Tag: US

Crude oil dips 2.78% on rise in US output

Crude oil dips 2.78% on rise in US output

Crude oil futures plunged over 2 per cent during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the energy commodity as news of a rise in US production added to earlier reports that OPEC output was also on the rise.

The news of surge in production outweighed positive sentiment from falling crude and gasoline inventories in the US.

At the MCX, crude oil futures for July 2017 contract is trading at Rs 2865 per barrel, down by 2.78 per cent, after opening at Rs 2933, against a previous close of Rs 2947. It touched the intra-day low of Rs 2863 (at 14:14 hours).


07/07/2017 14:17

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Yellow metal shines as dollar, US Treasury yields weaken

Yellow metal shines as dollar, US Treasury yields weaken

22/06/2017 14:17

Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal after rising safe-haven demand on the back of easing greenback and weakness in US Treasury yields.

The US Treasury yield curve flattened to almost 10-year lows on Wednesday as investors evaluated the impact of hawkish Federal Reserve policy on the economy even as inflation measures are deteriorating.

At the MCX, gold futures for August 2017 contract is trading at Rs 28680 per 10 grams, up by 0.36 per cent, after opening at Rs 28645, against a previous close of Rs 28577. It touched the intra-day high of Rs 28716 (at 14:06 hours).

CG Power and Industrial Solutions to sell its US power biz

CG Power and Industrial Solutions to sell its US power biz

21/06/2017 12:17

CG Power and Industrial Solutions Ltd, formerly known as Crompton Greaves, on Wednesday said it has accepted the binding offer of Weg SA for acquisition of the company’s power business in USA at an enterprise value of USD 37 million.

In a filing to the Bombay Stock Exchange, CG Power and Industrial Solutions said, “The company has accepted a binding offer of WEG S.A for acquisition of the company’s power business in USA comprised in the company’s step down overseas subsidiary, CG Power USA Inc. (PSUS), at an enterprise value of USD 37 million.”

“In this regard CG Power Systems Belgium N.V., the company’s step down overseas subsidiary has executed a Stock Purchase Agreement (SPA) on June 20, 2017 with WEG Electric Corp for sale of its 100 per cent stake in PSUS, comprising exclusively of the company’s power business at closing,” it added.

Further, the SPA is expected to close by July 31, 2017 upon which CG Power USA Inc. will cease to be an overseas subsidiary of the company, it said.

The copany further added that, the move is part of the company’s stated strategy of debt reduction and on focusing on its core operations and core market in India. Meanwhile, shares of the company were trading at Rs 85.10 apiece, up 0.35 per cent, from previous close on BSE at 12:22 hours.

Crude oil futures buoy on drop in US stockpiles

Crude oil futures buoy on drop in US stockpiles

16/03/2017 12:56

Crude oil futures rose over 1 per cent during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the energy commodity after US stockpiles eased from record highs and offered some hope that a global glut is likely to come to an end.

Further, data from the US EIA showed that US crude stocks fell last week, the first weekly decline after nine consecutive rises.

At the MCX, crude oil futures for March 2017 contract is trading at Rs 3222 per barrel, up by 1.38 per cent, after opening at Rs 3197, against a previous close of Rs 3178. It touched the intra-day high of Rs 3223 (at 12:43 hours).

Infosys US arm partners with DFPS

08/03/2017 17:38

Country’s second largest software exporter Infosys Ltd on Wednesday said its US-based subsidiary, Infosys Public Services Inc, has entered into partnership with the Texas Department of Family & Protective Services (DFPS) to modernize the agency’s IMPACT (Information Management Protecting Adults and Children of Texas) system.

“Infosys Public Services and Texas Department of Family & Protective Services to Modernize State’s Child Welfare Information System,” the company said in a filing to the Bombay Stock Exchange on March 07, 2017.

IMPACT is the primary case management and administrative system used by DFPS to deliver child welfare related services.

In Phase 2 of IMPACT Modernization, the IMPACT system will be modernized into a modular, mobile-enabled application with automated workflows and self-service capabilities for Child Protective Services, Adult Protective Services, Child Care Licensing, and Prevention and Early Intervention program areas. This will improve efficiency and effectiveness of caseworkers, streamline operations, and reduce their administrative burden, enabling them to spend more time with their clients, it said.

The company further said that, once the modernization program is operational, IMPACT will continue to comply with the federal Statewide Automated Child Welfare Information System (SACWIS) standards, including the State’s business, data security, and technical requirements.

Meanwhile, shares of the company closed at Rs 1,007.25 apiece, down 1.22 per cent, from previous close on BSE.

White metal loses shine on global cues

White metal loses shine on global cues

07/03/2017 15:48

Silver futures were trading lower during evening trade in the domestic market on Tuesday as investors and speculators exited their positions in the precious metal on subdued safe-haven demand on hopes of a US Fed interest rate hike in March and ahead of the key economic data due later in the week.

The US monthly jobs report due to be released on Friday. Investors are expecting that the US Federal Reserve will raise interest rates at its upcoming policy meeting on March 14-15.

At the MCX, silver futures for May 2017 contract is trading at Rs 42356 per kg, down by 0.17 per cent, after opening at Rs 42475, against a previous close of Rs 42429. It touched the intra-day low of Rs 42305 (at 15:50 hours).

Markets extend gains; RIL, NTPC shares advance

06/03/2017 10:19

The key domestic benchmark were trading in a positive terrain in the morning trading session tracking firm cues from fellow global peers, on sustained buying by foreign portfolio investors after US Fed Chair Janet Yellen dropped a strong hint of a rate hike this month.

Traders also got some support with the news that foreign investments in the services sector increased 77.6 percent to USD 7.55 billion in the first nine months of the current fiscal, helped by government steps to improve ease of doing business.

Investors also reacted to the developments of GST as Centre and states moved a step closer towards implementing the goods and services tax (GST) from 1 July. The GST council approved two crucial supporting legislations of central GST law (CGST) and the integrated GST (IGST) law, for this ambitious tax reform.

At 10:20 a.m, the Bombay Stock Exchange bellwether Sensex was trading at 29016.76 up by 184.31 points or by 0.64 per cent, while the NSE Nifty was at 8949.95 points, trading higher by 52.4 points or by 0.59 per cent.

The BSE Sensex touched an intraday high of 29050.34 and an intraday low of 28856.12 while the NSE Nifty touched an intraday high of 8960.25 and an intraday low of 8914

The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 1294.35,+2.85 per cent), NTPC Ltd. (Rs. 158.30,+1.60 per cent), Power Grid Corporation of India Ltd. (Rs. 193.80,+1.52 per cent), State Bank of India (Rs. 269.00,+1.45 per cent), Asian Paints Ltd. (Rs. 1028.95,+1.42 per cent), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 679.40,-0.93 per cent), Tata Consultancy Services Ltd. (Rs. 2474.00,-0.74 per cent), Infosys Ltd. (Rs. 1024.20,-0.67 per cent), Hindustan Unilever Ltd. (Rs. 874.00,-0.36 per cent), Wipro Ltd. (Rs. 491.55,-0.17 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2376 shares traded, 1429 shares advanced, 807 shares declined while 139 were unchanged.

On the global front, Asian stocks were trading higher today on sustained buying by foreign portfolio investors, while the US markets closed higher in the previous trading session following a highly anticipated speech from Federal Reserve Chair Janet Yellen, which reinforced expectations that the Fed will raise interest rates at its next meeting later this month.

Crude oil plunges on strong US crude inventories build

Crude oil plunges on strong US crude inventories build

15/02/2017 13:56

Crude oil futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the energy commodity after rising US crude oil inventories.

According to American Petroleum Institute (API) inventory report published on Tuesday afternoon, US crude oil inventories increased yet again by 9.94 million barrels.

At the MCX, crude oil futures for February 2017 contract is trading at Rs 3533 per barrel, down by 0.90 per cent, after opening at Rs 3565, against a previous close of Rs 3565. It touched the intra-day low of Rs 3530 (at 13:46 hours).

RBI sets rupee reference rate at 67.1958 against US dollar

06/02/2017 14:34

The Reserve Bank of India has fixed the reference rate of the rupee at 67.1958 against the US dollar and 72.4035 for the euro.

The corresponding rates were 67.3825 and 72.4429 on Friday.

According to a RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9208 and 59.73 per 100 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon.

The SDR-rupee figure will be based on this rate, the statement added.

Yellow metal steady ahead of US Fed rate decision

Yellow metal steady ahead of US Fed rate decision

01/02/2017 15:39

Gold futures were little changed during afternoon trade in the domestic market on Wednesday as investors and speculators extended their positions in the precious metal as demand for safe-haven emerged as traders waited to see the US Federal Reserve decision on interest rates amid uncertainty over President Trump’s policies.

Donald Trump’s move mounted criticism and protests in major American cities.

The US Fed likely to keep interest rates unchanged today in its first policy decision since President Donald Trump took office, as the central bank awaits greater clarity on his economic policies.

Fed raised interest rates in December, at that time it signaled as many as 3 rises in 2017 as the Trump administration takes over with promises to boost growth via tax cuts, spending and deregulation.

At the MCX, gold futures for February 2017 contract is trading at Rs 28950 per 10 grams, up by 0.03 per cent, after opening at Rs 28873, against a previous close of Rs 28942. It touched the intra-day high of Rs 29095 (at 15:28 hours).