Wednesday, 18 October 2017

    RBI Orders Banks To Immediately Pay Interest Under GMS

    The Reserve Bank of India (RBI) on Tuesday advised commercial banks to "immediately" pay interest due on the Gold Monetisation Scheme (GMS), 2015.

    "It has been decided that reimbursement of payments made by banks, relating to Medium and Long Term Government Deposit (MLTGD), will be made by Central Account Section (CAS), Nagpur, RBI. Accordingly, banks are advised to pay immediately the interest amount already due to the depositors," the central bank said in a statement here.

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    As per the notification, after making payments, the banks can raise the claim to government through the central bank.

    Under the Gold Monetisation Scheme, launched by the government in 2015 to curb imports, the yellow metal can be deposited with a designated bank in the account of the central government either for a medium term of 5-7 years, or a long term period of 12-15 years.

    The annual rate of interest on medium term deposits is 2.25 per cent, and on long term deposits is 2.50 per cent.

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    Nifty Marketing Tips - Gold Prices Inch Up From One-Week Low

    Spot gold was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session.

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    Gold prices inched up on Wednesday from a one-week low with the dollar holding steady, but speculation that President Donald Trump might pick a policy hawk to lead the U.S. Federal Reserve weighed on the metal.

    FUNDAMENTALS

    * Spot gold was up 0.1 percent to $1,286.10 an ounce at 0053 GMT. It hit a one-week low of $1,281.31 in the previous session.

    * U.S. gold futures for December delivery rose 0.2 percent at $1,288.3 per ounce.

    * The dollar index , which measures the greenback against a basket of currencies, was little changed at 93.449 after gaining for four straight days.

    * Asian shares consolidated recent gains and currencies kept to tight ranges on Wednesday as investors waited to see what policies might emerge from China's Communist Party conference.

    * The Federal Reserve Bank of Kansas City in September voted to raise the rate commercial banks are charged for emergency loans, according to minutes of a U.S. central bank meeting released on Tuesday.

    * U.S. industrial production rebounded modestly in September as the lingering effects of Hurricanes Harvey and Irma hobbled activity at factories, but the outlook for the industrial sector remains bullish amid a strengthening global economy and weakening dollar.

    * The price of gold is expected to rise to $1,369 an ounce by October next year, delegates to the London Bullion Market Association's annual gathering predicted on Tuesday.

    * India's Multi Commodity Exchange (MCX) on Tuesday launched the country's first gold options contract in New Delhi to coincide with the gold-buying festival of Dhanteras.

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    BSNL Offers UInlimited Calling, Data On Bharat Phone For Rs 97/Month

    BSNL at present provides 3G services and is planning to upgrade it for 4G services from January 2018.


    State-owned telecom firm BSNL launched unlimited calling and a data plan for Rs 97 a month for the buyers of Micromax's 4G VoLTE enabled Bharat phone.

    Priced at Rs 2,200, the phone will support 3G connection as well.

    BSNL at present provides 3G services and is planning to upgrade it for 4G services from January 2018.

    "We are proud that we are partnering with Micromax, a home-grown player on the auspicious occasion of Dhanteras. This will connect the unconnected masses in rural area at a very affordable rate. We are in process to start 4G services in January," BSNL CMD Anupam Shrivastava said, while announcing the agreement with Micromax.

    At present, only Reliance Jio and Airtel are offering 4G VoLTE (voice long term evolution) services.

    BSNL, which operates across the country except Delhi and Mumbai, has over 98 million mobile subscribers and 16 million landline customers.

    Micromax Co-founder Rahul Sharma said that BSNL will provide unlimited calling and data along with free incoming and outgoing calls during roaming, under this partnership.

    BSNL will offer 4G services in spectrum that it presently uses for 3G services. The company is also working to start 4G services in broadband spectrum that it acquired 2010.

    The telecom minister also launched online education service of BSNL in partnership with digital content provider Extramarks.

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    Equity Tips - Vodafone Gifting Tulsi, Soya Plant Seeds To Customers In Delhi

    As a part of these 'Super Celebrations', we are happy to announce the Vodafone Green Diwali Campaign which aims to give our customers a great experience this Diwali.

    Telecom operator Vodafone is gifting 'eco-friendly' crackers containing soya or tulsi plant seeds to customers visiting its stores in Delhi.

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    "As a part of these 'Super Celebrations', we are happy to announce the Vodafone Green Diwali Campaign which aims to give our customers a great experience this Diwali.

    "Our specially designed eco-friendly crackers contain air purifying plant seeds that will bring about a change in the pollution levels of the city leading to a safer and healthier atmosphere for everyone," Vodafone India Delhi and NCR Business head Alok Verma said in a statement.

    In the gift pack, the company is giving 'super crackers' which are eco-friendly water soluble papers in form of cracker that carry soya or tulsi plant seeds.

    Also, customers visiting Vodafone stores will be able to design personalised GIF greetings that they can send to friends and family through social media.

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    Sensex extends losses at open, Nifty holds 10,200; Axis Bank tanks 7%

    Equity benchmarks opened lower on profit booking Wednesday, with the Sensex falling nearly 100 points, dragged by banks after disappointing numbers from Axis Bank.


    The 30-share BSE Sensex was down 98.31 points to 32,510.85 and the 50-share NSE Nifty fell 28.10 points to 10,206.40.

    The market breadth was balanced as about 497 shares advanced against 490 declining shares on the BSE.

    Axis Bank was biggest loser after sharp rise in slippages in Q2. The stock was down 6.5 percent.

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    Nifty Option Tips - Rupee Opens Higher By 9 Paise At 64.93 Against US Dollar

    The Indian rupee gained 9 paise against the US dollar in early trade on Wednesday.

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    It has opened at 64.93 against the previous day's closing value of 65.02 per dollar.

    The rupee had fallen 28 paise on Tuesday.

    Pramit Brahmbhatt of Veracity said 64.80 coincides with resistance for the rupee. "Trading range for the spot USD-INR pair will be 64.80-65.20 per dollar."

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    Nifty Could Make Attempt To Hit 10,300 By Next Week; 5 Stocks Which Can Return Up To 15%

    Market touched record highs but still there is lots of outstanding short position in Nifty and Index calls. We can expect another round of short covering in the expiry week. As per current derivative data, Nifty can move towards 10,300.

    The market undertone remained bullish with the support of consistent FIIs buying and short covering. The derivative data indicates bullish scenario to continue.

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    The Nifty50 was moving up with a decent addition in open interest which is an indication of strength in the current trend. Option writers were active in the recent rally.

    We have seen put writing in 10,000, 10,100, 10,200 puts and unwinding in calls. October series derivative data is stronger than September series as we have been continuously seeing open interest addition post-expiry.

    Here is a list of top five stocks which can give up to 15% return in the short term:

    LIC Housing Finance: BUY| Target Rs745| Stop Loss Rs620| Return 12%

    In the recent past, the stock has tested Rs785 levels on the higher side and since then it has been trading lower on the broader charts making lower highs and lower lows.

    Now the prices have taken support at its 200-days exponential moving average (DEMA) and formed inverted head & shoulder formation on the daily charts.

    Chennai Petroleum Corporation: BUY| Target Rs510| Stop Loss Rs405| Return 15%

    The stock has been maintaining its bull run since the beginning of the year. On the daily charts, the stock retraced some gains in the past which took it towards its support of Rs465 levels amid profit booking.


    Now, the prices have taken a support at its 100-days exponential moving average and once again it bounced sharply above its short-term moving averages.

    Bajaj Electricals: BUY| Target Rs475| Stop Loss Rs375| Return 15%

    The stock has made an inverted head and shoulder formation on the weekly charts and gave a breakout above the neckline in the recent past. On the daily charts as well, it is trading well above its short and long-term moving averages and making higher highs and higher lows.

    The trend is expected to remain intact as regular higher volume along with the rise in prices is supportive for the next up move.

    PI Industries: BUY| Target Rs865| Stop Loss Rs735| Return 10%

    The stock has been trading lower ever since prices slid below its 200-days exponential moving average on the daily charts. However, after testing Rs700 mark, the stock rebounded sharply and now in Tuesday’s session, it closed above its 200-days EMA.

    Moreover, the stock has also formed a cup & handle formation at a lower level and gave a breakout above the pattern formation along with supportive secondary indicators like RSI and stochastic.

    Traders can accumulate the stock in a range of Rs780-795 for the target of Rs865 with a stop loss below Rs735.

    Torrent Power: BUY| Target Rs268| Stop Loss Rs218| Return 14%

    The stock has formed a cup & handle formation on the weekly charts and in Tuesday’s session, it gave a break above the pattern formation.

    The formation is traded as a bullish continuation pattern. The stock also has multiple supports on the downside around its short and long-term moving averages.

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