Stocks
BSE gets nod to set up international exchange in GIFT
The BSE on Thursday said it has got an approval from Ministry of Corporate Affairs to establish BSE International Exchange and BSE International Clearing Corporation at Gujarat International Finance Tec-City (GIFT).
 
In 2015, the stock exchange had signed an MoU with the GIFT SEZ Ltd to set up two entities at the country's first International Financial Services Centre (IFSC).
 
"BSE intends to develop an international exchange providing an electronic platform for facilitating trading, clearing and settlement of securities, commodities, interest rates, currencies, other classes of assets and derivatives by international investors in the GIFT SEZ-IFSC, subject to necessary approvals and operating guidelines for IFSCs," a statement said.
 
"...International stock exchange will provide a platform to trade on equity derivatives, commodity derivatives currency derivatives, interest rate derivatives for Indian and foreign investors," said stock exchange's Managing Director and CEO Ashish Kumar Chauhan.
 
It will also provide platform for global securities listed on the international exchanges such as NYSE, LSE, NASDAQ etc., he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex under pressure – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex have broken the uptrend on low volumes. The major indices of the Indian stock markets were range-bound on Thursday and closed with small gains of less than 0.50% over Wednesday’s close. Investors were cautious and consequently, NSE trading volumes were on the lower side. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
The Indian equity markets traded flat for most of day. Selling pressure was witnessed in automobile, metal and capital goods stocks. The markets were bearish with BSE having 1,165 advances, 1,500 declines and 67 unchanged. On the NSE, there were 585 advances, 871 declines and 62 unchanged.
 
State-run oil marketing companies (OMCs) will add 5 lakh tonnes annual capacity of bottling plants in West Bengal in the next three years catering to the demand for LPG cylinders under Pradhan Mantri Ujjwala Yojana (PMUY), a top official said on Thursday. "We (all three OMCs) have 10 bottling plants in the state with a combined capacity of 9 lakh tonnes. We will add 5 lakh tonnes capacity of the bottling plants in the next 2-3 years to cater to the demand for LPG cylinders under the PMUY," said Ranjan Kumar Mohapatra, Indian Oil Corporation's (IOC) General Manager-cum-State Level Coordinator (Marketing Division West Bengal State Office). The investment will be around Rs540 crore, he said. In West Bengal, there are around 2.3 crore households and 1.06 crore are target beneficiaries which will be covered by 2019. "The process of de-duplication of eligible applicants has already been started. Around 6.84 lakh households have been enrolled under the scheme in the state. Of which, de-duplication of 4.6 lakh cases has already been completed for providing connections," he said. The identification of eligible BPL families will be made on Social-Economic Caste Census (SECC) data.  The centre will launch the scheme on August 14. IOC shares closed at Rs544.80, up 1.13% on the BSE.
 
Demand for gold in India for the second quarter dropped by 18% mainly due to high price, jewellers' strike and various regulatory moves by the government, Somasundaram PR, Managing Director, India, World Gold Council, said here on Thursday. The demand for the precious yellow metal for the April-June quarter in 2016 was 131 tonnes, down by 18% compared to 159.8 tonnes in the corresponding period in 2015. India's second quarter 2016 gold demand value was Rs35,500 crore, a fall of 8.7% in comparison to the same period a year ago. “In India, consumer demand fell 18% to 131 tonne in Q2 2016, compared to 159.8 tonne in the same period last year, and only marginally higher than Q1 2016. This quarter too was a truncated period for sales as the jewellers' strike extended into April and remained more or less effective until Akshaya Tritiya, when sales saw a brief boost,” Somasundaram said while releasing the second quarter demand report. “However, elevated price levels and a regulatory push for transparency through PAN cards, tax collection at source and excise duty on jewellery, coupled with weaker rural incomes kept demand subdued,” he added. The second quarter also witnessed a spurt in the flow of unofficial gold into the country, significantly impacting the organised and tax compliant segments of the gold industry, he said. “Out of the total demand in the second quarter, 40-45 per cent gold came through unofficial route.” The World Gold Council estimates gold demand for 2016 to be in the range of 750 to 850 tonnes. The lower demand for gold is a positive indication for the bulls in the stock markets in India, as investors are not playing safe and are looking for tangible return on investment through corporate earnings.
 
Automobile manufacturer Mahindra and Mahindra (M&M) on Wednesday reported a rise of 12.36% in its standalone net profit for the first quarter of the current fiscal. According to the company, Q1 standalone net profit stood at Rs955.21 crore from Rs850.09 crore for the quarter ended June 30, 2015. The company informed the BSE in a regulatory filing that its total revenue from operations during the quarter under review increased by 14.05% to Rs11,942.90 crore from Rs10,470.86 crore for the quarter ended June 30, 2015. The company said in a statement that while public investment expenditures remain strong, urban demand has been picking up pace since the third quarter of the previous fiscal and is expected to receive further impetus from the Seventh Pay Commission awards, which will be given effect in the current month. “More importantly, the double digit growth in domestic sales of tractors and two wheelers witnessed in the first quarter of 2016-17 suggests that a recovery in rural demand is now underway,” the statement said. The company elaborated that rural demand can be expected to gather further strength in the coming months given the robust rainfall received thus far and IMD's (India Meteorological Department) prediction of normal rains for the rest of the monsoon season. The company cited that weak external demand, underutilised capacities and balance sheet stress have hindered domestic private investment. The company’s shares closed at Rs1,420.70, down 1.88% on the BSE, on Thursday.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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