India
Factors pushing the Sensex and Nifty to new highs
After its worst day in ten months, the stock market regained its footing on Tuesday. Even as global markets remained on edge amid rising Russia-Ukraine tensions, increases in IT and consumer stocks aided the unexpected recovery.
NIFTY GAIN, SENSEX
The NSE Nifty 50 index increased 1.08 per cent to 17,024.40 points, while the S&P BSE Sensex increased 1.11 per cent to 57,030.60 points.
Both indices had lost 3% the day before in the previous session.
FACTORS TO CONSIDER PRIMARY
Greater Following a drop in U.S. and European stock markets on Monday, Asian stock markets were flat as investors considered the implications of a possible Russian invasion of Ukraine.
According to a Reuters storey, “people are seeking at every opportunity to exit their leveraged holdings,” said AK Prabhakar, head of research at IDBI Capital in Mumbai, citing headwinds such as geopolitical uncertainties, increased crude oil prices, and expected U.S. interest rate hikes.
“People aren’t generating money now that the impetus has died. Investors want to get out of leveraged positions because of the prospect of increasing interest rates and selling from foreign funds.”
FOCUS ON STOCKS
In tumultuous markets, defensive stocks such as information technology and fast-moving consumer products gained traction. The Nifty IT index increased by 1.6%, while the Nifty FMCG index increased by 12%.
Individual stocks sank 4.5 per cent after Cipla’s promoter group sold a 2.5 per cent interest in the firm, and Manappuram Finance dropped more than 10% on reduced quarterly profit.
“Stocks are currently trading under their 50- & 200-day moving averages, making it difficult to hold onto them. Staying on the side-lines rather than taking chances is a better way to protect your money “In a note, analysts William O Neil India wrote.
Meanwhile, BofA Securities lowered its December 2022 Nifty goal to 17,000 from 19,100, citing a potential narrowing of market breadth and increased volatility.
A mix of multi-year CAPEX, credit expansion, start-up cycles, and ‘growth-focused’ fiscal and monetary policies, according to BofA analysts, could cause India’s corporate profitability to outperform nominal gross domestic growth.
Latest News
Navi Mumbai Industrial Unit Fire Doused After 10 Hours
No casualties reported as firefighters battle blaze at chair manufacturing unit in Gotheghar.
Fire
A major fire broke out at a chair manufacturing unit in Gotheghar’s Army Industrial Area on Monday afternoon, keeping fire officials busy for nearly 10 hours. Fortunately, no casualties were reported.
The fire was reported to the Navi Mumbai Municipal Corporation (NMMC) Disaster Management Cell at around 2:40 pm. The blaze erupted at a unit located at Hamdhan Park along the Mumbra-Panvel Highway. The intensity of the fire and the presence of highly combustible materials made the operation challenging. Firefighters from different stations rushed to the spot with 16 fire tenders and water tankers and worked continuously to prevent the flames from spreading.
After several hours of firefighting, the blaze was finally brought under control at around 1 am on Tuesday. The fire caused extensive damage inside the industrial unit. Plastic, foam, rexine, chemicals, thinner drums, electrical wiring, furniture, chairs, fans, air conditioners and office equipment were among the materials reportedly destroyed.
Officials said the situation was brought under control after a prolonged operation and confirmed that no one was injured or killed in the incident. The incident once again highlights the challenges faced by firefighters while dealing with industrial fires, particularly when units contain large quantities of combustible materials. Authorities are expected to assess the extent of the damage and determine the cause of the fire.
Latest News
Navi Mumbai Housing Societies Explore Redevelopment Options at Vashi Exhibition
Over 1,500 societies and 2,000 citizens attend event to understand redevelopment process
The Redevlopment
Redevelopment is becoming an important option for several ageing housing societies in Navi Mumbai, with residents looking for better homes and improved facilities. To help them understand the process, a redevelopment exhibition was organised at the CIDCO Exhibition Centre in Vashi.
The second edition of the Ease of Doing Redevelopment (EODR) exhibition, organised by CREDAI-MCHI Youth NMR, attracted representatives from around 1,567 housing societies, more than 35 developers and over 2,000 citizens.
The event gave housing society members an opportunity to interact directly with developers and discuss their individual requirements. Experts also provided guidance on key aspects such as redevelopment potential, project feasibility, financial planning, legal procedures and checking a developer’s track record. For many society members, redevelopment can be complicated, with questions about costs, additional space, project timelines and the credibility of developers. The exhibition brought various stakeholders together under one roof, allowing residents to get answers and compare options based on their society’s needs.
Organisers said the previous edition, held last year, attracted around 800 to 1,000 societies, with several projects subsequently moving towards redevelopment. Experts stressed that every housing society has different requirements and that redevelopment decisions should be taken only after carefully examining technical, financial and legal aspects.
The strong response this year reflects the growing interest among Navi Mumbai residents in upgrading ageing buildings and creating more modern and better-equipped living spaces.
Latest News
Navi Mumbai Faces Water Supply Concerns as Morbe Dam Storage Remains Low
Concerns grow over future supply as demand rises and water wastage continues.
The Dam Storage
Concerns over Navi Mumbai’s water supply are growing as the water level in Morbe Dam remains below its full capacity, raising questions about the city’s preparedness for the coming months. The Navi Mumbai Municipal Corporation (NMMC) had earlier introduced water cuts amid concerns over inadequate rainfall. However, the restrictions were later withdrawn following improved rainfall during July and the festive season.
According to the report, some civic representatives have questioned whether withdrawing the cuts was appropriate when the dam’s available storage remains a concern. They have urged the civic administration to keep future water requirements in mind while planning supply. The issue is also linked to the increasing demand from surrounding areas. Navi Mumbai reportedly supplies around 60 million litres of water every day to parts of Panvel, including Kharghar, Kalamboli and Kamothe. With these areas expanding rapidly, pressure on available water resources is increasing.
Water consumption and wastage have also become concerns. While the recommended supply is around 150 litres per person per day, consumption in some areas is reportedly close to 200 litres. Wastage has also been observed in some CIDCO colonies and housing societies. Residents could face stricter water restrictions if rainfall remains insufficient. The report suggests that the NMMC should closely monitor Morbe Dam levels and plan distribution according to actual availability.
With water demand continuing to rise, careful management and responsible use of water will be important to avoid shortages in the months ahead.
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