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Markets End Firm on Diwali Day
Wed, 11 Nov Closing

The hour-long auspicious Muhurat trading session ended on a positive note today. While the BSE-Sensex closed higher by about 124 points, the NSE- Nifty ended higher by about 42 points. Stocks from capital goods and realty spaces were the most in demand. BSE Mid Cap and BSE Small Cap too gathered steam with both indices ending higher by 1% and 1.5% respectively.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.27% and the Nikkei 225 rose 0.10%. The Hang Seng lost 0.22%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.30% while France's CAC 40 is up 1.20% and London's FTSE 100 is up 0.51%. The rupee was trading at 66.35 against the US$.

According to a leading financial daily, The National Democratic Alliance (NDA) government has eased foreign direct investment (FDI) norms in order to attract overseas funds. The FDI norms have been eased across fifteen sectors including defense, civil aviation and broadcasting to boost economic growth. The new reforms also allow foreign investment through the automatic route. This development is aimed towards improving India's ranking in the ease of doing business and accelerating job creation.

Further, the government raised the FDI limit in news and current affairs television channels and FM radio to 49% from 26% under the government approval route. In the defense sector, the government allowed foreign investment up to 49% under the automatic route. The crux of these reforms is to further ease, rationalize and simplify the process of foreign investments in the country and to put more and more FDI proposals on automatic route instead of the government route where time and energy of the investors is wasted.

According to a leading financial daily, National Aluminum Company (NALCO), the country's leading state run PSU in the aluminum sector, has decided to invest Rs 56 bn in setting up a fifth stream of one million tonne capacity in the precincts of the existing alumina refinery at Damanjodi, in Odisha's Koraput district. The company's latest investment drive comes on the back of allocation of Utkal D&E coal blocks by the Centre and the state government's recommendation of Pottangi bauxite mines in favour of NALCO.

Furthermore, the company would also spent another Rs 20 bn to develop the 200-million-tonne coal blocks are located in Angul district of Odisha. The company's Smelter and Power Complex is also located in the same district. The aluminum major is also closely associated with the state government in setting up an aluminum park in Angul to attract downstream industries.

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Sep 26, 2017 02:28 PM

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