Stocks
Nifty, Sensex may rally – Thursday closing report
If Nifty closes above 7,450, there are chances of a strong rally
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex were under pressure and that Nifty has to close above 7,420 for the downtrend to end. The major indices of the Indian stock markets rallied after three days of losses and closed with small gains over Wednesday’s close. The trends of the major indices in Thursday’s trading are given in the table below:
 
 
The National Association of Software and Services Companies (Nasscom) on Thursday revised the growth forecast for the software services sector to between 10-12% for the financial year 2015-16, a statement said. The exports revenue of the industry grew by 12.3% and domestic revenue grew by 10% in 2015-16. The earlier growth projection by the IT software industry body for the present financial year was in the tune of 12%-14%. “Amidst a growth of 0.4% in the global IT-BPM in 2015, the industry is expected to reach an estimated $143 billion in FY2016, doubling its revenue over the last six years and crossing the $100 billion milestone in export revenues,” the statement said. “In addition, e-commerce contributed $17 billion revenue boosting digital consumption. India continues to gain market share in the global sourcing sector and emerges as the largest, most diversified and scalable destination,” it added. “Amidst a volatile global economic environment, the industry has been able to set new benchmarks by growing from strength-to-strength and sustaining its double-digit growth,” BVR Mohan Reddy, chairman, Nasscom said. With an increase in technology spending estimated by global technology analysts, industry expects the double digit growth story to continue in 2016-17. “The IT-BPM industry export revenue is expected to grow by 10%-12% in 2016-17 reaching revenues of $119-121 billion. The industry is expected to add a net employment around 2 lakh,” the statement added. The S & P BSE Information Technology Index closed at 11,179.77, up 0.92% on the BSE.
 
The government has approved seven infrastructure projects in road and port sectors envisaging an investment of Rs.9,672 crore, an official statement said on Wednesday. "The Public Private Project Appraisal Committee (PPPAC) and the Empowered Committee (EC) both chaired by Secretary, Department of Economic Affairs met on February 2, 2016, and cleared six road projects and one ports sector project with estimated project cost totalling Rs.9672.12 crores," a finance ministry statement said. "Quick clearances given," Economic Affairs Secretary Shaktikanta Das said in a tweet. The projects include four national highway projects, one each in Maharashtra and Himachal Pradesh and two in Uttar Pradesh, and one port project in the coastal state of Goa. Besides, two road projects in Uttar Pradesh have been cleared for Viability Gap Funding (VGF), under which the government gives support to infrastructure projects.
 
The Adani group would invest about Rs.21,000 crore in Karnataka to expand its power station, and set up a solar project for renewable energy and a sea port on the state's coast, group founder Gautam Adani said on Wednesday. "We are setting up two 800 Mega Watt (MW) plants at our Udupi Power Corporation Ltd. station at Rs.11,500 crore, and a 1,000 MW solar power project at Rs.7,000 crore and a greenfield seaport at Tadadi at Rs.2,000 crore on the coast," Adani said at the state's global investors meet (GIM). Tadadi is in Uttara Kannada district of the state, about 500 km from Bengaluru. The $17.5-billion Ahmedabad-based conglomerate had bought the 1,200 MW Udupi thermal project from Lanco group at Rs.6,300 crore in April 2015. The power plant is located near the temple town of Udupi in the coastal district of Dakshina Kannada, about 400 km from Bengaluru. "As the Udupi plants run on imported coal, we are setting up a captive dredge at the New Mangalore Port Trust at Rs.500 crore to handle about 10 million tonnes of coal per annum. The jetty will create 600 jobs," Adani asserted. The additional investment in the power project will make it the largest independent power producer in the southern state and provide energy to about 20 million homes when 1,600 MW will be added to the grid.
 
The top gainers and the top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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Most Android users in India do not get latest updates: Report
New Delhi : Over 70 percent of android smartphone users in India do not receive an update to the latest Android operation system (OS) or its latest features at the time of purchase, says a latest report.
 
According to the report released on Thursday by the market research firm CyberMedia Research (CMR), 64 percent of Android smartphones shipped in India in 2015 featured the ageing Android KitKat OS, which is nearly three years old. 
 
The study was conducted across 158 different smartphone brands and covered 1,476 device models.
 
"With increase in commoditisation of hardware features owing to competitive pressures, Smartphone vendors will need to start focusing on creating differentiation through user experience enabled by OS and software features," said Faisal Kawoosa, lead analyst (telecoms) CMR.
 
"Typically, a consumer nowadays needs to purchase a premium-priced smartphone to access the latest Android OS or software-enabled features," he added.
 
The key reason for the delay in sending updates to existing Android smartphones is that handset vendors prefer to launch new models, rather than focus on updating existing ones to provide a consistent user experience. 
 
"While iOS (Apple) users lead with 96 percent users updating the OS at least once, Android lags behind at an abysmal 38 percent," the findings showed. 
 
Interestingly, the major drivers for OS update are that 77 percent users seek performance improvements and 57 percent users want to explore new features.
 
The report titled "State of Mobile Operating System Adoption in India" was jointly released by CMR and CREO -- a Bengaluru-based consumer technology company.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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International Fleet Review to be India's biggest military exercise
Visakhapatnam : The ocean along India's eastern coast is buzzing with activity as ships line up and friendly naval contingents from around the world arrive for the country's second International Fleet Review (IFR) on Saturday - and the first on this scale.
 
On the theme "United through Oceans", the IFR is set to see participation of around 50 navies, 90 ships, including 24 warships, and over 70 aircraft. In addition, ships of the Indian Coast Guard and mercantile marine would also be participating.
 
A fleet review is a ceremonial and stately inspection of naval warships by the supreme commander of the armed forces, President Pranab Mukherjee.
 
This is the second time an IFR is being held in India, the last being held off Mumbai in 2001 when APJ Abdul Kalam was the president. Twenty-nine countries had participated in that event.
 
Indian presidents have since reviewed Indian Navy fleets twice, in 2006, and 2011. The Indian Navy fleet for the IFR will comprise of over 75 frontline ships and submarines.
 
The president will also review the Indian Naval air arm. Also featuring will be a flypast led by Rear Admiral P.K. Bahl, Flag Officer Naval Aviation and comprising 15 formations of 45 aircraft, including two formations from the Indian Coast Guard. 
 
Prime Minister Narendra Modi will address the gathering on Sunday and also release a book on India's maritime heritage. There will also be a Make in India exhibition to showcase "innovation, indigenisation and potential of the youth".
 
The display will showcase navy's latest acquisitions such as the carrier-borne MIG 29K strike fighter, the P8I long range maritime reconnaissance aircraft and the KM-31 AEW helicopter.
 
The list of participating navies includes the United States of America, China, the United Kingdom, Australia, France, Canada, Russia, South Africa, Japan, South Korea, Peru, Chile, Colombia and Brazil, .
 
With huge crowds expected to gather for the spectacular event, the navy has made arrangements for galleries to accommodate 20,000 spectators, while another 150,000 can be accommodated on the beaches. 
 
The Indian Navy has achieved 90 percent indigenisation in its "float" component and of varying degrees in its other components. It aims at 100 percent indigenisation in its 15-year plan released last year.
 
While the the navy showcases its strength, the soft power of Indian culture has not been given a miss either with a series of cultural events lined up as an extra treat for the spectators. 
 
The cultural events, in collaboration with South Central Zone Cultural Centre, Nagpur, includes folk dance performances, classical dances, music, and a reinterpretation of the "Mahabharat" epic.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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