MCX India's fixes book closure for final dividend AGM

Aug 24, 2013, 12.43 AM IST

The Register of Members & Share Transfer Books of Multi Commodity Exchange of India will remain closed from September 20, 2013 to September 30, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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MCX India's fixes book closure for final dividend & AGM

The Register of Members & Share Transfer Books of Multi Commodity Exchange of India will remain closed from September 20, 2013 to September 30, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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MCX India's fixes book closure for final dividend & AGM

The Register of Members & Share Transfer Books of Multi Commodity Exchange of India will remain closed from September 20, 2013 to September 30, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2013.

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Multi Commodity Exchange of India Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from September 20, 2013 to September 30, 2013 (both days inclusive) for the purpose of Payment of Final Dividend & Annual General Meeting (AGM) of the Company to be held on September 30, 2013.The said payment of Final dividend, if approved at the AGM, will be made on or after October 07, 2013.Source : BSE

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U.S. stocks gain as market sees Fed stimulus staying; Dow up 0.31%

Investing.com - U.S. stocks finished Friday higher after soft data out of the housing sector convinced investors that the Federal Reserve will likely keep stimulus programs in place for longer than expected.

Stimulus programs such as the Fed's USD85 billion in monthly bond purchases drive down long-term interest rates to spur recovery, which boosts stocks in the process.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.31%, the S&P 500 index rose 0.39%, while the Nasdaq Composite index rose 0.52%.

The Commerce Department reported earlier that new home sales in the U.S. dropped 13.4% to 394,000 units in July, far worse than market expectations for a 1.4% decline.

In June, new home sales rose 3.6% to 455,000 units.

The numbers kept expectations going that while the Federal Reserve remains ready to begin scaling back the pace of its USD85 billion in monthly asset purchases this year, a start date may come later rather than sooner.

Fed officials have said they will pay close attention to economic indicators before deciding when to taper stimulus programs.

On Thursday, the Department of Labor reported the number of people filing for initial jobless claims last week rose by 13,000 to 336,000, a little higher than forecasts for 330,000, which helped soften the dollar in quiet trading.

Elsewhere, Microsoft CEO Steve Ballmer announced he would retire in 12 months, which sent the company's stock prices gaining.

Leading Dow Jones Industrial Average performers included Microsoft, up 7.35%, AT&T, up 1.39%, and Verizon, up 1.30%.

The Dow Jones Industrial Average's worst performers included Cisco, down 0.67%, The Travelers Companies, down 0.45%, and Caterpillar, down 0.44%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 0.46%, France's CAC 40 rose 0.25%, while Germany's DAX 30 finished up 0.23%. Meanwhile, in the U.K. the FTSE 100 finished up 0.70%.

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Fed's Fisher: Loose Policy Won't Revive U.S. Manufacturing

Investing.com - Loose monetary policies won't revive the U.S. manufacturing sector though more longer-term fiscal reforms will, said Federal Reserve Bank of Dallas President Richard Fisher.

Low interest rates and stimulus programs such as the Fed's USD85 billion in monthly asset purchases, a monetary policy tool known as quantitative easing designed to encourage investing and hiring, have helped U.S. factories and businesses in the past.

Now it's time for Congress to follow suit with necessary tax and other reforms to bring the sector out of a two-year rut.

"Our manufacturers, like all businesses public and private—large, medium and small—have also been given more than abundant natural gas and other sources of energy for their operations: They have been given abundant, super-cheap monetary fuel needed to stoke up their production engines and expand their businesses," Fisher said earlier Thursday, according to prepared remarks of a speech he delivered at the U.S. Manufacturing Summit in Orlando, Florida.

So what is holding manufacturing back?

"The remaining obstacle to being the absolute best economy for manufacturers and other businesses, bar none, has been fiscal and regulatory policy that seems incapable of providing job-creating manufacturers and other businesses with tax, spending and regulatory incentives to take advantage of the cheap and abundant fuel the Fed has provided," Fisher said.

"The most vexing and self-inflicted inhibitor of all: fiscal and regulatory policy of the gang that can't shoot straight in Washington."

Fisher, a noted monetary hawk, did not delve too much into the topic as to when the Fed will begin scaling back monthly asset purchases.

"While there are many risks in the policy that the Fed has been pursuing (and God and anyone who has suffered through my speeches the past few years knows I fret about those risks), every manufacturer of goods in America has been given a great gift by your central bank—the lowest cost of money in 237 years, an extension of the roaring bond market rally that has now run 32 years, and a broad stock market rally that began in March of 2009 and has gone on to bust through all previous record highs," Fisher said.

"After recovering most of the losses from the Great Recession, manufacturing growth has, on net, decelerated in the last two years. Ask any manufacturer what holds him or her back and they will tell you that they can't operate in a fog of total uncertainty concerning how they will be taxed or how government spending will impact them or their customers directly."

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U.S. stocks gain after 3-hour Nasdaq outage; Dow up 0.44%

Investing.com - U.S. stocks traded higher on Thursday even after technical snags closed the Nasdaq for nearly three hours, as investors applauded solid weekly jobless claims.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.44%, the S&P 500 index rose 0.86%, while the Nasdaq Composite index rose 1.08%.

Despite a nearly three-hour trading halt on the Nasdaq, stocks rose after investors digested European and Chinese manufacturing reports as well as solid weekly jobless claims in the U.S.

The Department of Labor reported earlier that the number of individuals filing for initial jobless claims in the U.S. last week rose by 13,000 to 336,000, slightly higher than forecasts for 330,000.

The number boosted stocks by fanning hopes for an improving economy.

Talk the Fed will also keep stimulus programs such as monthly asset purchases in place in the near future bolstered shares as did better-than-expected manufacturing data out of Europe and China.

London-based Markit Economics reported earlier that its flash euro zone manufacturing purchasing managers' index rose to 51.3 in August from a final reading of 50.3 in July.

Analysts were expecting the index to come in at 50.8.

The flash euro zone services PMI rose to a 24-month high of 51.0 from 49.8 in July, better than market calls for a 50.2 reading.

Elsewhere, a preliminary reading of China's HSBC manufacturing PMI rose to a 4-month high of 50.1 in August from 47.7 in July.

Analysts were forecasting a 48.3 reading.

Leading Dow Jones Industrial Average performers included Alcoa, up 2.55%, Microsoft, up 2.44%, and Bank of America, up 1.60%.

The Dow Jones Industrial Average's worst performers included Hewlett-Packard, down 12.37% due to disappointing earnings, Johnson & Johnson, down 0.61%, and Verizon, down 0.51%.
European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 1.16%, France's CAC 40 rose 1.10%, while Germany's DAX 30 finished up 1.36%. Meanwhile, in the U.K. the FTSE 100 finished up 0.88%.

On Thursday, markets will track U.S. initial jobless claims, manufacturing data and comments from Federal Reserve Bank of Dallas President Richard Fisher, who is due to appear in public.

On Friday, the U.S. will release data on new home sales.

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SC refuses to give clarification in Mittal, Ruia's case

The Supreme Court on Wednesday declined to pass any order on the issue of proceedings in the special CBI court against Bharti Cellular Limited CMD Sunil Bharti Mittal and Essar Group promoter Ravi Ruia in a case of alleged irregularities related to allocation of additional 2G spectrum in 2002.

"We cannot give clarification on everything. Order passed by this court is very clear and does not need any order", a bench comprising Justices GS Singhvi and KS Radhakrishnan said when senior advocate Harish Salve appearing for Mittal submitted that they are here because trial court had asked them to seek clarification of apex court's interim order.

The trial court on July 31 had told Mittal and Ruia that there was "no stay" on the proceedings before it in the case and they could seek clarification on this issue from the Supreme Court. A bench headed by then Chief Justice Altamas Kabir on April 26 had passed the order saying "the interim order, which has already been passed in these matters, will continue in the meantime, except that the petitioners (Mittal and Ruia) need not appear before the Court and give a personal bond for their appearance on the next date".

Referring to the order, Salve said "this order needs to be continued" However, before he could make further submissions, Justice Singhvi said "there is no need for any clarification as everybody knows the meaning of the word, meanwhile (meantime). Everybody knows the meaning of 'in the meanwhile'. We can't clarify everything".

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Forex - Dollar gains as Fed language still points to tapering

Investing.com - The dollar traded higher most major currencies on Wednesday after the Federal Reserve released the minutes of its July policy meeting, which indicated widespread agreement among monetary authorities that USD85 billion in monthly asset purchases should unwind soon.

However, Fed language was not as clear as markets were hoping, which allowed for choppy trading.

In U.S. trading on Wednesday, EUR/USD was down 0.30% at 1.3378.

The Federal Reserve revealed in the minutes of its July policy meeting that while support for tapering monthly asset purchases remains consistent in the U.S. central bank, the timing of such a move remains up in the air as not all voting members remain convinced that data support such a move in the near future.

Investors were hoping for more clarity.

"Almost all participants confirmed that they were broadly comfortable with the characterization of the contingent outlook for asset purchases," the minutes read, which added two camps remain in place over the timing of tapering.

"A few members emphasized the importance of being patient and evaluating additional information on the economy before deciding on any changes to the pace of asset purchases. At the same time, a few others pointed to the contingent plan that had been articulated on behalf of the Committee the previous month, and suggested that it might soon be time to slow somewhat the pace of purchases as outlined in that plan."

Elsewhere, the National Association of Realtors reported earlier that existing home sales jumped 6.5% to 5.39 million annual unit rate in July from June's revised total of 5.06 million. Analysts were expecting U.S. existing home sales to edge up 1.6% to 5.15 million units.

The greenback, meanwhile, was down against the pound, with GBP/USD up 0.08% at 1.5680.

In the U.K. earlier, the Confederation of British Industry reported that its industrial orders index hit a two-year high in August, coming in a 0 compared to -12 in July.
Analysts were expecting a -8 reading for this month.

Elsewhere, the U.K.'s public sector posted a GBP1.6 billion deficit in July compared to market calls for a GBP4.7 billion deficit.

The dollar was up against the yen, with USD/JPY up 0.61% at 97.86, and up against the Swiss franc, with USD/CHF trading up 0.55% at 0.9224.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.70% at 1.0467, AUD/USD down 0.69% at 0.9007 and NZD/USD trading down 1.40% at 0.7868.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.48% at 81.32.

On Thursday, markets will track U.S. initial jobless claims, manufacturing data and comments from Federal Reserve Bank of Dallas President Richard Fisher, who is due to appear in public.

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Shoppers Stop: Allotment of equity shares

Aug 21, 2013, 01.25 AM IST

Shoppers Stop has informed that the Remuneration / Compensation Committee of the Company has allotted 10,540 equity share of Rs.5/- each, on account of exercise of vested Employee Stock Options by certain employees under ESOP 2008 Schemes on August 19, 2013.

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Shoppers Stop: Allotment of equity shares

Shoppers Stop has informed that the Remuneration / Compensation Committee of the Company has allotted 10,540 equity share of Rs.5/- each, on account of exercise of vested Employee Stock Options by certain employees under ESOP 2008 Schemes on August 19, 2013.

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Shoppers Stop: Allotment of equity shares

Shoppers Stop has informed that the Remuneration / Compensation Committee of the Company has allotted 10,540 equity share of Rs.5/- each, on account of exercise of vested Employee Stock Options by certain employees under ESOP 2008 Schemes on August 19, 2013.

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Shoppers Stop Ltd has informed BSE that the Remuneration / Compensation Committee of the Company has allotted 10,540 equity share of Rs.5/- each, on account of exercise of vested Employee Stock Options by certain employees under ESOP 2008 Schemes on August 19, 2013.Source : BSE

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U.S. stocks end mixed on Fed uncertainty; Dow down 0.05%

Investing.com - U.S. stocks ended mixed on Tuesday after climbing earlier as investors sold and jumped to the sidelines to await the release of the Federal Reserve's minutes from its July policy meeting on Wednesday.

Stocks posted solid gains earlier amid hefty demand for retail stocks before profit taking ended the rally.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.05%, the S&P 500 index rose 0.38%, while the Nasdaq Composite index rose 0.68%.

Stocks rose earlier after investors snapped up nicely priced retailers, which fell on Monday due to disappointing earnings.

Home Depot shares soared after the company reported second-quarter earnings that beat Wall Street expectations.

The company also hiked its full-year guidance due to an improving housing market, though profit taking ended the rally while stocks overall gave back gains towards the closing bell due to monetary uncertainty.

Hit-or-miss economic indicators over the past several weeks have fueled uncertainty as to when the Fed will announce plans to scale back stimulus tools, with solid dating prompting investors to trade on a September start to tapering and weaker data sparking others to bet on a December start date.

Stimulus tools such as the Fed's monthly USD85 billion in asset purchases push up stock prices by keeping borrowing costs low, and talk of their dismantling can send share prices falling due to uncertainty as to how the market will perform with less monetary support.

Elsewhere, the Federal Reserve Bank of Chicago's national activity index for July came in at -0.15 from a revised -0.23 in June, though the number came in much worse than market expectations for a -0.10.

Leading Dow Jones Industrial Average performers included Bank of America, up 1.13%, Intel, up 1.12%, and UnitedHealth Group, up 1.03%.

The Dow Jones Industrial Average's worst performers included Home Depot, down 1.21%, Johnson & Johnson, down 0.74%, and Wal-Mart, down 0.48%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 1.22%, France's CAC 40 fell 1.35%, while Germany's DAX 30 finished down 0.79%. Meanwhile, in the U.K. the FTSE 100 finished down 0.19%.

On Wednesday, markets will move on the release of the minutes from the Fed's July policy meeting.

Elsewhere, the U.S. will release industry data on existing home sales.

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Gold prices slide as market prices in end of Fed stimulus

Investing.com - Gold prices dipped on Monday after investors prepped for an eventual end to Federal Reserve stimulus measures later this year.

Stimulus tools such as the Fed's USD85 billion in monthly bond purchases tend to weaken the dollar by driving down interest rates, making gold an attractive hedge while in place.

Gold and the dollar tend to trade inversely from one another.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,366.30 during U.S. afternoon hours, down 0.34%.

Gold prices hit a session low of USD1,362.20 a troy ounce and high of USD1,384.00 a troy ounce.

The December contract settled up 0.74% at USD1,371.00 a troy ounce on Friday.

Gold futures were likely to find support at USD1,315.40 a troy ounce, Wednesday's low, and resistance at USD1,391.35, the high from June 17.

The Federal Reserve will release the minutes of its July monetary policy meeting on Wednesday, and market sentiments grew that the monetary authority may signal plans to begin scaling back stimulus programs later this year, which sent gold falling.

Rising bond yields indicated that many felt the U.S. central bank may hint at a need to begin tapering stimulus programs in September, which sent gold falling, wiping out last week's gains stemming from reports of rising physical demand in Asia.

Uncertainty over when the Fed will begin scaling back stimulus sent prices rising in recent sessions, as market talk has persisted that the USD85 billion in monthly asset purchases may stay in place through December before tapering begins.

Elsewhere on the Comex, silver for September delivery was down 0.77% at USD23.142 a troy ounce, while copper for September delivery was down 0.94% and trading at USD3.332 a pound.

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Forex - Dollar edges flat to lower as market awaits fresh Fed cue

Investing.com - The dollar traded flat to lower against most major currencies on Monday as investors avoided the greenback ahead of the release of the Federal Reserve's minutes from its July policy meeting on Wednesday, which markets hope will provide clues on the fate of stimulus programs.

Stimulus tools such as the Fed's USD85 billion monthly bond-buying program weaken the dollar to spur recovery, and talk of their dismantling can bolster the currency.

In U.S. trading on Monday, EUR/USD was up 0.08% at 1.3338 in a quiet, late-summer session void of major data.

A lack of U.S. data kept investors on the sidelines to await the release of the Fed minutes.

Mixed economic indicators out of the U.S. in recent weeks have created uncertainty over when tapering will begin, with many investors betting on September and others pegging an announcement in December.

Elsewhere, Germany's Bundesbank on Monday said the European Central Bank's commitment to keeping rates low to spur recovery doesn't mean the monetary authority won't take action to curb rising inflation rates down the road.

In its monthly report, Germany's Bundesbank said the euro zone economy would benefit from record low interest rates set by the ECB, though the report added that the ECB's pledge to keep borrowing costs low for an extended period would depend on the medium-term inflation outlook.

The greenback, meanwhile, was down against the pound, with GBP/USD up 0.20% at 1.5654.

The dollar was flat against the yen, with USD/JPY down 0.02% at 97.59, and down against the Swiss franc, with USD/CHF trading down 0.28% at 0.9239.

The yen slumped after official data revealed that Japan posted a larger-than-expected trade deficit of JPY1.024 trillion in July. Exports rose 12.2% on a year-over-year basis, boosted by a weaker yen, while imports climbed 19.6%.

Analysts were expecting a JPY786 billion trade gap, though the Japanese currency trimmed its earlier losses in directionless trading.

The dollar was up against its cousins in Canada, Australia and New Zealand, with USD/CAD up 0.02% at 1.0341, AUD/USD down 0.63% at 0.9124 and NZD/USD trading down 0.35% at 0.8077.

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.11% at 81.26.

On Tuesday, the U.S. will see the release of the Chicago Fed National Activity Index.

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Forex - USD/JPY up in Asian trade

Investing.com - The U.S. Dollar was higher against the Japanese Yen on Sunday.

USD/JPY was trading at 97.61, up 0.01% at time of writing.

The pair was likely to find support at 97.06, Thursday's low, and resistance at 98.64, Thursday's high.

Meanwhile, the U.S. Dollar was down against the Euro and the British Pound, with EUR/USD gaining 0.01% to hit 1.3328 and GBP/USD rising 0.03% to hit 1.5628.

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New Zealand PPI Output rises more-than-expected

Investing.com - Produce price inflation output in New Zealand rose more-than-expected last month, official data showed on Thursday.

In a report, Statistics New Zealand said that New Zealand PPI Output rose to a seasonally adjusted annual rate of 1.0%, from 0.8% in the preceding month.

Analysts had expected New Zealand PPI Output to rise 0.7% last month.

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Here’s why and how you should plan your retirement

Niraj Shah
ICICI Prudential Life Insurance

We have seen India change over the last two decades, notably there has been a change in the lifestyle of the working population. Purchasing power has increased considerably and so have the expenses.

An improved lifestyle and better medical facilities have led to increase in the lifespan of the average Indian. In the past, a salaried person would retire at 60 and live up to the age of 67; however, now the lifespan of an individual post-retirement has increased by at least 20 years. This implies that an individual needs to have sufficient funds to be able to lead a comfortable life once he or she stops working.

Also read: Separating the assessment and the financial year

If a person spends Rs 25,000/- a month today, assuming an inflation of 7%, his expenses after 25 years would increase to Rs 1,36,000/- a month. Add to this medical expenses, which increase with age and occasional expenses such as gifts it could actually exceed Rs 1,50,000 a month.

Most private sector companies do not provide pension. Additionally, the rising trend of nuclear families, increasing cost of healthcare, inflation etc. make it necessary for an individual to plan for retirement.

The objective is to have a regular flow of money after retirement that will enable one to manage the increased expenses without compromising their lifestyle.

Today, consumers have access to products which enable them to plan for their retirement. While the awareness for retirement planning is increasing, most of us delay investing for it. Starting at an early age can significantly enhance realisation of an individual's dream to achieve financial independence in the golden yeaRs

When is the right time for me to start retirement planning?

Well, in case of retirement planning it is said 'the earlier the better', however, it is never too late either. Starting early gives you the benefit of time, which coupled with the power of compounding, enables you to create a sizeable corpus that can enable an individual to take care of expenses after retirement.

Though the amount required to be invested is more if you delay your planning, the key word is 'regular investment'. It is only through regular disciplined investments that you can put aside a corpus that will generate enough income to enable you to live your life comfortably after retirement.

How do I plan for my retirement?

Retirement planning can be done in 3 simple steps:

Step 1: How do I calculate my expenses post retirement?

Take into account your current expenses and factor in aspects like inflation, increased medical costs, vacations, gifts for family etc. You will then arrive at an amount that you will require for living comfortably once you have retired. You need to keep in mind that inflation will cause your expenses to increase (even if you are spending on the same items). One can eliminate costs like children's education and rent, if you own a home.

Step 2: What will be the savings pool I need to build?

Once you have an idea of your expenses, you can accordingly establish the quantum of amount (corpus) required to be built the amount that you need for meeting the expenses. This savings pool will be created taking into consideration the inflation factor.

Step 3: How much do I need to save now?

Depending on your financial status, determine the funds which can be put aside for building the desired retirement corpus. Start saving now so that you have time on your side and can enjoy the power of compounding.

For example, if a 35 year old person wants Rs  50,000 every month for meeting expenses after retirement, he needs to start planning now.  A corpus of Rs  75,00,000 will be required to generate the desired amount. For this purpose, one needs to invest Rs  10,000 every month in a retirement plan.

How should I choose a retirement plan?

Studying the features and the charge structure of a retirement plan is important. Ideally, selecting a plan which has a low charge structure will enable you to contribute more towards your investment.

A good retirement plan would:

• Provide returns that beat inflation

• Give you the flexibility to choose your investment strategy as per your risk taking ability

• Protect your capital from market fluctuations

• Inculcate a regular saving habit to ensure the corpus is built in an uninterrupted manner

If you were to start saving at the age of	You will need to save money for (in yrs)	The amount you will need to invest p.a.	Your corpus at the age of 60 will be	Pension you receive for self, then wife after which corpus is returned to children/ beneficiary
35	25	1 lakh	67 lakhs	4.5 lakh p.a
50	10	5 lakh	72 lakhs	4.8 lakh p.a

The author is the SVP & Head Products at ICICI Prudential Life Insurance.

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Rain likely to increase over Eastern India

The Western Disturbance over north Pakistan and adjoining Jammu & Kashmir will persist as an upper air trough, while the low pressure area over Orissa coast will remain as an upper air circulation. The axis of monsoon trough passing through Firozpur, Narnaul, Agra, Allahabad, Gaya, Bankura and Balasore will gradually move towards east central Bay of Bengal.

Rainfall

The intensity of rainfall, since the last 24 hours, over Andhra Pradesh and adjoining areas of Orissa will decrease significantly. Widespread moderate spells of rain will be witnessed over Chhattisgarh, Orissa, parts of Telangana and coast of Andhra Pradesh. Moderate rain is also likely over west Uttar Pradesh, part of Haryana, Punjab and Himachal Pradesh. The intensity of rain is expected to decrease over Rajasthan, Madhya Pradesh and Gujarat, while it would increase over Bihar, Jharkhand and West Bengal. Few moderate spells of shower is expected over the North Eastern states, south Konkan and Karnataka coast. On the other hand, a mainly dry weather will prevail over south Tamil Nadu and adjoining Kerala.

Temperature

The temperature is expected to come down by 4 to 6 degrees in many parts of Jammu & Kashmir and Rajasthan. In rest of the North West plains, temperatures will drop by 2 to 3 degrees due to widespread rain.

Bihar and North Eastern states are likely to witness temperatures above normal by 1 to 3 degrees, while Orissa, Gangetic West Bengal and Jharkhand might see a drop during the next 24 hours. Going further towards central India, one might notice near normal temperatures. However, over Telangana and the coast of Andhra Pradesh temperatures will be below normal.

By: Skymetweather.com

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