Top gainers in the Sensex pack included Tech Mahindra, Maruti, NTPC, Axis Bank, Tata Steel, Bajaj Auto, Tata Motors, Bajaj Finance, M&M and Kotak Bank, rising up to 3.77 per cent.
India's exports grew by 67.39 per cent to $32.21 billion in May driven by healthy growth in sectors such as engineering, pharmaceuticals, petroleum products and chemicals, according government data released on Wednesday. Exports in May last year stood at $19.24 billion and in May 2019 it was at $29.85 billion, the commerce ministry's preliminary data showed. Imports in May rose by 68.54 per cent to $38.53 billion, from $22.86 billion in May 2020. In May 2019, imports stood at $46.68 billion.
Infra segment, refinery product impacted the most, even as contraction narrows in latest month.
According to highly placed sources, the finance ministry is likely to extend ECLGS and other loan guarantee schemes for micro, small and medium enterprises (MSMEs), hospitality and tourism sector, and the health infrastructure beyond March 31, Business Standard has learnt. This is likely to be announced by Finance Minister Nirmala Sitharaman as part of her Budget speech on February 1.
The Steel Ministry on Wednesday said it may seek from the Environment Ministry speedy clearance to Posco's Rs 54,000 crore (Rs 540 billion) project in Orissa.
M&M was the top laggard in the Sensex pack, cracking over 4 per cent, followed by Axis Bank, IndusInd Bank, Hero MotoCorp, Sun Pharma and ICICI Bank. On the other hand, Bharti Airtel, Asian Paints, Tata Steel, NTPC, HUL and Reliance ended with gains.
The central government is devising a mechanism to step up screening imports to protect domestic manufacturers. The details of the online monitoring system may find mention in the foreign trade policy 2021-26, which will kick in next month. The online system will make the data available to the government as well as industry about the countries from where the goods are being imported, and their quantity and quality. The data can help domestic producers analyse the market potential for such goods, said a senior government official. In the past 16 months, the government had implemented a steel- and coal-import monitoring system.
With the United States adopting protectionist policies and hiking import duties, a trade war like situation has emerged.
The primary and immediate impact of a depreciating rupee is on the importers who will have to shell out more for the same quantity and price. However, it is a boon for the exporters as they receive more rupees in exchange for dollars. The rupee depreciation has wiped away some of the gains that would have accrued to India from international oil and fuel prices dropping to pre-Ukraine war levels.
Coal, natural gas, refinery products and cement grew by 16 per cent, 7 .4 per cent, 2.7 per cent, and 16 .6 per cent in April this year, respectively.
Government may also consider giving relief to some of the worst-affected sectors.
"I have not received any proposal from the ministry of steel," finance minister told reporters here, when asked whether government was considering roll back of export duty on steel. Earlier this week, Steel Secretary Raghav Sharan Pandey had said the producers' demand for a withdrawal of export duty was under consideration for the government and a decision was expected soon.
To ensure smooth allocation of 204 cancelled coal blocks, the government has set up a high-level inter-ministerial panel that would provide advise on policy issues and interact with the industry.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
For the past one week, Modi has been holding in-person meetings with Union ministers apparently to take stock of the work done by the government in the last two years and to discuss various issues.
Special CBI Judge Prashant Kumar passed the order noting that the investigation was at its initial stage, and the accused was required to be quizzed.
The statement comes in the wake of reports that warned of power crisis looming large due to the coal shortage in the country.
Kavaratti will be commissioned before end-2019 -- three years later than contracted.
The China-India bilateral trade in the first half of the year totalled $57.48 billion, up 62.7 per cent year on year, perhaps the highest in recent years amid the Ladakh impasse and the COVID-19 pandemic, according to data released by China's Customs. Though Indian exports to China picked up with 69.6 per cent year on year increase, the trade deficit, a structural problem for India for long, climbed to 55.6 per cent. According to data released by China's Customs, India's exports to China reached $14.724 billion, up 69.6 per cent year on year in the first six months and India's imports from China amounted to $42.755 billion, up 60.4 per cent.
Corrosion is a big menace for anything with steel application from rebars in construction, oil and water pipelines, railway track, power distribution poles to automobiles, says Kunal Bose.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
The Central Bureau of Investigation will be filing a fresh case in connection with alleged irregularities in connection with allocation of coal blocks by the end of this month in which it may name a corporate and certain former officials of the Union coal ministry.
Taking strong exception to former West Bengal chief secretary Alapan Bandyopadhyay skipping a meeting of Prime Minister Narendra Modi, government sources on Wednesday said his conduct has made a severe dent to Indian Administrative Service and it could lead to anarchy.
The commerce department has said that earnings through the new tax will equal the losses faced by Indian industry after the US tariffs on steel and aluminium.
Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank. On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.
The eight sectors, which also include fertilisers, steel, natural gas, electricity and crude oil, had expanded by 1 per cent in June last year.
The federal agency has filed its case under the criminal sections of the Prevention of Money Laundering Act (PMLA) taking cognisance of a recent first information report (FIR) registered by the Central Bureau of Investigation (CBI) in the same case, they said.
Coal, crude oil, natural gas, cement, and electricity recorded a negative growth of 8.6 per cent, 5.4 per cent , 3.9 per cent, 4.9 per cent and 2.9 per cent, respectively, in August.
All Sensex components ended in the red. IndusInd Bank was the top loser, followed by Tata Steel, HDFC, ICICI Bank, Axis Bank, Infosys and ITC. According to traders, volatility heightened in global markets as US Federal Reserve's interest rate cut stoked concerns over an impending economic recession.
Far more important than governance is to ensure how different states get necessary representation a'The pressure to expand the council of ministers will come from states where the BJP has formed a government after ousting the Congress,' predicts A K Bhattacharya.
FinMin has already sought inputs from different central ministries for the Budget speech, which would be the last Budget of the current BJP-led NDA government before the 2019 general polls.
A certain type of TGV, called V150, holds the world record for the highest speed on any national rail system. This record has been in place since April 2007.
Centre plans to acquire land and then give it on lease to miners.
The NCRTC, which is executing the country's first RRTS, said the contract was awarded following the set procedure and guidelines.
Slow growth in the key sectors would have implications on the IIP number as these segments account for about 41 per cent of the total factory output.
The Korean major, which is not able to set up the unit for the past seven years because of land acquisition issues and agitation by the locals, has revised its land requirement to 2,700 acres from the earlier 4,000 acres.
Besides the jail term, the special court also imposed a fine of Rs 25 lakh on Koda and Rs one lakh on Gupta.
Koda, Basu and two accused public servants conspired to favour VISUL in the coal block allocation, the agency alleged.
The companies are crying foul over the cancellation of 25 blocks held by 68 firms over the past two days.
SAIL chairman Sushil Kumar Roongta had recently said the company was looking to issue additional equity in the market.
