in the same month last year. Sales of utility vehicles, including Gypsy, Grand Vitara and Ertiga, rose 23.4 percent to 5,631 units in July this year from 4,562 units in the corresponding month last year. Sales of vans - Omni and Eeco - increased 54.8 percent to 11,680 units in July this year as compared to 7,543 units in the same month of previous year.

Union Bank Q1 profit up 18.5% on lower provision, NPA rises

Provisions in April-June quarter stood at Rs 393 crore, down significantly compared to Rs 920 crore in previous quarter and Rs 681 crore in corresponding quarter of last fiscal.

State-owned lender  Union Bank of India  surpassed street expectations with the net profit rising 18.5 percent year-on-year at Rs 664 crore in April-June quarter led by lower provisions but impacted by lower other income. Profit in the corresponding quarter of last fiscal was Rs 560.2 crore. Net interest income, the difference between interest earned and interest expended, rose by 10.9 percent on yearly basis to Rs 2,117 crore in the quarter ended June 2014.,  Other income (non-interest income) during the quarter increased by 8.6 percent to Rs 691.4 crore in June quarter compared to Rs 756.3 crore in the year-ago period. Provisions in April-June quarter stood at Rs 393 crore, down significantly compared to Rs 920 crore in previous quarter and Rs 681 crore in corresponding quarter of last fiscal. Asset quality weakened during the quarter with the gross non-performing assets (NPA) rising by 19 basis points sequentially (up 77 basis points Y-o-) to 4.27 percent.

DLF Q1 net profit at Rs1277.70 mn

Total Income has decreased from Rs. 24531.80 mn for the quarter ended June 30, 2013 to Rs. 18516.00 million for the quarter ended June 30, 2014.

DLF Ltd has posted a net profit/(loss) after taxes, minority interest and share in profit/(loss) of associates of Rs. 1277.70 mn for the quarter ended June 30, 2014 as compared to Rs. 1811.90 mn for the quarter ended June 30, 2013. Total Income has decreased from Rs. 24531.80 mn for the quarter ended June 30, 2013 to Rs. 18516.00 mn for the quarter ended June 30, 2014. Recognizing that the real estate/housing sector is a key contributor to the growth of GDP and employment, the Government has announced a slew of measures in the Budget that will result in stimulus to the real estate industry in the medium term. Additional tax exemptions for consumers, categorization of ‘affordable’ housing an infrastructure status, and tax benefits to the REITs will go a long way in the revival of the industry. The Company expects the market conditions to be challenging and demanding in the short term. Whilst the Company believes that the slowdown is bottoming out, it will take a couple of quarters for the ground situation to improve. The Company wishes to reiterate that it remains committed to its medium term strategy of continuing with its execution run rate thereby creating more stock which can result in better and faster realizations as the cycle turns. Additionally, we continue to invest to improve the quality of land through payment of government charges and infrastructural improvements. Lastly, we remain focused to improve the quality and pricing of debt through instruments such as CMBSs.

Indian Overseas Bank to garner $500 mln via MTN issue in overseas markets

 Chennai-based lender Indian Overseas Bank (IOB) is all set to raise $500 million through issue of medium-term notes (MTN) in overseas financial markets

These types of bonds are quite popular in the market.

The exact time for the fund raising process will depend on the credit demand from Indian firms which have their operations in foreign countries in the overseas branches of IOB.

The Indian lender plans to offer loans for affordable housing and infrastructure sectors after larger banks initiate the process of long-term bond issue across the same industries.

 the bank is likely to garner approximately Rs 35 billion via infrastructure bond issue

Petrol price cut by Rs 1.09 a litre

Report stated that Petrol in Delhi will cost Rs 72.51 per litre as against Rs 73.60 a litre currently.

Petrol price was reduced by Rs 1.09 per litre, while diesel rates were hiked by 56 paise a litre.  Petrol in Delhi will cost Rs 72.51 per litre as against Rs 73.60 a litre currently. The diesel will be priced at Rs 58.40 per litre. Earlier Petrol price was reduced by 70 paise on April 16 in line with declining trend in the international market.

Brent holds near $106 after ample supply pulls down prices

Brent crude held near $106 a barrel on Friday as ample supply continued to drag on prices a day after the benchmark posted its worst monthly performance since April 2013. 

Analysts expect global production to exceed demand this year, while a supply glut has built up in Africa and Europe. Brent crude edged down 5 cents to $105.97 a barrel by 0451 GMT after a 5.6 per cent drop in prices last month. 

US crude futures for September delivery fell 16 cents to $98.01 a barrel, following a 6.8 per cent decline last month, the biggest monthly loss since May 2012. 

Still, Brent's forward prices have risen substantially on worries about longer term oil output in Iraq and Libya, he said. 

OPEC's second largest producer Iraq is battling an Islamic insurgency in the north. The conflict threatens to split the country, but has yet to have an impact on near-record oil exports from the south. 

Baghdad is also embroiled in a dispute with Iraqi Kurdistan over oil exports via Turkey. Production at another OPEC producer Libya remained way below the more than 1 million bpd that it was pumping in 2012 before protests curbed output and exports. 

Rupee stays at three-month low; U.S. jobs data key

The rupee (INR=D2) falls to 60.80 versus the dollar, its lowest since April 25. The pair was last trading at 60.7750/78 compared with its Thursday close of 60.55/56.

In July, the dollar index rose to a 10-1/2 month peak.

U.S. monthly jobs data later in day will be key for USD/INR's direction.

The Nifty is down 0.6 percent tracking lower Asian shares.