Companies & Sectors
Mineral, mining sector face test in sustaining growth: President

President Pranab Mukherjee said that the adverse impact of ecological degradation and climate change has emerged as a major concern the world over

 

India's mineral and mining sector face an acid test in sustaining growth potential of the economy with the country's mineral wealth posing both a challenge and an opportunity to geo-scientists, President Pranab Mukherjee said on Monday.
 
Speaking at the prentation ceremony of the National Geoscience Awards-2013 at Rashtrapati Bhavan here, he said that the adverse impact of ecological degradation and climate change has emerged as a major concern the world over.
 
"There is a need for more objective research by the geo-scientific community in the field of disaster management to mitigate environmental hazards and ensure greater resilience to such adversities," he said.
 
He said that the country's geo-scientific organizations and other institutes have, over the last few decades, invested heavily in analytical and instrumental infrastructure and the scientists should make good use of these instruments to "accomplish significant outcomes to shape geo-science of the future".
 
"India's mineral and mining sector faces an acid test for sustaining the growth potential of our economy. Our mineral endowment poses both a challenge and an opportunity for geo-scientists," he said.
 
"The geo-scientists should evolve an efficient work plan for development, conservation and augmentation of these precious mineral resources. They should put forward innovative ideas to achieve sustainable development of our country and at the same time address societal concerns," he added.
 

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Rajasthan assembly passes SEZ bill

The bill offers many sops to the investors including exemption from size of land holding

 

The Rajasthan assembly on Monday passed a bill to set up special economic zones (SEZs) in the state.
 
Passed by voice vote, The Rajasthan Special Economic Zones Bill, 2015, seeks to provide for the establishment, maintenance, management and administration of SEZs, growth and development of enterprises and to attract investment in such zones.
 
Tabling the bill, Industry Minister Gajendra Singh said that in 2003, the state government had brought out the Rajasthan Special Economic Zones Development Act, 2003 for the purpose, but then the central government enacted the Special Economic Zones Act, 2005 which came into force with effect from February 10, 2006.
 
He said the state act needed to be aligned to the central act and this purpose would be met by the bill passed on Monday. 
 
"This Bill seeks to achieve the aforesaid objectives," he said.
 
The bill offers many sops to the investors including exemption from size of land holdings.
 
As per the bill, the provisions of the Rajasthan Imposition of Ceiling on Agriculture Holdings Act, 1973 shall not apply in respect of any land acquired by the developer for the purpose of setting up an SEZ after in-principle approval has been granted to him under rule 6 of the Central SEZ rules.
 
The bill also makes arrangement of land easy. The state government may transfer land owned or controlled by it to an SEZ.
 
The developer may acquire land, if so required, in accordance with the provisions of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (Central Act No. 30 of 2013) and the rules under it.
 
The developer may himself acquire land from any person by purchase, lease or allotment.
 
The bill also offers exemption from state taxes, duties, cess and other levies to developer, co-developer or a unit located in an SEZ.
 

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Nifty, Sensex still in a rallying mode – Monday closing report

Nifty may turn weak, if it closes below 8,559, while Bank Nifty will be weak below 18,445

 

Last week, we mentioned that Nifty is in a bullish mode and may be headed towards 8,700. Today the index opened marginally higher and moved sideways upto 12.30 pm finding support at Wednesday close. However, after this the benchmark gained momentum and made a gradual upmove and closed at its highest since 18 March 2015.
Sensex opened at 28,352 while Nifty opened at 8,616. Sensex hit its low at 28,222 and moved higher to the level of 28,531 and closed at 28,504 (up 244 points or 0.86%) while
 
Nifty hit its low at 8,574 and moved higher to the level of 8,668 and closed at 8,660 (up 74 points or 0.86%). Bank Nifty, ahead of the RBI first bi-monthly monetary policy for 2015-16 on Tuesday, witnessed a volatile session trading mostly in the red. Bank Nifty opened at 18,703 and moved in the range of 18,455 and 18,703 and closed at 18,605 (down 12 points or 0.07%). NSE recorded a volume of 86.11 crore shares. India VIX rose 6.64% to close at 14.5725.
 
Markit Economics will unveil monthly survey on the performance of India's services sector for March 2015 today.
 
Manufacturing activity in India witnessed an overall improvement last month, the outcome of a survey showed on Thursday. The headline HSBC India Purchasing Managers' Index (PMI) nudged higher at 52.1 in March 2015 from 51.2 in February 2015.
 
The government, after trading hours on Wednesday, announced the launch of a new Merchandise Exports from India Scheme (MEIS) for export of specified goods to specified markets. For grant of rewards under MEIS, the countries have been categorized into 3 groups whereas the rates of rewards under MEIS range from 2% to 5%. MEIS has replaced 5 different schemes of earlier Foreign Trade Policy.
 
RBI, on 1 April 2015, announced that the entire amount due to a bank in respect of fraud committed by borrowers shall be provided for over a period not exceeding four quarters commencing with the quarter in which the fraud has been detected. Among other things, it also said that in case of delay by the concerned bank in reporting the fraud to the RBI, the entire provisioning is required to be made at once.
 
Prime Minister Narendra Modi today launched a national air quality index to monitor pollution level in 10 cities, the first of its kind in the country.
 
SEBI will soon put in place new norms for changes in constituents of the key stock market indices, including Sensex and Nifty, as it frames a separate mechanism for regulating the index providers.
 
RBI executive director G Padmanabhan last week said that India needs to proceed cautiously in fully opening up its debt markets to foreign investors, given the need to first tackle issues such as the large government borrowing and capital controls. He also raised concerns over the unhedged foreign currency exposure by Indian borrowers in offshore debt, saying it raised "systemic concerns."
 
HDIL (24.25%) was the top gainer in the ‘A’ group on the BSE. The stock hit its 52-week high today. PMC Fincorp (9.93%) was the top loser in the group. It hits 52-week low today.
 
Sun Pharma (8.34%) was the top gainer in the Sensex 30 pack. Tata Steel (1.84%) was the top loser in the Sensex 30 stock. Tata Steel Minerals Canada (TSMC), through its subsidiary Howse Minerals acquired the remaining 49% stake in the Howse iron ore deposit by exercising its rights under the terms of the joint venture agreement entered in September 2013 with Labrador Iron Mine Holdings (LIM) for the exploration and development of the Howse iron ore deposit in the Schefferville region of the Labradon Trough in Canada.
 
On Thursday, US Indices closed in the green. US employers added the fewest number of jobs in more than a year in March. The Federal Reserve nonfarm payrolls rose 126,000 last month, less than half February's pace and the smallest gain since December 2013, the Labor Department said on Friday. Except for Nikkei 225 (0.19%) and Straits Times (0.02%) all other Asian indices which were trading today closed in the green. KLSE Composite (0.60%) was the top gainer. The Chinese markets were closed today.
 
On Friday, in China the data showed that a gauge of service sector activity, the HSBC China Services Purchasing Managers' Index, came in stronger at 52.3 in March 2015 from 52 in February 2015.
 
European stock markets are closed today for Easter holiday. US Futures were trading in the red.
 
Greek Finance Minister Yanis Varoufakis said that after holding bilateral talks with International Monetary Fund Managing (IMF) Director Christine Lagarde that Greece intends to meet all obligations to all its creditors.
 

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