The News International Team
12:50pm Smart City initiative: Hitachi India and Siemens signed a MoU with CII in the capital today to form a consortium that would create pilots and replicate them throughout the country for setting up 100 smart cities, according to the release published on Press Information Bureau website.
The MoU was signed on behalf of Hitachi by their MD, Ichiro Iino and MD, Siemens, Sunil Mathur and DG, CII Chandrajit Banerjee in the presence of DIPP Secretary Amitabh Kant.
Amitabh Kant said that while cities occupy only 3 percent of the total geographical area of the world, they contribute nearly 80 percent of GDP and 2/3rd of global emissions. Hence, there was a challenge to do urbanisation in an innovative and systematic manner.
Kant said that learnings gathered from the best practices across the world in the management of water, public resources, public spaces and technology etc shall be shared while implementing the smart cities concept in India. He said that smart city initiative shall be driven by technology driven companies.
12:25pm FACT in News: The fertiliser ministry has decided that it will take further steps towards the revival of FACT. Jaiveer Srivastava, CMD, FACT says the earlier revival package of Rs 991 crore is no more valid. The company needs atleast Rs 2,000 crore to pay off its arrears and undertake expansion plans.
FACT has submitted its medium and long-term plans to the government and says it needs to go ahead with expansion plans for the company’s growth.
It has two plants in Kochi, which can cater to its NPK, ammonia and ammonia sulphate needs.
There is more good news for the company. The Kerala government waived off VAT on LNG being used by the company. It received around Rs 600-800 crore subsidy from the government every year.
12:00pm Market Check: The market trimmed its gains in noon trade. The 30-share BSE Sensex rose 159.62 points to 28597.33 and the Nifty climbed 44.85 points to 8678. About 1377 shares have advanced, 1073 shares declined, and 198 shares are unchanged on the BSE.
Market is likely to consolidate near term, but investors should use every weakness to buy shares, said Madhu Kela, Chief Investment Strategist, Reliance Capital.
He advised investors not to be pessimistic as a deep correction looks unlikely.
Concerns about a rate hike by the US Federal Reserve, and slower than anticipated recovery in the economy as well as corporate earnings have been keeping investors edgy over the last couple of weeks, he added.
Hindalco Industries topped the buying list on Sensex, up nearly 5 percent followed by HDFC, Tata Motors, Reliance Industries, L&T, Sun Pharma, Axis Bank, Cipla, Tata Steel, Sesa Sterlite and BHEL with the 1-2 percent gain.
Dr Reddy’s Labs surged 3 percent. Citi said the company has responded to USFDA observations at the Srikakulam plant but haven’t heard from the US authority as yet. Citi reiterated that the issues are unlikely to be materially disruptive.
Jindal Steel & Power continued to be under pressure, down 4 percent on reports that the government may reject two bids from company’s Gare Palma & Tara coal blocks. The government could cite low bids and cartelization as the reason.
However, Infosys fell more than 1 percent. Mahindra & Mahindra, Bharti Airtel, GAIL and Wipro also declined.