Trade Financial News

DGFT on Tuesday said the Department of Defence Production has been authorised as the licensing authority for export of all items falling under the munitions category for military end-use. The Directorate General of Foreign Trade (DGFT) has notified the updated SCOMET (Special Chemicals Organisms Materials Equipment and Technologies) list for 2024. It said that India's export control list (SCOMET) has been updated, incorporating the recent changes in the control lists of the multilateral export control regimes, and certain policy amendments on the basis of inputs from relevant government organisations and stakeholders. «With the recent update, DGFT has also authorised the Department of Defence Production (DDP), Ministry of Defence, to be the licensing authority for export of all items falling under Category 6 of SCOMET for military end use,» it said in a statement.

tariff-rate quota (TRQ) scheme to the US for the October 2024 — September 2025 period. Shipments under the TRQ enjoy relatively lesser customs duties. After the quota is reached, a higher tariff applies to additional imports. «The quantity of 8,606 MTRV (metric tonnes raw value) of raw cane sugar to be exported to USA under TRQ scheme from 01.10.2024 to 30.09.2025 has been notified,» the Directorate General of Foreign Trade (DGFT) said in a public notice. A similar quantity was notified in January also.

EET Fuels (a trading name of Essar Oil (UK) Ltd), has appointed Toyo Engineering India Pvt. Ltd. (Toyo-India) (100% subsidiary of Toyo Engineering Corporation, Japan) a leading engineering, procurement, and construction company, to carry out the FEED phase — an integral part of the project management process. Toyo-India will oversee design completion, project de-risking, detailed costing analysis, and other vital work. Completion of FEED will enable the Company to make the final investment decision (FID) on the ICC project. Upon completion (expected in 2028), the ICC project will capture carbon dioxide emitted from Stanlow refinery’s full-residue fluid catalytic cracking (FCC) unit — one of Europe’s largest units. Leveraging Stanlow’s unique location, the captured carbon dioxide will use a repurposed existing gas transportation network and be permanently sequestered into depleted gas fields in Liverpool Bay, as part of the HyNet industrial decarbonisation cluster in the North West of England.

Nifty formed an Inside Bar pattern on the daily chart as it ended Tuesday’s trading session on a flat note as the index traded within the high and low range of the previous trading session. The near-term uptrend status of Nifty remains intact. Present range-bound movement could eventually result in an upside breakout of the hurdle at 25,400 levels over the period of time. A decisive move above this hurdle is expected to pull Nifty towards the next upside target of 25,800. Immediate support is at 25,100 levels, Nagaraj Shetti of HDFC Securities said.

The European Union is trying to get a semblance of gender parity in its new executive Commission

British financial technology firm Zilch on Tuesday reported its first-ever month of profit, marking a key milestone for the company as it looks toward an eventual initial public offering.

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Retail sales rose by an annual rate of 1% during the month, up from 0.5% in the July and above the three-month average of 0.4%, said the British Retail Consortium (BRC) trade body. Cold UK summer dampens consumer spending in June This was however below the March peak, but the BRC reassured that August was still a «strong rebound» versus from the significant drop in April and the slight decline back in June. A similar pattern appeared in the three-month average figures, which were up 2.9% year-on-year and signalled a recovery from June's lacklustre results, but this still came in be...

Canadian Prime Minister Justin Trudeau last month announced tariffs of 100 percent on Chinese EVs, accusing Beijing of «not playing by the same rules as other countries» in areas like environmental and labour standards. The United States and the European Union have also respectively slapped tariffs of 100 percent and 36 percent on Chinese EVs, arguing that Beijing unfairly subsidises domestic producers whose products then flood foreign markets and undercut local competitors.

Sikko Industries Ltd.(up 5.00%), Rama Phosphates Ltd.(up 2.87%), Agro Phos India Ltd.(up 2.47%), Gujarat State Fertilizer & Chemicals Ltd.(up 0.77%), Coromandel International Ltd.(up 0.63%), Aries Agro Ltd.(up 0.43%), Nagarjuna Fertilizers and Chemicals Ltd.(up 0.40%), Krishana Phoschem Ltd.(up 0.37%), Madhya Bharat Agro Products Ltd.(up 0.26%) and Rashtriya Chemicals & Fertilizers Ltd.(up 0.21%) were among the top gainers.

Ravindra Energy Ltd.(up 5.00%), Suzlon Energy Ltd.(up 3.07%), Power and Instrumentation(Gujarat)Ltd.(up 2.00%), Energy Development Company Ltd.(up 1.83%), Gujarat Industries Power Company Ltd.(up 1.61%), Inox Wind Ltd.(up 1.35%), PTC India Ltd.(up 1.32%), Jaiprakash Power Ventures Ltd.(up 1.23%), GE Power India Ltd.(up 1.16%) and NLC India Ltd.(up 0.93%) were among the top gainers.

On the BSE, Unitech Intnl(down 15.49 per cent), Gautam Gems(down 11.17 per cent), AXISCADES Engg Tech(down 10.79 per cent), Octavius Plantations(down 10.70 per cent) and Shri Balaji Valve Co(down 9.87 per cent) were among the stocks that plunged over 5 per cent during the session.

Hero MotoCorp Ltd.(up 0.97 per cent), Bharat Forge Ltd.(up 0.46 per cent), Eicher Motors Ltd.(up 0.17 per cent), Mahindra & Mahindra Ltd.(up 0.04 per cent) and Maruti Suzuki India Ltd.(up 0.03 per cent) were among the top gainers.

Lexus Granito(India)Ltd.(up 1.32%), KIOCL Ltd.(up 1.28%), Madhav Marbles & Granites Ltd.(up 1.18%), Gujarat Mineral Development Corporation Ltd.(up 1.17%), MOIL Ltd.(up 0.88%) and Aro Granite Industries Ltd.(up 0.87%) were among the top gainers.

Nifty were trading flat on Tuesday morning in the absence of any major triggers. However, a 3-5% rally in defence stocks like HAL, GRSE, and Mazagon Dock cheered retail investors. The rally in defence stocks came after the Cabinet Committee on Security cleared a Rs 26,000 crore deal for the procurement of 240 aero-engines for Sukhoi-30MKI fighter jets.

Premier Energies' shares debuted on the exchanges with a 120% premium on Tuesday. The stock listed at Rs 990 on NSE and Rs 991 on BSE, compared to the offer price of Rs 450. Ahead of its debut, the company's shares traded at a premium of over 100% in the unlisted market.

IIT Bombay has completed final placements with an average annual package of Rs 23.5 lakh, a 7.8% jump from last year’s average of Rs 21.8 lakh but fewer students compared to last year have landed jobs during the process, a report released by the institute has revealed. In one of the most challenging years for placements to date, about 74.5% of the 1979 students who actively participated in the campus drive have got jobs, with 1475 job offers accepted. This is compared to about 82% last year when 1845 students actively participated and 1516 job offers were accepted. This is despite 364 companies making offers, compared to 324 last year. Seventy-eight international offers were accepted in both Phases of the IIT Bombay placements 2023 — 24, while 22 offers of above Rs 1 crore per year were accepted during this drive, according to data from the institute. Around 206 students received salaries of less than Rs 10 lakh.

trade ban on Tuesday viz. Balrampur Chini and Hindustan Copper. The Future & Options contracts of any stock enter the ban period when the open interest (OI) on it crosses 95% of the market-wide positions limits or MWPL. The ban on it is reversed only if the open interest falls below 80%. Traders who trade in indexes do not encounter a security ban.

Sanofi India Ltd.(up 3.83 per cent), Gland Pharma Ltd.(up 2.96 per cent), Mankind Pharma Ltd.(up 2.63 per cent), Glenmark Pharmaceuticals Ltd.(up 1.55 per cent) and Ipca Laboratories Ltd.(up 1.49 per cent) were among the top gainers.

Asian shares are trading mixed as investors look ahead to a key report on U.S. employment set for release later in the week