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: PLI scheme of Rs 26k cr for automotive, drone industries approved #FinanceIndia #StockMarketNEWS #Business PTI New Delhi The Union Cabinet on Wednesday approved a Rs 26,058 crore production
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PLI scheme of Rs 26k cr for automotive, drone industries approved #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
The Union Cabinet on Wednesday approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industries to enhance India’s manufacturing capabilities, Union Minister Anurag Thakur said on Wednesday.
The PLI scheme will incentivize the emergence of advanced automotive technologies’ global supply chain in India.
Incentives worth Rs 26,058 crore will be provided to industry over five years, the minister told reporters after the Cabinet meeting.
It is estimated that over a period of five years, the PLI scheme for the automobile and auto components industry will lead to fresh investment of over Rs 42,500 crore, incremental production of over Rs 2. 3 lakh crore and will create additional employment opportunities of over 7. 5 lakh jobs, Thakur said.
The PLI scheme for automobile and drone industries is part of the overall announcement of PLI schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of Rs 1. 97 lakh crore.
The scheme for the auto sector envisages overcoming the cost disabilities to the industry for the manufacture of advanced automotive technology products in India.
The incentive structure will encourage industry to make fresh investments for the indigenous global supply chain of Advanced Automotive Technology products, Thakur said.
The scheme for the auto sector is open to existing automotive companies as well as new investors who are currently not in automobile or auto component manufacturing business.
The scheme has two components Champion OEM Incentive Scheme and Component Champion Incentive Scheme.
The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments, the minister said.
The Component Champion Incentive scheme is a ‘sales value linked’ scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, vehicle aggregates of 2-Wheelers, 3-Wheelers, passenger vehicles, commercial vehicles and tractors.
This PLI scheme for automotive sector along with the already launched PLI scheme for Advanced Chemistry Cell (Rs 18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles (Rs 10,000 crore) will enable India to leapfrog from traditional fossil fuel-based automobile transportation system to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.
Further the PLI scheme for the drones and drone components industry addresses the strategic, tactical and operational uses of this revolutionary technology.
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: Delhi govt to get Rs 10,000 cr revenue from bidding of liquor shops #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Delhi Deputy Chief Minister Manish Sisodia on Wednesday said the city
@stockMarketNEWS 3 Days ago
Delhi govt to get Rs 10,000 cr revenue from bidding of liquor shops #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
Delhi Deputy Chief Minister Manish Sisodia on Wednesday said the city government has earned 23 per cent less revenue in the current financial year, but it will gain Rs 10,000 crore from bidding of liquor shops under the new excise policy.
“We will get Rs 10,000 crore revenue from bidding of liquor shops under the new excise policy. We have received nearly 225 bids for 32 zones of the city.
“This will be around Rs 3,500 crore extra revenue from what we got in 2019-20. In financial year 2019-20, the government had collected a revenue of Rs 6,300 crore from bidding of liquor shops,� Sisodia said.
He said the extra revenue is a result of reforms in the excise policy as earlier such revenue was stolen.
The deputy CM also said that the AAP-led Delhi government earned 41 per cent less revenue last year due to COVID-19 pandemic.
“Due to coronavirus-induced lockdown, economic activities are less so tax collection is low. Under value-added tax (VAT), the government earned 25 per cent less revenue in the current fiscal, while in excise it collected 30 per cent less revenue,� he said.
The minister added that collections in stamp duty and motor vehicle taxes are also down by 16 per cent and 19 per cent, respectively, for the current fiscal.
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: Tatas among multiple bidders for Air India #FinanceIndia #StockMarketNEWS #Business IANS New Delhi Tata Sons has submitted a financial bid for Air India, among other bidders. “Tatas have
@stockMarketNEWS 3 Days ago
Tatas among multiple bidders for Air India #FinanceIndia #StockMarketNEWS #Business
IANS
New Delhi
Tata Sons has submitted a financial bid for Air India, among other bidders.
“Tatas have submitted a financial bid for Air India,� a Tata Sons spokesperson said. Taking to Twitter, DIPAM Secretary, Tuhin Kanta Pandey said that the disinvestment process now moves to the concluding stage.
“Financial bids for Air India disinvestment received by Transaction Adviser. Process now moves to concluding stage,� he posted.
Though Tatas have confirmed their particiupation in the financial bid, sources said that the promoter of domestic carrier SpiceJet, Ajay Singh may also have placed the bids for the debt-ridden carrier. The Tatas bid was much-anticipated as its name of had been doing the rounds for some time now.
The government has off late taken several steps to fast-track the much-delayed privatisation of the national carrier.
Recently, the government decided to waive taxes on the transfer of assets from the national carrier to Air India Assets Holding Ltd, a special purpose vehicle (SPV).
“The Central Government hereby specifies that no deduction of tax shall be made under section 194-IA of the said Act on any payment made to the Air India Ltd for transfer of immovable property to Air India Assets Holding Ltd under a plan approved by the Central Government,� said a notification.
Further, the CBDT also allowed new owners of erstwhile public sector companies to carry forward losses and set these off against future profits, in a bid to raise more interest for the proposed privatisation processes.
During the Budget speech for FY22, Finance Minister Nirmala Sitharaman had said that all the proposed privatisation process would be completed by the end of the fiscal, including the much-delayed strategic disinvestment of Air India.
The post Tatas among multiple bidders for Air India appeared first on The Navhind Times.
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: Agriculture ministry signs 5 MoUs to promote digital tech in farm sector #FinanceIndia #StockMarketNEWS #Business PTI New Delhi The Agriculture Ministry on Tuesday signed five MoUs with CISCO,
@stockMarketNEWS 3 Days ago
Agriculture ministry signs 5 MoUs to promote digital tech in farm sector #FinanceIndia #StockMarketNEWS #Business
PTI
New Delhi
The Agriculture Ministry on Tuesday signed five MoUs with CISCO, Ninjacart, Jio Platforms Ltd, ITC Ltd and NCDEX e-Markets Ltd (NeML) to conduct pilot projects for promotion of digital technology and other best practices in the farm sector.
Agriculture Minister Narendra Singh Tomar said modernisation of the agriculture sector will continue by infusing new technologies so that farmers can increase their income.
He was speaking at the MoU signing ceremony here.
“MOUs were signed for pilot projects with CISCO, Ninjacart, Jio Platforms Ltd, ITC Ltd and NCDEX e-Markets Ltd (NeML),� an official statement said.
Based on these pilot projects, farmers will be able to take informed decisions on what crop to grow, what variety of seed to use and what best practises to adopt to maximise the yield.
“The agriculture supply chain players can plan their procurement and logistics on precise and timely information. Farmers can take informed decisions about whether to sell or store their produce and when and where and what price to sell,� it said.
A digital agriculture mission has been initiated for 2021-25 by the government for projects based on new technologies like artificial intelligence, block chain, remote sensing and GIS technology, use of drones and robots etc.
Recognizing the importance of digitization in agriculture, the ministry is creating a federated farmers database, which will be linked to land records of farmers from across the country and an unique farmer ID will be created.
“Under this unified database for all farmers the information of all benefits and supports of various schemes of Central and State Government can be kept and this can be the source for accessing information for providing benefits to farmers in the future. So far, the database is ready with details of around 5.5 crore farmers,� the statement said.
The post Agriculture ministry signs 5 MoUs to promote digital tech in farm sector appeared first on The Navhind Times.
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: Madgaon School Complex Co-operative Credit Society launches car loan facility #FinanceIndia #StockMarketNEWS #Business NT NETWORK Margao The Madgaon School Complex Co-operative Credit Society
@stockMarketNEWS 3 Days ago
Madgaon School Complex Co-operative Credit Society launches car loan facility #FinanceIndia #StockMarketNEWS #Business
NT NETWORK
Margao
The Madgaon School Complex Co-operative Credit Society Ltd recently announced its decision to provide a loan facility to its members for the purchase of four wheelers and two wheelers with lower interest rates and further return of patronage to loanees.
Addressing a press briefing in Margao on Wednesday, chairman of the credit society Babaji Sawant said, “We are happy to announce that the society has taken a decision to provide loan facility for the purchase of four wheeler and two wheeler with much lesser interest rate of 8 per cent which will come down effectively due to the return of patronage to the loanee members and approximately 0.3 per cent to 0.4 per cent. The limit for the total term loan other than housing loan would not exceed Rs 10 lakh till the further enhancement of loan limit.�
The credit society which began with 36 members and a share capital of Rs 3,600 today has a total membership of around 2,000 members and share capital of Rs 2.65 crore, deposits of Rs 28 crore and loans to the tune of Rs 26 crore. Sawant also informed that they were planning to have more educational institutions.
“We have one extension counter in Canacona, Chaudi in the rented premises opened with due approval from the office of Registrar of Co-operative Societies. This caters to the people working in the educational institutions in Canacona taluka with approximately 25 schools and colleges. Looking at the response from the members and their request at other places, we are hoping to open additional extension counters in Mormugao and Quepem talukas as well.
Sawant also congratulated all the teachers who were awarded with state awards including BOD member of the society Sanjay Savant Dessai and society member F M Nadaf. Secretary Sandeep Redkar, treasurer Lorencia Vaz and directors Sarita Fernandes and Jose Pereira were present at the meeting.
The post Madgaon School Complex Co-operative Credit Society launches car loan facility appeared first on The Navhind Times.
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: GST Council may consider bringing petrol, diesel under GST ambit #FinanceIndia #StockMarketNEWS #Business Sept 17 will be the first time in 20 months that the GST Council will have a physical meeting
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GST Council may consider bringing petrol, diesel under GST ambit #FinanceIndia #StockMarketNEWS #Business
Sept 17 will be the first time in 20 months that the GST Council will have a physical meeting
New Delhi: The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products.
The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development.
GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
In June, the Kerala High Court, based on a writ petition, had asked the GST Council to decide on bringing petrol and diesel within the goods and services tax (GST) ambit.
The sources said bringing petrol and diesel within GST would be placed before the Council for discussion in the light of the court asking the Council to do so.
When a national GST subsumed central taxes such as excise duty and state levies like VAT on July 1, 2017, five petroleum goods – petrol, diesel, ATF, natural gas and crude oil – were kept out of its purview for the time being.
This is because both central and state government finances relied heavily on taxes on these products.
Since GST is a consumption-based tax, bringing petro products under the regime would have mean states where these products are sold get the revenue and not ones that currently derive the most benefit out of them because of they being the production centre.
Simply put, Uttar Pradesh and Bihar with their huge population and a resultant high consumption would get more revenues at the cost of states like Gujarat.
With central excise and state VAT making up for almost half of the retail selling price of petrol and diesel currently, levying GST on them would mean charging a peak rate of 28 per cent plus a fixed surcharge going by the principal of the new levy being equal to the old taxes.
Tax experts said bringing petro products under GST will be a tough call for both the Centre and states as both will stand to lose. The BJP-ruled states like Gujarat will be a loser even if a product like natural gas is brought under GST as it gets a lot of revenue from taxing the local production and import of the fuel (LNG).
The Centre will also lose as the majority of the Rs 32.
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: Finance Ministry gives nod to 11 states to borrow additional Rs 15,721 cr #FinanceIndia #StockMarketNEWS #Business New Delhi: The Finance Ministry has permitted 11 states to borrow an additional amount
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Finance Ministry gives nod to 11 states to borrow additional Rs 15,721 cr #FinanceIndia #StockMarketNEWS #Business
New Delhi: The Finance Ministry has permitted 11 states to borrow an additional amount of Rs 15,721 crore after these states achieved the capital expenditure target set for the June quarter.
These states are Andhra Pradesh, Bihar, Chhattisgarh, Haryana, Kerala, Madhya Pradesh, Manipur, Meghalaya, Nagaland, Rajasthan and Uttarakhand.
“11 states. Have achieved the target set by the Ministry of Finance for the capital expenditure in the 1st Quarter of 2021-22. As an incentive, these States have been granted permission by the Department of Expenditure to borrow an additional amount of Rs 15,721 crore,� the Ministry said in a statement.
The additional open market borrowing permission granted is equivalent to 0.25 per cent of their Gross State Domestic Product (GSDP). Additional financial resources thus made available will help the States in pushing their capital expenditure further.
The Ministry said capital expenditure has a high multiplier effect, enhances the future productive capacity of the economy, and results in a higher rate of economic growth.
Accordingly, out of the net borrowing ceiling (NBC) of 4 per cent of GSDP for the states for 2021-22, 0.50 per cent of GSDP was earmarked for incremental capital expenditure to be incurred by the States during 2021-22. The target for incremental capital expenditure for each state to qualify for this incremental borrowing was fixed by the Department of
Expenditure.
To become eligible for incremental borrowing, States were required to achieve at least 15 per cent of the target set for 2021-22 by the end of April-June quarter of 2021-22, 45 per cent by the end of second quarter, 70 per cent by the end of third quarter and 100 per cent by March 31, 2022.
The next review of Capital expenditure of States will be undertaken by the Department of Expenditure in December, 2021. In this round, capital expenditure achieved by the States till September 30, 2021 will be assessed.
Third review will be done in March, 2022 on the basis of capital expenditure incurred by the State during the first three quarters of the year 2021-22.
The capital expenditure-linked borrowing ceiling of 0.50 per cent of GSDP will be allowed to those States who will achieve actual capital expenditure of at least 45 per cent of the target by September 30, 2021 or 70 per cent of the target by December 31, 2021.
There would be a final review of actual capital expenditure by the States in the month of June, 2022.
The post Finance Ministry gives nod to 11 states to borrow additional Rs 15,721 cr appeared first on The Navhind Times.
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: Vinod Kannan to lead Vistara; Thng to join back Singapore Airlines #FinanceIndia #StockMarketNEWS #Business Mumbai: Full service carrier Vistara on Tuesday announced the change of guard at the airline,
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Vinod Kannan to lead Vistara; Thng to join back Singapore Airlines #FinanceIndia #StockMarketNEWS #Business
Mumbai: Full service carrier Vistara on Tuesday announced the change of guard at the airline, bringing in its Chief Commercial Officer Vinod Kannan as the new CEO in place of Leslie Thng, who will be returning to Singapore to take up a senior position at Singapore Airlines.
“Leslie Thng, Chief Executive Officer, after leading Vistara for more than four years, will move on to take up a senior appointment with Singapore Airlines (SIA) from January 1, 2022,� Vistara said in a release.
The board of the company TATA SIA Airlines Ltd has named Kannan to succeed Thng effective January 1, 2022, it said.
Vistara is a 51:49 joint venture airline between Tata Sons and Singapore Airlines.
“Leslie has led the airline through a significant phase, with the start of international operations and the entry into service of various aircraft including the Boeing 787-9 Dreamliner.
“Vinod will lead Vistara in its next phase of growth, building on the strong foundation laid by Leslie. This company continues to benefit from the strong commitment of the two partners Tata Sons and Singapore Airlines to Vistara,� said Vistara’s Chairman, Bhaskar Bhat.
Thng had succeeded Vistara’s first CEO Phee Teik Yeoh in October 2017. Yeoh too had moved back to join a senior position at SIA after completing his four-year stint at the airline.
Kannan joined Vistara in June 2019 as Chief Strategy Officer and currently heads among others network planning, revenue management, marketing, customer experience and cabin service functions.
Prior to joining Vistara, he served as Chief Commercial Officer for Scoot, the budget airline subsidiary of Singapore Airlines Group.
The post Vinod Kannan to lead Vistara; Thng to join back Singapore Airlines appeared first on The Navhind Times.
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: Exports up 46% in Aug #FinanceIndia #StockMarketNEWS #Business New Delhi: India’s exports rose by 45.76 per cent to $ 33.28 billion in August, as against $ 22.83 billion in the same month last year,
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Exports up 46% in Aug #FinanceIndia #StockMarketNEWS #Business
New Delhi: India’s exports rose by 45.76 per cent to $ 33.28 billion in August, as against $ 22.83 billion in the same month last year, according to commerce ministry data released on Tuesday.
Imports during the month increased by 51.72 per cent to $ 47.09 billion, the data showed.
Trade deficit in August widened to $ 13.81 billion as against $ 8.2 billion in the same month last year.
Cumulative value of exports for the period April-August 2021 expanded by 67.33 per cent to $ 164.10 billion, compared to $ 98.06 billion in the year-ago period.
Imports during April-August 2021 stood at $ 219.63 billion as against $ 121.42 billion.
The post Exports up 46% in Aug appeared first on The Navhind Times.
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: India, UK aim to start FTA talks by Nov 1; eye early harvest trade deal #FinanceIndia #StockMarketNEWS #Business London/New Delhi: India and the UK are aiming to start negotiations for the proposed
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India, UK aim to start FTA talks by Nov 1; eye early harvest trade deal #FinanceIndia #StockMarketNEWS #Business
London/New Delhi: India and the UK are aiming to start negotiations for the proposed bilateral free trade agreement by November 1, a move aimed at enhancing trade and investments between the two countries.
Commerce and Industry Minister Piyush Goyal on Tuesday said the two countries are moving towards an early harvest trade agreement, with a comprehensive FTA (Free Trade Agreement) as the next step.
The UK expressed hope that there is a “strong possibility� to get an early agreement on trade between the two countries.
The matters related to FTA came up during a virtual meeting between Goyal and his British counterpart Secretary of State Elizabeth Truss on Tuesday.
“Proposed FTA between India and the UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner which benefits all,� India’s Commerce and Industry Ministry said in a statement.
Speaking on the occasion, Goyal said there is a keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides.
He also informed that substantial work has already been done and extensive stakeholder consultations have been held involving industry, business associations, export promotion councils, buyers/sellers associations, regulatory bodies, ministries, and public research bodies for the proposed pact.
Further, bilateral working groups for different tracks have been formed to understand ambitions, interests and sensitivities of each other to facilitate accelerated progress during the negotiations. The meetings of these groups are presently in progress and are likely to be completed by September.
Goyal said these discussions would help both sides in understanding each other’s policy regimes and would put us in a better position when both sides begin their joint scoping discussions, beginning on October 1, for finalising the terms of references for launch of negotiations in November.
An interim trade agreement, as a first step of a FTA would allow both of us to immensely benefit from the early gains of the partnership,� he said, adding that India and UK are strengthening trade ties by moving towards an early harvest deal followed by a comprehensive FTA.
In a free trade agreement, two or more trading partners significantly reduce or eliminate customs duties on the maximum number of goods traded between them besides liberalising norms to promote trade in services and investments. In an interim trade pact, customs duties are removed on a limited number of goods.
Goyal emphasised the need to strike a balance between commitments and concessions in goods and services.
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: Implementation of Central agriculture schemes needs to be improved of in States for better outreach to farmers: Narendra Singh Tomar #FinanceIndia #StockMarketNEWS Implementation of Central agriculture
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Implementation of Central agriculture schemes needs to be improved of in States for better outreach to farmers: Narendra Singh Tomar #FinanceIndia #StockMarketNEWS
Implementation of Central agriculture schemes needs to be improved of in States for better outreach to farmers: Narendra Singh Tomar New Delhi, Sept 16 (KNN) Benefits of Central government schemes for the agriculture sector should reach the correct farmers. Although funds are not a constraint, it is the implementation of the scheme which should be proper, Union Agriculture Minister Narendra Singh Tomar stated while addressing the conference of Lieutenant Governors/Administrators of all UTs.
Emphasizing on the KCC drive, he said the Kisan Credit Card cover has been provided to farmers even under the shadow of COVID. The government has been running a campaign for saturation of KCC to farmers since February 2020 to cover all left-over farmers with a special focus on PM Kisan beneficiaries. Loan target of 16 lac crore has been set for the current year and around 14 lac crore has already been given to the farmers through KCC.
The Minister said that the Agriculture Infrastructure Fund will help the farmer to secure loans easily for development of infrastructure at the farm gate. This will help the small farmer in the storage and protection of his crop.
He said that under the Digital Agriculture Mission, the database of 5. 5 crore farmers has been prepared and it will reach 8 crore by December. He urged the Union Territories for cooperation in this. He said that there is a lot of potential in the Union Territories for cultivation of high-value crops and oil palm as per global standards.
Manoj Sinha, Lieutenant Governor, J&K, Admiral D K Joshi, Lieutenant Governor, Andaman and Nicobar Island participated in the discussion and gave an overview of the implementation of various schemes of the central government in their respective UTs. Officials and delegates of other UTs also participated in the discussions.
During the conference, presentations were given to all UTs by the senior officials of the Ministry of Agriculture and Farmers Welfare on schemes of the Union Government for the benefit of farmers. The overall beneficiary payment status and the self-registration status under the PM KISAN was explained.
To ensure higher coverage and transfer of benefits to eligible beneficiaries, UTs were asked to take the following actions- Upgradation of the beneficiary database, village wise beneficiary list to be displayed in Gram Panchayat for social audit, Digital land record to be integrated with PM-KISAN database, Physical verification to be completed in a stipulated time, Pending grievance report to be resolved on a priority basis and recovery from ineligible and IT payee farmers to be done.
The PM Kisan Maandhan Yojana was explained and the present status of the beneficiaries discussed with the UTs.
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: ARCI develops Highquality transparent ceramics for thermal imaging & personal protection equipment #FinanceIndia #StockMarketNEWS ARCI develops High-quality transparent ceramics for thermal imaging
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ARCI develops Highquality transparent ceramics for thermal imaging & personal protection equipment #FinanceIndia #StockMarketNEWS
ARCI develops High-quality transparent ceramics for thermal imaging & personal protection equipment New Delhi, Sept 16 (KNN) International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI) - an Autonomous Research and Development Centre of Department of Science and Technology (DST), has succeeded in developing high-quality transparent ceramics developed for the first time in India which can be used in thermal imaging and personal protection equipment.
Indian researchers have developed transparent ceramics, reaching theoretical transparency through a technique called colloidal processing followed by simultaneous application of temperature and pressure, for the first time in India, the Ministry of Science & Technology stated.
The material can be used for thermal imaging applications, especially in harsh service conditions and personal protection systems such as, helmets, face shields, and goggles.
Transparent ceramics is a new class of advanced materials with unique transparency and excellent mechanical properties. These materials can be designed not only for transparent to visible light but also for ultraviolet (UV), Infrared (IR), and Radiofrequency (RF), giving the opportunity for diverse applications.
Though produced by different countries globally, transparent ceramics are restricted in supply as they can be used for strategic applications. Though several attempts were made in the country, the transparent ceramics produced were either on a laboratory scale or low transparency. The currently developed process is able to produce the sizes usable for several applications and on a pilot scale.
Generally, prepared from the high purity powders through a line of critically engineered processing steps, transparent ceramics needs preparation processes that will help achieve theoretical transparency by eliminating defects.
Chemical Vapour Deposition (CVD) involving reactions of the precursors in the vapor phase at elevated temperatures and HotIsostatic Pressing (HIP) involving simultaneous application of temperature and pressure are a few advanced processing techniques generally practiced, to address the above challenges. An enhanced diffusion process at high temperature under pressure is suggested as the possible mechanism to eliminate the defects.
Researchers at the ARCI have produced magnesium aluminate spinel ceramics with colloidal processing followed by HIP technique which involves the simultaneous application of temperature and pressure.
Spinel is currently emerging as a transparent ceramic based on the outstanding optical properties of transmission – more than 75 % in the visible and more than 80% in the infrared range.
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: PLI scheme announced for Auto & Drone industry #FinanceIndia #StockMarketNEWS PLI scheme announced for Auto & Drone industry New Delhi, Sept 15 (KNN) To enhance India’s manufacturing capabilities,
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PLI scheme announced for Auto & Drone industry #FinanceIndia #StockMarketNEWS
PLI scheme announced for Auto & Drone industry New Delhi, Sept 15 (KNN) To enhance India’s manufacturing capabilities, the central government has approved the Production Linked Incentive (PLI) Scheme worth ₹ 26,058 crore for Auto Industry and Drone Industry.
The Government led by Hon’ble Prime Minister, Narendra Modi, has approved the PLI Scheme for Automobile Industry and Drone Industry with a budgetary outlay of ₹ 26,058 crore, the Ministry of Heavy Industries said in a statement.
The PLI scheme for the auto sector will incentivize high-value Advanced Automotive Technology vehicles and products. It will herald a new age in higher technology, more efficient and green automotive manufacturing.
PLI Scheme for Automobile Industry and Drone Industry is part of the overall announcement of PLI Schemes for 13 sectors made earlier during the Union Budget 2021-22, with an outlay of ₹ 1. 97 lakh crore.
With the announcement of PLI Schemes for 13 sectors, minimum additional production in India is expected to be around ₹ 37. 5 lakh crore over 5 years and minimum expected additional employment over 5 years is nearly 1 crore.
The PLI Scheme for the auto sector envisages overcoming the cost disabilities to the industry for the manufacture of Advanced Automotive Technology products in India. The incentive structure will encourage industry to make fresh investments for the indigenous global supply chain of Advanced Automotive Technology products.
It is estimated that over a period of five years, the PLI Scheme for the automobile and Auto Components Industry will lead to a fresh investment of over ₹42,500 crore, incremental production of over ₹2. 3 lakh crore and will create additional employment opportunities of over 7. 5 lakh jobs. Further, this will increase India’s share in the global automotive trade.
The PLI Scheme for the auto sector is open to existing automotive companies as well as new investors who are currently not in the automobile or auto component manufacturing business. The scheme has two components viz Champion OEM Incentive Scheme and Component Champion Incentive Scheme.
The Champion OEM Incentive scheme is a ‘sales value linked’ scheme, applicable on Battery Electric Vehicles and Hydrogen Fuel Cell Vehicles of all segments. The Component Champion Incentive scheme is a ‘sales value linked’ the scheme, applicable on Advanced Automotive Technology components of vehicles, Completely Knocked Down (CKD)/ Semi Knocked Down (SKD) kits, Vehicle aggregates of 2-Wheelers, 3-Wheelers, passenger vehicles, commercial vehicles and tractors etc.
This PLI Scheme for the automotive sector along with the already launched PLI scheme for Advanced Chemistry Cell (ACC) (₹18,100 crore) and Faster Adaption of Manufacturing of Electric Vehicles (FAME) (₹10,000 crore) will enable India to leapfrog from traditional fossil fuel-based automobile transportation systems to environmentally cleaner, sustainable, advanced and more efficient Electric Vehicles (EV) based system.
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: IISc develops low carbon bricks using construction waste #FinanceIndia #StockMarketNEWS IISc develops low carbon bricks using construction waste New Delhi, Sept 16 (KNN) Researchers at Indian Institute
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IISc develops low carbon bricks using construction waste #FinanceIndia #StockMarketNEWS
IISc develops low carbon bricks using construction waste New Delhi, Sept 16 (KNN) Researchers at Indian Institute of Science (IISc) have developed a technology to produce energy-efficient walling materials using construction and demolition waste (CDW) and alkali-activated binders.
These are called low-C bricks, do not require high-temperature firing, and avoid the use of high-energy materials such as Portland cement. The technology will also solve the disposal problems associated with C&D waste mitigation.
The low carbon bricks address two problems simultaneously: on the one hand, unlike the burnt clay bricks, very low energy is used in producing them, on the other hand, they are made of construction and demolition waste. This technology will also mitigate the disposal problems associated with the construction wastes and its adverse impact of air quality.
The annual consumption of bricks and blocks in India is about 900 million tonnes. Besides, the construction industry generates vast amounts (70 – 100 million tonnes per annum) of CDW. In order to promote sustainable construction, two important issues needed to be addressed while manufacturing the masonry units – conserving mined raw material resources and emission reduction.
The technology developed by IISc uses alkali-activated bricks/blocks by utilising fly ash and furnace slag.
The team of researchers developed low embodied carbon bricks from CDW waste through an alkali activation process using fly ash and ground slag and characterising the thermal, structural, and durability characteristics of Low-C bricks and their masonry. After ascertaining the Physico-chemical and compaction characteristics of the CDW, the optimum mix ratios of the materials were obtained, and then the production process was evolved to produce low-C bricks. Based on the optimum binder proportions, the compressed bricks were manufactured. The bricks were examined for engineering characteristics.
“A start-up has been registered which will be functional within 6-9 months to manufacture low-C bricks and blocks with IISc technical help. The start-up unit will act as a technology dissemination unit through training, capacity building, and providing technical know-how for establishing such commercial units across India,” remarked Prof. B V Venkatarama Reddy, IISc Bangalore.
For more details, Prof. B V Venkatarama Reddy, IISc Bangalore (venkat@iisc.ac.in) could be contacted.
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: French major Dassault Systèmes to support startups under Atal Innovation Mission to boost innovation #FinanceIndia #StockMarketNEWS French major Dassault Systèmes to support start-ups under Atal
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French major Dassault Systèmes to support startups under Atal Innovation Mission to boost innovation #FinanceIndia #StockMarketNEWS
French major Dassault Systèmes to support start-ups under Atal Innovation Mission to boost innovation New Delhi, Sept 16 (KNN) A Statement of Intent (SoI) was signed between Atal Innovation Mission (AIM) and Dassault Systèmes on Thursday in a virtual event to support various current and future initiatives of AIM programs and AIM beneficiaries in India. It will boost innovation and entrepreneurship ecosystem across the country.
Under this SoI, Dassault Systèmes will support and promote AIM beneficiaries including Atal Tinkering Labs (ATLs), AIM incubators (AICs and EICs), Atal Community Innovation Centres (ACIC), grantees under Atal New India Challenge (ANIC), and Atal Research & Innovation for Small Enterprise (ARISE).
With an aim to promote innovation and entrepreneurship amongst aspiring entrepreneurs, this program will act as a catalyst for an open innovation collaboration to accelerate disruptive innovation in the community.
The SoI features six aspects of engagement between Dassault and AIM, NITI Aayog. These include access to Dassault Systèmes’ 3DEXPERIENCE Lab start-up acceleration program to selected AIM start-ups; mentorship to selected AIM start-ups for capability building of their products; 3DEXPERIENCE Lab related global community access to selected AIM start-ups; industry connect for selected AIM start-ups with Dassault Systèmes’ worldwide customers, partners and technology collaborators as and when applicable; participation of selected AIM start-ups in Dassault Systèmes national and global events; and organization and participation in joint events, hackathons, challenges with AIM and NITI Aayog
Expressing his views, Mission Director AIM, Dr Chintan Vaishnav said that the partnership with Dassault is a win-win partnership and earmarks the expanding ecosystem of AIM in the country across all the beneficiaries.
“This initiative will open a new window for select Indian startups as they get access to the Dassault Systèmes global start up ecosystem- their accelerator program and a chance to connect with peers, industry experts, engineers, designers and be a part of the 3DEXPERIENCE Lab, which I must say I am very excited about because of its ability to accelerate startups, and with the community worldwide,” he added.
Managing Director, India, Dassault Systèmes Deepak NG while sharing his views said that the engagement with AIM is the beginning of a long-term relationship that reinforces Dassault’s commitment to nurturing an ecosystem of makers, innovators in the country.
“Our engagement with AIM will further strengthen on our common objectives on how startups can leverage technology, industry best practices and policies are driven by the Government,” he added, “Our 3DEXPERIENCE lab will give access to technology and community for emerging startups in new domains like electric vehicles, batteries and charging infrastructure, medical devices, energy & materials sector and even to frugal innovators providing sustainable solutions for the industry of the future,” he asserted.
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: Major reforms announced for telecom sector #FinanceIndia #StockMarketNEWS Major reforms announced for telecom sector New Delhi, Sept 15 (KNN) The government has approved major reforms in the telecom
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Major reforms announced for telecom sector #FinanceIndia #StockMarketNEWS
Major reforms announced for telecom sector New Delhi, Sept 15 (KNN) The government has approved major reforms in the telecom sector to boost employment, growth, competition and consumer interests and reduce the regulatory burden on Telecom Service Providers (TSPs).
The Union Cabinet, chaired by Prime Minister Narendra Modi on Wednesday approved a number of structural and process reforms in the Telecom sector, the government said in a statement.
These are expected to protect and generate employment opportunities, promote healthy competition, protect interests of consumers, infuse liquidity, encourage investment and reduce the regulatory burden on Telecom Service Providers (TSPs).
In the backdrop of the outstanding performance of the Telecom Sector in meeting COVID-19 challenges, with a huge surge in data consumption, online education, work from home, interpersonal connect through social media, virtual meetings etc. , the Reform measures will further boost the proliferation and penetration of broadband and telecom connectivity.
The Cabinet decision reinforces the Prime Minister’s vision of a robust Telecom Sector. With competition and customer choice, antyodaya for inclusive development and bringing the marginalized areas into the mainstream and universal broadband access to connect the unconnected. The package is also expected to boost 4G proliferation, infuse liquidity and create an enabling environment for investment in 5G networks.
The government approved nine structural reforms and five procedural reforms plus relief measures for the Telecom Service Providers.
Structural Reforms:
--- Rationalization of Adjusted Gross Revenue: Non-telecom revenue will be excluded on prospective basis from the definition of AGR.
--- Bank Guarantees (BGs) rationalized: Huge reduction in BG requirements (80%) against License Fee (LF) and other similar Levies. No requirements for multiple BGs in different Licenced Service Areas (LSAs) regions in the country. Instead, One BG will be enough.
--- Interest rates rationalized/ Penalties removed: From 1st October, 2021, Delayed payments of License Fee (LF)/Spectrum Usage Charge (SUC) will attract an interest rate of SBI’s MCLR plus 2% instead of MCLR plus 4%; interest compounded annually instead of monthly; penalty and interest on penalty removed.
--- For Auctions held henceforth, no BGs will be required to secure instalment payments. Industry has matured and the past practice of BG is no longer required.
--- Spectrum Tenure: In future Auctions, tenure of spectrum increased from 20 to 30 years.
--- Surrender of spectrum will be permitted after 10 years for spectrum acquired in the future auctions.
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: August 2021 sales stand at 88% of prepandemic levels; retailers hopeful to drive positive growth: RAI #FinanceIndia #StockMarketNEWS August 2021 sales stand at 88% of pre-pandemic levels; retailers
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August 2021 sales stand at 88% of prepandemic levels; retailers hopeful to drive positive growth: RAI #FinanceIndia #StockMarketNEWS
August 2021 sales stand at 88% of pre-pandemic levels; retailers hopeful to drive positive growth: RAI Mumbai, Sept 15 (KNN) The retail sales in August 2021 were at 88% of the pre-pandemic levels (August 2019), as against 72% in July 2021, the Retailers Association of India (RAI) said in the 19th edition of the Retail Business Survey.
Speaking about festive season sales, Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “As the festive season approaches and the inoculation drive picks up pace across the country, we are hopeful that the festive shopping this year will drive positive growth for most retailers, with the possibility of some retailers doing even better sales than the pre-pandemic levels. Though recovery at the moment looks encouraging across categories, retailers continue to maintain cautious optimism due to the possibility of a third wave of the pandemic.”
Retail businesses in the North and the South of India have indicated sales nearing recovery in August 2021 with sales at 98% and 97% respectively, of the pre-pandemic levels (August 2019), as against 78% (North India) and 82% (South India) sales in July 2021.
West and East of India are looking hopeful of recovery in the next few months and have indicated sales at 76% and 81% of pre-pandemic levels (August 2019) against 57% & 69% respectively in July 2021.
In categories, Quick Service Restaurants (QSR) are showing signs of growth with 12% sales in August 2021 as compared to sales in the pre-pandemic levels (August 2019), while Food & Groceries category is indicating a growth of 4%.
However, Beauty & Wellness, which includes Salons, Apparel, Footwear and Jewellery are yet to catch up to the pre-pandemic levels of sales. The overall industry sentiment will improve when the clothing and accessories category shows growth.
RAI hopes that the festive season will bring back cheer to the retail industry across sectors and those employed in it.
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: India signs MoU with American Herbal Pharmacopoeia to strengthen quality of herbal & traditional medicines #FinanceIndia #StockMarketNEWS India signs MoU with American Herbal Pharmacopoeia to strengthen
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India signs MoU with American Herbal Pharmacopoeia to strengthen quality of herbal & traditional medicines #FinanceIndia #StockMarketNEWS
India signs MoU with American Herbal Pharmacopoeia to strengthen quality of herbal & traditional medicines New Delhi, Sept 15 (KNN) To strengthen the quality of Ayurvedic and other Indian Traditional Medicine products globally, the Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) signed a Memorandum of Understanding (MoU) with and American Herbal Pharmacopoeia, USA on Monday.
The MoU was signed virtually and the Ministry of Ayush has entered this MOU with the specific purpose of strengthening, promotion, and development standards in the field of Ayurveda and other Indian Traditional systems of medicine between the two countries on the basis of equality and mutual benefits, an official statement said.
This collaboration of efforts will go a long way in enhancing the export potential of the ASU&H (Ayurveda, Siddha, Unani and Homeopathy) drugs. Under this MOU, there will be the constitution of a Joint Committee to develop the action plan along with timelines for the development of Monographs and other activities for cooperation in the field of Traditional Medicine.
The Ministry feels that this MOU will develop the confidence of the global community about the safety of ASU&H drugs. One of the major outcomes of this partnership will be that both PCIM&H and AHP, USA would be working to identify various challenges faced by the herbal market of Ayurveda products/drugs in the USA.
This will lead to adoption of Ayurveda standards developed out of this cooperation by the manufacturers of herbal drugs in the USA. This can be termed as a major move and will eventually foster the adoption of Ayurveda standards developed out of this cooperation for the market authorization of ASU&H products/drugs in the USA.
Development of Monographs of Ayurveda & other Indian Traditional Medicine products and herbal products, exchange of technical data for the development of Monographs with due acknowledgement between the parties, training and capacity building, exchange of Herbarium specimens and Botanical Reference Samples and phytochemical reference standards are also part of MoU.
There is an understanding in the development of a Digital database on Ayurveda & other Indian Traditional Medicine products/drugs and herbal products and identifying further areas of co-operation for the promotion of quality standards of drugs/products used in Ayurveda & other Indian Traditional Medicine.
This MoU between India and USA is a timely step to add further momentum to the ongoing initiatives of the Ministry of Ayush to strengthen the quality of Ayurveda and other Indian Traditional Medicine products both inland and globally.
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: Community Enterprise Fund (CEF) disburse Rs. 8.6 Cr loans to 2614 SHGs #FinanceIndia #StockMarketNEWS New Delhi, Sept 15 (KNN) To start micro-enterprises in the villages, the Ministry of Rural Development
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Community Enterprise Fund (CEF) disburse Rs. 8.6 Cr loans to 2614 SHGs #FinanceIndia #StockMarketNEWS
New Delhi, Sept 15 (KNN) To start micro-enterprises in the villages, the Ministry of Rural Development provided Community Enterprise Fund (CEF) loan worth Rs. 8. 60 Cr to 2614 SHG entrepreneurs in a week.
As part of the Azadi Ka Amrit Mahotsav, Ministry of Rural Development provided Community Enterprise Fund (CEF) loan worth Rs. 8. 60 Cr to 2614 SHG entrepreneurs in a week. The loans were given for starting their micro-enterprises in their villages across 19 States under the Start-up Village Entrepreneurship Programme, the Rural Development Ministry said in a statement.
During the celebration of Amrit Mahotsav, various activities organized under Start-up Village Entrepreneurship Programme (SVEP) in the week of 6th to 12th September, 2021. These events focused on creating awareness about the SVEP scheme and how it supports SHG members who want to start micro-businesses in rural areas. In these events public representatives, Govt. officials and Community Based Organizations participated.
Prior to providing this Community Enterprise Fund (CEF) loan, SHG entrepreneurs were given initial training on entrepreneurship and detailed business plans for their proposed business were prepared.
States which participated in this initiative are – Andhra Pradesh, Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Jharkhand, Kerala, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Odisha, Punjab, Rajasthan, Telangana, Uttar Pradesh, Uttarakhand and West Bengal.
During these events, SHG entrepreneurs shared their experiences and journey of starting their own enterprises in their villages, becoming entrepreneurs and various supports they received under the Start-up Village Entrepreneurship Programme (SVEP). They also emphasized the strength of regular handholding to understand steps to do business & making it successful and also creating strong market linkages.
The Start-up Village Entrepreneurship Programme (SVEP) is a sub-scheme under NRLM to promote enterprises in rural areas. SVEP aims to set up an eco-system for enterprise development in a block. This consists of a cadre of Community Resource Persons-Enterprise Promotion (CRP-EP), who will provide business support services to entrepreneurs.
The scheme encompasses identifying business ideas, preparation of business plans, accessing loans and other supports like marketing, maintaining accounts & taking business decisions. Further, the eco-system also includes training and capacity building of entrepreneurs, seed capital for starting enterprises, marketing support for products and services etc. Besides, the Block Resource Centre (BRC), the single point solution for enterprise promotion is also developed as part of the eco-system.
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: India invites US investment in Renewable Energy Sector targeting 450 GW by 2030 #FinanceIndia #StockMarketNEWS India invites US investment in Renewable Energy Sector targeting 450 GW by 2030 New Delhi,
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India invites US investment in Renewable Energy Sector targeting 450 GW by 2030 #FinanceIndia #StockMarketNEWS
India invites US investment in Renewable Energy Sector targeting 450 GW by 2030 New Delhi, Sept 14 (KNN) The US appreciated India for its Energy Access drive and commitment to achieve 450 GW of RE by 2030. They also lauded India for electrifying 28.02 million homes in 18 months and achieved universal household electrification on Monday.
R.K. Singh, Union Minister for Power and New and Renewable Energy met a delegation led by Mr. John Kerry, U.S. Special Presidential Envoy for Climate on Monday, according to an official statement.
The purpose of the meeting was to discuss further collaboration on climate change issues and to work towards a genuine partnership between the two countries to pave the way for the rest of the world on Energy Transition. Alok Kumar, Secretary Ministry of Power and other senior officials from the ministry were also present.
The Minister informed the US side about GoI’s intent to move towards a clean energy transition. He further informed that the biggest challenge for infusing RE was “Storage” which needs to be addressed immediately to make power accessible to the masses.
He mentioned that huge bids for Green Hydrogen and Electrolyzers are planned in the upcoming months. He requested the US side to send their companies to participate in the bids. He also highlighted India’s upcoming projects in Ladakh on Green Hydrogen and Green Energy Corridors.
SPEC proposed that USA is willing to enter into a genuine collaboration with India to enable us realise the ambitious target of reaching 450 GW Renewable Energy by 2030 which would pave the way to India achieving sub 2°C level, much more than what has been committed under Paris Climate Agreement.
The Minister showed his concern towards over 800 million people across the world who do not have access to electricity. He urged the US side to join the International Solar Alliance which can benefit many countries.
Both sides agreed that Indian labs could work with the US labs with the objective of reducing costs and finding alternative chemistry for making the energy transition economically viable. SPEC highlighted that India and USA could take a Global Leadership role on the Energy Transition front and show the rest of the world that ambitious RE targets can be achieved.
The US side informed that both India and USA have similar goals and share the same zeal towards climate change issues and this partnership would be an inspiration to the rest of the world of revise their Nationally Determined Goals (NDCs) and strengthen the fight towards climate change.
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: IndiaUK aim to launch negotiations on FTA by 1st November 2021 #FinanceIndia #StockMarketNEWS New Delhi, Sept 14 (KNN) India and the United Kingdom are aiming to launch the negotiations on free trade
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IndiaUK aim to launch negotiations on FTA by 1st November 2021 #FinanceIndia #StockMarketNEWS
New Delhi, Sept 14 (KNN) India and the United Kingdom are aiming to launch the negotiations on free trade agreement (FTA) by November 2021. Two sides looking for an Interim Agreement as a priority and later a Comprehensive Agreement.
The matter came up during the discussions held between Piyush Goyal, Union Minister for Commerce & Industry, Textiles, Consumer Affairs and Public Distribution and his British counterpart Secretary of State, Ms. Elizabeth Truss on FTA and other trade matters.
The proposed FTA between India & UK is expected to unlock extraordinary business opportunities and generate jobs. Both sides have renewed their commitment to boosting trade in a manner that benefits all.
Speaking on the occasion the union minister said that there is tremendous interest in the business community in both countries India & UK about this FTA. He said that since the ‘Declaration’ on the launch of Enhanced Trade Partnership, announced by Prime Ministers on 4th May 2021, both countries have made substantial progress on various aspects of the partnership.
The union minister said that there is a keenness to have an early conclusion of negotiations for quick and early economic benefits to businesses on both sides. Substantial work has already been done and extensive stakeholder consultations have been held involving Industry / Business associations, Export Promotion Councils, Buyers/Sellers Associations, Regulatory Bodies, Ministries/Departments, public research bodies, etc. The consultation paper was also made public for wider participation as well.
He said that BWGs for different tracks have been formed to understand ambitions, interests and sensitivities of each other to facilitate accelerated progress during negotiations. The meetings of these BWGs are presently in progress and are likely to be completed by September, 2021.
He added that he was hopeful that these BWG discussions would help both sides in understanding each other’s policy regimes and would put us in a better position when both sides begin their Joint Scoping discussions, beginning on 1st October 2021, for finalizing the TORs for launch of negotiations in November.
The union minister said that an Interim Trade Agreement, as a first step of an FTA would allow both of us to immensely benefit from the early gains of the partnership.
In services, certain services of mutual interest may be included in the Interim Agreement through request offer approach wherein we may include priority sectors that are immediately deliverable.
He emphasised upon the need to strike a balance between commitments & concessions in goods and services.
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: Dow opens flat as stocks struggle for direction #FinanceUSA #StockMarketNEWS Stocks were off to a mixed start Wednesday, struggling for direction amid a lack of fresh catalysts. The Dow Jones Industrial
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Dow opens flat as stocks struggle for direction #FinanceUSA #StockMarketNEWS
Stocks were off to a mixed start Wednesday, struggling for direction amid a lack of fresh catalysts. The Dow Jones Industrial Average was down 48 points, or 0.1%, at 34,537, while the S&P 500 rose less than 0.1% to 4,445. The Nasdaq Composite was also up less than 0.1% at 15,039. Stocks are lower for the week after major indexes closed lower Tuesday, failing to hold early gains scored after the August Consumer Price Index showed a smaller-than-expected rise.
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: Biden to meet with Sens. Manchin, Sinema on .5 trillion spending plan #FinanceUSA #StockMarketNEWS President Joe Biden on Wednesday was reportedly scheduled to meet with Sens. Joe Manchin of West
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Biden to meet with Sens. Manchin, Sinema on .5 trillion spending plan #FinanceUSA #StockMarketNEWS
President Joe Biden on Wednesday was reportedly scheduled to meet with Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona, two moderate Democrats whose objections to the size of a proposed package of social and environment initiatives has thrown serious obstacles in its path. The Associated Press said Biden would meet separately with the two lawmakers. As the Hill, which also reported on the meetings, notes, both moderate Democrats have balked at Democratic leaders' top-line spending target of .5 trillion.
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: EIA reports a more than 6 million-barrel weekly drop in U.S. crude supplies #FinanceUSA #StockMarketNEWS The Energy Information Administration reported on Wednesday that U.S. crude inventories fell
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EIA reports a more than 6 million-barrel weekly drop in U.S. crude supplies #FinanceUSA #StockMarketNEWS
The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 6.4 million barrels for the week ended Sept. 10. That was larger than the average decline of 3.5 million barrels expected by analysts polled by S&P Global Platts forecast. The American Petroleum Institute on Tuesday reported a 5.4 million-barrel decrease, according to sources. The EIA also reported weekly inventory declines of 1.9 million barrels for gasoline and 1.7 million barrels for distillates. The S&P Global Platts survey had forecast supply decreases of 2.2 million barrels for gasoline and 2 million barrels for distillates. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged down by 1.1 million barrels for the week. Oil prices extended their rise following the EIA data. October West Texas Intermediate crude was up .36, or 3.4%, at .82 a barrel on the New York Mercantile Exchange. Futures were trading at .60 before the supply data.
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: Tyra Biosciences stock soars more than 60% on public debut #FinanceUSA #StockMarketNEWS Shares of oncology biotech company Tyra Biosciences jumped more than 60% on their first day of trading Wednesday.
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Tyra Biosciences stock soars more than 60% on public debut #FinanceUSA #StockMarketNEWS
Shares of oncology biotech company Tyra Biosciences jumped more than 60% on their first day of trading Wednesday. Tyra raised 3 million by offering 10.8 million shares at , at the high end of expectations between and and an upsized deal. Tyra is one of several newly minted companies trading on Wednesday above their IPO range and a busy week for initial public offerings, with 2021 shaping up the biggest year ever for IPO proceeds.
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: Microsoft's stock peeks into record territory after dividend raised, new billion buyback program announced #FinanceUSA #StockMarketNEWS Shares of Microsoft Corp. rallied 1.2% in morning trading
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Microsoft's stock peeks into record territory after dividend raised, new billion buyback program announced #FinanceUSA #StockMarketNEWS
Shares of Microsoft Corp. rallied 1.2% in morning trading Wednesday, and peeked into record territory earlier in the session, after the software behemoth raised its dividend by 11% and announced a new billion stock repurchase program. The company said late Tuesday that it raised its quarterly dividend to 62 cents a share from 56 cents, with the new dividend payable Dec. 9 to shareholders of record on Nov. 18. Based on current stock prices, the new annual dividend rate implies a dividend yield of 0.82%, compared with the yield for the SPDR Technology Select Sector ETF of 0.69% and the implied yield for the S&P 500 of 1.35%. And the new billion stock repurchase program, which has now expiration date, represents about 2.6% of Microsoft's market capitalization of .28 trillion. Microsoft's stock was up as much as 1.8% at an intraday high 5.32, which was above the Aug. 23 record close of 4.65. It has run up 36.4% year to date, while the technology ETF has advanced 20.6% and the Dow Jones Industrial Average has gained 13.3%.
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: E-commerce fashion site Revolve adds health products from Hims & Hers #FinanceUSA #StockMarketNEWS Hims & Hers Health Inc. said Wednesday that its products focused on skin and haircare, sleep and
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E-commerce fashion site Revolve adds health products from Hims & Hers #FinanceUSA #StockMarketNEWS
Hims & Hers Health Inc. said Wednesday that its products focused on skin and haircare, sleep and sexual health will now be available on the e-commerce fashion site Revolve. Revolve Group Inc. targets millennials and Gen Z. Hims & Hers began trading in January through a direct listing. The stock is up 41.6% for the year to date. Revolve has more than doubled, up 106.6%. And the benchmark S&P 500 index has gained 18.6% for 2021 so far.
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: Pfizer cites 'totality' of clinical data in bid for COVID-19 booster approval #FinanceUSA #StockMarketNEWS Shares of Pfizer Inc. gained 0.1% in premarket trading on Wednesday after the drug maker
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Pfizer cites 'totality' of clinical data in bid for COVID-19 booster approval #FinanceUSA #StockMarketNEWS
Shares of Pfizer Inc. gained 0.1% in premarket trading on Wednesday after the drug maker said the "totality" of clinical data indicates that people who are at least 16 years old and were vaccinated with the COVID-19 shot that it developed with BioNTech SE should get a booster after six months. In a document published Wednesday morning by the Food and Drug Administration in advance of an advisory committee meeting set for Friday, Pfizer said its Phase 3 substudy examined 306 people between the ages of 18 and 55 years old who got a third dose. It found that an extra dose is considered safe and increased neutralizing antibody titers against the original strain of the virus as well as the beta and delta variants to a higher rate than what was reported after two doses in the clinical trials last year. Younger participants were more likely to report systemic events after the second and third doses than the first dose; fever was more common after the third dose. No adverse events were reported in the first month after the third dose. Pfizer also cited research conducted by Israel, the Centers for Disease Control and Prevention, and the hospital system Kaiser Permanente in the document, saying that data from Israel "suggest reduced effectiveness against severe disease could eventually follow observed reductions in effectiveness against SARS-CoV-2 infections." Pfizer's stock is up 21.4% this year, while the S&P 500 has gained 18.9%.
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: FDA says COVID-19 vaccines continue to protect people in the U.S. from severe disease #FinanceUSA #StockMarketNEWS The Food and Drug Administration said Wednesday that observational studies have had
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FDA says COVID-19 vaccines continue to protect people in the U.S. from severe disease #FinanceUSA #StockMarketNEWS
The Food and Drug Administration said Wednesday that observational studies have had mixed findings assessing whether the efficacy for BioNTech SE and Pfizer Inc.'s COVID-19 vaccine is declining as a result of time or the delta variant but in general the vaccines available in the U.S. continue to protect people against severe disease and death. The FDA's document was published Wednesday in advance of an advisory committee meeting set for Friday; at that meeting, a group of independent experts will discuss and then vote on whether they think the FDA should approve a COVID-19 booster dose for people who are at least 16 years old or older. The FDA is not required to follow the advice of the committee but often does. Pfizer's document for the meeting was also published on Wednesday; it cited the need to look at the "totality" of clinical evidence when it comes to making a regulatory decision about a third dose of its vaccine. The FDA's document, on the other hand, said it has not independently verified all potentially relevant studies.
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: S&P 500 posts best daily gain in nearly 3 weeks as energy stocks surge 3.8%, financials and tech stocks also rise #FinanceUSA #StockMarketNEWS U.S. stocks benchmarks closed solidly higher Wednesday,
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S&P 500 posts best daily gain in nearly 3 weeks as energy stocks surge 3.8%, financials and tech stocks also rise #FinanceUSA #StockMarketNEWS
U.S. stocks benchmarks closed solidly higher Wednesday, with the S&P 500 putting in the best daily gain since late August, as shares of energy compaies, information technology and financial climbed. The S&P 500 index closed up 0.9% at around 4,480, marking its best point and percentage advance since Aug. 27. The Dow Jones Industrial Average closed up 0.7% at 34,814, while the Nasdaq Composite Index advanced 0.8% at 15,161, marking its best day since Aug. 30. In economic data, the New York Fed's Empire State business conditions index surged 16 points to 34.3 in September, the regional Fed bank said Wednesday.Separately, the import price index dropped 0.3% last month, the government said Wednesday, marking the first decline in 10 months. And data on U.S. industrial production showed a 0.4% rise in August after a 0.8% gain in the prior month, the Federal Reserve reported Wednesday.
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