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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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Central Bank of India tumbles after reverse turnaround in Q3

Feb 10 2016 5:06PM

On BSE, so far 2.53 lakh shares were traded in the counter, compared with an average volume of 54,224 shares in the past one quarter. The stock hit a low of Rs 53.75 in intraday trade so far, which is 52-week low for the counter. The stock hit a high of Rs 57.80 so far during the day. The stock hit a 52-week high of Rs 121 on 24 February 2015. The stock had underperformed the market over the past one month till 9 February 2016, falling 8.78% compared with 3.66% decline in the Sensex. The scrip also underperformed the market in past one quarter, declining 8.3% as against Sensex's 8.04% decline.

The large-cap PSU bank has an equity capital of Rs 1658.27 crore. Face value per share is Rs 10.

Central Bank of India's total income fell 1.7% to Rs 6911.62 crore in Q3 December 2015 over Q3 December 2014.

The bank's provisions and contingencies jumped 114.46% to Rs 1499.05 crore in Q3 December 2015 over Q3 December 2014. Provision coverage ratio as at 31 December 2015 stood at 52.95%. The Reserve Bank of India (RBI) has recently advised the banks to review certain borrowal accounts and their classification over the two quarters ending 31 December 2015 and 31 March 2016. The bank made an additional provision of Rs 490.64 crore in Q3 December 2015 in certain accounts.

On absolute basis, the bank's gross non-performing assets (NPAs) stood at Rs 17563.83 crore as on 31 December 2015 as against Rs 13358.15 crore as on 30 September 2015 and Rs 11792.50 crore as on 31 December 2014. The bank's ratio of gross NPAs to gross advances stood at 8.95% as on 31 December 2015 as against 6.86% as on 30 September 2015 and 6.2% as on 31 December 2014. The ratio of net NPAs to net advances stood at 5.3% as on 31 December 2015 as against 3.83% as on 30 September 2015 and 3.58% as on 31 December 2014.

As per the shareholding pattern of the bank, the government of India held 81.46% in the bank as on 31 December 2015.

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Indian Overseas Bank declines as net loss widens in Q3

Feb 10 2016 5:05PM

Huge volumes were witnessed on the counter. On BSE, so far 8.8 lakh shares were traded in the counter, compared with an average volume of 1.3 lakh shares in the past one quarter. The stock hit a high of Rs 24.60 so far during the day. The stock hit a low of Rs 22.40 so far during the day, also a 52-week low for the stock. The stock hit a 52-week high of Rs 51.40 on 4 March 2015.

The mid-cap bank has an equity capital of Rs 1720.97 crore. Face value per share is Rs 10.

Indian Overseas Bank said that increase in provisions for domestic and overseas advances, including provisions made for asset quality review as per Reserve Bank of India (RBI) directions resulted in the bank reporting a massive net loss of Rs 1425.06 crore in Q3 December 2015.

Indian Overseas Bank's total income fell 3.03% to Rs 6445.78 crore in Q3 December 2015 over Q3 December 2014. The bank's provisions and contingencies rose 60.27% to Rs 1896.06 crore in Q3 December 2015 over Q3 December 2014. On absolute basis, Indian Overseas Bank's gross non-performing assets (NPAs) stood at Rs 22672.40 crore as on 31 December 2015, compared with Rs 19423.75 crore as on 30 September 2015 and Rs 14500.51 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 12.64% as on 31 December 2015 as against 11% as on 30 September 2015 and 8.12% as on 31 December 2014. The ratio of net NPAs to net advances stood at 8.32% as on 31 December 2015 as against 7.41% as on 30 September 2015 and 5.52% as on 31 December 2014.

Government of India holds 81.19% stake in Indian Overseas Bank (as on 31 December 2015).

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Broad market depicts weakness

Feb 10 2016 5:03PM

At 15:05 IST, the BSE Mid-Cap index fell 0.92%. The fall in this index was lower than Sensex's decline in percentage terms. The Small-Cap index dropped 1.43%. The fall in this index was higher than Sensex's decline in percentage terms.

Top losers in the S&P BSE Mid-Cap index were Allahabad Bank (down 9.61%), Oriental Bank of Commerce (down 7.5%), ABB India (down 7.04%), Bank of India (down 6.19%) and Union Bank of India (down 4.57%).

Top losers in the S&P BSE Small-Cap index were SRS Real Infrastructure (down 19.15%), Ashiana Housing (down 15.41%), Hinduja Global Solutions (down 13.83%), Visagar Polytex (down 9.97%) and Eros International Media (down 9.89%)

The BSE Mid-Cap index had underperformed the market over the past one month till 9 February 2016, falling 7.99% compared with 3.66% decline in the Sensex. The index, however, outperformed the market in past one quarter, declining 6.97% as against Sensex's 8.04% decline.

The BSE Small-Cap index had underperformed the market over the past one month till 9 February 2016, falling 10.52% compared with 3.66% decline in the Sensex. The index, however, outperformed the market in past one quarter, declining 6.4% as against Sensex's 8.04% decline.

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Indian Telcos May Skip Expensive 700MHz Spectrum

Feb 1 2016 2:19PM


India's telecom regulator recommended a reserve price yesterday of INR115bn (USD1.7bn) per MHz for pan-India 700MHz spectrum. Fitch Ratings believes that efficiency gains from deploying 4G services on 700MHz will be insufficient to offset the relatively high price.

The reserve price is about 2.0x, 3.4x and 4.0x of the recommended reserve price for 800MHz, 900MHz and 1800MHz spectrum, respectively. As such, the price for 700MHz spectrum could exert further pressure on participating telcos' balance sheets and cash flow, and limit their ability to invest in capex over the medium term.

The top four telcos - Bharti Airtel (Bharti, BBB-/Stable), Vodafone, Idea Cellular and Reliance Communications (Rcom, BB-/Stable) - may hesitate to bid for 700MHz spectrum, given their stretched balance sheets and need to preserve cash in light of impending competition from the entry of Reliance Jio (part of Reliance Industries (BBB-/Stable)) in March-April 2016. The FFO-adjusted net leverage of these telcos ranges from 2.0x (Bharti) to 5.0x (Rcom).

Consequently, the 700MHz spectrum auction planned in 2H16 may not be attractive to telcos, given limited device availability and that telcos possess alternative spectrum (850MHz/1800MHz/2300MHz) to roll out 4G services. For example, market leader Bharti owns about 40% of the private telcos' 900MHz, and will offer 4G services in 1800MHz and 2300MHz. Reliance Jio, after having invested about USD15bn on spectrum and networks, has access to the pan-India 800MHz/850MHz spectrum.

In March 2015, the telcos committed the largest-ever investment of USD17.7bn, mainly due to the necessity to retain their expiring spectrum to avoid network disruption. The auction saw aggressive bidding as spectrum offered was limited. We believe that there are far fewer reasons for telcos to invest as much in the 700MHz auction.

Furthermore, the regulator's approval in September 2015 to allow spectrum sharing and trading will allow telcos to buy or share spectrum among themselves, and could make bidding in spectrum auctions unattractive. The industry is consolidating gradually into six major participants. During 2015, Rcom announced its equity-merger with Sistema JSFC's (BB-/Stable) Indian unit, MTS India, and has further plans to merge its wireless unit into Maxis Berhard's Indian unit, Aircel.

Fitch believes that smaller and weaker telcos will further seek M&A or exit the industry, in light of the high spectrum prices and stretched balance sheets. Videocon India, one of the smaller firms which is struggling, has agreed to sell its 4G spectrum assets to the third-largest telco, Idea Cellular.

Fitch has a negative outlook on Indian telcos for 2016. We expect competition to intensify upon Jio's entry in the market, as it is likely to provide cheaper and faster data-focussed tariff plans armed with sufficient spectrum and access to funds. Blended monthly average revenue per user could fall by 5%-6% to around INR160 (2015: INR170) due to a decline in data tariffs, which will more than offset the rise in data usage. The top-four telcos' average operating EBITDAR margin will narrow by 100bp-200bp (2015: 35%) due to competition and greater marketing spend.

The telecom regulator's recommendations on the reserve price of a spectrum are subject to approval by government.

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Indian manufacturing sector returns to growth at start of 2016: Nikkei India Manufacturing PMI

Feb 1 2016 2:10PM


January saw the Indian manufacturing sector climb back into expansion territory, as the industry recovered following the contraction seen at the end of last year. Alongside a resumption of output at some firms impacted by December's flooding, manufacturers also benefited from rising inflows of new business from domestic and export clients.

At 51.1 in January, up from 49.1 in December, the seasonally adjusted Nikkei India Manufacturing Purchasing Managers' IndexTM (PMI) TM - a composite single-figure indicator of manufacturing performance - moved back above the 50.0 mark. Although the rate of expansion was only moderate, it was the sharpest signalled for four months.

Levels of production and total new business also registered mild increases following contractions in the prior survey month. The consumer goods sub-sector remained the principal growth engine at the start of the year, seeing substantial expansions of both output and new orders. In contrast, producers of investment goods saw output and new orders fall, while production volumes stagnated in the intermediate goods category.

The trend in new export order inflows strengthened during January, amid reports from companies of improved sales demand. The level of incoming new export business has now risen in each of the past 28 months.

January saw further mild job creation in the Indian manufacturing sector, with headcounts added to across the consumer, intermediate and investment goods categories. Where an expansion of payroll numbers was reported, this was generally linked to rising production requirements.

The latest data suggested, however, that January's increase in employment was insufficient to reduce the pressure on manufacturers' capacity.

This was highlighted by a further accumulation of backlogs of work at factories, the third in as many months. Moreover, the rate of increase accelerated to its highest since March 2015.

Price pressures remained on the upside at the start of 2016, with input costs and output charges both rising during January. Companies indicated that higher demand for raw materials had led to a number of cost increases. However, the rate of input cost inflation eased slightly and stayed below the long-run survey average.

Factory gate prices rose for the fourth successive month in January, with the rate of increase ticking up to a 14-month high. Survey respondents reported that charges had been raised in order to pass on part of the increase in purchasing costs.

January saw a modest increase in stocks of purchases, mainly the result of a further rise in the level of input buying activity. In contrast, inventories of finished products fell again.

Commenting on the Indian Manufacturing PMI survey data, Pollyanna De Lima, Economist at Markit and author of the report, said: "The opening month of 2016 saw a rebound in new business - from both domestic and external clients - leading manufacturers in India to scale up output following a short-lived downturn recorded in December. Whereas the trends in the growth rates are relatively weak in comparison with the long-run series averages, January's PMI data paint a brighter picture of the Indian economy.

"Although the RBI is likely to continue its monetary policy loosening cycle in 2016, February's meeting will probably see the repo rate remain unchanged at 6.75% as the central bank will remain wary of inflationary pressures building in the country."

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HDFC Bank gains after good Q3 numbers

Jan 25 2016 4:35PM

On BSE, so far 1.01 lakh shares were traded in the counter, compared with an average volume of 87,812 shares in the past one quarter. The stock hit a high of Rs 1,046.80 and a low of Rs 1,033.25 so far during the day. The stock hit a record high of Rs 1,127.90 on 21 July 2015. The stock hit a 52-week low of Rs 944.70 on 7 May 2015. The stock had outperformed the market over the past one month till 22 January 2016, falling 3.25% compared with 4.51% decline in the Sensex. The scrip had also outperformed the market in past one quarter, sliding 5.89% as against Sensex's 10.45% fall.

The large-cap private sector bank has an equity capital of Rs 505.02 crore. Face value per share is Rs 2.

HDFC Bank is one of the leading private sector banks in India.

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Blue Star gains after launching new range of airconditioners

Jan 25 2016 4:34PM

On BSE, so far 1,207 shares were traded in the counter as against average daily volume of 11,073 shares in the past one quarter. The stock hit a high of Rs 357.95 and a low of Rs 349 so far during the day. The stock had hit a 52-week high of Rs 398 on 24 December 2015. The stock had hit a 52-week low of Rs 274 on 18 March 2015. The stock had underperformed the market over the past one month till 22 January 2016, sliding 6.01% compared with Sensex's 4.51% fall. The scrip had, however, outperformed the market in past one quarter, declining 1.1% as against Sensex's 10.45% fall.

The mid-cap company has equity capital of Rs 17.99 crore. Face value per share is Rs 2.

Blue Star has announced the launch of a stylish range of airconditioners comprising a wide array of highly energy-efficient as well as eco-friendly split airconditioners for the residential and commercial segments.

Blue Star's new line-up of room airconditioners consists of over 135 models. The company plans to invest over Rs 30 crore on new product development as well as its research and design initiatives in the financial year ending 31 March 2017 (FY 2017) in order to continue its endeavour to develop customised, modern and sophisticated products which can compete with the best in the world, the company said in a statement.

Blue Star currently assumes a market share of 10% in terms of value in the room airconditioners market and aims to gain a market share of 12% in FY 2017, in terms of value, the company said in a statement.

Blue Star reported a net loss of Rs 5.79 crore in Q2 September 2015 compared with net profit of Rs 9.05 crore in Q2 September 2014. Net sales rose 12.4% to Rs 710.46 crore in Q2 September 2015 over Q2 September 2014.

Blue Star is India's leading central airconditioning company. The company fulfils the airconditioning needs of a large number of corporate, commercial and residential customers and has also established leadership in the field of commercial refrigeration.

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HDFC Bank retains positive zone after announcing Q3 results

Jan 25 2016 4:34PM

On BSE, so far 1.12 lakh shares were traded in the counter, compared with an average volume of 87,812 shares in the past one quarter. The stock rose 1.60% at the day's high of Rs 1046.80 so far during the day. The stock rose 0.29% at the day's low of Rs 1033.25 so far during the day. The stock hit a record high of Rs 1,127.90 on 21 July 2015. The stock hit a 52-week low of Rs 944.70 on 7 May 2015. The stock had outperformed the market over the past one month till 22 January 2016, falling 3.25% compared with 4.51% decline in the Sensex. The scrip had also outperformed the market in past one quarter, sliding 5.89% as against Sensex's 10.45% fall.

The large-cap private sector bank has an equity capital of Rs 505.02 crore. Face value per share is Rs 2.

HDFC Bank's net profit rose 20.12% to Rs 3356.84 crore on 22.45% increase in total income to Rs 18283.31 crore in Q3 December 2015 over Q3 December 2014. Provisions and contingencies rose 16.67% to Rs 653.88 crore in Q3 December 2015 over Q3 December 2014.

The bank's gross non-performing assets (NPA) edged higher to Rs 4255.20 crore as on 31 December 2015 from Rs 3827.77 crore as on 30 September 2015 and Rs 3467.91 crore as on 31 December 2014. The bank's ratio of gross NPAs to gross advances stood at 0.97% as on 31 December 2015, compared with 0.91% as on 30 September 2015 and 0.99% as on 31 December 2014. The bank's ratio of net non-performing assets (NPAs) to net advances stood at 0.29% as on 31 December 2015, compared with 0.25% as on 30 September 2015 and 0.26% as on 31 December 2014. The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 15.9% as on 31 December 2015, compared with 15.5% as on 30 September 2015 and 15.7% as on 31 December 2014.

Total deposits as of 31 December 2015 were Rs 5.23 lakh crore, an increase of 26.5% over 31 December 2014. CASA (current and savings account) deposits saw healthy growth with current account deposits growing by 29.7% over the previous year to reach Rs 74044 crore and savings account deposits growing by 20.6% over the prevous year to reach Rs 1.35 lakh crore. Time deposits were at Rs 3.14 lakh crore, an increase of 28.5% over the previous year resulting in CASA proportion of 40% as on 31 December 2015.

HDFC Bank is one of the leading private sector banks in India.

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Shriram Transport Finance net profit rises 20 pct in Q3

Feb 1 2016 6:04PM

Shriram Transport Finance Company Limited (STFC) announced that it has posted a 20 per cent rise in net profit at Rs 375.07 crore for third quarter ended December 2015 as against a net profit of Rs 312.45 crore for third quarter ended December 2014.

The net interest income of the company rose by 24.02 per cent to Rs 1,300.24 crore for the third quarter ended December 31, 2015 as against Rs 1,048.37 crore for the third quarter ended December 31, 2014.

Moreover, the earning per share (basic) stood at Rs 16.54 for the third quarter ended December 31, 2015, up by 20.12 per cent as against Rs 13.77 for the third quarter ended December 31, 2014.

STFC's total assets under management as on December 2015 stood at Rs 66,538.35 crore during the period under review, up by 16.56 per cent as compared to Rs 57,083.52 crore of the same period a year ago.

The non-banking financial company provides finance for the commercial vehicle industry and helps small truck owners for needs related to their assets.

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Board of Coromandel Engineering Company appoints director

Jan 25 2016 4:37PM

Coromandel Engineering Company announced that the Board of Directors of the Company at its meeting held on 25 January 2016, R Surendran was appointed as an Additional (Non Executive Independent) Director in the Board of the Company with effect from 25 January 2016.

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NIIT Technologies allots equity shares

Jan 25 2016 4:35PM

NIIT Technologies announced that the ESOP Share Allotment Committee of the Company has allotted 48,125 equity shares of face value of Rs.10/- each in accordance with the terms of ESOP 2005, on 25 January 2016.

Consequent to the said allotment the paid up share capital of the Company has gone up to 61,186,524 equity shares of face value of Rs.10/- each aggregating to Rs. 611,865,240/-.

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NIIT Technologies recognised as Leader in Digital Transformation Services NEAT

Jan 21 2016 4:13PM

NIIT Technologies has been identified as a ‘Leader' in ‘Digital Transformation Services NEAT' (Digital Focus market segment) by NelsonHall, the leading global BPO and IT outsourcing firm.

Digital Services at NIIT Technologies include Digital Experience, Analytics, Cloud and Digital Integration.

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Pix Transmissions announces appointment of company secretary

Jan 21 2016 4:13PM

Pix Transmissions announced Shybu Varghese - Company Secretary of the Company has already been appointed as Compliance officer of the Company to ensure conformity with the regulatory provisions applicable to the Company and authenticity, correctness and comprehensiveness of the statement and reports and monitoring the email address of the grievance redressal division.

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Shriram City Union Finance allots equity shares

Jan 21 2016 4:12PM

Shriram City Union Finance announced that the Securities Management Committee as empowered by the Company's Board of directors in its meeting held on 20 January 2016 allotted 880 Equity Shares of Rs 35 each (including Rs 25 as premium) to two employees of the Company who exercised their options under ESOP Scheme 2006.

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Corporation Bank provides business update

Jan 21 2016 4:11PM

Corporation Bank has informed BSE that the Bank has made Annual Interest payment of Rs. 21,37,50,000/- on 19 January 2016, on its 9%, Upper Tier - I Bonds of Rs 237.50 crore, which was due for payment on 19 January 2016 to the eligible bondholders.

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GKB Ophthalmics to hold board meeting

Jan 20 2016 5:03PM

GKB Ophthalmics will hold a meeting of the Board of Directors of the Company on 8 February 2016 to consider and take on record the Unaudited Financial Results of the Company for the quarter ended December 31,2015.

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0.01% Dividend declared by Tata Mutual Fund

Feb 9 2016 1:09PM

Tata Mutual Fund has announced 0.01 per cent dividend under dividend payout option of scheme named as “Tata Money Market Fund - Regular Plan” on the face value of Rs 1000 per unit. The record date for the dividend was February 03. The latest NAV of the scheme is Rs 1001.52. The investment objective of the open ended liquid fund scheme is to create a highly liquid portfolio of money market instruments so as to provide reasonable returns & high liquidity to the unitholders. The performance of the scheme was benchmarked against Crisil Liquid Fund Index. Amit Somani is the fund manager of the scheme.

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ICICI Prudential Mutual Fund launches New Close Ended Scheme

Feb 9 2016 1:08PM

ICICI Prudential Mutual Fund has launched a new close ended debt fund scheme named “ICICI Prudential Fixed Maturity Plan - Series 78 - 1174 Days Plan H” with maturity period of 1174 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on February 08 and will close on February 11. According to the offer document filed with SEBI, the entry load is not applicable and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will be also not applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 5,000 and in multiples of Rs 10 thereafter. The options available under the plan of the scheme are Cumulative and Dividend option. The performance of the scheme will be benchmarked against CRISIL Composite Bond Fund Index. Rahul Goswami and Rohan Maru will be the fund managers of the scheme. The asset allocation of the scheme will be in such a way that the objective of the scheme to generate income will be met by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the Scheme. Hence, the scheme will allocate 80 to 100 per cent of asset in Debt Instruments including Government Securities and 0 to 20 per cent of asset in Money Market Instruments.

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Reliance Mutual Fund launches New Close Ended Scheme

Feb 1 2016 6:03PM

Reliance Mutual Fund has launched a new close ended income scheme named “Reliance Fixed Horizon Fund XXX- Series 4” with maturity period of 1160 days from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The NFO opened for subscription on January 29 and will close on February 02. According to the offer document filed with SEBI, the entry load is not applicable and since the scheme is planned to be listed on the Stock Exchange or any other exchange, the exit load charge will be also not applicable. This suggests that the investors wishing to exit may do so through the stock exchange mode. The minimum application amount is Rs 5,000 and in multiples of Rs 1 thereafter. The options available under the plan of the scheme are Growth and Dividend option. The performance of the scheme will be benchmarked against CRISIL Composite Bond Fund Index. Amit Tripathi will be the fund manager of the scheme. The asset allocation of the scheme will be in such a way that the objective of the scheme to generate returns and growth of capital will be met by investing in a diversified portfolio of securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. Hence, the scheme will allocate 80 to 100 per cent of asset in Debt Instruments including Government Securities and 0 to 20 per cent of asset in Money Market Instruments.

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Mutual Funds roll out Aadhaar number facility for investors

Feb 1 2016 6:03PM

In order to ease buying and selling of mutual fund products, fund houses have started offering the facility of investing in such products by using the Aadhaar number. The investor can invest online in mutual fund products even if the person is not compliant with Know Your Client (KYC) details, said the media report. The new service will help investors buy or sell mutual fund (MF) products in a simpler and faster way. The move comes after Sebi issued guidelines to change the existing norms for investing in mutual funds. Quantum MF is already off the block, which offers the facility of investing in mutual fund products on the basis of Aadhaar Card. Others are likely to follow suit. "We are offering the facility for investors to voluntarily use their Aadhaar card to invest online in case they have a PAN Card but are not KYC compliant," Quantum MF Chief Executive Officer Jimmy Patel said. Earlier, without a KYC verified PAN card, it was not possible for an investor to complete his investment unless all the KYC formalities are complied with. The Securities and Exchange Board of India (Sebi), last week, said that fund houses and market intermediaries can verify the credentials of their clients with the Unique Identification Authority of India (UIDAI). However, it would be on voluntary basis. The amount invested by the client should not exceed Rs 50,000 per financial year.

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Franklin India Dynamic PE Ratio Fund of Funds Announces Dividend

Jan 25 2016 4:39PM

Franklin Templeton Mutual Fund has announced 29 January 2016 as the record date for declaration of dividend under the dividend plan and direct-dividend plan of Franklin India Dynamic PE Ratio Fund of Funds. The amount of dividend (Rs per unit) on the face value of Rs 10 per unit will be:

Individuals & HUF: 0.613

Others: 0.568

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ICICI Prudential Corporate Bond Fund Announces Dividend

Jan 25 2016 4:39PM

ICICI Prudential Mutual Fund has announced 29 January 2016 as the record date for declaration of dividend under the dividend options / plans of ICICI Prudential Corporate Bond Fund. The amount of dividend (Rs per unit) on the face value of Rs 10 per unit will be:

Regular Plan – Quarterly Dividend: 0.1002

Plan B – Quarterly Dividend: 0.1061

Plan C – Quarterly Dividend: 0.1061

Direct Plan – Quarterly Dividend: 0.1279

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Axis Hybrid Fund Series 30 Floats On

Jan 25 2016 4:38PM

Axis Mutual Fund has launched a new fund named as Axis Hybrid Fund Series 30, a 1297 days close ended debt scheme. During the New Fund Offer (NFO) period, the units will be offered for Rs 10 each. The new issue is open for subscription from 12 January and closes subscription on 25 January 2016.

The primary objective is to generate income by investing in high quality fixed income securities that are maturing on or before the maturity of the scheme whilst the secondary objective is to generate capital appreciation by investing in equity and equity related instruments.

The scheme shall offer two options i.e. dividend (dividend payout facility) and growth option.

The scheme will allocate 70% to 95% of assets in debt instruments including securitized debt with low to medium risk profile, invest upto 25% of assets in money market instruments with low risk profile and it would allocate 5% to 30% of assets in equity and equity related instruments with high risk profile. Investment in securitized debt would be up to 50% of the net assets of the scheme. The scheme shall not invest in foreign securitized debt.

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

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 not applicable for the scheme.

Benchmark Index for the scheme is a combination of Crisil Composite Bond Fund Index (85%) and Nifty 50 Index (15%).

The fund managers of the scheme are Devang Shah (debt component) and Ashwin Patni (equity component).

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Kotak Equity Arbitrage Fund Announces Dividend

Jan 21 2016 4:15PM

Kotak Mutual Fund has announced 25 January 2016 as the record date for declaration of dividend under the Bimonthly dividend option of Kotak Equity Savings Fund, an open ended equity scheme. The amount of dividend on the face value of Rs 10 per unit will be:

Kotak Equity Arbitrage Fund – Regular Plan-Bimonthly Dividend Option: Re 0.2207 per unit.

Kotak Equity Arbitrage Fund – Direct Plan-Bimonthly Dividend Option: Re 0.2396 per unit.

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Crude oil drops in holiday-thinned Asian trade

Feb 11 2016 1:39PM

Crude oil prices fell by 2.69 per cent on Thursday in holiday -thinned trade with the key markets of Japan and China shut. Investors reacted to an unexpected draw in US crude inventories last week and continued speculation that a host of major global producers could cut output in order to stem the prolonged downturn in oil prices worldwide.

At the MCX, crude oil futures for February 2016 contract were trading at Rs. 1,848 per barrel, down by 2.69 per cent, after opening at Rs. 1,895 against the previous closing price of Rs. 1,899. It touched the intra-day low of Rs. 1,840 till the trading. (At 12.21 PM today).

The US Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that US commercial crude oil inventories for the week ending on February 5, decreased by 754,000 barrels from the previous week.

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Gold gains 1.30 pct after Fed chief views

Feb 11 2016 1:39PM

Gold prices rose by 1.30 per cent on Thursday on the testimony by the Fed chief that the pace of interest rate hikes would be gradual in otherwise holiday-thinned trade with markets in Japan and China shut. Federal Reserve chair Janet Yellen reiterated that current conditions in the US economy are likely to warrant gradual interest rate hikes by the US central bank in the near-term future. Gold futures for February 2016 contract, at MCX, were trading at Rs. 28,685 per 10 grams, up by 1.30 per cent after opening at Rs. 28,350 against the previous closing price of Rs. 28,317. It touched the intra-day high of Rs. 28,703 till the trading. (At 12.45 PM today).

A weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.

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Upbeat industrial demand lifts Mentha oil futures

Feb 10 2016 4:57PM

Mentha oil prices rose by 0.42 per cent on Wednesday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts.

At MCX, Mentha oil futures for February 2016 contract, at MCX, were trading at Rs. 912.60 per kg, up by 0.42 per cent after opening at Rs. 909.30 against the previous closing price of Rs. 908.80. It touched the intra-day high of Rs. 916.40 till the trading. (At 2.30 PM today).

Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh.

About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

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Remove duty on coking coal, auction ore to rescue industry

Feb 10 2016 4:56PM

Seeking Centre's intervention in rescuing iron and steel sectors, which are facing multiple problems, industry body ICC has demanded removal of 6 per cent duty on coking coal, including 2.5 per cent import duty, according to the PTI report.

It has also emphasised the need to ramp up iron ore production to meet the needs of steelmakers.

"A duty of 2.5 per cent was imposed on coking coal in 2014. This has increased the cost of steel making in India that is impacting the competitiveness of manufacturing steel products in India," Indian Chamber of Commerce (ICC) has said in a letter to Finance Minister Arun Jaitley.

Urging the finance minister to remove this import duty on coking coal in the ensuing budget, ICC said imports of coking coal had been without any duty for several years before 2014.

Also seeking removal of clean energy cess, the body said a cess of Rs 200 per tonne on coking coal equates to 3.5 per cent duty.

"Coking coal is different from thermal coal and the clean energy cess should be applicable only on thermal coal and not coking coal. Thermal coal is used for providing heat and during the process, the carbon burns and produces carbon dioxide and hence there is logic of imposing clean energy cess on thermal coal," ICC Director General Rajeev Singh said in the letter.

Singh added that coking coal is used for producing metallurgical coke and during the process no carbon is burnt and hence no carbon dioxide is produced.

"There is no substitute to coking coal as a raw material for production of metallurgical coke which is required for steel making whereas in case of thermal coal alternate sources of energy such as hydro, wind, solar etc are available," the letter said.

In a separate letter to Steel Minister Narendra Singh Tomar, ICC said the iron ore production needs to be ramped up to rated capacity of mine.

"In Odisha, against a capacity of 90 million tonnes per annum for captive mines, the annualised production rate for the current year is 50 MTPA," the letter said.

It also demanded that the entire ore production should be sold through auction to avoid hoarding saying, "The total stockpile of iron ore is approx 128 MT, out of which Odisha has a stockpile of approx 77 MT."

Demanding sale of stock through auction, the chamber has alleged the prices being quoted by mining companies are abnormally high and unviable for steelmakers.

Also demanding reduction of floor price to cost of production during e-auction of iron ore, the Chamber has stressed that there is a need to fix fair floor price as though steel prices have fallen drastically, iron ore prices have not fallen correspondingly.

Also, it urged the government to finalise a roadmap for auction of non-captive iron ore mining leases.

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Falling inventories lift Lead futures

Feb 9 2016 5:34PM


 Lead prices rose by 0.12 per cent on Tuesday at the domestic markets due to the decline in the lead stockpiles at the London Metal Exchange (LME) on account of the strong demand for the commodity.

LME lead stocks fell by 100 metric tonnes to 183625 metric tonnes as on February 9, 2016.

At the MCX, Lead futures, for the February 2016 contract, is trading at Rs 124.80 per kg, up by 0.12 per cent, after opening at Rs 124.45, against a previous close of Rs 124.65. It touched an intra-day high of Rs 126.05 till the trading. (At 3.30 PM today).

Prices also rose due to high demand from battery-makers and other consuming industries at the domestic spot market as well as a strong trend at the global market.

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Mentha oil gains 0.21 pct on limited stocks

Feb 9 2016 5:33PM

 Mentha oil prices rose by 0.21 per cent on Tuesday at the Multi Commodity Exchange (MCX) due to tight stocks position in the physical market due to restricted arrivals from producing belts. At MCX, Mentha oil futures for February 2016 contract, at MCX, were trading at Rs. 922.40 per kg, up by 0.21 per cent after opening at Rs. 918 against the previous closing price of Rs. 920.50. It touched the intra-day high of Rs. 931 till the trading. (At 2.30 PM today).

Sentiment improved further as traders engaged in creating positions on account of good demand from consuming industries and lower arrivals from Chandausi in Uttar Pradesh.

About 80 per cent of the crop in India comes from Uttar Pradesh (Rampur, Moradabad, Bareilly, Barabanki and Badaun) and the balance 20 per cent from Punjab, Himachal Pradesh and Haryana.

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Gold drops 0.19 pct on profit booking

Feb 9 2016 1:07PM

Gold prices fell by 0.19 per cent on Tuesday on profit taking as investors looked ahead to the views on US interest rates this week.

Investors await an appearance by Federal Reserve chair Janet Yellen before the House Financial Services Committee on Wednesday for further indications on the pace of tightening over the next several months.

Gold futures for February 2016 contract, at MCX, were trading at Rs. 28,405 per 10 grams, down by 0.19 per cent after opening at Rs. 28,421 against the previous closing price of Rs. 28,458. It touched the intra-day low of Rs. 28,400 till the trading. (At 12.21 PM today).

A weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.

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Crude oil slides on less chances of Gulf supply cuts

Feb 9 2016 1:06PM

Crude oil prices fell by 0.05 per cent on Tuesday after a meeting between oil ministers from Saudi Arabia and Venezuela over the weekend reportedly accomplished little headway toward reaching an agreement that could curtail near-record high production by OPEC.

At the MCX, crude oil futures for February 2016 contract were trading at Rs. 2,049 per barrel, down by 0.05 per cent, after opening at Rs. 2,057 against the previous closing price of Rs. 2,048. It touched the intra-day low of Rs. 2,045 till the trading. (At 12.21 PM today).

A meeting between Venezuela oil minister Eulogio Del Pino and Saudi Arabia counterpart Ali al-Naimi concluded with few indications that the OPEC members have moved closer to setting a date for an emergency summit, which could result in significant production cuts from the world's largest cartel.

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Mid-Session: Sensex sheds 275 pts, Nifty slips below 7,200

Feb 11 2016 1:34PM

Triggered by the global sell-off, the Indian equities continued to witness bearish trend for the fourth straight session on Thursday, led down hefty selling across realty, bank and metal stocks. The investors continued to grow more and more pessimistic over the prospects of the world economy amidst an ongoing slump in crude oil prices and worries over China.

At 12:15 PM, the 30-share Sensex was at 23483.39, down by 275.51 points, or by 1.16 per cent, and the NSE Nifty was trading at 7132.65, down by 83.05 points, or by 1.15 per cent.

In the bearish trade so far, the BSE Sensex touched an intra-day high of 23758.46 and intraday low of 23475.87, while the NSE Nifty touched intraday high of 7208.65 and intraday low of 7126.55.

The top losers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 206.20,-3.64%), Bharat Heavy Electricals Ltd. (Rs. 123.70,-3.40%), Mahindra & Mahindra Ltd. (Rs. 1152.95,-2.65%), Maruti Suzuki India Ltd. (Rs. 3593.85,-2.42%), ITC Ltd. (Rs. 301.40,-2.41%), among others.

Meanwhile, State Bank of India (Rs. 161.50,+1.60%), Dr. Reddy's Laboratories Ltd. (Rs. 2930.60,+1.52%), Cipla Ltd. (Rs. 545.25,+1.19%), Bharti Airtel Ltd. (Rs. 313.70,+0.93%), Bajaj Auto Ltd. (Rs. 2380.35,+0.39%), were among top gainers on BSE.

On the sectoral front, metal and realty stocks were among top losers, falling as much as 2.01 per cent and 1.98 per cent, respectively.

The Market breadth, indicating the overall health of the market, was weak. On BSE out of total shares traded 2600, shares advanced were 469 while 2018 shares declined and 113 were unchanged.

Among the Asian peers, Hang Seng slumped nearly 4 per cent as it reopened after a three-day holiday, signaling a deepening contagion that has struck global equities. While markets in mainland China remained closed for the Lunar New Year Holidays and that in Japan were also shut for a national holiday.

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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]