An interest payment default of Rs 9.42 crore occurred on secured NCDs (5 years tenure) and of Rs 4.71 crore on 10 years NCDs, the company said

After three successive sessions of gains, shares of Dewan Housing Finance Corporation (DHFL) tumbled 5 percent on BSE on August 28, a day after the company said it defaulted to the tune of Rs 14.13 crore towards interest payments on bonds.

An interest payment default of Rs 9.42 crore occurred on secured NCDs (5-year tenure) and of Rs 4.71 crore on 10-year NCDs, the company said in a regulatory filing.

Separately, the housing finance company said it planned to raise funds through equity share sale or other means as part of the debt resolution plan.

The company's board will to meet on August 30, when the proposal would be tabled, the firm said in another regulatory filing.

The fund mop-up can also be through any other permissible mode or a combination of prospectus or placement document or letter of offer or any other permissible offer, it added.

Shares of DHFL were trading 1.96 percent down at Rs 47.50 at 1115 IST.

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Maruti Suzuki India Ltd Chairman R.C. Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand

Safety norms and higher taxes have "added substantially" to the cost of cars, affecting their affordability, Bhargava told shareholders at the company's annual general meeting.

With India's auto sales declining for the ninth straight month in July, more automotive manufacturers are laying off workers and temporarily halting production to keep costs in check, Reuters reported on Saturday.

The company is on track to meet the country's new emission norms, adding that the company will move towards manufacturing compressed natural gas (CNG) and hybrid cars.

Maruti plans to increase CNG vehicles by 50% this year, Bhargava said.

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Indian equity markets opened higher for the second day on Tuesday after measures announced by the government last week to boost economic growth

The benchmark Sensex opened at 37,658.48 from its Monday's close of 37,494.12.

At 9.29 a.m., it traded 142.22 points higher at 37,636.34 while the Nifty was 56.70 points up at 11,114.55. 

The Nifty PSU Bank index gained nearly 3 per cent in early trade.

Tata Motors and State Bank of Indian were the top gainers among the Nifty50 stocks.

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Till August 23 close, the BSE Metal index was down 28.33 percent year-to-date against the rise of 1.75 percent in the benchmark Sensex

Most metal stocks tumbled on August 26, causing their sectoral index on BSE to suffer a loss of almost 5 percent.

The metal pack witnessed a fresh wave of selling after the China-US trade war escalated, weighing further on global growth.

On August 23, the US President Donald Trump announced an additional duty on ~$550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of the US goods, Reuters reported.

Back home, the poor health of the auto sector has weighed on the metal stocks as the auto sector is a major consumer of metals such as steel and aluminium.

"If fewer cars are manufactured, the demand of metal takes a hit," said Sameer Kalra, Founder of Target Investing.

Auto manufacturing has taken a hit due to a slump in demand in the light of liquidity squeeze in the NBFCs and banks.

Besides, high leverages of metal players have also dented the growth prospects of these companies.

"Metal companies have high leverage so the cash flow is also getting hurt," Kalra added.

Around 1025 hours, the BSE Metal index was 4.07 percent down at 8,140, with all components in the red.

Tata Steel was down over 5 percent at that time, followed by JSW Steel (down 5 percent), Vedanta (down 4 percent), Hindalco (down 3.78 percent) and SAIL (down 3.51 percent).

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The 2.0-litre diesel engine (320d) produces an output of 190bhp and a maximum torque of 400Nm, accelerating the car from 0-100kph in 6.8 seconds

The 3 Series is one of BMW India’s best-selling cars, and the seventh-generation model launched this week is armed with tech gadgetry like smartphone entry, auto-reverse and an in-car assistant that learns drivers’ routine and driving style.

But what truly defines the 3 Series is not gadgetry; it’s the design and driving dynamics.

First, the design: The new 3 Series is marginally bigger than its predecessor. The bodywork has precisely drawn lines. At the front, the large BMW kidney grille—thankfully, it’s not as huge or as disproportionate as in the X7 or the new 7 Series—and the headlights leading off it are dominant themes. It has a longer wheelbase and shorter overhangs compared to the sixth-generation model. The rear has a sporty look thanks to the distinctive spoiler, slim L-shaped taillights with LED, and two large tailpipes. The company says optimised aerodynamics have reduced the car’s drag coefficient to 0.23 (the lower the drag coefficient, the more streamlined a vehicle is).

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State-run power generator NTPC's Kaniha unit in Angul district of Odisha is facing coal shortage due to a strike by villagers at the Kaniha Open Cast Project (KOCP)

The coal supply to the Kaniha unit from KOCP has stopped since August 18 due to a strike by villagers at the end of the mine, an NTPC statement said on Tuesday.

NTPC has a 3,000 MW (6x500) super thermal power station at Kaniha near Talcher.

Generation at NTPC's Kaniha unit was severally hit due to stoppage of coal supply for almost two weeks following an accident at the Bharatpur mines on July 23.

As many as four persons were feared dead after being trapped under the debris following a landslide in the mines.

NTPC-Kaniha was severely affected leading to the shutdown of four units and generated about 600 MW with two remaining units relying on left out yard stock and railway coal receipts.

"After the strike was called off from Talcher Coal Mines on August 7, the station started getting coal from Lingaraj Mines and Kaniha OCP and the situation improved partially. But still, the station is critical as there is no build-up of coal in the stockyard," the statement said.

However, owing to the ongoing strike at Kaniha OCP, coal availability has been severely affected and may lead to a progressive shutdown of units, which will affect the power supply to various states, including Odisha, it added.

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Shares of Apollo Hospitals Enterprise Ltd have gained 10% since it announced its June quarter results on 13 August. With the performance reassuring investors on asset optimization and profit metrics, the stock hit a new 52-week high of 1,4687 on Friday

Losses the company’s new ventures, housed under Apollo Health and Lifestyle Ltd, reduced significantly. And, higher revenues at its pharmacy and hospitals improved operating earnings by 27%. Consolidated profit margins rose to 11.4% year-on-year, taking it to the highest levels in recent quarters.

However, the quarter saw a moderation in inpatient growth compared to the year-ago period. “Inpatient volume growth moderated in the quarter to 5.9% for the healthcare business and pricing/mix was the key driver of the 15% (revenue) growth," said Jefferies India Pvt. Ltd in a note.

Even so, the profitability gap between new and established hospitals remains enormous and has scope for improvement. Additionally, per-store metrics of relatively new pharmacy stores have room to improve.

“Two of Apollo Hospitals Enterprise’s businesses are yet to fuel return on capital employed (RoCE), as new hospitals with about 2,100 crores in capital employed are running at 63% occupancy; Apollo Health and Lifestyle, with about 600 crores in capital employed, is clocking about 35% utilization," said analysts at Edelweiss Securities Ltd in a note.

Comparatively, its peer Narayana Hrudayalaya Ltd, which trades at a lower valuation, has better margins at the consolidated level. Narayana Hrudayalaya turned its focus on asset-optimization and improving profit metrics.

Another peer, Fortis Healthcare Ltd, is beginning to see the benefits of management change. It aims to improve profitability through better utilization and cost optimization.

All three companies are not strictly comparable though, given their presence in a range of services from pharmacy to diagnostics to hospitals. But for the financial performance-focused investor, the peers seem to be offering a compelling recovery narrative.

“While we expect an improvement in margins, going forward, we believe that competitive risks are still high and that valuations leave no room for upside," said Jefferies India in a note to clients.

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Slamming Price Waterhouse & Co's recent allegations of violation of the Companies Act 2013 by Reliance Capital, the company on Thursday said that the audit firm's recent letter to the Ministry of Corporate Affairs was invalid

The company board met earlier in the day to review the matters arising out of the letter filed by PwC with the Ministry of Corporate Affairs (MCA), under Section 143(12) of the Companies Act, 2013.

A company statement said the Board took note of the views of the other joint auditors, who have been auditors of the company for the last three financial years and continue as the sole Statutory Auditors of the Company, confirming that there are no violations as alleged by PWC

"The Board also noted that PwC had duly audited the accounts for the financial year 2017-2018, as also a limited review of financial results of three consecutive quarters ended December 2018, without any qualifications or raising any concerns," it said.

Reliance Capital's board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PwC, as per the company and the independent legal opinion from reputed law firm confirmed that there was no violation.

"The Board noted the independent legal opinion from reputed law firm confirming that there was no violation attracting Section 143(12) of the Companies Act, and which concluded that the PwC letter is devoid of any rationale or basis and is invalid," the statement said.

Further, the board observed that the alleged basis relied upon by PwC for reporting under Section 143(12) is itself "grossly inadequate, and does not even point to a single specific instance of alleged fraud".

As per the statement, PwC had chosen not to attend the audit committee meeting on June 12, 2019, despite being invited to do so and abruptly resigned at the unearthly hour of 4.32 a.m. on June 11, 2019.

"After resigning and ceasing to be the auditor of the company, PwC filed its letter with MCA later the same day; and PwC did not even share a copy of its letter with the company or even with the Board's independent audit committee, despite repeated requests by the company." 

The Board reaffirmed to take all appropriate steps to safeguard the interests of all stakeholders.

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Seltos, the first car manufactured for India by South Korean auto major Kia Motors, rolled out of its plant in Andhra Pradesh's Anantapur district on Thursday

The world's eighth-largest automaker rolled out the production version of the sports utility vehicle (SUV), which will be launched on August 22.

The company announced the commencement of mass production of Seltos after testing the vehicle over 20 lakh km in different climatic conditions and some of the most challenging terrains in India.

The first Kia Seltos was rolled off the assembly line by South Korea's ambassador to India, Shin Bong-Kil, and Managing Director and Chief Executive Officer (CEO) at Kia Motors India, Kookhyun Shim.

"The roll-out of the first Seltos is an emotional moment for all of us, especially for the people at the plant as we worked together relentlessly to build the future of Kia Motors in India. The invaluable contribution made by the government of Andhra Pradesh has enabled us to achieve our target of manufacturing the Seltos in record time. The first Seltos is the symbol of our promise and commitment to the Indian market," said Kookhyun Shim.

"The Seltos will be BS-VI compliant right from its launch. It will be available in a highly efficient, brand new smart stream engine that will come in three variants: 1.5 Petrol, 1.5 Diesel and first in segment 1.4 Turbo Petrol, offering the perfect balance of performance and efficiency," the company said.

The Seltos will be launched on August 22 and bookings are being accepted across all Kia dealerships along with the Kia official website.

Since the commencement of pre-booking on July 16, Kia Seltos has already gathered 23,311 bookings.

The Seltos is available for test drives across all Kia dealerships. 

Kia's manufacturing facility in Anantapur is spread over 536 acres and has an annual capacity of 300,000 vehicles. The plant will also be capable of producing hybrid and electric vehicles.

The plant in Anantapur is equipped with the most advanced global technologies such as robotics and artificial intelligence and is remarkably environment-friendly with capabilities like 100 per cent water recycling within the plant, the company said.

The plant also houses a five-acre training facility offering the basic technical course (BTC) in automobiles for skill development to provide all skills necessary for an entry-level job on the factory floor.

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Global software major Wipro on Wednesday said it has won a 5-year strategic IT and business transformation deal from ADM Aeroports de Montreal, which operates the YUL Montreal-Trudeau international airport and YMX International Aerocity of Mirabel municipality in Canada

"The partnership will transform ADM's airport operations through our integrated service delivery model, airport domain expertise and hyper-automation powered by our artificial intelligence platform," the city-based IT behemoth said in a statement here.

The outsourcing firm, however, did not disclose the value of the deal.

The partnership will drive operational excellence, enhance the user experience, catalysing the transformation of business processes and will foster innovation at ADM by leveraging technologies such as AI, cloud, analytics, Internet of Things, augmented reality, virtual reality and drones.

"The contract will also deliver ready-to-deploy digital airport assets, enabled by an American Society for Quality (ASQ)-driven framework, to help the operator realise its vision of making YUL a world leader in passenger experience and airport operations," said the statement.

ADM Chief Financial Officer Ginette Maille said as YUL was witnessing strong passenger traffic growth, technology would be used as a key enabler in improving operational efficiency and passenger experience.

"The digital evolution in collaboration with Wipro will allow us to offer services that are effective in meeting the needs of travellers," said Maille in the statement.

The deal will also enable the operator to benefit from Wipro's expertise gained through its work with other international airports.

Wipro President for energy, natural resources, utilities and construction N.S. Bala said digital capabilities and experience in working with some of the biggest airports had positioned the vendor well for executing the contract.

"The partnership with ADM is a testament to the value we bring to the airport's industry and our growing footprint in Canada, a strategic market for us," said Bala on the occasion.

Foraying into Canada in 1996, Wipro has operations in Toronto, Ottawa, Edmonton, Calgary and Montreal, where it works with leading firms across banking, airports, utilities and oil and gas, as well as with crown corporations.

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Shares of Titan Co. Ltd have declined by almost 22% from their annual closing high seen on 28 June

The company released its pre-quarterly update for the three months ended June on 8 July, wherein it said that the quarter had witnessed a tough macroeconomic environment.

Given that, expectations from the June quarter results were not particularly high. On a stand-alone basis, Titan’s mainstay jewellery business, accounting for 81% of total revenues, clocked 13% growth, below the company’s internal expectations. A sharp surge in gold prices and a slowdown in consumption weighed on consumer demand in June.

However, the outlook for the September quarter, too, doesn’t appear to be great. In a post-results conference call, the management indicated that July has been almost as bad as the second half of June.

“We have started to see some early green shoots in last weekend of July and early August," it pointed out. Still, how demand conditions pan out remains to be seen.

The company is hopeful of demand revival in the second half of the current fiscal year, which includes the festive season, a time when sales are typically robust.

“To be sure, it is difficult to say whether demand will improve from festival season. It’s worth noting that many factors such as high gold prices, 2.5% increase in customs duty and weaker consumer sentiment have all come together this time," said Amish Aggarwal, head of research at Prabhudas Lilladher Pvt. Ltd.

Titan’s watch business revenues, accounting for 14% of the total, increased at a relatively faster pace of 20%.

The company said the watch revenue growth was partly aided by part execution of a large institutional order from Tata Consultancy Services Ltd.

However, given that the segment’s contribution to the overall scheme of things is small, it doesn’t move the needle as much.

Overall, Titan’s revenues increased 14% year-on-year to ₹4,940 crore, a tad below Bloomberg’s consensus estimates. Earnings before interest, tax, depreciation and amortization increased by 14% as well. Even as employee costs and other expenses increased at a faster pace, a decline in advertising expenses helped.

Analysts said the Titan stock is capturing a good share of the pessimism surrounding the demand environment.

Still, valuations are not exactly inexpensive. Currently, the Titan stock trade at almost 51 times estimated earnings for FY20. Lacklustre June quarter results and muted demand outlook could well keep meaningful appreciation at bay from a near- to medium-term perspective.

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Tech Mahindra Ltd’s shares had underperformed the market after its revenue growth fell sharply in the March quarter. Profit margins narrowed at a higher-than-expected pace as well, raising concerns about its earnings. The June quarter results, released after market hours on Tuesday, provide no major reason to alter the stock’s trajectory

Dollar revenues grew just 1.9% year-on-year and fell 1.6% compared to the March quarter. “In the current quarter, the company faces seasonality, however, even after factoring the seasonality, Tech Mahindra’s revenues were below our expectation," ICICI Direct Research said in a note. 

Worse still, the fall in profitability was far higher than Street expectations. Ebit (earnings before interest and tax) margins contracted 1.5 percentage points from a year ago. 

As a consequence, operating earnings (Ebit) in dollar terms dropped 9% from a year ago. Sequentially, they are down as much as 26%. “Margins are way below estimates leaving room for earnings-per-share cuts," an analyst said in a note to his clients. 

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In the constant currency terms, the revenue growth was at 3.7 percent

Tech Mahindra on July 30 reported a 15.3 percent fall in its Q1FY20 net profit at Rs 959 crore against Rs 1,132.5 crore in the quarter ended March 2019

The company's rupee revenue was down 2.7 percent at Rs 8,653 crore against Rs 8,892.3 crore and dollar revenue was down 1.6 percent at $1,247.1 million against $1,267.5 million QoQ.

Earnings before interest and taxes (EBIT) fell 27.4 percent at Rs 992.8 crore, while margin was down 390 bps at 11.5 percent.

In the constant currency terms, the revenue growth was at 3.7 percent.

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He said the current correction will provide a good entry point for quality names that were too expensive until now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several companies, Harendra Kumar, Managing Director, Institutional Equities, Elara Capital, told Moneycontrol in an interview.

Q: What is your view on market correction triggered by worries over liquidity crunch in the debt market. Has the market reached a bottom yet?

The situation in debt market is due to specific reasons and as such the rub-off would have been limited to financials and rate sensitives at best. Having said that, elevated valuations were a concern for sometime now.

While it is difficult to predict exactly if this is the bottom or there is more to it, what these corrections have done, is to remove a lot of froth in valuation in several comp

We believe this will provide a good entry pointfor quality names that were too expensive until now.

Q: Do you plan to rework your Sensex or Nifty targets given the fresh negative cues?

Back in June last year, we had given a calendar year-end target of 10,900 for Nifty and we do not plan to rework on this at this time as it balances the positives and negatives at play.

If you look at the markets, while the global macro environment continues to remain challenging amidst a) continuing trade war concerns, b) protectionist rhetoric from US (threatening to withdraw from WTO), c) elevated crude prices and d) declining economic growth outlook in Japan, France, Brazil and South Africa, cushion for the markets could come from improving earnings outlook (4.0 percent upgrade in FY20 earnings), and sharply improved GDP (8.2 percent Q1FY19) with robust contributions from agriculture (5.3 percent Q1FY19) and manufacturing (13.5 percent Q1FY19).

Q: Brent crude futures rallied sharply to move close to 4-year highs. Do you think it can inch closer to $90/barrel?

The current elevation in oil prices is a reflection of global concern around budget constraints in OPEC leading to uncertainties in production and impact of sanctions on Iran and its effect on supply.

Internally, we are working with an assumption that crude will not breach $90/barrel level.

We also believe weakness in emerging market currencies, impact of the last rally in oil prices, impact of sanctions on Iran and rising trade uncertainties are all potential risks to oil demand-growth, providing price cushion.

Q: What is your view on the debt crisis in India. Is there a risk the market tightness & risk aversion could continue to spill over into equity market?

The current situation is a result of a unique combination of an unexpected default in short term paper by a key player coming at a time when companies need liquidity for advance tax payments, the result of which has given rise to increase in yield expectations.

As such, we expect the situation to improve a bit over the next month. In terms of spill over into equity markets. Obviously NBFCs will be affected by this, but beyond that, we don't expect further spill over effects. Impact on rate sensitive sectors like auto will be temporary.

Q: What's the call on NBFCs now as stocks are still under pressure?

We believe that NBFCs with more reliance on short term funds will continue to feel the pain – this includes all HFCs, but expect AFCs to be better than HFCs as they have more long-term financing component.

A recent analysis suggest growth and collections for commercial vehicle financers remain healthy which will provide support, in my view.

Q: What would you buy in this market decline and what is your preferred list in terms of sectors and stocks?

We conducted an analysis of key fundamental factors that work during varying market cycles and found that companies that are high quality (high ROCE/ROE), lower on leverage (Median or lower), low beta tend to outperform in times of market correction.

I believe in the current environment investors will be seeking the safety of high quality and high earnings visibility companies and expect quality and growth to continue to outperform.Extending our preference of high quality and growth to sectors, we prefer IT at this point. We have reduced Consumer staples to equal weight in our model portfolio due to elevated valuations. Given continuing business challenges (FDA), our approach to pharma is selective.

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Shabbir Kayyumi of Narnolia Financial Advisors maintained cautious view in this sharply lower trending market till some consolidation starts.

Market witnessed sell-off in the last hour of trade on last Friday and closed below 200-day moving average and closed six-month low. Crude oil woes and depreciation in Indian currency weighed on market sentiment.

Majority of the stocks closed in negative and almost near low of the week because of back to back negative macro factors. Trading volume too has spiked lately suggesting sharp unwinding of margin trading positions.

India VIX is trading at highest level of the week around 19.73 and gained almost 10 percent in last week along with fall of prices implies higher volatility in market with bearish bias. Interestingly India VIX is making higher high almost from last 6 weeks, and it is having resistance around 20 mark which was reversal point earlier too.

Nifty has closed below all short-term moving averages, 5-DMA (10,742), 20-DMA (11,151) and 50-DMA (11,321) and 200-DMA (10,780) suggesting strong bear grip on the market. But strong upward sloping trend line on weekly time frame and previous swing lows and highs around 10,100-9,950 levels are likely to provide support to prices.

On the other side, 200-DMA now will act as resistance to the market; also importantly, 200-DMA is in the middle of the price gap of 10,821-10,754 that occurred on October 4. Only positive for the market is that it has gotten so away from important averages that some corrective bounce may happen anytime.

We maintain cautious view in this sharply down trending market till some consolidation starts.

Bank Nifty

Selling pressure was witnessed in banking sector previous week and Bank Nifty traded lower and made a low of 24,250 and closed around 24,443 levels. We expect bearish to rangebound movement for coming sessions in a range of 24,800-23,700.

Here is the list of five stocks which could give 6-19 percent return in short term:

SBI: Buy | Buy Around: Rs 254 | Target: Rs 302 | Stop Loss: Rs 231 | Upside: 19%

Stock find support near its key support area of Rs 250-254 levels, near its previous swing bottom from where reversal can be expected in the coming sessions.

Positive crossover in MACD giving cues to take long position in the scrip. Buying momentum of acceleration will take place above Rs 270 levels where 200 DMA is seen. Buy SBI at Rs 254 with stop loss of Rs 231 and for the target of Rs 302 levels.

Sun Pharma: Buy | Buy Around: Rs 585 | Target: Rs 652.5 | Stop Loss: Rs 550| Upside: 11.5%

After hitting the peak of Rs 679, stock slipped near the low of Rs 591 from where chances of developing of demand is higher and it has been trading in a rangebound zone of Rs 620 and Rs 590 mark.

As of now, point of polarity is giving cues to accumulate this stock at lower levels. The RSI and other indicator also have been hovering near their oversold zone and currently it has indicated a steep rise.

As long as it sustains above Rs 550, possibility of moving to Rs 652.5 is higher.

Torrent Power: Buy | Buy Around: Rs 233| Target: Rs 258.50 | Stop Loss: Rs 210| Upside: 11%

Prices of stock has seen a sharp rebound after hitting a low of Rs 211 where its key support is seen. The emergence of Inverted Head and Shoulder on the lower time frame of chart is giving the possibility of pullback at higher side in coming sessions.

Moreover, positive RSI on daily supports bullish bias in the stock. Strong support is seen near Rs 211-212 levels. Buy above Rs 233 with stop loss of Rs 210 and targets of Rs 258.5 levels.

Apollo Hospitals: Buy | Buy Around: Rs 1,057 | Target: Rs 1,126 | Stop Loss: Rs 1,024| Upside: 6%

The stock has witnessed a decent correction recently from the peak of Rs 1,234 and recently scrip took support from its upward sloping line which gives buying opportunity.

RSI too bottomed out near its oversold zone and has indicated a reversal to maintain a positive bias. It has the potential to rise further in the coming days.

Stochastic is also looking firm lending support to price action. Inverted H&S of hourly chart breakout is expected above Rs 1,075 from where the momentum of buying will increase.

With the chart looking attractive and decent volume participation witnessed, we recommend a buy on dip around Rs 1,057 in this stock for an upside target of Rs 1,126, keep a stop loss of Rs 1,024.

Nestle India: Buy | Buy Around: Rs 9400 | Target: Rs 10,000 | Stop Loss: Rs 9,198 | Upside 6%

Scrip gave sharp decline towards Rs 9,113 after giving high of Rs 11,705 levels. Principal of polarity suggest support at lower levels from where buying momentum can be expected.

Daily time frame is taking support from its 200 DMA. Further upsurge is expected to come once when it will give decisively close above 9,700 levels.

Moreover, Bullish crossover in MACD suggests positivity in the counter. We suggest buying Nestle India around Rs 9,400 with stop loss of Rs 9,198 and for the target of Rs 10,000.

Disclaimer: The author is Head - Technical & Derivative Research at Narnolia Financial Advisors. The views and investment tips expressed by investment experts on Moneycontrol are their own, and not that of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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The contract terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore.

Shares of Gravita India touched 52-week low of Rs 69.50, slips 9 percent intraday Monday as order worth Rs 300 crore has been terminated.

The order for supply of 18,000 MT of Pure Lead and Lead Bullion worth Rs 300 crore from Kyen Resources Pte., Singapore could not be completed and the contract entered with them has been terminated due to some management and financial issues at the end of Kyen Resources Pte. Ltd., Singapore, company said in release.

Till date the company has supplied approximately 3,800 MT of material to Kyen Resources and company has planned to divert the remaining supply of 14,200 MT to some other customers.

The management of the company is of the view that termination of above contract will not have any material impact on the financials of the company as the company is already having an order book of approximately Rs 260 crore in hand for lead, aluminium and plastic products.

At 10:56 hrs Gravita India was quoting at Rs 71.25, down Rs 5.40, or 7.05 percent on the BSE.

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India's cotton production in 2018/19 is likely to fall 4.7 percent from the previous season to 34.8 million bales, as scant rainfall and an attack of pink bollworms are expected to squeeze crop yields, the head of a leading trade body told Reuters.

The drop in output could limit exports from the world's biggest producer of the fibre amid rising demand from top consumer China and in turn support global prices, which are hovering near their lowest level in more than nine months hit last week.

"In Gujarat, we are expecting a big drop in production due to dry weather," said Atul Ganatra, president of the Cotton Association of India.

Gujarat, the country's top cotton producing state, received 28 percent lower rainfall than normal in the June-September monsoon season, according to the India Metrological Department.

The western state's fibre output is estimated to drop 14.3 percent from a year earlier to 9 million bales in the new marketing season that started on Oct. 1, he said.

In Maharashtra, the country's second-biggest cotton producer, output is expected to ease to 8.1 million bales from 8.3 million bales due to an attack of the pink bollworm pest, Ganatra said.

Indian farmers have adopted genetically-modified seeds known as Bt cotton that are resistant to bollworms, but it has not stopped the infestations.

Pink bollworms consume the fibre and seeds inside a cotton plant's boll, or fruit, and yields fall.

Gujarat and Maharashtra account for more than half of the country's total cotton production.

"Due to less production exports are likely to reduce and import is likely to increase," he said.

Pakistan, China, Bangladesh and Vietnam are key buyers of Indian cotton.

In 2017/18, India exported 6.9 million bales of cotton.

Demand for Indian cotton is robust this year from China as a trade war is prompting the world's top consumer to avoid imports from the United States.

(1 Indian bale = 170 kg)

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Gold fell on Monday as the dollar firmed after China's central bank eased its domestic policy to support the economy amid concerns that an escalating trade dispute with the United States could hurt growth.

The People's Bank of China (PBOC) on Sunday announced a steep cut in the level of cash that banks must hold as reserves, stepping up moves to lower financing costs and spur growth.

Spot gold was down 0.5 percent at $1,196.61 an ounce at 0441 GMT. U.S. gold futures fell 0.5 percent to $1,200.50 an ounce.

"Although the dollar index has not gained much, the decision by China might be seen by some market participants as some sign of softness as a result of the trade war, which could benefit the dollar," said John Sharma, an economist at National Australia Bank.

The dollar was up 0.1 percent against a basket of six major currencies, as China followed an easing in domestic policy by allowing yuan to fall, though the drop was not as sharp as some had feared.

"Maybe, the trade war is affecting China more than realised and therefore the need to ease on policy, which dampened demand for gold there," a Singapore-based trader said.

Gold prices have fallen more than 12 percent from a peak in April largely due to strength in the dollar, which has benefited from a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

U.S. unemployment rate fell to near a 49-year low, as per the Labor Department's monthly employment report on Friday, which also showed a steady rise in wages, suggesting moderate inflation pressures, that could keep the Federal Reserve on a path of gradual interest rate increases.

"After very rosy comments from Fed Chair Powell earlier in the week and a decidedly hawkish post-FOMC presser, this data needed only to avoid an improbable disaster to unlock further steepening of the priced-in Fed outlook," said Ilya Spivak, a currency strategist for Dailyfx.

"To that end, its passing seemed to give the green light to traders withholding directional conviction until after event risk has passed."

Spot gold may test a support at $1,193 per ounce, a break below which could cause a loss to the next support at $1,188, while a break above $1,201 could lead to a gain into $1,207-$1,214 range, according to Reuters technical analyst Wang Tao.

Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.20 percent to 730.17 tonnes, on Friday.

Speculators cut their net short position in COMEX gold by 4,186 contracts to 73,128 in week to Oct. 2.

Meanwhile, spot silver fell 0.7 percent to $14.48 and palladium fell 0.3 percent to $1,066.10. Platinum inched 0.7 percent lower at $814.74 an ounce.

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Here is a list of top 10 short-term money making ideas from different experts which could give 5-28% return in the next 1-6 months.

Nifty50 lost 5.6 percent, or over 600 points, for the week ended October 5 to record its biggest weekly loss in the last 26 weeks. The Nifty index has been making lower highs and lower lows on the weekly scale and has now fallen by around 1,500 points in the last 5 weeks.

The index formed a bearish candle on daily charts on Friday and on the weekly scale as well which suggests that bears are having a tight grip on the market.

The Nifty index broke below major levels like 61.80 percent retracement at 11,650, maximum Put OI congestion zones of 11,500-11,450, 50 Weekly EMA and is now gradually drifting lower with the higher pace of selling pressure, suggest experts.

India VIX is now hovering around 19.73 and is moving upwards from last three consecutive weeks which is not a good sign for the bulls. On the options front, maximum Put OI is placed at 10,500 followed by 10,700 strikes while maximum Call OI is at 11,000 followed by 11,200 strikes.

“As long as it holds below 10,500 zones, Nifty may continue to extend its weakness towards 10,200 and may even retest 10,000 levels while on the upside, medium-term hurdle is shifting from 10,850 to 10,650 zones,” Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol.

“Most of the sectorial indices were in pressure in the last week while many heavyweights also fell down sharply. Now till index doesn’t take a pause from selling mode by crossing any immediate hurdle zones, don’t go for bottom fishing, as sharp cut of 15 percent from higher zones have changed the price structure of most of the heavyweight and mid and small caps stocks, upside seems to be capped for time being,” he said.

Selective IT, few Metal and Pharma counter may see some support based buying while most of the Auto, FMCG, Oil & Gas, Mid and Small cap stocks may continue their downward journey.

Here is a list of top 10 short-term money making ideas from different experts which could give 5-28% return in the next 1-6 months:

Analyst: Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in

Ashok Leyland: Buy| LTP: 108| Target: Rs 132| Stop Loss: Rs 103| Return 28%

Despite high volatility in the market, this counter was moving flat for the last couple of trading sessions suggesting that it might have bottomed out. Hence, post monetary policy if this counter is sustaining above Rs 110 levels on closing basis, one can initiate long positions for targets of Rs 132.

Bajaj Auto: Buy| LTP: Rs 2544| Target: Rs 2940| Stop Loss: Rs 2528| Return 15%

Interestingly, for the last four weeks, this counter is moving in a horizontal fashion after taking support around Rs 2,600 levels when broader market was under pressure.

Hence, if the stock manages to reclaim Rs 2600 and sustain then it can head for an initial target of Rs 2,940 levels. Hence traders are advised to buy now and accumulate further on declines.

BHEL: Buy| LTP: 70.60| Target: Rs 83| Stop Loss: Rs 65| Return 18%

A strong up move was seen in the current turbulent week which suggests that this counter has decoupled with market volatility and can head higher based on its own strength.

Hence positional traders are advised to buy the stock now and in declines up to Rs 69. As long as it sustains above Rs 66 levels, it can head for an initial target of Rs 83.

Analyst: Rajesh Palviya, Head – Technical & Derivatives Analyst, Axis Securities

Aurobindo Pharma: Buy| LTP: Rs 743| Target: Rs 810| Stop Loss: Rs 735| Return 9%

The stock has given a down sloping trend line breakout at Rs 760 levels on the closing basis with an increase in volumes. The stock is trading above 20, 50 and 100-day SMA. The daily RSI and Stochastic both are in a positive territory indicating further upside.

In the month of Sept., the stock has marked a low (Rs 698) which coincides with 50 percent Fibonacci retracement support (Rs 696) of the previous rally (Rs 565-827), which remains a crucial support.

On the monthly chart, the stock is moving in a higher Top higher Bottom with a huge spurt in volumes indicating increased participation on the rally. The monthly indicators RSI and Stochastic both are confirming the strength as well as upside momentum.

Hindalco Industries Ltd: Buy| LTP: Rs 240| Target: Rs 270| Stop Loss: Rs 239| Return 12%

The stock has decisively broken its 6-months consolidation range of 230-250 levels on the closing basis indicating an upward breakout.

On the monthly chart, the stock has formed a strong base around 210-200 levels which remains a crucial support zone. The stock has crossed its 200-days SMA indicating bullishness.

The daily, as well as monthly RSI and stochastic, are in a positive territory indicating further upside.

NIIT Technologies: Buy| LTP: Rs 1,158| Target: Rs 1,280| Stop Loss: Rs 1,130| Return 10%

The stock has given a downward sloping channel breakout at Rs 1,150 levels on the closing basis with an increase in volumes. Since May 2018, the stock has managed to hold its major support zone around Rs 1,060 -1,000 levels which signal strength at lower levels.

The stock has closed above its 100-day SMA. The daily RSI and stochastic both are in a positive territory indicating further upside.

Brokerage Firm: SMC Global Securities

Infosys: Buy| LTP: Rs 721.85| Target: Rs 765| Stop Loss: Rs 680| Return 6%

The stock closed at Rs 721.85 on 05th October, 2018. It made a 52-week low at Rs 452 on 06th October 2017 and a 52-week high of Rs 754.90 on 1st October 2018. The 200-day Exponential Moving Average (EMA) of the stock on the daily chart is currently at Rs 627.05.

The short, medium and long-term bias are positive for the stock as it is continuously trading in “Rising Channel” on the weekly charts, which is considered to be bullish.

Last week, there was a panic selling witnessed across the board but the stock ended flat on the back of buying force, which indicates buying is aggressive for the stock.

Technical indicators like RSI and MACD are also looking positive for the stock so one can initiate long in the range of Rs 710-715 levels for the upside target of Rs 755-765 levels with a stop loss below Rs 680.

Analyst: Manav Chopra, CMT, Head of Research, Indiabulls Ventures

Axis Bank: LTP: Rs 568| Target: Rs 650| Stop Loss: Rs 530| Return 14%

The recently Axis Bank has broken out of the long-term triangle on the weekly charts, which is now retesting its earlier resistance levels.

These levels are now likely to act as strong support. One can buy Axis Bank from these levels as the structure is bullish and the risk reward is favourable. Investors can initiate buy with a target at Rs 650 while a stop loss can be placed at Rs 530.

UPL: Buy| LTP: Rs 598.20| Target: Rs 700| Stop Loss: Rs 560| Return 17%

UPL has recently formed a Morning Star candlestick pattern on the weekly charts, which is now nearing its monthly support levels. Supports are placed around Rs 550 - 565 levels.

One can take a long position in UPL while keeping a stop loss below Rs 560 levels, and a short-term target can be maintained at Rs 700 levels

Cipla: LTP: Rs 634.55| Target: Rs 730| Stop Loss: Rs 610| Return 15%

Cipla is currently holding its monthly breakout levels and the momentum oscillators are showing bullish signs. In this volatile market, one should focus on pharma stocks.

The recent dip should be taken as buying opportunity in Cipla, for the short-term target can be maintained at Rs 730 levels while placing a stop loss below Rs 610.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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