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: Sovereign Gold Bonds (202122) to open from 2529 Oct #FinanceIndia #StockMarketNEWS Sovereign Gold Bonds (2021-22) to open from 25-29 Oct New Delhi, 23 Oct (KNN) As per the Government of India Notification
@stockMarketNEWS 3 Days ago
Sovereign Gold Bonds (202122) to open from 2529 Oct #FinanceIndia #StockMarketNEWS
Sovereign Gold Bonds (2021-22) to open from 25-29 Oct New Delhi, 23 Oct (KNN) As per the Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series VII) will be opened for subscription from 25th to 29th, 2021 with Settlement date 2nd November, 2021.
The Reserve Bank of India (RBI) published yesterdaty that issue price of the Bond during the subscription period shall be INR 4,765 (Rupees Four thousand Seven hundred sixty five only) – per gram.
Government of India in consultation with the Reserve Bank of India has decided to allow discount of INR 50 (Rupees Fifty only) per gram from the issue price to those investors who apply online and the payment is made through digital mode. For such investors the issue price of Gold Bond will be INR 4,715 (Rupees Four thousand seven hundred fifteen only) per gram of gold.
The India Bullion and Jewellers Association Ltd (IBJA)] published thee nominal value of the bond based on the simple average closing price [published by or gold of 999 purity of the last three business days of the week preceding the subscription period, i.e. October 20, October 21 and October 22, 2021 works out to INR 4,761/- (Rupees Four thousand seven hundred and sixty-one only) per gram of gold.
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: Telangana AI Mission launches Investor Connect for startups #FinanceIndia #StockMarketNEWS #Business IANS Hyderabad The Telangana AI Mission (T-AIM) on Thursday launched an Investor Connect
@stockMarketNEWS 3 Days ago
Telangana AI Mission launches Investor Connect for startups #FinanceIndia #StockMarketNEWS #Business
IANS
Hyderabad
The Telangana AI Mission (T-AIM) on Thursday launched an Investor Connect program that will provide startups with the opportunity to access growth capital. To be executed in partnership with NASSCOM 10,000 Startups, the program will be conducted through four different sessions starting this month until December.
The programme will feature Revv Up startups in education, agriculture, retail, sports, finance and healthcare among others. The investor community will largely comprise venture capital firms and prominent angel networks.
Officials said more than 30 startups enrolled in the Revv Up accelerator program of T-AIM will discuss their fundraising requirements with up to 30 institutional investors.
In August 2021, 42 startups from across the country were selected for the Revv Up acceleration programme. The programme offers a variety of opportunities for startups that aspire to build scalable businesses using artificial intelligence.
Speaking on the occasion, Jayesh Ranjan, Principal Secretary, Government of Telangana noted the innovator and tech ecosystem in Hyderabad is steadily creating a strong value proposition for investors. “While we remain committed to nurturing the innovation ecosystem in the state, I’m hopeful that the investor community will continue to empower startups to create sustainable, large-scale impact,? he said.
Sandro Stephen, Vice President-Sourcing & Investor Relations, Indian Angel Network (IAN), pointed out that IAN has been continuously engaging with the startup community. “We’re glad to partner with this initiative by T-AIM, which aims to create a massive impact by connecting early stage startups to relevant stakeholders in the ecosystem,? he said.
The T-AIM is a specialised initiative setup under the auspices of the Emerging Technologies Wing of the Government of Telangana’s IT department, which is assigned with a mandate to make Telangana and Hyderabad the global AI hub in the coming years.
The post Telangana AI Mission launches Investor Connect for startups appeared first on The Navhind Times.
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: RBI- Goa with GCCI organises field level financial literacy camp #FinanceIndia #StockMarketNEWS #Business NT NETWORK Panaji The RBI- Goa, in association with the GCCI organised a field level
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RBI- Goa with GCCI organises field level financial literacy camp #FinanceIndia #StockMarketNEWS #Business
NT NETWORK
Panaji
The RBI- Goa, in association with the GCCI organised a field level financial literacy camp on October 22. Attended by over 100 MSME entrepreneurs, final year students and faculty from Don Bosco Engg College, Goa Institute of Management, MES College, Saraswat College, Govt Polytechnic Panaji, and Dempo College BBA, Don Bosco BBA, Father Agnel College the camp received robust participation.
Suru Rajan, deputy manager, RBI, Ralph D Sousa, president, GCCI, Manguirish Pai Raiker, president national council of MSME, ASSOCHAM and Jayesh Raiker, Chairman Young India ( CII) addressed the audience.
In his inaugural address De Sousa said that, one of the key challenges that the Goan MSMEs face is obtaining necessary industrial approvals. “A much awaited single window clearance, shifting government administrative procedures completely on online, and focusing on the ease of doing business by the Goa government is needed.
Manguirish Pai Raiker highlighted potential sectors post- COVID. He further added that there is a huge pool of skilled and educated job seekers in the state. “A system to handle the process of skill development, management and to effectively help industry source the required and potential human resources aptly fitting the requirement is the need of the hour,? said Raiker.
Rajan discussed RBI’s role in supporting MSME units. Jayesh Raiker, chairman Yi, CII, encouraged the students to take advantage of the various government schemes. “The new generation has to think out of the box and work to be a successful entrepreneur. Financial institution support in terms of lending will always be there,? he added.
The post RBI- Goa with GCCI organises field level financial literacy camp appeared first on The Navhind Times.
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: Wherever India faces unfair treatment at trade front, we will reciprocate: Goyal #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Commerce and Industry Minister Piyush Goyal on Friday
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Wherever India faces unfair treatment at trade front, we will reciprocate: Goyal #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
Commerce and Industry Minister Piyush Goyal on Friday said there are a lot of non-tariff barriers that need to be addressed and wherever India will face an unfair treatment at trade front, it will takereciprocal action.
Non-tariff barriers to trade are restrictive practices which create impediments in smooth flow of imports and exports.
“Trade today requires a lot of study, deep diving into what practices other countries follow. There are a lot of non-tariff barriers that need to be studied, we need to work to resolve those barriers. Wherever we will find unfair, unjust treatment to India, India will have to take reciprocal action,? he said at the 54th convocation of Indian Institute of Foreign Trade (IIFT).
The minister said India is negotiating free trade agreements with several countries including the UK, UAE and Australia and young talents from IIFT can help in achieving the transformational agenda for India’s international trade.
On the country’s exports, Goyal exuded confidence that the country will achieve the US$ 400 billion target for this fiscal.
“We are confident of achieving this year. We have already done US$ 197 billion in six months. We are aspiring to go up to US$ 1 trillion in the near future, each for goods and servicesFor this we need thousands of young boys and girls coming out from IIFT,? he added.
Goyal also called for free trade within a rules-based multilateral trading system with honesty and transparency as core values.
Further, he said during FTA talks, the subject of dual degrees and collaborations with IIFT come up for discussions.
“I would urge you take the process of dual degrees forward, to fast-track it and identify institutions of excellence across the worldAustralia, the UK, and UAE have already shown huge interest in collaborating with Indian universities and institutions of eminence and I would urge IIFT to take this process forward,? he added.
On granting the institute of national importance tag to IIFT, he said the ministry will pursue that in the forthcoming months through the necessary legislative changes that it wouldrequire.
On reaching the 100-crore vaccination mark, the minister said it is a symbol of India’s ability, resilience, and strength of 135 crore Indians.
“The vaccine century is a true symbol of the collective wisdom of India. It is a victory for Make In India for the world,? he said.
Meanwhile, commenting on the milestone, industry chamber PHDCCI’s President Pradeep Multani said it is encouraging to note the vaccination drive has not only increased the confidence of people, trade and industry, but has also created positive economic projections by various national and international organisations.
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: Some broadcasters exploiting a-la-carte pricing of TV channels: TRAI #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Telecom regulator TRAI Friday said some broadcasters are “exploiting?
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Some broadcasters exploiting a-la-carte pricing of TV channels: TRAI #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
Telecom regulator TRAI Friday said some broadcasters are “exploiting? the freedom available for a-la-carte pricing of TV channels and warned them it will keep a “strict watch? on them and not shy away from taking action in the “larger interest? of consumers and the sector.
With an increase in TV channel subscription rates “impending?, the Telecom Regulatory Authority of India (TRAI) said in a statement that the new tariff recently announced by “these leading broadcasterp YX Z[[[ۈ ZH H Xو ][ [[[ ˈ ][[ [ YH[[[Z[Y[[[
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: Reduced demand for firecrackers in TN #FinanceIndia #StockMarketNEWS #Business IANS Chennai Many wholesale shops in Tamil Nadu selling firecrackers have witnessed a slump in business and
@stockMarketNEWS 3 Days ago
Reduced demand for firecrackers in TN #FinanceIndia #StockMarketNEWS #Business
IANS
Chennai
Many wholesale shops in Tamil Nadu selling firecrackers have witnessed a slump in business and traders have attributed the reduced demand due to a shortage of funds in the wake of the Covid-19 pandemic, as well as the high rates of the products.
With less than two weeks left for Diwali on November 4, wholesale and retail shops for firecrackers in the state are wearing a festive look but with brisk business.
Business is quite dull in the busy Parry’s corner in Chennai which has a huge wholesale market for firecrackers.
Abdul Hameed, a wholesale firecracker shop owner at T-Nagar in Chennai said: “Business is quite slow and we are not able to meet our daily expenses. The main reason people cite for the shortage in business is lack of funds after the Covid-19 pandemic.? The shopkeepers unequivocally say that the rate of firecrackers has also increased manifold and this is again another reason for the poor sale.
Rajmohan Muruganatham, a wholesaler at Anderson street in Parry’s, said: “It seems to be a dull season and people have no money. However, we are expecting the business to pick up at least in the last four tofive days.?
and Deepavali business sustains us. It will be a dull year as far as business is concerned but I think we may do the bare minimum business to survive.? In several places across the state, retail shops are being set up in an effort to increase business.
The Tamil Nadu Tourism Development Corporation (TTDC) generally leases out nearly 3.25 lakh square feet of its space in Chennai to set up retail firecracker shops every year.
Sales at Island grounds where the TTDC land will be leased out for setting up retail firecracker outlets are expecting 1,000 visitors per shop each day till November 5.
The firecracker manufacturing industry in Sivakasi is however happy after Chief Minister, M K Stalin wrote to his counterparts in north Indian states to lift the ban on sale and use of firecrackers.
Many states have lifted the ban and this has helped the Sivakasi manufacturing units to send their products.
Rajendra Raja, Vice-President, the Indian Fireworks Manufacturing Association, said they have already sent crackers to north Indian states, adding that most of the firecracker manufacturers are shifting to green firecrackers in the coming days to cope up with the environmental regulations.
The post Reduced demand for firecrackers in TN appeared first on The Navhind Times.
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: NSTFDC felicitates 53 successful tribal entrepreneurs of northeastern states #FinanceIndia #StockMarketNEWS #Business PTI Kohima The National Scheduled Tribes Finance and Development Corporation
@stockMarketNEWS 3 Days ago
NSTFDC felicitates 53 successful tribal entrepreneurs of northeastern states #FinanceIndia #StockMarketNEWS #Business
PTI
Kohima
The National Scheduled Tribes Finance and Development Corporation (NSTFDC) has felicitated 53 successful tribal entrepreneurs from the Northeastern states for excelling in various entrepreneurshipventures.
NSTFDC is an apex organisation for the economic development of Scheduled Tribes under the Union Ministry of Tribal Affairs.
The felicitation was done during the day-long conference held here on implementation of PMEGP scheme for tribals in North East to boost entrepreneurial ventures of aspiring Scheduled Tribes in the region on Thursday. It was also part of NSTFD@&[X][ۜو^YHH[]XZ ]
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: ‘Disinvestment will foster Air India’s growth’ #FinanceIndia #StockMarketNEWS #Business PTI New Delhi The disinvestment of Air India will lead to further growth of the national carrier
@stockMarketNEWS 3 Days ago
‘Disinvestment will foster Air India’s growth’ #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
The disinvestment of Air India will lead to further growth of the national carrier in a professional manner, including better utilisation of its wide-body planes and upgradation of in-flight services, according to Civil Aviation Secretary Rajiv Bansal.
Bansal, who is also in charge of Air India as its chairman and managing director, also noted that with better utilisation, the number of flying hours for an aircraft will increase.
Regarding a new airline that is likely to start operations in the coming months and an expected revival of Jet Airways, the civil aviation secretary said that having more players will be good for the health of the sector and will benefit consumers.
“We will be happy with more players as it reduces market domination and monopoly as well as leads to competition that ultimately benefits consumers,? Bansal said during a brief interaction.
He spoke on the sidelines after the inauguration of an international airport at Kushinagar on Wednesday.
The loss-making Air India, which is set to be acquired by the Tata group, has 43 wide-body planes, including 27 Boeing 787s.
Earlier this month, Talace Pvt Ltd, part of the Tata group, emerged as the winning bidder for Air India with a bid worth Rs 18,000 crore. It will pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline’s debt.
“The disinvestment of Air India will lead to further growth of the airline in a professional manner, with upgradation of in-flight services such as in-flight entertainment and Wi-Fi facilities, among others.
“There will also be better utilisation of Air India’s wide-body aircraft in the ultra long-haul sectors,? Bansal said.
The carrier operates flights to the US, Canada and many destinations in Europe. Bansal also pointed out that with better utilisation by Air India, the number of flying hours for an aircraft will increase.
“There will also be more availability of seats to and from India to destinations like the US and Canada,? he noted. The carrier operates flights to the US, Canada and many destinations in Europe.
On October 11, a letter of intent (LoI) was issued to the Tata group and once the LoI is accepted, the share purchase agreement (SPA) for the sale will be signed. Along with Air India, Tatas will acquire low-cost carrier Air India Express and Air India’s 50 per cent stake in equal joint venture AISATS.
On Wednesday, Prime Minister Narendra Modi, speaking after the inauguration of the Kushinagar international airport, said the decision on Air India will give new energy to the country’s aviation sector.
The government’s earlier efforts to divest Air India did not take off.
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: Indo-Middle East spice buyer-seller meet draws good response #FinanceIndia #StockMarketNEWS #Business IANS Kochi The Spices Board in association with the Embassy of India in Abu Dhabi organised
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Indo-Middle East spice buyer-seller meet draws good response #FinanceIndia #StockMarketNEWS #Business
IANS
Kochi
The Spices Board in association with the Embassy of India in Abu Dhabi organised an International Buyer Seller Meet (IBSM) on a virtual platform with specific focus on spice exports.
The meet held on Wednesday saw over 250 Indian exporters and 40 potential buyers from the Middle East taking part.
India is an important partner to the Middle Eastern countries in spice exports, while the UAE is India’s fourth largest export destination for spices.
In 2020-21, India exported 1,15,400 MT of spices valued at 0 million to the UAE, which accounted for 6 per cent in volume and 5 per cent in value of India’s total spice exports.
India’s spice exports, with a volume of 17,58,985 MT valued at ,178.81 million during 2020-21, scaled the landmark level of billion in value realisation, besides recording a growth rate of 37 per cent in volume, 16 per cent in rupee term and 11 per cent in dollar term over the previous year, despite the global pandemic situation.
Sandeep Kumar Bayyapu, Deputy Chief of Mission, Embassy of India, Abu Dhabi, who inaugurated the global online event, said that the UAE as a location provides strong logistical opportunities to tap into European and African markets.
Diwakar Nath Mishra, Joint Secretary (Plantation), Ministry of Commerce and Industry, Government of India, said that India and the UAE have been sharing trade and culture relations from ancient times, and events like this will sensitise and educate the farmers to incorporate good agricultural practices free from pesticides and antibiotics.
“After Covid, demand for spices have gone up and therefore several researches have been carried out, especially on the medicinal properties of Indian spices,? said Mishra.
The post Indo-Middle East spice buyer-seller meet draws good response appeared first on The Navhind Times.
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: Coal supply improves at 61 thermal plant units with less than 4-day stock #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Coal shortage at thermal power projects is still continuing as
@stockMarketNEWS 3 Days ago
Coal supply improves at 61 thermal plant units with less than 4-day stock #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
Coal shortage at thermal power projects is still continuing as number of non-pit head projects having less than four days of coal (supercritical stock) rose to 61 on Tuesday from 58 on Monday, official data showed.
According to the latest coal stock data of the Central Electricity Authority (CEA), the number of non-pit head projects having less than four days of coal was 61 on October 19 and 58 on October 18.
The data showed that the number of plants with supercritical stock was 65 last week (on October 12). Thus, the coal stock situation has improved eventually but the crisis is still continuing.
The improvement as well as a little deterioration in the coal stock situation assumes significance in view of the ongoing shortage of the dry fuel at thermal power plants in the country.
The Central Electricity Authority monitors coal stock situation of 135 thermal power plants with cumulative generation capacity of over 165 GW.
The data also showed that the number of power plants with zero days of coal has come down to 15 as of Tuesday with cumulative installed generation capacity of 15,080MW, compared to 18 with 18,630 MW capacity a week back.
The number of the plants with one day of coal stock has increased to 22 with 29,640 MW capacity as of October 19, compared to 26 with 34,140 MW capacity on October 12. The number of plants with two days of coal increased to 19 (with 25,445 MW capacity) from 17 (19,245 MW) a week ago.
The number of plants with three days of coal stood at 18 (with 22,594 MW capacity) as against 18 (25,224 MW) a week ago.
The number of plants with four days of coal has decreased to 15 with 18,130 MW capacity as of Tuesday, from 19 with 23,080 MW capacity a week ago, showing improvement in dry fuel stock.
The number of plants with five days of coal stood at 10 (11,495 MW capacity) as against 10 (8905 MW) a week ago.
The power ministry data also showed improvement in the power shortage situation as it came down to 4,161 MW on October 19 from 5,591 MW a week back (on October 12).
As per experts, power demand would further moderate with the onset of winter.
They opined that the coal stock situation at power plants would further improve in coming days with government’s efforts to scale up supplies.
Earlier last week, the power ministry had stated that the capacity of units under outage due to low coal stocks reduced from 11 GW on October 12 to 5 GW on October 14.
The post Coal supply improves at 61 thermal plant units with less than 4-day stock appeared first on The Navhind Times.
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: India to see record smartphone sales at .6 bn in festive season #FinanceIndia #StockMarketNEWS #Business IANS New Delhi At a time when the global smartphone industry is facing component and
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India to see record smartphone sales at .6 bn in festive season #FinanceIndia #StockMarketNEWS #Business
IANS
New Delhi
At a time when the global smartphone industry is facing component and chip shortages, the festive season in India is set to witness a record smartphone sales at .6 billion (nearly Rs 56,880 crore), with the retail average selling price (ASP) growing by 14 per cent to reach its highest ever at 0 (a little over Rs 17,000), a new report showed on Thursday.
According to Counterpoint Research, the festive season is seeing higher trade-ins and aggressive EMIs that increase device affordability and help consumers bypass multiple price barriers. This has helped drive the sales of mid-to-high tier (more than 0) smartphone models and, subsequently, the overall ASP.
“We estimate that almost .6 billion worth of smartphones will be sold during the ongoing festive season. This highest-ever number is coming at a time when the global smartphone industry is facing component shortages. As a result, OEMs have been forced to increase prices, which will have a higher impact on the mass market and budget segments,? said senior analyst Prachir Singh.
High consumer demand in the mid and premium segments will drive the sales. Although the growth in market value during the 2021 festive season is expected to be 1 per cent (on-year), the retail ASP will grow at 14 per cent (YoY).
“The overall consumer sentiment has been positive going into the festive season. Many consumers have decided to spend from their accumulated savings for something that is more personal. This trend will drive a faster smartphone upgrade during the festive season,? said Research Director Tarun Pathak.
India’s festive shopping season was kicked off during the first week of October when online platform giants Amazon and Flipkart announced their sales. The season will end on November 4 with Diwali.
“Many OEMs sensed this trend (trade-ins and EMIs) and brought out aggressive offers on premium devices. The relatively higher sales of premium segment smartphones also helped offset the losses in the mass market due to price hike,? Pathak added.
The post India to see record smartphone sales at .6 bn in festive season appeared first on The Navhind Times.
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: Coal crisis causes turbulence for recovering Small & Medium Steel firms #FinanceIndia #StockMarketNEWS Coal crisis causes turbulence for recovering Small & Medium Steel firms New Delhi, 25 Oct (KNN)
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Coal crisis causes turbulence for recovering Small & Medium Steel firms #FinanceIndia #StockMarketNEWS
Coal crisis causes turbulence for recovering Small & Medium Steel firms New Delhi, 25 Oct (KNN) As per the data from Investment Information and Credit Rating Agency of India Limited (ICRA) and Joint Plant Committee, medium and small business in the steel sector have suffered more than larger firms with 31 per cent production loss and the ongoing coal crisis hinders its recovery.
The loss for large business account around 17-24 per cent owing to their financial ability to sustain circumstances brought by the 2nd wave of covid.
Regardless of the damage caused to small producers, they managed to reach a growth rate of 45 percent in production, which remains flat as compared to FY2020. Moreover, contribution of small, medium and secondary producers in the steel industry is for more than one-third of that of total steel produced which has been hit by the coal crisis.
This impact was first noticed in September and is expected to change in December.
Small businesses majorly produce long steel mainly used by construction and infrastructure sector such as bars, rods and structural.
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: MSMEs demand employment based incentives ahead of National Employment Policy discussion #FinanceIndia #StockMarketNEWS MSMEs demand employment based incentives ahead of National Employment Policy discussion
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MSMEs demand employment based incentives ahead of National Employment Policy discussion #FinanceIndia #StockMarketNEWS
MSMEs demand employment based incentives ahead of National Employment Policy discussion New Delhi, 25 Oct (KNN) It is likely that Ministry of Labour and Employment will set up a committee to frame India’s first ever National Employment Policy.
The objective is to boost employment generation for which experts from various industries will be a part of the panel.
In context of MSMEs, the employment opportunities they provide are larger in comparison to their low capital investment. However, state governments offer incentives only based on capital investment which is pejorative as it only caters to the large industries.
As per the National Sample Survey (NSS) 73rd round conducted during the period 2015-16, MSME sector has been creating 11.10 crore jobs (360.41 lakh in Manufacturing, 0.07 lakh in Non-captive Electricity Generation and Transmission, 387.18 lakh in Trade and 362.82 lakh in Other Services) in the rural and the urban areas across the country.
Hence, the MSME fraternity being a significant stakeholder in this matter has urged the government to consider including employment based incentives whilst the framing the National Employment Policy.
This will be not only encourage and flourish small businesses but empower the country’s socio-economic growth by generating grassroots employment.
The first draft is expected to be placed presented by FY22-23 and will be derived from data from employment surveys.
Ways to improve the skills sets of the Indian workforce to match with the international standards will also be addressed in the policy.
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: Govt tells NFRA and ICAI to settle differences cordially #FinanceIndia #StockMarketNEWS Govt tells NFRA and ICAI to settle differences cordially New Delhi, 25 Oct (KNN) The government has said that
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Govt tells NFRA and ICAI to settle differences cordially #FinanceIndia #StockMarketNEWS
Govt tells NFRA and ICAI to settle differences cordially New Delhi, 25 Oct (KNN) The government has said that the National Financial Reporting Authority (NFRA) and Institute of Chartered Accountants of India (ICAI) must resolve their differences pertaining to statutory audit of small firms and accounting standards applicable to them through dialogue.
According to an official from Ministry of Corporate Affairs (MCA), the audit regulator and the institute both are defined clearly and distinctly, hence the two bodies must sort out things between themselves as Centre does not make any clarification on perceptions. However, if the government has to articulate anything it will be in form of Acts and rules,” added the official.
This is the first time that the government’s insight has been received on this issue. Since September the differences have been brewing between NFRA and ICAI, which followed by Nihar N. Jambusarai’s statement telling the members that NFRA has no jurisdiction over small businesses and cannot take a call on whether they need to be audit.
The industry executives have expressed that a final decision is necessary.
Until then the small business remain uncertain with regard to statutory audit, as without government intervention any form of resolution will be difficult to arrange.
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: Ministry of Textile okays geotextiles project led by 3 IITs #FinanceIndia #StockMarketNEWS Ministry of Textile okays geo-textiles project led by 3 IITs New Delhi, 25 Oct (KNN) The Ministry of Textiles
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Ministry of Textile okays geotextiles project led by 3 IITs #FinanceIndia #StockMarketNEWS
Ministry of Textile okays geo-textiles project led by 3 IITs New Delhi, 25 Oct (KNN) The Ministry of Textiles has approved the Pilot Project on skilling of Design/ Commissioning technical personnel associated with application of geo-textiles in infrastructure projects (roads. highways, railways, water resources).
It will be conducted concurrently by (i) Indian Institute of Sciences, Bangalore, (ii) Indian Institute of Technology, Madras; and (iii) Indian Institute of Technology Roorkee. The coordinating faculty of the respective fields of Engineering will look after the implementation of the special courses in consultation with the other concerned centres/ offices of the respective Institute. Ministry will coordinate, for all matters related to conducting of these Courses with (a) prof. G.I,. Sivakumar Babu, IISc, Bangalore; (b) prof. Rajagopal Karpurapu, IIT, Madras; and (c) prof. Satyendra Mittal, IIT Roorkee. from the respective institutes.
A batch will consist of minimum 75 to maximum 100 candidates. During the pilot phase, 2 batches are scheduled per each of the three Institutes. Further, continuation of the special skill development course will be subjected to a review by the Mission Directorate of National Technical Textiles Mission (NTTM) or the Ministry of Textiles.
The Institutes will conduct these courses on no-profit/ no-loss basis. The Institutes will advertise/ publicize the courses and invite application from willing and eligible candidates (who are Indian citizens having relevant educational qualifications and adequate experience related to the field).
The Institute will charge INR1000 per candidates as a token fee. Once batch(es) having minimum number of 75 candidates is firmed, Ministry of Textiles will provide full amount or INR 4.50 lakhs per batch as an advance to the respective Institute. On completion of the Batch/ Course, the Institute will furnish a Statement of Expenditure/ UC to the Ministry and surplus grant, if any, will be returned to the Government.
On its part, Ministry of Textiles will coordinate with other concerned Central Government Departments/ State Governments for mobilizing the trainees. Respective institutes have been advised to utilize their networks (including social media platform/ alumni network) for wider participation of suitable candidates.
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: Ministry to host PLI scheme seminar for speciality Steel on 25 Oct #FinanceIndia #StockMarketNEWS Ministry to host PLI scheme seminar for speciality Steel on 25 Oct New Delhi, 23 Oct (KNN) The Ministry
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Ministry to host PLI scheme seminar for speciality Steel on 25 Oct #FinanceIndia #StockMarketNEWS
Ministry to host PLI scheme seminar for speciality Steel on 25 Oct New Delhi, 23 Oct (KNN) The Ministry of Steel is organizing a daylong Seminar on the Production Linked Incentive (PLI) Scheme for Specialty Steel on October 25, 2021 (Monday) at Dr. Ambedkar International Centre in New Delhi.
Union Minister of Steel Ram Chandra Prasad Singh, and Minister of State for Steel, Faggan Singh Kulaste will be addressing the inaugural session. Amitabh Kant, CEO, NITI Aayog and senior government officials will also participate in the Seminar.
The key objective of the seminar is to provide a platform to all interested stakeholders for brainstorming and providing additional on the scheme.
Technical sessions have been planned to have detailed discussions on the scheme with the industry stakeholders. Seminar will also witness participation from policymakers, bureaucrats, steel PSUs, integrated and secondary steel producers, potential investors, steel associations, among others.
The Union Government has approved a Production-Linked Incentive (PLI) Scheme for Specialty Steel to be implemented over FY 2023-24 to FY 2029-30 with a budgetary outlay of INR 6,322 crore.
The PLI scheme is aimed at boosting domestic production of ‘Specialty Steel’ by attracting significant investment. The Scheme shall be applicable for five (05) indicative product categories, viz, Coated/Plated Steel Products, High Strength/Wear Resistant Steel, Specialty Rails, Alloy Steel Products and Steel Wires and Electrical Steel.
Keeping in view the goal of “Atmanirbhar Bharat”, the PLI scheme is one step towards attracting potential investors and to entice the existing companies to add capacities and bring in newer technologies into the country. A detailed notification and the guidelines have been published on the website of Ministry of Steel.
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: Strong need for indigenous EV manufacturing supply chain #FinanceIndia #StockMarketNEWS Strong need for indigenous EV manufacturing supply chain New Delhi, 22 Oct (KNN) The second day of Digielec
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Strong need for indigenous EV manufacturing supply chain #FinanceIndia #StockMarketNEWS
Strong need for indigenous EV manufacturing supply chain New Delhi, 22 Oct (KNN) The second day of Digielec Bharat 2021, organized by Indian electrical and electronics manufacturers associations (IEEMA) conducted a session on EV Supply Chain – Seizing Opportunities, where experts from the EV industry deliberated that the need for indigenous EV Manufacturing Supply Chain is being felt stronger than before.
The Country’s drive towards electric vehicle led mobility has accelerated in recent years. However, a major hurdle in its ramp-up is likely to be the near-non-existent EV ecosystem, including charging infrastructure. The government has been attempting to provide a strong push to growth in this space.
Guruprasad Mudlapur, Regional President & Managing Director, Bosch Auto said, “Power electronics provides a lot of opportunities in India with local high quality manufacturing and recycling of batteries for mobility & storage use. What attracts the customer in EV is Sustainable transportation, Low cost of maintenance & Certainty driven through connected world. ”
S. Ghosh, Chief Executive Officer, Celsius 100 stated, “The signs are here –USD 5000 crore investment in 2-3 wheelers with massive consumer acceptance. What attracts the customer in EV is Sustainable transportation, Low cost of maintenance & Certainty driven through connected world. ”
Rajanish Saxena, Head Engineering, Sun Mobility presented a different perspective mentioned that despite the government’s on standardisation, as an industry we have not done anything in terms of design and standardising.
“The need of the hour is collaboration between companies to diffuse risks and manage uncertainties while developing new technologies and manufacturing processes,” suggested Saxena.
Anil Shrivastav, former Director General, Niti Aayog, highlighted that the surge of start-ups will not only help in laying down the ecosystem of drivetrains and related components but will also promote new innovations in design, technology, and production of EVs.
Earlier in the day, Sumita Dawra, Addl. Secretary DPIIT, Ministry of Commerce & Industry articulated, “The Indian industry must move up the value chain by building globally recognised brands. At the same time the products need to be energy efficient and price competitive too to be globally acceptable. The government’s responsibility will be to facilitate infrastructure creation, promote the country’s capabilities, create a favourable and predictable business environment, attract investments and promote R&D. The government and industry should work together to fulfil these goals.
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: India will reciprocate to unfair NTBs: Commerce & Industry Minister #FinanceIndia #StockMarketNEWS India will reciprocate to unfair NTBs: Commerce & Industry Minister New Delhi, 22 Oct (KNN) Piyush
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India will reciprocate to unfair NTBs: Commerce & Industry Minister #FinanceIndia #StockMarketNEWS
India will reciprocate to unfair NTBs: Commerce & Industry Minister New Delhi, 22 Oct (KNN) Piyush Goyal, Union Minister of Commerce and Industries, pressed for free trade within a rules-based multilateral trading system with honesty and transparency as core values, while addressing the 54thConvocation of Indian Institute of Foreign Trade in New Delhi today.
He added India will reciprocate to every unfair or unjust treatment it faces, and emphasized upon the need for resolution on issues posed by Non- Tariff Barriers in international trade.
He said that a convocation is an important ceremony that marks the next step in the journey of the graduates when they grow from acquisition of knowledge to application of knowledge.
Underscoring the need for a committed and vibrant leadership in the field of academics in India, Union Minister Goyal called for enhancing exposure of our students to the best of technology, foreign law, economics, and international trade.
Calling for tie-ups of Indian Universities with institutions of eminence across the world, he asked Indian universities to enter into sustained collaborations with such institutions.
Encouraging academic institutions to engage on a much larger scale with the industry, he asked students to take up internships with both the public sector and private players. Speaking of the opportunities offered by online education, and called for more exploration into online and hybrid modes of education.
Referring to Indias ambitious programmes like the PM GatiShakti National Master Plan for infrastructure and multimodal connectivity, he said that there was a need for planned, focussed efforts to create infrastructure in the country by breaking silos and bringing in synergy. "There is a need to bring in quality and productivity in all we do. A ‘Made in India’ product must be a guarantee to the world", he added.
Observing that contemporary India was confident & yet dissatisfied, he said that dissatisfied, confident people are the ones who would change the world. He urged fellow Indians to never settle for less and to work together to make India a global leader.
On the occasion, he presented several awards for excellence to graduating students.
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: Employment to surpass precovid levels in Oct: CMIE #FinanceIndia #StockMarketNEWS Employment to surpass pre-covid levels in Oct: CMIE New Delhi, 22 Oct (KNN) The Centre for Monitoring Indian Economy
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Employment to surpass precovid levels in Oct: CMIE #FinanceIndia #StockMarketNEWS
Employment to surpass pre-covid levels in Oct: CMIE New Delhi, 22 Oct (KNN) The Centre for Monitoring Indian Economy Pvt. Ltd. (CMIE) reported that there will be a rise in employment level in October which will cross pre-covid levels.
“There seem to be good enough reasons to believe that October would also see an expansion in employment. Of course, there is still some catch up to do to match the employment India provided in 2019-20. India provided 406.2 million jobs in September 2021 compared to 408.9 million in 2019-20. But, the prospects of breaching the 2019-20 level are bright,” said CMIE.
The report analysed that the increase in employment in construction and food industries seen in September is likely to be more sustainable than the gains seen in August which were essentially in personal non-professional services (which are largely poor quality jobs) and retail trade (which could not be sustained in September).
“We watch the weekly releases of three key labour market ratios to assess the current labour market conditions. These are labour participation rate, unemployment rate and the employment rate to see how the post-September period is unfolding,” stated the business information company.
In urban regions, the ER was 35 per cent in the week ended October 17 compared to 34.6 per cent in September. More impressively, the 30-day moving average of the ER in urban India as of October 17, at 34.7 per cent was higher than the September ER of 34.6 per cent. Even the 30-day moving average unemployment rate at 7.9 per cent in urban India was lower than it was in the month of September when it was at 8.6 per cent.
In rural India, while the week of October 17 was better than the month of September, the 30-day moving average as of October 17 was trailing the average for the month of September. The rural employment rate during September was 39.5 per cent. The 30-day moving average as of October 17 was lower at 38.9 per cent. The coming harvest season could improve this towards the end of October.
Given this recent rise in the ER and prospects of its further consolidation, CMIE has forecasted that it is likely for employment to expand marginally in October.
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: BJ's Restaurants has cut items from its menu and limited dining room capacity due to staffing shortages #FinanceUSA #StockMarketNEWS BJ's Restaurants Inc. Chief Executive Greg Levin said in a third-quarter
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BJ's Restaurants has cut items from its menu and limited dining room capacity due to staffing shortages #FinanceUSA #StockMarketNEWS
BJ's Restaurants Inc. Chief Executive Greg Levin said in a third-quarter earnings statement that staffing shortages have driven the company to shorten its menu, cut dining room capacity and cut hours in certain locations. "As a result, we finished the third quarter with comparable restaurant sales down 0.5%, compared to the same period in 2019," he said. "Looking forward, as our staffing levels improve, we expect sales to benefit as we seat more tables, expand back to pre-pandemic hours, and return all of our restaurants to full menus by early November." BJ's reported a net loss of .2 million, or 9 cents per share, after a loss of .6 million, or 30 cents per share, last year. Revenue of 2.2 million was up from 8.9 million last year. The FactSet consensus was for earnings of 8 cents per share and revenue of 2.3 million. Comparable restaurant sales grew 41.8%, below the 44.2% FactSet consensus. Comparable sales were down 0.5% compared with the the same period in 2019. BJ's plans to open eight restaurants in 2022. BJ's stock slipped 0.5% in Friday premarket trading, and is down 8.7% for the year to date. The S&P 500 index has gained 21.1% for the period.
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: Pinterest tumbles and PayPal soars after payments firm said it won't bid for art-selling network #FinanceUSA #StockMarketNEWS In premarket trade, PayPal Holdings rallied and Pinterest tumbled after
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Pinterest tumbles and PayPal soars after payments firm said it won't bid for art-selling network #FinanceUSA #StockMarketNEWS
In premarket trade, PayPal Holdings rallied and Pinterest tumbled after the payments firm said it wouldn't bid for the art-sharing social network. In a terse statement, PayPal said "that it is not pursuing an acquisition of Pinterest at this time." PayPal shares jumped 6% while Pinterest fell 10%. Bloomberg had reported PayPal's interest in buying Pinterest last week.
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: Gold futures settle higher, posting a gain for the week #FinanceUSA #StockMarketNEWS Gold futures settled higher on Friday, with concerns surrounding rising inflation prompting prices to post a gain
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Gold futures settle higher, posting a gain for the week #FinanceUSA #StockMarketNEWS
Gold futures settled higher on Friday, with concerns surrounding rising inflation prompting prices to post a gain for the week. Gold prices, however, finished off the session's highest price levels after Federal Reserve Chairman Jerome Powell said Friday that it was "time to taper" the central bank's 0 billion in monthly asset purchases. December gold climbed by .40, or 0.8%, to settle at ,796.30 an ounce. Prices based on the most-active contract climbed about 1.6% for the week, marking a second consecutive weekly gain, according to FactSet data.
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: Baker Hughes reports the first weekly decline in U.S. oil-drilling rigs in 7 weeks #FinanceUSA #StockMarketNEWS Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil
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Baker Hughes reports the first weekly decline in U.S. oil-drilling rigs in 7 weeks #FinanceUSA #StockMarketNEWS
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil declined by two to 443 this week. The weekly decline followed six consecutive weeks of increases. The total active U.S. rig count, which includes those drilling for natural gas, also fell by one to stand at 542, according to Baker Hughes. December West Texas Intermediate crude continued to trade higher, up 93 cents, or 1.1%, at .43 a barrel on the New York Mercantile Exchange.
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: U.S. oil futures log a 9th straight weekly climb #FinanceUSA #StockMarketNEWS Oil futures finished higher on Friday, with U.S. prices up tallying a ninth consecutive weekly climb --- the longest streak
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U.S. oil futures log a 9th straight weekly climb #FinanceUSA #StockMarketNEWS
Oil futures finished higher on Friday, with U.S. prices up tallying a ninth consecutive weekly climb --- the longest streak of weekly gains for front-month crude on record, based on data going back to April 1983, according to Dow Jones Market Data. Analysts attributed oil's price gains to easing travel restrictions, as well as a slow recovery in U.S. crude output and expectations for higher energy demand for the upcoming holiday season. West Texas Intermediate crude for December delivery rose .26, or 1.5%, to settle at .76 a barrel on the New York Mercantile Exchange. For the week, prices based on the front month rose 2.5%.
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: Dow just bagged its first record close since Aug. 16 as Powell says U.S. might see 'maximum employment' in 2022 #FinanceUSA #StockMarketNEWS The Dow Jones Industrial Average registered its first
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Dow just bagged its first record close since Aug. 16 as Powell says U.S. might see 'maximum employment' in 2022 #FinanceUSA #StockMarketNEWS
The Dow Jones Industrial Average registered its first record closing high in over two months, but the broader market faced headwinds from selling in information technology shares in an otherwise solid week of gains for the main three equity benchmarks. The Dow closed up 0.2% to reach 35,677, on a preliminary basis, marking the first all-time closing high since Aug. 16. The advance for the price-weighted blue-chip benchmark were supported in part by gains in American Express Corp. and Goldman Sachs Group Inc. . The record for the Dow also comes a day after the S&P 500 index registered its first closing high since Sept. 2. The broad-market index closed down 0.1% on Friday at around 4,544. Meanwhile, the Nasdaq Composite Index ended down 0.8% at about 15,090, weighed by shares of Google-parent Alphabet Inc. and Facebook Inc. . Fed's Powell said the U.S. labor market might continue to improve so it reaches "maximum employment" next year, speaking at an event hosted by the Bank for International Settlements.
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: Amazon under pressure from fulfillment costs #FinanceUSA #StockMarketNEWS Amazon.com Inc.'s price target was cut to ,200 from ,700 at Credit Suisse as fulfillment and shipping costs rise. Amazon
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Amazon under pressure from fulfillment costs #FinanceUSA #StockMarketNEWS
Amazon.com Inc.'s price target was cut to ,200 from ,700 at Credit Suisse as fulfillment and shipping costs rise. Amazon has announced plans for 150,000 seasonal hires in addition to more than 150,000 other hires it has announced. "We assume that from a customer service perspective Amazon will expedite delivery/bear the incremental shipping cost," analysts wrote. "As we further anticipate global logistics headwinds do not abate until mid-22, our EBIT estimates for 2H21/22 decrease accordingly and reflect a scenario in which Amazon has spent roughly billion in CapEx and further taken on incremental expenses without showing potential wallet share gains through greater service levels in the form of faster deliveries across a wider array of SKUs [stock-keeping units]." Credit Suisse rates Amazon stock outperform. Amazon is scheduled to report third-quarter earnings on Oct. 28. Amazon stock is up 2.9% for 2021 so far while the S&P 500 index has gained 20.9% for the period.
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: Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hike #FinanceUSA #StockMarketNEWS U.S. stock indexes were turning lower midday
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Stock market briefly takes a U-turn lower Friday as Tepper says market isn't a great investment now, Powell hints a rate hike #FinanceUSA #StockMarketNEWS
U.S. stock indexes were turning lower midday Friday, with the main benchmarks retreating from records to end an otherwise strong week of gains, as investors digested comments from Federal Reserve Chairman Jerome Powell. Some of the shift lower in sentiment intraday als was blamed on comments from hedge-fund luminary David Tepper, who said he didn't think stocks were "a great investment right here," in an interview with CNBC on Friday. "I just don't know how interest rates are going to behave next year... I don't think there's any great asset classes right now... I don't love stocks," he told the business network. The Dow Jones Industrial Average [ : DJIA] was up less than 0.1%, while the S&P 500 index was off 0.3% and the Nasdaq Composite Index was nearly 1% lower. Powell told the BIS that the job market could reach maximum employment next year, achieving one of the Fed's central mandates, which he said would meet one requirement for a rate hike.
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: Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gain #FinanceUSA #StockMarketNEWS Shares of Phunware Inc. surged more than 1,000% early Friday, as a
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Phunware stock surges over 1,000% early Friday as a Trump-linked SPAC heads for a 1,345% weekly gain #FinanceUSA #StockMarketNEWS
Shares of Phunware Inc. surged more than 1,000% early Friday, as a special-purpose acquisition company, or SPAC, called Digital World Acquisition Corp. , was revealed to be merging with an entity called Trump Media & Technology Group. Austin-based Phunware is an advertising startup that has been associated with former President Donald Trump's 2020 presidential campaign, and appeared to be getting a lift from the DWAC SPAC deal, which apparently represents the former president's latest attempt to launch a social-media platform. Meanwhile, shares of DWAC were up 190% on Friday, contributing to a 1,345% weekly gain for the entity. Trump announced that he expects to upend Silicon Valley via a new app called TRUTH Social, which will be a property of the newly formed social-media company Trump Media & Technology Group. Digital World closed up 356.8% on Thursday, marking the best first day of trading ever by a SPAC, according to Dow Jones Market Data. Meanwhile, Phunware's market value is just 6 million, FactSet data show, even with the surge in its stock on Friday.
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: Valkyrie bitcoin ETF sinks in Friday debut on Wall Street, but trailblazer ProShares fund still bouncy #FinanceUSA #StockMarketNEWS Shares of the Valkyrie Bitcoin Strategy exchange-traded fund were
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Valkyrie bitcoin ETF sinks in Friday debut on Wall Street, but trailblazer ProShares fund still bouncy #FinanceUSA #StockMarketNEWS
Shares of the Valkyrie Bitcoin Strategy exchange-traded fund were trading flat to lower on Friday as the U.S's second ETF linked to bitcoin made its debut on Wall Street. The launch of the Valkyrie Bitcoin fund comes days after the ProShares Bitcoin Strategy ETF became the first U.S. ETF linked to bitcoin on Tuesday, in a watershed moment for the crypto sector. Both Valkyrie and ProShares's funds are futures based, which Gary Gensler, chairman of the Securities and Exchange Commission has said provides better protections for individual investors. Gensler's statements about futures-pegged bitcoin ETFs, made in the summer have paved to way for fund providers to propose a parade of futures-linnked products. Futures are derivative financial contracts that provide investors exposure to price moves in an underlying asset. However, the value of futures contracts sometimes diverge from the underlying asset, which is one of a number of criticisms of a bitcoin futures ETF. The ProShares ETF were up 0.7% early Friday, however. Both Valkyrie and ProShares carry expense ratios of 0.95%, which means that investors annually pay .50 for every ,000 invested in the fund.
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: Stocks open mostly lower after disappointing tech earning #FinanceUSA #StockMarketNEWS Stocks opened mostly lower Friday, with the Nasdaq Composite leading the way to the downside after disappointing
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Stocks open mostly lower after disappointing tech earning #FinanceUSA #StockMarketNEWS
Stocks opened mostly lower Friday, with the Nasdaq Composite leading the way to the downside after disappointing tech earnings.The Dow Jones Industrial Average shook off the weaker tone, rising 66 points, or 0.2%, to 35,669, while the S&P 500 was down less than 0.1% at 4,548 after closing at a record Thursday. The tech-heavy Nasdaq was off 0.3% at 15,164. Shares of chip maker Intel Corp. dropped 11% after reporting disappointing sales.
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