Ripples Advisory News Update's

PNB Housing said its board of directors recommended a final dividend of Rs 9 per equity share for 2018-19.

Shares of PNB Housing Finance rallied almost 5 percent intraday on May 10 after the company reported a 51 percent jump in its consolidated net profit at Rs 379.77 crore for the fourth quarter ended March 2019, compared to Rs 251.58 crore in the year-ago period.

The company in its BSE release said that its total income during the quarter rose to Rs 2,148.19 crore, up by 31 percent against Rs 1,638.48 crore in the corresponding quarter of 2017-18.

PNB Housing said its board of directors recommended a final dividend of Rs 9 per equity share for 2018-19.

At 0943 hrs, PNB Housing Finance was quoting Rs 729.50, up 4.51 percent on the BSE.

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Mustard Seed on NCDEX settled down by -0.65% at 3793 on expectation of higher supply. President of MOPA said mustard that carry over stock as of Feb 1 is pegged at 400,000 ton. The upcoming mustard crop is in very good condition so the production of mustard this year is likely to be in the range of 6.5-7 million tons. With the expectation of good crop in 2016/17, the new season supplies will be at higher size in the country. In addition to that the carryover stocks from last year might be higher as country imported record mustard oil and exported multiyear low mustard meal. However, the prices will get some support from the increase in minimum support price (MSP) of Rapeseed & Mustard to Rs. 3,700 per quintal for 2016/17 from Rs. 3,350 per quintal last year. 

        Trading Ideas

• Rm seed trading range for the day is 3764-3830.

• Mustard seed prices ended with losses on expectation of higher supply.

• President of MOPA said mustard that carry over stock as of Feb 1 is pegged at 400,000 ton.

• The upcoming mustard crop is in very good condition so the production of mustard is likely to be in the range of 6.5-7 million tons In Alwar spot market in Rajasthan the prices dropped -77.25 Rupees to end at 4025 Rupees per 100 kg. 

Maize on NCDEX settled down by -2.21% at 1415 as ample world supplies weighed on the market. The government reduced its corn supply outlook due to increased use in ethanol production. USDA lowered U.S. corn ending stocks for the 2016-17 crop by 35 million bushels in this month’s World Agricultural Supply and Demand Estimates data. Corn ending stocks for the 2016-17 crop were lowered 35 million bushels to 2.32 billion bushels. 

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That came in slightly below the average pre-report trader estimate. Corn use for ethanol was bumped up 25 million bushels to 5.35 billion bushels, based on recent data from the grain crushings report. Food, seed and industrial use for corn was also bumped up 10 million bushels. The stocks-to-use ratio for the 2016-17 crop is projected at 16.1%, still significantly higher than the 12.7% ratio for the 2015-16 crop. Global ending stocks for the 2016-17 corn crop were lowered 3.42 million metric tons to 217.56 million metric tons.

The Indian Government has said that the central assistance worth over Rs 2,845 crore has been released for various Extension, Renovation and Modernisation (ERM) irrigation projects under the Accelerated Irrigation Benefits Programme (AIBP) till December 2016. 

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Commenting on the issue, Water Resources Minister Uma Bharti told the media, "42 approved ERM projects have been included under AIBP since its inception. Central assistance of Rs 2,845.27 crore has been released for these projects up to December 2016." 

“Out of the 42 projects, 20 have been reported to be completed by state governments,” she added. “Issues relating to completion of ongoing AIBP projects were considered by a committee. The committee, in consultation with states has identified 99 ongoing AIBP projects including 9 ERM projects for completion in phases by December 2019," she further said.

Gold steadied on Friday, but remained below this week's three-month top as the U.S. dollar and Treasury yields came off their highs after the currency initially jumped on U.S. President Donald Trump's promise of a major tax announcement. 

Spot gold  was up 0.02 percent at $1,230.78 an ounce by 2:24 p.m. EST (1924 GMT), while U.S. gold futures  for April delivery settled down 0.07 percent at $1,235.90. On Wednesday, spot gold reached its highest since mid-November at $1,244.67. Gold prices were on track for a second weekly gain, up 1 percent from late last Friday. 

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The dollar pared gains against a currency basket on Friday after earlier strength from U.S. President Donald Trump's pledge to announce a major tax plan within weeks cooled some market nerves, reinvigorating dollar bulls. Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion while boosting the dollar, in which it is priced. 

Asian gold demand was mixed this week with Indian jewellers stocking up for the wedding season while rising prices kept buyers on the sidelines elsewhere.

After delaying purchases last month in anticipation of an import duty cut in the federal budget, jewellers in India have started rebuilding inventories on the back of an uptick in retail demand due to the wedding season. "The uncertainty over the duty cut is over. Jewellers are building inventory," said Chanda Venkatesh, managing director with CapsGold, a bullion merchant in Hyderabad.

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 Last week, the Indian government presented its budget for the 2017/18 financial year, but didn't change the import duty on gold. The bullion industry had urged the government to reduce the duty to combat smuggling, which has increased since India raised it to 10 percent in August 2013 in an effort to narrow a gaping current account deficit.

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Menthaoil trading range for the day is 1021.1-1039.9.Mentha oil spot at Sambhal closed at 1143.90 per 1kg. Spot prices was down by Rs.-2.70-.Mentha oil prices dropped amid muted demand in the domestic spot market.Further, ample stocks position on higher supplies from producing belts of Chandausi in Uttar Pradesh, too influenced mentha oil prices.Pressure also seen on prices on the speculation the area under cultivation can incerese this year resulting good production.

Naturalgas trading range for the day is 204.8-215.6.Natural gas struggled to hold its gain despite data showed that natural gas supplies in storage in the U.S. fell.EIA said in its weekly report that natural gas storage in the U.S. declined by 152bcf in the week ended February 3Natural gas markets have been volatile in recent weeks, changing course rapidly in response to shifting outlooks in short-term weather patterns.