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Turbulence in the bond market: What does it mean for investors?

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Risk-reward is looking favourable for investors as absolute yields have risen considerably over the past six months and now give a reasonable safety cushion to absorb mark to market volatility.

Turbulence in the bond market: What does it mean for investors?

Vikas Garg, Head of Fixed Income at Invesco Mutual Fund

Year 2022 is proving to be yet another year dominated by unprecedented events causing heightened volatility across global financial markets. While the year started on a positive note with many countries moving out of Covid-led disruptions, it was soon eclipsed by un-anticipated Russia-Ukraine conflict leading to a significant surge in global commodity prices and multi-decade high inflationary pressures in many developed countries.

Central bank US Fed has embarked upon aggressive monetary policy tightening led by steep policy rate hikes and quantitative tightening to tame inflation, thereby triggering massive dollar rally and forcing many other so-called safe haven currencies to go into tailspin.

Other key central banks are also undertaking fast paced rate hikes to control domestic inflation/currency. Consequently, global interest rates have remained extremely volatile during the year with an upward bias as market participants have struggled to gauge the inflation trajectory.

India has also seen a paradigm shift in interest rates during the year. RBI has already undertaken 190 basis point rate hike in policy repo rate and has withdrawn systemic liquidity to a great extent in response to the elevated inflation trajectory. Debt investors have been adversely impacted with high mark to market hit as domestic interest rates have hardened sharply during the year with a flattening bias.

Global backdrop continues to worsen with more rate hikes expected by the US Fed over the next few months. Indian fixed income has remained largely insulated to global spillovers on the strength of domestic stability, although the safety cushion has depleted rapidly with forex reserve falling to $524.52 billion and as India’s current account deficit remains high.

Further with FPI outflow of more than Rs 2 lakh crore year-till-date, rupee has depreciated sharply and crossed 83 against USD for the first time even as the RBI intervened to smoothen forex volatility. Much awaited inclusion of Indian G-Sec into global bond indices will now be reviewed by index providers in 2023 only as some of the operational aspects still need to be resolved with the India government.

RBI Monetary Policy Committee (MPC) has clearly articulated its concern on inflation which is reflected in retention of inflation forecasts at 6.70 percent for FY23. Domestic CPI inflation touched the 7 percent mark again in August 2022 compared with 6.71 percent in July, marginally higher than market expectations led by sharp rise in select food items such as cereals, pulses, and milk.

Core inflation remained elevated and came in at 6.1 percent YoY versus 6 percent in previous month. Supply side disruptions, geopolitical tensions, erratic rainfall, commodity prices & improving domestic demand conditions pose risks to inflation outlook, while growth seems to be fairly supported by domestic factors.

Also read - Medanta IPO: Carlyle to make full exit; strikes pre-IPO deal with RJ Corp, SBI MF and Novo Holdings

Led by global monetary policy tightening as well as still elevated inflationary pressures, we expect MPC to continue with more rate hikes and reach a terminal policy repo rate closer to 6.25 percent or 6.50 percent by early 2023.

With challenging global backdrop as many central banks tighten the monetary policies to tame inflationary pressures, huge fiscal supply and RBI’s expected rate hikes, we expect interest rates to remain volatile with an upward bias.

Nonetheless, risk-reward is looking favourable for the investors as absolute yields have risen considerably over the past 6 months and now give a reasonable safety cushion to absorb mark to market volatility. For instance, a 3 – 4 year G-Sec at 7.30 percent - 7.40 percent levels is up from the lows of 4.75 percent in December 2020 and is now similar to the levels last seen almost 4 years back.

Also read - RBI rate-setting panel plans unscheduled meet on November 3

Against the backdrop of still many uncertainties, we prefer using the conventional wisdom to contain interest rate risk with a moderate overall duration of debt investment portfolio. A much flatter yield curve gives an opportunity to investors to cut down on duration risk and still continue to maintain high accrual.

The 2 to 4 year segment of the yield remains well placed from carry perspective for medium to long investors, as it has already priced in more aggressive rate hikes and also lesser impacted by the rate volatility.

Credit environment remains healthy, however, current narrow spreads of AA / AA+ over AAA bonds do not provide favourable risk adjusted reward opportunities and we expect illiquidity premium to increase sharply over a period of time thereby posing mark to market challenges for this segment.

India’s September services PMI expansion slowest since March

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India's services PMI for September has come in above 50 for the 14th month in a rowIndia's services sector output growth at six-month low in March: PMI |  Economy News | Zee News

India's services sector expanded at the weakest pace since March, survey data released October 6 showed.

The sector expanded for a 14th month in a row in September, with the S&P Global India Services Purchasing Managers' Index (PMI) coming in at 54.3 last month.

A reading above 50 indicates expansion in activity while a sub-50 print signals contraction.

The services PMI was 57.2 in August.

"The Indian service sector has overcome many adversities in recent months, with the latest PMI data continuing to show a strong performance despite some loss of growth momentum in September.," noted Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.

India's key inflation rate, as measured by the Consumer Price Index (CPI), returned to 7 percent in August from July’s five-month low of 6.71 percent. The Reserve Bank of India is now just one month away from failure, with CPI inflation having been outside the central bank's 2-6 percent tolerance range for all of 2022.

The RBI is deemed to have failed if CPI inflation is outside the 2-6 percent range for three consecutive quarters. It averaged 6.3 percent in January-March, 7.3 percent in April-June, and will exceed 6 percent again in July-September.

The central bank has raised interest rates sharply since early May in a bid to curb inflation. It is expected to tighten policy again when its rate-setting panel meets in December.

Share Market Closing Note Indian Stock Market Trading View For 30 Septmber 2022

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Indian benchmark indices ended sharply higher on September 30 with Nifty closing above 17,000 after Reserve Bank of India (RBI) announced repo rate hike by 50 bps.Blog for Stock tips, Equity tips, Commodity tips, Forex tips:  Sharetipsinfo.com | Want to beat the stock market volatility? Just keep on  reading this exclusive blog by Sharetipsinfo which will cover topics

At Close, the Sensex was up 1,016.96 points or 1.80% at 57,426.92, and the Nifty was up 276.20 points or 1.64% at 17,094.30. About 2283 shares have advanced, 1058 shares declined, and 95 shares are unchanged.

Hindalco Industries, Bharti Airtel, IndusInd Bank, Bajaj Finance and Kotak Mahindra Bank were among the top gainers on the Nifty. However, losers included Shree Cements, Asian Paints, Britannia Industries, Coal India and Dr Reddys Laboratories.

All the sectoral indices ended in the green with auto, power, capital goods, bank, realty and metal up 1-2 percent.

BSE Midcap and Smallcap indices added 1 percent each.

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Topic :- Time:3.00 PM

Nifty spot if holds above 17080 level on closing basis then expect some upmove in market in coming sessions and close below above mentioned level will result in some sluggish movement. Avoid open positions for Monday.


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Topic :- Time:2.50 PM

UK Forex reserve is at all time low. Its just $500 Billion which is way lower than India. They might enter into recession followed by depression during winter time as Industries will suffer due to leakage in Gas pipeline from Russia which will be closed again. With upcoming winters survival without Russian gas will be difficult.

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Topic :- Time:2.30 PM

GOLD Trading View:

GOLD is trading at 50336.If it manages to trade and sustain above 50380 level then some further upmove can be seen and if it breaks and trade below 50290 level then some decline can follow.

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Topic :- Time:2.00 PM

Nifty is recovering smartly. Nifty spot if manages to trade and sustain above 17160 level then expect some further upmove in the market and if it breaks and trade below 17120 level then some decline can be seen.

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Topic :- Time:1.30 PM

COPPER Trading View:

COPPER is trading at 654.If it manages to trade and sustain above 655.20 level then expect some upmove in it and if it breaks and trade below 653.20 level then some decline can follow in the market.

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Topic :- Time:1.10 PM

Just In:

Nestle India finance chief David Steven McDaniel to step down from March.

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Topic :- Time:1.00 PM

Nifty spot is trading at 17088. If it manages to trade and sustain above 17120 level then some upmove can follow in the market and if it breaks and trade below 17060 level then some decline can be seen.

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Topic :- Time:12.00 PM

Nifty is trading in green zone and is going strong now. Nifty spot if manages to trade and sustain above 17020 level then expect some further upmove in the market and if it breaks and trade below 16960 level then some decline can follow in the Nifty.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex up 450pts, Nifty above 16,900 after RBIs 50 bps rate hike

2. RBI policy: Repo rate hiked by 50 bps to 5.9%; FY23 GDP forecast cut to 7%

3.  Govt must curb non-essential imports to stem rupee fall: CEO poll

4. Discussions on with Indus Towers for softer payment terms, says Vi

5. India is the only growth market for autos globally: S&P Global Mobility

6. India falls short on FTSE Russell EM government bond index inclusion

7. LNG markets may tighten further in 2023 as demand likely to rise: IEA Chief

8. Sebi permits FPIs to participate in exchange-traded commodity derivatives

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 30 Septmber 2022:

Expect market to remain volatile throughout the day. Global cues to dictate trend.

Nifty spot if manages to trade and sustain above 16880 level then expect some further upmove in the market and if it breaks and trade below 16780 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.


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Repo rate expected at 6.5% by FY23-end: Unmesh Kulkarni of Julius Baer

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Unmesh Kulkarni of Julius Baer India expects the RBI to continue on the path of rate hikes for some more time (December and February policies).

Repo rate expected at 6.5% by FY23-end: Unmesh Kulkarni of Julius Baer -  Finnoexpert

Unmesh Kulkarni – Managing Director and Senior Advisor at Julius Baer India

The monetary policy was on expected lines, and the fixed income markets were pretty much anticipating the 50 basis point hike in policy rates, especially after the 75 bp hike by the US Fed along with their hawkish messaging.

Overall, the Monetary Policy Committee (MPC) is concerned about the emerging shocks on the global front – Covid shocks followed by Ukraine shocks and, now, the rate hike aggression shocks by global central banks – as these shocks tend to have spillover effect on other economies.

On the other hand, the RBI Governor exuded a lot of confidence around the state of the Indian economy – resilience of domestic demand, encouraging signs around credit growth, capacity utilisation, the government's thrust on capital expenditure, and the strength of our forex reserves along with better performance of rupee vis-à-vis other currencies.

On the liquidity front, given the advanced stage of tightening that we are already in, one would have expected an official change in the policy stance to include the word “tightening”; however, the MPC has chosen to stay with the stance “withdrawal of accommodation”. RBI has been successful in bringing down the excess system liquidity through its VRRR (variable rate reverse repo) auctions. The money markets have reacted sharply to the tightening liquidity, with the call rates hovering around 5.75 percent – 5.85 percent in the past one week, and closer to the enhanced repo rate of 5.90 percent.

Also read - As RBI raises repo rate, here are 10 rate-sensitive stocks to bet on

Inflation remains on the higher side and above the RBI’s comfort zone. The RBI has retained its overall projections for inflation (as per the previous policy) and expects CPI to moderate sequentially over the next few quarters, from the current expected 7.1 percent in the second quarter to five percent in FY24. Despite easing of crude oil prices and food inflation, RBI perceives uncertainty on the overall inflation trajectory on supply concerns as well as the strength of the US dollar (leading to imported inflation).

Given the lower-than-expected GDP growth in the first quarter (13.5 percent versus projected 16.2 percent), the MPC has lowered its growth outlook for FY23 from 7.2 percent to seven percent, but raised the growth outlook for the coming quarters, as well as for the first quarter of FY24 (7.2 percent versus earlier projection of 6.7 percent). This projection seems optimistic and will likely be tested over time, as the world is staring at a recession, and not a phase of accelerated growth, as a fallout of the continuous and massive rate hikes by global central banks.

Also read - RBI Monetary Policy Live Updates: MPC to discuss RBI's reply to government on failing to meet inflation target

Overall, the policy managed to perform a balancing act, between inflation and global concerns on the one hand, and providing optimism around the domestic growth/demand situation on the other. We do expect the RBI to continue on the path of rate hikes for some more time (December and February policies).

Although the Governor mentioned that the MPC would avoid providing guidance around a terminal policy rate, it would be reasonable to assume a repo rate of 6.5 percent at the end of FY23, especially against the backdrop of an aggressive Fed, dollar strengthening and rising global bond yields.

In the near term, as fixed income markets had already priced in this 50 bp rate hike, there is a possibility of some pullback in yields; however, the yield curve will continue to be under upward pressure until the markets start sensing that we are close to the end of the tightening.

RBI heads for its third half-point hike as rupee slumps

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The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 34 of 46 economists surveyed by Bloomberg as of Thursday.RBI rate hike: India heads for its third half-point hike as rupee slumps,  Auto News, ET Auto

The Reserve Bank of India is expected to increase its policy rate by half a point for the third time in a row as the currency’s plunge to a record low this month complicates the battle against inflation.

The Reserve Bank of India’s six-member monetary policy committee will raise its repurchase rate by 50 basis points to 5.9%, according to 34 of 46 economists surveyed by Bloomberg as of Thursday. Eleven forecast the rate will rise by 35 basis points to 5.75%, while one sees a quarter-point increase.

Hawkish Policy | RBI headed for third half-point rate increase

Governor Shaktikanta Das may opt to dial up his hawkish rhetoric from his tone at the August meeting when he pledged to do “whatever it takes” to cool inflation that has stayed above 6% this year. Since then, India’s price gains quickened anew and the currency slump deepened as the Fed raised rates by 75 basis points for a third consecutive time and amplified a hawkish signal while warning of a painful slowdown needed to curb US inflation.

“The biggest point of worry currently is the significant depreciation in the currency,” said Upasna Bhardwaj, chief economist of Kotak Mahindra Bank Ltd. Deteriorating reserves curtail RBI’s ability to intervene so “higher interest rates will have to be maintained with hawkish tone in the policy to support the rupee.”

Here’s what to watch out for when Das addresses media:

Oil, Food Prices

With oil prices falling below $80 a barrel from more than $120 in June, the RBI will probably revise its oil price assumption on Friday from the $105 level it factored in previously. It’s unlikely to make any significant changes to this year’s 7.2% economic growth forecast, or 6.7% inflation outlook, given pressures from food grain prices.

“The inflation-growth mix is likely to remain tricky,” HSBC Holdings Plc economists led by Pranjul Bhandari wrote in a note this week. They expect the RBI to hike by 50 basis points each at the September and December meetings and see average inflation staying above the 4% mid-point of the RBI’s target range in the current and next fiscal years as economic growth slows.

In a separate survey by Bloomberg on India’s economy, retail inflation is seen to average at 5.1% next fiscal year from a 6.6% estimate in the year ending March while the latest projections on economic growth moderated to 7% and to 6.1% for fiscal years 2023 and 2024. Economists polled on the policy path expect the key rate to rise by another 25 basis points by March 2023 after a half-point hike on Friday.

FX Reserves

The rupee is down about 10% this year and trading near a record low even after the RBI mounted a staunch currency defense in the past year -- evident from an almost $100 billion drop in its foreign-currency reserves, with some of the decline attributed to revaluation. Das had said the reserves “provide a cushion against external shocks.”

A broad consensus among market participants was that anything lower than a 50 basis-point hike, or the governor sounding less hawkish may push the currency even lower.

“Rupee readjustment is catching up faster than peers, as it was held artificially stronger in past adjustments by policy intervention,” Madhavi Arora, lead economist at Emkay Global Financial Services wrote in a note, “The FX war chest has already dipped an estimated more than $100 billion, while the war is still pretty much on.”

Bonds, Liquidity

Bond traders are watching for signs from the central bank on how it plans to manage liquidity in the financial system that’s been tightening.

While the RBI’s intervention in the foreign-currency market is reducing the supply of rupees, increased domestic activity after a broad reopening from virus restrictions has contributed to the strain.

The liquidity crunch along with RBI’s rate hikes are reflected in rising shorter-term borrowing costs. Five-year yields are edging higher than benchmark 10-year notes, and a flattening yield curve is delivering the narrowest spread between 10- and 2-year yields since 2020.

The bond market is also awaiting the results of index reviews by FTSE Russell and JPMorgan Chase & Co. and whether or not India will be included.

Share Market Closing Note |Indian Stock Market Trading View For 29 Septmber 2022

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Topic :- Share Market Closing Note

Indian benchmark indices ended lower in the highly volatile session on September 29 ahead of Reserve Bank of India policy announcement..Stock Market Update: Sensex Falls Above 1,730 points, Nifty Below 15,700;  10 Updates

At Close, Sensex was down 188.32 points or 0.33% at 56,409.96, and the Nifty was down 40.50 points or 0.24% at 16,818.10. About 1775 shares have advanced, 1435 shares declined, and 102 shares are unchanged.

Asian Paints, Tech Mahindra, Hero MotoCorp, Bajaj Auto and Titan Company were among the top losers on the Nifty. However, gainers included ONGC, ITC, Apollo Hospitals, Hindalco Industries and HDFC Life.

On the sectoral front, power index down 1.3 percent, while FMCG, metal and pharma indices up 1 percent each.

BSE Midcap and Smallcap indices up 0.3-0.6 percent each.

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Topic :- Time:3.00 PM

Nifty is in no man land. Avoid open positions for tomorrow. Nifty spot close above 16840 level will result in some pull back else as per global cues we can witness more fall in coming sessions.

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Topic :- Time:2.40 PM

NATURALGAS Trading View:

NG is trading at 579.80.If it manages to trade and sustain above 580 level then expect some further upmove and if it breaks and trade below 578.80 level then some decline can be seen.

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Topic :- Time:2.00 PM

Nifty is highly volatile right now. Nifty spot if manages to trade and sustain above 16820 level then expect some upmove in the market and if it breaks and trade below 16780 level then some decline can follow in the Nifty.

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Topic :- Time:1.30 PM

GOLD Trading View:

GOLD is trading at 49958.If it manages to trade and sustain above 50050 level then expect some upmove in the market and if it breaks and trade below 49900 level then some decline can be seen in it.

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Topic :- Time:1.00 PM

Nifty spot is trading at 16825.If it manages to trade and sustain above 16840 level then expect some upmove in the market and if it breaks and trade below 16800 level then some decline can follow in the market. Nifty is currently trading around its support zone.

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Topic :- Time:12.30 PM

COPPER Trading View:

COPPER is trading at 637.20.If it breaks and trade below 636.80 level then expect some decline in it and if it manages to trade and sustain above 638.20 level then some upmove can follow. However for now trend is sell from rise in metals.

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Topic :- Time:11.30 AM

News Wrap Up:

1. Sensex off days high, up 200 points; Nifty50 tests 17,000

2. India eyes $550 million incentives to woo companies like Apple, Dell

3. Indias CAD may have breached 3% of GDP in Q1 on surge in imports

4. RBI to hike repo rate by 50 bps for 3rd time in a row as rupee slumps

5. TotalEnergies may trim stake in Adani Green to cash in on valuation jump

6. Sebi to allow confidential pre-filing of IPO documents in Sept 30 meet

7. Nykaa soars 6% as companys board to consider maiden bonus issue on Oct 3

8. Go Fashion hits record high on healthy outlook; up 100% against issue price

9. Lupin dips 3% as US FDA issues warning letter for Tarapur facility

10. India reaches out to US, Iraq for LNG after Gazprom reduces supply

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Topic :- Time:11.00 AM

After gap up opening nifty is still trading in green zone. Nifty spot if manages to trade and sustain above 16960 level then expect some further upmove and if it breaks and trade below 16900 level then some decline can follow in the market.

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Topic :- Stocks under F&O ban on NSE

1. Vodafone Idea

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Topic :- Stocks in News

Gensol Engineering: The company said the board has approved the preferential allotment of 12,81,993 equity shares at an issue price of Rs 1,036.25 per share. With this, it has raised Rs 132.84 crore via preferential issue.

Blue Dart Express: The company has announced average shipment price increase of 9.6 percent for 2023 as compared to 2022. The general price increase will be effective from January 1, 2023.

Supriya Lifescience: The company has received Certification of Suitability (CEP) for Diphenhydramine hydrochloride, API in anti-histamine therapy, from European Directorate for the Quality of Medicines and HealthCare (EDQM). This will be an added advantage for Supriya Lifescience in the European market. Global demand for Diphenhydramine Hydrochloride is 1850 tons, of which major demand is in the regulated markets.

S H Kelkar and Company: Subsidiary Keva Europe BV has acquired 19 percent equity stake in Netherlands-based Provier Beheer BV, the holding company of Holland Aromatics BV. With this, Keva Europe BV now holds 81 percent and the balance will be acquired in a span of two years. In addition, Creative Flavours & Fragrances SpA, Italy (CFF), a material subsidiary, acquired balance 30 percent of stake in Nova Fragrance Srl, Italy (Nova) thus making Nova, a wholly-owned subsidiary of CFF.

Essar Shipping: The company said the Board of Directors approved the appointment of Vipin Jain as Chief Financial Officer of the company. The appointment will be effective from October 1, 2022. Ranjit Singh has decided to step down from the post of Chief Executive Officer due to personal occupancy.

ITI: ITI has received Rs 80 crore against allotment of shares to the Government of India. The Board of Directors has approved allotment of 77,33,204 equity shares at Rs 103.45 per share to the President of India.

Genesys International: The company announced collaboration with Bentley Systems to provide 3D mapping capabilities for major cities across India. Bentley Systems is an infrastructure engineering software company.

Anupam Rasayan India: The company has opened its qualified institutional placement issue on September 28 after the approval of preliminary placement document. The floor price has been fixed at Rs 762.88 per share. It may offer a discount of up to 5 percent on the floor price.

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Topic :- Nifty Opening Note

Indian Stock Market Trading View For 29 Septmber 2022:

F&O Expiry today. Expect market to remain volatile throughout the day.

Nifty spot if manages to trade and sustain above 16880 level then expect some further upmove in the market and if it breaks and trade below 16780 level then some decline can be seen in the Nifty. Please note this is just opening view and should not be considered as the view for the whole day.


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Services industry must be competitive, not seek subsidies, says Piyush Goyal

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The services industry was keenly waiting for a new foreign trade policy, anticipating some benefits in lieu of the Service Exports from India Scheme.Industry and exporters should not depend on subsidies: Piyush Goyal- The  New Indian Express

Services industry must be competitive and not seek subsidies to boost exports, Commerce and Industry Minister Piyush Goyal said on September 29.

“The focus must shift to strengthening ourselves to competing with the best in the world,” Goyal told industry at an event organised by the Services Exports Promotion Council. “If we look at global headwinds, we will have an opportunity to wedge our way.”

The government has gradually been removing all subsidies from export system as they make the country uncompetitive, holding it back, the minister said.

Services exports will rise going ahead but on their own competitive strength, Goyal said, adding that India could not keep helping uncompetitive industries.

India has again extended its foreign trade policy by six months from September end. The services industry was keenly waiting for a new policy, in anticipation of some benefits in lieu of the Service Exports from India Scheme.

Meanwhile, Goyal reiterated India’s ‘ambitious’ target for exports to rise to $2 trillion by 2030, including $1 trillion of services exports.

Services exports have the potential to grow at twice the pace of goods exports, he added.

GIFT city-based lessors likely to lease out 60-odd aircraft by March 2023

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The 11 aircraft leased out of GIFT City to date include helicopters, regional aircraft, trainer aircraft and private jets

GIFT CITY

 lessors based out of  International Finance Tec-City (GIFT City) are likely to lease out about 60 aircraft, including helicopters, by March 2023, said Dipesh Shah, executive director (Development), International Financial Services Centres Authority (IFSCA), on Wednesday.

"The aircraft leasing framework came out in 2021. And in just a few months after that, in August, the first  was leased out from  in India," Shah said during a conference organised by aviation consultancy firm Ishka. The IFSCA regulates the financial institutions present in .

In May 2022, the IFSCA further enabled the IFSC framework and now, there are 17  lessors in GIFT City, Shah said.

"They have already released 11 aircraft into India.

And in this financial year, by March 2023, we have been given projections by 17 lessors that 40-50 more aircraft will be leased from GIFT City," he added.

This means that by the end of March 2023, about 60 aircraft are expected to be leased out of . However, none of these would be narrow-body aircraft like A320neo and B737 or wide-body ones like A350 and B787 that are mainly used by commercial airliners in India.

The 11 aircraft leased out of GIFT City to date include helicopters, regional aircraft, trainer aircraft and private jets.

Indian airlines have a combined fleet of around 700 planes, and over 85 per cent of them are on lease. A majority of lessors are based in Ireland due to its attractive tax policy and ease of doing business.

The Government of India and the  government have provided several incentives, such as tax holiday, no withholding tax on lease payments and interest payments, for the aircraft leasing companies to set up shop in GIFT City.

Shah said, "The aircraft leasing business has taken off from GIFT IFSC with a significant number of international and domestic lessors now setting up base here."

"The response to the regulatory and competitive tax framework has been very encouraging,” he added. “Going forward, GIFT IFSC would be contributing immensely to the aircraft leasing opportunities, which are emerging from India."

World Heart Day | Know your heart to save your heart

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World Heart Day: Coronary artery disease should not continue to be the top ailment. A healthy lifestyle, and preventive measures can significantly reduce the risks that lead to heart problemsWorld Heart Day today: My Heart, Your Heart - Star of Mysore

Every year September 29 is celebrated as World Heart Day, and the focus this year for the World Heart Foundation is ‘Use heart for every heart’.

Cardiovascular Diseases (CVDs) are a leading cause of deaths in India, with some estimates showing one in four deaths attributed to CVDs. According to current estimates India has the CVD capital of the world. Stories of patients in their 30s and 40s succumbing to heart disease, unfortunately, have become frighteningly commonplace.

A Stich In Time…

When it comes to one’s health, especially heart health, the adage ‘A stitch in time saves nine’ is apt. There is a tendency, at least among a few, to avoid regular health check-ups. When your car needs regular servicing/check-ups, how can it not apply to something way more complex such as the human body, especially the heart!

To understand its importance, picture this: the heart beats about 100,000 times in a day, and about 35 million times in a year. During an average lifetime, the human heart will beat more than 2.5 billion times! This underscores the importance of regular check-ups.

Along with regular check-ups, it is important to follow a systematic, clean, and alert lifestyle. Mild to moderate exercise of about 30 minutes five times a week is recommended. Avoid sitting for prolonged periods of time — those in desk-facing jobs need to take regular, short breaks. To the extent possible, eating healthy is a must — avoid processed, sugars, oils, and animal fat-based foods. It is equally important to manage stress, and to clock at least seven hours of good sleep daily. Those who smoke tobacco-based products are at a higher risk of heart ailments, and this should be avoided.

Those who have co-morbidities, such as hypertension (blood pressure), high cholesterol, and/or diabetes need to be even more vigilant about heart-related problems.

That Discomfort

An extension of being alert is to know the symptoms associated with a cardiac arrest, and what to do in the event of a heart attack — because it could happen anywhere, anytime.

The symptoms include chest pain (discomfort). While it is classically described as crushing/pressure, these symptoms can be atypical, especially in women. Often times, it is just a sensation of shortness of breath, fatigue, or just not feeling right. Any discomfort that is present for a few minutes without resolving ought to be evaluated urgently in a hospital.

In the event of such discomfort, do not wait to report it to your doctor till the next appointment. This is an emergency. Take a full dose of aspirin, and get to the nearest hospital, preferably by ambulance. Get someone else to drive you if an ambulance is not available.

Doctor, How Did This Happen?

It is important to know what tests such as the electrocardiogram (ECG) and echocardiogram (Echo) mean. It is not unreasonable to get ECGs as we get older, and to be more aggressive than what the Western guidelines recommend, given our higher prevalence to heart ailments.

An ECG can pick up in certain cases if the patient has had heart attacks, and can be invaluable in picking up certain problems when one is having a chest pain. A normal ECG does not preclude having an undiagnosed blockage in the heart vessel (which could lead to a heart attack). Similarly, an Echo only tells you how the pump is, and how the valves are — it does not diagnose the blood vessel supply to the heart. A coronary CT or an angiogram is what shows the blood vessel supply to the heart.

All this does not mean that a layperson can turn to these tests and diagnose oneself. The key idea is that a regular check up with one’s healthcare provider or with a cardiologist might be warranted to truly optimise one’s cardiac health.

Tough Calls

It is important that any interventional procedure is only done when the potential benefit outweighs the risk of the procedure. The problem is that patients are often told it is better to not undergo any procedure because of the ‘risk’ involved. What is often unsaid is that there is bigger ‘risk’ in doing nothing! It is these higher-risk patients who often derive the most benefit from these procedures.

It is often the case with complex heart disease, and extensive blockages to have diverse recommendations based on the same test report. There is a widespread misconception that patients with far advanced CADs often derive no meaningful clinical benefit. Paradoxically, studies have suggested that for the high-risk coronary disease patients appropriate revascularisation (along with good medical therapy) can help improve both quality of life and reduce adverse clinical events.

Sometimes recommendations are based on outdated studies, or the cardiologist’s own procedural skillsets (or biases). Hence, unfortunately, patients are told what the doctor can do, and not what the patients need. A question that I have often asked when teaching complex angioplasty is: “If we as interventionalists knew getting into the procedure that we would not fail, which patients/procedures would we take on?”

Science On Our Side

Today the science in the procedures and the technology assisting the doctor has advanced tremendously that the success rate in complex operations (where there are 100 percent blockage in the blood vessels) is over 95 percent.

Complex and technically-demanding procedures such as retrograde and antegrade dissections can be done today. Experts who have done hundreds, if not thousands of these procedures, are comfortable switching between various strategies even during a procedure, thereby leading to a high success rate.

Coronary artery disease should not continue to be the top ailment. A healthy lifestyle, and preventive measures can significantly reduce the risks that lead to heart problems. Do not be afraid to ask questions to your heart doctor both about the procedure, as well as the doctor’s qualifications. Do not ignore symptoms at any point of time. Finally, any blockage can be treated/opened — do not let anyone tell you there are no options.

This World Heart Day let’s take a decision to increase our awareness, for being aware is a strong first step.

World Heart Day | Know your heart to save your heart

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World Heart Day: Coronary artery disease should not continue to be the top ailment. A healthy lifestyle, and preventive measures can significantly reduce the risks that lead to heart problemsWorld Heart Day today: My Heart, Your Heart - Star of Mysore

Every year September 29 is celebrated as World Heart Day, and the focus this year for the World Heart Foundation is ‘Use heart for every heart’.

Cardiovascular Diseases (CVDs) are a leading cause of deaths in India, with some estimates showing one in four deaths attributed to CVDs. According to current estimates India has the CVD capital of the world. Stories of patients in their 30s and 40s succumbing to heart disease, unfortunately, have become frighteningly commonplace.

A Stich In Time…

When it comes to one’s health, especially heart health, the adage ‘A stitch in time saves nine’ is apt. There is a tendency, at least among a few, to avoid regular health check-ups. When your car needs regular servicing/check-ups, how can it not apply to something way more complex such as the human body, especially the heart!

To understand its importance, picture this: the heart beats about 100,000 times in a day, and about 35 million times in a year. During an average lifetime, the human heart will beat more than 2.5 billion times! This underscores the importance of regular check-ups.

Along with regular check-ups, it is important to follow a systematic, clean, and alert lifestyle. Mild to moderate exercise of about 30 minutes five times a week is recommended. Avoid sitting for prolonged periods of time — those in desk-facing jobs need to take regular, short breaks. To the extent possible, eating healthy is a must — avoid processed, sugars, oils, and animal fat-based foods. It is equally important to manage stress, and to clock at least seven hours of good sleep daily. Those who smoke tobacco-based products are at a higher risk of heart ailments, and this should be avoided.

Those who have co-morbidities, such as hypertension (blood pressure), high cholesterol, and/or diabetes need to be even more vigilant about heart-related problems.

That Discomfort

An extension of being alert is to know the symptoms associated with a cardiac arrest, and what to do in the event of a heart attack — because it could happen anywhere, anytime.

The symptoms include chest pain (discomfort). While it is classically described as crushing/pressure, these symptoms can be atypical, especially in women. Often times, it is just a sensation of shortness of breath, fatigue, or just not feeling right. Any discomfort that is present for a few minutes without resolving ought to be evaluated urgently in a hospital.

In the event of such discomfort, do not wait to report it to your doctor till the next appointment. This is an emergency. Take a full dose of aspirin, and get to the nearest hospital, preferably by ambulance. Get someone else to drive you if an ambulance is not available.

Doctor, How Did This Happen?

It is important to know what tests such as the electrocardiogram (ECG) and echocardiogram (Echo) mean. It is not unreasonable to get ECGs as we get older, and to be more aggressive than what the Western guidelines recommend, given our higher prevalence to heart ailments.

An ECG can pick up in certain cases if the patient has had heart attacks, and can be invaluable in picking up certain problems when one is having a chest pain. A normal ECG does not preclude having an undiagnosed blockage in the heart vessel (which could lead to a heart attack). Similarly, an Echo only tells you how the pump is, and how the valves are — it does not diagnose the blood vessel supply to the heart. A coronary CT or an angiogram is what shows the blood vessel supply to the heart.

All this does not mean that a layperson can turn to these tests and diagnose oneself. The key idea is that a regular check up with one’s healthcare provider or with a cardiologist might be warranted to truly optimise one’s cardiac health.

Tough Calls

It is important that any interventional procedure is only done when the potential benefit outweighs the risk of the procedure. The problem is that patients are often told it is better to not undergo any procedure because of the ‘risk’ involved. What is often unsaid is that there is bigger ‘risk’ in doing nothing! It is these higher-risk patients who often derive the most benefit from these procedures.

It is often the case with complex heart disease, and extensive blockages to have diverse recommendations based on the same test report. There is a widespread misconception that patients with far advanced CADs often derive no meaningful clinical benefit. Paradoxically, studies have suggested that for the high-risk coronary disease patients appropriate revascularisation (along with good medical therapy) can help improve both quality of life and reduce adverse clinical events.

Sometimes recommendations are based on outdated studies, or the cardiologist’s own procedural skillsets (or biases). Hence, unfortunately, patients are told what the doctor can do, and not what the patients need. A question that I have often asked when teaching complex angioplasty is: “If we as interventionalists knew getting into the procedure that we would not fail, which patients/procedures would we take on?”

Science On Our Side

Today the science in the procedures and the technology assisting the doctor has advanced tremendously that the success rate in complex operations (where there are 100 percent blockage in the blood vessels) is over 95 percent.

Complex and technically-demanding procedures such as retrograde and antegrade dissections can be done today. Experts who have done hundreds, if not thousands of these procedures, are comfortable switching between various strategies even during a procedure, thereby leading to a high success rate.

Coronary artery disease should not continue to be the top ailment. A healthy lifestyle, and preventive measures can significantly reduce the risks that lead to heart problems. Do not be afraid to ask questions to your heart doctor both about the procedure, as well as the doctor’s qualifications. Do not ignore symptoms at any point of time. Finally, any blockage can be treated/opened — do not let anyone tell you there are no options.

This World Heart Day let’s take a decision to increase our awareness, for being aware is a strong first step.

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