CHENNAI/KOCHI, FRIDAY, NOVEMBER 26, 2021 VOL XLIII NO. 171, 18 PAGES, `6.00 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 58,795.09 ▲ 454.10 NIFTY: 17,536.25 ▲ 121.20 NIKKEI 225: 29,499.28 ▲ 196.62 HANG SENG: 24,740.16 ▲ 54.66 `/$: 74.51 ▼ 0.12 `/€: 83.63 ▼ 0.26 BRENT: $82.28 ▲ $0.03 GOLD: `47,522 ▲ `75 Month-end dollar demand, foreign fund outflows hit domestic currency PRESS TRUST OF INDIA Mumbai, November 25 SENSEX OVERCAMEAwobbly start to close with smart gains on Thursday, propelled by hecticbuyinginindexheavyweight Reliance Industries (RIL) amid expiry of monthly derivative contracts.Adepreciatingrupee, persistent foreign fund outflows and mixed global cues capped the gains,traders said. Reversing the previous session’s losses, the 30-share index ended 454.10 points or 0.78% higher at 58,795.09. Similarly, the broader NSE Nifty surged 121.20 points or 0.70% to close at 17,536.25. Reliance Industries 42 firms selected by DPIIT, have committed over `4K-cr investments Intra-day on BSE (`), Nov 25 2,550 2,494.40 2,500 2,450 2,400 2,350 2,300 2,375.50 Previous close: 2,350.90 Open Close Reliance Industries hogged the limelight in the Sensex pack, soaring 6.10%, followed by ITC, Infosys, Tech Mahindra, Kotak Bank, Titan and Bharti Airtel. FE BUREAU New Delhi, November 25 THEIMPLEMENTATIONOFthe `6,238-crore productionlinked incentive (PLI) scheme forwhite goods is well on track, seniorgovernmentofficialssaid on Thursday, exuding confidence that large-scale investmentswouldflowinasplanned. Thedepartmentforthepromotionofindustryandinternal trade (DPIIT) has selected 42 companies—includingDaikin, Hitachi,Panasonic,Voltas,Mettube, Nidec, Dixon and Havells — that have committed investmentsof`4,614croreforavailing of subsidy. DPIIT secretaryAnurag Jain said the Centre has initiated a raft of measures, including the themselves directly. They, however,need to go through a due diligence process.According to Securities and ExchangeBoardofIndiadata, the value of P-note investments in Indian markets — equity,debt,andhybridsecurities — was at `1,02,553 crore byOctoberend. ■ Report on Page 9 Outlay for the PLI scheme for white goods `4,614 cr* *Of which `3,898 cr To be invested by 26 firms in AC components Committed investments by 42 eligible firms Poor response Pension scheme for low-earners craters NEW ENROLMENTS UNDER the voluntary Pradhan Mantri Shram Yogi Maandhan scheme, which guarantees monthly pension of `3,000 from the age of 60 years for domestic workers, rickshaw-pullers and other low-earners, have come down to zilch. Against the ambitious target of enrolling 10 crore people in five years from FY20, just a little over 45 lakh people have joined the heavily subsidised scheme till now. 2,280 Apr ‘21 5,007 May PMSYM enrolment July 3,176 1,248 Sept 90 16,712 Oct 40 2019-20 2020-21 2021-22* *(up to Nov 24) 4,820 June Aug 1,30,120 Source: Labour ministry Continued on Page 2 `6,238 cr SURYA SARATHI RAY 15,91,964 single-window clearance, to facilitate investments.The single-window system aims to become a “one-stop shop” for investors to apply for various approvalsandmakeiteasierfor them to set up units.India Inc’s compliance burden, too, has beendrasticallycutdowntobolsterconfidence. Recently, Jain had said the government had scrapped the need for more than 22,000 compliances,decriminalised as many as 103 offences and removed 327 redundant provisionsandlawsinrecentyearsto promoteeaseofdoingbusiness. ForthePLIschemeforwhite goods,asmanyas52companies applied, pledging to invest `5,858 crore. While 42 have been selected, six of the applicants proposing foreign direct investment (FDI) from “countries sharing land border with India have been advised to submit approval for the FDI”, the DPIIThas said. Key investors: Daikin, Hitachi, Panasonic, Voltas, Mettube, Nidec, Dixon and Havells Continued on Page 2 P-note investments hit 43-month high INVESTMENTS IN Indian capitalthroughparticipatory notes (P-notes) rose to `1.02 lakh crore till October end, making it the highest level in 43 months, reports PTI. Pnotesare issuedbyregistered foreign portfolio investors to overseas investors who wish tobeapartoftheIndianstock market without registering White goods PLI well on track: Govt Nov^ 51 ^till Nov 24th `716 cr Investment by 16 firms in LED parts ● SOMANATHAN-SPEAK ‘BPCL sale unlikely before end of March’ WITH PRIVATISATION OF fuel retailer-cum-refiner BPCL delayed,the government could misstheambitious`1.75-lakhcrore disinvestment target for the current financial year, finance secretary TV Somanathan said on Thursday, reportsfeBureauinNewDelhi. “There is a good chance of LIC disinvestment going through this (fiscal) year,” Somanathan toldCNBC-TV18,butaddedthat he was not sure if the BPCL sale could be concluded in theyear. OPPORTUNITY COMES IN VARIOUS SIZES HDFC MULTI CAP FUND (An open ended equity scheme investing across large cap, mid cap & small cap stocks) Contact your MFD/RIA. ■ Report on Page 2 PORTS Special Feature ‘We plan to launch TV sets by early 2022’ Samir Modi, MD, Modi Enterprises, on expanding the company’s wellness and consumer durables portfolios, and taking Modicare and Colorbar overseas ■ BrandWagon, P7 QuickPicks ‘Google tax’ leeway for India till OECD tax pact takes effect A BILATERAL pact between India and the US reached on Wednesday will allow New Delhi to continue to levy the 2% equalisation levy (so-called Google tax) on digital services offered in India by US-based MNEs without residence here for an interim period beyond this fiscal, reports Prasanta Sahu in New Delhi. It will be co-terminus with when the OECD tax deal takes effect or end of 2023-24 fiscal, whichever is earlier. The leeway will give a temporary liquidity boost to India's coffers, though it may have to fork out the excess tax amounts collected to the large US MNEs once the multilateral pact comes to force. PAGE 2 Borrowing cost for states falls to lowest since April FE BUREAU Kolkata, November 25 EMERGING AS ONE of the early movers under PM Gati Shakti, the national master plan for bolstering multimodal connectivity, the ministry of ports, shipping and waterways has identified 101 projects for implementation by 2024-25. The identified projects include manyat staterun ‘major ports’, which have recently got the freedom to determine the tariffs for various port-related services as well as the terms for private developers, thanks to the abolitionoftheTariffAuthorityfor Major Ports (TAMP). The identified projects are in addition to the 80-odd Sagarmala projects that are under way, and include many waterways, Sarbananda Sonowal, minister for ports, shipping and waterways, said at a CII session here. We have identified 101 projects under PM Gati Shakti National Master Plan to enhance port connectivity with consumption and production centres...The identified projects are in addition to the 80-odd Sagarmala projects under way." —SARBANANDA SONOWAL, MINISTER, PORTS & SHIPPING UnderPMGatiShakti,atarget has been set to increase cargo capacity at Indian ports to 1,759 million tonne per annum (mtpa) by 2024-25, from 1,282 mtpa at present. Continued on Page 2 Pvt credit can be $89-bn opportunity: EY next five years, emanating from existing stock of unresolved NPAs, fresh credit defaults, and special situation opportunities, can be worth approximately $25 billion,the report byconsultancy EY said. ■ Report on Page 14 Why invest in HDFC Multi Cap Fund? One Stop Solution for diversification across large, mid and small caps (minimum 25% each) Aims to benefit from:Stability of large caps Growth of mid caps and Potential of small caps Controlled exposure helps reduce volatility of portfolio HDFC Mutual Fund’s track record of managing Equity Funds for more than 2 decades This product is suitable for investors who are seeking*: to generate long-term capital appreciation/ income investment in equity and equity related securities of large cap, mid cap and small cap companies Modera oderate High tely to te M Hi w era Very High NON-BANK LENDERS and credit funds can invest up to $89 billion in performing private credit delivering returns of over 12%,in next five years, a report said on Thursday,reports PTI. Stressed asset investment opportunities overthe 2 3RD N o vD E C , th to 7 2021 gh THE WEIGHTED average borrowing cost on state development loans (SDL) across states and tenure has fallen this week to the lowest since early April 2021, primarily due to lower borrowing by the states in the current financial year than the Indicative borrowing calendar and moderation in yields on government securities in the past few days, reports Manish M Suvarna in Mumbai. In the current week, the average borrowing cost has been 6.62%, which is also 9 basis points lower than a week ago period. The weighted average yield of the 10-year SDLs was set at 6.89%, which is 3 basis points lower than a week ago period. PAGE 9 NFO P e r i o2d2:1 , 0 101 projects lined up under PM Gati Shakti Mo Lo d Stocks recover on RIL gain, rupee weakens BIG DRAW Low MIXED TRENDS RISKOMETER Investors understand that their principal will be at very high risk *Investors should consult their ﬁnancial advisers, if in doubt about whether the product is suitable for them. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. CHENNAI/KOCHI
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