Commodity Market Tips-Gold Rate Today: Gold, silver down in morning trade

Gold and silver prices were trading in red in morning trade on Thursday the US Federal Reserve raised its key interest rate for the fourth time this year, and signalled more, but slower pace of rate hikes next year.

MCX Gold was trading 0.30 per cent down at Rs 31,132 per 10 gram at around 10.50 am (IST), while MCX Silver was down 0.91 per cent at Rs 37,338 per 1 kg at around the same time.

According to SMC Global Securities, gold on MCX may trade with a downside bias in the range of 30,900-31,250 taking negative cues from the international market. Silver on MCX Will possibly witness correction towards 37,200-37,100 levels.

The dollar index, which measures the greenback against a basket of six major currencies, was slightly weaker.

The Fed raised interest rates on Wednesday and noted that “some” rate hikes would be needed next year, a more aggressive stance than many expected.

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Gold prices firm as dollar eases on cautious Fed speech

BENGALURU: 

Gold prices held firm on Thursday after notching up their biggest daily percentage gain in nearly two weeks in the previous session, with the dollar easing on dovish comments from Federal Reserve Chair Jerome Powell. 

FUNDAMENTALS : 

Spot gold had inched up 0.1 percent to $1,221.73 per ounce by 0127 GMT. Prices gained about 0.6 percent on Wednesday, their biggest one-day percentage gain since Nov. 16. 

US gold futures were down 0.2 percent at $1,221.6 per ounce. 

The dollar index, Which measures the greenback against a basket of six major currencies, slipped about 0.6 percent on Wednesday, its steepest percentage decline since Nov. 1. 

Powell injected investors with a strong dose of optimism on Wednesday, saying that the central bank's policy rate is now "just below" estimates of a level that neither brakes nor boosts a healthy US economy, comments that many investors read as signaling the Fed's three-year tightening cycle is drawing to a close. 

The US economy slowed in the third quarter as previously reported, but the pace was likely strong enough to keep growth on track to hit the Trump administration's 3 percent target this year, even as momentum appears to have moderated further early in the fourth quarter

Britain risks suffering an even bigger hit to its economy than during the global financial crisis 10 years ago if it leaves the European Union in a worst-case Brexit scenario in four months' time, the Bank of England said on Wednesday. 

Palladium was down 0.3 percent at $1,180.70 per ounce after surging to a record high of $1,186.30 in the previous session. 

The global platinum market will be oversupplied by around half a million ounces both this year and next, an industry report said on Wednesday, suggesting little respite for producers facing prices languishing near 10-year lows. 

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HDFC Bank | Persistent | Bhageria | SBI Life | Lupin | Reliance Power | SH Kelkar

SBI Life| Asian Paints | Lupin | Reliance Power | HDFC Bank | Container Corporation and Tata Steel are stocks, which are in news today.

   

Results on Monday: Asian Paints, CCL Products (India), Schaeffler India, Sundaram Finance Holdings, Hatsun Agro Product, Alembic Pharmaceuticals, Welspun India, Can Fin Homes, Manali Petrochemicals, Oberoi Realty, Kalyani Steels, Kalyani Investment Company, Hindustan Oil Exploration Company, Maharashtra Scooters, Omax Autos, Genus Power Infrastructures, GlaxoSmithKline Pharmaceuticals, Oriental Hotels, Hindustan Zinc, DCM Financial Services, INOX Leisure, Kansai Nerolac Paints, Jubilant Life Sciences, Lumax Industries, Lakshmi Machine Works, Sicagen India

HDFC Bank Q2: Profit grows 20.6 percent to Rs 5,005.73 crore versus Rs 4,151 crore; net interest income increases 20.6 percent to Rs 11,763.41 crore YoY. Gross NPA flat at 1.33 percent QoQ.

ICICI Lombard Q2: Net profit was up 43.7% at Rs 293.1 crore against Rs 204 crore, YoY Rs 2.5/Sh

Aleor Dermaceuticals, JV between Alembic Pharma and Orbicular Pharmaceutical has successfully cleared its first United States Food and Drugs Administration (USFDA) inspection

Persistent Systems Q2: Profit rises to Rs 88.14 crore versus Rs 87.35 crore; revenue increases to Rs 835.55 crore versus Rs 834.28 crore (QoQ).

Bhageria Industries Q2: Profit jumps to Rs 28.21 crore versus Rs 10.65 crore; revenue rises to Rs 126.62 crore versus Rs 91.76 crore (YoY)

Piramal Enterprises: Company strongly refutes all baseless rumours of any sort/form that have been floating around with respect to its real estate loan portfolio companies.

Tata Steel: Wholly owned indirect subsidiary of the company, TS Global Minerals Holdings Pte Ltd entered into an agreement to divest its entire stake in its wholly owned step down subsidiary Black Ginger 461 Pty Ltd which in turn holds 64 percent in Sedibeng Iron ore Pty Ltd, South Africa which is the operating company. The stake has been divested to IMR Asia Holding Pte Ltd which is a group company of IMR Metallurgical Resources AG ('IMR'), a global metals and mining group headquartered in Switzerland.

Bhansali Engineering Polymers Q2: Profit falls to Rs 16.88 crore versus Rs 25.10 crore; revenue jumps to Rs 349.98 crore versus Rs 247.94 crore YoY.

SBI Life Insurance Q2: Profit rises 11 percent to Rs 250.53 crore versus Rs crore; new business premium increases 9 percent Rs 2,221.92 crore YoY.

Biocon: European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Ogivri 41, a biosimilar to Roche's Herceptin (trastuzumab).

Sadhana Nitrochem Q2: Profit surges to Rs 28.74 crore versus Rs 0.83 crore; revenue jumps to Rs 84.13 crore versus Rs 15.68 crore YoY.

Lupin: Lupin Neurosciences, a specialty pharma division said Committee for Medicinal Products for Human Use (CHMP), the scientific committee of the European Medicines Agency (EMA), has adopted a positive opinion recommending the marketing authorisation of NaMusclaim (mexiletine hydrochloride) for the symptomatic treatment of myotonia in adults with non-dystrophic myotonic (NDM) disorders.

Wockhardt: CARE revised company’s rating for long-term bank facilities (fund based) as BBB-; Negative from A; Negative and short term bank facilities (non-fund based) as A3 from A1.

SH Kelkar and Company: Ratul Bhaduri resigned as Executive VP and Group CFO of the company.

SKF India: Board meeting is scheduled to be held on October 24 to consider unaudited financial results for the quarter and six months ended September 2018; and a proposal for buyback of fully paid-up Equity Shares of the company.

ICICI Securities Q2: Profit increases to Rs 132.6 crore versus Rs 129.5 crore; revenue rises to Rs 457.8 crore versus Rs 455.3 crore YoY.

Reliance Power: Wholly owned subsidiary Sasan Power won an arbitration award against North American Coal Corporation (NACC). NACC's claim of around $32 million (around Rs 235 crore) consisting of liquidated damages, interest and legal cost has been dismissed.

Container Corporation: Company signed agreement with Kribhco Infrastructure.

Bulk Deals

Indiabulls Housing Finance: William Blair Emerging Markets Growth Fund sold 24,79,838 shares of the company at Rs 691.84 per share on the NSE.

Repco Home Finance: Taiyo Greater India Fund sold 4,27,000 shares of the company at Rs 312.7 per share on the NSE.

Cantabil Retail: Shankar Growth Fund sold 1,02,805 shares of the company at Rs 132.36 per share on the NSE.

Analyst or Board Meet/Briefings

Ashika Credit Capital: Company announced postponement of board meeting on November 6.

Tata Sponge Iron: Board meeting is scheduled on October 24 to consider the opportunities for growth and consequent options for funding.

Oberoi Realty: Conference call to be held on October 23 to discuss Q2FY19 results and business updates.

Welspun India: Conference call to be held on October 23 to discuss Q2FY19 results.

Indiabulls Ventures: Board meeting is scheduled on October 24 to consider the preferential issue and its price for the equity shares of the company to certain foreign investor(s).

Mahindra Logistics: Conference call is scheduled to be held on November 2 with several analysts/ institutional investors/ funds to brief them on the unaudited standalone and consolidated financial results for Q2FY19.

Adani Power: Board meeting is scheduled on October 31 to consider financial results for the quarter ended September 2018.

Tech Mahindra: Board meeting is scheduled on October 30 to consider financial results for the quarter ended September 2018.

Tube Investments: Board meeting is scheduled on November 2 to consider financial results for the quarter ended September 2018.

Edelweiss Financial: Board meeting is scheduled on October 26 to consider financial results for the quarter ended September 2018.

Eros International: Board meeting is scheduled on October 26 to consider financial results for the quarter ended September 2018.

Astec Lifesciences: Board meeting is scheduled on October 26 to consider financial results for the quarter ended September 2018.

Bodal Chemicals: Board meeting is scheduled for October 25 to consider financial results for the quarter ended September 2018.

Monsanto India: Board meeting is scheduled for October 29 to consider financial results for the quarter ended September 2018.

OnMobile Global: Board meeting is scheduled for October 29 to consider financial results for the quarter ended September 2018.

Matrimony.com: Board meeting is scheduled for October 31 to consider financial results for the quarter ended September 2018.

Zydus Wellness: Board meeting is scheduled for November 2 to consider financial results for the quarter ended September 2018.

Aurionpro Solutions: Board meeting is scheduled for October 27 to consider financial results for the quarter ended September 2018.

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