The coal Ministry said the higher coal stock position indicates the commitment to maintaining an ample supply of coal.
Updated On – 06:15 PM, Fri – 25 August 23
The coal Ministry said the higher coal stock position indicates the commitment to maintaining an ample supply of coal.
New Delhi: The overall coal stock position as of now is 88.01 MT, indicating a substantial increase of 24.7 per cent as compared to the stock of 70.61 MT same period last year, a Ministry of Coal release said Friday.
The Ministry said the higher coal stock position indicates the commitment to maintaining an ample supply of coal.
The Ministry of Coal continues to make remarkable strides in its pursuit of ‘Aatmanirbhar Bharat’ vision by ensuring energy security and enhancing coal production. The Ministry has achieved significant milestones that highlight its commitment to achieving these goals. The Ministry’s dedication to sustaining an uninterrupted coal supply remains steadfast,†the release added.
Additionally, the pithead stock at Coal India Limited (CIL) as of August 23 stands at 46.13 MT, showcasing a growth rate of 45.5 per cent as compared to the stock of 31.70 MT last year.
In terms of coal dispatch to the power sector, the cumulative achievement for the financial year 2023-24, amounted to 307.97 MT, registering a notable growth rate of 5.6 per cent compared to the corresponding period of the previous year ensuring a steady supply of coal to meet the energy requirements of the power sector.
Overall, Cumulative Coal Production for FY 2023-24 has witnessed remarkable growth, with a production of 340.31 MT, representing an impressive growth rate of 10.52 per cent compared to the previous year’s 307.92 MT.
The Coal Ministry is taking all necessary measures to promote sustainable growth in the coal sector through meticulous strategic planning and efficient execution to enhance domestic Coal Production capabilities. These efforts aim to strengthen the power sector in meeting the surging energy demands of the nation,the coal ministry release said.
Analysts attributed the fall in gold prices to the trimming of positions by participants.
Published Date – 06:21 PM, Fri – 25 August 23
New Delhi: Gold prices on Friday fell by Rs 78 to Rs 58,733 per 10 gram in futures trade as speculators reduced their positions.
On the Multi Commodity Exchange, gold contracts for October delivery traded lower by Rs 78 or 0.13 per cent to Rs 58,733 per 10 gram in a business turnover of 12,510 lots.
Analysts attributed the fall in gold prices to the trimming of positions by participants.
Globally, gold was trading 0.31 per cent lower at USD 1,941.10 per ounce in New York.
The latest announcement takes the total fixed capital investment of Mars Inc in the State from Rs.200 crore to Rs.1,500 crore.
Updated On – 08:06 PM, Sat – 26 August 23
Photo: X (Twitter)
Hyderabad: Global pet food major Mars Inc has announced an investment of Rs.800 crore to commence its Phase-II expansion in Telangana. Mars Petcare has a plant with fixed capital investment of Rs.200 crore in Siddipet district where they manufacture pet food under well-known brands such as Pedigree and Whiskers.
The latest announcement takes the total fixed capital investment of Mars Inc in the State from Rs.200 crore to Rs.1,500 crore. This is after Mars Petcare had signed a MoU on December 17, 2021 with the Telangana government for expansion of their manufacturing plant in Telangana with an additional investment of Rs.500 crore.
Industries Minister KT Rama Rao met with Sekhar Krishnamoorthy, Chief Data and Analytics Officer for Pet Nutrition at Mars Inc in New York on Friday. Given the rapid growth in the pet food market in India, Mars expressed interest to commence phase-II expansion of their plant in Siddipet, according to an official statement.
During the meeting, the State government and Mars Inc agreed to get into a broad base partnership to establish initiatives for improving pet care and pet nutrition in the country. Possibilities for creation of a comprehensive base for Mars Inc in R&D, digital transformation, agri supply chains, innovation and sustainability areas were also discussed.
Navratna defence PSU Bharat Electronics Limited (BEL) has received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date).
Published Date – 11:41 AM, Sat – 26 August 23
Navratna defence PSU Bharat Electronics Limited (BEL) has received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date).
Bengaluru: Navratna defence PSU Bharat Electronics Limited (BEL) has received new defence and non-defence orders worth Rs 3,289 crore during July and August 2023 (till date).
The orders are for supply of Low Level Light Weight Radars, SONARS, IFF Systems, SATCOM Systems, EO/IR Payloads, TRM/DTRMs, Jammers, Encryptors, Data Link Systems, Fire Control Systems, Radars for Directed Energy Systems, Semi Rugged Telephone Exchanges, Software Defined Radios and various others types of radios, Electronic Voting Machines, AMC and Spares, the company said.
These also include the LoI / order worth Rs 1,075 crore received on Friday from Hindustan Shipyards Limited for supply of CMS, Communication Systems, EW Systems and other sensors for Fleet Support Ships, the Bengaluru-headquartered BEL said in a statement.
“These orders are in addition to the Rs 8,091 crore orders, which are already received. With this, BEL has in all received orders of Rs 11,380 crore till now in the financial year 2023-24”, it said.
A two-member inspection team of the Directorate General of Civil Aviation has found lapses in internal safety audits of Air India and the regulator is probing the matter
Published Date – 12:39 PM, Sat – 26 August 23
Representational Image
New Delhi: A two-member inspection team of the Directorate General of Civil Aviation (DGCA) has found lapses in internal safety audits of Air India and the regulator is probing the matter, according to officials.
When contacted, an Air India spokesperson said that all airlines are subject to regular safety audits by regulators and other bodies.
“Air India actively engages in such audits to continually assess and strengthen our processes,” the spokesperson said in a statement and added that the airline directly addresses any matters raised with the authority concerned.
According to the inspection report submitted to the DGCA, the airline was supposed to carry out regular safety spot checks in various areas of operations such as cabin surveillance, cargo, ramp and load but during a random inspection of 13 safety points, the team found that the airline prepared false reports in all 13 cases.
“Moreover, when cross-verified with CCTV, recordings, auditee statements, shift register documents, GD (General Declaration) list, passenger manifest etc, it is understood that all the aforesaid 13 spot checks shown to be carried out in stations Mumbai, Goa and Delhi were verified and were established to have not been actually performed,” the two-member team said in the ‘Deficiency Reporting Form’ (DRF).
The inspection found that these reports “were subsequently prepared/falsified when demanded by the DGCA team”.
Further, the inspection report noted that these forged spot check reports were not signed by the Chief of Flight Safety (CFS) who has the authority to do it.
The team visited Air India’s office in Gurugram in Haryana on July 25 and 26, and after inspection, they mentioned the lapses in the DRF.
When contacted, DGCA Director General Vikram Dev Dutt said the matter is being investigated by the regulator.
According to the inspection report, the checklists were physically signed by an auditor from the Quality Management System (QMS) Department which does not fall under the approval and inspection scope of the DGCA and has different eligibility criteria/qualification industry standards.
The inspection report said the team did not find any written communication for the delegation of authority to the auditor. “Also other than verbal confirmation by CFS, there were no email correspondences and authorisation by the CFS for the aforementioned sport checks,” it said.
As per the inspection report, regarding the Pre-Flight Medical Examination (alcohol consumption test of pilots), Air India claimed that it carried out the spot check but the team found that the airline’s internal auditor “had not physically visited the facility which is mandatory to satisfy many items of the checklist”.
“Also, the equipment details and test readings have not been noted on the checklist. Merely, all the points have been marked as satisfactory without actually performing the spot check,” it said.
With respect to ramp services, the inspection team found that the airline’s spot check list mentioned the name of a person as the duty officer but there was no such person in the said shift.
“It has also been confirmed by the auditee department that there were no spot checks carried out on the subject date in the said area. Merely, all the points have been marked as satisfactory without actually performing the spot check,” it said.
As far as spot check in cabin surveillance was concerned, the inspection team found that the airline claimed to have done it on July 16, 2023, but it was not done and “the claimed auditor was merely travelling in the said flight as a passenger with family members”.
Further, the inspection team said the airline was unable to provide the flight safety auditors list on time.
“Subsequently, the list was only provided at the end of the inspection which included the auditors of QMS as well whose qualification/eligibility is different from that stipulated in the FSM (Flight Safety Manual). As the QMS does not come under the ambit of DGCA, the CAR (Civil Aviation Requirements) doesn’t specify the qualifications of the QMS auditors,” the team said.
Further, the operator was unable to provide the actual flight safety auditors’ list and their authorisations when sought by the inspection team to differentiate the flight safety from the QMS auditors, it added.
“All aviation companies, including Air India, are subject to regular safety audits by regulators and other bodies both in India and overseas.
“Air India actively engages in such audits to continually assess and strengthen our processes. We directly address any matters raised with the authority concerned,” the Air India spokesperson said in the statement.
The newly revamped website was launched by the Central Board of Direct Taxes Chairman Nitin Gupta at the ‘Chintan Shivir’, organised by the Directorate of Income Tax at Udaipur
Published Date – 01:30 PM, Sat – 26 August 23
The newly revamped website was launched by the Central Board of Direct Taxes Chairman Nitin Gupta at the ‘Chintan Shivir’, organised by the Directorate of Income Tax at Udaipur
New Delhi: The income tax department on Saturday launched a revamped website with a user-friendly interface, value-added features, and new modules.
The newly revamped website was launched by the Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta at the ‘Chintan Shivir’, organised by the Directorate of Income Tax (Systems), at Udaipur.
“In order to enhance taxpayer experience and keep pace with new technology, the Income Tax Department has revamped its National website ‘www.incometaxindia.gov.in‘ with a user-friendly interface, value-added features, and new modules,” the CBDT said in a statement.
The revamped website has been redesigned with a mobile-responsive layout.
The website also has a ‘Mega Menu’ for content, with new features, and functionalities.
For the convenience of the visitors to the website, all these new additions are explained through a guided virtual tour and new button indicators.
The new functionalities allow users to compare different Acts, sections, rules, and tax treaties. All relevant content on the site is now tagged with Income Tax sections for easy navigation.
Further, dynamic due date alerts functionality provides reverse countdowns, tool tips, and links to relevant portals to help taxpayers to comply easily. The revamped website is another initiative in providing enhanced taxpayer services and will continue to educate taxpayers and facilitate tax compliance, the CBDT added.
Sebi has levied penalties totalling Rs 20 lakh on two entities for flouting insider trading norms in the shares of Rupa and Company Ltd
Published Date – 02:40 PM, Sat – 26 August 23
New Delhi: Capital markets regulator Sebi has levied penalties totalling Rs 20 lakh on two entities for flouting insider trading norms in the shares of Rupa and Company Ltd (RCL).
The regulator imposed a fine of Rs 10 lakh each on Sushil Patwari (Independent Director of RCL) and Nagreeka Capital and Infrastructure Ltd (NCIL).
The order came after Sebi conducted an investigation in the scrip of RCL, to ascertain as to whether certain entities have traded in the company during February-June, 2021, while in the possession of unpublished price sensitive information (UPSI).
The unpublished price sensitive information related to the announcement of financial results for the quarter and year ended March 2021. The period of UPSI was May 1-31, 2021.
In its 28-page order on Friday, Sebi said Sushil Patwari has been a member on the audit committee of Rupa and Company since June 2004, and the same was confirmed by NCIL, Rupa as well as the annual report for financial year 2020-21 of the RCL.
Therefore, it is quite evident that Sushil Patwari was an insider and connected to Rupa, it added.
The regulator also noted that RCL’s manager – finance, had shared the financial and related papers with Rupa’s whole-time directors and independent directors, including Sushil Patwari.
Also, the regulator observed that the UPSI was passed on to NCIL by Patwari, who was the chairman in executive capacity of NCIL and had reasonable influence on the trading decisions of the firm.
Thereafter, NCIL during the UPSI period bought shares of the Rupa, one day prior to disclosure of financials results by RCL and the same were subsequently sold on the very next day after disclosure of the UPSI, Sebi said in the order.
The amount of disproportionate gain or unfair advantage by NCIL while trading in the shares of Rupa was to the tune of Rs 2.37 lakh.
The insider trading rules prohibits the trading in the shares of the company by the insiders while in possession of UPSI, the order said.
Through such acts, Sushil Patwari violated the Prohibition of Insider Trading (PIT) rules by communicating the UPSI to Nagreeka and NCIL has flouted the norms by trading while in possession of UPSI, Sebi said.
Meanwhile, in four separate orders on Friday, the capital markets watchdog imposed fines totalling Rs 20 lakh on four entities for indulging in non-genuine trades in the illiquid stock options segment on BSE.
Individually, Sebi slapped a fine of Rs 5 lakh each on Marsh Vinimay, Sudha Somani, Paramdham Vinimay and Nareshbhai Gordhanbhai Panchal.
India and Singapore piloted the first live paperless transaction using the Trade Trust platform, marking another milestone in the digital connection
Published Date – 03:20 PM, Sat – 26 August 23
New Delhi: India and Singapore piloted the first live paperless transaction using the Trade Trust platform, marking another milestone in the digital connection between India and Singapore.
Singapore High Commissioner Simon Wong on Saturday took to his social media platform ‘X’ and said, “Following the India-Singapore Ministerial Roundtable & the meeting with PM Modi, we have piloted the first live paperless transaction using the Trade Trust platform. Another milestone in digital connect between Singapore & India- HC Wong” The transaction took place following the India-Singapore Ministerial Roundtable and the meeting with Prime Minister Narendra Modi.
Last year, a Joint India-Singapore Ministerial delegation called upon Prime Minister Narendra Modi and briefed him about the outcomes of the inaugural session of the India-Singapore Ministerial Roundtable (ISMR).
The delegation briefed the Prime Minister about the wide-ranging discussions held, especially in emerging areas of digital connectivity, Fintech, green economy, skill development and food security, a statement from the Prime Minister’s Office said.
This was a maiden meeting of the India-Singapore Ministerial Roundtable (ISMR), a new ministerial platform between the two countries to boost economic cooperation. The ISMR seeks to deepen existing cooperation and identify opportunities for mutually beneficial collaboration in new and emerging areas.
In March this year, External Affairs Minister S Jaishankar met Singapore’s Minister of Trade and Industry Gan Kim Yong and “spoke about taking forward the India-Singapore Ministerial Roundtable process.” India and Singapore recently linked their respective online payment systems for seamless cross-border transactions between the two countries.
Singaporean High Commissioner to India Simon Wong Wie Kuen said this collaboration would take bilateral relations to greater heights and his country looks forward to continuing to be part of India’s digital transformation journey.
Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish
Published Date – 11:40 AM, Sun – 27 August 23
Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish
New Delhi: Four-nation bloc EFTA is looking at significant reduction in trade barriers on sectors such as machine tools, advanced chemicals, pharma, chocolates, Norwegian and Icelandic fish in the proposed free trade agreement with India, a Swiss minister said.
Swiss State Secretary for Economic Affairs Helene Budliger Artieda also said that with India, the EFTA grouping is aiming for an ambitious and comprehensive agreement in trade in goods, services and protection of intellectual property rights (IPRs).
India and European Free Trade Association (EFTA) states – Iceland, Liechtenstein, Norway, and Switzerland – are negotiating a Trade and Economic Partnership Agreement (TEPA) with a view to boosting economic ties between the two regions.
Negotiations on the agreement were officially launched in January 2008. 13 rounds of negotiations were held until autumn 2013 before the talks were put on hold. After talks were resumed in October 2016, a number of rounds have taken place.
“Regarding trade in goods, India applies high tariffs on many of the EFTA countries’ exports. We obviously look for a substantial reduction of trade barriers, particularly for such high-value-added products as machine tools, advanced chemicals and pharmaceuticals, Swiss chocolate, Norwegian and Icelandic fish, and so on. This is our main focus,” Artieda told PTI in an e-mailed interview.
EFTA has 29 free trade agreements (FTAs) with 40 partner countries including Canada, Chile, China, Mexico, and Korea. Replying to a question whether Switzerland is seeking zero import duty on gold from India under TEPA, she said, “we understand that gold is a very sensitive topic for our Indian colleagues and the ultimate goal of each negotiation is to find a good balance respecting the key interests and sensitivities of both sides”.
Gold has a large footprint in the India-Switzerland bilateral trade, which stood at USD 17.14 billion in 2022-23. Out of this, imports stood at USD 15.8 billion in that fiscal.
On any deadline for concluding the talks, the Swiss minister said negotiations for TEPA have been going on for more than 15 years and a lot of effort from both sides has been made during the past few months in order to conclude these negotiations swiftly.
“We should seize this excellent momentum and continue to work constructively towards a successful conclusion of a mutually beneficial agreement in the coming weeks,” Artieda said.
She added that the agreement and a new bilateral investment treaty would send out a clear message to the Swiss and Indian businesses to further exploit the potential.
“The conclusion of these agreements is clearly the next important step for both our countries,” the minister said Replying to a question about ways to increase Swiss investments into India, she said Swiss companies are determined to invest in India and governments can foster conducive conditions to enable it and the trade pact is the cornerstone of these efforts.
“At the moment, high customs duties are an impediment for trade and hence, for further investments. Swiss companies are known for being innovative. Therefore, an adequate protection of IPRs can play a major role in companies’ strategic long-term decisions to invest in India,” the minister added.
The Swiss companies, she said, interested in investing more in India come from different kinds of sectors like MEM (machinery, electrical and metal), pharmaceutical, finance, construction, sustainable technologies and cleantech industry and ICT services.
Currently, there are approximately 330 Swiss companies in India, creating more than 1,70,000 jobs. More than half of them manufacture in India and export from there worldwide.
“There is immense potential for collaboration in the development of infrastructures – notably railways, water/waste management and renewable energies – and areas such as clean technologies,” she said.
On India-Switzerland innovation platform, the Swiss minister said that the platform will be officially launched on October 30 during a three-day Indo- Swiss Dialogue on Antimicrobial Resistance (AMR) at the National Center for Biological Sciences.
“The goal of the innovation platform is to grow our collaboration in a more strategic way in areas that are of importance to both our countries, such as health, sustainability, and digital transformation,” she added.
A free trade agreement between the two regions is officially dubbed as TEPA. Under such pacts, two trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them, besides easing norms to promote trade in services and investments.
EFTA countries are not part of the European Union (EU). It is an inter-governmental organisation for the promotion and intensification of free trade. It was founded as an alternative for states that did not wish to join the European Community. India’s exports to EFTA countries during 2022-23 stood at USD 1.92 billion as against USD 1.74 billion in 2021-22.
Imports aggregated at USD 16.74 billion during the last fiscal as compared to USD 25.5 billion in 2021-22. The trade gap is in favour of the EFTA group, according to the data of the commerce ministry.
This figure includes investment through the primary market and bulk deals, which have been gathering momentum recently
Published Date – 11:55 AM, Sun – 27 August 23
New Delhi: After infusing a staggering amount in Indian equities in the past three months, the pace of inflow from foreign investors ebbed in August with a net investment of Rs 10,689 crore on higher crude oil prices and resurfacing of inflation risks.
Further, markets could remain volatile in the coming week due to macroeconomic uncertainty and rising US bond yields. This has been prompting FPIs to flee emerging market equities, including India, and park funds in haven US securities, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Also, the poor monsoon in August and its skewed spatial distribution may keep inflation elevated, and this is becoming an area of concern impacting sentiments in the market. This might impact FPI investment too, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
According to the data with the depositories, Foreign Portfolio Investors (FPIs) invested a net amount of Rs 10,689 crore in Indian equities this month (till August 26).
This figure includes investment through the primary market and bulk deals, which have been gathering momentum recently.
Before this investment, FPIs invested over Rs 40,000 crore each in the past three months in Indian equities.
The net inflow was at Rs 46,618 crore in July, Rs 47,148 crore in June, and Rs 43,838 crore in May. Before that, the inflow was Rs 11,631 crore in April and Rs 7,935 crore in March, data with the depositories showed.
The lower quantum of net inflow this month could be attributed to FPIs adopting a wait-and-watch approach ahead of the lined-up event at the Jackson Hole for further insights on the upcoming monetary policy by the US Federal Reserve, Himanshu Srivastava, Associate Director – Manager Research, Morningstar India, said.
The next Federal Open Market Committee (FOMC) meeting is scheduled for September 19-20.
Additionally, higher crude oil prices and resurfacing of inflation risks, firming up of bond yields in the US, would have led some foreign investors to drift away from riskier markets in favour of greater certainty and better risk-reward profile offered by US treasuries, Srivastava said.
Also, the recent rally in the Indian equity markets could have resulted in its valuation going beyond the comfort level of a few investors, he added.
“The pace of FPI investments is influenced by the expectations of the endowments and pension funds that sponsor them. With the US 20-year bond rate at 4.65 per cent, FPIs’ willingness to invest in riskier Indian equities could be dampened, as these funds usually target a return of about 6 per cent, ” Mayank Mehraa, smallcase Manager and Principal Partner at Craving Alpha, said.
This caution is driven by the availability of safer investments offering comparable returns without the higher risks associated with equities. Consequently, while FPI investments continue, their moderation reflects the intricate interplay of global market dynamics, investor preferences, and potential returns, he added.
Apart from equities, FPIs invested Rs 5,950 crore in the country’s debt market during the period under review. With this, the total investment by FPIs in equity has reached Rs 1.37 lakh crore and Rs 26,400 crore in the debt market so far this year.
In terms of sectors, FPIs are consistently buying capital goods. And, of late, they have started selling in financials.
