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  • Sensex ends flat: Midcap and smallcap stocks outshine

    Sensex

    IANS

    The Indian stock market closed on a muted note on Tuesday after range-bound trading during the session.

    At closing, Sensex was up 1.59 points at 81,510.05, and Nifty was down 8.95 points at 24,610.05.

    Meanwhile, the broader market closed on a positive note. On the Bombay Stock Exchange (BSE), 2,025 stocks closed in the green, 1,938 stocks settled in the red, and 130 without change.

    During the session, midcap and smallcap stocks outperformed largecap. Nifty midcap 100 index was up 136.65 points, or 0.23 per cent, at 59,135, and Nifty smallcap 100 index was up 54.60 points, or 0.28 per cent, at 19,583.

    Among the sectoral indices, IT, PSU Bank, FMCG, metal, realty, and pvt bank were major gainers. Auto, pharma, media, energy, and infra were major laggards.

    Sensex

    IANS

    A market expert said: “Upcoming inflation data from the US and India are critical for insights into potential future rate cuts. India’s CPI will serve as a key indicator of underlying earnings growth, which has been downgraded in H1FY25.”

    “Overall, investor sentiment remained cautious amid ongoing economic uncertainties and sector-specific challenges,” the expert added.

    Bajaj Finserv, HCL Tech, SBI, Infosys, Bajaj Finance, ICICI Bank, Kotak Mahindra Bank, M&M, Titan, Tata Steel, Tata Motors, Asian Paints, and IndusInd Bank were the top gainers. Bharti Airtel, Tech Mahindra, Reliance, Axis Bank, Maruti, Nestle India, L&T, and UltraTech Cement were the top losers.

    LKP Securities’ Senior Technical Analyst Rupak De said: “The Nifty experienced another lacklustre trading session, remaining confined within the range of 24,500 to 24,650. The sentiment is likely to stay sideways in the near term unless the index makes a decisive move beyond this range.”

    “A break below 24,470 could trigger a correction of 200 to 250 points, while resistance is seen at 24,700 to 24,750,” he added.

    (With inputs from IANS)

  • EPF withdrawal: Do not make these mistakes while withdrawing PF money, otherwise the claim will be rejected

    EPFO Rule Change

    PF or Provident Fund is an important means of saving for every employed person. 12% of your salary is deposited in the PF account every month and the company also contributes the same amount.

    This money not only serves as savings for the future, but can also be withdrawn when needed. EPFO ​​has provided many easy online facilities to withdraw money, but often people make some mistakes while claiming, due to which their claim gets rejected. Such as KYC not being complete, filling incorrect information or incorrect documents.

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    Due to these small mistakes, your money can get stuck. Therefore, it is very important to keep these things in mind before claiming PF so that you do not have to face any kind of problem.

    Why does PF claim get rejected?

    To withdraw PF money, it is necessary to follow the rules of EPFO. But if any of these rules are not followed or any wrong information is given, then your claim may be rejected. Let us know what are the mistakes that cause claim rejection.

    1. KYC not complete
    If the KYC of your PF account is not complete, then your claim may be rejected. According to the rules of EPFO, it is necessary to update the information of bank account, PAN and Aadhaar. You can update it by visiting the EPFO ​​​​member e-service portal.

    2. Wrong date of birth
    If the date of birth recorded in your PF account and the date of birth recorded in the records of your employer (company) are different, then this can also become a big reason for your claim being rejected. To correct this mistake, you will have to upload your documents on the EPFO ​​​​portal.

    3. Wrong bank details
    If you have entered wrong bank account number or IFSC code while making a claim, your money will not be transferred and the claim will be rejected. So check your bank details properly before making a claim.

    4. Documents not being clear
    During claim processing, a copy of the bank passbook or cheque has to be attached. If this copy is not clear or correct, then EPFO ​​can reject your claim. So make sure to scan the documents and upload them in a clear format.

    5. Not following the rules
    EPFO ​​has laid down some conditions, only under which PF money can be withdrawn. If you have made a claim without any need or without following the rules, then it may get rejected.

    How to avoid these mistakes?

    • Update KYC and fill all the information correctly.
    • Match the date of birth and other details with the employer’s records.
    • Double check the bank details before filling the claim form.
    • Upload clear and correct documents while making a claim.

    EPFO has made the process of online claim very easy. You can login to the official website of EPFO ​​and make a claim from home. The money will be transferred to your bank account within 7-10 days of the claim.

    If you avoid these mistakes, your claim will be passed easily and you will not have to face any problem.


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  • India to be key market for global oil & gas as China slows: HSBC report

    India to be key market for global oil & gas as China slows: HSBC reportIANS

    India is expected to be the key destination for global oil and gas products as the country adds refinery, petrochem, LNG regasification and pipeline capacity while the Chinese economy slows, according to an HSBC report released on Tuesday.

    The report states that global oil prices are likely to remain weak. This would benefit India as the country imports over 80 per cent of its crude oil requirement and any decline in global oil prices leads to a huge saving in the import bill.

    “For India’s oil and production, we expect another year of marginal growth but it is all contingent on ONGC’s ability to deliver on-schedule production and minimise the decline in nomination blocks. CY25 will also see at least 25 per cent growth in LNG regasification capacity which will further enhance India’s capacity to absorb global LNG. On the refining side, India is expected to increase its capacity by 9 per cent, adding 0.5 million barrels per day,” the HSBC report states.

    It further points out that energy transition in the country will pick up as well. “We also expect India’s oil and gas companies to start their investment phase in energy transition led by renewables, early stage green hydrogen blending and investment preparation for green hydrogen. We also expect the start of refinery transformation projects to orient towards petrochemicals,” the report observes.

    Petrochemical remains oversupplied and refiners are further focussing on diverting their products towards petchemsReuters file

    It also states that India’s own petroleum product demand is slowing, especially on the diesel side, which is expected to continue to slow as stricter emission norms encourage vehicle manufacturers to focus on electric and gas-driven vehicles.

    The report in its investment views rates GAIL as ‘Buy’ as the company should benefit from improved gas infrastructure, range-bound LNG pricing, and new customers.

    “HPCL, BPCL, IOCL, all rated Buy, benefit from weak oil prices. We are ‘Reduce’ on ONGC on the risk of falling oil price and ‘Hold’ on PLNG on investment in petrochemical and competing regas terminals,” the report adds.

    According to the report, global oil prices will face downward pressure but gas prices are looking up near term. As per HSBC’s European oil research head Kim Fustier, OPEC+ muddles through, but for how long? The 2025 market remains balanced but the outlook worsens for 2026 as surplus grows if volumes return.

    “We maintain our Brent oil forecast for USD70/bbl. On the other hand, our team now expects the LNG market to remain tight till 2027 and an LNG supply glut only in 2027,” the report adds.

    US policy announcements post the election of Donald Trump brings uncertainty to these commodities long term, the report added.

    The HSBC report also expects transportation fuel (highest-margin product) demand growth to slow on worries in the Chinese economy and the gradually increasing penetration of EVs. Petrochemical remains oversupplied and refiners are further focussing on diverting their products towards petchems.

    (With inputs from IANS)

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  • Centre’s Industrial Corridor Projects giving big push to manufacturing: Minister

    Centre's Industrial Corridor Projects giving big push to manufacturing: Minister

    Centre’s Industrial Corridor Projects giving big push to manufacturing: MinisterJitin Prasada

    India’s industrial development is getting a big push with work in full swing on projects under the National Industrial Corridor Development Programme (NICDP) aimed at the development of greenfield industrial areas in the country which can compete with the best manufacturing and investment destinations in the world, Minister of State for Commerce and Industry Jitin Prasada informed the Lok Sabha on Tuesday.

    The Centre has already completed major trunk infrastructure works in the new Shendra-Bidkin Industrial Area (SBIA) for which Rs 3,000 crore has been released as equity and 294 companies, including Hyosung Corporation of South Korea, have been allotted developed plots across 2,620 acres to set up factories in the backward district of Maharashtra’s Aurangabad as part of the Delhi-Mumbai Industrial Corridor (DMIC), the Minister said in a written reply.

    Dighi Port Industrial Area (DPIA) in Raigad district of Maharashtra is also being taken up for development under the National Industrial Corridor Development Project (NICDP) with a total project cost of Rs. 5,468 crores in August. The project is likely to generate an employment potential of one lakh is likely to have an investment potential of Rs 12,000 crore, the Minister said.

    Under NICDP, the Amritsar-Kolkata Industrial Corridor (AKIC) has also been conceptualised on the backbone of the Eastern Dedicated Freight Corridor), two projects namely IMC Agra and IMC Prayagraj proposed by the state government has been considered and approved by the Government of India in August. As part of AKIC, Shahjahanpur falls under the influence zone, he further stated.

    The government has also approved the Central Sector Scheme “Indian Footwear and Leather Development Programme (IFLDP)” with an allocation of Rs 1700.00 crore till March 31, 2026, to promote industrial development, the Minister explained.

    Trump's return likely to bolster India's textile trade with US: Industry

    Government of India has approved Central Sector Schemes for Industrial DevelopmentIANS

    Under IFLDP, assistance has been provided to Maharashtra for the Integrated Development of Leather Sector (IDLS) sub-scheme: Rs 5.75 lakh has been provided for technology upgradation of one unit in the state of Maharashtra during 2021-22 to 2024-25.

    A Mega Leather Footwear and Accessories Cluster Development (MLFACD) has also been approved at Ratwad Village in Maharashtra with a total project cost of Rs 256.42 crore involving Government of India assistance of Rs.125.00 crore.

    In addition, the Government of India has approved Central Sector Schemes for Industrial Development of Himachal Pradesh, Uttarakhand, Union Territory (UT) of Jammu & Kashmir(J&K) and Union Territory (UT) of Ladakh:

    The Industrial Development Scheme (IDS), for UT of J&K and UT of Ladakh so far, Rs 93.09 crore has been spent as incentives under this scheme.

    Under the IDS for Himachal Pradesh (HP) and Uttarakhand (UK) so far, Rs 642.63 crore has been released as incentives under this scheme.

    While under the New Central Sector Scheme (NCSS) for Industrial Development of Jammu and Kashmir so far, Rs 299.10 crore has been disbursed as incentives, the Minister added.

    (With inputs from IANS)

  • FD rate Hike: Good news! HDFC Bank has increased interest rates on Fixed Deposit. check latest rate

    HDFC Bank : The country’s largest private sector bank HDFC Bank has given a gift to its crores of customers. HDFC Bank has increased the interest rates on Fixed Deposit. The bank is offering FDs from 7 days to 10 years.

    This increase has been done on FDs of only a few periods. However, HDFC Bank has not increased the interest on FDs up to Rs 3 crore. Rather, this time the interest rates on bulk FDs have been revised. The bank has changed the interest rates on FDs ranging from Rs 3 crore to Rs 5 crore. These new rates have come into effect from December 5, 2024.

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    HDFC Bank’s interest rates on FDs ranging from Rs 3 crore to Rs 5 crore

    • 7 days to 14 days: For general public – 4.75%; For senior citizens – 5.25%
    • 15 days to 29 days: For general public – 4.75%; For senior citizens – 5.25%
    • 30 days to 45 days: For general public – 5.50 percent; For senior citizens – 6 percent
    • 46 days to 60 days: For general public – 5.75 percent; For senior citizens – 6.25 percent
    • 61 days to 89 days: For general public – 6 per cent; For senior citizens – 6.50 per cent
    • 90 days to 6 months: For general public – 6.50 percent; For senior citizens – 7 percent
    • 6 months 1 day to less than 9 months: For general public – 6.85 per cent; For senior citizens – 7.35 per cent
    • 9 months 1 day to less than 1 year: For general public – 6.75 per cent; For senior citizens – 7.25 per cent
    • Less than 1 year to 15 months: For general public – 7.40 percent; For senior citizens – 7.90 percent
    • 15 months to less than 18 months: For general public – 7.05 per cent; For senior citizens – 7.55 per cent
    • 18 months 1 day to less than 21 months: For general public – 7.25 per cent; For senior citizens – 7.75 per cent
    • 21 months to 2 years: For general public – 7.05 percent; For senior citizens – 7.55 percent
    • 2 years 1 day and upto 3 years: For general public – 7.00%; For senior citizens – 7.50%
    • 3 years 1 day to 5 years – 7.00 percent; For senior citizens – 7.50 percent
    • 5 years 1 day to 10 years: For general public – 7.00 percent; For senior citizens – 7.50 percent

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  • Adani Group to invest Rs 7.5 lakh crore in Rajasthan towards key infra projects

    Adani Group to invest Rs 7.5 lakh crore in Rajasthan towards key infra projects

    IANS

    The Adani Group on Monday announced investments of Rs 7.5 lakh crore in Rajasthan over the next five years to fund several key infrastructure projects.

    Karan Adani, Managing Director of Adani Ports and Special Economic Zones (APSEZ), said that four new cement plants will be set up in the state.

    “The Adani Group will invest Rs 7.5 lakh crore in different sectors in Rajasthan. As much as 50 per cent of this investment will be made in the next five years. In this, we will develop a green energy ecosystem. Apart from this, world-class development work will also be done at Jaipur airport,” Karan Adani said during the ‘Rising Rajasthan Investor Summit 2024’ here.

    “We plan to build here the world’s biggest integrated green energy ecosystem involving 100 GW of renewable energy, 2 million tonnes of hydrogen and 1.8 GW of pumped hydro storage. These investments will turn Rajasthan into an oasis of green jobs,” he added.

    The Adani Group will also play a role in the development of Jaipur’s airport, a move expected to boost connectivity and further enhance the state’s appeal as an investment destination.

    Adani Group

    IANS

    “In addition, there are other investments planned, such as developing a world-class facility at Jaipur airport, multi-modal logistics park and ICDs that will support your transformative plans for Rajasthan,” said Karan Adani.

    In his address at the summit, Karan Adani expressed the group’s long-term commitment to Rajasthan, adding that the state was poised for rapid growth due to its rich heritage, natural resources, and increasing investor confidence. He emphasised the transformative potential of these investments, which are part of the broader national economic vision.

    India, currently the world’s fifth-largest economy, has seen impressive growth over the past decade, with GDP doubling and exports increasing significantly. Anticipating the growing need for quality urban infrastructure in years to come, India is expected to invest over Rs 143 lakh crore in infrastructure by 2030. Rapid infrastructure development driven by nodal authorities is fuelling the growth of satellite townships across the country, according to the latest Colliers report.

    (With inputs from IANS)

  • Indian stocks down, Sensex loses 154 points

    sensex

    Indian share market opens flat, Nifty above 24,600IANS

    The Indian stock market opened flat on Tuesday as selling was seen in Nifty’s auto, energy, private bank and Infra sector in early trade.

    At around 1:01 pm, Sensex was trading at 81,333.38 after losing 175.08 points or 0.21% down, while the Nifty was trading at 24,564.55 after losing 54.55 points or 0.22% down. 

    The market trend remained positive. On the National Stock Exchange (NSE), 1,508 stocks were trading in green, while 667 stocks were in red.

    Experts said that the market is likely to move in a narrow consolidation pattern in the near-term. There are no major triggers that can push the market into a new bull orbit.

    “There are no major triggers that can cause a deep correction from the current levels. Within the range, there are significant down moves and up moves. FMCG stocks are facing selling pressure due to the tepid growth phase they are going through,” they added.

    Sensex trades lower amid weak global cues

    Asian markets, Jakarta and Bangkok were trading in redIANS

    Nifty Bank was up 11.15 points or 0.02 per cent at 53,418.90. Nifty Midcap 100 index was trading at 59,045.35 after gaining 46.60 points or 0.08 per cent. Nifty Smallcap 100 index was at 19,584 after gaining 55.40 points or 0.28 per cent.

    In the Sensex pack, Power Grid, JSW Steel, Infosys, Asian Paints, SBI, Tata Motors, Bajaj Finance, HCL Tech and Sun Pharma were the top gainers. Whereas, M&M, Titan, Maruti, Tech Mahindra, UltraTech Cement and TCS were the top losers.

    In Asian markets, Jakarta and Bangkok were trading in red. while China, Hong Kong, Seoul and Japan were trading in green. The US stock markets closed in red on the previous trading day.

    Foreign institutional investors (FIIs) bought equities worth Rs 724.27 crore on December 9, while domestic institutional investors sold equities worth Rs 1,648.07 crore on the same day.

    (With inputs from IANS)

  • Bank Holiday: All banks will remain closed on Thursday- Know details Here

    Bank Holiday: Public-private sector banks will remain closed on Thursday, the day after tomorrow. On December 12, all banks will remain closed in Meghalaya but banks will remain open in all other states of the country.

    In all other states, banks will function normally and all branches will remain open. Know here why RBI has given a holiday to banks the day after tomorrow.

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    Why will banks remain closed on Thursday, December 12?

    RBI has asked to keep banks closed in Meghalaya. Thursday, December 12 is the Balidan Diwas of Pa-Togan Nengminja Sangma in Meghalaya. Balidan Diwas of Pa-Togan Nengminja Sangma is celebrated every year on 12 December. This day is celebrated in the memory of the brave freedom fighter of the Garo community in Meghalaya, who sacrificed his life in the struggle against the British in 1872.

    This is a state holiday

    On this day, programs are organized in Meghalaya, in which their valor and sacrifice are remembered. There is a holiday in Meghalaya on this day. This is a state holiday, due to which banks are closed only in Meghalaya. It is not celebrated as a national holiday all over India. Banks will remain closed only in Meghalaya due to local holiday but remain open normally in other states.

    Full List of Bank Holidays in December 2024

    December 12 (Thursday): Banks will remain closed in Shillong on account of Pa-togan Nengminja Sangma.

    December 14 (Saturday): Second Saturday

    December 15(Sunday): Weekly Holiday

    December 18 (Wednesday): Banks will remain closed in Shillong on account of death anniversary of U Soso Tham.

    December 19 (Thursday): Banks will remain closed only in Goa on account of Goa Liberation Day.

    December 22(Sunday): Weekly Holiday

    December 24 (Tuesday): Banks will remain closed in Kohima, Aizawl on Christmas Eve.

    December 25 (Wednesday): Banks will remain closed in all states due to national holiday of Christmas.

    December 26 (Thursday): Banks will remain closed in some states due to Christmas celebrations.

    December 27 (Friday): Banks will remain closed in some states due to Christmas celebrations.

    December 28 (Saturday): Fourth Saturday

    December 29 (Sunday): Weekly Holiday

    December 30 (Monday): Banks will remain closed in Shillong on account of U Kiang Nangbah.

    December 31 (Tuesday): New Year’s Eve (Banks will be closed in some states due to local holiday)

     


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  • Centre’s millet scheme is boosting farmers’ incomes: Minister

    Centre's millet scheme is boosting farmers' incomes: Minister

    Centre’s millet scheme is boosting farmers’ incomes: MinisterIANS

    The Centre’s scheme to promote millet-based products has boosted local production and procurement of agricultural produce, which has benefited farmers, Minister of State for Food Processing Industries, Ravneet Singh Bittu informed the Rajya Sabha on Monday.

    Thirty beneficiaries were initially enrolled in the Production Linked Incentive (PLI) Scheme for Millet-Based Products. Following the withdrawal of one beneficiary, there are now 29 beneficiaries. According to the scheme guidelines, only domestically sourced agricultural products (excluding additives, flavours, and oils) must be used in the preparation of millet-based products.

    The Government has introduced several measures to enhance the implementation of the PLI Scheme for Millet-Based Products (PLISMBP). These measures include the establishment of a user-friendly portal and the creation of dedicated groups for prompt issue resolution. Clarifications on scheme guidelines have been issued from time to time to facilitate easy understanding of the scheme guidelines, the minister said in a written reply.

    Moreover, regular monitoring and evaluation mechanisms have been instituted, and technical assistance is provided through dedicated teams to facilitate a smooth implementation of the scheme. Additionally, weekly meetings with applicants are held to ensure effective communication and progress tracking, he added.

    Pearl millet standing in a field

    Government has introduced several measures to enhance the implementation of the PLI Scheme for Millet-Based ProductsICRISAT

    To promote the use of millets in food products and encourage value addition, the Government of India launched the Production Linked Incentive Scheme for Millet-based Products (PLISMBP) for the period FY 2022-2023 to FY 2026-2027, with an outlay of Rs 800 crore.

    The scheme eliminates the threshold investment requirement, making it accessible to more applicants. To qualify for incentives, companies selected under the scheme must achieve a minimum year-on-year sales growth of 10 per cent over the base year. The scheme incentivises sales of branded Ready-to-Eat and Ready-to-Cook products in consumer packs that contain over 15 per cent millet by weight or volume.

    The scheme has a tenure of five years. The claims in respect of the first performance year (FY 2022-2023) were required to be filed in FY 2023-2024. 19 applicants submitted incentive claims, and Rs 3.917 crore has been disbursed to the eligible applicants so far.

    (With inputs from IANS)

  • Share market ends lower, Sensex settles at 81,508 pts

    Sensex trades lower amid weak global cues

    Indian stock market closed in red

    The Indian stock market closed in red on Monday as selling was seen in the FMCG sector, amid market sentiment being influenced by mixed global cues.

    At closing, Sensex settled at 81,508.46 down by 200.66 points, or 0.25 per cent and Nifty ended at 24,619 down by 58.80 points, or 0.24 per cent.

    Shares of Hindustan Unilever Limited were down by 4 per cent in early trade. At the end of trading, it fell by more than 3 per cent or Rs 83.15 and closed at Rs 2,401 per share.

    Research analyst Vaibhav Vidwani said that market sentiment was influenced by mixed global cues and concerns over potential rate adjustments by the Reserve Bank of India (RBI), following recent policy announcements.

    Experts said that the domestic market exhibited a range-bound trade after last week’s rally.

    “The rise in oil prices amid tensions in the Middle East, along with investors caution ahead of key economic data like India and US CPI data and ECB policy this week, impacted the sentiment,” they added.

    Sensex closes flat, ICICI Bank and Bajaj Finserv top gainers

    Experts said that the domestic market exhibited a range-bound trade after last week’s rallyIANS

    Capital goods and metal stocks have seen some buying interest in expectation of China stimulus after an unexpected drop in inflation.

    Nifty Bank ended at 53,407.75, down by 101.75 points or 0.19 per cent. The Nifty Midcap 100 index closed at 58,998.75 at the end of trading after gaining 294.15 points or 0.50 per cent.

    Nifty Smallcap 100 index closed at 19,528.60 after rising 36.50 points or 0.19 per cent.

    On the Bombay Stock Exchange (BSE), 2,294 shares ended in green and 1,776 in red, whereas there was no change in 170 shares.

    In the Sensex pack, Hindustan Unilever Limited, Tata Motors, Axis Bank, Nestle India, Asian Paints, ITC, Reliance, M&M and IndusInd Bank were the top losers. Whereas, L&T, Tata Steel, JSW Steel, HDFC Bank, Adani Ports and Kotak Mahindra Bank were the top gainers.

    (With inputs from IANS)