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On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 761, or 2.30 per cent, at Rs 33,840 per 10 gram in a business turnover of 18,785 lots. Gold prices rose by Rs 761 to Rs 33,840 per 10 gram in futures trade Thursday as participants created fresh positions, tracking a firm trend overseas. On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 761, or 2.30 per cent, at Rs 33,840 per 10 gram in a business turnover of 18,785 lots. Gold contracts for October delivery also rose by Rs 719, or 2.16 per cent, to Rs 34,000 per 10 gram in 4,068 lots. Market analysts said the rise in gold prices was mostly due to the widening of positions by participants in the domestic market. FOR MORE UPDATES CONTACT US @ RIPPLES ADVISORY

With this, the total work orders received during the financial year 2019-20 (till date) on standalone basis amounts to Rs 762.65 crore. PSP Projects shares rallied 3 percent intraday on June 20 after bagging big institutional and residential projects. The stock was one of the biggest gainers in the last six months, rising 40 percent. It was quoting at Rs 537, up Rs 14.05, or 2.69 percent on the BSE at 1152 hours IST. The infrastructure company informed exchanges that the company received new work orders worth Rs 607.04 crore (excluding GST) for institutional and residential projects from various clients. PSP said the order includes a major project of Rs 601.40 crore for construction of flat type high rise buildings cum commercial units including on-site development with all infrastructure services for economic weaker section (EWS) scheme at Bhiwandi, Maharashtra and remaining from other clients. FOR MORE UPDATES CONTACT US @ RIPPLES ADVISORY

Brent crude futures rose $1.13, or 1.8%, to $62.95 a barrel at 0611 GMT. They dropped by 0.5% on Wednesday. Oil prices rose nearly 2% on Thursday on signs of improving demand in the United States, the world's biggest crude consumer, and as OPEC and other producers finally agreed to a date for a meeting to discuss output cuts. Brent crude futures rose $1.13, or 1.8%, to $62.95 a barrel at 0611 GMT. They dropped by 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were up 90 cents, or 1.7%, at $54.66 a barrel. WTI fell 0.26% in the previous session. "It's a very mixed bag of factors. In the U.S. (oil) demand is likely to be picking up into summer and the OPEC meeting looks like there's going to be an extension or even more, cuts is a possibility," said Phin Ziebell, senior economist at National Australia Bank. After swelling to near two-year highs, U.S. crude stocks fell by 3.1 million barrels last week, compared with analyst...

The United States has told India it is considering caps for nations that force foreign companies to store data locally, Reuters said quoting three sources with knowledge of the matter. Technology stocks saw selling pressure on June 20 after a media report indicated that the United States is mulling caps on H-1B visas to deter data rules. Most affected by any such caps would be India's more than $150 billion IT sector, including Tata Consultancy Services and Infosys Ltd, which uses H-1B visas to fly engineers and developers to service clients in the United States, its biggest market. The Nifty IT index itself fell half a percent, though it recovered from intraday fall of 1.76 percent. Wipro fell most among IT stocks, down 2.5 percent followed by Tech Mahindra (down 1.68 percent), TCS (0.7 percent) and Infosys (0.22 percent). The United States has told India it is considering caps for nations that force foreign companies to store data locally, Reuters said qu...

Promoters held 28.65 percent stake in Jain Irrigation, of which 48.41 percent was pledged against loans. Jain Irrigation Systems shares rallied nearly 9 percent intraday on June 20 after the company clarified on its recent share fall and pledged shares. "We wish to reassure our investors and stakeholders that company is moving forward with normal operations and is confident of fulfilling its agenda while making serious efforts to deleverage its balance sheet," the irrigation systems manufacturer said in its BSE filing. "Unabated and unprecedented significant fall in share price is not the result of anything linked to company’s current or expected performance but may be linked to exit of company’s stock from F&O and/or negative sentiments born out of speculative operations fuelled by rumours," it added. On June 19, it crashed 28 percent amid worries over its pledged shares. On June 20 intraday, it was down 17 percent before showing a sharp ...

M R Rao, currently the MD and CEO of Bharat Financial, will become the MD and CEO of IFIL. IndusInd Bank and Bharat Financial Inclusion shares gained more than 2 percent each on June 20 after both companies board members fixed July 4 as the record date for merger. "All assets and liabilities of Bharat Financial shall become assets and liabilities of the Bank with effect from the appointed date, being January 1, 2018. Simultaneously with amalgamation, the business correspondent undertaking of Bharat Financial shall be transferred to IFIL, a wholly-owned subsidiary of the Bank. All assets and liabilities originated by IFIL will be booked in the balance sheet of the Bank," IndusInd said in its BSE filing. The Bank further said both board members fixed July 4, 2019, as the effective date of the scheme, on which date the NCLT Order will be filed by the bank, Bharat Financial and IFIL with Registrar of Companies. July 4 will also be the record date, followi...

The top gainers from the NSE include Indiabulls Housing Finance, YES Bank, IndusInd Bank, Bharti Airtel and Sun Pharma while the top losers are UPL, Wipro, Zee Entertainment, Tech Mahindra and Britannia Industries. Benchmark indices are trading on a positive note with Nifty up 22 points and are trading at 11,714 while the Sensex added 82 points and is trading at 39,195 level. Nifty Pharma gained over a percent led by Piramal Enterprises which jumped 5 percent followed by Divis Labs, Sun Pharma, Glenmark Pharma, Lupin and Cipla. Realty stocks are also buzzing led by Indiabulls Real Estate which spiked 4 percent followed by Unitech, Sunteck Realty, DLF and Godrej Properties. Selective PSU banks are up in this morning session led by Canara Bank, Punjab National Bank, Syndicate Bank, Union Bank of India, Bank of Baroda and Bank of India. FOR MORE UPDATES CONTACT US @ RIPPLES ADVISORY

Newgen Software Technologies is currently trading at Rs. 292.00, up by 0.50 points or 0.17% from its previous closing of Rs. 291.50 on the BSE The scrip opened at Rs. 292.00 and has touched a high and low of Rs. 292.00 and Rs. 292.00 respectively. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 371.00 on 16-Apr-2019 and a 52 week low of Rs. 205.25 on 08-Oct-2018. Last one week high and low of the scrip stood at Rs. 309.00 and Rs. 290.05 respectively. The current market cap of the company is Rs. 2031.21 crore. The promoters holding in the company stood at 66.00%, while Institutions and Non-Institutions held 18.94% and 15.05% respectively. Newgen Software has released a major update to its iBPS Process Insights offering, a core component of its business process management suite-Newgen OmniFlow iBPS. Process Insights is a process simulation and analytics tool that delivers intelligence around business processes - reducing ope...

The brokerage has maintained a buy call on the stock and cut target price to Rs 159 from Rs 171 per share. Fortis Healthcare shares dropped 1 percent intraday on June 20 after Japanese brokerage firm Nomura slashed its target price by 7 percent citing lower earnings estimates. The brokerage has maintained a buy call on the stock and cut target price to Rs 159 from Rs 171 per share after factoring the impact of a potential open offer. "We cut FY20/21 earnings estimates by 13 percent/33 percent and expect gradual recovery following a challenging FY19," Nomura said. Last year in July, Northern TK Venture Pte Ltd became the promoter of Fortis Healthcare with 31.17 percent stake (as of March 2019). Northern TK together with IHH Healthcare Berhad and Parkway Pantai Ltd had made an open offer to the equity shareholders of Fortis Healthcare to acquire up to 19.70 crore shares, representing 26 percent of the expanded voting share capital in December, but t...

Given the way mid and small-caps have tanked in the last two years, it is wiser to allocate the majority of portfolio weights towards largecaps and the rest in midcaps, say, experts. The golden words hold more weight than one could imagine. It is true that most of us wait for corrections to build the portfolio and market also gives those opportunities that very few are able to capitalise. But, if you in the markets for a long haul, there is nothing to worry about, say experts. A mix of large and midcaps would be a good option to start building your portfolio that could test the bull and bear cycles of the market for more than 3-5 years. “Nifty is likely to inch up towards 13,000 in 2019 on the back of strong government mandate, positive Union Budget and improved liquidity situation in the system,” Amar Ambani, President & Research Head, YES Securities told Moneycontrol . FOR MORE UPDATES CONTACT US @ RIPPLES ADVISORY