Gold to shine further on global risk factors -:- Equity Research

Gold prices are likely to stay firm in the range of Rs 30,500-Rs 33,500 per 10 grams in the backdrop of global political and financial risks, says a study by industry body Assocham. The prices are currently ruling at Rs 31,000-31,500 (24 carat purity) in major Indian cities, even as festive demand seems to be picking up, it said. In the backdrop of continuous global political and financial risks coupled with revival in demand in the domestic market,...

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Deutsche Bank's Asia Pacific wealth mgmt head joining UBS-:- Equity Research

Deutsche Bank's Asia Pacific wealth management head Ravi Raju is leaving to join UBS, a source with direct knowledge of the move told Reuters on Tuesday, the latest senior departure from the bank in the region. The German bank later confirmed Raju's exit in a statement, adding its head of wealth management in North Asia Lok Yim would succeed him with immediate effect. It said Raju was leaving to pursue external opportunities, but gave no further...

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IIP falls 0.7% in Aug, but hope floats on festival, rain & hikes -:- Equity Research

India’s factory output fell (-)0.7 percent in August, the second successive monthly decline, but revival hopes floated on festive season sales, pay hike for government employees and greater rural spending on the back of good summer rains. Data released on Monday showed factory output growth has recovered marginally from an eight-month low of 2.4 percent in July, but only just, suggesting uneven recovery in the broader economy. The `manufacturing’...

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Ashok Leyland to set up Rs 500 crore unit in Telangana -:- Equity Research

Commercial vehicle maker Ashok Leyland today entered into an agreement with the Telangana government for setting up a 'body building unit' in the state with an investment of Rs 500 crore. The unit, to be established in phases with an investment of Rs 500 crore, would provide employment to 1,000 people directly and hundreds of others indirectly, a release from the Chief Minister's Office said. An MoU to this effect was exchanged by Chief...

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Encounter in EDI building in Pampore-:- Equity Research

A soldier was today injured in the exchange of fire between security forces and militants holed up inside a government building in Pampore area of Kashmir which had witnessed a suicide attack in February this year. Two to three militants are believed to have entered into the building of Entrepreneurship Development Institute (EDI) in the wee hours today. "One soldier has been injured in the exchange of fire with militants holed up inside...

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PNB makes home, auto loans attractive for govt staff-:- Equity Research

To cash in on the 7th Pay Commission payout to government employees, state-owned Punjab National Bank (PNB) is offering them home and auto loans at attractive rates of 9.3-9.8 per cent beginning this month. Besides, the bank said it will offer loans to these segments without any processing or upfront fee and no documentation charges will be levied on them. The rate of interest is with effect from October 1, 2016. The Delhi-based state lender said...

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Govt issues demand notes to 7 telcos for spectrum purchase-:- Equity Research

Government today issued demand notes to seven telecom operators to make payment in 10 days for the spectrum they bought in the just-concluded auction. In the five-day spectrum auction that concluded last week, seven telecom companies made commitments of Rs 65,789 crore for buying 964.80 MHz of spectrum in various frequency bands. "The demand note for payment has been issued to all successful bidders via email today evening," sources told PTI. As...

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Dubai begins building 'world's tallest' tower1 -:- Equity Research

Dubai began construction work today on a tower that will stand higher than its Burj Khalifa, which is currently the world's tallest skyscraper. The Gulf emirate's ruler, Sheikh Mohammed bin Rashid al-Maktoum, marked the groundbreaking of The Tower at Dubai Creek Harbour as construction workers laid foundations for the skyscraper at a vast patch of sand. The structure "will be the world's tallest tower when completed in 2020," said a statement issued...

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Passenger vehicle sales in India set to cross 3 mn mark in FY17-:- Equity Research

Passenger vehicle sales in India are poised to cross the three million units milestone this fiscal as new models and compact SUVs serve pent up demand from customers with better disposable incomes in both urban and rural areas. Already, in the first six months of the fiscal, passenger vehicle (PV) segment has already witnessed a growth of 12.34 per cent at 14,94,039 units. In the last fiscal, 27,89,678 passenger vehicles were sold in the domestic...

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'Rs 1,000 cr-Rs 2,500 cr loss each year due to Cauvery crisis'-:- Equity Research

Farmers of the Cauvery delta region today told the Supreme Court-constituted high-level technical committee that they were incurring a loss of around Rs 1,000 crore to Rs 2,500 crore each year due to the Cauvery dispute between Karnataka and Tamil Nadu. The team was formed by the Supreme Court to assess the situation in the Cauvery basin in both the states. The 14-member committee has been in the state since yesterday following its two-day trip...

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Cairn oil and gas output drops 4% in Q2-:- Equity Research

Cairn India today reported a 4 percent drop in its oil and gas production during the second quarter ended September 30 after eastern offshore Ravva field output dipped by more than a quarter. Daily production of oil and gas in July-September averaged 2,06,230 barrels per day, down 3.7 percent from 2,14,247 barrels of oil and oil equivalent gas in the same period a year ago, the company said in a statement here. Its mainstay Rajasthan block output...

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Vedanta Q2 metal production hit due to snags, power outages-:- Equity Research

Mining conglomerate Vedanta today said its production of zinc, copper and aluminium was affected during the July-September quarter due to reasons such as power outages, technical snags among others. Despite the hurdles, the firm led by billionaire Anil Agrawal posted a record aluminium production of 2.96 lakh tonnes during the September quarter and saw its power sales rise year-on-year (y-o-y) helped by commissioning of additional units at TSPL...

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Tata Motors' global sales up 5% to over 1 lakh units in Sept-:- Equity Research

Tata Motors today reported 5.35 percent increase in global sales at 1,02,289 units, including that of Jaguar Land Rover (JLR) vehicles, for September. It had sold 97,102 units in September 2015, Tata Motors said in a BSE filing. In the passenger vehicles category, global sales stood at 67,895 units last month as against 63,334 units during the same period a year ago, up 7.2 percent. Sales of luxury brand Jaguar Land Rover were up 3.6 percent to...

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'China for mechanism with India to share Brahmaputra waters'-:- Equity Research

Refuting reports of China joining water wars between India and Pakistan by blocking a tributary of Brahmaputra river, Chinese official media today said that Beijing is ready for a joint multilateral cooperation mechanism with India and Bangladesh to share the waters. Relations between China and India should not be affected by "imaginary water war", an article in the state-run Global Times said, adding that Beijing is unlikely to use Brahmaputra...

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Gold demand up on price drop;discounts in India at multi-mth low-:- Equity Research

Demand for gold in Asia edged up this week as prices hovered near their lowest since early June, while discounts in India narrowed the most in 8-1/2 months as a fall in prices prompted buying during the festive season. Gold is on track for its second straight weekly loss, down nearly 5 percent. Gold prices could pull back to as low as USD 1,200 an ounce after breaking out of their 2016 uptrend this week, according to analysts who study past price...

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Prefer KEC International, says Gaurang Shah-:- Equity Research

Gaurang Shah of Geojit BNP Paribas told CNBC-TV18, "Firstly, the Railway Budget and Union Budget clubbed together but it will be somewhere in January 2017, the date is not yet out possibly by end of January is what one expects, both the budget to be out to club together. Secondly, Titagarh Wagons has done some acquisitions in the overseas market as well and historically speaking fertiliser, urea and railway related stocks are only hogging the...

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Electronics is the most popular category this festive season-:- Equity Research

The much-awaited e-commerce sales have just concluded, and initial reports suggest an increase of about 40-50 percent over last year’s sales for the major players. More than 50 percent of the spending happened on electronics and home appliances this year, leaving behind other categories like fashion, lifestyle, books, home décor and furniture. Rapid changes in technology, stiff competition between brands and online deals this season have made...

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India to seal border with Pak by December 2018: Rajnath Singh-:- Equity Research

India will completely seal the border with Pakistan by December, 2018 by using all effective means including technological solutions, Home Minister Rajnath Singh said here today. Speaking to media after reviewing the security situation on border with ministers and officials of four states, Singh said India is planning to seal the entire border with Pakistan by December 2018 and a proper monitoring mechanism would be in place at the central and...

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Two PSU banks cut lending rate by up to 0.15%-:- Equity Research

Two public sector lenders including Oriental Bank of Commerce (OBC) today reduced lending rate by up to 0.15 percent across various maturities a few days after 0.25 percent repo rate cut by RBI. The OBC has reduced marginal cost of funds based lending rate (MCLR) by up to 0.15 percent, OBC said in a statement. Also, the 6 months lending rate has been reduced by 0.10 percent to 9.30 percent, it said. The new rates would be effective from October...

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Flipkart records highest-ever single day sale, grosses $200mn-:- Equity Research

E-commerce firm Flipkart recorded sales worth around USD 200 million on Monday, its highest-ever single-day sale in the company's history, a spokesperson for the company has told moneycontrol.com. The sales are likely the results of a massive advertising campaign run by the company ahead of the upcoming festive season in India. As per market estimates, e-tailers such as Flipkart are expected to spend around Rs 400-Rs 500 crore in advertising...

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Hardly any demand for power in country-:- Equity Research

Expressing concerns over lack of demand for power in the country, Coal Secretary Anil Swarup today wondered as to what would the government do with its ambitious 1 billion tonnes of production target for fossil fuel by 2020. "For me the serious concerns are: Number one, there is hardly any demand for power. What we will do? We are planning to produce one billion tonnes of coal by 2020. What will I do with that coal," he said. "Someone has to look...

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Ashok Leyland eyes over Rs 2,000 cr from defence biz in 5 years-:- Equity Research

Hinduja group flagship Ashok Leyland expects its defence business to log four-fold jump in revenues at over Rs 2,000 crore in next five years as it gears up to provide an entire range of mobility solutions, including missile carrying vehicles, to the armed forces. "In defence, we have got tremendous growth. We have won 13 out of the last 15 tenders..we are today a Rs 500 crore company in defence and in five years we should be well above Rs 2,000...

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Expect H2 biz pickup to push up steel demand by 4-5%-:- Equity Research

In a departure from the trend, August core data shows that steel output surged substantially by 17 percent. Jindal Steel and Power's management attributed the rise in steel output to coming into action of secondary units which were stalled earlier. Steel demand, however, is yet to pick up, according to the company. In the first 6 months of the year, steel demand grow by just 0.5 percent, and now with the end of monsoon business activity with pick...

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RInfra to sell power transmission biz to Adani for Rs 2,000 cr-:- Equity Research

Anil Ambani-led Reliance Infrastructure today signed an agreement to sell its power transmission assets to Adani Group for over Rs 2,000 crore. Reliance Infra owns two electricity transmission lines spanning Maharashtra, Gujarat, Madhya Pradesh and Karnataka and has a 74 percent stake in another in Himachal Pradesh and Punjab. "Reliance Infrastructure Ltd (RInfra) today announced the signing of a binding term sheet with Adani Transmission Ltd...

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Amtek Auto jumps 11% as Mahindra CIE in race for co's German biz -:- Equity Research

Amtek Auto shares rose more than 11 percent intraday Tuesday after sources told CNBC-TV18 that Mahindra CIE may also be interested in company's German business. Amtek Auto has also been talking to other players in the market to sell some of its stake in overseas companies, non-core assets and real estate as it is desperately looking for a buyer to pare its Rs 15,000-crore debt, according to people privy to the two companies. The management of...

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RBI cuts repo rate by 25 bps to 6.25% -:- Equity Research

The Reserve Bank of India (RBI) on Tuesday cut its key lending—the repo rate—by 25 basis points to 6.25 percent, as a newly set up panel felt that inflation levels were low enough to reduce loan rates. The decision of the monetary policy committee (MPC), headed by new RBI governor Urjit Patel, will likely cheer business leaders and households as cheaper loans will aid investment and spending. The six member panel, which brainstormed over two days,...

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Canadian pension fund picks up 20% in Edelweiss ARC -:- Equity Research

North America's largest pension fund managers Caisse de depot et placement du Quebec (CDPQ) and Edelweiss Group signed a long-term agreement to invest USD 600-700 million (Rs 5,000 crore) over the next four years in stressed assets and private debt opportunities here. Under the agreement, CDPQ, which already pumped in around USD 1.5 billion in various domestic companies, will be acquiring a 20 percent stake in Edelweiss Asset Reconstruction Company,...

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IOC lines up Rs 18,000 cr to raise Panipat refinery capacity -:- Equity Research

Indian Oil Corporation , the nation's largest oil firm, plans to invest Rs 18,000 crore to raise capacity of its Panipat refinery in Haryana to 25 million tonnes (mt) by 2020, larger than previously planned. IOC had previously planned to raise capacity of Panipat refinery from 15 mt to 20.2 mt, but now it is looking at raising the capacity straightway to 25 mt, its Director (Refineries) Sanjiv Singh said here. "We have land at Panipat refinery site and so we are looking at going straight to 25 million tonnes," he said. "We have to look at the...

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Bhushan Steel shareholders approve raising up to Rs 1,155 crore -:- Equity Research

Debt-laden Bhushan Steel today said its shareholders have approved the company's proposal to raise up to Rs 1,155 crore through issue of redeemable cumulative preference shares. The firms shareholders approved the special resolution at its annual general meeting held last month, it said in a regulatory filing. "... approval of the members is hereby accorded to authorise the board to create, offer, issue and allot 38,50,000 redeemable cumulative...

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BHEL bags two R&M hydropower orders worth Rs 430 cr-:- Equity Research

State-owned power equipment maker BHEL has bagged two renovation and modernisation (R&M) orders of hydropower plants worth Rs 430 crore, including one from NHPC . "BHEL has secured R&M contracts of hydro electric plants (HEPs). The company has won orders worth around Rs 430 crore, for the R&M of the 6x60 MW Balimela HEP of Odisha Hydro Power Corp Ltd (OHPC) and the 3x60 MW Bairasiul HEP of National NHPC Ltd," the company said in a...

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Targeting 10-15% volume growth this fiscal-:- Equity Research

After the government cut gas prices to USD 2.50 per MMBTU on Friday, Gujarat Gas says it will try to maximise the benefit of the price cut that can be passed on to the customers. Gujarat Gas is working on gas pricing and will try and pass on benefits as much as possible to customers and will likely revise prices by Monday evening, said Nitin Patil, Chief Executive of the company. Patil said the company expects a volume growth from the revised...

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