Chennai Petroleum, ALLSEC Tech slip 6-7% on poor Q4 numbers

Shares of Chennai Petroleum Corporation and ALLSEC Technologies slipped 6-7 percent intraday Tuesday on poor performance in the quarter ended March 2017.

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ALLSEC Technologies has reported 8.3 percent decline in its Q4FY17 net profit at Rs 15.4 crore versus Rs 16.8 crore, reported in Q3FY17.

Total income was down 8.2 percent at Rs 80.5 crore versus Rs 87.7 crore.

The operating profit (EBITDA) was down 1.3 percent at Rs 16 crore and EBITDA margin was at 19.9 percent

Chennai Petroleum Corporation’s Q4 net profit was down 58.3 percent at Rs 170.8 crore versus Rs 410 crore, reported in quarter ended December 2016.

Its revenue was down 10.7 percent at Rs 9,486.9 crore versus Rs 10,623.4 crore.

EBITDA slipped 41.2 percent at Rs 316.6 crore and EBITDA margin was down 280 bps at 4.6 percent.

At 09:58 hrs ALLSEC Technologies was quoting at Rs 363 down 6.91 percent and Chennai Petroleum Corporation was quoting at Rs 398.80, down 4.40 percent on the BSE.

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Today’s Buy Call Update of RMSEED

UPDATE: –

KINDLY BOOK PARTIAL PROFIT IN RMSEED BUY CALL 1ST TGT 3790 HAS ACHIEVED PROFIT RS. 10,000/- IN 2 LOTS AS IS MARKET ABOUT TO CLOSE

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Today’s Buy Call Update of DALMIABHA

UPDATE:-

DALMIABHA BUY CALL MADE HIGH OF 2572, KINDLY BOOK PART PROFIT AT CMP

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Gold steadies above 8-week low as dollar, stocks gain

Gold was steady early on Thursday, holding just above eight-week lows hit earlier this week, as the U.S. dollar and stocks firmed a was unchanged at $1,218.81 per ounce by 0102 GMT. It hit an eight-week low of $1,213.81 an ounce on Tuesday, its lowest since March 15.

U.S. gold futures were also steady at $1,219.10 an ounce.

Asian stocks rose early on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark after strong gains

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The dollar edged up to eight-week highs against the yen on Thursday in early Asian trading, as investors’ focus turned back to the strength of the economy and away from U.S. politics.

The Federal Reserve should hike interest rates three more times this year and at the same time start shedding its bond holdings, a Fed policymaker said on Wednesday, mapping out a somewhat hawkish option for the U.S. central bank.

Meanwhile, the Bank of England is expected to leave rates unchanged at a record low 0.25 percent at its policy meeting on Thursday.

Faced with Brexit unknowns, a national election and mixed economic data, Bank of England Governor Mark Carney and his colleagues will probably say on Thursday they want more clarity before paving the way for the first interest rate hike in nearly a decade.

It is too early for the European Central Bank to declare victory in its quest to boost euro zone inflation despite signs the bloc’s economic recovery is strengthening, ECB President Mario Draghi said on Wednesday.

Polyus Gold , Russia’s largest gold producer, reported $203 million in adjusted first-quarter net profit on Wednesday, little changed from a year earlier due to higher debt servicing charges.

Tanzania’s president John Magufuli said his government will enforce a new rule requiring mining firms to list on its bourse by August as part of measures aimed at increasing transparency and spreading wealth from the country’s natural resources.

The London Metal Exchange (LME) will submit a proposal to take over the London silver fix, a senior executive said on Wednesday, the first company to publicly express interest in replacing the current operators of the price benchmark.

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Today’s Market Updates on MCX Commodity

Asian stocks rose early on Thursday, getting a lift from a record high close on MSCI’s global stocks benchmark after strong gains in oil prices buoyed energy stocks globally.

Oil prices held on to 3 percent-plus overnight gains, their biggest one-day jump since Dec. 1, following a steep drop in U.S. inventories and support from Iraq and Algeria for an extension to OPEC supply cuts.

U.S. crude rose 0.1 percent to $47.41 a barrel in early trade on Thursday, although some market watchers warned the gains in prices may be short-lived given stubbornly high U.S. production.

 

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“U.S. crude oil production is now solidly above 9.3 million barrels per day with more to come, and refined product, especially for gasoline, is oddly weak,” said John Kilduff, partner at hedge fund Again Capital in New York.

“It is difficult to see how the … gains last.”

 

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent early on Thursday, while Japan’s Nikkei advanced 0.2 percent.

MSCI’s global stock benchmark advanced 0.2 percent to a record high close overnight, bolstered by an almost 1 percent jump in energy shares.

On Wall Street, the S&P 500 and the Nasdaq closed about 0.1 percent higher, while the Dow Jones Industrial Average ended the day almost 0.2 percent lower.

“Global equities, led by the S&P 500 are moving higher, but at a very subdued pace,” Chris Weston, market strategist at IG in Melbourne, wrote in a note.

Political tensions in the U.S. also capped Wall Street gains, as the fallout from the sudden firing of FBI Director James Comey on Tuesday sapped confidence in U.S. President Donald Trump’s economic agenda.

Democrats intensified accusations that Comey’s removal was intended to undermine the FBI probe into possible collusion between Trump’s presidential campaign and Russia to sway the 2016 election and demanded an independent investigation into the alleged Russian meddling.

The dollar remained resilient, lifted by rising risk appetite and rising U.S. Treasury yields after a soft 10-year note auction.

The dollar was slightly higher at 114.30 yen <JPY=> early on Thursday, following four straight sessions of gains. It hit a near-two-month intraday high on Wednesday.

The dollar index , which tracks the greenback against a basket of trade-weighted peers, was also marginally higher at 99.692.

The New Zealand dollar <NZD=> slumped 1.6 percent to $0.6832, its biggest one-day loss since June 2016.

The fall came after the central bank held its benchmark rate steady at 1.75 percent and retained its neutral bias, disappointing economists who expected it would lean toward tightening monetary policy in early 2019.

Sterling <GBP=> was fractionally lower at $1.2928, ahead of a Bank of England policy meeting at 1100 GMT, at which the central bank is expected to leave rates unchanged at a record low 0.25 percent.

Governor Mark Carney is expected to say he wants more clarity before the first interest rate hike in nearly a decade, even though inflation is running above the central bank’s 2 percent target.

The Canadian dollar <CAD=> weakened 0.4 percent, with the U.S. dollar buying C$1.3709 after Moody’s Investor Service downgraded six Canadian banks, citing a more challenging operating environment.

The euro <EUR=EBS> was steady at $1.08665.

Gold pulled back as the dollar inched higher. Spot gold <XAU=> slipped 0.1 percent to $1,217.97 an ounce.


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Today’s Call on Crude Oil

CALL :-

SELL CRUDE BELOW 3000 TGT 2985, 2970, 2950 SL 3025

 crude-770x433

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Oil prices rise in Asia in expectation of Aramco supply cut

 

Oil futures rose in Asian trading on Wednesday after Reuters reported Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. output that is threatening to derail its attempts to end a sustained global glut in crude.

State-owned Saudi Aramco will reduce oil supplies to Asian customers by about 7 million barrels in June, a source told Reuters, as part of OPEC’s agreement to reduce production and as it trims exports to meet rising domestic demand for power during the summer.

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Seven million barrels is roughly two days of oil imports into Japan, the world’s fourth biggest importer. Aramco had previously been maintaining supplies to its important Asian customers.

Global benchmark Brent futures were up 25 cents, or 0.5 percent, at $48.98 a barrel at 0200 GMT. They fell 1.2 percent on Tuesday.

U.S. West Texas Intermediate crude was up 29 cents, or 0.6 percent, at $46.17 a barrel.

It also fell 1.2 percent the previous session, and the closing price for both contracts on Tuesday was the second lowest since Nov. 29, the day before the Organization of the Petroleum Exporting Countries (OPEC) agreed to cut production during the first half of 2017.

While prices surged immediately after the agreement, in recent weeks they have come under sustained pressure as U.S. production has ramped up.

Many are now pushing back the expected timing for when the oil market will come into balance after prices began slumping nearly three years ago.

“Chief among (the) oil market’s worries is that the renewed rise in U.S. oil production is reducing the speed at which the supply surplus is being eroded,” Fawad Razaqzada, market analyst at Forex.com, said in a note.

Saudi Arabia’s oil minister Khalid al-Falih said on Monday that he expected the output deal to be extended to the end of the year or possibly longer. OPEC meets later this month.

Higher crude output from the United States should limit any upside to global oil prices through the end of 2018, the U.S. government said on Tuesday.

U.S. crude production is expected to rise by more than previously expected in 2017 to 9.31 million barrels per day from 8.87 million bpd in 2016, a 440,000 bpd increase, the U.S. Energy Information Administration said.

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