Sensex and Nifty extend gains in see-saw trade

Mumbai (PTI): Equity benchmarks Sensex and Nifty overcame bouts of volatility to settle in the green for the second straight session on Friday, propped up by robust demand for the metal, banking and financial stocks amid a firm trend in global equities.

In a volatile trade, the 30-share BSE Sensex rose 355.06 points or 0.62% to settle at 57,989.90.

The broader NSE Nifty gained 114.45 points or 0.67% to end at 17,100.05.

HCL Tech led the Sensex gainers' chart, spurting 3.58%, followed by UltraCement, Nestle India, Tata Steel, Kotak Bank, ICICI Bank, Bharti Airtel and HDFC twins.

In contrast, ITC, Maruti, NTPC, Asian Paints and Sun Pharma were among the main laggards, shed -

No proposal to reduce subsidy on fertilizer: Govt

New Delhi (PTI): The government on Friday said that there is no proposal to reduce subsidies on fertilizers in the country.

Minister of State for Chemicals and Fertilizers Bhagwanth Khuba, in his written reply to the Lok Sabha, said, "No such study to understand the impact of reducing fertilizer subsidy on farmers has been conducted so far."

In a separate reply, the minister said the government at present has no plan to control the rates of P&K fertilizers under the Nutrient Based Subsidy (NBS)

` RISES 18 PAISE TO 82.58 AGAINST US $

Mumbai (PTI): The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday. At the interbank foreign exchange, the domestic unit opened strong at 82.50 against the dollar and traded between 82.50 and 82.75. It finally settled at 82.58 (provisional) against the American currency, registering a gain of 18 paise against its previous close.

ding up to 1.51%.

In the broader market, the BSE midcap gauge climbed 0.29% and smallcap index advanced 0.69%.

“I think it's fair to say that in the aftermath of Brexit, we are stepping up significantly our engagement with some of our most important allies and trading partners, and India, of course, is very much one of those,” he said.

Govt plans PLI 2.0 for specialty steel: Scindia

New Delhi (PTI): The government is planning to introduce the second edition of the PLI scheme for specialty steel to boost production of value-added steel in the country, Union Minister of Steel Jyortiraditya Scindia said on Friday.

The minister further asked the industry stakeholders to share their suggestions and feedback so the next PLI Scheme for specialty steel can be prepared at the earliest.

As many as 27 steel companies signed 57 MoUs with the Ministry of Steel to produce coated/plated steel products.

Indian Carriers To Operate

scheme. The government provides subsidy on both urea and non-urea fertilisers to ensure farmers get the soil nutrients at affordable rates.

With regard to urea fertiliser, the minister said urea is provided to farmers at a statutorily notified maximum retail price of `242 per bag of 45 kg.

In the current round of monetary tightening, RBI has raised the policy repo rate from 4% in May last year to 6.5% now. However, economists are now expecting a quarter-percentagepoint rate increase in the April 3-6 MPC meeting.

INDIA’S APRIL-FEB FERTILIZER IMPORTS FROM RUSSIA HIGHEST

IN 3 YRS AT 34.19 LAKH TONNES

New Delhi: India imported 34.19 lakh tonnes of fertilizers, including urea and DAP, from Russia during April-February of the current fiscal, highest in the last three years, according to the data placed before Parliament. The imports have risen notwithstanding the Russia-Ukraine war. “....Import of urea in the current year up to February (during the ongoing Ukraine war) is more than double as compared to the previous year,” Minister of State for Fertilizers Bhagwanth Khuba said.

Out of total fertilizer import of 34.19 lakh tonnes, about 6.26 lakh tonnes of urea was imported till February of the ongoing 2022-23 financial year, as against 2.80 lakh tonnes. —PTI

SEBI FORMULATES STRINGENT DISCLOSURE NORMS FOR FPIs

New Delhi : Capital markets regulator Sebi has made stringent norms for Foreign Portfolio Investors (FPIs), asking them to disclose any material change in their structure and common ownership within seven working days. With regard to new FPI registrations, the Sebi can ask them for any additional documents which may be required.

Under the new rules, FPIs will inform Sebi and designated depository about any false or misleading information about change in material respect and any change in their structure or control within seven working days in writing. —PTI

Gail Signs Pact With Shell To Explore Ethane Sourcing

New Delhi: India’s largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. In a statement, GAIL said it has signed a memorandum of understanding with Shell Energy India to “explore opportunities for infrastructure development for ethane sourcing.” GAIL last month floated a tender to hire a very large ethane carrier (VLEC) for 20 years. —PTI

Sugar Output Falls Slightly To

28.18 MT

TILL MARCH 15 OF 2022-23 MARKETING YR: ISMA

New Delhi: The country’s sugar output remained marginally lower at 28.18 million tonne till March 15 of the ongoing marketing year, industry body ISMA said on Friday. Sugar production stood at 28.45 million tonne in the same period of the 2021-22 marketing year. The sugar marketing year runs from October to September.

According to the Indian Sugar Mills Association (ISMA), around 336 sugar factories were in operation in the period under review against 438 factories in the year-ago period. After diversion for ethanol production, the country’s sugar production was 28.18 million tonne during October-March 15 of the ongoing 2022-23 marketing year, the industry body said in a statement. —PTI

22,907 weekly domestic flights in summers

New Delhi (PTI): Indian carriers will operate a total of 22,907 weekly domestic flights during the summer schedule starting from March 26.

The number of flights to be operated is 4.4% higher compared to 21,941 weekly flights operated in the winter schedule, according to aviation regulator DGCA.

The summer schedule is from March 26 till October 28. As many as 11 airlines will be operating domestic services, with maximum weekly flights by IndiGo at 11,465.

In the 2022 summer

Major Highlights

z As many as 11 airlines will be operating domestic services, with max weekly flights by IndiGo at 11,465 z Among the 11 airlines, Alliance Air, Air Asia, SpiceJet and Vistara will be operating fewer flights in the upcoming summer schedule compared to the 2022 winter schedule schedule, the airline’s number of flights is 10,085 flights. Among the 11 airlines,

Alliance Air, Air Asia, SpiceJet and Vistara will be operating fewer flights in the upcoming summer schedule compared to the 2022 winter schedule, which is from October 28, 2022 to March 25, 2023.