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 story : India’s 450GW renewable energy goal by 2030 doable: John Kerry #FinanceIndia #StockMarketNEWS #Business PTI New Delhi US Special Presidential Envoy for Climate John Kerry on Wednesday said

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Posted in: #Business #FinanceIndia #StockMarketNEWS

India’s 450GW renewable energy goal by 2030 doable: John Kerry #FinanceIndia #StockMarketNEWS #Business
PTI



New Delhi



US Special Presidential Envoy for Climate John Kerry on Wednesday said India’s goal of reaching 450 GW of renewable energy (RE) by 2030 is doable as it has already crossed the 100 GW RE mark.  



“It is really terrific to see India leading the ISA (International Solar Alliance). India is a close partner and the United States strongly supports India’s goal of reaching 450 GW of renewable energy by 2030.



“We believe that it’s absolutely doable and will be done. India has already set an example for emerging economies by reaching 100GW of renewables,? Kerry said while addressing a session of ISA general assembly.   He further said, “What India has demonstrated with its low-cost solar auctions and build out of the transmission grids and massive solar parts program and other innovative policy tools can be replicated all over the world. ? Noting that solar energy is at the heart of the urgent climate action, he urged nations to take dramatic action to keep the 1. 5-degree Celsius temperature rise and mid-century net zero emissions targets within reach.



He added that President Joe Biden recognizes the clean energy opportunity of solar in the UP&HYܝXY]HH]HY
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 story : Petrol, diesel prices hiked again #FinanceIndia #StockMarketNEWS #Business PTI New Delhi After two days of lull, petrol and diesel prices on Wednesday were again hiked by 35 paise per litre

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Posted in: #Business #FinanceIndia #StockMarketNEWS

Petrol, diesel prices hiked again #FinanceIndia #StockMarketNEWS #Business
PTI



New Delhi



After two days of lull, petrol and diesel prices on Wednesday were again hiked by 35 paise per litre each, pushing rates to new highs across the country.



The price of petrol in Delhi rose to its highest-ever level of Rs 106.19 a litre and Rs 112.11 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel now comes for Rs 102.89 a litre; while in Delhi, it costs Rs 94.92.



The rate hike comes after two days of no changes. Prior to that, for four straight days prices were hiked by 35 paise per litre each. With this rise, petrol is now at Rs 100-a-litre mark or more in all state capitals while diesel has touched the level in over a dozen states.



Diesel crossed the Rs 100-a-litre mark in Panaji and Ranchi.



The costliest fuel is in the border town of Ganganagar in Rajasthan where petrol comes for Rs 118.23 a litre and diesel for Rs 109.04.



Since ending of a three-week long hiatus in rate revision in the last week of September, this is the 17th increase in petrol price and the 20th time that diesel rates have gone up.



While petrol price in most of the country is already above Rs 100-a-litre mark, diesel rates have crossed that level in over a dozen states/UT including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh,Telangana, Gujarat, Maharashtra, Chhattisgarh, Bihar, Kerala, Karnataka, Jharkhand, Goa and Ladakh.



Prices differ from state to state depending on the incidence of local taxes.



International benchmark Brent crude is trading at US$ 84.43 per barrel on Wednesday for the first time in seven years.



A month back, Brent was trading at US$ 73.92.



Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.



The surge in international oil prices ended a three-week hiatus in rate revision on September 28 for petrol and September 24 for diesel.



Since then, diesel rate has gone up by Rs 6.50 per litre and petrol price has increased by Rs 5.



Prior to that, petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period.
The post Petrol, diesel prices hiked again appeared first on The Navhind Times.


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 story : Moody’s revises outlook for Indian banking system to stable from negative #FinanceIndia #StockMarketNEWS #Business Mumbai: Moody’s has revised the outlook for the Indian banking system to stable

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Posted in: #Business #FinanceIndia #StockMarketNEWS

Moody’s revises outlook for Indian banking system to stable from negative #FinanceIndia #StockMarketNEWS #Business
Mumbai: Moody’s has revised the outlook for the Indian banking system to stable from negative suggesting that the deterioration of asset quality since the onset of the coronavirus pandemic has been moderate and an improving operating environment will support asset quality.



In its banking system outlook, Moody’s Investors Service said that India’s economy will continue to recover in the next 12-18 months with GDP growing 9. 3 per cent in the fiscal year ending March 2022 and 7. 9 per cent in the following year.



“The pickup in economic activity will drive credit growth, which we expect to be 10-13 per cent annually. Moreover, weak corporate financials and funding constraints at finance companies have been key negative factors for banks but these risks have receded,? it said.



The basis of Moody’s revision of outlook for Indian banking system has been limited impact that the pandemic has on deterioration of asset quality of banks despite relatively limited regulatory support for borrowers. The quality of corporate loans has improved, indicating that banks have recognised and provisioned for all legacy problem loans in this segment. The quality of retail loans has deteriorated, but to a limited degree because large-scale job losses have not occurred.



“We expect asset quality will further improve, leading to decline in credit costs, as economic activity normalises,? Moody’s banking system outlook said.



The ratings agency said that capital ratios have risen across rated banks in the past year because most have issued new shares. Public sector banks’ ability to raise equity capital from the market is particularly credit positive because it reduces their dependence on the government for capital. However, further increase in capital will be limited because banks will use most of retained earnings to support an acceleration of loan growth.



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 story : Govt sanctions ad hoc bonus to employees for FY21 #FinanceIndia #StockMarketNEWS #Business New Delhi: The government has sanctioned non-productivity linked or ad hoc bonus for central government employees

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Govt sanctions ad hoc bonus to employees for FY21 #FinanceIndia #StockMarketNEWS #Business
New Delhi: The government has sanctioned non-productivity linked or ad hoc bonus for central government employees for fiscal year 2020-21.



In an office memorandum, the Department of Expenditure under the Finance Ministry said the employees of central para military forces and armed forces too would be eligible for the bonus.



Employees who were in service as on March 31, 2021, and have rendered at least six months of continuous service during 2020-21 fiscal year would be eligible for this ad hoc bonus.



The non-productivity linked bonus (ad hoc bonus) would be paid to the central government employees in Group C and all non-gazetted employees in Group B, who are not covered by any productivity- linked bonus scheme.



The calculation ceiling for payment of this bonus would be monthly emoluments of Rs 7,000.



“The quantum of ad hoc bonus will be worked out on the basis of average emoluments/calculation ceiling whichever is lower,? the Department of Expenditure said.



To calculate ad hoc bonus for one day, the average emoluments in a year will be divided by 30.4 (average number of days in a month).



This will, thereafter, be multiplied by the number of days of bonus granted.



Giving an illustration, the memorandum said given the calculation ceiling of monthly emoluments of Rs 7,000 (where actual average emoluments exceed Rs 7,000), the non-productivity linked bonus or ad-hoc bonus for 30 days would work out to be Rs 6,908.



It also clarified that in case of employees who resigned, retired from service or expired before March 31, 2021, the ad hoc bonus would be paid only to those who superannuated or retired on medical grounds or died before March 31, 2021, but after completing at least six months regular service during the year.
The post Govt sanctions ad hoc bonus to employees for FY21 appeared first on The Navhind Times.


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 story : Dr Bhagwat Kishanrao Karad desires to see LIC occupying Numero Uno position #FinanceIndia #StockMarketNEWS #Business PANAJI: Dr  Bhagwat Kishanrao Karad, Minister of State, Department of Financial

@stockMarketNEWS 4 Days ago

Posted in: #Business #FinanceIndia #StockMarketNEWS

Dr Bhagwat Kishanrao Karad desires to see LIC occupying Numero Uno position #FinanceIndia #StockMarketNEWS #Business
PANAJI: Dr  Bhagwat Kishanrao Karad, Minister of State, Department of Financial Services, Government of India visited LIC of India, Central Office, Mumbai  recently. M R Kumar, Chairperson and Managing Directors,  Siddhartha Mohanty,  Mini Ipe,  B C  Patnaik welcomed the Minister. His keynote address focussed on people and how they can be benefitted. While expressing satisfaction over the Brand Image of LIC, he expressed the desire to see LIC occupying Numero Uno position in global insurance Brands. Subsequently he visited various departments of Central Office and interacted with departmental officials, wherein he emphasized on the prompt disposal of work. NT
The post Dr Bhagwat Kishanrao Karad desires to see LIC occupying Numero Uno position appeared first on The Navhind Times.


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 story : Bank gross NPAs to rise to 8-9%, stressed assets to touch 10-11%: Report #FinanceIndia #StockMarketNEWS #Business Mumbai: Gross non-performing assets (NPAs) of banks will rise to 8-9 per cent this

@stockMarketNEWS 4 Days ago

Posted in: #Business #FinanceIndia #StockMarketNEWS

Bank gross NPAs to rise to 8-9%, stressed assets to touch 10-11%: Report #FinanceIndia #StockMarketNEWS #Business
Mumbai: Gross non-performing assets (NPAs) of banks will rise to 8-9 per cent this fiscal, well below the peak of 11. 2 per cent seen at the end of fiscal, ratings agency Crisil said in a report.



The Covid-19 relief measures such as the restructuring dispensation, and the Emergency Credit Line Guarantee Scheme (ECLGS) will help limit the rise, the report added.



With 2 per cent of bank credit expected under restructuring by the end of this fiscal, stressed assets-comprising gross NPAs and loan book under restructuring-should touch 10-11 per cent.



Krishnan Sitaraman, Senior Director and Deputy Chief Ratings Officer, CRISIL Ratings, said: “The retail and MSME segments, which together form 40 per cent of bank credit, are expected to see higher accretion of NPAs and stressed assets this time around. Stressed assets in these segments are seen rising to 4-5 per cent and 17-18 per cent, respectively, by this fiscal end. The numbers would have trended even higher but for write-offs, primarily in the unsecured segment. ?



The retail segment, which had a relatively stable run over the past decade, has been singed by the pandemic, with salaried and self-employed borrowers alike facing significant income challenges and higher medical expenses, especially in the second wave.



Thus, in a first-of-its-kind move, the Reserve Bank of India (RBI) introduced loan restructuring for retail borrowers to help them tide over the situation. This followed a six-month moratorium permitted by lenders last fiscal.



Despite the measures, CRISIL Ratings believes stressed assets in the retail segment will rise to 4-5 per cent by the end of this fiscal from 3 per cent last fiscal. While home loans, the largest segment, will be the least impacted, unsecured loans are expected to bear the brunt of the pandemic.



The MSME segment, despite benefiting from ECLGS and the recent limit enhancement and tenure extension, is likely to see asset quality deteriorate and will require restructuring to manage cash-flow challenges. In fact, restructuring is expected to be the highest for this segment, at 4-5 per cent of the loan book, leading to a jump in stressed assets to 17-18 per cent by this fiscal end from 14 per cent last fiscal, Crisil said.



The corporate segment, though, is expected to be far more resilient. A large part of the stress in the corporate portfolio had already been recognised during the asset quality review initiated five years ago. That, coupled with the secular deleveraging trend, has strengthened the balance sheets of corporates, and enabled them to tide over the pandemic relatively unscathed compared with retail and MSME borrowers. This is evident from restructuring of only 1 per cent in the segment.


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 story : Covid brings 3 lakh agents to focus as India’s travel market to hit 5 bn #FinanceIndia #StockMarketNEWS #Business Bengaluru: India’s travel market is forecast to grow to 5 billion by the

@stockMarketNEWS 4 Days ago

Posted in: #Business #FinanceIndia #StockMarketNEWS

Covid brings 3 lakh agents to focus as India’s travel market to hit 5 bn #FinanceIndia #StockMarketNEWS #Business
Bengaluru: India’s travel market is forecast to grow to 5 billion by the financial year (FY) 2027 and as the complexity of travel increases in the pandemic, over 3 lakh agents are expected to cater to over billion of the overall market size by the same time period, a new report showed on Tuesday.



Amid the pandemic-related uncertainties, customers now prefer to make travel booking through agents. Eighty per cent of international air travel and international leisure travel is being booked through agents.



“Top 750 agents are doing Rs 3-4 crore of business per month, capturing 12 per cent of the agent travel market. These agents largely focus on air travel and have corporate tie-ups,? according to RedCore.



, an arm of Bengaluru-based market research firm RedSeer.



These are followed by 60,000 agents who are of medium size and do a business of Rs 20 lakh per month. They focus on selling holiday packages. These agents capture more than 50 per cent agent market share.



Remaining 35 per cent travel agent market share is captured by a long chain of 250,000 small agents, the report noted.



“Travel in India is still heavily dependent on Agents. Agents not just offer convenience and trust, but are also price competitive to direct booking. They represent 50 per cent plus of the travel market share and are expected to maintain this share in coming years,? said Anuj Kumar, Director at RedCore.



The overall travel market in India was billion in FY20, and is expected to cross 5 billion by FY27.



“The travel market shrunk significantly in FY21 but the recovery is expected to continue in FY22, and also expects to see a spike in the later years due to pent-up demand,? the report noted.



The findings showed that there is a lack of players operating in the packages segment, who could curate the package according to customer requirements.



“The Indian travel market is dominated by 300,000 travel agents who represent the largest share by booking channel of 52 per cent and the role of agents significantly increased in Covid times,? the report added.
The post Covid brings 3 lakh agents to focus as India’s travel market to hit 5 bn appeared first on The Navhind Times.


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 story : ‘Around 44% people living in Delhi slums depend on bottled water’ #FinanceIndia #StockMarketNEWS #Business New Delhi: Nearly 44 per cent residents of Delhi slums depend on bottled water for drinking

@stockMarketNEWS 4 Days ago

Posted in: #Business #FinanceIndia #StockMarketNEWS

‘Around 44% people living in Delhi slums depend on bottled water’ #FinanceIndia #StockMarketNEWS #Business
New Delhi: Nearly 44 per cent residents of Delhi slums depend on bottled water for drinking purposes, while around 76 per cent of households in the city have piped water connections, revealed a report based on a survey by the Delhi government.



It also showed that 71 per cent of household dwellings were connected to the piped sewer system and 28.5 per cent were using the ‘flush to septic tanh&H[KHܝYۈH[وH]H[Hو
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 story : MSP value of Rs 11,099.25 cr paid for paddy: Govt #FinanceIndia #StockMarketNEWS #Business New Delhi: The government on Monday said that over 56.62 lakh metric tonnes of paddy has been procured in

@stockMarketNEWS 4 Days ago

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MSP value of Rs 11,099.25 cr paid for paddy: Govt #FinanceIndia #StockMarketNEWS #Business
New Delhi: The government on Monday said that over 56.62 lakh metric tonnes of paddy has been procured in the Kharif Marketing Season 2021-22 up to October 17.



The KMS 2021-22, at the minimum support price (MSP), commenced recently and has benefitted 3,71,919 farmers with MSP value of Rs 11,099.25 crore, an official statement said.



The procurement took place in states and UTs of Chandigarh, Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Uttar Pradesh, and Uttarakhand.



The government had earlier declared October 11 as the date for starting procurement under MSP for Haryana and Punjab. However, after a hue and cry from the farmers, the date was brought earlier and the procurement started on October 1.



The government claimed it has digitised land records and the names of the farmers, owners and tillers both, and also put in place a procedure to book dates for bringing in paddy for procurement under the MSP. It also claimed that it has put in place a system that pays the farmers directly the MSP price into their bank accounts and the commission, wherever due, is diverted to the trader’s account.
The post MSP value of Rs 11,099.25 cr paid for paddy: Govt appeared first on The Navhind Times.


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 story : Rains, festive season, high fuel prices send vegetable prices soaring #FinanceIndia #StockMarketNEWS #Business IANS New Delhi The delayed withdrawal of monsoon, coupled with flood situation

@stockMarketNEWS 4 Days ago

Posted in: #Business #FinanceIndia #StockMarketNEWS

Rains, festive season, high fuel prices send vegetable prices soaring #FinanceIndia #StockMarketNEWS #Business
IANS



New Delhi



The delayed withdrawal of monsoon, coupled with flood situation in various parts of the country, soaring fuel prices and the festive season demand have all set the prices of vegetables, especially essentials such as onion and tomato, to shoot up within a week or so.



The Centre has claimed it is keeping tab on the prices and even announced that it has maintained a buffer stock to moderate prices and ensuring minimal storage loss.



The prices were relatively stable till about last month and the rates were comparable to that of the same time last year. However, with floods in several parts of south India in September and early October led to supply shortage.



For instance, according to state wise ‘Wholesale Prices Monthly Analysis for Onion’ for the month of October 2021 shows that in Delhi, the rate of onions in this month is Rs 2,970. 62 per quintal, compared to Rs 1,711. 18 per quintal in September 2021, which is a whopping 73. 6 per cent increase. However, the rate in October 2020 was Rs 3,161. 94 per quintal, which is minus 6. 05 per cent compared to current month price.



Similarly, for Maharashtra, the rate is Rs 2,760. 69 per quintal in October 2021 compared to Rs 1,521. 68 per quintal in September 2021, which is 81. 42 per cent increase. However, the rate in October 2020 was Rs 3,374. 71, which is minus 18. 19 per cent.



Almost similar prices played out in Madhya Pradesh where the rate for October 2021 is Rs 2,523. 79 compared to Rs 1,391. 11 in September 2021, which is again, 81. 42 per cent rise. And very similar to Maharashtra, the price in October 2020 was Rs 3,181. 28, which is minus 20. 67 compared to current month savings.



“The onion and tomato prices have shot up because there have been continuous rains in Maharashtra from where Delhi gets its onions. Tomatoes come from Maharashtra and Karnataka, which too has witnessed rains and flood fury in recent weeks,? said former president of Federation of Fruit and Vegetables Trade Associations of Delhi, Rajendra Sharma.



This has had a cascading effect on retail rates in Delhi. Around navaratri time, the rates were stable, tomatoes cost Rs 50 per kg but days after Dussehra, on Monday, the rates had soared to Rs 80 per kg. Onions are currently being sold at Rs 60 per kg in most areas, with rates in south Delhi tad higher.



Vegetable rates rarely soar in just one area or one metro. The price rise is almost all the time pan-India, especially for the metro cities.



An onion grower and trader from Lasalgaon in Maharashtra, Sanjay Holkar, said, the diesel prices have hit the roof and that is the reason why the cost at the consumer end has escalated.


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 story : Textile Fairs India, Delhi (21~23 Oct 2021) commences #FinanceIndia #StockMarketNEWS Textile Fairs India, Delhi (21~23 Oct 2021) commences New Delhi, 21 Oct (KNN) The Textile Fairs India (TFI) is

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Textile Fairs India, Delhi (21~23 Oct 2021) commences #FinanceIndia #StockMarketNEWS
Textile Fairs India, Delhi (21~23 Oct 2021) commences New Delhi, 21 Oct (KNN) The Textile Fairs India (TFI) is scheduled from 21st  to 23rd October 2021 at Hall No. 8, 9, 10, 11, Pragati Maidan in New Delhi.

The four shows will integrate the manufacturers and suppliers of fibers, yarns, apparel fabrics, trims, embellishments, apparels, fashion accessories, home textiles, home decor and services from India and overseas to showcase their merchandise to discerning buyers from across the world.

S S Textile Media Private Limited (SSTM) is organizing the event. Over the last 16 years, they have focused in creating valuable brands that serve the total textile value chain.

SSTM currently organizes focused trade shows viz. F&A Show - Fabrics & Accessories Trade Show in Bangalore and New Delhi.

YARNEX - India International Yarn Exhibition in New Delhi, Ludhiana and Tirupur. TEXINDIA – Textile Sourcing Fair in Tirupur and Ludhiana. Apparel Sourcing Fair in Bangalore & New Delhi.

Homtex - Home Textiles | Home Decor in New Delhi. The events held annually brings together high quality buyers and suppliers to source products and establish linkages with existing as well as new suppliers.

The endeavour is to build and consolidate upon the success of these brands and also continuously provide value-added services for the value chain.


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 story : Food & Health Ingredients Expo opens on physical and virtual formats #FinanceIndia #StockMarketNEWS Food & Health Ingredients Expo opens on physical and virtual formats New Delhi, 21 Oct (KNN) Informa

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Food & Health Ingredients Expo opens on physical and virtual formats #FinanceIndia #StockMarketNEWS
Food & Health Ingredients Expo opens on physical and virtual formats New Delhi, 21 Oct (KNN) Informa Markets inaugurated its 15th edition of the Food Ingredients India & Health Ingredients (Fi India & Hi) expo with the co-located ProPak India expo, catering to the processing and packaging industry in its 3rd edition in New Delhi.

While the in-person events are being held from 20 – 22 October 2021 at Hall 5, Pragati Maidan, New Delhi, a parallel virtual edition of the shows is also running from 20 -25 October 2021.

The B2B shows are placed to provide industry players an entire range of products and solutions under one roof on food & health ingredients and processing & packaging.

It offers the industry an opportunity to source high-quality food, health, beverage, dairy ingredients, ProPak India caters to processing and packaging technologies for varied industries - food, beverages, dairy, personal care, eCommerce, among others.

The inauguration was marked by the presence of D. V. Malhan - President, Society of Indian Bakers, Sunil Marwah - CEO, Federation for Capacity & Skill Development for Food Processing Industry, Dr. Alessandro Liberatori, Italian Trade Commissioner, Embassy of Italy, New Delhi; Coordinator of Italian Trade Commission offices for India, Bangladesh & Sri Lanka, Yogesh Mudras, Managing Director, Informa Markets India, and Rahul Deshpande, Group Director, Informa Markets India, amidst an august industry gathering.

It saw participation from top exhibitors who showcased coveted brands relating to food & flavours, natural ingredients, additives, enzymes, herbs, spices, antioxidants, proteins, probiotics, vitamins, and minerals, along with processing and packaging machines and equipment.

Speaking at the launch Yogesh Mudras, Managing Director, Informa Markets India, said, "The food sector in India has emerged as a high-growth and high-profit sector due to its immense adaptability and potential for value addition, particularly within the food processing industry. Even during the pandemic, there has been a marked focus on health and wellness products. More than ever, there has been an overall shift toward value-based buying. With the change in eating patterns, and consumption of nutritious food to keep the immunity intact, we foresee health, nutritional and immunity foods to witness a boom in the coming years. The food processing ingredients market is projected to reach around USD 56 billion by 2023, at a CAGR of 6. 2%. Side by side, the government is making all efforts to encourage investments with initiatives such as joint ventures (JV), foreign collaborations, industrial licenses, and 100% export-oriented units.


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 story : Cabinet clears Gati Shakti National Master Plan & Institutional framework #FinanceIndia #StockMarketNEWS Cabinet clears Gati Shakti National Master Plan & Institutional framework New Delhi, 21 Oct

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Cabinet clears Gati Shakti National Master Plan & Institutional framework #FinanceIndia #StockMarketNEWS
Cabinet clears Gati Shakti National Master Plan & Institutional framework New Delhi, 21 Oct (KNN) The Cabinet Committee on Economic Affairs (CCEA) has approved PM Gati Shakti National Master Plan including institutional framework for rolling out, implementation, and monitoring and support mechanism for providing multi-modal connectivity.

Implementation framework includes Empowered Group of Secretaries (EGOS), Network Planning Group (NPG) and Technical Support Unit (TSU) with required technical competencies.

EGOS will be headed by Cabinet Secretary and will consist of Secretaries of 18 Ministries as members and Head of Logistics Division as Member Convenor.

The EGOS has been mandated to review and monitor implementation of the PM Gati Shakti NMP to ensure logistics efficiency. It is empowered to prescribe framework and norms for undertaking any subsequent amendments to the NMP.

EGOS shall also set out the procedure and definitive framework for synchronization of various activities, and ensure that various initiatives of infrastructure development are part of the common integrated digital platform.

It will also look at the interventions required to meet the demand side, in efficiently transporting bulk goods on the requirement of various Ministries like Steel, Coal, Fertilizer, etc.

CCEA has also approved formation, composition and terms of reference for Network Planning Group (NPG) consisting of heads of Network Planning wing of respective infrastructure ministries and it will assist the EGOS.

Further, in view of the complexities involved in overall integration of networks, enhancing optimization to avoid duplication of works for holistic development of any region as well as reducing logistics costs through micro-plan detailing, the Technical Support Unit (TSU) is approved for providing the required competencies.

The structure of TSU has also been approved. TSU shall have domain experts from various infrastructure sectors as Aviation, Maritime, Public Transport, Rail, Roads & Highways, Ports, etc. and Subject Matter Experts (SMEs) as Urban & Transport Planning, Structures (Roads, Bridges & Buildings), Power, Pipeline, GIS, ICT, Finance/Market PPP, logistics, Data Analytics, etc.

The PM Gati Shakti NMP is intended to break Departmental Silos and bring in more holistic and integrated planning and execution of projects with a view to address the issues of Multi Modal connectivity and last mile connectivity. This will help in bringing down the logistics cost. This will translate into enormous economic gains to consumers, farmers, youth as well as those engaged in businesses.

With this approval, the roll out of PM Gati Shakti will get further momentum which will result in holistic and integrated planning framework for infrastructure development in the country.


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 story : CAIT urges Health Minister Mandaviya to remove pro ecommerce ad #FinanceIndia #StockMarketNEWS CAIT urges Health Minister Mandaviya to remove pro e-commerce ad New Delhi, 20 Oct (KNN) The Confederation

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CAIT urges Health Minister Mandaviya to remove pro ecommerce ad #FinanceIndia #StockMarketNEWS
CAIT urges Health Minister Mandaviya to remove pro e-commerce ad New Delhi, 20 Oct (KNN) The Confederation of All India Traders (CAIT) approached the Union Health Minister, Mansukh Mandaviya setting out their resentment towards an advertisement campaign of the health ministry urging the people to shop online for protection from Covid.

The CAIT while registering its strong protest on this particular advertisement has called upon Health Minister Mandaviya to immediately withdraw the said advertisement and suspend its promotion any further.

“The said advertisement campaign is grossly against more than 8 crore small businesses of the Country who are rendering yeomen services at the time of need of the nation and contravenes the fundamental right enshrined in the Constitution of India which prohibits any discrimination,” said the CAIT.

CAIT National President B. C. Bhartia and Secretary General Praveen Khandelwal in the communication said to the Health Minister Mandaviya that the current online business of India is highly vitiated and captivated by foreign funded e-commerce companies which have left no stone unturned in disobeying the laws and the rules of the Country and abusing the dominance.

The said campaign of the Health Ministry is regarded as a vital support and empowering the global e-commerce companies to continue with their unhealthy and manipulative business practices much to the disadvantage to not only the traders but the end consumers as well.

The Confederation is of that the opinion that while drafting the campaign, these issues were ignored such a move by Health Ministry is highly derogatory, proved to be much disastrous to the offline business community and an attempt to discourage the retailers of the Country.

“The offline traders who stood firmly with the Government at the time of covid both last year and this year have been grossly ignored and neglected by the officials who designed the campaign-lamented both leaders,” stated CAIT.

Bhartia & Khandelwal said that at the time when much controversy is erupting about e-commerce business, strong remarks passed by the Supreme Court and Karnataka High Court about the business tactics of major global e-tailers who have the highest share of e-commerce business in India, several statements made by Union Commerce Minister Piyush Goyal at various national & international forums about mandated compliance of the laws and rules have been put to deaf ears to by major e-tailers who  are controlling the e-commerce business,  the campaign of health ministry asking people to buy goods from online is an unwanted, uncalled for and highly discriminatory campaign which rejects the contribution of offline traders in national economy and who have been regarded as backbone of economy by Prime Minister Narendra Modi.


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 story : India ultimate investment destination for solar power: U.S. Secretary #FinanceIndia #StockMarketNEWS India- ultimate investment destination for solar power: U. S. Secretary New Delhi, 20 Oct (KNN)

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India ultimate investment destination for solar power: U.S. Secretary #FinanceIndia #StockMarketNEWS
India- ultimate investment destination for solar power: U. S. Secretary New Delhi, 20 Oct (KNN) R. K. Singh, Union Minister for Power and New and Renewable Energy and the President of International Solar Alliance hosted the Fourth Assembly of the International Solar Alliance.

“India has made rapid strides in the solar energy sector over past few years and rapid capacity addition is a testament to India’s commitment to clean and affordable solar energy. India has target to reach 450 GW of RE by 2030. We have 154 GW of installed non fossil generation capacity and another 67 GW under construction. India’s non-fossil fuel based capacity is on-track to surpass the 40 % target under the India’s NDC, said Power Minister Singh.

He emphasized that solving the problem of energy access is very important. The ISA can enable energy access for 800 million people who lack energy access, worldwide.

The Union Minister also pointed out that International Solar Alliance was founded to bring the global community together, synergize our efforts, and leverage our complementarities to overcome such barriers. He said that ISA can play primary role in providing energy access to all.

Secretary Kerry applauded the International Solar Alliance and the leadership of India, France and member countries of the ISA Assembly in their collaboration to advance the global clean energy transition.

“It is really terrific to see India leading the ISA. India is a close partner and the United States strongly supports India’s goal of reaching 450 GW of renewable energy by 2030. We believe that it’s absolutely doable and will be done. India has already set an example for emerging economies by reaching 100GW of renewables. What India has demonstrated with its low-cost solar auctions and build out of the transmission grids and massive solar parts program and other innovative policy tools can be replicated all over the world, ” he said.

He added that the ISA is critical to reducing greenhouse gas emissions and has an opportunity to accelerate solar growth with member countries blessed with the world’s strongest sunlight.

Speaking on India- U. S. ties and calling India, “a red-hot investment destination for solar power,” Secretary Kerry shared that, leading countries deploying solar power from India to United States are seeing the need for energy storage to balance the intermittency of renewable energy. Harnessing the full value of solar energy will require countries to invest in storage, in grid infrastructure and in flexibility in both demand and supply. And to connect solar power with parts of the economy that don’t currently use electricity, countries must invest in electric vehicles and clean fuels like hydrogen that can be produced using solar power.


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 story : IEEMA hosts virtual expo for electrical sector from 2026 Oct #FinanceIndia #StockMarketNEWS IEEMA hosts virtual expo for electrical sector from 20-26 Oct New Delhi, 20 Oct (KNN) Indian Electrical

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IEEMA hosts virtual expo for electrical sector from 2026 Oct #FinanceIndia #StockMarketNEWS
IEEMA hosts virtual expo for electrical sector from 20-26 Oct New Delhi, 20 Oct (KNN) Indian Electrical and Electronics Manufacturers (IEEMA) is holding Digielec Bharat 2021 from 20th to 26th October.

It’s a virtual expo showcasing new technology and demand trends in Indian Electrical Industry.

The key speakers for the event include Amitabh Kant - CEO, Niti Aayog, Durga Shanker Mishra - Secretary, Ministry of Housing and Urban Affairs, Government of India, Padma Vibhushan Raghunath Mashelkar – Chairman, New Energy Council, Reliance Industries Ltd & Former DG, CSIR; Sumita Dawra - Additional Secretary, GoI; Gurdeep Singh – Chairman & Managing Director.

Various buyers for Railway & Metro Business, Power Utilities, Utility companies, major EPC companies in transmission & distribution have confirmed to interact with the industry.

---  Focus on energy Future trends
---  Green Hydrogen
---  Electric Vehicles & e-Mobility
---  Carbon Net Zero


Vipul Ray, President, IEEMA expressed, “India has committed to net zero carbon content by 2050. What it means for the industry and the business opportunities that it provides, will be discussed and put on the table for the first time. The electrical industry has the capability of meeting the sourcing requirements of the Electric Vehicles ecosystem. Eminent experts shall discuss the emerging business opportunities in the EV Supply Chain; EV Charging Infrastructure, Green Hydrogen and Energy Storage. "

Vijay Karia, Chairman, Digielec Bharat articulated, “The world is changing. The business and the mode of doing business is changing, and most importantly technologies are changing. We want to bring about this realisation into the minds of the Indian electrical industry, where they need to upgrade their products to match international standards, and meet up with the expectations of newer demands and upgraded technologies. We are seeing the huge advent of electric vehicles and therefore requirement for electric charging stations, apart from the electrical components of the vehicles. Most companies are focusing on renewable energies and are moving away from fossil fuels. The climate change across the world has led to a realisation that we no longer can afford to emit Carbon into the air, as this will be a disaster for the world. Digielec showcases future trends like Green Hydrogen, e-Mobility, EV Charging technology. ”

Charu Mathur, DG, IEEMA stated, “There are so many companies around the world wanting to set up their manufacturing facility in India. This exhibition will give them that platform to converge and invest in India.


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 story : Supply chain constraints spoil Garment export party #FinanceIndia #StockMarketNEWS Supply chain constraints spoil Garment export party New Delhi, 19 Oct (KNN) Although the garment industry has witnessed

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Supply chain constraints spoil Garment export party #FinanceIndia #StockMarketNEWS
Supply chain constraints spoil Garment export party New Delhi, 19 Oct (KNN) Although the garment industry has witnessed a remarkable rebound in exports since the wake of covid-19, there are bigger challenges staring the sector in the form of supply chain constraints.

While hike in fuel prices remains a concern as the dyeing and processing units have started added ad-hoc ‘fuel surcharge’, the inherent supply chain constraints come to fore during buoyancy.

“India is one of the largest producers of cotton and houses the entire value chain up to apparel for export. But due to structural bottlenecks of the supply chain, we could seldom exploit the surge  in demand” says Dr. Animesh Saxena- Manging Director Neetee Apparels- a leading garment exporter and President of Federation of Indian Micro and Small & Medium Enterprises (FISME).      

“The sub-optimal size of dyeing & processing units and their limited capacities mean they can’t work on long term contacts and are prone to hike prices with even slight change in raw material costs. Secondly, the current size of processing industry can’t handle sudden surge in orders and export opportunities like the one coming to India’s way due to shift in GVCs, are likely to be missed”, he added.  

Dr. Saxena has suggested to the Government to help bolster investment in the supply chain to augment productive capacities.    

Speaking exclusively with KNN on this issue, Raja Shanmugham, President, Tiruppur Exporters Association stated, “The current situation is adversely impacting the industry in all forms. Government needs to understand that MSMEs are facing the brunt of the crunch in the supply of raw materials. ”

He further added that, this turmoil has been building up since the last 2 years and to sustain is a big challenge for us.

Looking at the current scenario, growth doesn’t look immediate for the textile industry but a flow of investments will give the much needed push to the supply chain.

Shanmugham said that, “The PIL scheme, Pradhan Mantri Mega Integrated Textile Region and Apparel (PM Mitra) scheme are good for the corporate sector, and not for clusters like ours. Hence, our plea to the government is to look into liquidity block and release the amount guaranteed in the schemes. ”

With this the Government also needs to aid the textile sector with technological advancement, and should come forward to safeguard the MSMEs.

It is imperative to note that India is the 6th largest exporter of textiles and apparel in the world, and is the 2nd largest employer in the country providing direct employment to 45 million people and 100 million people in allied industries.


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 story : Indian Missions abroad to showcase Tribal artefacts through TRIFED #FinanceIndia #StockMarketNEWS Indian Missions abroad to showcase Tribal artefacts through TRIFED New Delhi, 19 Oct (KNN) As a part

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Indian Missions abroad to showcase Tribal artefacts through TRIFED #FinanceIndia #StockMarketNEWS
Indian Missions abroad to showcase Tribal artefacts through TRIFED New Delhi, 19 Oct (KNN) As a part of global initiative to promote products and art by tribal communities of India, the ‘Atmanirbhar Bharat’ corner in various High Commissions has been set up by Tribal Co-operative Marketing Development Federation of India (TRIFED) in association with Ministry of External Affairs.

Currently TRIFED markets 56 GI tagged products, and has collaborated with various government ministries such as Ministry of Culture, Department of Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce; India Posts;  to support GI Tag products along with tribal products and empower the work and talent of the group.

It aims at setting up an Atmanirbhar Bharat corner in 100 Indian Missions/ Embassies across the world.

Catalogues and brochures that showcase the richness and variety of tribal products have also been shared with the Missions and embassies for display at the corner.

Diplomats from large number of countries and delegates of international organizations participated at the international conclave at Aadi Mahotsav this year.


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 story : Hit by upsurge in fuel prices, MSMEs demand reduction of levies #FinanceIndia #StockMarketNEWS Hit by upsurge in fuel prices, MSMEs demand reduction of levies Bangalore, 19 Oct (KNN) The rise in petrol

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Hit by upsurge in fuel prices, MSMEs demand reduction of levies #FinanceIndia #StockMarketNEWS
Hit by upsurge in fuel prices, MSMEs demand reduction of levies Bangalore, 19 Oct (KNN) The rise in petrol and diesel prices has increased transport expenses of workers as well as production cost of factories, which has hit the Micro, Small & Medium Enterprises (MSMEs) in many ways.

Karnataka Small Scale Industries Association (KASSIA) has urged the chief minister of Karnataka to immediately cut the existing sales tax of 35% and the Centre to reduce excise duty of INR 32.90 charged by it per litre.

“The workers are demanding to increase their salaries to meet their rising commuting cost as most of them use their own vehicle for commute. Even in case of those workers who use public transport for work, there is a real possibility that they too will be increasing the fare sooner than later,” KASSIA stated in a press release.

Moreover, many vendors have signed up one year or more contract with their purchasers, and now the increase in diesel price has effectively reduced their margin which they cannot pass onto their customers.

The Association observed that the return of fuel consumption level to pre-Covid times indicates that the economy is on the rebound and therefore there is no need for the government to delay its decision to reduce duty on it.

“The State as well as the Centre should act collectively to trim down the price rise otherwise the situation will run out of control and let inflationary conditions into the economy,” KASSIA opined.


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 story : Dollar jumps against lira after surprisingly large Turkish rate cut #FinanceUSA #StockMarketNEWS The dollar surged against the Turkish lira on Thursday after a surprising large rate cut. The Central

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Dollar jumps against lira after surprisingly large Turkish rate cut #FinanceUSA #StockMarketNEWS
The dollar surged against the Turkish lira on Thursday after a surprising large rate cut. The Central Bank of the Republic of Turkey cut interest rates to 16% from 18%, more than the 0.5 point to 1 point cut markets anticipated. The dollar climbed to 9.3095 lira from 9.2133 lira on Wednesday.


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 story : Pfizer and BioNTech say Phase 3 trial found booster dose of COVID vaccine had 95.6% efficacy against disease #FinanceUSA #StockMarketNEWS Pfizer Inc. and German partner BioNTech SE said Thursday

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Pfizer and BioNTech say Phase 3 trial found booster dose of COVID vaccine had 95.6% efficacy against disease #FinanceUSA #StockMarketNEWS
Pfizer Inc. and German partner BioNTech SE said Thursday a late-stage trial of a 30 mg booster dose of their COVID-19 vaccine showed efficacy of 95.6% compared with those who received a placebo. The companies said the Phase 3 trial involved more than 10,000 people aged 16 and older, who had already received the primary two-dose series, and found the booster restored vaccine protection against COVID to the high levels achieved after the second dose. The booster was found to be safe. "These important data add to the body of evidence suggesting that a booster dose of our vaccine can help protect a broad population of people from this virus and its variants," said Ugur Sahin, M.D., CEO and Co-Founder of BioNTech, in a joint statement with Pfizer CEO Albert Bourla. The companies are planning to submit the data to the Food and Drug Administration, the European Medicines Agency and other regulators around the world. Pfizer shares jumped about 1% premarket, while BioNTech was up 1.8%. Pfizer shares have gained 16% in the year to date, while BioNTech has gained 230.5%. The SPDR S&P Biotech ETF has fallen 12% and the S&P 500 has gained 21%.


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 story : Quest Diagnostics net income falls; hikes 2021 outlook #FinanceUSA #StockMarketNEWS Quest Diagnostics Inc. said Thursday its third-quarter net income fell to 5 million, or .02 a share, from 8

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Quest Diagnostics net income falls; hikes 2021 outlook #FinanceUSA #StockMarketNEWS
Quest Diagnostics Inc. said Thursday its third-quarter net income fell to 5 million, or .02 a share, from 8 million, or .14 a share in the year-ago quarter. Adjusted earnings fell to .96 a share from .31 a share. Revenue at the medical testing company dropped to .774 billion from .786 billion. Analysts expected the company to earn .88 a share on revenue of .452 billion, according to a FactSet survey. Quest Diagnostics said it's lifting its 2021 profit target to a range of .50 to .90 a share, from its previous guidance of .65 to .35 share because of higher than expected COVID-19 testing volume. Analysts expected the company to earn .12 a share in 2021. Shares of Quest Diagnostics rose 3% in pre-market trades. As of Wednesday's close, the stock is up 23.2% so far this year, compared to a rise of 20.8% by the S&P 500.


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 story : Southwest results beat expectations, sees 'operational challenges' in October costing million in revenue #FinanceUSA #StockMarketNEWS Southwest Airlines Co. reported Thursday a narrower-than-expected

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Southwest results beat expectations, sees 'operational challenges' in October costing million in revenue #FinanceUSA #StockMarketNEWS
Southwest Airlines Co. reported Thursday a narrower-than-expected third-quarter loss as passenger revenue nearly tripled, as overall demand remained "quite strong" despite a deceleration in traffic in August and September as a result of surging COVID-19 cases. The air carrier's stock was little changed in premarket trading. The company swung to net income of 6 million, or 73 cents a share, from a loss of .16 billion, or .96 a share, in the year-ago period. Excluding non-recurring items, such as 3 million in benefits related to the Payroll Support Program, adjusted per-share losses came to 23 cents, compared with the FactSet loss consensus of 27 cents. Total revenue rose 161.0% to .68 billion, above the FactSet consensus of .58 billion, as passenger revenue grew 190.7% to .23 billion. Load factor improved to 80.7% from 44.9% but came up shy of expectations of 82.1%. For October, revenue and booking trends continue to improve, but the company sees negative impacts of million from the delta variant and of million as a result of flight cancellations from operational challenges. The stock has lost 6.9% over the past three months, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.


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 story : Coronavirus tally: Global cases of COVID-19 top 242 million and FDA backs Moderna, J&J boosters and mix-and-match #FinanceUSA #StockMarketNEWS The global tally for the coronavirus-borne illness climbed

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Coronavirus tally: Global cases of COVID-19 top 242 million and FDA backs Moderna, J&J boosters and mix-and-match #FinanceUSA #StockMarketNEWS
The global tally for the coronavirus-borne illness climbed above 242 million on Wednesday, while the death toll edged above 4.92 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 45.2 million cases and 731,265 deaths. The U.S. is averaging more than 1,500 deaths a day, according to a New York Times tracker, although cases and hospitalizations are declining. U.S. regulators on Wednesday signed off on extending COVID-19 boosters to Americans who got the Moderna or Johnson & Johnson vaccine and said anyone eligible for an extra dose can get a brand different from the one they received initially, the Associated Press reported.The agency's decisions mark a big step toward expanding the U.S. booster campaign, which began with extra doses of the Pfizer vaccine last month. But before more people roll up their sleeves, the Centers for Disease Control and Prevention will consult an expert panel Thursday before finalizing official recommendations for who should get boosters and when.
India is second by cases after the U.S. at 34.1 million and has suffered 452,811 deaths. Brazil has second highest death toll at 604,228 and 21.7 million cases. In Europe, Russia has the most fatalities at 223,331 deaths, followed by the U.K. at 139,444.


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 story : SPAC planning merger with Trump Media jumps in premarket trade #FinanceUSA #StockMarketNEWS Digital World Acquisition Corp. jumped 44%, and its A-class shares gained 30%, after announcing a plan

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SPAC planning merger with Trump Media jumps in premarket trade #FinanceUSA #StockMarketNEWS
Digital World Acquisition Corp. jumped 44%, and its A-class shares gained 30%, after announcing a plan to merge with Trump Media & Technology Group, which aims to launch a social-media platform backed by former President Donald Trump. The transaction values the Trump media group at an enterprise value of 5 million, the company said. What's called Truth Social is aiming for a beta launch in November, and Trump Media & Technology also is planning to launch "non-woke" entertainment programming, news and podcasts.


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 story : Dow's stock gains as profit and revenue rise above forecasts, as local price jump #FinanceUSA #StockMarketNEWS Shares of Dow Inc. edged up 0.2% in premarket trading Thursday, after the chemicals

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Dow's stock gains as profit and revenue rise above forecasts, as local price jump #FinanceUSA #StockMarketNEWS
Shares of Dow Inc. edged up 0.2% in premarket trading Thursday, after the chemicals and specialty materials company reported third-quarter profit and revenue that rose above Wall Street forecasts, amid big jumps in local prices due to tight supply and demand dynamics. The company swung to net income of .68 billion, or .23 a share, from a loss of million, or 4 cents a share, in the same period a year ago. Excluding nonrecurring items, adjusted earnings per share rose to .75 from 50 cents, beating the FactSet consensus of .56. Sales surged 52.8% to .84 billion, above the FactSet consensus of .33 billion. Packaging and specialty plastics sales grew 69.5% to .74 billion to beat the FactSet consensus of .25 billion, as local price increased 63%; industrial intermediates and infrastructure sales rose 46.5% to .48 billion vs. expectations of .40 billion, as local price increased 49%; performance materials and coatings sales rose 26.2% to .53 billion to top expectations of .49 billion, as local price increased 23%. "e continue to see robust end-market demand that is expected to extend into 2022, coupled with near-term logistics constraints and low inventory levels across our value chains," said Chief Executive Jim Fitterling. The stock has gained 7.9% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 16.4%.


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 story : Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remain #FinanceUSA #StockMarketNEWS The S&P 500 index and Dow industrials closed higher on Wednesday,

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Dow, S&P 500 end higher but narrowly miss closing highs as Fed's Beige Book shows inflation pressures remain #FinanceUSA #StockMarketNEWS
The S&P 500 index and Dow industrials closed higher on Wednesday, barely missing a finish at record closing highs as investors parsed the Federal Reserve's latest Beige Book showing the U.S. economy is growing at a modest to moderate pace, but remains under pressure from inflation and labor shortages. Strong third quarter corporate earnings are helping investors overcome some doubts about the impact of the coronavirus delta variant, supply-chain disruptions and the Federal Reserve's likely move to start withdrawing some of its easy-money policies. The Dow Jones Industrial Average close 0.4% higher at 35,609, missing its Aug. 16 closing high at 35,625.40. The S&P 500 index closed up 0.4% to end at around 4,536, coming within a hair's breadth of its Sept. 2 closing high at 4,536.95. The Nasdaq Composite Index , however, ended down slightly, less than 0.1% to end at about 15,121, ending its win streak at five straight sessions. Investors were focused on results from electric-vehicle maker Tesla Inc. , which rolled out after Wednesday's close. Meanwhile, the Fed's latest Beige Book survey of economic conditions released Wednesday pointed to a U.S. economy that still is growing at a solid pace, but labor shortages and supply-chain bottlenecks that have been restraining growth and triggering higher inflation.


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 story : Citizens net income up 69% as ROTCE rises #FinanceUSA #StockMarketNEWS Citizens Financial Group Inc. said Wednesday its third-quarter net income rose to 0 million, or .18 a share, from 4 million,

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Citizens net income up 69% as ROTCE rises #FinanceUSA #StockMarketNEWS
Citizens Financial Group Inc. said Wednesday its third-quarter net income rose to 0 million, or .18 a share, from 4 million, or 68 cents a share, in the year-ago quarter. Adjusted earnings rose to .22 a share from 73 cents a share. Revenue fell to .66 billion from .75 billion. Analysts expected the regional bank to earn .16 a share on revenue of .64 billion, according to data from FactSet. The company's adjusted return on total capital employed rose to 14.2% from 9% -- a measure that's been a focus of CEO Bruce Van Saun. Shares of Citizens are up 3.4%. Prior to Wednesday's gains, the shares had gained 37.3% so far this year, compared to an increase of 41.8% by the KBW Nasdaq Bank Index .


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 story : Gold futures post back-to-back session gains #FinanceUSA #StockMarketNEWS Gold futures rose on Wednesday, settling higher for a second straight session. "Inflation concerns are supporting gold prices,"

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Gold futures post back-to-back session gains #FinanceUSA #StockMarketNEWS
Gold futures rose on Wednesday, settling higher for a second straight session. "Inflation concerns are supporting gold prices," said Chintan Karnani, director of research at Insignia Consultants. The yellow metal is still trading in the ,750 to ,800 range, but it will break free from that range, as physical demand is very high in Asia, he said. In the short term, however, gold has to show signs of trading over ,800 for prices to rally, said Karnani. December gold climbed by .40, or 0.8%, to settle at ,784.90 an ounce. After the release of the Federal Reserve's Beige Book report, prices traded at ,786.40 in electronic trading.


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 story : Oil futures finish higher after an unexpected weekly fall in U.S. crude inventories #FinanceUSA #StockMarketNEWS Oil futures settled higher on Wednesday after the Energy Information Administration

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Oil futures finish higher after an unexpected weekly fall in U.S. crude inventories #FinanceUSA #StockMarketNEWS
Oil futures settled higher on Wednesday after the Energy Information Administration reported a weekly decline of 400,000 barrels in U.S. crude inventories, defying some expectations for a weekly climb. The crude market is coming out of an "overbought situation" and may see prices consolidate, before grinding higher, said Tariq Zahir, managing member at Tyche Capital Advisors. He also said he wouldn't be surprised to see the Biden administration try and pressure the Organization of the Petroleum Exporting Countries to produce more oil or see renewed talk of a release of oil from the Strategic Petroleum Reserve, amid efforts to "try and halt the recent upward movement in crude prices." On its expiration day, West Texas Intermediate crude for November delivery rose 91 cents, or 1.1%, to end at .87 a barrel on the New York Mercantile Exchange, the highest finish for a front-month contract since Oct. 13, 2014, according to FactSet data. December WTI crude , now the front-month contract, added 98 cents, or 1.2%, to settle at .42.


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