Cracker of a start: Sensex hits new high of 21321.53 in muhurat

November 3, 2013

bse

New Delhi, Nov 3: After commencing on a cheerful note in the new Hindu calendar year, Samvat 2070, the BSE benchmark hits new record of 21,321.53, up 124.72 points in the special muhurat session.

The sensex, which had recorded a handsome gain of 626.53 points in the previous four sessions, added another 124.72 points, or 0.58 per cent to trade at 21,321.53 in the first five minutes of trade.

The index had climbed to an all-time high of 21,293.88 in intra-day trade on November 1 but closed at 21,196.81.

The broad-based National Stock Exchange index Nifty also rose by 29.75 points, or 0.47 per cent to 6,336.95, led by stocks of consumer durables, realty and healthcare shares.

The Nifty had registered its all-time high of 6,357.10 on January 8, 2008 and a record close of 6,312.45 on November 5, 2010.

Brokers said the buying activity picked up in select stocks as investors and funds opened their new accounts on the first session of Samvat year 2070. The sensex gained 13.5 per cent in Samvat 2069.

The share market has remained in a positive mood in the past few sessions amid continued foreign fund buying and renewed optimism about a turnaround in the economy.

The "muhurat" trading session will be conducted for 75 minutes on leading bourses NSE and BSE, to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. It muhurat session also mark the New Year for traders as per the Hindu calendar, or Samwat 2070.

The BSE sensex hit an all-time high on Friday, while the broader Nifty benchmark is just 50 points away from its record high. Needless to say, the last year, or Samvat 2069 according to the Hindu calendar, has been good for investors.

The "muhurat" trading session will be conducted for 75 minutes on leading bourses NSE and BSE, to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. It muhurat session also mark the New Year for traders as per the Hindu calendar, or Samwat 2070.

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News Network
April 18,2020

New Delhi, Apr 18: With 957 new cases of COVID-19 in the last 24 hours and 36 deaths, India's total count of coronavirus cases has surged to 14,792, said the Union Ministry of Health and Family Welfare on Saturday.

The total cases are inclusive of 2,014 cured and discharged patients, one migrated and 488 deaths. At present, there are 12,289 active COVID-19 cases in the country.

Lav Aggarwal, Joint Secretary, Ministry of Health and Family Welfare said that mortality rate due to COVID-19 in our country is around 3.3 per cent.

"An age-wise analysis will tell you that 14.4 per cent of deaths have been reported in the age group of 0-45 years. Between 45-60 years it is 10.3 percent, between 60-75 years it is 33.1 percent and for 75 years, and above it is 42.2 percent," Aggarwal said at a press conference here.

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News Network
May 17,2020

New Delhi, May 17: Spelling out the government’s fourth tranche of initiatives towards achieving Prime Minister Narendra Modi’s vision of ‘Atmanirbhar Bharat’, Union Finance Minister Nirmala Sitharaman on Saturday announced significant structural reforms in eight sectors of the economy — coal, minerals, defense production, aviation, power distribution in Union territories, space and atomic energy.

Addressing her fourth and the second-last press conference, Sitharaman said crucial sectors such as coal production and exploration, defence production and space would see an increased participation from private entities.

Coal sector:

In the realm of coal exploration, the government has decided to liberalise the entry norms for private entities, which would mean that any interested party could bid for a coal block and sell it in the open market. The minister said that the government would do away with all the eligibility conditions at the time of bidding for a coal block, except requiring an “upfront payment with a ceiling.”

Nearly 50 coal blocks would be offered to private players immediately, revealed Sitharaman.

She further said that Rs 50,000 crore would be spent by Centre in creating ‘coal evacuation’ infrastructure, which would expedite the transport of mined product to the destination.

Defence sector:

In defence production, Sitharaman revealed that the government would raise the foreign direct investment (FDI) limit in the sector from current 49 per cent to 74 per cent. Further, the government would also work towards corporatising the ordnance factory boards. “Corporatising doesn’t amount to privatization,” added Sitharaman.

In a bid to boost indigenous production of defence products and gave an impetus to Make in India, Sitharaman said that the government was in a process of notifying a list of weapons/platforms for an import ban with year-wise timelines.

These decisions would also help in reducing huge import bills, the finance minister said.

Privatisation of electricity:

In another announcement that could have an effect on electricity charges in the union territories, Union Finance Minister Nirmala Sitharaman announced on Saturday that power departments and utilities in all the centrally administered territories would be privatised.

Sitharaman said that the proposed move would lead to better service to consumers and improvement in operational and financial efficiency in distribution.

The finance minister said that decision was guided by 'sub-optimal' utilisation of performance of power distribution and supply'.

She said that the move to that effect would provide a model for emulation by other utilities across the country, in what could be an indicator of what's in the pipeline for utilities in other states as well.

Sitharaman said that the privation reform was in line with the tariff policy reforms and would help in enhancing consumer rights, promote industry and improve the overall sustainability of the sector.

Space sector:

Sitharaman also announced the opening up of the space exploration sector for private players. Till date, the government-run Indian Space Research Organisation (ISRO) has held a monopoly on all activities concerning space exploration and satellite launches.

The Indian private sector will be a co-traveller in India's space sector journey, said Sitharaman, while announcing a series of structural reforms in eight crucial areas of the economy. The Union Finance Minister was addressing her fourth press conference in as many days, as a follow-up towards realising Prime Minister Narendra Modi's vision of 'atmanirbhar Bharat', which was spelled out in his video address on May 12.

Sitharaman said that the reforms in the space sector will provide a level-playing field for private companies in satellite launches and space-based services.

She said that the private sector would be allowed to use ISRO facilities and other assets to improve their capacities. Stating that the government would provide predictable policy and regulatory environment to private players, Sitharaman also disclosed that future projects for planetary exploration and outer space travel among others would be opened up for private entities.

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News Network
May 29,2020

Bengaluru, May 29: Former prime minister H D Deve Gowda mourned the demise of Rajya Sabha member and Managing Director of leading Malayalam daily Mathrubhumi M P Veerendra Kumar, hailing him as a great journalist and writer.

"My deepest condolences on the demise of former union Minister and Rajya sabha member Shri M.P. Veerendra Kumar. He was a great journalist and writer. May god give strength to his family & his people to bear the loss," Gowda said in his condolence message.

Veerandra Kumar, who was a member of PTIs Board of Directors, died late Thursday at a private hospital in Kozhikode in Kerala following cardiac arrest.

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