The key Indian equity indices rose on Monday morning with the BSE Sensex gaining over 500 points.
It soared nearly 524 points to touch an intra-day high of 49,256.52 points
Healthy buying was witnessed in banking and finance stocks.
Around 10.20 a.m., Sensex was trading at 49,232.14, higher by 499.59 points or 1.03 per cent from its previous close of 48,732.55.
It opened at 48,990.70 and has so far touched an intra-day low of 48,923.13 points.
The Nifty50 on the National Stock Exchange was trading at 14,802.50, higher by 124.70 points or 0.85 per cent from its previous close.
The top gainers on the Sensex were IndusInd Bank, Bajaj Finserv and State Bank of India, while Tata Steel, Larsen & Toubro and Titan Company were the major losers.
New Delhi, May 15 (IANS) Government and other public sector undertakings have not received any notice from courts in US and other countries for attachment of any property in pursuance to UK-based energy major Cairn Energy Plc. plea to recover $ 1.2 billion from India being the value of shares that it held in Indian entity which were later sold by the tax department.
Cairn Energy has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $ 1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand.
Cairn had said it can recover it dues from the Indian government by seizing its assets in other parts of the globe if the same is not duly paid to it with interest.
Sources said that Government or any of the PSUs have not received any such notice from courts of Cairn and when any such notice is received, Government and the concerned organisation shall take all necessary steps to defend against any such "illegal" enforcement action.
It may be mentioned that the government has challenged the award in the case of Cairn in the appropriate court in the Hague and the Centre is confident that the award will be set aside as government's sovereign right to tax cannot be challenged .
The Government has also engaged a counsel team which is ready to defend against any enforcement action if and when initiated by Cairn anywhere in the world, said the sources.
Cairn plans to bring lawsuits in the coming weeks for enforcing the Bancec guidelines. These guidelines deal with determining when a judgment against a foreign state is enforceable against its agencies.
The India Cellular and Electronics Association (ICEA) has welcomed the Rs 18,100 crore Production Linked Incentive (PLI) scheme that has been approved for Advanced Chemistry Cell (ACC) battery storage in the country.
In a statement, ICEA that represents mobile and component manufacturers such as Apple, Motorola, Nokia, Foxconn, Wistron, Flextronics, Lava, Vivo and others, said that it would promote newer and niche cell technologies in the country.
"We at ICEA believes that the PLI scheme would give thrust to 'Make in India' initiative and will attract huge investments of Rs 45,000 crore plus in the coming years. With this push for ACC batteries, the sector would witness robust growth in the coming years," said Pankaj Mohindroo, Chairman, ICEA.
ACC batteries are the new generation of advanced storage technologies which stores electric energy as electrochemical and convert it back to electric energy as and when required.
The ACC covers major sectors, which are consumer electronics, mobiles, electric vehicles, advanced electricity grids, solar rooftop etc.
Mohindroo said that we need to work on securing the raw material supplies for these core technologies specially lithium and cobalt.
"Our import burden of Rs 20,000 crore will also turn into a big opportunity and would make the country a major hub in producing clean energy," he added.
The ACC battery storage manufacturers will be selected through a transparent competitive bidding process.
The manufacturing facility would have to be commissioned within two years. The incentive will be disbursed thereafter over five years.
( Courtesy - IANS )
Jio has come up with special initiatives for the pandemic period including free 300 minutes of outgoing calls per month for the entire period of the pandemic, to JioPhone users who have not been able to recharge due to the ongoing pandemic.
"We at Jio want to ensure that staying connected remains accessible and affordable for all customers, especially the less-privileged sections of our society," said a company statement.
"Jio working with Reliance Foundation will provide 300 free minutes of outgoing calls per month (10 minutes per day) for the entire period of the pandemic, to JioPhone users who have not been able to recharge due to the ongoing pandemic," it said.
Further, to further enhance affordability, for every JioPhone plan recharged by JioPhone user, they will get an additional recharge plan of the same value for free.
Elaborating the offering, the statement said that a JioPhone user recharging with Rs 75 plan, will get an additional Rs 75 plan absolutely free.
"Reliance is committed to standing with every Indian during these challenging times, and will continue to make every effort to enable our fellow citizens to overcome the difficulties created by the pandemic," it added.
The statement, however, clarified that the offer is not applicable on annual or JioPhone device bundled plans.
Mumbai, May 12 (IANS) Over 7,400 office space leases spanning around 90 million square feet area will come up for renewal in 2021 across the top six cities -- Bengaluru, Mumbai, Pune, Chennai, Gurugram and Noida, as per the Anarock data.
Data further reveals that 2021 has the highest lease expiry pipeline when compared to the next two years, 2022 and 2023.
The next year will see nearly 7,000 leases for around 78 million square feet come up for renewal and around 4,200 leases for over 55 million square feet in 2023.
Out of the around 7,400 leases expiring in 2021, Mumbai has the highest share at about 44 per cent, followed by Pune with a 17 per cent share. These two cities have been among the worst-affected by the second wave. The impact on leasing activity there over the year bears watching.
The total number of leases coming up for renewal in 2021 account for 90 million square metres area. In terms of area, Bengaluru has the largest share at about 37 per cent, with Mumbai coming in a distant second with a share of about 19 per cent.
Anarock Property Consultants Director & Head of Research Prashant Thakur said: "The office market has been under strain since the pandemic came in. However, the IT/ITeS sectors have been on a hiring spree in 2020 and 2021 due to massive business accruals.
"To accommodate these employees in a future when we see a gradual return of employees and adoption of hybrid workplace practices by infotech giants, office space demand will grow."
"Office demand also is expected to gather momentum from 2022 in the wake of robust hiring by large corporates. These big corporates will definitely renew their leases, though some of the smaller companies may consider rationalising space," he added.
"The leases coming up for renewal in 2021 were entered into at much lower rentals - at rates that prevailed 3 to 5 years ago - since office leases are usually signed for the long-term. There is some room for rental escalation in many of these leases," he added.
In a bid to bring more engagement on its platform that is similar to TikTok, YouTube said that it plans to pay $100 million to creators who use YouTube Shorts.
Each month, the company will reach out to thousands of creators whose Shorts received the most engagement and views to reward them for their contributions.
They will also ask these creators to share their feedback so they can continue to improve the product experience.
"The Shorts Fund is the first step in our journey to build a monetization model for Shorts on YouTube," the company said in a blogpost on Tuesday.
"We are actively working on this and will take the feedback gathered from our community to help develop a long-term programme specifically designed for YouTube Shorts," it added.
The Shorts Fund is not limited to just creators in the YouTube Partner Programme. Creators will be eligible to participate if they create original content for Shorts and adhere to our Community Guidelines.
"We are excited to start rewarding creators for their contributions through the Shorts Find," the company said.
"At the same time, we will expand our Shorts player across more surfaces on YouTube to help people find new creators, artists and Shorts to enjoy," it added.
Earlier this year, YouTube previewed a new feature that will allow users to remix audio from videos across YouTube ï¿½ which includes billions of videos.
The company said it is starting to roll out to everyone that has access to our Shorts creation tools soon.
Maintaining its rising trend, fuel prices increased for the third day in a row on Wednesday as state-owned fuel retailers hiked rates of petrol and diesel by 25 paise per litre each in the national capital.
In Delhi, petrol now costs Rs 92.05 per litre and diesel is priced at Rs 82.61 up from yesterday's level of Rs 91.80 and Rs 82.36 a litre respectively.
Across the country as well the petrol and diesel prices increased on Wednesday but its quantum varied depending on the level of local levies in respective states.
In Mumbai, petrol now comes for Rs 98.36 a litre and diesel for Rs 89.75, according to a price notification from oil marketing companies.
Petrol prices in some states including Rajasthan, Madhya Pradesh and in some places in Maharastra have breached the Rs 100 per litre mark while premium petrol has been hovering above that level for some time now.
Fuel prices have now increased on each of the day this week. Prior to holding back auto fuel prices on Saturday and Sunday, its pump rates had increased sharply on previous four days as well.
Petrol prices have risen by Rs 1.50 a litre in Delhi in May in seven hikes so far. Similarly, diesel prices have risen by Rs 1.88 per litre in capital this month.
IANS had written earlier that OMCs may begin increasing the retail price of petrol and diesel post state elections as they were incurring losses to the tune of Rs 2-3 per litre by holding the price line despite higher global crude and product prices. The oil companies had already increased the ATF prices by 6.7 per cent effective this month.
OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate. In the last fortnight global oil prices have hovered in $66-67 a barrel range higher than the levels when petrol and diesel prices were last revised. Crude prices have jumped around $69 a barrel now.
With global crude prices at around $69 a barrel mark, OMCs may have to revise fuel prices upwards again if there is any further firming up.
The key Indian equity indices declined on Wednesday morning with the BSE Sensex losing over 400 points.
Heavy selling pressure was witnessed in banking, finance and oil and gas stocks.
Around 10.25 a.m., Sensex was trading at 48,717.15, lower by 444.66 points or 0.90 per cent from its previous close of 49,161.81.
It opened at 49,171.28 and has so far touched an intra-day high of 49,171.28 and a low of 48,712.42 points.
The Nifty50 on the National Stock Exchange was trading at 14,722.10, lower by 128.65 points or 0.87 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty is keeping above the 14,700 level. We will threaten the current uptrend if we close below 14,700."
"The situation would need to be reviewed then. Until then the trend continues to remain up and traders can strategically find ways to enter the market on dips. The markets can scale higher to 15,200-15,250," he said.
The top gainers on the Sensex so far were Power Grid, Larsen & Toubro and NTPC, while HDFC, Hindustan Unilever and IndusInd Bank were the major losers.
United Nations, May 12 (IANS) The UN forecasts India's economy to grow by 7.5 per cent this calendar year and rebound to 10.5 per cent next year with the caveat that the outlook is "highly fragile" because of the brutal Covid-19 second wave.
The mid-year World Economic Situation and Prospects report released on Tuesday said that for a global recovery universal access to Covid-19 vaccine is critical but in India "access to vaccines is unequal and insufficient to meet the massive demand".
"Given the fluid situation, India's growth outlook in 2021 is highly fragile," it warned.
It noted that while "India has been particularly affected by a brutal second wave, which is overwhelming the public health system in large parts of the country", the country also "has expanded vaccine eligibility and is ramping up supply in every possible manner".
The mid-year forecasts are 0.2 per cent higher than that made in January for this year and it has been revised up by 4.2 per cent higher for next year.
The report forecast investment growth to plunge by a negative 10.2 per cent this year.
The UN projection for India is far lower than the International Monetary Fund's (IMF) upbeat 12.5 per cent forecast last month just as the Covid-19 surge was beginning. But there is also a difference in the time periods two organisations use -- UN follows the calendar year, while the IMF uses the fiscal year under which the growth forecast would take in to account the growth in the first months of 2021.
The UN report said it expects global economy to expand by 5.4 per cent in 2021 buoyed by the recovery in the world's two largest economies, China and US, due to the "rapid vaccinations and continued fiscal and monetary support measures".
This year China's economy is projected to grow by 8.2 per cent and the US by 6.2 per cent -- the highest it has seen since 1984.
Introducing the report, the Chief of the UN Development Research Branch, Hamid Rashid, said that universal access to vaccines was a critical factor for global economic recovery as it will create her immunity to enable the resumption of economic activities.
The report, however, painted a dim picture of the global vaccination situation.
It said, "As of 24 April 2021, 1.01 billion vaccine doses have been administered globally, with the United States, the United Kingdom and China collectively accounting for nearly 50 per cent of all the doses administered worldwide. Only about 1 in 10 people worldwide have received a vaccine shot so far (figure I). The vaccination rate is only 1 in 100 in Africa."
For South Asia, the report said, economic growth will return in 2021 at 6.9 per cent against a 5.6 per cent drop in 2020, but the recovery will be very uneven, and the scarring effects will run deep.
It added, "Indeed, South Asia's regional economic growth in 2021 will still be insufficient to undo last year's 6.7 per cent loss in GDP (gross domestic product) per capita. Many of the region's households that have fallen into extreme poverty will thus remain trapped in their precarious condition."
(Arul Louis can be reached at firstname.lastname@example.org and followed @arulouis)
New Delhi, May 11 (IANS) The government has proposed to slash import duties on steel items further bringing it to zero or near zero levels to provide relief to MSMEs, which have been hit hard by the high cost of raw materials amidst the raging pandemic.
Top government sources said that a decision had been taken to review duties on steel products and reduce it or withdraw it completely on few items to help the user industry hit hard by rising price of the metal in the domestic market.
Also, lower import duties would help maintain supply lines that have been affected with several domestic steel companies reducing steel production to divert medical grade oxygen for Covid-19 relief measures.
In budget 2021-22, Finance Minister Nirmala Sitharaman had revoked the anti-dumping duty (ADD) and countervailing duty (CVD) on certain steel products while reducing customs duty uniformly to 7.5 per cent on semis, flat, and long products of non-alloy, alloy, and stainless steels from 10-12.5 per cent levels earlier. She also brought down import duty to nil on steel scrap to support user industries hit hard by sharp rise in steel prices.
These duties may now be withdrawn or slashed further.
"Steel prices continue to remain firm and have also risen further in recent months. It is making operation of several user industries difficult specially in a market disrupted by the pandemic. Cut in import duty will help tame steel prices as the global prices of steel in certain markets are still lower than domestic prices. The measure will also help supply lines of steel if there is any shortage in domestic steel production due to use of another input oxygen by steel makers for Covid relief," said the official source quoted earlier.
It is expected that duty cuts in steel will be announced shortly by the DGFT after getting formal nod from the finance ministry. A call has to be taken whether to bring down duty levels largely at 7.5 per cent to 2.5 per cent or withdraw it completely for the time being.
Domestic hot-rolled coil (HRC) prices rallied to a multi-year high of Rs 56,000 per tonne in February from Rs 39,200 per tonne in March 2020 as demand improved amid iron-ore supply constraints and high global prices. This has further improved to over Rs 58,000 in April, a jump of over 50 per cent in last 13 months.
With demand for steel remaining firm and China cutting export incentives to steel makers to support domestic needs, Indian steel prices are expected to move up further. The cut in duty is expected to tame prices in the domestic market while providing competition to domestic steelmakers from traders who secure cheaper metal from abroad.
Steel producers asking anonymity said that the move to cut import duty would be detrimental to the interest of domestic steelmakers as it could flood the market with cheap and substandard steel being dumped into the country. They said that the steel market is giving indications that domestic steel sector may turn profitable after a long interval. But duty cuts could change the cycle again.
In the current scenario of a moderation in demand in India due to the second wave of Covid-19 and consequent business lockdowns, Indian steel mills would be able to offload large steel volumes to export markets and still remain highly profitable, according to a recent report from ICRA.
But a cut in duty would squeeze margins and bring a lot of export destined products back into the domestic market.
(Subhash Narayan can be contacted at email@example.com)
The key Indian equity indices declined on Tuesday morning with heavy selling pressure on banking, finance and metal stocks.
The BSE Sensex declined as much as 514 points to touch an intra-day low of 48,988.18 points.
Around 10.40, it was trading at 49,114.01, lower by 388.4 points or 0.78 per cent from its previous close of 49,502.41.
It opened at 49,066.45 and has so far touched an intra-day high of 49,171.26 points.
The Nifty50 on the National Stock Exchange was trading at 14,839.05, lower by 103.30 points or 0.69 per cent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The market has opened with a gap down, but is still maintaining the 14,700 support level. We could work our way through this fall by strategically buying into the index. The risk reward is favorable. If we move up from here, the target should be 15,200 and a close below 14,700 is the stop loss."
The top gainers on the Sensex were UltraTech Cement, Sun Pharmaceutical Industries and NTPC, while HDFC, Kotak Mahindra Bank and Tech Mahindra were the major losers.