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INDIAN BENCHMARK open on a positive note tracking

By : Simran Shah

INDIAN BENCHMARK open on a positive note tracking a bullish trend tracking Asian markets. Investors will be eying the HSBC India services PMI today.

FURTHER, NMDC's iron ore sales rose 23% to 25.2 lakh tonnes for the month of August. The company had dispatched 20.5 lakh tonnes iron ore during the same month last year. Hindalco has been exploring various options to raise USD 1 billion-plus or around Rs 5,000 to 6,000 crore funds.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Tuesday while the DIIs were net sellers of Rs. 167cr, as per the provisional figures released by the NSE


COMMODITY MARKET STRATEGY 26 August 2014

By : Simran Shah
BASE METAL WRAP: Aluminium in London climbed for a second day following Alcoa Inc.’s decision to close a smelter in Italy and before durable goods orders data from the U.S., the second-largest consumer of industrial metals.

ENERGY WRAP: West Texas Intermediate traded near the lowest price in seven months before supply data that will signal the strength of fuel demand in the U.S, the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold held losses near a two-month low on speculation that the U.S. Federal Reserve will raise borrowing costs next year, strengthening the dollar and damping demand for an alternative investment.
                                             

GLOBAL EVENTS TO WATCHTrade Balance, CB Leading Index m/m, Core Durable Goods Orders m/m, Durable Goods Orders m/m, HPI m/m, S&P/CS Composite-20 HPI y/y, CB Consumer Confidence, Richmond Manufacturing Index.

TOP CORPORATE NEWS 25 August 2014

By : Simran Shah

·        Supreme Court says coal block allocations post 1993 illegal

Supreme Court has pronounced the terms under which coal blocks were allocated post 1993 as illegal but stopped short of deallocating the blocks. The conseqence of illegality will be determined on September 1, 2014. The apex court observed that the issue of de-allocation will need further hearing, but barred UMPPs from exploiting captive mines.

·        GAIL to restart work on Rs 10,000-cr Energy Highway

GAIL India said work was set to start on the 2,050-km Jagdishpur-Phulpur-Haldia natural gas pipeline, which will serve as the Energy Highway for West Bengal, Bihar, Jharkhand and Uttar Pradesh.

·        Adani Group plans 2,500 MW rejected coal based power plant

Adani Group is close to signing up a Memorandum of Understanding (MoU) with the Odisha government to set up 2,500 MW of rejected coal based power plant in Angul district. The proposed investment is Rs 12,500 crore, as divulged by the company's senior management.

·        Ranbaxy faces Rs 242 crore US fine

Shares of Ranbaxy Laboratories was up 2% on reports that company may have to pay Rs 242 crore fine, imposed by the State of Texas.

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