General Affairs
Cabinet Nod For Doubling Capacity Of Solar Parks To 40,000 MW
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In a major push for solar power development in the country, a cabinet panel on Wednesday approved increasing the capacity of solar parks and projects from 20,000 MW to 40,000 MW.
"The enhanced capacity would ensure setting up of at least 50 solar parks -- each with a capacity of 500 MW and above -- in various parts of the country," Power and Renewable Energy Minister Piyush Goyal told reporters following a meeting here of the Cabinet Committee on Economic Affairs (CCEA).
"The capacity of the solar park scheme has been enhanced after considering the demand for additional solar parks from the states," he said.
"The solar Parks and ultra mega solar power projects will be set up by 2019-20 with central government financial support of Rs. 8,100 crore," he added.
When operational, this solar capacity will generate 64 billion units of electricity per year which will lead to a reduction of around 55 million tonnes of carbon dioxide (CO2) per year over its life cycle, according to a statement here by the Ministry of New and Renewable Energy (MNRE).
The solar parks will be developed in collaboration with state governments and union territories (UTs) all of whom are eligible for benefits under the scheme. The state government will nominate the Solar Power Park Developer (SPPD) and also identify the land for the proposed park, MNRE said.
"Smaller parks in Himalayan and other hilly states where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme," it added.
Goyal told reporters that for additional generation of solar power, use of areas like rooftops at airports and vacant land along runways is being considered.
MNRE is already implementing a scheme for development of 25 solar parks, with an aggregate capacity of 20,000 MW, launched in December 2014, it said.
Till date, 34 solar parks of aggregate capacity 20,000 MW have been approved which are at various stages of development, the statement added.
"The enhanced capacity would ensure setting up of at least 50 solar parks -- each with a capacity of 500 MW and above -- in various parts of the country," Power and Renewable Energy Minister Piyush Goyal told reporters following a meeting here of the Cabinet Committee on Economic Affairs (CCEA).
"The capacity of the solar park scheme has been enhanced after considering the demand for additional solar parks from the states," he said.
When operational, this solar capacity will generate 64 billion units of electricity per year which will lead to a reduction of around 55 million tonnes of carbon dioxide (CO2) per year over its life cycle, according to a statement here by the Ministry of New and Renewable Energy (MNRE).
The solar parks will be developed in collaboration with state governments and union territories (UTs) all of whom are eligible for benefits under the scheme. The state government will nominate the Solar Power Park Developer (SPPD) and also identify the land for the proposed park, MNRE said.
"Smaller parks in Himalayan and other hilly states where contiguous land may be difficult to acquire in view of the difficult terrain, will also be considered under the scheme," it added.
Goyal told reporters that for additional generation of solar power, use of areas like rooftops at airports and vacant land along runways is being considered.
MNRE is already implementing a scheme for development of 25 solar parks, with an aggregate capacity of 20,000 MW, launched in December 2014, it said.
Till date, 34 solar parks of aggregate capacity 20,000 MW have been approved which are at various stages of development, the statement added.
Centre Clears Rs. 5,700-Crore Hydro Power Project To Be Set Up In Nepal
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The government today approved a 900 MW hydro power project to be set up in Sankhuwasabha district of Nepal at a cost of Rs. 5,723.72 crore. The decision to approve the Arun-III project was taken at a meeting of the Cabinet Committee on Economic Affairs headed by Prime Minister Narendra Modi in New Delhi today.
"The Cabinet today approved setting up of Arun-III project at an estimated cost of Rs. 5,723.72 crore. The project is expected to achieve financial closure by September this year. The projected will be implemented within five years," Power Minister Piyush Goyal told reporters at a briefing in the capital. The project is being implemented by a 100 per cent subsidiary of state-run SJVN Ltd.
SJVN Ltd is joint venture between Central and Himachal Pradesh governments with shareholding of 64.46 per cent and 25.51 per cent, respectively.
"Union Cabinet has approved the project and its investment. It was awaited. The project is being implemented by 100 per cent subsidiary of SJVN Ltd," SJVN Ltd Chairman and Managing Director RN Misra told news agency PTI.
The subsidiary SJVN Arun-3 Power Development Company Pvt Ltd (SAPDC) was incorporated and registered on April 25, 2013 as a private limited company under Nepal's Companies Act. The Memorandum of Understanding (MOU) for the project was signed with the Government of Nepal on March 2, 2008.
The project is located in the Sankhuwasabha district of Nepal, 657 km from Kathmandu via Birat Nagar.
The survey licence for generation was issued by Government of Nepal during July 2008. Survey and investigation works were completed in January, 2011.
The DPR (detailed project report) was vetted by Central Electricity Authority on June 9, 2014.
"The Cabinet today approved setting up of Arun-III project at an estimated cost of Rs. 5,723.72 crore. The project is expected to achieve financial closure by September this year. The projected will be implemented within five years," Power Minister Piyush Goyal told reporters at a briefing in the capital. The project is being implemented by a 100 per cent subsidiary of state-run SJVN Ltd.
"Union Cabinet has approved the project and its investment. It was awaited. The project is being implemented by 100 per cent subsidiary of SJVN Ltd," SJVN Ltd Chairman and Managing Director RN Misra told news agency PTI.
The subsidiary SJVN Arun-3 Power Development Company Pvt Ltd (SAPDC) was incorporated and registered on April 25, 2013 as a private limited company under Nepal's Companies Act. The Memorandum of Understanding (MOU) for the project was signed with the Government of Nepal on March 2, 2008.
The project is located in the Sankhuwasabha district of Nepal, 657 km from Kathmandu via Birat Nagar.
The survey licence for generation was issued by Government of Nepal during July 2008. Survey and investigation works were completed in January, 2011.
The DPR (detailed project report) was vetted by Central Electricity Authority on June 9, 2014.
Kasab Needs To Go From Uttar Pradesh: What Amit Shah Meant
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In the battle of acronyms in Uttar Pradesh, where political discourse during campaigning for assembly polls has been increasingly corrosive, Amit Shah today added a new one - KASAB. The name of the 26/11 terrorist, when deconstructed, means Congress, Samajwadi Party and BSP, the BJP president said at a rally today. "Until Uttar Pradesh gets rid of K-A-S-A-B, there will be no development in the state. Ka (in Hindi) is for Congress, Sa for Samajwadi Party and Ba for BSP," Mr Shah said in Chauri Chaura, a historic town in Uttar Pradesh. He did not even finish the last bit, letting the crowd guess it.
Ajmal Kasab, the only among the Pakistani attackers caught after the 2008 Mumbai terror attack, was hanged in 2012.
"Until Kasab is laid to rest, development and prosperity will continue to elude UP," Mr Shah said.
Reacting to the BJP chief's dig, Congress spokesperson Abhishek Mau Singhvi said, "There is a need to end acronyms... BJP's repulsive thinking has been brought out. It shows the party's communal mindset."
Earlier this month, Prime Minister Narendra Modi came up with SCAM while addressing his first rally in Uttar Pradesh. "SCAM is Samajwadi, Congress, Akhilesh and Mayawati," he said, drawing a roar of approval from the crowd.
Congress Vice President Rahul Gandhi's reply came in Kanpur, where he said that the word stands for - "Service, Courage, Ability and Modesty".
How, wondered PM Modi in parliament, could anyone see anything positive in the word.
Uttar Pradesh Chief Minister Akhilesh Yadav made another attempt - "Save Country from Amit Shah and Modi."
This week, PM Modi described Mayawati's BSP or Bahujan Samaj Party as "Behenji Sampatti (property) Party".
Mayawati shot back, calling BJP "Bharatiya Jumla (rhetoric) Party". The former chief minister also used PM Modi's initials to call him "Mr Negative Dalit Man."
Uttar Pradesh is half-way through seven-phase voting. The results will be declared on March 11.
Ajmal Kasab, the only among the Pakistani attackers caught after the 2008 Mumbai terror attack, was hanged in 2012.
Reacting to the BJP chief's dig, Congress spokesperson Abhishek Mau Singhvi said, "There is a need to end acronyms... BJP's repulsive thinking has been brought out. It shows the party's communal mindset."
Earlier this month, Prime Minister Narendra Modi came up with SCAM while addressing his first rally in Uttar Pradesh. "SCAM is Samajwadi, Congress, Akhilesh and Mayawati," he said, drawing a roar of approval from the crowd.
Congress Vice President Rahul Gandhi's reply came in Kanpur, where he said that the word stands for - "Service, Courage, Ability and Modesty".
How, wondered PM Modi in parliament, could anyone see anything positive in the word.
Uttar Pradesh Chief Minister Akhilesh Yadav made another attempt - "Save Country from Amit Shah and Modi."
This week, PM Modi described Mayawati's BSP or Bahujan Samaj Party as "Behenji Sampatti (property) Party".
Mayawati shot back, calling BJP "Bharatiya Jumla (rhetoric) Party". The former chief minister also used PM Modi's initials to call him "Mr Negative Dalit Man."
Uttar Pradesh is half-way through seven-phase voting. The results will be declared on March 11.
'Burden Of Proof' Against Masood Azhar Not On Us, India Tells China
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India and China made no headway on critical issues including New Delhi's entry into the elite Nuclear Suppliers Group or NSG and its demand to list Jaish-e-Mohammed chief Masood Azhar as a terrorist by United Nations, at their first strategic dialogue in Beijing today.
China has vetoed repeated attempts to blacklist Masood Azhar at UN, the mastermind of the Pathankot attack in January last year in which seven soldiers were killed, saying the resolution lacks "solid evidence".
"The extent of JeM chief Masood Azhar's actions are 'well documented' and the 'burden of proof' is not on India", Foreign Secretary S Jaishankar told reporters after the talks today.
Last year, China put a technical hold twice on India's application to the sanctions committee of the UN Security Council and again blocked a resolution moved by the US - backed by France and the UK - in January.
Mr Jaishankar said India has underlined to China the growing international support for India on the issue. "On the issue of Azhar, we again explained to them rationale for that application and pointed out that this was being pursued by other countries, not by India alone, and the fact that other countries were pressing this application showed broad international support for this," he said.
China has also been opposing India's membership to the Nuclear Suppliers Group or NSG. Mr Jaishankar said today that differences still remain. "On NSG, the Chinese side underlined that they were open to India's application for membership but they had their view of procedures and processes and these were somewhere different from where we are at the moment, and where we think most of the group is at the moment," he said.
Ahead of the talks, Chinese Foreign Minister Wang Yi had said, "I am certain by raising the level of this strategic dialogue the two sides will be able to enhance their strategic communication, reduce misunderstanding.'
China has vetoed repeated attempts to blacklist Masood Azhar at UN, the mastermind of the Pathankot attack in January last year in which seven soldiers were killed, saying the resolution lacks "solid evidence".
"The extent of JeM chief Masood Azhar's actions are 'well documented' and the 'burden of proof' is not on India", Foreign Secretary S Jaishankar told reporters after the talks today.
Mr Jaishankar said India has underlined to China the growing international support for India on the issue. "On the issue of Azhar, we again explained to them rationale for that application and pointed out that this was being pursued by other countries, not by India alone, and the fact that other countries were pressing this application showed broad international support for this," he said.
China has also been opposing India's membership to the Nuclear Suppliers Group or NSG. Mr Jaishankar said today that differences still remain. "On NSG, the Chinese side underlined that they were open to India's application for membership but they had their view of procedures and processes and these were somewhere different from where we are at the moment, and where we think most of the group is at the moment," he said.
Ahead of the talks, Chinese Foreign Minister Wang Yi had said, "I am certain by raising the level of this strategic dialogue the two sides will be able to enhance their strategic communication, reduce misunderstanding.'
SpaceX Cargo Ship Aborts Rendezvous With Space Station
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UNITED STATES: SpaceX aborted a planned rendezvous between an unmanned Dragon cargo ship and the International Space Station Wednesday because of a GPS problem.
"Dragon is in good health and will make another rendezvous attempt with the @Space_ Station Thursday morning," the private company said on Twitter.
The cargo ship is packed with more than 5,000 pounds (2,267 kilograms) of food, gear and science experiments for the six astronauts living on the orbiting space station.
It was taken into space Sunday aboard a Falcon rocket that took off from Cape Canaveral in Florida. The Dragon spacecraft was to have coupled with the ISS before dawn Wednesday.
But when the cargo ship was making its final approach toward the space station, the berthing was aborted because of a problem with GPS hardware, NASA said.
The spacecraft was 1.2 km (0.7 mile) from the space station when the abort was called.
This is the 10th such resupply mission for SpaceX, which along with Orbital ATK has a multi-year contract with NASA to send supplies to the International Space Station.
SpaceX is also developing a version of its Dragon capsule that can one day carry astronauts to space.
SpaceX says the first crew flights will take place in 2018, though a Government Accountability Office report out last week predicted that schedule delays and budget cuts would push it back to 2019.
"Dragon is in good health and will make another rendezvous attempt with the @Space_ Station Thursday morning," the private company said on Twitter.
The cargo ship is packed with more than 5,000 pounds (2,267 kilograms) of food, gear and science experiments for the six astronauts living on the orbiting space station.
But when the cargo ship was making its final approach toward the space station, the berthing was aborted because of a problem with GPS hardware, NASA said.
This is the 10th such resupply mission for SpaceX, which along with Orbital ATK has a multi-year contract with NASA to send supplies to the International Space Station.
SpaceX is also developing a version of its Dragon capsule that can one day carry astronauts to space.
SpaceX says the first crew flights will take place in 2018, though a Government Accountability Office report out last week predicted that schedule delays and budget cuts would push it back to 2019.
Business Affairs
India needs to create 'bad bank' quickly: Arvind Subramanian
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The finance ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth.
Arvind Subramanian, the finance ministry's chief economic adviser, said that delaying a cleanup would further reduce private-sector investment and make the problem worse for Asia's third-largest economy.
His comments backed forthright views expressed in a speech on Tuesday by Viral Acharya, the new deputy governor of the RBI, who said the country's failure to tackle bad loans was the result of a piecemeal approach that had given "all discretion" to lenders.
"There is very much urgency," Subramanian told a news briefing in New Delhi, adding that the government was in touch with the RBI on the matter.
"The government is looking at it very closely. I think the more you delay the problem more private investment will remain weak. That is, I think, the big cost we face now, and of course, losses of the government keep mounting."
Prime Minister Narendra Modi's government, which is approaching three years in power, has taken little action to strengthen stricken public sector banks that account for around 70 percent of lending in India.
The renewed sense of urgency comes as economic growth slows due to weak credit and investment, as well as the lingering impact of Modi's abolition of 86 percent of the currency in circulation in November in a crackdown on tax evasion and the black economy.
Subramanian has proposed setting up a so-called Public Asset Rehabilitation Agency (PARA) that would handle the biggest, toughest problem loans and take politically difficult decisions to reduce debt.
Banks in India had record stressed loans of $133 billion, or 12.34 percent of their total loans, as of last September.
About two dozen state-owned lenders have an even higher stressed-loan ratio of 15.88 percent, according to data compiled by the central bank.
In his pre-budget Economic Survey released on Jan. 31, Subramanian said banks might have to write off as much as 75 percent of the amount owed by 57 out of India's top 100 debtors as they could not even afford to pay interest.
"Is there an alternative?" he told reporters. "We know that there is a big problem and we need lot of money, we need a lot of talent, but the heart of the problem is how do you get political cover to write down debt. The public is already on the hook, it is a matter of how quickly you do it and you limit the losses."
The finance ministry on Wednesday backed a call by the Reserve Bank of India to set up an institution similar to a "bad bank," saying urgency was needed to address troubled loans weighing on the banking sector that were hobbling investment and growth.
Arvind Subramanian, the finance ministry's chief economic adviser, said that delaying a cleanup would further reduce private-sector investment and make the problem worse for Asia's third-largest economy.
His comments backed forthright views expressed in a speech on Tuesday by Viral Acharya, the new deputy governor of the RBI, who said the country's failure to tackle bad loans was the result of a piecemeal approach that had given "all discretion" to lenders.
"There is very much urgency," Subramanian told a news briefing in New Delhi, adding that the government was in touch with the RBI on the matter.
"The government is looking at it very closely. I think the more you delay the problem more private investment will remain weak. That is, I think, the big cost we face now, and of course, losses of the government keep mounting."
Prime Minister Narendra Modi's government, which is approaching three years in power, has taken little action to strengthen stricken public sector banks that account for around 70 percent of lending in India.
The renewed sense of urgency comes as economic growth slows due to weak credit and investment, as well as the lingering impact of Modi's abolition of 86 percent of the currency in circulation in November in a crackdown on tax evasion and the black economy.
Subramanian has proposed setting up a so-called Public Asset Rehabilitation Agency (PARA) that would handle the biggest, toughest problem loans and take politically difficult decisions to reduce debt.
Banks in India had record stressed loans of $133 billion, or 12.34 percent of their total loans, as of last September.
About two dozen state-owned lenders have an even higher stressed-loan ratio of 15.88 percent, according to data compiled by the central bank.
In his pre-budget Economic Survey released on Jan. 31, Subramanian said banks might have to write off as much as 75 percent of the amount owed by 57 out of India's top 100 debtors as they could not even afford to pay interest.
"Is there an alternative?" he told reporters. "We know that there is a big problem and we need lot of money, we need a lot of talent, but the heart of the problem is how do you get political cover to write down debt. The public is already on the hook, it is a matter of how quickly you do it and you limit the losses."
Crisis at Snapdeal: Founders take 100% salary cut
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Snapdeal co-founders Kunal Bahl and Rohit Bansal have taken a 100 per cent salary cut, while many others at the firm have "proactively" offered significant reduction in compensation.
The SoftBank-backed firm, which has been struggling to raise fresh funding, is also laying off hundreds employees and eliminating non-core projects to focus on "profitable growth".
In an e-mail to employees, Bahl conceded that over the last 2-3 years, with all the capital coming into this market, the company and the entire industry "started making mistakes".
"We started growing our business much before the right economic model and market fit was figured out. We also started diversifying and starting new projects while we still hadn't perfected the first or made it profitable. We started building our team and capabilities for a much larger size of business than what was required with the present scale," he said.
Bahl cited examples of global companies like Apple, Tesla, Amazon, Netflix, Lego and SpiceJet that "painted themselves into a corner many times over" before they became successful. He said Snapdeal is being re-organised into a lean, focused and entrepreneurial company.
"We are combining teams, reducing layers, eliminating non-core projects and strengthening the focus on profitable growth. Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," he said.
According to sources, the company is in the process of laying off about 600 people across Snapdeal, Vulcan Express (logistics) and FreeCharge (payments). "...both Rohit and I are taking a 100 per cent salary cut. Many of our leaders have also stepped up proactively and offered to take a significant cut in their compensation," he said.
The company had last reported an employee strength of 8,000 people. Snapdeal is locked in an intense battle with rivals Amazon and Flipkart.
Snapdeal co-founders Kunal Bahl and Rohit Bansal have taken a 100 per cent salary cut, while many others at the firm have "proactively" offered significant reduction in compensation.
The SoftBank-backed firm, which has been struggling to raise fresh funding, is also laying off hundreds employees and eliminating non-core projects to focus on "profitable growth".
In an e-mail to employees, Bahl conceded that over the last 2-3 years, with all the capital coming into this market, the company and the entire industry "started making mistakes".
"We started growing our business much before the right economic model and market fit was figured out. We also started diversifying and starting new projects while we still hadn't perfected the first or made it profitable. We started building our team and capabilities for a much larger size of business than what was required with the present scale," he said.
Bahl cited examples of global companies like Apple, Tesla, Amazon, Netflix, Lego and SpiceJet that "painted themselves into a corner many times over" before they became successful. He said Snapdeal is being re-organised into a lean, focused and entrepreneurial company.
"We are combining teams, reducing layers, eliminating non-core projects and strengthening the focus on profitable growth. Sadly, we will also be saying really painful goodbyes to some of our colleagues in this process," he said.
According to sources, the company is in the process of laying off about 600 people across Snapdeal, Vulcan Express (logistics) and FreeCharge (payments). "...both Rohit and I are taking a 100 per cent salary cut. Many of our leaders have also stepped up proactively and offered to take a significant cut in their compensation," he said.
The company had last reported an employee strength of 8,000 people. Snapdeal is locked in an intense battle with rivals Amazon and Flipkart.
Google India is the best company to work for, says BT-PeopleStrong survey
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Google India has once again emerged as the 'Best Company to Work For' in a Business Today survey, followed by Accenture India and Amazon. Google and Accenture have actually held on to the No. 1 and No. 2 positions they won in 2015. Amazon has displaced TCS from the third slot this year.
The employees survey was conducted by Business Today with help of knowledge partner PeopleStrong, a leading HR solution company. The other top ten winners were Microsoft, IBM, Infosys Technologies, Facebook, ICICI Bank and HP.
The awards were given by Railways Minister Suresh Prabhu at a glittering function on Wednesday in Mumbai.
This is the 15th edition of 'The Best Companies to Work For' survey, which has 25 winners from various industry sectors like ICICI Bank from banking; Tata Steel from the core sector; Abbott from pharmaceuticals; Indian Hotels from hospitality; LG from manufacturing; Airtel from telecom and allied; M&M from engineering and automotive; Lifestyle International from others and diversified; Google from software, hardware and information technology; Amazon from Internet; and IBM from BPO, KPO and ITes.
Google India has once again emerged as the 'Best Company to Work For' in a Business Today survey, followed by Accenture India and Amazon. Google and Accenture have actually held on to the No. 1 and No. 2 positions they won in 2015. Amazon has displaced TCS from the third slot this year.
The employees survey was conducted by Business Today with help of knowledge partner PeopleStrong, a leading HR solution company. The other top ten winners were Microsoft, IBM, Infosys Technologies, Facebook, ICICI Bank and HP.
The awards were given by Railways Minister Suresh Prabhu at a glittering function on Wednesday in Mumbai.
This is the 15th edition of 'The Best Companies to Work For' survey, which has 25 winners from various industry sectors like ICICI Bank from banking; Tata Steel from the core sector; Abbott from pharmaceuticals; Indian Hotels from hospitality; LG from manufacturing; Airtel from telecom and allied; M&M from engineering and automotive; Lifestyle International from others and diversified; Google from software, hardware and information technology; Amazon from Internet; and IBM from BPO, KPO and ITes.
Unbelievable! SBI ATM dispenses fake Rs 2000 notes
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In a bizarre incident, State Bank of India ATM at South Delhi's Sangam Vihar dispensed 'fake' Rs 2000 notes, media reports said.
The pink colored notes had 'Children Bank of India' written in place of Reserve Bank of India and the serial number was '000000'.
The fake notes had 'churan lable' in place of the latent image and a 'PK' logo at the lower half where bank's seal is seen in the original currency note.
The note reads,"I promise to pay the barer two thousand coupens (sic) instead of - I promise to pay the bearer the sum of two thousand rupees."
According to reports, on February 6, a call centre employee withdrew Rs 8000 from the SBI ATM at Sangam Vihar. He later realised that all the four notes that the ATM dispensed were fake. He immediately approached the police station nearby to report the matter.
A cop went to the ATM and withdrew a note himself to verify the complaint and to his surprise the note confirmed the allegation.
A case of manufacturing documents resembling currency notes, using forged or counterfeit notes and of cheating has been registered at Sangam Vihar police station under IPC sections 489-b, 489-e and 420.
In a bizarre incident, State Bank of India ATM at South Delhi's Sangam Vihar dispensed 'fake' Rs 2000 notes, media reports said.
The pink colored notes had 'Children Bank of India' written in place of Reserve Bank of India and the serial number was '000000'.
The fake notes had 'churan lable' in place of the latent image and a 'PK' logo at the lower half where bank's seal is seen in the original currency note.
The note reads,"I promise to pay the barer two thousand coupens (sic) instead of - I promise to pay the bearer the sum of two thousand rupees."
According to reports, on February 6, a call centre employee withdrew Rs 8000 from the SBI ATM at Sangam Vihar. He later realised that all the four notes that the ATM dispensed were fake. He immediately approached the police station nearby to report the matter.
A cop went to the ATM and withdrew a note himself to verify the complaint and to his surprise the note confirmed the allegation.
A case of manufacturing documents resembling currency notes, using forged or counterfeit notes and of cheating has been registered at Sangam Vihar police station under IPC sections 489-b, 489-e and 420.
Sensex touches 100 pts, Nifty cracks 8,900 level after 6 months; RIL up 5%
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The Indian benchmark indices opened on a higher note on Wednesday on the back of stronger Asian cues and gains from previous trading session.
The market is inching towards record high levels, especially with the Nifty crossing its 8,900-mark for the first time since September 8.
The Nifty is merely 2.4 per cent away from its lifetime high of 9,119.20 points.
At 9.30 AM, the S&P BSE Sensex was trading 28,849, up 88.36 points while the Nifty50 was trading 8,929, up 21.50 points.
"In next couple of trading sessions, the Nifty index is likely to extend this rally towards 8969. Hence, we continue to advise traders to trade with a positive bias and keep holding directional long positions by trailing a stop loss now at 8790 on a closing basis. The intraday supports for the Nifty index are placed around 8850 and 8800," said an Angel Broking Report.
In the broader market, the BSE Midcap and BSE Smallcap gained 0.1 per cent and 0.2 per cent respectively.
Among the top performers in early trade was Reliance surging over 5 per cent followed by Axis Bank and Tata Motors.
Global Markets
Asian stocks edged up on Wednesday as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street.
China's Shanghai Composite Index was down 0.15 per cent, Hang Seng Index was ruling 197 points higher while Japan's Nikkei was down 25 points.
European equities put up a strong show with upbeat German and French factory activity data, with Germany's DAX rising to its highest in nearly two years.
On Wall Street, the Dow Jones Industrial Avergae rose 0.6 per cent on Tuesday to notch a record closing high for the eighth straight session, lifted by strong earnings reports from Wal-Mart and Home Depot.
The Indian benchmark indices opened on a higher note on Wednesday on the back of stronger Asian cues and gains from previous trading session.
The market is inching towards record high levels, especially with the Nifty crossing its 8,900-mark for the first time since September 8.
The Nifty is merely 2.4 per cent away from its lifetime high of 9,119.20 points.
At 9.30 AM, the S&P BSE Sensex was trading 28,849, up 88.36 points while the Nifty50 was trading 8,929, up 21.50 points.
"In next couple of trading sessions, the Nifty index is likely to extend this rally towards 8969. Hence, we continue to advise traders to trade with a positive bias and keep holding directional long positions by trailing a stop loss now at 8790 on a closing basis. The intraday supports for the Nifty index are placed around 8850 and 8800," said an Angel Broking Report.
In the broader market, the BSE Midcap and BSE Smallcap gained 0.1 per cent and 0.2 per cent respectively.
Among the top performers in early trade was Reliance surging over 5 per cent followed by Axis Bank and Tata Motors.
Global Markets
Asian stocks edged up on Wednesday as investors cheered upbeat factory activity in Europe and solid earnings on Wall Street.
China's Shanghai Composite Index was down 0.15 per cent, Hang Seng Index was ruling 197 points higher while Japan's Nikkei was down 25 points.
European equities put up a strong show with upbeat German and French factory activity data, with Germany's DAX rising to its highest in nearly two years.
On Wall Street, the Dow Jones Industrial Avergae rose 0.6 per cent on Tuesday to notch a record closing high for the eighth straight session, lifted by strong earnings reports from Wal-Mart and Home Depot. General Awareness
List of Current Chief Ministers in India – Updated on February 2017
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Current Chief Ministers in India
State Chief Minister Andhra Pradesh Shri. Nara Chandrababu Naidu Arunachal Pradesh Pema Khandu Assam Shri. Sarbananda Sonowal Bihar Shri Nitish Kumar Chhattisgarh Dr. Raman Singh Delhi (NCT) Shri Arvind Kejriwal Goa Shri Laxmikant Parsekar Gujarat Vijay Rupani Haryana Manohar Lal Khattar Himachal Pradesh Shri Virbhadra Singh Jammu and Kashmir Mehbooba Mufti Jharkhand Shri Raghuvar Das Karnataka Shri Siddaramaiah Kerala Shri Pinarayi Vijayan Madhya Pradesh Shri Shivraj Singh Chouhan Maharashtra Shri Devendra Fadnavis Manipur Shri Okram Ibobi Singh Meghalaya Dr. Mukul Sangma Mizoram Shri Lal Thanhawla Nagaland Shri. T R Zeliang Odisha Shri Naveen Patnaik Puducherry (UT) V. Narayanasamy Punjab Shri Parkash Singh Badal Rajasthan Smt. Vasundhara Raje Sikkim Shri Pawan Kumar Chamling Tamil Nadu K. Palanisamy Telangana Shri K Chandrasekhar Rao Tripura Shri Manik Sarkar Uttar Pradesh Shri Akhilesh Yadav Uttarakhand Shri Harish Rawat West Bengal Km. Mamata Banerjee
Number of Woman Chief Ministers – 3
Jammu and Kashmir – Mehbooba Mufti
Rajasthan – Vasundhara Raje
West Bengal – Mamata Banerjee
Current Chief Ministers in India
| State | Chief Minister |
| Andhra Pradesh | Shri. Nara Chandrababu Naidu |
| Arunachal Pradesh | Pema Khandu |
| Assam | Shri. Sarbananda Sonowal |
| Bihar | Shri Nitish Kumar |
| Chhattisgarh | Dr. Raman Singh |
| Delhi (NCT) | Shri Arvind Kejriwal |
| Goa | Shri Laxmikant Parsekar |
| Gujarat | Vijay Rupani |
| Haryana | Manohar Lal Khattar |
| Himachal Pradesh | Shri Virbhadra Singh |
| Jammu and Kashmir | Mehbooba Mufti |
| Jharkhand | Shri Raghuvar Das |
| Karnataka | Shri Siddaramaiah |
| Kerala | Shri Pinarayi Vijayan |
| Madhya Pradesh | Shri Shivraj Singh Chouhan |
| Maharashtra | Shri Devendra Fadnavis |
| Manipur | Shri Okram Ibobi Singh |
| Meghalaya | Dr. Mukul Sangma |
| Mizoram | Shri Lal Thanhawla |
| Nagaland | Shri. T R Zeliang |
| Odisha | Shri Naveen Patnaik |
| Puducherry (UT) | V. Narayanasamy |
| Punjab | Shri Parkash Singh Badal |
| Rajasthan | Smt. Vasundhara Raje |
| Sikkim | Shri Pawan Kumar Chamling |
| Tamil Nadu | K. Palanisamy |
| Telangana | Shri K Chandrasekhar Rao |
| Tripura | Shri Manik Sarkar |
| Uttar Pradesh | Shri Akhilesh Yadav |
| Uttarakhand | Shri Harish Rawat |
| West Bengal | Km. Mamata Banerjee |
Number of Woman Chief Ministers – 3
Jammu and Kashmir – Mehbooba Mufti
Rajasthan – Vasundhara Raje
West Bengal – Mamata Banerjee
Jammu and Kashmir – Mehbooba Mufti
Rajasthan – Vasundhara Raje
West Bengal – Mamata Banerjee
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