Sensex sheds 360 points, Nifty ends below 17K amid global rout

Kolkata (PTI): Coal India

Chairman Pramod Agrawal on Monday said there is a “strong case” for increasing coal prices, and the hike could be effected “very soon” as discussions are underway with stakeholders. He is confident the mining behemoth will achieve its production target of 1 billion tonnes by 2025-26. “There is a strong case for increasing coal prices, as that has not happened in the last five-odd years. This year, the wage negotiation has taken place as well, which will have an impact on CIL’s financial condition, especially for a few subsidiaries.”

Wind Energy Generation May

SURGE 4-5 TIMES

Mumbai (PTI): Benchmark Sensex declined by 360 points while the Nifty closed below the 17,000-level on Monday due to a selloff in financials, IT and capital goods shares amid a global rout in equities on lingering worries over the banking crisis.

The 30-share BSE Sensex declined by 360.95 points or 0.62% to close at 57,628.95 as 23 of its stocks ended in the red. The index tanked more than 900 points to touch a low of 57,084.91 before recovering some loss.

The broader Nifty of the NSE plunged by 111.65 points to close below the 17,000-level at 16,988.40.

RUPEE FALLS 4 PAISE TO CLOSE AT 82.63

AGAINST AMERICAN CURRENCY on an average from across four key airports -- Delhi, Mumbai, Hyderabad and Bengaluru, data show. The overall cancellation rate of scheduled domestic airlines for February was 0.25%, it said.

Air India to temporarily reduce flights on some US routes: CEO Wilson

New Delhi (PTI): Air India will reduce the frequency of flights on certain US routes due to crew shortage issues for a temporary period, its chief Campbell Wilson said on Monday. Six weekly flights to the US, three each to Newark and San Francisco will be trimmed. In recent months, there have been instances of some long haul flights getting impacted due to crew shortage issues. Wilson said frequencies will be reduced on some US routes due to crew shortage issues. The six weekly flights -- three each to Newark and San Francisco -- will be reduced due to shortage of crew. This will be in place for the coming two to three months, Wilson said.

‘Indian carriers to report $1.6-1.8 bn consolidated loss’ New Delhi (PTI): Indian airlines are projected to record a consolidated loss of $1.6 to 1.8 billion in the next financial year, aviation consultancy CAPA India said on Monday. The full service carriers are expected to incur a loss of $1.1 to 1.2 billion. According to CAPA India, Indian airlines are estimated to have a net induction of 132 planes next fiscal and will take the total fleet of all carriers to around 816 aircraft. It also said that more than 100 planes are on the ground.

‘Claims of spike in poverty in India during Covid-19 patently false’

New York (PTI): Claims of a spike in poverty and inequality in India during the Covid-19 pandemic are patently false as such claims are based on uncomparable different surveys, according to a paper coauthored by eminent economist Arvind Panagariya.

The paper also noted that inequality fell in the country during Covid years, both in rural and urban areas as well as nationally. Panagariya, Columbia University Professor and former Vice Chairman of

Samsung to invest in smart mfg capabilities

Among Sensex shares, Bajaj Finserv fell the most by 4.08%. Bajaj Finance declined by 3.01%, Tata Steel by 2.2%, Wipro by 2.09%, Tata Motors by 1.96%, IndusInd Bank by 1.9%, SBI by 1.75%, Tech Mahindra by 1.66% and HCL Tech by 1.2%. TCS, Infosys, Power Grid, Maruti, Reliance, HDFC twins, L&T, M&M, NTPC and Ultratech Cement were also among the losers.

Crosses 60k Mark

Mumbai (PTI): Positive policy moves by the new and renewable energy ministry can crank up the annual wind capacity addition by 6-8 gigawatt (GW) from fiscal 2026, around 4 times more than 1.6 GW of growth clocked in the past five fiscals, a report said on Monday. According to a Crisil analysis, the aggressive tariff bids in reverse auctions since fiscal 2018 has been one of the key drivers of the wind energy growth.

Mumbai (PTI): The rupee depreciated by 4 paise to 82.63 against the US dollar on Monday, tracking negative sentiments in the domestic as well as global equity markets. At the interbank foreign exchange, the domestic unit opened stronger at 82.48 against the dollar. During intra-day, it went as high as 82.45 and hit the lowest level of 82.71. It finally settled at 82.63 (provisional) against the American currency, registering a fall of 4 paise against its previous close.

Bengaluru (PTI): Korean electronics major Samsung will invest in setting up smart manufacturing capabilities at its mobile phone plant in Noida to make production more competitive, the company’s global head for mobile business said on Monday. “We will continue our investment to bring the optimised and or smart factory to the Noida facilities. We will continue our investment there. I believe that our investment for the smart factory will bring competitiveness in the production,” Samsung Electronics President and Head of Mobile eXperience Business T M Roh said.

Gold rallies `1,400 to touch life-time high

New Delhi (PTI): Gold price rallied `1,400 to touch a life-time high of ` 60,100 per 10 grams in the national capital on Monday amid strong global trends, according to HDFC Securities.

The precious metal had ended at ` 58,700 per 10 grams in the previous trade.

Silver also zoomed `1,860 to `69,340 per kilogramme.

“Spot gold prices in the Delhi markets traded at ` 60,100 per 10 grams, up ` 1,400 per 10 grams,”

Saumil Gandhi, Senior Analyst - Commodities at

Major Highlights

z Spot gold prices in the Delhi markets traded at `60,100 per 10 grams, up `1,400 per 10 grams z Silver also zoomed `1,860 to `69,340/kg z In the overseas markets, gold and silver were trading higher at $2,005/ounce & $22.55/ounce, respectively

NITI Aayog and Vishal

More of Intelink Advisors, New Delhi have co-authored a detailed paper ‘Poverty and Inequality in India: Before and After Covid-19’.

The paper analyses poverty and inequality before

Other Stories

PEPSICO TO INVEST

$400K FOR EXPANSION OF SAFE WATER ACCESS and after the Covid-19 pandemic in India using data on household expenditures reported in the periodic Labour Force Survey (PLFS) conducted by the National Statistical Office of India.

New Delhi (PTI): The PepsiCo Foundation on Monday said it will invest $4,00,000 in partnership with Pandit Jagat Ram Memorial FORCE Trust to expand its safe water access and sustainable sanitation programme in Mathura, Uttar Pradesh. This initiative is aligned with the three priority campaigns of the central government: the Jal Jeevan Mission, Jal Shakti Mission and Swachh Bharat Mission, the Foundation said in a statement.

The main findings of the paper say that poverty levels derived from the periodic Labour Force Survey (PLFS) are not comparable to those derived from Consumer Expenditure Surveys (CESs) conducted in 2011-12 and earlier due to differences in sample design.

HDFC Securities, said. In the overseas markets, both gold and silver were trading higher at $2,005 per ounce and $22.55 per ounce, respectively. Comex Gold prices traded higher in Asian trading hours on Monday and rose to a fresh 52-week high of $2,005 per ounce, Gandhi said.

Renault Nissan Signs Pact With Kamarajar

PORT

New Delhi (PTI): Franco Japanese auto alliance Renault Nissan on Monday said it has signed an agreement with Kamarajar Port Ltd (KPL) for export of cars manufactured in Chennai by Renault Nissan Automotive India Pvt Ltd. The vehicles produced at the plant will be exported to the alliance’s regional and global destinations. The agreement builds on the existing partnership between the Renault Nissan Alliance and KPL.

TAX DEMANDS OF `13,566 CRORE RAISED IN FOUR FISCALS UNDER BLACK MONEY LAW

New Delhi (PTI): The income tax department raised tax demands amounting to `13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets, the government said on Monday. In a written reply in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary informed that 183 assessment orders were passed in 2021-22 and a demand of `5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

‘SOME DAMAGE TO RABI CROPS DUE TO UNSEASONAL RAINS’

New Delhi (PTI): The Centre on Monday said there has been some damage to the rabi (winter) crops including wheat due to unseasonal rains and hailstorm brought about by western disturbance, but it is yet to receive a report from the states. “There has been some damage. We have not received an assessment report on the extent of damage from the state governments,” Minister of State for Agriculture Kailash Choudhary said.

EPFO ADDS 14.86

Lakh Members In January 2023

New Delhi: Retirement fund body Employees’ Provident Fund Organisation (EPFO) added 14.86 lakh subscribers in January 2023, the Ministry of Labour and Employment said on Monday. Around 3.54 lakh members exited the fold of EPFO which was the “lowest exit” in the last four months, the ministry said. Out of 14.86 lakh subscribers, around 7.77 lakh new members have come under the ambit of EPFO for the first time.