Morning Alert..
*PLI scheme for textiles attracts Rs 1,536 crore in investments: Govt*
The Rs 10,683-crore production-linked incentive scheme for India's textiles sector attracted investments of Rs 1,536 crore as approval letters were issued to 56 applicants who met the eligibility criteria, the government said on Monday. Applications under the PLI Scheme for textiles were received through a web portal from January 1, 2022, to February 28, 2022. The Centre launched the PLI Scheme with an approved outlay of Rs 10,683 crore to promote the production of MMF apparel, MMF fabrics and Products of Technical Textiles in the country to enable the textiles industry to achieve size and scale and to become competitive. "Selection Committee chaired by Secretary (Textiles) has selected 64 applicants under the scheme. 56 applicants have completed the mandatory criteria for the formation of a new company and approval letters have been issued to them. Investment to the tune of Rs 1,536 crore has been made so far," an official statement said.
*Coal consumers body seeks renewal of rake-based supply to non-power sector*
The Coal Consumers Association of India (CCAI) has made a plea to the government to resume rake-based supplies to the non-power sector in a bid to maintain cost competitiveness and sustain operations. Despite Coal India's production and despatches improving considerably this year, the supply of dry fuel to the non-power sector continues to languish below optimal levels amidst spiralling costs. This situation has led to the non-power sector relying on road-based supplies, in turn leading to soaring costs for its constituent industries. Converting rail quantities to road offtake often attracts higher premiums than those already paid to Coal India Ltd (CIL) for rake-based supplies, CCAI said.
*India's agri, allied commodities export up 12% in Apr-Oct to $30 billion*
India's export of agriculture and allied commodities rose 11.97 per cent to USD 30.21 billion during April-October period of current fiscal year, the agriculture ministry said on Monday. The exports stood at USD 26.98 billion in the same period of 2021-22, it said in a statement. Wheat, basmati rice, raw cotton, castor oil, coffee, and fresh fruits were major commodities exported from India. The overall export of agri and allied commodities rose 20 per cent to USD 50.24 billion in 2021-22, when compared with USD 41.86 billion in the previous year, it added. The ministry said there was improvement in the farm produce logistics with the introduction of 'Kisan Rail' service in July 2020. Till December this year, Kisan rails were operated on 167 routes in the country.
*Commodity play*
Gold – Rs 54164/10gm, Silver – Rs 67341/kg, Brcrude – Rs 6210/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 718/kg.
*Corporate News*
Advent International to pick up 50.1% in Suven Pharma for Rs 6,313 crore.
Alembic Pharma gets USFDA nod for generic drug to treat breast cancer.
LIC Housing Finance raises lending rates by 35 bps, cites market conditions.
SGX Nifty indicates positive start to Indian markets trading at 18081 levels up by 0.29% or 52 points.
Sector in focus – Banks, Fertilizers, Pharma & IT.
