India raises $63 million from Hindustan Copper share sale

copIndia has raised about 4 billion rupees ($62.80 million) by selling a 6.8 percent stake in state-run miner Hindustan Copper Ltd, the Finance Ministry said on Thursday.

The government sold the shares through an auction on the stock exchanges over two days to Thursday. After the sale, its stake in the miner will come down to 76.05 percent, the ministry said.

India aims to raise a total 725 billion rupees through the sale of partial government stakes in state-run and private firms during the year to March 2018, which will contribute to meeting the government’s fiscal deficit target of 3.2 percent of gross domestic product.

Shares in Hindustan Copper closed 4.2 percent lower on Thursday in a Mumbai market that fell 0.67 percent.

Deutsche Bank, Edelweiss, ICICI Securities and SBI Capital Markets were the banks advising on the share sale.

RBI sets rupee reference rate at 63.6314 against dollar

RbinoteThe Reserve Bank of India today fixed the reference rate of the rupee at 63.6314 against the U.S. dollar and 75.3905 for the euro. The corresponding rates were 64.0690 and 75.7488, on August 02. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.1589 and 57.53 per 100 yens, 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.

 

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TODAY COMMODITY MARKET NEWS

Zinc trading range for the day is 175.8-180.6. MCX Zinc is getting support at 176.9 and below same could see a test of 175.8 level, And resistance is now likely to be seen at 179.3, a move above could see prices testing 180.6.

Zinc on MCX settled down -0.78% at 178 on profit-taking in much of the complex following several patchy U.S. economic reports, although otherwise solid global growth reports and a weaker dollar underpinned prices.

Technically Zinc market is under long liquidation as market has witnessed drop in open interest by 2.69% to settle at 5248 while prices down 1.4 rupees.

19732193_1463673457020348_3598672489162175125_nAluminum market is under fresh selling as market has witnessed gain in open interest by 25.56% to settled at 2780 while prices down 0.85 rupees.Now MCX Aluminium is getting support at 121.6 and below same could see a test of 121.2 level, And resistance is now likely to be seen at 122.5, a move above could see prices testing 123.

Aluminium on MCX settled down 0.69% at 121.85 tracking weakness from LME Aluminium which ended down 0.6 percent at $1,907 despite supportive stronger demand from top consumer China

 

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Gold prices drift further away from seven-week highs as dollar firms

thGold prices on Thursday drifted further away from seven-week highs hit earlier this week, as the dollar firmed on expectations the U.S. Federal Reserve could trim its bond holdings in September.

 

FUNDAMENTALS

* Spot gold  had fallen 0.3 percent to $1,262.40 per ounce by 0033 GMT.

* U.S. gold futures  for December delivery dropped 0.8 percent to $1,268.70 per ounce.

* The U.S. economy will likely be strong enough for the Fed to trim its bond holdings in September, San Francisco Fed President John Williams said on Wednesday, in a sign the central bank is close to unwinding a controversial stimulus tool.

 

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Markets open on a positive note on Wednesday

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

thtThe Sensex of the BSE after opening at 32,641.58 points, touched a high of 32,666.83 points and a low of 32,637.81 points.

On Tuesday the Sensex closed at 32,575.17 points.

The Sensex is trading at 32,657.41 points up by 82.24 points or 0.25 per cent.

On the other hand, the broader 51-scrip Nifty at National Stock Exchange (NSE) opened at 10,136.30 points after closing at 10,114.65 points.

The Nifty is trading at 10,128.45 points in the morning.

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