Gold price today: Yellow metal slips below Rs 46,200 mark; here’s what analysts say
Domestic gold prices edged lower on Tuesday as a rebound in Indian equities and weakness in the dollar overseas kept the downside in check. Investors and analysts keenly awaited updates from the US central bank’s policy meeting due this week for cues on tapering of its massive stimulus and tightening of an ultra-loose monetary policy.
Globally, gold and silver rates registered negligible movements as investors adopted a risk-averse stance amid caution ahead of the Federal Reserve’s policy meeting where the US central bank is expected to provide cues on when it will begin tapering its asset purchases. Read here
Cadila Healthcare to sell its two brands Mifegest and Cytolog
Zydus Healthcare Ltd, a wholly-owned subsidiary of the company has entered into an agreement with Integrace Private Ltd to sell two brands viz. Mifegest and Cytolog.
The said transaction is expected to be completed within 30 days from the date of execution of the agreement subject to customary approvals. The purchaser is a part of the portfolio companies of PE firm True North, the company said.
Paras Defence and Space Tech IPO opens today; should you subscribe? 09:54:24 IST
L&T bags ‘significant’ orders in the construction services segment
L&T Hydrocarbon Engineering Ltd, a wholly-owned subsidiary of Larsen & Toubro, has bagged two orders in the range of Rs 1,000-2,500 crore in the Construction Services segment – one each from GAIL India and Air Products Middle East Industrial Gases LLC.
Bullish on metals; valuations tilt preference towards SAIL, Tata Steel: Rakesh Arora
Rakesh Arora, Founder of GoIndiaStocks.com is bullish on the metal sector and believes that metal stocks can be a good entry point at current levels.
Among stocks, he believes Coal India could do well on higher prices and favourable valuations. Tata Steel looks attractive even assuming sharp correction in EBITDA/t, he said, adding that valuations tilt preference towards SAIL and Tata Steel.
Data suggests that Chinese property prices will improve hereon, he added. However, he is of the view that the aluminium global industry is now better placed than the steel industry.
In an unexpected move, RBI has announced that it will not only buy Rs 15,000 crore of bonds under the Government Securities Acquisition Programme (G-SAP), it will also simultaneously sell an equal amount of bonds under its open market operations on Thursday, September 23. This is the first major effort made by RBI to squeeze out liquidity.
While the bond purchase of Rs 15,000 crore was on expected lines but the surprise is that they are simultaneously selling an equal amount. They are selling bonds maturing next year, so less than one year, and there is plenty of demand for short-term bonds, so it can get sold.
At the moment, you should not expect yields to rise, especially, because today the global environment is one of the yields falling but it is clearly a signal that the Reserve Bank of India is getting uncomfortable with the level of liquidity. The liquidity in the system is Rs 11.5 lakh crore.
Buzzing | SBI Cards share price fall over 5%
Shares of SBI Card & Payment Systems declined over 5 percent after 3.7 percent equity worth Rs 3,547 crore changed hands in multiple blocks at an average price of Rs 1,014 per share.
Market Watch: Shubham Agarwal, CEO & Head of Research, Quantsapp Advisory
-Buy 2,400 strike call and 2440 strike call can be sold to create a bull call spread in Reliance Industries. The spread is at Rs 14.25 for a target of Rs 25 with a stop loss at Rs 7.
-Buy 1,700 call in Infosys with a stop loss at Rs 17 for a target of Rs 33.
-Buy 580 call in Marico with a stop loss at Rs 5 for a target of Rs 14.
Opening Bell | The Indian equity benchmark indices opened higher Tuesday led by gains in IT and banking stocks despite weak global peers. At 9:15 am, the Sensex opened 0.24 percent, or 139.13 points, higher at 58,630.06, while the Nifty50 index opened at 17,450.50, up 139.13 points, or 0.24 percent. Broader markets, smallcap and midcap indices also opened in the green. Among sectors, IT, PSU Bank, Metals, Realty and Media indices led the gains.
Ajit Mishra, VP – Research, Religare Broking
We recommend keeping a cautious approach and limiting naked leveraged positions. Among the sectors, metal looks weakest while selective stocks from the defensive pack like IT and FMCG are still holding strong. Participants should plan their positions accordingly.
Top stock tips by Mitessh Thakkar, Sudarshan Sukhani: Bharti Airtel, Britannia, Vedanta and more 08:55:16 IST
Tuesday’s top brokerage calls: SBI Life, Indus Towers, TCS and more 08:48:49 IST
Paras Defence and Space Technologies’ initial public offer (IPO) will open for subscription on Tuesday. Mumbai-based Paras Defence and Space Tech aims to raise up to Rs 171 crore through the initial share sale. The company has set a price band of Rs 165-175 for the issue.
The IPO comprises fresh issuance of equity shares worth up to Rs 141 crore and an offer for sale – estimated at Rs 30.2 crore – by promoters.
Piramal Group likely to pay DHFL lenders this week
Lenders to Dewan Housing Finance Limited (DHFL) are likely to be repaid their dues in accordance with Piramal Group’s resolution plan approved earlier this year, multiple people in the know told CNBC-TV18. Secured financial creditors will recover over 40 percent of their admitted claims with the implementation of the resolution plan, which is now in the final stages, CNBC-TV18 has learnt.
As of Monday evening, over 80 percent of the committee of creditors of DHFL had signed off on the execution documents for Piramal Group’s resolution plan, two people aware of the matter said. “The rest will also sign by Tuesday, and so the resolution plan will become effective with immediate effect,” said one of the people quoted earlier. Read full report here
Glenmark Pharma gets US FDA nod for Clindamycin Phosphate Foam
Glenmark Pharmaceuticals has received final approval from the United States Food & Drug Administration for Clindamycin Phosphate Foam, 1%, the generic version of Evoclin1 Foam, 1%, of Mylan Pharmaceuticals Inc.
According to IQVIATM sales data for the 12 month period ending July 2021, the Evoclin Foam, 1%, market achieved annual sales of approximately $12.0 million.
Cryptocurrency prices on September 21: Bitcoin plunges to $42,000; altcoins sink 10% 08:27:36 IST
Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services
Investors are cautious ahead of Federal Reserve and ECB meeting this week, awaiting indications as to when the central bank will start withdrawing its monetary stimulus and start raising interest rates eventually. This along with worry over slower economic growth and rising Delta variant cases globally continue to keep the market nervous. Even valuations are not comfortable and hence could lead to bouts of profit booking. Thus traders should adopt stock specific approach while investors could tap this opportunity to accumulate quality stocks
Oil prices advance amid US supply tightness signals
Oil prices rose on Tuesday as analysts pointed to signs of US supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande.
Brent crude gained 52 cents or 0.7 percent to $74.44 a barrel, having fallen by almost 2 percent on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up 61 cents or 0.9 at $70.90 after dropping 2.3 percent in the previous session.
10 things you need to know before the opening bell on September 21 08:12:30 IST
Razorpay, the digital payments and business banking platform said that it has received a strategic investment from Salesforce Ventures. It did not disclose the amount of investment.
In its last round of Series E fundraise in April, Bengaluru-based Razorpay was valued at over $3 billion.
US yields tumble as Evergrande fears boost safe-haven appeal
US Treasury yields fell on Monday as fears that property developer China Evergrande Group might default deepened a global equity sell-off and spurred investors to buy safe-haven bonds.
Treasury prices rallied, pushing yields on the benchmark 10-year note down 6.4 basis points to 1.3057% as the main stock indexes on Wall Street fell more than 2%.
No revision in petrol, diesel prices for 16th straight day
Petrol and diesel prices remained unchanged across the four metros for the 16th consecutive day on Tuesday. Accordingly, the price of petrol and diesel was static at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country’s largest fuel retailer. In Mumbai, the petrol price was unchanged at Rs 107.26 per litre on Saturday. The cost of diesel was stable at Rs 96.19 a litre.
CNBC-TV18’s top stocks to watch out for on September 21 07:54:33 IST
Wall Street | The US stocks witnessed a broad sell-off. The S&P 500 plunged 1.7 percent, or 75.26 points, to 4,357.73, registering its biggest drop in four months, while the Dow Jones Industrial Average declined 1.78 percent, ot 614.41 points, to 33,970.47. The Nasdaq Composite ended 2.19 percent, or 330.06 points, lower at 14,713.90.