Sterlite Technologies wins Jaipur Smart City Phase II project
Sterlite Technologies has won the Jaipur Smart City Phase-II project, a company statement said here on Wednesday.
 
The project, slated for completion within six months from the date of contract, is under implementation, it said.
 
"We are committed to creating a Smart Pink City by setting up a robust, secure and smart network architecture based on the requirements. With this deployment, Jaipur will start its transformation to a smart heritage tourist destination," said K.S. Rao, chief operating officer, Sterlite Technologies.
 
The project will boost the heritage tourism industry and bring smarter living experience to the citizens.
 
Jaipur, the Pink City, was selected under the Smart City Mission of Ministry of Urban Development launched in 2015. This is Sterlite's second smart city project win. 
 
The scope of the project includes setting up citizen services kiosks with environmental sensors and Interactive Information Kiosks, Wi-Fi network extension, video surveillance for public safety and security at key locations, enabling remote expert government services, and provisioning of bandwidth.
 
Additionally, Sterlite will integrate the newly deployed network with the existing one, be responsible for operations and maintenance, revenue monetisation of network, and provide facility management services for three years, the statement added.
 
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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Nifty, Sensex still in an upmove - Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might continue to rally. But, a late evening shock from the government about taxing investments coming in from Mauritius set the market back today. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
The government on Tuesday announced amendments to the DTAA (Double Taxation Avoidance Agreement) with Mauritius as a result of which the key Indian indices plunged on Wednesday at the open. The amended DTAA has increased the potential of a massive outflow of foreign funds from the equity markets since Mauritius is a major source of such foreign investments. Consequently, the key indices of the Indian equity markets closed the day's trade in the red, although the market made a spirited recovery in the first two hours. The BSE market breadth was skewed in favour of the bears -- with 1,454 declines and 1,114 advances.
 
Private sector South Indian Bank Ltd on Wednesday said it closed the last fiscal with higher profit at Rs.333.27 crore. In a regulatory filing in BSE, the bank said it has posted a net profit of Rs.333.27 crore for the year ended 31 March 2016, as compared to Rs.307.20 crore for the year ended March 31, 2015. Last fiscal the bank's total income has increased to Rs.6,074.62 crore as compared to Rs.5,783.29 crore earned for the year ended 31 March 2015. The bank board has recommended a dividend of Re.0.50 value of Re.1/- each (previous year Re.0.60 per equity share) for the financial year ended 31 March 2016, subject to the approval of the shareholders. South Indian Bank shares closed at Rs18.00, up 0.28% on the BSE.
 
Government-owned Oriental Bank of Commerce on Wednesday closed FY16 with a net profit of Rs.156.08 crore. In a regulatory filing in BSE the bank has posted a net profit of Rs.156.08 crore for the year ended 31 March 2016 as compared to Rs.497.08 crore for the year ended 31 March 2015. The bank's gross non-performing assets (NPA) and net NPA stood at Rs.14,701.78 crore and Rs.9,932.15 crore respectively as on 31 March 2016. The gross and net NPA as on 31 March 2015 were at Rs.7,666.22 crore and Rs.4,816.24 crore. The bank's total income has decreased from Rs.22,082.78 crore for the year ended 31 March 2015 to Rs.21,824.99 crore for the year ended 31 March 2016. The board has recommended a dividend of Re.0.70 per share (face value of each share being Rs10) for the financial year ended 31 March 2016. Oriental Bank of Commerce shares closed at Rs84.95, down 2.75% on the BSE.
 
Finance Minister Arun Jaitley on Wednesday said the UK has turned down India's request for deportation of liquor baron Vijay Mallya, but added that he can be extradited once a chargesheet is filed against him. Jaitley, who is Leader of House in Rajya Sabha, was speaking after Janata Dal-United (JD-U) member Sharad Yadav raised the issue in the house. "Government has said we will get him back. UK has clearly denied it and said there is no question of sending him back. This man took so many things from here and government was sleeping," Yadav said. 
 
Strong urban consumption sentiment, reversal of dieselisation and lower prices are likely to have caused India's petroleum products consumption growth to touch a record high during last fiscal, American investment banker Jefferies said on Wednesday. Total petroleum product consumption growth as reported by the government's Petroleum Planning and Analysis Cell (PPAC) was at a multi-year high of 10.9% in 2015-16, compared to an average growth of 5% and a previous high of 7% in both 2007 and 2008. "Strong urban consumption sentiment, reversal of dieselization and lower price are likely to have been factors for strong petrol consumption as it is almost entirely used for personal transportation in two-wheelers and cars," Jefferies said in a research note. These consumption trends are good for overall growth for the major indices in the Indian stock markets.
 
Skills and talent development company NIIT on Tuesday said it posted a consolidated net profit of Rs17.8 crore for the fourth quarter of 2015-16 as against a net loss of Rs151.2 crore for the same quarter in 2014-15. During the quarter, the company recorded a net revenue of Rs238.9 crore, up 7% over the same period last year. "Over the year, each quarter, we have delivered steadily accelerating top line YoY (year-on-year) growth. Further, the revenue from all NIIT Go-Forward businesses, which excludes geographies and businesses that we had defocused and exited, grew by a robust 11% during the year, thus indicating strong demand and a healthy growth momentum for our focused strategy," said CEO Rahul Patwardhan in a statement. NIIT Technologies shares closed at Rs475.05, up 0.77% on the BSE.
 
The top gainers and 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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COMMENTS

DYNAMICLEVELS

7 months ago

Indian market Outlook: FII have sold 116319 contracts in the futures markets and 298794 contracts in the Options market in the current expiry. Nifty is expected to open 15 points below yesterday's close of 7869 as per SGX at 8:30 am IST. Small Cap trend change confirmation level is 5089 and Nifty recent low was 7700. The level of 7912 continues to be a major resistance for Nifty in short term.

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