Raymond slips over 1%; plans to invest $5 mn

The stock opened at Rs.400 as against the previous close of Rs.399 on BSE. It has hit a high of Rs. 405 and a low of Rs.391 on BSE today.

Shares of Suiting fabric producer Raymond Ltd was down over 1% to Rs. 392 after the company said it plans to invest $5 million to launch its products in the West Asian and African markets through its subsidiaries. 

The stock opened at Rs.400 as against the previous close of Rs.399 on BSE. It has hit a high of Rs. 405 and a low of Rs.391 on BSE today.

Total traded quantity on the counter stood at over 0.27 lk shares on BSE.

Meanwhile, the BSE Sensex is down 421 points at 25,344.

SBI slips 3%; to issue over 19.6 crore shares on preferential basis

The stock opened at Rs.233 as against the previous close of Rs.233 on BSE.

Shares of SBI was lower by 3% to Rs. 225 after bank said it will issue over 19.6 crore shares on preferential basis at a price of Rs 274.37 per share to the government for raising Rs 5,393 crore capital.

The stock opened at Rs.233 as against the previous close of Rs.233 on BSE. It has hit a high of Rs. 233 and a low of Rs.224 on BSE today.

Total traded quantity on the counter stood at over 13.39 lk shares on BSE.

Meanwhile, the BSE Sensex is down 500 points at 25,265.

ONGC stock down 3%; to join hands with British Gas

The stock opened at Rs. 234 as against the previous close of Rs. 229 on BSE. It has hit a high of Rs. 234 and a low of Rs.221 on BSE today.

Shares of ONGC Ltd was down by 3% to Rs. 223 on reports that the company is planning to join hands with British Gas to conduct a study to reestablish exploration in Cauvery Basin Offshore. Besides, the company also said that its Mission 2018 is to produce first gas in eastern offshore Block KG-DWN-98/2.

The stock opened at Rs. 234 as against the previous close of Rs. 229 on BSE. It has hit a high of Rs. 234 and a low of Rs.221 on BSE today.

Total traded quantity on the counter stood at over 2 lk shares on BSE.

Meanwhile, the BSE Sensex is down 490 points at 25,274.

Top mutual fund news of the day- September 4, 2015

After having joined the Rs 1 trillion club of fund houses, the Unit Trust of India Mutual Fund is now looking to cross the mark of Rs 1.1 trillion by the fiscal-end.

After having joined the Rs 1 trillion club of fund houses, the Unit Trust of India Mutual Fund (UTI MF) is now looking to cross the mark of Rs 1.1 trillion by the fiscal-end. (moneycontrol.com)

SBI MF has unveiled a new fund named SBI Dual Advantage Fund - Series XI, a close-ended hybrid scheme. The tenure of the scheme is 1,111 days from the date of allotment.

Religare Invesco MF has set September 8 as record date for declaration fo dividend under the dividend and direct plan - dividend option of Religare Invesco Arbitrage Fund.

Indiabulls MF has introduced a new fund named Indiabulls Value Discovery Fund, an open-ended diversified equity scheme. The new fund offer price for the scheme is Rs. 10 per unit.

Reliance MF has set September 8 as record date for declaration of dividend under dividend, direct plan dividend and institutional plan dividend option of Reliance Quarterly Interval Fund - Series III.

Mutual fund houses have tweaked the exit load norms in debt schemes. The revision in exit loads has happened in the past one months or so.

Glenmark Pharmaceuticals receives ANDA approval for Voriconazole Tablets

According to IMS Health sales data for the 12 month period ending July 2015, the Vfend® market1 achieved annual sales of approximately $91.4 million*.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (U.S. FDA) for Voriconazole Tablets, 50 mg and 200 mg, the therapeutic equivalent of Vfend® Tablets, 50 mg and 200 mg of PF Prism C.V. (Prism).   

According to IMS Health sales data for the 12 month period ending July 2015, the Vfend® market1 achieved annual sales of approximately $91.4 million*.  

Glenmark’s current portfolio consists of 102 products authorized for distribution in the U.S. marketplace and 63 ANDA’s pending approval with the U.S. FDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio. 

Gold Retains Two-Day Decline Ahead of US Jobs Data

Singapore: Gold held declines from a two-day losing streak on Friday, ahead of a crucial U.S. jobs report as traders waited for clues about the timing of a Federal Reserve rate hike.

Fundamentals

* Spot gold was little changed at $1,125.31 an ounce by 0040 GMT, after losing about 1 percent in the last two sessions. The metal fell to a one-week low of $1,121.35 on Thursday.

* U.S. gold was also firm at $1,124.90.

* Bullion came under pressure on Thursday as the dollar ticked higher after European central bankers cut economic growth targets and left interest rates unchanged.

* The greenback also gained on U.S. weekly jobless claims data that signalled strength in the labour markets, the day before Friday's August jobs report, which may be crucial for Fed policymakers considering raising interest rates.

* Strong economic data could prompt the Fed to raise rates sooner than later, hurting non-interest-paying bullion and boosting the dollar.

* The U.S. non-farm payrolls due later today come just days ahead of a Fed policy meet on Sept. 16-17.

* Also weighing on bullion was the absence of Chinese buyers with markets in the major gold consumer closed through Friday for public holidays.

* In other industry news, Russia produced 113.3 tonnes of gold in the first half of 2015 down from 115.6 tonnes in the same period a year ago, its finance ministry said in a statement on Thursday.

* A Dubai-based gold and jewellery retailer that defaulted on loans worth about 500 million dirhams ($136 million) has asked banks for time to put together a repayment plan, the company said on Thursday.

Asian Shares Mixed as US Jobs Report Looms, ECB Soothes

Singapore/Tokyo: Asian shares were mixed on Friday as caution about a U.S. jobs report jostled with signals from the European Central Bank that it is willing to take further steps to shore up the European economy.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.2 per cent after rising in early trade. They've fallen 3.4 per cent this week.

Japan's Nikkei fell 0.9 per cent, extending losses this week to 6.0 per cent.

Wall Street shares ended up on Thursday, though they pared back much of earlier gains.

The S&P 500 gained 0.1 per cent but the Nasdaq Composite ended 0.4 per cent lower.

"Markets sold off after the early bounce in accordance with the U.S. equity markets," said Nicholas Teo, analyst at online trading platform provider CMC Markets in Singapore. "Only one theme on every trader's mind today - U.S. jobs report tonight. And how that may possibly play on the Fed's September rate decision."

A strong jobs number could cement optimism on the global economy and boost share prices but it could rekindle speculation of an early rate hike, which could hurt risk assets, particularly in emerging economies.

Economists polled by Reuters expect the U.S. economy to have produced 220,000 new non-farm jobs last month, continuing the robust employment creation of the past five years, while average hourly earnings are predicted to have risen by a modest 0.2 per cent, as they did in July.

A drop in average prices charged by U.S. service businesses in August after 25 months of increases supports the case for a delay in rate hikes even though the overall service sector expanded at the fastest pace since May.

While the Fed has so far stuck to its script that interest rates will likely be raised this year, the ECB is tilting towards more easing.

It cut its growth and inflation forecasts on Thursday, warning of possible further trouble from China and paving the way for an expansion of its already massive 1 trillion-euro plus asset-buying programme.

For the first time, ECB President Mario Draghi also said explicitly the bond-buying programme may run beyond September 2016 and the bank may adjust its size and composition.

"It looked as if the ECB is preparing stimulus," said Masahiro Ichikawa, senior strategist at Mitsui Sumitomo Asset Management. "As it cut its growth projections and uncertainty over emerging economy is rising, it probably had to show that it is ready to take action."

That pushed down German 10-year yields, the benchmark for euro zone borrowing costs, to 0.725 per cent, compared to a two-week high of 0.82 per cent hit on Monday.

The euro also fell to a two-week low of $1.10875 and it last fetched $1.1128. Against the yen, the common currency hit three-month low of 133.135 yen.

In commodities markets, which have been battered by fears of a hard landing in China, trade remained highly volatile.

After gains in early trading, Brent crude futures slipped 0.5 per cent to $50.44 per barrel.

Copper fell 0.8 per cent to $5,203 per tonne after surging to $5,314 on Thursday, its highest in over three weeks, as bearish investors closed out positions ahead of U.S. job data.

Aluminium also shot up, touching a one-month peak on the London Metal Exchange on Thursday.

China's financial markets were closed on Friday for a national holiday.

Sensex Set to Open Lower Amid Weak Asian Markets: 10 Developments

BSE Sensex and Nifty are likely to open lower, tracking weak Asian markets. Global markets remain tentative ahead of the crucial US jobs data which will be released later in the day. The SGX Nifty was down 0.70 per cent, indicating a lower opening for Indian markets.

Here are top 10 developments:

1) Asian markets were mostly lower today with Japan's Nikkei down over 1 per cent.

2) Emerging market currencies and equities could face more pressure if the US payrolls data boost expectations that the Federal Reserve is on course to raise interest rates later this year.

3) China markets remain closed today for a holiday. This could help in reducing the volatility in Indian markets, traders said.

4) Overnight, the Wall Street closed on a lacklustre note, with investors wary of taking positions ahead of the crucial jobs data.

5) European markets had rallied yesterday after European Central Bank chief Mario Draghi explicitly said that its massive stimulus programme run beyond September 2016. This paved the way for an expansion of its 1 trillion-euro plus asset-buying programme.

6) Mr Draghi however warned of possible further trouble from a slowdown in China's economy as the bank cut its inflation and growth forecasts for the euro zone.

7) Concerns over global growth, particularly about China's economy, and possibility of a rate hike in the US have roiled global markets including India. The Sensex has lost over 8 per cent since China devalued its currency on August 11.

8) Foreign investors sold Indian shares worth nearly Rs 400 crore on Thursday while domestic institutional investors bought equities worth Rs 840 crore. Analysts say that unless the selling pressure from foreign investors ease, Indian markets are not likely to regain a steadier footing.

9) Despite the government granting relief to foreign funds on minimum alternative tax, foreign institutional investors sold Indian shares worth Rs 1,573.42 on Wednesday and Rs 675 crore on Tuesday.

10) Concerns over global growth and a fall in commodity prices have seen foreign investors pull out record sums from emerging markets. Last month, foreign investors sold shares worth Rs 16,877 crore.