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Sensex Closes 1,266 Points Increased, Nifty Reclaims 9,100

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Sensex Closes 1,266 Points Higher, Nifty Reclaims 9,100

Each the indices snapped seven consecutive weekly losses

Home inventory markets closed over Four per cent larger on Thursday on early indicators that the coronavirus pandemic was nearing its peak globally and expectations that the federal government might ease the 21-day lockdown put in place to include the outbreak. The NSE Nifty 50 closed 4.15 per cent larger at 9,111.90, whereas the S&P BSE Sensex ended up 4.23 per cent at 31,159.27. Each the indices snapped seven consecutive weekly losses and completed the holiday-shortened week almost 13 per cent larger.

Sentiment was additionally boosted by expectations of extra stimulus to thwart a worldwide recession, with European Union finance ministers set to renew talks on a half-a-trillion assist package deal later within the day.

The nation’s monetary markets will stay closed on Friday, and have been shut on Monday for Mahavir Jayanti vacation.

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“World constructive cues and expectations of extra stimulus measures are supporting the rally,” stated Siddhartha Khemka, head of retail analysis at Motilal Oswal Securities.

In the meantime, the federal government was contemplating easing an ongoing 21-day lockdown in some areas whereas extending it some scorching spots reminiscent of Delhi, Mumbai and elements of the south.

World shares have been within the inexperienced with the MSCI’s All-Nation World Index, which tracks shares throughout 49 nations, inching 0.5 per cent larger.

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US inventory futures have been up 1 per cent and the MSCI’s broadest index of Asia-Pacific shares outdoors Japan rose 1.56 per cent.As of Thursday, the nation had reported over 4,500 infections and almost 150 deaths.

Shares rallied throughout the board on Thursday. The Nifty Financial institution index closed almost 5 per cent larger, whereas the Nifty PSU financial institution index completed the session up over three per cent.

The Nifty auto index noticed its greatest single-day achieve since September, closing over 10 per cent larger. Analysts stated the sector had been a laggard within the latest rally.

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Pharma shares closed in constructive territory for a 3rd straight session, with the Nifty Pharma index advancing almost 5 per cent.

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Revamped Dharavi businesses to get SGST concessions for 5 years

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Revamped Dharavi businesses to get SGST concessions for 5 years

The Dharavi Redevelopment Project Pvt. Ltd., a joint venture of Maharashtra and Adani Group, announced tax benefits for eligible industries and commercial units in Mumbai’s redeveloped Dharavi. The State Goods & Services Tax (SGST) will be refunded for five years to formalize and boost local businesses after the revamp project.

According to the DRPPL, the tax benefits aim to transform the informal nature of businesses in Dharavi and make them a part of India’s growth story. The reimbursement of SGST will provide a robust footing for existing and new businesses, boosting their profitability, competitiveness, and growth opportunities.

Under the tender conditions, eligible industrial and commercial units will have their SGST reimbursed by the state government’s Finance Department through the DRP/SRA for five years from the issuance of the Occupation Certificate (OC). Businesses will need to provide SGST payment details as proof to claim the refund.

Dharavi is home to thousands of industrial and commercial units producing garment and leather items, with many serving as vendors for national and international brands. The businesses are eager to formalize and expand to tap into local and global markets, as per the DRPPL.

The redevelopment company aims to transform Dharavi into a globally-connected city while preserving its entrepreneurial culture. The revamp will include commercial and industrial premises, modern housing with facilities for existing residents, educational and healthcare facilities, and quality lifestyle amenities in Dharavi and Nav Dharavi, currently known as Asia’s largest slum.

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Nifty slips on profit booking in heavyweights

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Nifty slips on profit booking in heavyweights

Nifty Closes with a Loss of 91 Points at 22,122 Levels

Mumbai, Feb 26 (IANS) – Nifty remained sideways throughout the session on Monday with a negative bias and closed with a loss of 91 points at 22,122 levels. Profit booking was witnessed in some of the index heavyweights at higher levels, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services. Majority of the sectors ended in the red, however, buying was seen in oil & gas, auto, and realty, he said. “Globally, investors would take cues from macro data releases lined up during the week. The US New Home Sales Data for January would be an important event to track on Monday. Overall, we expect the market to consolidate at higher zones while following global trends,” Khemka said.

Nifty closed on a negative note at 22,122, down by 90.65 points, while the Sensex closed at 72,790, down by 352 points. Nifty Energy was the sector which outperformed on Monday, up by 0.50 per cent, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio. The top Nifty losers were Asian Paints, Hindalco Industries, Apollo Hospitals, Divis Labs, and Tata Steel, while the top gainers were Power Grid Corp., L&T, Adani Enterprises, Adani Ports, and Tata Consumer.

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Oil India Ltd to hold global partner roadshow in UAE

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Oil India Ltd to hold global partner roadshow in UAE

Oil India Limited (OIL) is gearing up for its first-ever global partner roadshow, “Confluence: Where Energy and Opportunity Converge,” set to be held on 28th February in Abu Dhabi. The event aims to attract over 50 leading companies from the energy services industry, showcasing OIL’s commitment to growth and international collaboration.

The Ministry of Petroleum and Natural Gas revealed OIL’s ambitious production targets of 4 MMT oil and 5 BCM gas annually by 2025-26. With a revenue goal of 12 billion USD by 2030, the company plans to invest 4.8 billion USD in exploration, field development, and production acceleration. OIL also eyes expansion in offshore Indian regions.

The roadshow will feature OIL’s Chairman and Managing Director, along with senior officials, outlining procurement strategies for the next one to five years. This event is crucial for partners to engage, ideate, and expedite the onboarding process, emphasizing OIL’s focus on fostering strong relationships to explore new business opportunities in the energy industry.

According to OIL, the roadshow will focus on innovation, sustainability, and strategic alliances, aiming to set new industry standards through global collaborative efforts. The event is a significant step towards OIL’s aggressive growth plans and international partnerships, showcasing its commitment to excellence in the energy sector.

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