Declaration of Dividend for UTI Mutual Fund

UTI Mutual Fund has approved the declaration of dividend under the dividend option of UTI Fixed Income Interval Fund-Monthly Interval Plan I (Retail and Institutional Option). The quantum of declaration will be 100 per cent of the distributable surplus as available under the plan(s) on the record date.

The record date is April 26, 2011.

Source: www.valueresearch.com

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Maulik Doshi

DENIP Consultants Pvt. Ltd.

ICICI Prudential Equity and Derivatives Fund-Wealth Optimiser Plan to be renamed

ICICI Prudential Mutual Fund has announced that ICICI Prudential Equity and Derivatives Fund-Wealth Optimiser Plan will be renamed as ICICI Prudential Equity and Derivatives Fund-Volatility Advantage Plan, with immediate effect.

Source: www.valueresearch.com

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Maulik Doshi
DENIP Consultants Pvt. Ltd.

Silver hits another record at Rs 68,600 on global cues

Continuing its record setting spree, silver spurted by Rs 2,300 to trade at fresh high of Rs 68,600 per kg today, largely in tandem with a firming global trend amid pick up in domestic demand.

On the other hand, gold held steady at prevailing level of Rs 22,060 per 10 grams in restricted activity, despite it soaring to record highs in global market.

Silver coins followed suit and spurted by Rs 2,000 to record level of Rs 74,000 for buying and Rs 74,500 for selling of 100 pieces.

Sentiments remained bullish as buying activity gathered momentum after silver in overseas market gained 1.5 per cent to USD 45.95 an ounce, a highest level since 1980.

Gold advanced to trade at record USD 1,508.28 an ounce, as a weaker dollar and concern about debt and faster inflation spurred demand for an alternative investment.

On the domestic front, silver ready shot up by Rs 2,300 to trade at fresh high of Rs 68,600 per kg and weekly-based delivery by Rs 2,435 to Rs 67,490 per kg.

However, gold 99.9 and 99.5 per purity held steady at Rs 22,060 and Rs 21,940 per 10 grams, while sovereigns traded flat at Rs 18,000 per piece of eight grams in restricted buying at existing higher levels.

Source: www.moneycontrol.com

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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Gold soars to record in sixth straight session

Spot gold surged to a lifetime high on Friday in holiday-thinned trade, hitting a record for a sixth consecutive session on a weak dollar and factors ranging from geopolitical uncertainty to inflation concerns.

Silver also raced to its loftiest in 31 years, notching the milestone for a seventh straight day and outstripping gold's weekly gains by a huge margin.

A prolonged euro zone sovereign debt crisis, unrest in the Middle East and North Africa, rising global inflation, and most recently worries over the fiscal stability of the United States and a sharply weaker dollar have fueled the record-breaking rally in these precious metals.

Spot gold rose to a record of $1,510.80 an ounce, before easing to $1,507.10 by 0710 GMT, on track for a weekly gain of 1.6 percent -- its sixth consecutive week of gains.

Spot silver hit a 31-year high at $46.69 an ounce, on course for a weekly rise of 8.4 percent, its biggest weekly increase in two months.

Silver has gained 51 percent so far this year, and gold 6 percent. This compares with a corresponding rise of just 1 percent in the London Metal Exchange price of copper, the bellwether of the industrial metals complex.

So long as the overall environment remains supportive and the dollar remains weak, gold is expected to remain strong, but a correction might be on the horizon after the rapid ascent, traders and analysts said.

The dollar index , which measures the greenback against a basket of currencies, was languishing near a three-year low, and could take a run at the all-time low hit in 2008, pressured by record low interest rates and the crushing weight of the U.S. budget deficit.

"Gold is likely to consolidate around the $1,500-level next week," said Li Ning, an analyst at Shanghai CIFCO Futures. "The angle of the recent rally is very sharp, and we are bound to see some correction in the near term."

MORE STEAM TO RUN ON?

Spot gold has rallied more than $50, or nearly 4 percent, in the past seven sessions. The Relative Strength Index, or RSI, rose to nearly 75, a level unseen since October last year, suggesting the market has been heavily overbought.

The RSI on spot silver climbed close to 89, its highest since April 1987.

The gold market may have topped out, and now is the time to sell while there are still people willing to buy, said Barry Schwartz, vice president and portfolio manager at Toronto-based wealth manager Baskin Financial Services.

Shanghai CIFCO's Li said gold still has more steam to run on and expected prices to peak at $1,550 by the end of the second quarter, buoyed by Middle East unrest, sovereign debt concerns on both sides of the Atlantic and inflation worries.

Concerns over rising global inflation are likely to drive gold even higher in the next few years, albeit at a slower pace, analysts polled by Reuters said.

The Shanghai Gold Exchange has started a trial for over-the-counter trading, providing a convenient tool for institutional clients to trade large quantities of gold.

Holdings in the physically backed exchange-traded precious metals funds dipped ahead of the long Easter weekend. SPDR Gold Trust , the world's biggest gold ETF, saw holdings dip 0.6 tonnes to 1,229.643 tonnes.

Financial markets in Singapore and Hong Kong are closed on Friday for a public holiday, and Hong Kong will remain closed on Monday.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Muthoot Finance IPO subscribed 24.55 times

The Rs 901-crore IPO of Muthoot Finance, the non-banking finance company engaged in gold loan business, has received tremendous response from investors - especially non-institutional investors (NIIs). It is the first IPO in the financial year 2011-12.

Public issue, which closed today, has subscribed more than 24.55 times, as per data available on National Stock Exchange. It has received bids for 107.46 crore equity shares as against issue size of more than 4.37 crore shares (excluding anchor investors' book).

The reserved portion of NIIs subscribed around 60.94 times, with receiving bids for 47.07 crore shares ag against portion of 77.25 lakh shares. Retail investors' portion of 1.8 crore shares has seen bids for 15.3 crore shares - subscribed over 8.5 times.

Qualified institutional investors' reserved portion, which closed yesterday, subscribed 25 times - received bids for more than 45 crore equity shares as against reserved portion of 1.8 crore shares.

Gold financing company offers 5.15 crore equity shares through the issue in a price band of Rs 160-175 a share.

Issue proceeds will be mainly used for augmenting capital base to meet future capital requirements to provide for funding of loans to customers.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Weekly Market Outlook 3rd Week of April - 18th April 2011 - Disclaimer Post Applies

Following is the update to the stock calls sent for the week:

DLF Ltd – Short this stock at 245.05 for a target of 234. Stop loss at 255
1. Weekly low of 228.8 completes the target.

· Hexaware technologies - Short this stock at 70.5 for a target of 66. Stop loss at 74
1. Weekly low of 66.15 and the fall is still coming.


Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

Results to be declared on 23rd, 24th & 25th April 2011

Source: www.bseindia.com

Thanks,

Gaurav Agarwal

Head Dealer

DENIP Consultants Pvt Ltd

3i Infotech Q4 net profit at Rs 63.4 cr

3i Infotech Q4 net profit was at Rs 63.4 crore, YOY.

Its revenue was at up at Rs 653 crore versus Rs 633 crore, YoY.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

JSPL Q4 Cons net profit up at Rs 1002 cr

Jindal Steel & Power Q4 consolidated net profit was up at Rs 1,002 crore versus Rs 963 crore, YoY.

Its consolidated net sales were at Rs 3,848 crore versus Rs 3,182 crore, YoY.

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd

Axis Bank bullish on growth, Q4 net up 35.5%

The third largest private sector lender Axis Bank today sounded bullish about growth this fiscal on the back of a robust 33.5% rise in net profit at over Rs 1,020 crore in quarter to March driven by a massive jump in total interest incomes.

During the quarter, the bank saw its fee income from large and mid-corporate growing 68%, treasury by 79% and retail by 45%. For the full year, fee income stood at Rs 3,790 crore, up 30% over Rs 2,925 crore.

Though there has been a marginal deceleration in the net interest margin (NIM) in Q4, which came down to 3.44% against 3.81% and to 3.65% from 3.75% for the full year, a 48.3% jump in interest income to Rs 5,817 crore in Q4, coupled with a decline in stressed assets, could take care of the decline.

The bank had a net profit of Rs 764.8 crore in Q4 of FY10. During the quarter, the interest income improved to Rs 4,366.6 crore against Rs 2,988.4 crore.

"We are hopeful of improving upon the robust numbers in FY11 in the current fiscal. I expect advances growth to be around 25% , which would be above industry average. A similar growth is expected on deposit front too," executive director and chief financial officer Somnath Sengupta told PTI in a conference call here today.

On the Enam deal, Sengupta said, they had an in-principle approval from RBI, under which, the bank was asked not to allow any Enam shareholders who may buy into Axis shares a position on the board of the bank.

On whether Enam chairman Vallabh Bansali would be on the board, he said, no call has been taken on this. He also ruled out any renegotiation of the price it paid for the deal, which was questioned by RBI, saying the regulator has not told them anything about it. .

Source: www.moneycontrol.com

Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd