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Reliance Naval & Engineering Ltd, PC Jeweller Ltd, Vodafone Idea Ltd and Power Finance Corporation Ltd are among the other gainers in the BSE's 'A' group today, 14 December 2018.
Max India Ltd spiked 16.02% to Rs 77.5 at 11:48 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 7.26 lakh shares were traded on the counter so far as against the average daily volumes of 52259 shares in the past one month.
Reliance Naval & Engineering Ltd surged 14.66% to Rs 16.35. The stock was the second biggest gainer in 'A' group. On the BSE, 10.71 lakh shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past one month.
PC Jeweller Ltd soared 8.10% to Rs 84.7. The stock was the third biggest gainer in 'A' group. On the BSE, 53.81 lakh shares were traded on the counter so far as against the average daily volumes of 22.63 lakh shares in the past one month.
Vodafone Idea Ltd advanced 6.45% to Rs 37.15. The stock was the fourth biggest gainer in 'A' group. On the BSE, 21.83 lakh shares were traded on the counter so far as against the average daily volumes of 31.05 lakh shares in the past one month.
Power Finance Corporation Ltd added 6.27% to Rs 91.55. The stock was the fifth biggest gainer in 'A' group. On the BSE, 13.08 lakh shares were traded on the counter so far as against the average daily volumes of 12.91 lakh shares in the past one month.

Mandhana Retail Ventures Ltd, Cineline India Ltd, Mangalam Timber Products Ltd and Premier Explosives Ltd are among the other gainers in the BSE's 'B' group today, 14 December 2018.
PG Electroplast Ltd spiked 14.26% to Rs 107 at 12:03 IST. The stock was the biggest gainer in the BSE's 'B' group. On the BSE, 64368 shares were traded on the counter so far as against the average daily volumes of 15682 shares in the past one month.
Mandhana Retail Ventures Ltd soared 14.05% to Rs 38.55. The stock was the second biggest gainer in 'B' group. On the BSE, 14940 shares were traded on the counter so far as against the average daily volumes of 4876 shares in the past one month.
Cineline India Ltd surged 13.43% to Rs 54.05. The stock was the third biggest gainer in 'B' group. On the BSE, 43619 shares were traded on the counter so far as against the average daily volumes of 1703 shares in the past one month.
Mangalam Timber Products Ltd added 12.70% to Rs 21.3. The stock was the fourth biggest gainer in 'B' group. On the BSE, 33417 shares were traded on the counter so far as against the average daily volumes of 4535 shares in the past one month.
Premier Explosives Ltd jumped 10.64% to Rs 262. The stock was the fifth biggest gainer in 'B' group. On the BSE, 20654 shares were traded on the counter so far as against the average daily volumes of 10456 shares in the past one month.

Dish TV India Ltd gained for a fifth straight session today. The stock is quoting at Rs 37.9, up 0.93% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.07% on the day, quoting at 10798.9. The Sensex is at 35980.74, up 0.14%. Dish TV India Ltd has slipped around 0% in last one month.
Meanwhile, Nifty Media index of which Dish TV India Ltd is a constituent, has slipped around 5.15% in last one month and is currently quoting at 2562.6, down 0.6% on the day. The volume in the stock stood at 31.44 lakh shares today, compared to the daily average of 84.47 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 37.75, up 0.13% on the day. Dish TV India Ltd is down 52.6% in last one year as compared to a 4.51% spurt in NIFTY and a 23.52% spurt in the Nifty Media index.
The PE of the stock is 91.71 based on TTM earnings ending September 18.

Karma Energy Ltd, Orient Press Ltd, Bhagyanagar Properties Ltd and Nagarjuna Oil Refinery Ltd are among the other losers in the BSE's 'B' group today, 13 December 2018.
Responsive Industries Ltd tumbled 15.05% to Rs 81.55 at 14:33 IST.The stock was the biggest loser in the BSE's 'B' group.On the BSE, 34313 shares were traded on the counter so far as against the average daily volumes of 40202 shares in the past one month.
Karma Energy Ltd crashed 9.94% to Rs 21.3. The stock was the second biggest loser in 'B' group.On the BSE, 250 shares were traded on the counter so far as against the average daily volumes of 924 shares in the past one month.
Orient Press Ltd lost 9.16% to Rs 167.2. The stock was the third biggest loser in 'B' group.On the BSE, 267 shares were traded on the counter so far as against the average daily volumes of 232 shares in the past one month.
Bhagyanagar Properties Ltd plummeted 9.15% to Rs 26.8. The stock was the fourth biggest loser in 'B' group.On the BSE, 201 shares were traded on the counter so far as against the average daily volumes of 483 shares in the past one month.
Nagarjuna Oil Refinery Ltd shed 9.09% to Rs 1. The stock was the fifth biggest loser in 'B' group.On the BSE, 1.4 lakh shares were traded on the counter so far as against the average daily volumes of 22057 shares in the past one month.

On the BSE, 52.54 lakh shares were traded in the counter so far compared with average daily volumes of 29.38 lakh shares in the past two weeks. The stock had hit a high of Rs 50.50 and a low of Rs 45.35 so far during the day.
Infibeam Incorporation said that the company has scheduled a board meeting on 17 December 2018 to consider and approve examine and evaluate the feasibility of and options for strategic growth opportunities of the business verticals and subsidiaries of the company.
Infibeam Avenues reported net loss of Rs 4.53 crore in Q2 September 2018 as compared with net profit of Rs 1.06 crore in Q2 September 2017. Net sales rose 82.23% to Rs 134.38 crore in Q2 September 2018 over Q2 September 2017.
Infibeam is a leading e-Commerce enabler offering end-to-end e-Commerce services on the internet to small and large merchants, enterprises and governmen

Central Bank of India is up for a third straight session in a row. The stock is quoting at Rs 30.35, up 1.34% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.57% on the day, quoting at 10798.45. The Sensex is at 35966.65, up 0.52%. Central Bank of India has dropped around 1.14% in last one month.
Meanwhile, Nifty PSU Bank index of which Central Bank of India is a constituent, has dropped around 2.3% in last one month and is currently quoting at 2940.8, up 1.71% on the day. The volume in the stock stood at 2.31 lakh shares today, compared to the daily average of 3.97 lakh shares in last one month.

Syndicate Bank rose for a third straight session today. The stock is quoting at Rs 34.2, up 1.18% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.57% on the day, quoting at 10798.45. The Sensex is at 35966.65, up 0.52%. Syndicate Bank has dropped around 0.87% in last one month.
Meanwhile, Nifty PSU Bank index of which Syndicate Bank is a constituent, has dropped around 2.3% in last one month and is currently quoting at 2940.8, up 1.71% on the day. The volume in the stock stood at 18.07 lakh shares today, compared to the daily average of 30.86 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 34.4, up 1.33% on the day. Syndicate Bank is down 58.62% in last one year as compared to a 5.33% gain in NIFTY and a 20.07% gain in the Nifty PSU Bank index.

South Indian Bank Ltd gained for a third straight session today. The stock is quoting at Rs 16.3, up 1.24% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.57% on the day, quoting at 10798.45. The Sensex is at 35966.65, up 0.52%. South Indian Bank Ltd has risen around 9.76% in last one month.
Meanwhile, Nifty Private Bank index of which South Indian Bank Ltd is a constituent, has risen around 3.18% in last one month and is currently quoting at 15041.8, up 0.97% on the day. The volume in the stock stood at 79.02 lakh shares today, compared to the daily average of 148.55 lakh shares in last one month.
The benchmark December futures contract for the stock is quoting at Rs 16.4, up 1.23% on the day. South Indian Bank Ltd is down 47.42% in last one year as compared to a 5.33% spurt in NIFTY and a 9.43% spurt in the Nifty Private Bank index.

Wipro Gallagher Solutions, a Wipro company announced the launch of its NetOxygen Saas loan origination solution for mortgage lenders.
NetOxygen Saas brings the power of NetOxygen, an enterprise class loan origination system that helps lenders reduce origination costs and boost production efficiency through automation. NetOxygen connects to a front end portal and fintech offerings thus providing seamless interactions to improve borrower experience. NetOxygen Saas enables quicker deployment and scalability to match business growth with an all-inclusive, per transaction pricing, which is based on business outcomes.
NetOxygen Saas provides comprehensive product coverage across mortgage, home equity, HELOC (home equity line of credit) and unsecured credit lines origination. The platform integrates an extensive vendor ecosystem which provides multiple options for standard services like credit, appraisals, fraud checks, etc. NetOxygen Saas supports retail, correspondent and wholesale markets, and also enables niche offerings like construction lending for one close, multiple close, homestyle renovation and FHA construction.

Phoenix Mills has allotted 10,000 equity shares of Rs. 2/- each fully paid-up at an exercise price of Rs. 333.90/- per share to the grantees upon exercise of stock options pursuant to The Phoenix Mills Employees Stock Option Plan 2007.
Consequent upon allotment of the above shares, the equity share capital of the Company stand increased from present level of 15,31,70,351 (Nos.) to 15,31,80,351 (Nos.) equity shares of Rs. 2/- each.

Lupin announced that it has received final approval for its Tetrabenazine Tablets, 125 mg and 25 mg from the United States Food and Drug Administration (FDA) to market a generic version of Valeant pharmaceuticals North America, LLC's Xenazine® Tablets, 12.5 mg and 25 mg.
Lupin's Tetrabenazine Tablets, 12.5 mg and 25 mg are the generic equivalent of Va Ie ant Pharmaceuticals North America, LLC's Xenazine® Tablets, 12.5 mg and 25 mg. It is indicated for the treatment of chorea associated with Huntington's disease.
Tetrabenazine Tablets, 125 mg and 25 mg had annual sales of approximately USD 288.1 million in the US (IQVIA MAT Jan 2018).

The Board of Axis Bank has commenced the succession process to appoint a new Managing Director & CEO of the Bank. The Board has appointed Egon Zehnder, a global leadership advisory firm, to conduct the succession process and evaluate candidates for the said post. The Board will ensure that the said process will be completed before the end of Shikha Sharma's tenure and thus facilitate smooth transition of leadership responsibilities at the Bank.

Electrosteel Steels announced that as per the resolution plan which was submitted by Vedanta for acquisition of the Company under the provisions of the Insolvency and Bankruptcy Code, 2016, and which was approved by the National Company Law Tribunal (Kolkata Bench) (NCLT) pursuant to its order dated 17 April 2018 (Resolution Plan), on and from the date of approval of the Resolution Plan by the NCLT (i.e. 17 April 2018) until the date on which Vedanta acquires control of the Company as per terms of the Resolution Plan, the Company is required to be monitored by an Independent Managing Authority (IMA) under the instructions, control and management of a Steering Committee.
The Steering Committee has been constituted as per the terms of the Resolution Plan and comprises of majority nominees representing the financial creditors of the Company and minority nominees from Vedanta.
In addition to the above, PricewaterhouseCoopers Private Limited has also been appointed as the IMA by the Steering Committee.
In view of the above, the erstwhile Resolution Professional (i.e. Mr. Dhaivat Anjaria) has handed over the management of affairs of the Company to the IMA, which is acting under the supervision and instructions of the Steering Committee.

Visco Trade Associates announced that the Board of Directors of the company at its meeting held on 18 April 2018 has approved the matter relating for the resignation of Debasish Roy –Director (DIN- 00661173) and appointment of Dipak Sundarka- Additional Independent Director (DIN-05297111) of the Company for the period of 5 years w.e.f 18 April 2018 interalia to consider, approved and take on record.

The Board of Mindtree has approved and recommended the appointment of Bijou Kurien, as Independent director of the Company for a term of three years from 17 July 2018. The Board accepted the resignation of Manisha Girotra, Independent Director, due to pre-occupation, with immediate effect.

BOI AXA Mutual Fund has launched a new fund named as BOI AXA Midcap Tax Fund – Series 1, a 10 year closed-ended equity linked savings scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 10 November 2017 to 09 February 2018.The scheme seeks to generate capital appreciation over a period of ten years by investing predominantly in equity and equity-related securities of midcap companies along with income tax benefit.The scheme offers growth and dividend options under both regular plan and direct plan. Dividend option has dividend payout facility.The scheme shall invest 65%-100% of assets in madcap equity & equity related securities such as cumulative convertible preference shares and fully convertible debentures and bonds of companies etc. and invest upto 35% of assets in other equity & equity related securities such as cumulative convertible preference shares and fully convertible debentures and bonds of companies etc. with high risk profile and invest upto 35% of assets in debt & money market instruments with low to medium risk profile.Minimum application amount is Rs 500 and in multiples of Rs 500 thereafter.Entry load & entry load: NilBenchmark Index for the scheme is Nifty Midcap 100 Index.The fund manager of the scheme is Alok Singh

Sundaram Mutual Fund has launched a new fund named as Sundaram Fixed Term Plan – IO, a close ended income scheme with the duration of 1206 days from the date of allotment of units. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 14 December and closes on 18 December 2018.
The objective of the Scheme would be to generate income by investing in debt and money market securities, which mature on or before the maturity of the scheme.
The scheme offers growth and dividend payout, dividend sweep options.
The scheme will allocate upto 20% of assets in money market instruments including bills rediscounting & cash equivalents and 80% - 100% of assets in short term & medium term debt instruments with low to medium risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 10 thereafter.
The fund seeks to collect a minimum subscrip

Tata Mutual Fund has launched a new fund named Tata Nifty Exchange Traded Fund (Tata Nifty ETF), an open ended exchange traded fund tracking Nifty 50 Index. The new issue will be open for subscription from 17 December 2018 to 19 December 2018.
The investment objective of the scheme is to provide returns that is closely correspond to the total returns of the securities as represented by the Nifty 50 index, subject to tracking error.
The scheme offer is not available.
The scheme would invest 95% - 100% of assets in equity and equity related instruments covered by Nifty 50 index with high risk profile and upto 5% of asset in Money Market Instruments including CBLO or any other instrument as may be permitted by SEBI and units of liquid scheme of Tata Mutual Fund with low risk profile.
Minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load and exit load charge will be nil for the scheme.
Benchmark Index for the scheme is Nifty 50 (Total Return Index).
The fund manager of the scheme is Sailesh Jain

UTI Mutual Fund has launched a new fund named as UTI Fixed Term Income Fund – Series XXX – XV (1223 Days), a close ended debt scheme. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 12 December to 13 December 2018.
The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme.
The scheme offers growth option, quarterly dividend option with payout facility, flexi dividend option with payout facility, annual dividend option with payout facility and maturity dividend option with payout facility.
The scheme would allocate 80%-100% of assets in debt instruments with low to medium risk profile and invest upto 20% of assets would be allocated to money market instruments with low risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 10 under all the options.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry and exit load charge will be nil for the scheme.
Benchmark Index for the scheme is CRISIL Composite Bond Fund Index.

Aditya Birla Sun Life Mutual Fund has launched a new fund named as Aditya Birla Sun Life Nifty Next 50 ETF, an open ended debt scheme tracking Nifty Next 50 Index. The new fund offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 11 December 2018 to 17 December 2018.
The investment objective of the scheme is to provide returns that closely correspond to the total returns of securities as represented by Nifty Next 50, subject to tracking errors.
The scheme Plans/ Options Not Available
The scheme would invest 95% to 100% of assets in equities and equity linked instruments covered by the underlying index with medium to high risk profile and would invest upto 5% of assets in cash/money market instruments and units of liquid mutual fund with low risk profile.
The minimum application amount is Rs 5000 and in multiples of Rs 1000 thereafter during the NFO period.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry and exit load charge will be nil.
Benchmark Index for the scheme is Nifty Next 50 Index

IDBI Mutual Fund has launched a new fund named as IDBI Dividend Yield Fund, an open ended equity scheme predominantly investing in dividend yielding stocks. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 03 December to 17 December 2018.
The Investment objective of the Scheme is to provide long term capital appreciation and/or dividend distribution by investing predominantly in dividend yielding equity and equity related instruments.
The scheme offers regular plan and direct plan for investment. Both plans offer growth option and dividend option. Dividend option offers facility for payout/ reinvestment/sweep of dividend.
The scheme would allocate 65%-100% of assets in equity and equity related instruments of dividend yielding companies with high risk profile, invest upto 35% of assets would be allocated to equity and equity related instruments of dividend yielding companies with high risk profile, invest upto 35% of assets would be allocated to debt & money market instruments with low to medium risk profile and invest upto 10% of asset would be Units issued by Real Estate Investment Trusts (REITs) & Infrastructure Investment Trusts (InvITs) with medium to high risk profile.
The minimum application amount is Rs 5000 and in multiples of Re. 1/- thereafter.
The minimum additional purchase amount is Rs 1000 and in multiples of Re. 1/- thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load: Not Applicable
Exit load: If units of the Scheme are redeemed or switched out up to 10% of the units (the limit) within 12 months from the date of allotment - Nil.
If units of the scheme are redeemed or switched out in excess of the limit within 12 months from the date of allotment - 1% of the applicable NAV.
If units of the scheme are redeemed or switched out after 12 months from the date of allotment - Nil
Benchmark Index for the scheme is Nifty Dividend Opportunities 50 - Total Returns Index (TRI).
The fund manager of the scheme is Ashish Mishra.

DSP Mutual Fund has launched a new fixed maturity plan named as DSP FMP – Series 247 – 36M, a close-ended income scheme with the duration of 36 months from the date of allotment. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 03 December 2018 to 06 December 2018.
The primary investment objective of the scheme is to seek to generate returns and capital appreciation by investing in a portfolio of debt and money market securities. The scheme will invest only in such securities which mature on or before the date of maturity of the scheme.
The scheme offers a choice of two options, growth option and dividend payout with regular payout and Quarterly payout option.
The scheme would allocate 80%-100% of assets in debt securities and invest 0% - 20% of assets in money market securities / instruments with low to medium risk profile.
The minimum application amount is Rs 5000.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.

Tata Mutual Fund has launched a new fund named as Tata Arbitrage Fund, an open ended scheme investing in arbitrage opportunities. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit. The new issue will be open for subscription from 10 December to 17 December 2018.
The investment objective of the Scheme is to seek to generate reasonable returns by investing predominantly in arbitrage opportunities in the cash and derivatives segments of the equity markets and by investing balance in debt and money market instruments.
The scheme offers regular plan and direct plan for investment. Both plans offer growth option and monthly dividend option. Dividend option has sub-options of dividend payout, dividend reinvestment & dividend sweep.
The scheme would allocate 65%-100% of assets in equity and equity related securities and equity derivatives with high risk profile and invest upto 35% of assets would be allocated to debt, money market instruments & cash (including units of liquid schemes of Tata Mutual Fund) with low to medium risk profile.
The minimum application amount is Rs 5000 and in multiples of Re. 1/- thereafter.
The minimum additional amount is Rs 1000 and in multiples of Re. 1/- thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 10 crore under the scheme during the NFO period.
Entry load: Not Applicable
Exit load: 0.25 % of the applicable NAV, if redeemed/switched out/withdrawn on or before expiry of 30 Days from the date of allotment.
Benchmark Index for the scheme is Nifty 50 Arbitrage Index.

Tata Mutual Fund has launched a new fund named Tata Fixed Maturity Plan Series 56 (TFMP56) Scheme G, a close ended debt scheme. The tenure of the scheme is 1232 days from the date of allotment. The new issue will be open for subscription from 03 December 2018 to 10 December 2018.
The investment objective of the scheme is to generate income and / or capital appreciation by investing in Fixed Income Instruments having maturity in line with the maturity of the scheme.
The scheme offers two options viz. growth and dividend (payout) option.
The scheme would invest 85% - 100% of assets in debt instruments with low to medium risk profile and upto 15% of asset in money market instruments with low risk profile.
Minimum application amount is Rs 5000 and in multiples of Re 1 thereafter.
The fund seeks to collect a minimum subscription (minimum target) amount of Rs 20 crore under the scheme during the NFO period.
Entry load and exit load charge will be nil for the scheme.
Benchmark Index for the scheme is Crisil Medium Term Debt Index.
The fund manager of the scheme is Akhil Mittal.

MCX Crude oil futures fell sharply today as the global prices tanked after recent upmove. Brent Crude moved under $60 per barrel as the European markets turned lower. Oil traders are focusing on comfortable supplies amid persistent worries over the global economic growth slowdown. The Brent Crude currently trades at $59.66 per barrel, down 0.85% on the day. MCX Crude plummeted and tested lows near Rs 3200 per barrel. The counter currently trades at Rs 3632 per barrel, down 3.12% on the day.
OPEC and some non-OPEC oil ministers met in Vienna last week and agreed to curb their output by 1.2 mb/d in order to address growing surpluses in the market. The agreement aims to achieve relative stability and to bring the market towards balance, noted the International Energy Agency (IEA) in a latest update. The Brent crude oil price seems to have found a floor, remaining close to $60 per barrel much where it was when the ministers met.
In 2018, global oil demand will grow by 1.3 mb/d although there are signs that the pace is slackening in some countries as the impact of higher prices lingers. As far as non-OPEC supply is concerned, the estimate for growth is revised slightly up to 2.4 mb/d. For 2019, the IEA’s demand growth outlook remains at 1.4 mb/d even though oil prices have fallen back considerably since the early October peak.

OPEC and some non-OPEC oil ministers met in Vienna last week and agreed to curb their output by 1.2 mb/d in order to address growing surpluses in the market, noted the International Energy Agency (IEA) in a latest update. The agreement aims to achieve relative stability and to bring the market towards balance. So far, the Brent crude oil price seems to have found a floor, remaining close to $60/bbl much where it was when the ministers met. Recently, prices have been volatile; in early October Brent crude oil prices reached $86/bbl on concerns that the market could tighten as Iranian sanctions were implemented. Then, thirty-seven days later, they fell back to $58/bbl as producers more than met the challenge of replacing Iranian and other barrels. Such volatility is not in the interests of producers or consumers.
Cooperation between Russia and Saudi Arabia is now the basis of production management with these two countries having a large capacity to swing output one way or the other. For them, prices falling further would place their budgets under great stress. The third, non-playing member, so to speak, of the Big Three is the United States, which is now the world’s biggest crude oil producer and where production management is a company level, economically driven decision. The United States is also the world’s biggest consumer and lower prices are welcome, although its producers will want to see them stay high enough to encourage further investment.
While the US was not present in Vienna, nobody could ignore its growing influence. According to the Energy Information Administration, in the week to 30 November the US was a net exporter of crude and products for the first time since at least 1991. The number, 211 kb/d, is modest and even if it proves to be an isolated data point, the long-term trend is clear. In 2018 to date, US net imports have averaged 3.1 mb/d. Ten years ago, just ahead of the shale revolution, the figure was 11.1 mb/d. As production grows inexorably, so will net imports decline and rising US exports will provide competition in many markets, including to some of the countries meeting in Vienna last week.
New data in this Report shows little change to IEA’s 2018 estimates. Demand will grow by 1.3 mb/d although there are signs that the pace is slackening in some countries as the impact of higher prices lingers. As far as non-OPEC supply is concerned, our estimate for growth is revised slightly up to 2.4 mb/d. For 2019, the global demand growth outlook remains at 1.4 mb/d even though oil prices have fallen back considerably since the early October peak.
Some of the support provided by lower prices will be offset by weaker economic growth globally, and particularly in some emerging economies. For non-OPEC supply, the agency has revised its growth forecast for 2019 down by 415 kb/d, partly due to expected cuts from Russia agreed last week, and to lower growth in Canada. The serious build-up of stocks arising from logistical bottlenecks in Alberta led the provincial government to act very decisively to curb output. The initial cutback of 325 kb/d for three months to allow blockages to ease is a significant development.

The Indian rupee recovered against the dollar in early trades on Thursday, 13 December 2018 after the new RBI Governor Shaktikanta Das stressed on the need for a consultative approach to tackle the pressing economic issues. A strong domestic equity market the dollar's weakness against some currencies overseas boosted the local unit. However, significant foreign fund outflows and rising crude oil prices capped the upmove.
The domestic currency commenced stronger at Rs 71.70 against the dollar but rebounded to a high of 71.54 so far during the day. In the spot currency market, the Indian unit was last seen trading at 71.5450. On Wednesday, the rupee had declined by 16 paise to 72.01 per US dollar.
Local market was trading near day's high in morning trade. At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 206.74 points or 0.58% at 35,985.81. The Nifty 50 index was up 62.40 points or 0.58% at 10,800. Banks and realty shares rallied. Shares extended recent gains amid positive global cues and strong domestic economic data. Sentiment were also boosted after the appointment of the new Reserve Bank of India (RBI) governor and as uncertainty surrounding state election outcome receded.
Overseas, Asian shares moved higher on Thursday, building on the momentum seen on Wall Street overnight, as China appeared to be taking more steps to meet US demands to open its markets. According to media reports, Beijing is working to increase access to foreign companies, a move aimed at smoothing US-China trade relations. The plan would replace the country's Made in China 2025 initiative, reports said. Made in China 2025 is a framework aimed at making China a leader in industries like clean-energy cars and robotics.
US stocks came off session highs but still closed higher Wednesday after a series of developments boosted expectations that a US-China trade deal could be reached in the coming months.
Meanwhile, the dollar index (DXY), which measures the greenback against six key rivals, was up a tad at 97.097. It had fallen from a near one-month high overnight, losing 0.4 percent, its steepest drop in two weeks. The pound held onto most of the previous session's gains on Thursday after British Prime Minister Theresa May survived a no-confidence vote, buying time to try to steer her unpopular Brexit deal through a deeply divided parliament.

MCX Zinc futures soared in early moves today as supportive cues from global markets pushed up the metal. COMEX Copper added nearly 1% in Asian trades, extending its recent gains as major equity indices rose today amid positive global trade talks and firming risk appetite. The MCX Zinc futures had edged up near one month high earlier this week, hitting above Rs 190 per kg levels. The metal has eased a little from these levels but stays firm around Rs 188 per kg today, rising 0.70% on the day. However, the media reports are indicating that the Chinese markets are witnessing sluggish downstream demand and softening of spot zinc premiums. This can curb the prices after rally. LME Zinc futures ended flat at $2664 per tonne yesterday. The metal has eased from its six week high above $2700 per tonne.

COMEX Gold stayed broadly supported just under its five month high mark. The mood in global markets was indecisive as traders are looking at possibility of choppy moves continuing amid thin year end trades. The yellow metal currently trades at $1252.15 per ounce, up 0.22% on the day. MCX Gold futures are quoting at Rs 31840 per 10 grams, down 0.59% on the day following an intraday recovery in the Indian Rupee. The INR tumbled after Urjit Patel's unexpected resignation Monday. It lost further to close at 71.85 per US dollar, down more than 50 paise on the day though the currency managed to recovery after falling near 72.40 levels earlier in the day.
INR was supported as the local stocks rebounded as the day progressed. Benchmark indices pared all early losses to end with impressive gains as investors shrugged off the resignation of RBI governor Urjit Patel and dismissed jitters over state election results. The 30-share Sensex climbed 190.29 points, or 0.54% to end at 35,150.01, after falling over 500 points during the day. The broader NSE Nifty 50 added 60.70 points or 0.58% to close at 10,549.15. The Sensex had plunged 714 points Monday in its worst session in two months on pre-poll nervousness.

Crude oil prices stayed supported on expectations that an OPEC-led output cut for 2019 would stabilise the supply-demand balance. The risk appetite was largely supported as the US President Donald Trump stated talks were taking place with Beijing by phone and he would not raise tariffs on Chinese imports until he was sure about a deal, according to media reports. The Brent Crude oil futures are currently trading at $61.26 per barrel, up 1.80% on the day. MCX Crude futures are trading at Rs 3803 per barrel, up 1.31% on the day. Oil markets are eying the upcoming weekly inventories data from the US Department of Energy. Meanwhile, the Brent futures curve has flattened considerably in recent months, reflecting recent petroleum oversupply and lower demand, noted the ADB in a latest update. Forecasts for oil prices in published in September by the bank are thus lowered to $72 per barrel in 2018 and $70 in 2019.

Economies in developing Asia and the Pacific are weathering external challenges thanks to robust domestic demand, while inflationary pressures are abating, says a new report from the Asian Development Bank (ADB). In a supplement to its Asian Development Outlook 2018 Update report, ADB retained its regional growth forecast for 2018 at 6.0% and for 2019 at 5.8%. Excluding the newly industrialized economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei, China, the regional growth outlook is maintained at 6.5% for 2018 and 6.3% for 2019. 
Lower international commodity prices and central bank action to calm market volatility means inflation in developing Asia is forecast to be 2.6% in 2018 and 2.7% in 2019, down from 2.8% previously forecast for both this year and next.The truce on trade tariffs agreed by the United States (US) and the People’s Republic of China (PRC) is very welcome but the unresolved conflict remains the main downside risk to economic prospects in the region, stated ADB Chief Economist Yasuyuki Sawada. Growth in the PRC, the second largest economy in the world, is still expected at 6.6% in 2018, moderating to 6.3% next year. Growth momentum continues in India on rebounding exports and higher industrial and agricultural output. Growth is predicted at 7.3% in 2018 and 7.6% in 2019, noted the bank.

As per the latest update from United States Department of Agriculture (usda), the global rice production for 2018/19 is raised 0.4 million tons to 491.1 million led by a 1.0- million-ton increase for Nigeria, which is based on updated government statistics for multiple years. The Nepal crop is raised 0.2 million tons. Partly offsetting is a 0.5-million ton reduction for Thailand on limited water availability for the dry season crop and a 0.3- million-ton decrease for Australia on the severe drought in the Eastern part of the country. Global exports are lowered 0.8 million tons with Thailand down 0.7 million tons and Australia down 0.2 million, both on the smaller crops. Imports for 2018/19 are lowered 0.6 million tons for Nigeria and 0.4 million tons for Indonesia. Total consumption is raised 1.2 million tons, led by increases for Nigeria and Thailand, and global ending stocks are raised fractionally to 163.3 million tons.

Domestic shares ended with small gains, continuing their winning streak for a fourth day. Negative cues from global markets and profit booking by investors after a three-day rally kept the key indices under pressure. The Sensex ended below the psychological 36,000 mark after moving above and below that level in intraday trade. The Nifty ended a tad above 10,800 mark.
The Sensex rose 33.29 points or 0.09% to settle at 35,962.93, its highest closing level since 4 December 2018. The index rose 89.38 points, or 0.25% at the day's high of 36,019.02. The index fell 115.79 points, or 0.32% at the day's low of 35,813.85.
The Nifty 50 index rose 13.90 points or 0.13% to settle at 10,805.45, its highest closing level since 4 December 2018. The index rose 24.20 points, or 0.22% at the day's high of 10,815.75. The index fell 39.45 points, or 0.37% at the day's low of 10,752.10.
Among secondary barometers, the BSE Mid-Cap index rose 0.19 %. The BSE Small-Cap index rose 0.03%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 1274 shares rose and 1288 shares fell. A total of 142 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (up 1.74%), the S&P BSE Power index (up 0.93%), the S&P BSE Teck index (up 0.66%), outperformed the Sensex. The S&P BSE Healthcare index (down 0.81%), the S&P BSE Capital Goods index (down 0.69%), the S&P BSE Consumer Durables index (down 0.31%) underperformed the Sensex.
Housing finance major HDFC fell 1.95%. Engineering and construction major Larsen & Toubro fell 0.79%.
Bharti Airtel rose 5.32%. Vodafone Idea rose 3.58%. The telecom tribunal reportedly rejected the regulator's order that had changed the definition of 'significant market power' (SMP) to identify predatory pricing, offering substantial relief to India's older telcos, which had said the new rules only benefitted Reliance Jio Infocomm. The Telecom Disputes Settlement & Appellate Tribunal (TDSAT) also set aside a rule in the Telecom Regulatory Authority of India (Trai) predatory pricing regulation that required top telcos to report all tariffs in the interests of transparency and non-discrimination, offering further relief to older carriers Bharti Airtel and Vodafone Idea.
ONGC rose 2.58% after the company scheduled a board meeting on 20 December 2018 to consider a proposal of buyback of equity shares of the company. The announcement was made during market hours today, 14 December 2018.
Infosys rose 1.31%. Infosys announced the formation of a joint venture with Hitachi, Ltd., Panasonic Corporation and Pasona Inc., strategically enhancing its presence in Japan. Executing on its strategy to help clients navigate their digital journey, the entity formed by complementary, iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of Japanese corporations. The announcement was made during market hours today, 14 December 2018
Infosys will acquire 81% of the shareholding in Hitachi Procurement Service Co., Ltd., Hitachi's fully owned subsidiary that currently handles indirect materials purchasing functions for the Hitachi Group. Hitachi, Panasonic and Pasona will be minority shareholders of the entity.
Indian Oil Corporation rose 3.10%. The company's board approved buyback of equity shares of the company not exceeding 29.76 crore equity shares being approximately 3.06% of the total paid up equity share capital of the company at Rs 149 per share for an aggregate consideration not exceeding Rs 4435 crore on a proportionate basis through the tender offer route. The announcement was made after market hours yesterday, 13 December 2018.
The board of directors also declared an interim dividend of Rs 6.75 per share for the financial year 2018-19. The company has fixed 25 December 2018 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend as well as for buyback of equity shares.
Indian Energy Exchange gained 5.17% after the company scheduled a board meeting on 20 December 2018 to consider share buyback proposal. The announcement was made after market hours yesterday, 13 December 2018.
The Reserve Bank of India's (RBI) central board met today, 14 December 2018, in Mumbai under the chairmanship of Shaktikanta Das, governor, Reserve Bank of India. The central board placed on record its appreciation of the valuable services rendered by Dr. Urjit R. Patel during his tenure as governor and deputy governor of the bank. The board deliberated on the Governance Framework of the Reserve Bank and it was decided that the matter required further examination. The board reviewed, inter alia, the current economic situation, global and domestic challenges, matters relating to liquidity and credit delivery to the economy, and issues related to currency management and financial literacy. The draft report on Trend and Progress of Banking in India (2017-18) was also discussed.
On the macro front, the annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 4.64% (provisional) for the month of November 2018 (over November 2017) as compared to 5.28% (provisional) for the previous month and 4.02% during the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement.
Meanwhile, the Supreme Court today reportedly dismissed pleas to probe India's multi-billion dollar Rafale fighter jet deal with France and said there won't be any probe into the pricing or the decision-making process. The SC bench, led by Chief Justice of India Ranjan Gogoi, said that the need of aircraft and quality of aircraft were not in doubt and detailed scrutiny is not required. The centre has defended the multi-billion deal for 36 Rafale fighter jets and opposed public disclosure of the pricing details. India had signed an agreement with France for the purchase of 36 Rafale fighter aircraft in a fly-away condition as part of the upgrading process of Indian Air Force equipment. The estimated cost of the deal is Rs 58,000 crore, media reports suggested.
On the political front, the Congress party has reportedly chosen senior leader Kamal Nath, 72, as its chief minister in Madhya Pradesh.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.8275, compared with closing of 71.68 during the previous trading session.
In global commodities markets, Brent crude oil futures edged lower. Brent for February 2019 settlement was off 4 cents at $61.41 a barrel.
Overseas, shares in Europe and Asia declined on Friday, amid escalating concerns of a sharp slowdown in the world's second-largest economy. China on Friday reported industrial output and retail sales growth for the month of November. Industrial output in November grew 5.4% from a year ago. That figure was 5.9% in October. Retail sales rose 8.1%, down from 8.6% in October. Fixed asset investment rose 5.9% from January to November. It rose 5.7% from January to October.
In Japan, confidence among Japan's big firms remained unchanged from three months ago, a closely-watched central bank survey showed, but sentiment on the outlook soured for the first time in three quarters as trade frictions and global growth concerns hurt the business mood. The tankan's headline gauge of big manufacturers' sentiment stood at plus 19, unchanged from three months ago. The index for non-manufacturers rose to plus 24 from plus 22 in the September survey.
In Europe, the European Central Bank (ECB) on Thursday said it is bringing to an end a crisis-era bond-buying program this month. Bond purchases by the ECB will fall from 15 billion euros ($17.04 billion) a month to zero by the end of December, but the central bank plans to spend cash from maturing bonds to purchase additional debt. The ECB also left benchmark interest rates unchanged.
US stocks closed mostly lower after making small moves in and out of positive territory Thursday as investors continued to fret over the lack of clarity and progress in US-China trade talks.
On the data front, the Labor Department announced Thursday that initial jobless claims fell in the week ended December 8 by 27,000 to 206,000, easing fears that layoffs have been steadily rising. Further, the government also said that US import prices fell 1.6% in November, their largest decline in three years, led by the falling cost of oil.

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LME Cancelled Warrants

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