Morning Alert..
*Logistics, defence see MoUs worth Rs 16,400 crore in Uttar Pradesh*
The Uttar Pradesh (UP) government has signed memorandums of understanding (MoUs) worth nearly $2 billion (about Rs 16,400 crore) with North American companies in the logistics, defence, and aerospace sectors. The agreements were inked recently with the companies incorporated in the US and Canada, a senior government official said. US-based Mobility Infrastructure Group will invest Rs 8,200 crore in logistics projects, expected to generate 100 fresh employment opportunities. Canada-based QSTC will also pump in Rs 8,200 crore in defence and aerospace projects, creating 200 jobs. The government is looking to showcase the state’s military hardware manufacturing potential as well as the UP Defence Corridor at the UP Global Investors’ Summit (GIS) 2023 in Lucknow during February 10-12. The event is likely to attract defence manufacturers from the US, Europe, Russia, the UK, Sweden, France, Israel, and Germany.
*FDI inflows likely to improve in coming months, says DPIIT official*
Banks, financial institutions (FIs), and newly established National Bank for Financing Infrastructure Development should play a proactive role in financing projects under the National Infrastructure Pipeline (NIP) to avoid crowding out of private investment, Vivek Joshi, secretary at the Department of Financial Services (DFS), said on Thursday. “There is a need for a proactive and strategic approach to be adopted by the banks, FIs, and Development Finance Institutions (DFIs). It is only then that the crowding out of investments can be avoided and projects of national importance will be able to access timely and reasonable financing,” Joshi said at the foundation day event of IIFCL. On December 31, 2020, Finance Minister Nirmala Sitharaman had unveiled the NIP report setting out a capital expenditure plan of Rs 111 trillion for the next five years.
*Green hydrogen manufacturing to come under PLI scheme: R K Singh*
The Centre will bring in a production-linked incentive (PLI) scheme in coming months to give impetus to manufacturing of green hydrogen and its key component electrolyser, Union Power, New, and Renewable Energy Minister R K Singh said on Thursday. The minister was speaking a day after the Union Cabinet approved an initial outlay of Rs 19,744 crore for the National Green Hydrogen Mission. One of the key tenets of the mission is allocation of Rs 17,490 crore for strategic interventions for green hydrogen transition (SIGHT) programme. Under SIGHT, there will be two financial incentive mechanisms for the domestic manufacturing of electrolysers and the production of green hydrogen. “We would provide incentive through a PLI scheme. We are aiming to make India the most competitive source of green hydrogen in the world,” Singh said, adding that 15 gigawatt (Gw) of electrolyser capacity would be needed to meet the annual 5 million tonne production target of green hydrogen.
*Commodity play*
Gold – Rs 55545/10gm, Silver – Rs 67216/kg, Brcrude – Rs 5946/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 716/kg.
*Corporate News*
Capital infusion in Vodafone Idea under discussion: Ashwini Vaishnaw.
TCS pushes the pedal to get self-driving cars on road with new algorithms.
Sebi nod to reclassify govt holding in IDBI Bank as 'public' after sale.
SGX Nifty indicates flattish start to Indian markets trading at 18060 levels down by 0.02% or 4.5 points. Dow Jones ended yesterdays session in red down by 1.02% at close.
Sector in focus – Chemicals, Telecommunications, Bank & Real-Estate.
