Cabinet clears 351cr for Wayanad township plan
Thiruvananthapuram: The state cabinet on Wednesday granted administrative sanction for Rs 351 crore for the Wayanad township programme. Work on the project will commence once KIIFCON, a subsidiary of KIIFB, issues technical clearance.
The cabinet also gave conditional approval for appointing Mumbai-based STUP Consultants Ltd to prepare the detailed project report for the proposed Sabarimala greenfield international airport. The consultancy fee, fixed by KSIDC, is Rs 4.366 crore. A committee led by the chief secretary has been tasked with resolving implementation hurdles for the airport project.
The cabinet approved covering the medical expenses of renowned sculptor Kanayi Kunhiraman, who is undergoing treatment in a private hospital.
The funds will be released from the chief minister's distress relief fund (CMDRF).
Approval was also given to a Rs 57.56 crore project under the PM JANMAN scheme for electrifying 261 tribal houses across 22 tribal settlements in the state. In addition, projects worth Rs 2.76 crore for electrifying 84 more houses will be submitted to the govt.
The cabinet cleared the Asian Development Bank-funded 24x7 drinking water project to be implemented by the Kochi Municipal Corporation under the Kerala Urban Water Supply Improvement Project. A consultancy contract for the loan implementation support unit will be signed for Rs 299 crore.
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Hans India
15 minutes ago
- Hans India
Middle East flares may weigh down markets
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DIIs continued their buying for ninth straight week with purchases of equities worth Rs 12,635.58 crore. Domestic factors such as a decline in India's wholesale inflation and the RBI's relaxation of lending norms supported the market's upward momentum amid Middle East concerns. The rupee witnessed a sharp fall last week. The fall to 86.60 on the Indian rupee (86.59) has happened much faster than expected. Rise in crude oil prices on the back of the ongoing Israel-Iran conflict is weighing on the domestic currency. The US Federal Reserve meeting last week largely turned out to be a non-event for the markets. The Fed kept the rates unchanged at 4.25-4.5 per cent. It also retained its forecast for another 50-basis points rate cuts for the rest of the year. However, the central bank had revised its inflation forecast higher. The higher revision has been attributed to the uncertainty prevailing over the impacts of higher tariffs. Weekend factors like US B-2 Bombers making incursions into Iran and with Israel and Iran continuing to exchange missile strikes will cast shadow on markets when markets open in the coming week. Looking ahead, traders may brace for heightened volatility as geopolitical tensions remain elevated. Iran has launched a retaliatory wave of missiles toward Israel, hours after U.S. airstrikes targeted its nuclear facilities in Fordow, Natanz, and Isfahan; and Iran's foreign minister stated that Tehran is willing to consider diplomacy only once Israel halts its aggression. Watch carefully the developments because of its impact on international crude oil prices. IPO Corner: After a long time, the primary market is going to see some intense action in a 'energetic week' with 13 (IPOs) hitting the D-Street. The companies will be raising nearly Rs 16,000 crore during the week, with five mainboard public issues up for grabs. The positive broader picture of the equity market, despite near-term concerns led by the Middle East and tariff-driven volatility, appears to be the reason for strong primary market action. Mumbai-based real estate developer Kalpataru is slated to raise Rs 1,590 crore via IPO. The IPO price band has been set at Rs 387 to Rs 414. New Delhi-headquartered EPC company Globe Civil Projects plans to garner Rs 119 crore through IPO. The IPO price band has been set at Rs 67 to Rs 71. Industrial gases provider Ellenbarrie Industrial Gases plans to mop up Rs 852.53 crore via the public issue. The IPO price band has been set at Rs 380 to Rs 400. Electric resistance welded steel pipes and structural tubes maker Sambhv Steel Tubes plans to raise up to Rs 540 crore. However, the biggest public issue of the current year will be from HDB Financial Services with a size of Rs 12,500 crore. The IPO price band has been set at Rs 700 to Rs 740. This remains the most anticipated issue among the pack. The SME segment will also see top action with 7 IPOs opening for subscription. Reports indicate that Tata Capital is closing in on a blockbuster Rs 17,200 crore IPO, after receiving regulatory clearance for its confidential draft prospectus. Expect some shift in fund flows from both retail investors and institutions from secondary market to IPO segment. The fresh wave of equity supply via initial public offerings (IPOs) can be a key risk to Indian stock market. If you think investing is gambling, you're doing it wrong. The work involved requires planning and patience. However, the gains you see over time are indeed exciting. FUTURES & OPTIONS / SECTOR WATCH With the broader indices Nifty and Bank Nifty locked in a tight range, derivative segment witnessed mild bouts of alternate buying and selling in stock futures. Despite ongoing tensions between Iran and Israel, indices ended the week on a positive note. In the options market, prominent Call open interest for Nifty was seen at the 25,500 and 25,300 strike, while the notable Put open interest was at the 25,000 and 24,800 strike. For Bank Nifty, the prominent Call open interest was seen at the 57,000 and 56,500 strikes, whereas notable Put open interest was at the 56,000 strike. Implied volatility (IV) for Nifty's Call options settled at 13.51%, while Put options concluded at 14.06%. The India VIX, a key market volatility indicator, closed the week at 14.26%. The Put-Call Ratio Open Interest (PCR OI) for the week was 1.06. Nifty is currently trading near its resistance level of 25,200. A breakout above this level could lead to a further move towards 25,500. On the downside, immediate support is placed at the psychological level of 25,000, followed by strong support at 24,800. As long as Nifty holds above 24,800, the market can be considered a buy-on-dips. Watch out for breakout attempts near resistance and potential reversal signs around the key levels. As always, manage risk with discipline and stay anchored to price confirmation. Stocks looking good are Ashok Leyland, BEL, Bharti Airtel, Indus Towers, Trent, Kaynes and Wipro. Stocks looking weak are ATGL, Bluestar, RVNL, Shree Cements, Tata Chemicals, Unominda and Voltas. (The author is a senior maket analyst and former vice- chairman, Andhra Pradesh State Planning Board)
Time of India
20 minutes ago
- Time of India
Rs 1 lakh crore FII selloff in 6 sectors! Are you still holding the wrong stocks?
Live Events Valuations at Tipping Point Earnings Under Pressure Where the Smart Money Is Moving Bottom Line: What Should Investors Do? (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Foreign institutional investors (FIIs) have gone on a selling spree, offloading nearly Rs 1 lakh crore worth of Indian equities in just six months across six key sectors of consumer durables FMCG , and IT . The sharp pullback, concentrated in segments once considered defensives or structural bets, underscores rising concerns around valuations, global macro uncertainty, and a shifting earnings biggest casualty is the IT sector, which alone has seen Rs 33,479 crore in net FII outflows, or a third of total selling. This is followed by FMCG (Rs 17,819 crore), auto (Rs 16,058 crore), consumer services (Rs 14,417 crore), power (Rs 12,231 crore), and consumer durables (Rs 11,296 crore).'We continue to maintain our underweight stance in the IT sector, as we foresee a slowdown in overall IT spending in the US market and a probable delay in discretionary spending,' said Neeraj Chadawar, Head of Fundamental and Quantitative Research at Axis Securities. 'Guidance and commentary remain critical for the sector going forward.'The broad-based nature of the selling suggests a structural de-risking rather than just profit-taking. Even construction (-Rs 9,322 crore) and healthcare (-Rs 9,048 crore) have witnessed sharp outflows. In contrast, only a handful of sectors have seen net FII inflows, including telecom (Rs 23,065 crore) and financials (Rs 9,456 crore).Despite the bounce-back in domestic equities since April, foreign investors remain wary. FIIs were net sellers in four of the six months this year, including massive outflows of Rs 78,027 crore in January and Rs 34,574 crore in February. Even June, so far, has seen a net selloff of Rs 5,404 crore (till June 15).'Export-facing sectors will be in a wait-and-watch mode… domestic-facing sectors will likely lead from here,' Chadawar added, highlighting the impact of reciprocal tax measures and global macro retreat comes amid a strong equity rally that has made valuations appear frothy, particularly in mid- and small-cap segments. According to Jefferies' Chris Wood, the Nifty Midcap 100 Index now trades at 27.1x forward earnings, even as the Nifty itself is at 22.2x—well above its historical median.'Valuations have become an issue again, particularly in the mid-cap space,' Wood wrote in his GREED & fear report. 'The equivalent of $7.2 billion of equity supply was raised last month and $6 billion so far in June. It is this supply which poses the main risk to the market.'Wood noted that domestic flows and sentiment remain strong, especially in consumer finance stocks. However, FII positioning indicates growing concern about over-valuation and saturation in parts of the valuation, earnings downgrades and growth moderation are another red flag. HSBC, in its Q4 review, flagged weak topline performance in consumer staples and slowing credit growth in banks.'Demand for consumer staples was subdued, while competitive intensity remains high… Growth for banks moderated to a single-digit rate amid margin pressures,' the HSBC note said, adding that 'a sustained recovery in earnings growth is still a few quarters away.'The IT sector, despite posting 6% net income growth, continues to suffer from poor visibility in US demand, weak discretionary spend, and macro uncertainty in export markets. 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The challenge lies in timing entry points as valuations remain elevated despite the sectoral rotation.(Data: Ritesh Presswala): Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hindustan Times
21 minutes ago
- Hindustan Times
Tech CEO ditches Apple Watch, mutes Bryan Johnson for better sleep: ‘Caused more stress than it solved'
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