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India showcases its progress in Green Hydrogen at World Summit in Netherlands

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Rotterdam (Netherlands), May 14 (IANS) India has set up one of the largest pavilions at the World Hydrogen Summit 2024, being held here, to showcase the country’s progress in the field of Green Hydrogen.

The India Pavilion, set up by the Ministry of New & Renewable Energy is at the Summit and has been inaugurated by Secretary, Ministry of New and Renewable Energy, Bhupinder S. Bhalla on May 12.

The World Hydrogen Summit, being held in Rotterdam in Netherlands from May 13 to 15, is a prestigious event in the global green hydrogen ecosystem. Around 15,000 delegates from around the world are attending the Summit.

The Indian delegation headed by Bhalla also comprises officials from the Department of Science and Technology, Ministry of Railways, Ministry of Petroleum and Natural Gas and from private sector companies as well.

In addition to various government-government interactions, the summit provides a platform for Indian industry to engage with companies from around the globe.

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India launched its National Green Hydrogen Mission in January 2023 with an overall outlay of Rs 19,744 crore and has set an ambitious target to achieve a green hydrogen production capacity of 5 million metric tonnes by end of 2030. Till date, the Ministry of New & Renewable Energy has awarded tenders for setting up of 412,000 tonnes of Green Hydrogen production capacity and 1,500 MW of electrolyser manufacturing capacity.

India has also notified scheme guidelines for use of Green Hydrogen in steel, transport/mobility and shipping sectors. The Department of Science and Technology has initiated Hydrogen Valley Innovation Clusters to foster innovation and promote Green Hydrogen ecosystem in India.

A dedicated portal for the National Green Hydrogen Mission has been launched recently, to serve as a one-stop location for information on the Mission and steps taken for the development of the green hydrogen ecosystem in India. The portal can be accessed here: https://nghm.mnre.gov.in/.

–IANS

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FII buying, Q4 results key factors for stock market next week

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Mumbai, May 26 (IANS) Indian equity markets closed at an all-time high last week. The Nifty and Sensex hit new peaks on Friday, with the Nifty surpassing the 23,000 mark for the first time. Similarly, the Sensex shot up by 1,400 points to a fresh record high of 75,636.50.

Last week, Nifty Bank surged 2 per cent following the announcement by the Reserve Bank of India (RBI) of giving a dividend of Rs 2.11 lakh crore to the government.

This improved market sentiment significantly. The substantial dividend is expected to help the government reduce its fiscal deficit and boost capital expenditure.

The outlook for the market next week will be guided by major domestic and global economic data, according to experts.

On the global front, rising US bond yields and commodity prices (crude oil, gold, and silver) are the other factors that will be closely monitored, as they have the potential to influence market sentiment.

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Furthermore, upcoming economic data releases from Japan and the US, along with movements in the global currency market, will also be important factors to consider.

On the domestic front, many companies, including some big names like Divislabs, Tata Steel and Apollo hospital will release their financial results next week.

Positive earnings reports from the final quarter could provide strength for the market to continue its bullish momentum.

According to market experts, we are very close to the Lok Sabha election results and the verdict will give a boost to FII flows.

Mehul Kothari, DVP – Technical Research, Anand Rathi Shares and Stock Brokers, said: “Nifty hit the milestone of 23,000 during Friday’s session and ended the week with gains of over 2 per cent. It seems that the market is discounting the BJP government winning the elections with a decent majority.”

As of now, the index is approaching the higher end of the rising channel placed near 23,100-23,200. Thus, from here on, “we will maintain a profit-booking stance in the market,” said Kothari.

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“On the downside, 22,800-22,600 seems to be extremely strong support for the coming week,” he added.

–IANS

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Aurobindo Pharma arm Eugia's manufacturing unit gets 'official action indicated' status by USFDA

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New Delhi, May 25 (IANS) Drug maker Aurobindo Pharma on Saturday announced that the US Food and Drug Administration (FDA) has classified Eugia Pharma Specialities’ (a wholly owned subsidiary of the company) formulation manufacturing facility — Unit III, as ‘Official Action Indicated (OAI)’.

According to the company, the USFDA conducted an inspection at Unit III of Eugia Pharma Specialities, situated in Sangareddy District, Telangana, from January 22 to February 2.

“Subsequently, the USFDA has determined the inspection classification status of this facility as Official Action Indicated,” Aurobindo Pharma said in a regulatory filing.

“The company remains committed to working closely with the USFDA and continues to enhance its compliance on an ongoing basis,” it added.

OAI means objectionable conditions or practices were found, and/or the firm’s response was not satisfactory, so regulatory and/or administrative actions will be recommended.

In an Enforcement Report published earlier this month, the USFDA informed that Aurobindo Pharma is recalling products in the US due to manufacturing issues.

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The drug maker recalled 13,605 bottles of Clorazepate Dipotassium Tablets (3.75 mg and 7.5 mg) from the US market. Clorazepate Dipotassium Tablets are used to treat anxiety.

–IANS

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Markets hit all-time high amid strong FII comeback

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Mumbai, May 25 (IANS) Indian equity benchmarks closed at an all-time high this week as Nifty touched the 23,000 points milestone amid a strong comeback from foreign institutional investors (FII).

Nifty closed at 22,957 after touching a new all-time high of 23,026 intra-day, up 455 points or 2.02 per cent. Sensex ended with 1,404 points or 1.90 per cent gains at 75,410 after hitting a new high of 75,636.

The rally has been led by large-cap stocks. The BSE large-cap index shot up nearly 2 per cent this week.

Adani Energy Solutions, HAL, Adani Total Gas, Adani Power, BEL, Adani Enterprises, and Hindustan Zinc were major gainers. On the other hand, Indigo, Zydus Lifesciences, Bajaj Holdings, Sun Pharma, Nykaa, and Zomato were the major laggards.

Midcap and smallcap stocks also saw decent gains this week.

In midcap, Vodafone Idea, Uno Minda, Solar Industries India, Union Bank of India, ABFRL, Balkrishna Industries, Zee Entertainment, and Samvardhana Motherson Int were major gainers, while Deepak Nitrite, Max Financial, PB Fintech, and Max Healthcare Institute were major losers.

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In smallcap, RVNL, Bharat Dynamics, PNC Infra, Cochin Shipyard, Finolex cables, Garden Reach Shipbuilders, and Dredging Corp were major gainers. On the other hand, Parag Milk, Dodla Dairy And Global Health, and IFGL Refractories were major laggards.

Around Rs 1,165 crore worth of stocks were sold by FIIs in the market this week, which is the lowest in the last several weeks and shows that buying by foreign investors is returning.

At the same time, domestic investors invested Rs 6,977 crore in Indian markets this week.

According to market experts, the situation is once again slowly changing in favour of the ruling dispensation.

“The base case scenario appears to be a clear verdict in favour of BJP/NDA. Also, the FII’s massive selling has ceased and they have even turned buyers in recent days,” they said.

Going forward, as clarity emerges on the election front, FIIs are likely to buy in India since they cannot afford to miss the post-election results rally.

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“The rally may begin even before the election result,” they added.

–IANS

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US-China trade war deepens as tariff exclusions end on hundreds of Chinese products

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Washington, May 25 (IANS) In a bid to cut dependency on Chinese products, the US has banned, restricted or put high tariffs on hundreds of goods imported from the country in recent months to promote local manufacturing.

Now, the Office of the United States Trade Representative (USTR) has further extended additional tariffs duties on about half of 429 products.

In prior notices, the USTR modified the actions in the “Section 301” investigation of China’s acts, policies, and practices related to technology transfer, intellectual property, and innovation by excluding additional duties on certain products of China.

The current 429 product-specific exclusions (352 previously reinstated exclusions and 77 COVID-related exclusions) are scheduled to expire on May 31, 2024.

In a new notice, the US trade regulator has announced to provide a 14-day transition period for all current exclusions, extending them through June 14, 2024, and to “extend certain exclusions through May 31, 2025”.

“To allow for a transition period, the US Trade Representative is extending all of the currently expiring exclusions through June 14, 2024,” it said in a statement.

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Some of the products receiving continued exclusions till May 2025 include motors and medical equipment from China.

The USTD found that “extending these exclusions will support efforts to shift sourcing out of China, or provide additional time where, despite efforts to source products from alternative sources, availability of the product outside of China remains limited”.

In March last year, The USTR decided to reinstate certain previously granted and extended “Section 301” tariff exclusions for Chinese products.

Former President Donald Trump had launched a trade war with China and levied additional tariffs on over $300 billion worth of Chinese imports, citing the so-called Section 301 of the Trade Act of 1974.

To offer relief for some companies in certain industries, Trump approved tariff exclusions for certain products.

Last week, US President Joe Biden announced to quadruple tariffs on Chinese electric vehicles (EVs) and hiked duties for solar cells, semiconductors and other “strategic” sectors.

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The US President directed his trade representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion worth of imports from China.

–IANS

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Share of organised employment in India on the rise: Finance Ministry report

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New Delhi, May 25 (IANS) There has been a decline in annual as well as quarterly unemployment rates since the highs witnessed during the COVID-19 pandemic which has been accompanied by a rise in the share of employment in the organised sector of the Indian economy, according to the latest monthly economic review of the Finance Ministry.

The declining unemployment rates have been accompanied by a rising formalisation of employment. There is evidence of increasing net payroll additions under the Employee Provident Fund Organisation (EPFO), with more members rejoining than exiting the social security net, the report states.

The creation of digital identities like Aadhar, registration of unorganised workers on the e-shram portal and registration of MSMEs on the Udyam portal has played a significant role in promoting the formalisation of the economy. As of May 22, 2024, 4.4 crore MSMEs have been registered on the Udyam Portal (including informal enterprises registered on the Udyam Assistance Platform), more than 97 per cent being micro-enterprises.

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The EPFO net payroll addition stood at 1.47 crore members during FY24, amounting to a year-on-year rise of 6.3 per cent from 1.39 crore members in the corresponding period of the previous year.

Around 1.08 crore new subscribers were enrolled in FY24, with 56.7 per cent of the newly joined subscribers being in the age group of 18-25 years, indicating healthy hiring for youth. The relatively high number of members rejoining EPFO signifies a churning labour market opting to extend its social security protection.

Across months, the number of subscribers rejoining EPFO has been higher than new subscribers or existing subscribers’ deletions. During FY24, 1.64 crore members rejoined after exiting previously.

According to EPFO, these members switched their jobs and joined the establishments covered under EPFO and opted to transfer their accumulations instead of applying for final settlement, thus extending their social security protection. The number of existing EPFO subscribers’ deletions has also been lower in FY24 compared to the previous year. 1.25 crore EPFO subscribers exited during FY24, compared to 1.34 crore in the previous year, the report adds.

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It also states that at a broader level of the manufacturing and services sector as well, rising job creation is evident. The PMI Manufacturing employment sub-index suggests the generation of more employment opportunities in the manufacturing sector supported by improvement in operating conditions, buoyant demand, uptake in new business intakes and scaled-up production. Similarly, the PMI Services sub-index shows a step-up in employment generation in the services sector from a combination of buoyant domestic demand, new business gains and an upturn in international sales.

–IANS

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