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Profit Krishna

Equity and Commodity Advisory Services - F&O Tips, Intraday Tips, Commodity Tips, Stock Market Tips

PROFIT KRISHNA an ISO Certified equity and commodity advisory services is a dedicated website which provides research work for Equity, stock tips, intraday tips, Multibagger & Commodity markets of India. Our services are chiefly designed for Investors and Traders to provide most appropriate solution. We have a specialized team of stock market analysts and commodity investment experts who can provide profitable stock market tips including future & option trading tips, commodity trading tips, intraday trading tips, nifty tips, BSE NSE Tips and MCX NCDEX Tips. We keep on updating you with share market recommendations and accurate stock market tips through SMS, phone calls and online chatting on daily, weekly and monthly basis which can help you in earning unlimited profit out of your investment.

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* Disclaimer: These recommendations are based on the theory of technical analysis and outlook of the market performance. Readers those who buy and sell securities based on the above information in this column are solely responsible for their actions. The author won't be liable or responsible for any sort of financial and legal loses suffered by the traders.
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Mandhana Industries hits record low

Jun 24 2016 1:09PM

Meanwhile, the S&P BSE Sensex was off 1,066.13 points or 3.95% at 25,936.09, slumping along with the carnage witnessed in world financial markets after Britain voted to leave the European Union (EU) results showed Brexit Referendum.

On BSE, so far 1,356 shares were traded in the counter, compared with an average volume of 20,453 shares in the past one quarter. The stock was locked at a low of Rs 129.85 so far during the day, which is also record low for the stock. The stock hit a 52-week high of Rs 345 on 22 March 2016. The stock had underperformed the market over the past one month till 23 June 2016, slumping 54.77% compared with Sensex's 7.02% rise. The scrip had also underperformed the market in past one quarter, declining 50.57% as against Sensex's 6.57% rise.

The stock has slumped 54.1% in six sessions to its current ruling price of Rs 129.85 from its close of Rs 282.95 on 16 June 2016.

The small-cap company has equity capital of Rs 33.12 crore. Face value per share is Rs 10.

Mandhana Industries had issued a clarification on 21 June 2016 on business operations, demerger of retail business and continuity of Being Human Business. Shares of Mandhana Industries hit 20% lower circuit to settle at Rs 178.05 on that day. Mandhana Industries after receiving several queries with respect to its business operations, demerger of retail business, continuity of Being Human Business and the like in recent days had clarified that there is no disruption to its normal, ongoing business. The company has already received the approval to its scheme of demerger of the retail business from the High Court vide order dated 29 March 2016 and pursuant to the order, the company is in the process of demerging its current retail business into the resulting company, Mandhana Retail Ventures Limited. All current and future retail businesses of Mandhana Industries Ltd will henceforth be carried out in Mandhana Retail Ventures.

Subsequent to approval to the scheme, Mandhana Retail Ventures Limited is in the process of signing a new contract with the Being Human-The Salman Khan Foundation, the specifics of which are under negotiation with them. The company further clarified that the retail business of Being Human continues to do extremely well and plans are in place to ensure robust growth in the business, going forward.

Textile company Mandhana Industries is associated with Salman Khan's NGO ‘Being Human'. It has an exclusive licence agreement with Being Human – the Salman Khan Foundation – for designing, marketing and distributing Being Human clothing products.

Net profit of Mandhana Industries rose 3.8% to Rs 15.93 crore on 5.9% rise in net sales to Rs 472.27 crore in Q4 March 2016 over Q4 March 2015.

Mandhana is a multi divisional textile company spread over multiple geographical locations. The company engages in manufacturing of textiles and garments with state-of-the-art infrastructure. The scope of Mandhana's business includes designing, yarn dyeing, weaving, processing, printing and garment manufacturing.

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Hubtown gains after reporting turnaround in Q4 results

Jun 23 2016 11:45AM

On BSE, so far 1,843 shares were traded in the counter as against average daily volume of 1,386 shares in the past one quarter. The stock hit a high of Rs 100.50 and a low of Rs 95.95 so far during the day. The stock had hit a 52-week high of Rs 145.50 on 15 October 2015. The stock had hit a record low of Rs 85.50 on 10 July 2015. The stock had underperformed the market over the past one month till 22 June 2016, falling 7.87% compared with Sensex's 5.79% rise. The scrip had also underperformed the market in past one quarter, dropping 11.7% as against Sensex's 5.67% rise.

The real estate developer has equity capital of Rs 72.74 crore. Face value per share is Rs 10.

Hubtown's total income from operations fell 37.39% to Rs 94.70 crore in Q4 March 2016 over Q4 March 2015.

Hubtown, formerly Ackruti City, is one of the leading real estate companies of India with diversified interests across several verticals--residential, commercial, IT Parks, SEZs, SRA, biotech parks, retail, hotels etc.

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Career Point declines as Franklin Templeton offloads shares

Jun 23 2016 11:44AM

On BSE, so far 8,490 shares were traded in the counter as against average daily volume of 27,764 shares in the past one quarter. The stock was volatile. The stock lost as much as 1.31% at the day's low of Rs 108.60 so far during the day. The stock rose as much as 1.49% at the day's high of Rs 111.70 so far during the day. The stock had hit a 52-week high of Rs 169.90 on 6 August 2015. The stock had hit a 52-week low of Rs 94.50 on 17 February 2016. The stock had underperformed the market over the past one month till 22 June 2016, sliding 1.83% compared with Sensex's 5.79% rise. The scrip had also underperformed the market in past one quarter, declining 4.14% as against Sensex's 5.67% rise.

The small-cap company has equity capital of Rs 18.13 crore. Face value per share is Rs 10.

Franklin Templeton Asset Management India sold 5 lakh shares of Career Point at Rs 106.11 per share in a bulk deal on the BSE yesterday, 22 June 2016. It also sold 1 lakh shares of the company at Rs 107 per share in a bulk deal on the NSE.

On consolidated basis, Career Point's net profit fell 24.5% to Rs 2.74 crore on 20.3% decline in net sales to Rs 19.82 crore in Q4 March 2016 over Q4 March 2015.

Career Point caters to the needs of a student throughout the life cycle of a student (KG to PhD) while operating in both formal and informal education streams.

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RCom gains after ICRA upgrades outlook on long term rating

Jun 23 2016 11:44AM

On BSE, so far 17.38 lakh shares were traded in the counter, compared with an average volume of 22.17 lakh shares in the past one quarter. The stock hit a high of Rs 49.25 and a low of Rs 48.20 so far during the day. The stock hit a 52-week high of Rs 91.80 on 1 January 2016. The stock hit a record low of Rs 45.65 on 25 August 2015. The stock had underperformed the market over the past one month till 22 June 2016, falling 4.79% compared with Sensex's 5.79% rise. The scrip had also underperformed the market in past one quarter, dropping 8.18% as against Sensex's 5.67% rise.

The large-cap company has an equity capital of Rs 1244.49 crore. Face value per share is Rs 5.

Reliance Communications added that ICRA has also reaffirmed rating of A2+ for short-term fund based/non fund based limits and commercial papers of the company.

Reliance Communications' (RCom) consolidated net profit fell 22.4% to Rs 177 crore on 1.8% decline in net sales to Rs 5579 crore in Q4 March 2016 over Q4 March 2015.

RCom is an integrated telecommunications service provider.

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Shree Cement gains after completing expansion of grinding unit at Aurangabad

Jun 22 2016 5:38PM

High volume was witnessed on the counter. On BSE, so far 13,917 shares were traded in the counter, compared with an average volume of 1,288 shares in the past one quarter. The stock hit high of Rs 14,090.30 and low of Rs 13,796.20 so far during the day. The stock hit a record high of Rs 14,800 on 20 June 2016. The stock hit a 52-week low of Rs 9,350 on 15 January 2016. The stock had outperformed the market over the past one month till 21 June 2016, gaining 7.06% compared with the Sensex's 5.97% rise. The scrip had also outperformed the market in past one quarter, rising 10.07% as against Sensex's 6.04% rise.

The large-cap company has an equity capital of Rs 34.84 crore. Face value per share is Rs 10.

Shree Cement's net profit rose 86.5% to Rs 223.34 crore on 28.2% increase in net sales to Rs 2017.41 crore in Q3 March 2016 over Q3 March 2015.

Shree Cement is focused on its core business of cement and power. Currently its manufacturing operations are spread over North and Eastern India across five states.

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Kesar Terminals declines on profit booking

Jun 22 2016 5:38PM

On BSE, so far 14,000 shares were traded in the counter as against average daily volume of 3,152 shares in the past one quarter. The stock hit a high of Rs 519 and a low of Rs 495 so far during the day. The stock had hit a 52-week high of Rs 538 yesterday, 21 June 2016. The stock had hit a 52-week low of Rs 330 on 25 August 2015. The stock had outperformed the market over the past one month till 21 June 2016, advancing 25.18% compared with Sensex's 5.97% rise. The scrip had also outperformed the market in past one quarter, surging 33.24% as against Sensex's 6.04% rise.

The small-cap company has equity capital of Rs 5.25 crore. Face value per share is Rs 10.

Shares of Kesar Terminals & Infrastructure had rallied 12.97% to settle at Rs 512.85 yesterday, 21 June 2016, after the company announced after market hours on 20 June 2016 that its board of directors will meet on 24 June 2016, to consider issue of bonus shares.

On consolidated basis, Kesar Terminals & Infrastructure's net profit rose 66.4% to Rs 4.21 crore on 4.1% growth in net sales to Rs 11.02 crore in Q4 March 2016 over Q4 March 2015.

Kesar Terminals is a diversified company with interests in manufacture of sugar, alcohol, production of hybrid seeds and in the service sector.

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Kwality gains after announcing funds raising plans

Jun 22 2016 11:54AM

On BSE, so far 63,317 shares were traded in the counter as against average daily volume of 1.94 lakh shares in the past one quarter. The stock hit a high of Rs 111.70 and a low of Rs 109.90 so far during the day. The stock had hit a 52-week high of Rs 153.70 on 28 December 2015. The stock had hit a 52-week low of Rs 47.05 on 22 June 2015. The stock had underperformed the market over the past one month till 21 June 2016, falling 3.47% compared with the Sensex's 5.97% rise. The scrip had also underperformed the market in past one quarter, declining 4.65% as against Sensex's 6.04% rise.

The mid-cap company has equity capital of Rs 23.43 crore. Face value per share is Rs 1.

Kwality's net profit fell 2.3% to Rs 33.35 crore on 5.9% growth in net sales to Rs 1439 crore in Q4 March 2016 over Q4 March 2015.

Kwality is a premier dairy foods providing company.

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Sharon Bio-Medicine spurts on business expansion plans

Jun 22 2016 11:53AM

On BSE, so far 2.49 lakh shares were traded in the counter as against average daily volume of 1.23 lakh shares in the past one quarter. The stock hit a low of Rs 9.98 so far during the day. The stock had hit a 52-week high of Rs 32.55 on 16 December 2015. The stock had hit a 52-week low of Rs 8.40 on 2 June 2016. The stock had underperformed the market over the past one month till 20 June 2016, sliding 13.64% compared with Sensex's 5.97% rise. The scrip had also underperformed the market in past one quarter, declining 17.88% as against Sensex's 6.04% rise.

The small-cap company has equity capital of Rs 23.79 crore. Face value per share is Rs 2.

Sharon Bio-Medicine's board of directors at its meeting held yesterday, 21 June 2016, discussed the current financial position of the company and decided to introduce more profitable products, increase capacity utilization and get the business to move in the regulated markets specifically the United States of America.

On consolidated basis, Sharon Bio-Medicine reported net loss of Rs 153.73 crore in Q3 March 2016, higher than net loss of Rs 56.43 crore in Q3 March 2015. Net sales declined 72.6% to Rs 35.77 crore in Q3 March 2016 over Q3 March 2015.

Sharon Bio-Medicine is engaged in manufacture of intermediates, active pharmaceutical ingredients (API) and finished dosage forms.

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Biocon, Quark announce initiation of pivotal phase II/III Study of QPI-1007 in Rare Eye Disease in India

Jun 23 2016 11:51AM

Biocon and Quark Pharmaceuticals announced the randomization of the first patient in India in the pivotal global phase II/ III study of QPI-1007, a novel siRNA (small interfering RNA) drug candidate for ocular neuroprotection.

Biocon and its partner, Quark Pharmaceuticals, have received approval from the Drug Controller General of India to proceed with the study, the first ever clinical trial of a siRNA therapy in India.

Biocon and Quark Pharma had entered into a licensing and collaboration agreement in 2013 to co-develop, manufacture and commercialise QPI-1007 in India and other key markets.

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Biocon, Quark announce initiation of pivotal phase II/III Study of QPI-1007 in Rare Eye Disease in India

Jun 23 2016 11:47AM

Biocon and Quark Pharmaceuticals announced the randomization of the first patient in India in the pivotal global phase II/ III study of QPI-1007, a novel siRNA (small interfering RNA) drug candidate for ocular neuroprotection.

Biocon and its partner, Quark Pharmaceuticals, have received approval from the Drug Controller General of India to proceed with the study, the first ever clinical trial of a siRNA therapy in India.

Biocon and Quark Pharma had entered into a licensing and collaboration agreement in 2013 to co-develop, manufacture and commercialise QPI-1007 in India and other key markets.

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Reliance Power provides update on subsidiary - Jharkhand Integrated Power

Jun 23 2016 11:46AM

A show cause notice dated 21 June 2016 has been issued by the Ministry of Coal with regard to the Kerendari B&C coal block allocated to Jharkhand Integrated Power, a wholly owned subsidiary of Reliance Power, for the Tilaiya Ultra Mega Power Project (UMPP). The same has not been received by Reliance Power till now.

Reliance Power terminated the PPA for Talaiya UMPP entered into with 18 procurers, vide notice dated 28 April 2016. The PPA termination was due to prolonged delay in fulfilment of the procurers' development period obligation in respect of land for power plant and coal mine for more than 5 and half years.

The Company will submit a detailed response to the new show cause notice to Ministry of Coal in due course.

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Outcome of board meeting of Mangalam Seeds

Jun 23 2016 11:46AM

Mangalam Seeds announced that the Board of Directors of the Company at its meeting held on 22 June 2016 at 04:00 P.M. have passed the following resolutions:

1. Allotment of 11,88,000 Equity Shares at the face value of Rs. 10/- each at an issue price of Rs. 72/- each (including premium of Rs. 62/- each) on preferential basis to Promoters and Non- Promoters pursuant to the approval of members of the Company in General Meeting and in-principle approval from the Stock Exchange.

2. Appointment of Monika Bhatia, Practising Company Secretary as the Secretarial Auditor for the F.Y. 2015-16.

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Outcome of board meeting of Transoceanic Properties

Jun 22 2016 5:39PM

Transoceanic Properties announced that the Board of Directors of the Company at its meeting held on 22 June 2016, inter alia, have approved the following:

1. Appointment of Shikha Shah as Company Secretary and Chief Financial Officer (CFO) of the Company with effect from 22 June 2016 in accordance with the provisions of law.

2. Resignation of Balraj Kaur Harbhajan Khurana - an Additional Director in category of Independent Director and Women Director of the Company with effect from close of the business hours on 22 June 2016 due to professional preoccupation.

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BASF to acquier surface treatment provider Chemetall

Jun 22 2016 11:59AM

BASF India announced that its parent company, BASF SE, Germany has signed an agreement to acquire Albermarle's global surface treatment of Chemetall for a purchase price of $3.2 billion. The said transaction is subject to approval by the relevant authorities and is expected to close by the end of 2016.

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Central Bank of India appoints director

Jun 22 2016 11:58AM

Central Bank of India announced that Government of India, Ministry of Finance has, vide Notification dated 21 June 2016, nominated N. Nityananda as Part-time Non-official Director under Chartered Accountant Category on the Board of our Bank for a period of three years from the date of said Notification of his appointment or until further orders, whichever is earlier.

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Siemens wins order worth Rs 83 crore

Jun 22 2016 11:58AM

Siemens has won an order worth approximately Rs. 83 crore from Indian Railways' Diesel Locomotive Works (DLW), Varanasi. The order is to design, supply and install 40 Alternating Current (AC) Traction Systems for dual-cab high horsepower diesel engine locomotives. The AC Traction Systems will be produced at Nashik Factory of Siemens.

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0.01% Div announced by IDFC Mutual Fund

Jun 24 2016 5:39PM

IDFC Mutual Fund has announced 0.01 per cent dividend under dividend payout option of scheme named as “IDFC Ultra Short Term Fund” on the face value of Rs 10 per unit. The record date for the dividend was June 21. The latest NAV of the scheme is Rs 10.04. The investment objective of the open ended debt short term scheme is to offer an investment avenue for short term savings by looking to generate stable returns with low risk strategy by investing in good quality debt and money market instruments such that the fund will offer a blend of liquidity with stability of returns. The performance of the scheme was benchmarked against Crisil Liquid Fund Index. Anurag Mittal is the fund manager of the scheme.

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ICICI Prudential Mutual Fund announces 0.01 % Dividend

Jun 24 2016 5:38PM

ICICI Prudential Mutual Fund has announced 0.01 per cent dividend under dividend payout option of scheme named as “ICICI Prudential Money Market Fund - Retail Plan” on the face value of Rs 100 per unit. The record date for the dividend was June 21. The latest NAV of the scheme is Rs 100.11. The investment objective of the open ended liquid fund scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through investments made in money market securities. The performance of the scheme was benchmarked against Crisil Liquid Fund Index. Aditya Pagaria is the fund manager of the scheme.

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Kotak Balance Fund Announces Dividend

Jun 22 2016 12:01PM

Kotak Mutual Fund has announced 27 June 2016 as the record date for declaration of dividend under the dividend option of Kotak Balance Fund, an open ended balanced scheme. The amount of dividend on the face value of Rs 10 per unit will be:

Regular Plan-Dividend Option: Re 0.08 per unit.

Direct Plan - Dividend Option: Re 0.08 per unit.

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UTI Dual Advantage Fixed Term Fund Series III – II (1278 Days) Floats On

Jun 21 2016 2:00PM

UTI Mutual Fund has launched a new fund named as UTI Dual Advantage Fixed Term Fund Series III – II (1278 Days), a close ended hybrid scheme. The duration of the scheme is 1278 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 21 June to 05 July 2016.

The investment objective of the Scheme is to generate income and reduce interest rate volatility by investing in fixed income securities that are maturing on or before the date of maturity of the Scheme and generate capital appreciation by investing in equity and equity related instruments.

The scheme offers growth and dividend (payout) options under both regular plan and direct plan.

The scheme would invest 65%-95% of assets in debt instruments with low to medium risk profile, invest upto 30% of assets in money market instrument with low risk profile and invest 5%-35% of assets in equity & equity related instruments with medium to high risk profile.

The minimum application amount is Rs 5000 and in multiples of Re 1 thereafter under all the options.

The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

Entry and exit load charge will be nil for the scheme.

Benchmark Index for the scheme is CRISIL MIP Blended Fund Index.

The fund managers of the scheme are Sunil Patil (debt portfolio) and V. Srivasta (equity portfolio).

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Baroda Pioneer MF Announces Dividend under its schemes

Jun 20 2016 2:02PM

Baroda Pioneer Mutual Fund has announced 24 June 2016 as the record date for declaration of dividend in the following schemes. The proposed dividend on the face value of Rs 10 per unit (except for Baroda Pioneer Treasury Advantage Fund, which has a face value of Rs 1000 per unit) will be:

Baroda Pioneer Monthly Income Plan (MIP) Fund-Plan A & Plan B (Direct)-Quarterly Dividend Option: Rs 0.20 per unit each.

Baroda Pioneer Treasury Advantage Fund-Quarterly Dividend Option- Plan A & Plan B (Direct)-Quarterly Dividend Option: Rs 20 per unit each.

Baroda Pioneer Credit Opportunities Fund- Plan A & Plan B (Direct)-Quarterly Dividend Option: Rs 0.21 per unit each.

Baroda Pioneer Dynamic Bond Fund- Plan A & Plan B (Direct)-Dividend Option: Rs 1.00 per unit each.

Baroda Pioneer Gilt Fund – Plan A – Dividend Option: Rs 1.20 per unit.

Baroda Pioneer Income Fund- Plan A & Plan B (Direct)-Dividend Option: Rs 1.40 per unit each.

Baroda Pioneer Growth Fund - Plan A & Plan B (Direct)-Dividend Option: Rs 2.80 per unit each.

Baroda Pioneer Balance Fund- Plan A & Plan B (Direct)-Dividend Option: Rs 0.50 per unit each.

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Sundaram Fixed Term Plan – HM Floats On

Jun 20 2016 2:01PM

Sundaram Mutual Fund has launched a new fund named as Sundaram Fixed Term Plan – HM, a close ended income scheme with the duration of 1100 days from the date of allotment of units. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 20 June and closes on 23 June 2016.

The objective of the Scheme would be to generate income by investing in debt and money market securities, which mature on or before the maturity of the scheme.

The scheme offers growth and dividend payout (quarterly & half yearly) options.

The scheme will allocate upto 30% of assets in money market instruments and invest 70%-100% of assets in short-term and medium term debt instruments with low to medium risk profile.

The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.

The fund seeks to collect a minimum subscription amount of Rs 20 crore under the scheme during the NFO period.

The scheme is proposed to be listed on NSE.

Entry load: Nil

Exit load: Not applicable.

The scheme's performance will be benchmarked against Crisil Short Term Bond Fund Index.

The scheme will be managed by Sandeep Agarwal.

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ICICI Prudential Fixed Maturity Plan – Series 79 – 1140 Days Plan D Floats On

Jun 17 2016 1:45PM

ICICI Prudential Mutual Fund has launched a new fund named as ICICI Prudential Fixed Maturity Plan – Series 79 – 1140 Days Plan D, a close ended debt scheme. The tenure of the scheme is 1140 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue opens for subscription from 17 June to 28 June 2016.

The investment objective of the scheme is to seek to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the scheme.

Presently, two options are available under the scheme viz. cumulative and dividend with only dividend payout option.

The scheme will invest 80%-100% of its assets in debt instruments including government securities and invest upto 20% of assets in money market instruments with low to medium risk profile. The scheme will not have any exposure to derivatives and if a scheme decides to invest in securitized debt (Single loan and / or Pool loan Securitized debt), it could be upto 25% of the corpus of the Plan.

The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.

The fund seeks to collect a minimum subscription amount of Rs 20 crore under the scheme during the NFO period.

The scheme is proposed to be listed on NSE.

Entry load and exit load charge are not applicable for the scheme.

Benchmark Index for the scheme is CRISIL Composite Bond Fund Index.

The fund managers of the scheme are Rahul Goswami and Rohan Maru.

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Peerless MF Announces Dividend under its schemes

Jun 14 2016 1:04PM

Peerless Mutual Fund has announced 19 June 2016 as the record date for declaration of dividend on the face value of Rs 10 per unit under the quarterly dividend option of following schemes. The amount of dividend (Rs per unit) will be:

Peerless Short Term Fund:

Regular Plan: 0.2180

Direct Plan: 0.2246

Peerless Income Plus Fund:

Regular Plan: 0.2507

Direct Plan: 0.2661

Peerless Equity Fund:

Regular Plan: 0.4000

Direct Plan: 0.5000

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Nickel nodesives after Brexit vote

Jun 24 2016 5:37PM

Nickel futures plunged over 2 per cent in the domestic market during noon trade on Friday as investors shunned risky assets after Britain chose at a referendum to opt of the EU, an event which may damage global growth, causing havoc in financial markets worldwide.

The results of Thursday’s EU referendum showed that 51.9 per cent of Brits voted for their country to exit the EU while 48.1 per cent backed the ‘remain’ campaign.

Global central banks, leading economists have warned over the adverse consequences of Brexit on global growth, making investors extremely nervy while the dollar’s rise in the aftermath of Brexit could also weaken demand for dollar-denominated metal commodities.

At the MCX, Nickel futures for June 2016 contract is trading at Rs 605.20 per kg, down by 2.15 per cent, after opening at Rs 613, against a previous close of Rs 618.50. It touched the intra-day low of Rs 597.20

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Lead in reverse gear on cloudy outlook

Jun 24 2016 5:36PM

Lead futures tumbled more than over 1 per cent during evening trade in the domestic market on Friday as investors and speculators exited positions in the industrial metal after Britain’s shocking decision to leave the European Union (EU) clouded the outlook for the global economy, throwing global currencies, stocks and commodities in a tizzy.

The final vote showed that 51.9 per cent of Brits voted for their country to exit the EU while 48.1 per cent backed the ‘remain’ campaign.

Global central banks, leading economists have warned over the adverse consequences of Brexit on global growth, making investors extremely nervy while the dollar’s rise in the aftermath of Brexit could also weaken demand for dollar-denominated metal commodities.

At the MCX Lead futures for June 2016 contract is trading at Rs 115.15 per barrel, down by 1.12 per cent opening at Rs 116, against the previous closing price of Rs 116.45. It touched the intra-day low of Rs 114.35

 

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Copper falls over 1% on Brexit Vote

Jun 24 2016 1:05PM

Copper futures were trading lower during the noon trade in the domestic market on Friday due to fall in demand at the domestic spot market tracking weakness globally after the UK’s unexpected vote to leave the EU heightened investor risk aversion.

Copper prices dropped at futures trade mainly as investors turned to safe haven assets, curbing risk taking appetite.

At the MCX, Copper futures for June 2016 contract is trading at Rs 315.40 per kg, down by 1.87 per cent, after opening at Rs 319.10, against a previous close of Rs 321.40. It touched the intra-day low of Rs 313.15

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Gold Bulls shine as Britain opts to leave EU

Jun 24 2016 1:04PM

 Gold traders cheered Britain’s historic decision to leave the European Union as the precious metal benefited by massive safe haven appeal amidst heightened political and economic uncertainty on Brexit.

In the domestic market, gold futures soared by over 5.5 per cent on Friday while the yellow metal rose the most since the global financial market meltdown of 2008 overseas after 51.9 per cent of Brits voted for ‘leave’, overpowering the 48.1 per cent that were campaigning for Britain to stay in the EU.

Brexit roiled global stocks, commodities and currencies, prompting investors to seek shelter in the safety of the bullion as fears rose over the impact of Brexit on the global economy with central banks warning of heightened volatility rocking financial markets.

At the MCX, Gold futures for August 2016 contract were trading at Rs 31,585, per 10 gram, up by 5.59 per cent after opening at Rs 30,020, against the previous closing price of Rs 29,914. It touched the intra-day high of Rs 31,925.

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Gold in reverse gear as EU referendum results eyed

Jun 23 2016 5:46PM

Gold futures fell during evening trade in the domestic market on Thursday as investors and speculators braced for the outcome of the EU referendum which is already underway in Britain.

The results to be unveiled on Friday will show whether Brits have opted to keep their country in the trade block or exit the European Union.

While opinion polls remained split over the outcome of the Brexit vote with three of the four polls last night showing two percentage points or less separating the two camps, odds published by bookmakers indicate a ‘remain’ win with nearly one-in-four chance of Britain leaving the EU. A win for ‘remain’ may curb safe haven appeal for gold.

At the MCX, Gold futures for August 2016 contract were trading at Rs 29,881, per 10 gram, down by 0.80 per cent after opening at Rs 30,077, against the previous closing price of Rs 30,122. It touched the intra-day low of Rs 29,852

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Silver futures falls; eyes EU referendum outcome

Jun 23 2016 5:45PM

Silver futures fell during evening trade in the domestic market on Thursday as investors and speculators braced for the outcome of the EU referendum which is already underway in Britain.

The results to be unveiled on Friday which will show whether Brits have opted to keep their country in the trade block or exit the European Union.

While opinion polls remained split over the outcome of the Brexit vote with three of the four polls last night showing two percentage points or less separating the two camps, odds published by bookmakers indicate a ‘remain’ win with nearly one-in-four chance of Britain leaving the EU. A win for ‘remain’ may curb safe haven appeal for gold.

At the MCX, Silver futures for July 2016 contract were trading at Rs 41,185, per 10 gram, down by 0.02 per cent after opening at Rs 41,105, against the previous closing price of Rs 41193. It touched the intra-day low of Rs 40,911


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Enough sugar to meet domestic requirement: Min

Jun 22 2016 5:37PM

There is more than enough sugar in the country to meet the domestic requirement, according to a statement released by the ministry of consumer affairs, food & public distribution.

Even in coming sugar season 2016-17, there would be no shortage of domestically produced sugar in India, the ministry said in a statement on Wednesday.

During the current Sugar Season 2015-16, India had started with a carryover stock of 9 million MT of sugar. The production of sugar has been estimated at about 25.1 million MT in the current sugar season while demand about 25.5 million MT.

Exports being low, the stock position at the close of the current sugar season (Sept. 2016) will stand at 7 million MT which will be carried forward for the next sugar season 2016-17

Thus with the closing stock of about 7-7.5 million tonnes, and the estimated production of about 23 - 24 million tonnes, during 2016-17, the total availability of sugar during 2016-17 season will be over 31 million tonnes, against the domestic demand of about 26 million tonnes, the ministry notified.

Among others, the government has taken necessary steps to maintain sufficient stocks in the country. It has imposed 20 per cent duty on export of sugar and has empowered state governments to impose stockholding limits on traders to ensure availability of sugar at reasonable prices.

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Oil soars on US inventory drop

Jun 22 2016 5:35PM

Crude oil futures surged handsomely during evening trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity as a bigger than expected drop in US crude stockpiles last week eased concerns over a global supply glut. The industry-funded American Petroleum Institute (API) late Tuesday said that US crude oil stockpiles fell by 5.2 million barrels last week. The Energy Department on Wednesday will announce separate US inventory figures for last week. Traders are also eying the outcome of Thursday’s UK referendum on EU membership which may offer some clues over energy demand.

At the MCX, Crude oil futures for July 2016 contract were trading at Rs. 3,389 per barrel, up by 1.07 per cent, after opening at Rs. 3,370, against the previous closing price of Rs. 3,353. It touched the intra-day high of Rs. 3,425

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Post Session: Black Friday for D-St; Sensex plunges 600 pts as Brexit spooks markets

Jun 24 2016 5:34PM

The Indian benchmark indices ended bleeding in red on Friday as jitters of Britain voting to leave the European Union rocked global financial markets, pushing currencies, stocks and commodities in a free fall. Following the announcement of results from the Brexit referendum, the pound reported its biggest ever drop and also pushed Asian markets deep in the red. The Indian rupee, too, succumbed to a massive sell-off posting its biggest intraday fall since August 2015, falling past the 68-mark per dollar, forcing the Reserve Bank of India (RBI) to intervene and sell dollars to curb the volatility, according to media reports.

The BSE SENSEX closed at 26397.71, down by 604.51 points, or by 2.24 per cent, and the NSE Nifty ended at 8088.6, down by 181.85 points, or by 2.2 per cent.

In the highly bearish trade, the BSE Sensex touched intraday high of 26435.85 and intraday low of 25911.33, while the NSE Nifty touched intraday high of 8100.7 and intraday low of 7927.05.  

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 449.00,-7.99%), Tata Steel Ltd. (Rs. 312.50,-6.37%), Larsen & Toubro Ltd. (Rs. 1433.60,-4.26%), ICICI Bank Ltd. (Rs. 231.05,-4.07%), Oil And Natural Gas Corporation Ltd. (Rs. 209.55,-3.79%), among others.

Meanwhile, Bajaj Auto Ltd. (Rs. 2679.00,+1.05%), Asian Paints Ltd. (Rs. 988.70,+0.48%), GAIL (India) Ltd. (Rs. 376.65,+0.33%), Sun Pharmaceutical Industries Ltd. (Rs. 753.75,+0.27%), Mahindra & Mahindra Ltd. (Rs. 1377.00,+0.19%), were among top gainers on BSE.

On the sectoral front, all the thirteen indices ended in red, while realty and metal stocks emerged as top lossers, falling as much as 3.74 per cent and 3.59 per cent respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2838, shares advanced were 754 while 1910 shares declined and 174 were unchanged.

On the global front, most of the Asian stocks ended bleeding in red with Japan’s Nikkei 225 declined over 7 per cent, while China’s Shanghai Composite and Hang Seng fell between 1-3 per cent after Britain vote to leave the European Union.

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LME Inventory

Oct 21 2014 1:52PM

       COPPER: -100

       ZINC: -1650

       LEAD: 0

       NICKLE: +630

       ALUMINIUM: -1015

LME Cancelled Warrants

       COPPER: -[0.05]

       ZINC: -[0.18]

       LEAD: -[]

       NICKLE: -[0.08]