Natural gas prices fall on forecasts for mild U.S. weather

Investing.com - Investing.com - Natural gas futures dropped but remained range bound on Friday after updated weather-forecasting models called for mild temperatures to hover over portions of the heavily populated eastern half of the U.S. in the coming days

On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $3.782 per million British thermal units during U.S. trading, down 1.70%. The commodity hit a session high of $3.861 and a low of $3.765.

The August contract settled up 2.26% on Thursday to end at $3.847 per million British thermal units.

Natural gas futures were likely to find support at $3.744 per million British thermal units, Thursday's low, and resistance at $3.886, Thursday's high.

Forecasts for below-normal temperatures sent natural gas prices falling on Friday as investors sold on expectations for households to throttle back on their air conditioning.

In its Friday mid-day update, Natgasweather.com reported that cool snaps are expected this weekend and next week that will bring below-normal temperatures to much of the central and eastern U.S.

"This guarantees two more much larger than normal builds to come. A much warmer pattern will begin to set up after next week, but it will still be fairly active with areas of showers and thunderstorms over much of the U.S.," Natgasweather.com reported.

"What will be the next area of focus regarding weather patterns is what happens after warming plays out during the first week of August. We still see enough weather and climate data to expect the northern U.S. to again battle cooler Canadian weather systems as they again attempt to track through the Midwest and Northeast."

The bearish weather report wiped out gains stemming from Thursday's bullish weekly inventory report.

The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. in the week ended July 18 rose by 90 billion cubic feet, below expectations for an increase of 96 billion cubic feet.

The five-year average change for the week is an increase of 46 billion cubic feet.

Total U.S. natural gas storage stood at 2.219 trillion cubic feet. Stocks were 561 billion cubic feet less than last year at this time and 683 billion cubic feet below the five-year average of 2.902 trillion cubic feet for this time of year.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in September were up 0.06% at $102.13 a barrel, while heating oil for August delivery were up 1.38% at $2.9104 per gallon.

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CFTC - week ending July 22: speculators more bearish on Euro

Investing.com - Investing.com - The Commodity Futures Trading Commission released its weekly Commitments of Traders report for the week ending July 22 on Friday.

Speculative positioning in the CME currency futures:

				Long		Short
	Net	Prior	Change	Gross	Change	Gross	Change
EUR	-88.8k	-62.8k	-26.0k	58.1k	-1.4k	147.0k	24.6k
GBP	27.5k	38.8k	-11.3k	71.8k	-14.2k	44.3k	-2.9k
JPY	-53.9k	-62.9k	9.0k	12.0k	3.6k	65.9k	-5.4k
CHF	-7.4k	-6.3k	-1.1k	9.6k	0.8k	17.0k	2.0k
CAD	20.6k	15.6k	5.0k	62.1k	1.7k	41.5k	-3.2k
AUD	38.8k	39.7k	-1.0k	72.2k	1.3k	33.4k	2.2k
NZD	15.1k	15.5k	-0.3k	26.0k	-0.5k	10.9k	-0.2k
MXN	79.1k	69.6k	9.5k	98.8k	12.1k	19.7k	2.6k

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Tata Steel raises USD 1.5 billion in overseas bond sale

The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.

Tata Steel  today raised USD 1.5 billion (about Rs 9,000 crore) in a dual tranche bond sale in the international market, making it the largest such deal by the Tata group firm, sources said.

The dollar money was raised by the Singapore arm of Tata Steel ABJA Investments and the issue got an oversubscribed worth nearly USD 9 billion, according to the merchant banking sources.

The dual tranche RegS bond include USD 500 million of 5.5 year-money priced at 4.85 percent over the US treasury and the remaining USD 1 billion carries a tenure of 10 years carrying a coupon of 5.95 percent, the sources at the i-banks, which include RBS and BNP Paribas, told PTI.

The company could not be reached for comments.

The Tata Steel issue is the second largest bond issue from the country after the ONGC Videsh, the international arm of oil major ONGC earlier this month had mopped up a whopping USD 2.3 billion in a dual tranche issue.

Tata Steel, which is the top producer of the alloy in the country, has been trying it pare its huge debt to lower interest costs and has a headroom to raise USD 3.2 billion for debt repayment through refinancing.

The company has to repay USD 5 billion worth of debt by the end of 2015. According to the balancesheet, the company has over USD 14.4 billion of bonds and loans outstanding.

It can be noted that after struggling for years, the domestic business of the company turned around last fiscal, but its larger international subsidiary Corus or Tata Steel Europe has been a drain on the company ever since it bought out the struggling Anglo-Dutch steel maker in March 2008 for USD 12.04 billion.

Tata Steel stock price

On July 23, 2014, Tata Steel closed at Rs 554.95, down Rs 7.15, or 1.27 percent. The 52-week high of the share was Rs 578.60 and the 52-week low was Rs 195.40.

The company's trailing 12-month (TTM) EPS was at Rs 66.02 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 8.41. The latest book value of the company is Rs 629.60 per share. At current value, the price-to-book value of the company is 0.88.

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Crude futures fall on soft U.S. home sales report

Investing.com - Investing.com - Crude futures fell on Thursday in wake of a soft report on U.S. new homes sales, offsetting otherwise upbeat weekly jobless claims numbers out of the world's largest consumer of oil.

In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded down 0.92% at $102.17 a barrel during U.S. trading. New York-traded oil futures hit a session low of $102.08 a barrel and a high of $103.31 a barrel.

The September contract settled up 0.71% at $103.12 a barrel on Wednesday.

Nymex oil futures were likely to find support at $101.19 a barrel, Tuesday's low, and resistance at $103.45 a barrel, Tuesday's high.

The U.S. Census Bureau reported earlier new home sales dropped by 8.1% to 406,000 units last month, far worse than expectations for a 5.3% decline.

The data pointed to an underlying weakness in the housing sector, which stoked concerns that U.S. recovery is not red hot and may demand less fuel and energy than anticipated.

Elsewhere, the U.S. Department of Labor reported earlier that the number of individuals filing for initial jobless benefits in the week ending July 19 declined by 19,000 to 284,000, down from the previous week's total of 303,000.

Analysts had expected jobless claims to rise by 5,000 to 308,000 last week, though the home sales numbers as well as reports that European refineries are cutting runs or even idling plants due to an influx of oil products from the U.S. sent investors selling.

Separately, on the ICE Futures Exchange in London, Brent oil futures for September delivery were down 1.00% and trading at US$106.95 a barrel, while the spread between the Brent oil and U.S. crude contracts stood at US$4.78 a barrel.

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Reserve Bank of New Zealand hikes OCR to 3.5% as expected

Investing.com - Investing.com - The following is the full text statement from the Reserve Bank of New Zealand after lifting the Offical Cash arte by 25 basis points to 3.5% as expected on Thursday.

Statement issued by Reserve Bank Governor Graeme Wheeler:

The Reserve Bank today increased the Official Cash Rate (OCR) by 25 basis points to 3.5 percent.

New Zealand's economy is expected to grow at an annual pace of 3.7 percent over 2014. Global financial conditions remain very accommodative and are reflected in low interest rates, narrow risk spreads, and low financial market volatility. Economic growth among New Zealand's trading partners has eased slightly in the first half of 2014, but this appears to be due to temporary factors.

Construction, particularly in Canterbury, is growing strongly. At the same time, strong net immigration is adding to housing and household demand, although house price inflation has moderated further since the June Statement.

Over recent months, export prices for dairy and timber have fallen, and these will reduce primary sector incomes over the coming year. With the exchange rate yet to adjust to weakening commodity prices, the level of the New Zealand dollar is unjustified and unsustainable and there is potential for a significant fall.

Inflation remains moderate, but strong growth in output has been absorbing spare capacity. This is expected to add to non-tradables inflation. Wage inflation is subdued, reflecting recent low inflation outcomes, increased labour force participation, and strong net immigration.

It is important that inflation expectations remain contained. Today's move will help keep future average inflation near the 2 percent target mid-point and ensure that the economic expansion can be sustained. Encouragingly, the economy appears to be adjusting to the monetary policy tightening that has taken place since the start of the year. It is prudent that there now be a period of assessment before interest rates adjust further towards a more-neutral level.

The speed and extent to which the OCR will need to rise will depend on the assessment of the impact of the tightening in monetary policy to date, and the implications of future economic and financial data for inflationary pressures.

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Gold prices dip in Asia, but global tensions offer support

Investing.com - Investing.com - Gold prices dipped slightly in Asia on Thursday, but remained well supported on global tensions.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,305.10 a troy ounce, down 0.03%, after hitting an overnight session low of $1,303.60 and off a high of $1,311.60.

Upbeat data released in the U.S. on Tuesday and a slew of better-than-expected earnings enticed investors out of gold and into equities on Wednesday.

The Labor Department reported Tuesday that the U.S. consumer price index rose 2.1% in June, unchanged from the previous month and in line with forecasts.

On a month-over-month basis, U.S. consumer prices were up 0.3% after a 0.4% increase in May, also in line with expectations.

June's core inflation rate, which excludes food and energy costs, rose by just 0.1% from May and 1.9% on year, slightly below market calls for 0.2% and 2.0% readings, respectively, which illustrated how gasoline was driving the headline CPI up, though markets viewed the numbers as fundamentally healthy anyway.

Also on Tuesday, the National Association of Realtors reported earlier that existing U.S. home sales rose 2.6% to 5.04 million units in June from 4.91 million in May, beating market forecasts for a 2.0% rise to 4.97 million units.

Reports of waning physical demand pushed gold prices lower, though ongoing geopolitical concerns in Ukraine and Israel kept safe-harbor demand alive, which cushioned losses.

Silver for September delivery was down 0.01% at $20.965 a troy ounce. Copper futures for September delivery were down 0.11% at $3.203 a pound.

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India to get more wings with aviation revamp on cards

According to minister of state for civil aviation GM Siddeshwara, so far, his ministry has identified 50 locations with potential for being developed into small airports in various states.

The new civil aviation ministry is planning big to ensure more Indians take flight. However, lack of planning and foresight indicates that most of these plans are still miles away from take-off.

Flying is still not the common man's common mode of transport but the new civil aviation ministry wants to change it. The ministry is looking to set up dozens of no-frills airports around the country and connect them with regional carriers in order to make flying a cheaper option.

According to minister of state for civil aviation GM Siddeshwara, so far, his ministry has identified 50 locations with potential for being developed into small airports in various states.

Reports suggest that these airports will be constructed in the tourism circuit or backward areas where connectivity needs to be boosted.

Also read:  AI loss Rs 800cr in books in sale of 5 Boeing777 to Etihad

Further, the ministry has approved six new airlines in the last one month alone. Air One Aviation Private Limited, Zexus Air and Premier Air that eventually want to become national airlines. In addition, Turbo Megha, Air Carnival and Zav Airways that want to operate as regional airlines.

While the ministry has its target right, the means of achieving it are falling short of expectations. Considering there is still no DGCA-approved blueprint for no-frills airports, and building these small airports could cost anywhere northwards of Rs 70-80 crore, setting up 50 such airports is no easy task.

The regional airline policy has been around for years and while new entrant Air Costa has seen some success since its launch last October, most other aspirants have not been successful in the past because of myriad issues and lack of encouragement from respective state governments. Instead of tying up loose ends and ensuring that these small players are viable, the ministry seems to have shown undue haste in clearing such proposals.

The government has paid enough lip service in recent weeks on creating airport infrastructure, boosting regional connectivity and enhancing competition among existing airlines. It has been speaking of setting up hundreds of no-frills airports in Tier II and Tier III towns, offering incentives for regional airline startups and getting jet fuel taxation down. However, until the groundwork is done in terms of policy formulation and infrastructure, it is unlikely these plans will take-off anytime soon.

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Gold falls on upbeat U.S. inflation, home sales data

Investing.com - Investing.com - Gold prices edged lower in U.S. trading on Tuesday after data revealed both consumer prices and existing home sales are on the rise in the U.S., which should prompt the Federal Reserve to do away with loose monetary policies that have supported the commodity for years.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,306.70 a troy ounce during U.S. trading, down 0.55%, up from a session low of $1,302.60 and off a high of $1,315.80.

The August contract settled up 0.34% at $1,313.90 on Monday.

Futures were likely to find support at $1,292.60 a troy ounce, the low from July 15, and resistance at $1,319.00, Monday's high.

The Labor Department reported earlier that the U.S. consumer price index rose 2.1% in June, unchanged from the previous month and in line with forecasts, which strengthened the dollar and weakened gold, as the two assets tend to trade inversely with one another.

On a month-over-month basis, U.S. consumer prices were up 0.3% after a 0.4% increase in May, also in line with expectations.

The data kept expectations firm that the days of loose monetary policies that have supported gold since the Great Recession in the U.S. are coming to an end.

Market talk points to the Fed ending its bond-buying program around October and then raising interest rates some time in 2015, though the length of time that will pass between those two policy moves remains up in the air.

June's core inflation rate, which excludes food and energy costs, rose by just 0.1% from May and 1.9% on year, slightly below market calls for 0.2% and 2.0% readings, respectively, which illustrated how gasoline was driving the CPI up, though markets viewed the numbers as fundamentally healthy anyway.

Elsewhere, the National Association of Realtors reported earlier that existing U.S. home sales rose 2.6% to 5.04 million units in June from 4.91 million in May, beating market forecasts for a 2.0% rise to 4.97 million units.

Meanwhile, silver for September delivery was down 0.02% at $21.008 a troy ounce, while copper futures for September delivery were up 0.29% at $3.208 a pound.

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USFDA gives nod to Indoco's facilities in Goa

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

Pharma player Indoco Remedies  today said it has received a nod from United States' drug regulator for two of its facilities in Goa.

The US Food and Drug Administration (US FDA) has approved the sterile facility (plant-II) and solid dosage facility (plant -III) located at Verna in the adjoining coastal state, a company release said.

"The nod will facilitate the generic approvals in the US market and subsequent product launches there," Indoco Chairman Suresh G Kare said.

It will also boost high-margin revenues from the highly remunerative US market, the world's largest player in pharma space, he added.

Also read:  Price control debate: Is the pharma sector crying 'wolf'?

Officials from USFDA visited the facilities in August last year. With this, the number of Indoco facilities having USFDA approvals has gone up to six, it said.

These are three for finished dosages, two for APIs or active pharmaceutical ingredients and one for analytical, it added.

The company derived 35 percent of its revenues from exports in 2013-14.

Indoco Remedies stock price

On July 14, 2014, Indoco Remedies closed at Rs 153.50, down Rs 0.7, or 0.45 percent. The 52-week high of the share was Rs 177.50 and the 52-week low was Rs 55.05.

The company's trailing 12-month (TTM) EPS was at Rs 6.28 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 24.44. The latest book value of the company is Rs 49.59 per share. At current value, the price-to-book value of the company is 3.10.

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Idea hopeful of maintaining market share momentum

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business.

The country's third largest telecom player Idea Cellular , which today reported a 57 percent jump in net income at Rs 728.2 crore for the June quarter, driven by higher demand in mobile Internet services, said it expects to continue to raise its market share by 1 percent per year.

"Currently our market share in terms of revenue stands at 16.6 percent and in terms of incremental revenue market share, we are close to 30 percent. Over past three years, we have been gaining market share of 1.1 percent every year, we hope to continue to improve our market share in similar way," Idea Cellular managing director Himanshu Kapania said here today, while announcing the first quarter result.

He attributed the good numbers to the strong consumer demand and brand affinity, expanding network and steady cash flows from operations. The company expects that its Ebitda will also continue to grow in future.

"We believe that improvement in market share and Ebitda margins, which have been growing by 1.5 percent every year for the past three years, will continue to grow in a similar manner going forward," chief financial officer Akshaya Mondra said.

The company has got a subscriber base of 13.9 crore as of now, including a 3G subscriber base of 1.06 crore. "We have doubled our 3G subscriber base in the past one year to 1.06 crore from 55 lakh in the previous year. We hope it will also continue to grow in future," Moondra said, adding the combined 2G and 3G subscriber base stands at 2.76 crore.

Idea said it revenue grew to Rs 515.7 crore during the reporting quarter, thus achieving an Ebitda margin of 30 percent. During the quarter, it saw 136 percent year-on-year growth in mobile Internet business. It sold 32.5 billion megabytes of mobile data on its 2G and 3G platform during the quarter.

The network usage of the company grew by 12.2 percent on yearly basis. The higher voice rate realization and jump in data contribution to 11.5 percent of service revenue helped improve average realisation per minute by 1.5 paise from 43.6 paise in Q4 of FY14 to 45.1 paise in Q1 of FY15, while the value added services contribution improved sharply to 17.8 percent of overall service revenue.

It posted about 16 percent jump in its consolidated  revenue at Rs 7,484.8 crore during the quarter, up from Rs 6,470.93 crore a year ago. The blended data ARPU (2G+3G) also improved to Rs 108 and usage per data subscriber is at 409 MB. Shares of Idea closed at Rs 139.75 apiece, down by 1.01 percent over previous close at BSE, which closed 73 points up.

Idea Cellular stock price

On July 21, 2014, Idea Cellular closed at Rs 139.75, up Rs 1.40, or 1.01 percent. The 52-week high of the share was Rs 188.35 and the 52-week low was Rs 125.10.

The company's trailing 12-month (TTM) EPS was at Rs 4.77 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 29.3. The latest book value of the company is Rs 44.61 per share. At current value, the price-to-book value of the company is 3.13.

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Cos Act Ep#12: Related Party Transactions

Friday: 10.30 pm, Saturday: 11.30 am

Sunday: 9:30am & 11.00pm

Published on Sun, Jul 20,2014 | 20:47, Updated at Sun, Jul 20 at 20:47Source : CNBC-TV18 

If there is one section in the Companies Act, 2013 that most companies wish did not exist, that is Section 188 – Related Party Transactions! The new law wants minority shareholders to have final approval on related party transactions. But companies say the additional reporting and approval requirements will drown shareholders in reams of transaction details and prevent them from spotting the most important transactions. On the 12th Episode of this special series, we debate 'Related Party Transactions' with Bharat Vasani of the Tata Group, VS Parthasarathy of M&M & Dolphy D'Souza of EY.

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TOP TEN RAINIEST CITIES IN INDIA ON SATURDAY

Several places from North, Central and South India feature in our top ten list of rainiest cities. According to the latest weather update by Skymet Meteorology Division in India, the rain belt could extend up to north Maharashtra, eastern parts of Gujarat and Rajasthan in the coming days.

Here's a look at our list of top ten rainiest cities in India on Saturday:

Cities State Rainfall(in millimeters) Agumbe Karnataka 232 Champawat Uttarakhand 116 Nanital Uttarakhand 116 Mukteshwar Uttarakhand 86 Mangalore Karnataka 86 Pantnagar Uttarakhand 84 Kannur Kerala 68 Pachmarhi Madhya Pradesh 65 Madikeri Karnataka 62 Almora Uttarakhand 60  

By: Skymetweather.com

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Will loan growth drag HDFC Q1 earnings?

Credit Suisse estimates that HDFC PAT may be lower at 12 percent on yearly basis. It says in a report that HDFC's operational performance will remain healthy with a continued traction in retail mortgage growth (20 percent YoY) and stable spreads.

Moneycontrol Bureau

Housing finance company  HDFC will announce its April-June quarter results on July 21.  According to Credit Suisse HFCs will continue strong loan growth trajectory with 18-20 percent  growth annually. It feels that overall  spreads  should remain stable as  bond issuances  were  limited  in  the initial part of the quarter due to the ambiguity  surrounding  the  creation  of  disaster risk reduction  (DRR) impacting borrowing costs slightly but issuances picked up in June.

However, the brokerage estimates HDFC PAT may be lower at 12 percent on yearly basis. It says in a report that  HDFC's  operational  performance  will remain  healthy  with  a continued traction  in  retail  mortgage  growth  (20 percent YoY) and stable spreads.

"We expect loan growth to remain low, in what could be the final stages of a prolonged  downturn  in the truck segment. Overall net interest income (NII) may stay flat year-on-year," it says in a report. 

However, non-performing loans are expected to remain flat on a sequential basis. NPLs usually rise in the June quarter, but since  the  provisioning  on  new NPLs is low it is likely that credit costs  stay  flat QoQ. This would be the second quarter of renewed focus on collections by the company, and it would be interesting to see the results," it elaborates.

Meanwhile, CLSA is positive on HDFC first quarter performance. It expects income to grow at a healthy rate of 16 percent year-on-year led by growth in loans and stable spreads. Asset quality should remain strong and NPL levels should be near the existing range of 70-80 basis points of loans.

"Overall, this will drive 16 percent growth in pre-tax profits. However, the recent change in regulations on deferred tax liability can increase the effective tax rate for the company by about 500 bps, from 27 percent in 1QFY14 to 32 percent in 1QFY15, which will mean that reported net profit growth will be near 8-10 percent," it says.

On Friday, the stock closed at Rs 981.05, up Rs 7.60, or 0.78 percent on the BSE.

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Top 5 problems faced by Delhi during Monsoon

Monsoon has finally covered entire India, with rain being observed at many places. Though this has pulled down temperatures and made the weather extremely pleasant, there are several adversities that come along with Monsoon. 

1. Bugs and Insects

The pesky creepy crawly bugs, no matter what you do to eradicate them, find their way into your life. One may find them in weirdest places possible like inside Cars, creases of clothes, and also getting squished on the car windscreen and die.

2.  Water logging in Underpasses

For Delhiites Not a single day passes by, without dreading a commute through the infamous Moolchand underpass and many others in the city especially during monsoon season, as  the water starts logging in the underpasses.

3. Power Outages and Humidity

Power outages and humidity are a match made in hell. There has been scanty rain in Delhi since the arrival of Monsoon season. The humidity is high and with power cuts the sultry weather becomes unbearable. Don`t forget the pit stains and the stench.

4. Vikram breakdown

The breakdown of vehicles is a common sight in Delhi during the Monsoon in India. Slow moving Vikrams and Tata Aces carrying heavy load add to traffic jams caused by breakdowns on Delhi roads.

5. Vegetables prices

Every year during Monsoon vegetables get stupendously expensive, especially the king and queen of Indian Kitchen- onions and tomatoes. Besides bringing tears to your eyes, onions are also burning a hole in the pockets of the common man.

picture courtesy- daily mail & Nadeem Naqvi 

By: Skymetweather.com

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