Rupee falls 25 paise to 85.86 against US dollar in early trade
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The rupee depreciated 25 paise to 85.86 against the US dollar in early trade on Wednesday amid outflows of foreign funds.Forex traders said the decline was limited by a positive domestic equity market, softer global crude oil prices and a weak American dollar.At the interbank foreign exchange, the rupee opened on a weak note at 85.69 and slipped further by 25 paise to 85.86 against the American currency in early trade.On Tuesday, the rupee fell 22 paise to settle at 85.61 against the US dollar.Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.05 per cent at 99.18. Brent crude , the global oil benchmark, declined 0.32 per cent to USD 65.42 per barrel in futures trade."Restrictive flows have kept the rupee ranged between 85-86 in the past two weeks, with the RBI selling dollars at 85.70-75 levels. The RBI MPC begins its 3-day deliberations today with the announcement of rates on Friday morning and is expected to cut repo rate by 25 bps to 5.75 per cent," said Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP.In the domestic equity market, the 30-share BSE Sensex climbed 230.17 points to 80,967.68, while the Nifty rose 70.25 points to 24,612.75. Foreign Institutional Investors (FIIs) sold equities worth Rs 2,853.83 crore on a net basis on Tuesday, according to exchange data. PTI
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Gujarat State Fertilizers & Chemicals Ltd Current price: ₹212 Target price: ₹265 in 12 months Stop loss: ₹185 Why it's recommended: Incorporated in 1962 as India's first joint sector industrial complex, Gujarat State Fertilizers & Chemicals Ltd (GSFC) has developed into a major integrated producer of industrial chemicals and fertilizers, supported by a variety of product lines, robust internal research and development, and internationally recognized quality credentials under the Responsible Care and ISO frameworks. Fertilizer and industrial products are the company's two main business segments. While the industrial products category includes things like caprolactam, nylon-6, melamine, methanol, and more, the fertilizer products segment includes things like urea, ammonium sulfate, and diammonium phosphate. 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