Uttarakhand government signs MoUs worth Rs 5450 cr with industrial bodies in Dubai

Several MoUs, worth Rs 5,450 crore, were signed between the government of Uttarakhand and various industrial groups in Dubai in the presence of Uttarakhand chief minister Pushkar Singh Dhami. The industrial groups that are part of the agreement belong to tourism, education, infrastructure and real estate sectors.

So far, MoUs worth Rs 2,000 crore by Sir Biotech and Hyatt India, Rs 950 crore by Carmilla Nutrition Technology Group for pharma production, Rs 800 crore by GTC Group and Flow Conglomerate Group for investment in real estate, infra and tourism sectors have been singned. An MoU of Rs 500 crore and Rs 700 crore for manufacturing sector with Exley Group and investment an MoU of Rs 500 crore with Sharaf Logistics have been signed. Secretary, industries, Vinay Shankar Pandey signed the MoUs on behalf of the state government. CM Dhami invited all the industrial houses to the Uttarakhand Global Investor Summit 2023, to be held in Dehradun on December 8 and 9.

Hamas Attack: The Role and Impact of Israel’s Iron Dome Missile Defense System

Since the beginning of the conflict between Hamas and Israel, the Iron Dome missile defense system in Israel has intercepted several rockets and missiles launched from Gaza.Why is this important?

For more than a decade, this multi-billion-dollar system has played a crucial role in protecting Israeli cities and preventing many casualties.In response to the attacks since Oct 7, 2023Israel has launched heavy bombardments on the densely populated Gaza Strip, an area controlled by Hamas and home to 2 million Palestinians. Israel also cut off electricity and blocked the entry of food, fuel, and supplies into Gaza.

According to the information available in the public domain, the Iron Dome operates through a combination of radar to detect incoming threats, batteries that launch interceptor missiles carrying proximity warheads, and communication systems to relay guidance data. These batteries can neutralize threats launched from distances of up to 43 miles, while ignoring projectiles that are headed for unpopulated areas.Israel has strategically placed at least 10 batteries around the country to protect civilians and vital infrastructure. Each battery can defend an area of nearly 60 square miles. It’s important to note that the Iron Dome is just one part of Israel’s missile defense network, as they also have systems for low to mid-range, upper-atmospheric, and exo-atmospheric projectiles.How effective is it?The Iron Dome’s effectiveness has steadily improved since it successfully intercepted its first hostile projectile in April 2011. It has achieved a success rate of around 90 percent, according to Rafael Advanced Defense Systems, an Israeli firm that is behind the development of this dome.

In recent years, it has proven to be highly effective. During the 11-day conflict in May 2021, militant groups in Gaza fired at least 4,000 rockets, resulting in the unfortunate loss of lives. However, the Iron Dome played a crucial role in minimizing casualties on the Israeli side.What is the cost?The total cost of developing, manufacturing, deploying, and maintaining the Iron Dome system is not precisely known, but it is likely several billion dollars. A complete battery is estimated to cost around US$100 million to produce, and each interceptor missile costs roughly US$50,000, according to an analysis by the Center for Strategic and International Studies.In comparison, the launchers and projectiles used by Hamas are likely much less expensive but have the potential to cause widespread damage to civilians and infrastructure.The US has been a significant supporter of Israeli missile defense systems, allocating almost US$10 billion since 1946, with nearly US$3 billion specifically dedicated to the Iron Dome, according to the Congressional Research Service.

In summary, the Iron Dome is a vital component of Israel’s defense strategy, effectively intercepting short-range projectiles and helping protect its population. While it comes at a significant financial cost, its impact on saving lives and reducing damage during conflicts cannot be understated. Other countries have also shown interest in acquiring the Iron Dome for their own defense needs.

Has India ever been presented with this technology?

Yes and no.

Financial Express Online has reported earlier, the initial offering of Israel’s Iron Dome missile technology to India occurred in 2013. During this time, Israel was vying to establish itself as a key player in India’s arms trade, competing against Russia and the United States. Despite its small size, Israel had been discreetly striving to gain a share of India’s defense market while keeping the precise import figures confidential.

Interestingly, in 2021 the Iron Dome technology was employed to counter a significant rocket attack on Israel.

It is worth noting that back in 2013-14, the Israeli delegation proposed the David’s Sling missile system, not the Iron Dome. The David’s Sling is designed for air defense within a short range of 250 kilometers.

What has Israel delivered to India?

As previously documented, India’s acquisitions from Israel have encompassed anti-ballistic missile systems, radar systems, submarine-launched cruise missiles, micro-satellite systems for surveillance, laser-guided systems, and precision-guided munitions. Additionally, both nations have collaborated on upgrading weapons systems originally supplied by the Soviet Union and Russia, including aircraft, artillery, and tanks.

One notably significant procurement involved the deployment of state-of-the-art Israeli advanced sensor systems along India’s 2,912-mile border with Pakistan. According to officials, this system has effectively reduced infiltration levels from that region.

Will Nifty top 19400 or fall in trade? See GIFT Nifty, FII data, F&O ban, crude, more before market opens

GIFT Nifty was 0.24% higher during Wednesday’s early trading session at 19,361.5, indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Domestic indices NSE Nifty 50 and BSE Sensex gave up their gains on Tuesday to end flat, continuing the range-bound trend. Nifty concluded just below 19,400, unable to breach the strong resistance level, landing at 19,396.45 with a marginal 0.01% gain.

“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction,” said Vinod Nair, Head of Research at Geojit Financial Services.

Asian Markets

Asian shares held tight ranges on Wednesday as investors awaited results from tech darling Nvidia to see if the sector’s lofty valuations can withstand a jump in bond yields, while still gloomy factory readings from Japan left sentiment fragile. MSCI’s broadest index of Asia-Pacific shares outside Japan were up 0.1%, hovering not far away from its nine-month trough hit just two sessions ago. Japan’s Nikkei rose a meagre 0.2%. Chinese shares gave up some gains, with blue-chips off 0.7% following a rebound of 0.8% the previous day, and Hong Kong’s Hang Seng Index easing 0.1% after jumping 1%.

Crude Oil

Oil prices eased in early trade on Wednesday, weighed down by fears U.S. interest rates could stay higher for longer and economic growth could slow further in top crude importer China and hurt fuel demand.

FII/DII Data

Foreign institutional investors (FII) sold shares worth net Rs 495.17 crore, while domestic institutional investors (DII) bought shares worth net Rs 533.75 crore on 22 August, according to the provisional data available on the NSE.

F&O Ban

The National Stock Exchange has PNB, India Cements, Hindustan Copper, GNFC, SAIL, BHEL, Delta Corp, Metropolis Healthcare, ZEEL, Escorts Kubota and Indiabulls Housing Finance securities on its F&O ban list for 23 August. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock.

Bank Nifty Outlook

“Bank Nifty has tried to sustain above 44,000 however as the day progressed it witnessed selling pressure and closed marginally in the red. The pullback towards key hourly moving averages placed in the range 44,000 – 44,100 is providing a stiff resistance. Unless the Bank Nifty manages to sustain above the resistance zone we can expect the selling pressure to continue. On the downside the Nifty Bank Nifty can slip towards 43,500 from a short term perspective,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.

Technical View

“The market is witnessing a non-directional activity on the higher side and finding resistance near 19,450, while on the lower side the index is regularly taking support near 19,375. Any fresh uptrend is possible only after the dismissal of 19,450, and above the same the index could rally till 19,500-19,525. On the flip side, dismissal of 19,375 could accelerate the selling pressure and the index could slip till 19,325-19,300,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

Sebi fines Rs 7 lakh on Shapoorji Pallonji and Company for violating disclosure rules

Capital markets regulator Sebi has imposed a penalty of Rs 7 lakh on Shapoorji Pallonji and Company for flouting disclosure norms.

In its order, Sebi found that Shapoorji Pallonji and Company did not take prior approval from the stock exchange for converting non-convertible debentures (NCDs) into a term loan way back in March 2021.

Additionally, the company had not updated certain information on its website as required under the Listing Obligations and Disclosure Requirements (LODR) Regulations.

Those details are pertaining to notice of meeting of the board of directors where financial results would be discussed; financial results; complete copy of the annual report after FY 2019-20; information, report, notices, call letters, circulars, proceedings, concerning NCRPS or NCDs; and all information and reports including compliance reports filed by the listed entity.

By not making such disclosures, the company violated the provisions of LODR rules and accordingly, Sebi imposed a “penalty of Rs 7 lakh on the noticee viz. Shapoorji Pallonji and Company Pvt. Ltd”.

The regulator received a letter from Shapoorji Pallonji and Company in July 2021 informing Sebi that it had converted its listed NCDs to term loan on March 31, 2021 in accordance with a One Time Resolution (OTR) plan executed between the company and its lenders.

Following this, an examination was carried out by Sebi in order to examine the compliance status of LODR rules by the company.

Petrol and Diesel Rate Today, 1 September: Some cities see revision; Check rates in Delhi, Mumbai, other cities

Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Hyderabad: Petrol and diesel prices were largely constant on Friday, 1 September across New Delhi, Kolkata, Mumbai, and Chennai. Petrol rates and diesel rates have been steady over the last few months. However, individual cities see fluctuations in their prices every day. The prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, local taxes, etc.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since the cut of excise duty by the central government in May 2022, some states have also reduced VAT prices on fuels, while some have imposed cess on petrol and diesel.

Currently in Delhi, the price of petrol stands at Rs 96.72 per liter, while diesel is being sold at Rs 89.62 per litre. In Mumbai, petrol demands a higher price of Rs 106.31 per liter, with diesel following suit at Rs 94.27 per litre. Meanwhile, in Kolkata, the cost of petrol amounts to Rs 106.31 per liter, with diesel priced at Rs 92.76 per liter. In Chennai, petrol is available at Rs 102.63 per liter, while diesel can be obtained at Rs 94.24 per liter. Here’s a look at fuel prices in other cities:

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Bengaluru:Petrol rate: Rs 101.94 per litre,Diesel rate: Rs 87.89 per litreChandigarh:Petrol rate: Rs 98.65 per litre, Diesel rate: Rs 88.95 per litreChennai:Petrol rate: Rs 102.63 per litre, Diesel rate: Rs 94.24 per litreGurugram:Petrol rate: Rs 97.04 per litre, Diesel rate: Rs 89.91 per litreKolkata:Petrol rate: Rs 106.03 per litre, Diesel rate: Rs 92.76 per litreLucknow:Petrol rate: Rs 96.57 per litre, Diesel rate: Rs 89.76 per litreMumbai:Petrol rate: Rs 106.31 per litre, Diesel rate: Rs 94.27 per litreNew Delhi:Petrol rate: Rs 96.72 per litre, Diesel rate: Rs 89.62 per litreNoida:Petrol rate: Rs 96.65 per litre, Diesel rate: Rs 89.82 per litre

Public sector Oil Marketing Companies (OMCs) including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise their petrol price anddiesel pricedaily in line with international benchmark prices and forex rates. Any changes in petrol price anddiesel priceare implemented from 6 am every day. “Oil companies will be in a position to look at the issue of reducing petrol and diesel prices if the international crude cost remains stable and these firms have a good next quarter,” said Petroleum Minister Hardeep Singh Puri a few months ago.

Share Market Today: Nifty fails to hold above 19400, Sensex ends flat; broader markets outperform

Market Closing Bell: Domestic indices NSE Nifty 50 and BSE Sensex gave up their gains on Tuesday to end flat, continuing the range-bound trend. Nifty concluded just below 19,400, unable to breach the strong resistance level, landing at 19,396.45 with a marginal 0.01% gain. Sensex wrapped up with a slight increase of 4 points, standing at 65,220.03. Nifty Midcap 100 rose over 1.1%, while the smallcap index added around 0.8%. Fear gauge India VIX settled lower, around 11.75. In the broader markets, Bank Nifty settled marginally lower, falling for eight of the nine sessions. Nifty PSU Bank shares dragged the index, while metal, media and FMCG stocks outperformed. Jio Financial Services close 5% lower for the second consecutive session.

Technical Outlook

“Markets traded range bound and ended almost unchanged amid mixed cues.  After the marginal uptick, the Nifty oscillated in a narrow band and finally settled around the day’s low to close at 19,396.45 levels. Meanwhile, a mixed trend on the sectoral front kept the traders busy wherein metal, FMCG and auto attracted buying while Bank Nifty and IT ended subdued. Amid all, buoyancy on the broader front was the key highlight as both midcap and smallcap edged higher and gained nearly a percent each.

IT, pharma face challenges on global dependency

“Despite the support of positive international markets, Indian equities struggled to maintain their upward momentum due to lingering apprehensions over ongoing global uncertainties. Sectors closely tied to the Western economy, such as IT and pharma, faced challenges, while domestic-oriented sectors, alongside mid- and small-caps, exhibited resilience and gained traction,” said Vinod Nair, Head of Research at Geojit Financial Services.