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What Is The Production Linked Incentive Scheme? Here's All You Need To Know


In order to boost domestic manufacturing and make the country globally competitive, the central government introduced the production linked incentive (PLI) scheme in March last year. On Wednesday, February 24, the Union Cabinet approved a Rs 7,350 crore PLI scheme for boosting the local manufacturing and export of IT products such as laptops, tablets, personal computers, and servers. As part of the plan, incentives worth Rs 7,350 crore will be provided over four years for the manufacturing of IT hardware products in the country. The approved PLI scheme for IT hardware will help the country export IT goods worth Rs 2.45 lakh crore.

On February 17, the Union Cabinet approved Rs 12,195 crore PLI scheme for the telecom and networking products in order to boost the country’s manufacturing capabilities and enhance exports. Telecom Minister Ravi Shankar Prasad said that the scheme will ensure the progress of Make-in-India in the telecom equipment space and 5G equipment will also come. The scheme outlay is for a period of five years. 

The eligibility under the scheme will be subject to achieving a minimum threshold of the cumulative incremental investment and incremental sales of manufactured goods. The incentive structure ranges between four and seven per cent for different categories and years. Fiscal year 2019-20 will be treated as the base year for computing the cumulative incremental sales of manufactured goods and net of taxes.

With the PLI scheme, the government expects that the country will be well-positioned as a global hub for manufacturing of telecom and networking products. Along with this, an incremental production around Rs. 2 lakh crore is expected to be achieved over five years, according to a recent research report by CARE Ratings. It is also expected that the scheme will bring over Rs. 3,000 crore investment and generate direct and indirect employment. By incentivizing large scale manufacturing in the country, the domestic value addition may increase gradually. The provision of higher incentive to the MSME sector is likely to encourage the domestic telecom manufacturers to become part of the global supply chain.

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Earlier, in order to make Indian manufacturers globally competitive and attract foreign investment, the government approved the PLI scheme for 10 key sectors which included – Advance Chemistry, Electronic/Technology Products, Automobiles and components, Pharmaceuticals drugs, Telecom and Networking Products, Textile Products: MMF segment and technical textiles, Food Products, High Efficiency Solar PV Modules, White Goods (ACs & LED), and Speciality Steel. 



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Bitcoin Plummets 17% To $45,000 Amid Concerns Over High Valuation


Bitcoin Vs Dollar Rate: Bitcoin was last down 9.84 per cent at $47,930.3 in choppy trading

Bitcoin slumped as much as 17 per cent to $45,000 on Tuesday, February 23, amid concerns from investors over the cryptocurrency’s sky-high valuations, triggering the liquidation of leveraged bets. The world’s most popular cryptocurrency faced its biggest daily drop in a month, as it lost steam and fell to the $45,000 mark. Bitcoin was last down 9.84 per cent at $47,930.3 in choppy trading. The massive drop in prices took its losses to over a fifth from a record high of $58,354 hit on Sunday, February 21, and underscored the volatility of the emerging asset. However, the cryptocurrency is still up around 60 per cent this year. (Also Read: Bitcoin Market Cap Hits $1 Trillion, Currency Soars To Record High Of $ 57,000: 10 Points )

Meanwhile, ether, the world’s second-largest cryptocurrency by market capitalisation that often moves in tandem with bitcoin, also slumped more than 20 per cent to $1,410, down over 30 per cent from its last week’s record peak. Billionaire Elon Musk’s electric vehicle company Tesla Inc’s $1.5 billion investment in bitcoin this month, helped in vaulting the cryptocurrency above the historic $50,000 mark. (Also Read: Bitcoin Crosses $50,000 In Historic Win, Gains Further Mainstream Acceptance: 10 Points )

Bitcoin has registered a broader bull run since October 2020, after US online payment firm PayPal allowed the use of bitcoin over its network. After Tesla’s investment, several other corporate majors such as BNY Mellon. MicroStrategy also took a leap towards the digital currency, leading to a further surge in bitcoin’s prices. The cryptocurrency’s rapid gains in recent months have led to calls from financial regulators and governments for tighter regulation. (Also Read: Bitcoin Stays Above $50,000 As MicroStrategy Seeks $600 Million To Raise Stakes )

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According to analysts, bitcoin’s high volatility is among reasons that it has so far failed to gain widespread traction as a means of payment – an expectation that has in part fuelled its broader rally. They added that with a few fundamental factors by which to judge bitcoin’s value, the key price levels would play a large part in determining the direction of crypto markets. (Also Read: After Bitcoin Crosses $50,000, What’s The Status Of Cryptocurrencies In India? )

“After reaching an all time high of $ 58,000, Bitcoin saw a price correction today. This was expected as markets go through such correction cycles. However the market showed signs of recovery after falling nearly 17%. Investments in Bitcoin, like any other asset, should be from a long term perspective as the fundamentals are still going strong. Hence it is advised that investors buy the dips and hold with a long term perspective,” said Sumit Gupta, CEO & Co-Founder, CoinDCX.



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Rupee Gains Marginally Higher To 72.46 Against Dollar Amid Muted Domestic Equities


Rupee Vs Dollar Today: The rupee settled to 72.46 against the dollar

Rupee Vs Dollar: The rupee slipped from the day’s high level and marginally gained three paise against the US dollar on Tuesday, February 23, to settle at 72.46 (provisional) tracking muted domestic equities and stronger American currency against key rivals. At the interbank foreign exchange market, the domestic unit opened at 72.36 against the dollar and registered an intra-day high of 72.31. It witnessed a low of 72.46. In the early trade session, the local unit gained 16 paise to 72.33 against the greenback. It closed at 72.46 a dollar, registering a rise of three paise from its previous close. On Monday, February 22, the rupee had settled at 72.49 against the dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, gained 0.16 per cent to 90.15. ”Selling in dollar rupee continues as inflows dominate. Yesterday heard inflows were from corporate ECB and a bond issue. RBI ensured that 72.30 is not breached but don’t know how long. If flows continue then next support is 71.80 and after that 70.00. With dollar bashing continuing despite a rise in US and India yields we should continue with the strategy of selling the  uptics on USD INR  and for importers to hold positions with a stop at 72.65,” said Anil Kumar Bhansali, Head- Treasury, Finrex Treasury Advisors. 

On the domestic equity market front, the BSE Sensex ended 7.09 points or 0.01 per cent higher at 49,751.41, while the broader NSE Nifty advanced 32.10 points or 0.22 per cent to 14,707.80. ”Benchmark equity indices closed off the highest point of the day on Feb 23 but managed to snap a five-day losing streak. The nifty made an intra day high at 1040 Hrs and then slid and went sideways. At close, the Nifty 50 index ended 32 points higher at 14,707,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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”Nifty halted the five day losing streak but the recovery or bounce was feeble. This raises doubts about sustainability of this bounce. However positive advance-decline ratio raises hope for the broader markets,” he added. 

According to exchange data, the foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs 893.25 crore on February 22.  Brent crude futures, the global oil benchmark, rose 0.90 per cent to $ 65.83 per barrel. 



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Bharat Forge, Paramount To Produce Armoured Vehicles In India


The Kalyani M4 is a multi-role platform designed to meet specific requirements of armed forces.

Engineering and technology conglomerate Bharat Forge Ltd and global aerospace and technology company Paramount Group on Monday announced a cooperation that will see them join technologies, capabilities and expertise to manufacture armoured vehicles in India.

An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) in Abu Dhabi.

“The Kalyani M4 is a fantastic new-generation vehicle and we want to position it as the future of protection in all markets worldwide,” said Amit Kalyani, Deputy Managing Director of Bharat Forge.

“This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities,” he said in a statement.

Ivor Ichikowitz, Chairman of Paramount Group, said this model of world-beating innovative technology is fundamental to enhancing any country’s contemporary defence and technology capabilities.

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“The Kalyani M4 is based on one of our flagship armoured vehicles designed specifically for in-country production in India with our partners the Kalyani Group. We are proud that it will be made in India,” he said.

The Kalyani M4 is a multi-role platform designed to meet specific requirements of armed forces for quick mobility in rough terrain and in areas affected by mine and IED threats. It offers ballistic and blast protection up to 50 kg TNT side blast or IED/roadside bombs due to its design built on a flat-floor monocoque hull.

The Kalyani M4 successfully completed a series of extreme vehicle trials in some of the toughest environments in India, Bharat Forge said in the statement.

On BSE, Bharat Forge closed at Rs 588.20 per share, down 2.39 per cent from its previous close.



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Torrent Power Surges On Emerging As Highest Bidder For Power Distribution Company


Torrent Power currently distributes nearly 16.66 billion units to over 3.65 million customers.

Shares of electricity generation and distribution company – Torrent Power – rose as much as 5.66 per cent to hit record high of Rs 385.45 after the company on Saturday informed exchanges that it has emerged as the highest bidder for privatisation of a power distribution company in the Union Territory of Dadra & Nagar Haveli and Daman & Diu. (Track Torrent Power stock price here)

“Torrent Power Limited emerged as the highest Bidder for the sale of 51 per cent stake in the Power Distribution Company in the UT of Dadra & Nagar Haveli and Daman & Diu. The acquisition of 51 per cent stake in the power distribution company by Torrent is subject to further formalities as prescribed under the Tender documents,” Torrent Power said in a press release.

Torrent Power currently distributes nearly 16.66 billion units to over 3.65 million customers in Ahmedabad, Gandhinagar, Surat, Dahej SEZ and Dholera SIR in Gujarat; Bhiwandi, Shil, Mumbra and Kalwa in Maharashtra and Agra in Uttar Pradesh.

With the addition of Dadra & Nagar Haveli (including Silvasa) and Daman & Diu, Torrent will distribute nearly 25 billion units to over 3.8 million customers and cater a peak demand of over 5000 MW, the Ahmedabad-based power distribution company added.

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“With this acquisition, Torrent will be entrusted with the responsibility to distribute over 25 billion units of power, which is equivalent to around 2% of India’s total power consumption. This acquisition will significantly strengthen Torrent’s position as the leading Power Distribution company in the country with a presence in 12 cities spread across 3 States and 1 Union Territory,” Samir Mehta, chairman of Torrent Group said in a statement.

As of 12:18 pm, Torrent Power shares traded 3 per cent higher at Rs 376, outperforming the Sensex which was down 1.5 per cent.



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How To Check Share Allotment Status Of Nureca IPO


Nureca IPO: The shares are likely to be listed on BSE Sensex and NSE on February 26, 2021

Nureca is likely to finalise the share allotment of its Rs 100-crore initial public offer (IPO) on February 23, as per the schedule available in its prospectus. The IPO, which was open for bidding for three days from February 15 to February 17, was subscribed 39.92 times. The public issue was subscribed 166.58 times in the retail category, 3.10 times in qualified institutional buyers segment and 31.59 times in the non-institutional investors category. The shares are likely to be listed on the BSE Sensex and NSE on February 26, 2021.

Incorporated in November 2016, Nureca is a home healthcare and wellness products company. It sells its products on its own website, and online channel partners such as e-commerce players, distributors and retailers.

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Here’s how to check the allotment status of Nureca IPO on the registrar’s website

  • Access the registrar’s website: linkintime
  • Select either PAN, Application Number or DP Client ID. 
  • Select company name (Nureca Limited IPO) and enter either PAN Number, Application Number or DP — whichever is applicable Click on Search button to know whether shares have been allotted

Here’s how to check the allotment status of Nureca IPO on the BSE website

  • Access the BSE website. 
  • Select Equity and Issue Name (Nureca Limited) and press Enter Enter the Application Number and PAN Number
  • Click on the Search button to know the application status



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Bitcoin Market Cap Hits $1 Trillion, Currency Soars To Record High Of $ 57,000: 10 Points


Bitcoin Vs Dollar Rate: Bitcoin was last up up 8.75 per cent at $57,107.2.

Cryptocurrency bitcoin hit a market capitalization of $1 trillion as it surged to achieve yet another record high of $56,399.99 on Friday, February 19, continuing its bull stint fuelled by gaining further acceptance from mainstream investors and corporate majors. The world’s most popular cryptocurrency surged to an all-time high, crossing the $57,000 mark on Saturday, posting a weekly gain of 18 per cent. It has surged nearly 70 per cent so far this month and was last up 8.75 per cent at $57,107.2. The digital currency countered analyst warnings that it is an ‘economic side show’ and a poor hedge against a fall in stock prices.

Bitcoin Market Cap Hits $1 Trillion: All You Need To Know

  1. Bitcoin achieved a historic milestone on Tuesday, February 16, after it breached the $50,000 mark for the first time ever in a dizzying rally, especially after Billionaire Elon Musk’s electric vehicle company Tesla Inc announced a $1.5 billion investment in the cryptocurrency. The surge in prices resulted in a huge stride for bitcoin towards gaining mainstream acceptance from investors. (Also Read: Bitcoin Crosses $50,000 In Historic Win, Gains Further Mainstream Acceptance: 10 Points )

  2. The digital currency was able to sustain its historic $ 50,000 win as the world’s largest publicly traded business intelligence company, MicroStrategy announced that it will borrow $600 million to buy more bitcoin. It plans to issue $ 600 million in convertible notes in order to fund its bitcoin purchase. (Also Read: Bitcoin Stays Above $50,000 As MicroStrategy Seeks $600 Million To Raise Stakes )

  3. All digital coins combined have a market capitalisation of around $ 1.7 trillion. On January 7, 2021, the total market value of all cryptocurrencies surged above $ 1 trillion for the first time backed by bitcoin’s rally of crossing the $40,000 mark then. Bitcoin accounts for around 69 per cent of the total market cap, followed by Ethereum with a 13 per cent share. (Also Read: Cryptocurrency Market Cap Touches $1 Trillion: All You Need To Know )

  4. Rival cryptocurrency ethereum, the world’s second-largest cryptocurrency with a total value of 220 billion dollars, also more than doubled this year. Ether hit an all-time peak of $1,974.99 on Friday, after its futures were launched on the Chicago Mercantile Exchange, according to news agency Reuters.

  5. The recent enthusiasm from bigger institutions such as Tesla Inc, MicroStrategy, Bank of NY Mellon, PayPal has also attracted interest from investors across the globe towards bitcoin. Still, many analysts remain skeptical of the patchily regulated, highly volatile digital asset, which is little used for commerce. Bitcoin is still not recognsied as legal by many central banks (Also Read: Bitcoin Surges To All-Time High Of $48,481 After BNY Mellon Welcomes Digital Currency)

  6. Tesla Inc’s CEO Elon Musk, whose tweets have fueled bitcoin’s dizzying rally, stated that owning the digital coin was only a little better than holding cash. He also defended Tesla’s recent purchase of $1.5 billion of bitcoin. MicroStrategy is also a major bitcoin corporate backer. (Also Read: Bitcoin Shoots Higher To $48,216 In Dizzying Rally After Tesla’s Investment:10 Points )

  7. Analysts at JP Morgan said that bitcoin’s current prices were well above estimates of fair value. Mainstream adoption increases bitcoin’s correlation with the cyclical assets, which rise and fall with economic changes, in turn reducing the benefits of diversifying into cryptocurrency. While other investors this week said bitcoin’s volatility presents a hurdle for it to become a widespread means of payment.

  8. Bitcoin is equivalent of cash, but in electronic form, so one can not hold it in physical form. It is decentralised, which means that it is not controlled by a bank, central authority, or government. Bitcoin’s broader bull run last year was powered by PayPal after it allowed customers to use the currency on its network. (Also Read: From $2,000 To $20,000 In 3 Years And Counting: All You Need To Know About Bitcoin’s Rally )

  9. Bitcoin proponents argue that the cryptocurrency is ‘digital gold’ that can hedge against the risk of inflation sparked by the massive central bank and government stimulus packages designed to counter COVID-19. However, bitcoin has witnessed a volatile, yet positive rally last year while the world was battling against the peak of the coronavirus pandemic.

  10. Meanwhile, in India, the central government is looking to introduce a bill on  bring a bill on cryptocurrencies – ‘Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ which will create a framework for an official digital currency to be issued by the Reserve Bank of India (Also ReadAfter Bitcoin Crosses $50,000, What’s The Status Of Cryptocurrencies In India? )

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GST Council Should Consider Rationalisation, Bring Petrol Under GST: Finance Minister


Centre and states should talk to lower fuel prices, said the Finance Minister

The Union Budget sets India in right direction where the government only facilitates businesses with minimum regulation, Union Finance Minister Nirmala Sitharaman said on Saturday. “If we need a welfare state where the poor are attended, where the government intervenes in health and educational sector, then the need for wealth creation also has to be duly recognised,” she said at a post- Budget discussion organised by Chennai Citizen Forum. “If avenues for earning tax are not widened, then governmental interventions in the health and education sector cannot be expanded,” said Sitharaman.

Sitharaman said the Union Budget not only targets the vision of a five trillion dollar economy by 2024 but also a robust private sector. “It is a wrong belief that one government can solve all problems of this country. The private sector and the government have to work together,” she said.

Sitharaman said the Goods and Services Tax (GST) Council should consider rationalisation of slabs. On rising fuel prices, she said it is a vexatious issue. “The Centre and states both generate revenue from petrol. We can think about bringing petroleum under the GST. Maybe it is a solution.”

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Pugalur-Thrissur Power Project Inaugurated Today: All You Need To Know


Pugalur-Thrissur HVDC: The cost of the project is Rs.5,070 crores, according to the government

Pugalur (Tamil Nadu) – Thrissur (Kerala) HVDC Project: Prime Minister Narendra Modi inaugurated the 320 kV 2000 MW Pugalur (Tamil Nadu) – Thrissur (Kerala) HVDC project through video conference on Friday, February 19, and also dedicated a 50 MW Kasaragod solar power project to the nation. The cost of the project is Rs.5,070 crores, according to the government. According to R.K. Singh, Power Minister, the allocation for Kerala from the central sector is 2,266 MW but its peak drawl from the National Grid has already touched 3,100 MW, the maximum transfer capacity to Kerala. The minister added that as the demand increases, it is expected to touch 5,000 MW by the year 2022. 

According to a statement shared by the government, the project will enable the transfer of 2,000 MW of additional power to Kerala. Out of this, Kerala will be able to utilize 1,000 MW right now and draw the remaining 1,000 MW after strengthening the system for which the work is going on.

The transmission line is a voltage source converter-based high voltage direct current system (HDVC), the most modern system in the world and also, the first of its kind in India. The system enables safe and faster transmission with reduced losses and also enables transmission through cables.

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Out of the 165 kms of transmission lines, about 27 km is by underground cables. The technology will facilitate smart grid, provide greater flexibility in reactive power management, and will also enable the integration of renewable energy resources.



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Sensex Crashes Over 600 Points, Nifty Below 15,000 On Broad-Based Selling Pressure


The Indian equity benchmarks extended losses in afternoon trading on the back of a broad-based selling pressure as traders were seen booking profits in recent outperforming shares. The benchmarks opened lower and selling pressure intensified in afternoon led by declines in heavyweights like ICICI Bank, Axis Bank, State Bank of India, HDFC Bank, ITC, Asian Paints and Infosys. The Sensex fell as much as 631 points and Nifty 50 index broke below its important psychological level of 15,000.

As of 2:21 pm, the Sensex fell 534 points to 50,790 and Nifty 50 index dropped 181 points to 14,937.

Selling pressure was broad-based as all the 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty PSU Bank index’s 6 per cent fall. Nifty Metal, Auto, Bank, Private Bank and Realty indexes also dropped between 2-3 per cent.

Mid- and small-cap shares also succumbed to selling pressure as Nifty Midcap 100 index dropped 2 per cent and Smallcap 100 index tumbled 1 per cent.

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Forty two shares in the Nifty 50 basket were trading with a negative bias led by Tata Motors’ over 5 per cent decline. Tata Steel, ONGC, State Bank of India, Axis Bank, Hero MotoCorp, ICICI Bank, Tech Mahindra, Bajaj Auto, JSW Steel, Mahindra & Mahindra, Eicher Motors, Asian Paints and Adani Ports also fell between 2.4-5 per cent.

On the flipside, UPL, GAIL India, Hindustan Unilever, Reliance Industries, IndusInd Bank and NTPC were among the notable gainers.

The overall market breadth was extremely negative as 1,857 shares were declining while 1,057 were advancing on the BSE.



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