MCX Silverm November contract declines 1%.

MCX SILVERM June contract was trading at Rs 44098 down Rs 441, or 0.99 percent. The SILVERM rate touched an intraday high of Rs 44470 and an intraday low of Rs 44004. So far 7706 contracts have been traded. SILVERM prices have moved down Rs 15401, or 25.88 percent in the June series so far. MCX SILVERM August contract was trading at Rs 44680 down Rs 441, or 0.98 percent. The SILVERM rate touched an intraday high of Rs 44955 and an intraday low of Rs 44575. So far 6485 contracts have been traded. SILVERM prices have moved down Rs 2426, or 5.15 percent in the August series so far. MCX SILVERM November contract was trading at Rs 45502 down Rs 431, or 0.94 percent. The SILVERM rate touched an intraday high of Rs 45800 and an intraday low of Rs 45466. So far 156 contracts have been traded. SILVERM prices have moved down Rs 4694, or 9.35 percent in the November series so far.

Omaxe strengthens on plan to raise around Rs 300 crore

Omaxe is currently trading at Rs 142.50, up by 1.35 points or 0.96% from its previous closing of Rs 141.15 on the BSE.

Omaxe is planning to raise around Rs 300 crore from equity market. The company will use the fund to launch six projects across North India. The company will raise the same either through qualified institutional placement (QIP) or institutional placement programme (IPP).

Moreover, the company is in the process of launching six to seven projects in Indore, Bhiwadi, Rohtak, Chandigarh, Faridabad, Jaipur and Vrindavan. The launches would happen in the second quarter of the current financial year.

Omaxe is one of India’s leading real estate development companies. Founded in 1987, the company has fast spread its footprints in 9 states across 30 cities.

Crude oil futures decline on weak Asian trade

Crude oil futures declined on MCX as speculators trimmed their positions amid a weak trend in the Asian trade on softer US demand. Further, the speculation that the infighting in Iraq may not crimp supplies from the OPEC’s second biggest crude producer as the oil-rich southern part remains safe from violence too supported the downside.

The contract for July delivery was trading Rs 6342.00, down by 0.35% or Rs 22.00 from its previous closing of Rs 6364.00. The open interest of the contract stood at 11687.00 lots.

The contract for August delivery was trading at Rs 6333.00, down by 0.35% or Rs 22.00 from its previous closing of Rs 6355.00. The open interest of the contract stood at 1099.00 lots on MCX.

Jeera futures rise on pick up in demand

Jeera futures traded up on NCDEX as speculators created fresh positions amid pick-up in export demand. Moreover, buying support from retailers and stockiest against fall in supplies from producing belts, also supported the uptrend. The contract for July delivery was trading at Rs 11375.00, up by 0.80% or Rs 90.00 from its previous closing of Rs 11285.00. The open interest of the contract stood at 6633.00 lots. The contract for August delivery was trading at Rs 11595.00, up by 0.83% or Rs 95.00 from its previous closing of Rs 11500.00. The open interest of the contract stood at 3873.00 lots on NCDEX.

SRF hits fresh 52-week high on BSE

SRF is currently trading at Rs 597.05, up by 69.50 points or 13.17% from its previous closing of Rs 527.55 on the BSE.

SRF has received an approval for setting up Multipurpose Plant-2 for creating additional manufacturing capacity for specialty chemicals at the company’s Chemical Complex in Dahej, Gujarat at an aggregated cost of Rs 140 crore. The board of directors at its meeting held on May 09, 2014 has approved for the same.

SRF is a leader in refrigerants, engineering plastics and industrial yarns in India. The company also manufactures polyester films and fluoro specialties. Besides India, SRF has a presence in Dubai, South Africa and Thailand.

Dr Reddy's gains 1%; JP Morgan overweight, sees 15% upside.

The brokerage is positive on Dr Reddy’s growth trajectory, given its focus on limited competition generics in the US and the bio-similars opportunity longer term.
Shares of Dr Reddy’s Labs were up over 1 percent intraday on Monday.
JP Morgan remains overweight on the pharma major with a target price of Rs 3000, implying 15 percent upside from the current market price.The brokerage is positive on Dr Reddy’s growth trajectory, given its focus on limited competition generics in the US and the bio-similars opportunity longer term.
The pharma company has nine new drugs in clinical stage.

Oil prices down in Asian trade despite tensions in Iraq.

Oil prices eased in Asia on softer US demand, but tensions in the Middle East where jihadists have declared an Islamic state straddling Iraq and Syria will likely keep prices high, analysts said.

US benchmark West Texas Intermediate for August delivery was down 26 cents at $105.48 a barrel in late-morning trade and Brent crude dropped 22 cents to $113.08.As the world's top oil consuming nation, the health of the US economy is a key influence on oil prices.

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.