Month: December 2022

Gotegaon Madhya Pradesh Assembly Constituency Election 2023: Date of Result, Voting, Counting; Candidates

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Gotegaon MP Assembly Election 2023 Details: The election for Gotegaon Assembly Constituency in Madhya Pradesh will be held on November 17 this year. The final date of voting and result were known after the formal announcement by the Election Commission of India. Here are the important details of the Gotegaon Constituency Assembly Election 2023 that you should know.

Gotegaon Constituency Madhya Pradesh Assembly Election 2023: Voting Date

November 17 is the date of voting for the Gotegaon Assembly Constituency Election 2023 as announced by the Election Commission of India.

Gotegaon Constituency Madhya Pradesh Election 2023: Candidates List

Bharatiya Janta Party (BJP), Congress and other political parties in the state will announce their candidates for the Gotegaon Assembly Constituency Election 2023 after the announcement of voting dates by the Election Commission of India.

Why Gotegaon Constituency Assembly Election 2023 is Important

Gotegaon is a state Assembly/Vidhan Sabha constituency in the state of Madhya Pradesh and is part of the Gotegaon Lok Sabha/Parliamentary constituency. Gotegaon falls in the Gotegaon district of Madhya Pradesh and is categorised as an urban seat.

Gotegaon Constituency MP Election Result: What happened in 2018

Narmada Prasad Prajapati (n P ) of the Indian National Congress was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2018, securing 79289 votes while 66706 votes were polled in favour of Dr Kailash Jatav of the Bharatiya Janata Party. The margin of victory was 12583 votes.

2018 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad Prajapati (n P )Indian National Congress79289

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati (n P ) Indian National Congress 79289 (49.74%) Dr Kailash Jatav Bharatiya Janata Party 66706 (41.85%) None Of The Above None Of The Above 3121 (1.96%) Suresh Kumar Mehra Gondvana Gantantra Party 2584 (1.62%) Mahesh Prasad Choudhary Aam Aadmi Party 2109 (1.32%) Jagdish Choudhary (bedu Wale) Bahujan Samaj Party 2071 (1.3%) Pramod Jhariya (tiger) Independent 1704 (1.07%) Virendra Singh Sapaks Party 914 (0.57%) Balaram Ahirwar Independent 895 (0.56%)

Gotegaon Constituency MP Election Result: What happened in 2013

Dr Kailash Jatav of the Bharatiya Janata Party was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2013, securing 74759 votes while 54588 votes were polled in favour of Narmada Prasad Prajapati (n P ) of the Indian National Congress. The margin of victory was 20171 votes.

2013 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesDr Kailash JatavBharatiya Janata Party74759

Candidate List Party Name Votes Gained (Vote %) Dr Kailash Jatav Bharatiya Janata Party 74759 (51.81%) Narmada Prasad Prajapati (n P ) Indian National Congress 54588 (37.83%) Mansingh Jhariya (kusiwada) Bahujan Samaj Party 4590 (3.18%) None Of The Above None Of The Above 4317 (2.99%) Mankuwar Chadar (gudai) Gondvana Gantantra Party 1774 (1.23%) (patrakar) Vimal Bangatri Independent 1743 (1.21%) Somnadh Mehra Urf Tularam Akhil Bhartiya Gondwana Party 1058 (0.73%) Pramod Kumar Independent 900 (0.62%) Mansingh Jhariya Urf Baddu Samajwadi Party 572 (0.4%)

Gotegaon Constituency MP Election Result: What happened in 2008

Narmada Prasad Prajapati of the INC was the winning candidate from the Gotegaon constituency in the MP Assembly elections 2008, securing 53664 votes while 31344 votes were polled in favour of Shekhar Choudary of the BJP. The margin of victory was 22320 votes.

2008 Gotegaon Assembly Constituency Election Result

Winning Candidate NameParty NameTotal VotesNarmada Prasad PrajapatiINC53664

Candidate List Party Name Votes Gained (Vote %) Narmada Prasad Prajapati INC 53664 (44.94%) Shekhar Choudary BJP 31344 (26.25%) Hakam Singh Chadar BJSH 10693 (8.95%) Dhirendra Singh Dhiru GGP 7978 (6.68%) Harishankar Kastwar BSP 7734 (6.48%) Hakam Singh IND 3905 (3.27%) Suresh Nagesh IND 1645 (1.38%) Jagdhishprasad Ahirwar GMS 933 (0.78%) Harigovind Mehra SP 833 (0.7%) Sanjay Kumar Jhariya RSMD 693 (0.58%)

Bulls to stage a comeback or bears to drag Nifty below 16750? 5 things to know before market opening bell

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Indian share market is likely to open higher in the green as trends in the SGX Nifty hinted at a positive opening for domestic equities. In the previous session, the 30-pack BSE Sensex tumbled 638.11 points or 1.11% to settle at 56,788.81, and the broader NSE Nifty fell by 207 points or 1.21% to end at 16,887.35. According to analysts, any sustainable move below 16750 levels on Nifty could bring sharp negative momentum on the cards. On the upside, 17060-17100 could act as a strong hurdle for the short term. The next important support for the index is placed at 16750 levels.

Also Read: Share Market LIVE: Nifty, Sensex may open in green on positive global cues; Electronics Mart IPO opens today

Global Markets: Asian markets traded higher today morning after stocks on Wall Street rallied overnight. Japan’s Nikkei 225 rose 2.19% in early trade, while South Korea’s Kospi advanced 1.81%. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.71%. Markets in mainland China and Hong Kong are closed for a holiday. Meanwhile, in the US, the Dow Jones Industrial Average jumped 2.7%, the S&P 500 advanced about 2.6%, and the Nasdaq Composite added nearly 2.3%.

Nifty technical view: “A long bear candle was formed on the daily chart, that has engulfed more than half way mark of previous long bull candle of Friday. Technically, this pattern indicates a lack of strength to sustain the upside bounce in the market and the crucial lower support of 16750-16800 levels could be tested again. This is negative indication. Hence, a decisive slide below 16750 levels is likely to negate the bullish pattern created on Friday’s upmove and that could eventually result in further strengthening of downside momentum in the market. The short-term trend of Nifty remains weak,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Levels to watch for: “On the derivatives front, the highest call OI is at 17000 followed by 17100 strike price while on the put side, highest OI remains at 16500 strike price. Nifty Bank has witnessed continuous selling pressure and closed below the support of 38500. This indicates further bearishness in the near term. The index remains in a sell-on-rise mode with multiple hurdles at 39000-39500 where fresh call writing has been observed. The next crucial support on the downside is placed at 36600 which coincides with its 200 DMA,” said Om Mehra, Technical Associate, Choice Broking.

IPO Watch: Consumer durables and electronics retailer Electronics Mart India’s initial public offer (IPO) to open for subscription on 4 October and close on October 7. The price band for the offer has been fixed at Rs 56-59 per share. The company has mopped up Rs 150 crore through its anchor book, ahead of the opening of its initial public offer (IPO). The company has finalised the allocation of 2.54 crore equity shares to anchor investors at a price of Rs 59 per share, as per the filing with the exchanges.

Also Read: GAIL, Bombay Dyeing, HDFC, Avenue Supermarts, Nykaa, Vedanta, Dilip Buildcon stocks in focus

Stocks under F&O ban on NSE: The National Stock Exchange has not added any stock under its F&O ban list for 4 October. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

Petrol, Diesel Price Today, 26 Sep 2022: Fuel cost steady; check rates in Delhi, Mumbai, Noida, other cities

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Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The price of petrol and diesel has been kept steady on 26 September 2022 (Monday), keeping costs steady for more than three months now. The petrol rate and diesel rates in Delhi are at Rs 96.72 and Rs 89.62 a litre, respectively. In Mumbai, petrol is retailing at Rs 106.31 per litre and diesel at Rs 94.27 per litre. The last country-wide change in price came on 21 May 2022, when Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel. Since then, Maharashtra is the only state to have cut rates. The Maharashtra government had announced a cut in value-added tax (VAT) on petrol by Rs 5 a litre and by Rs 3 a litre for diesel in July.

Also read: Rupee falls to new record low on strong dollar, risk aversion in equity markets; may slip to 82 per USD

Petrol, diesel prices in Chennai, Kolkata, Bengaluru, Lucknow, Noida, Gurugram

Mumbai: Petrol price: Rs 106.31 per litre, Diesel price: 94.27 per litre

Delhi: Petrol price: Rs 96.72 per litre, Diesel price: Rs 89.62 per litre

Chennai: Petrol price: Rs 102.63 per litre, Diesel price: Rs 94.24 per litre

Kolkata: Petrol price: Rs 106.03 per litre, Diesel price: Rs 92.76 per litre

Bengaluru: Petrol: Rs 101.94 per litre, Diesel: Rs 87.89 per litre

Lucknow: Petrol: Rs 96.57 per litre, Diesel: Rs 89.76 per litre

Noida: Petrol: Rs 96.79 per litre, Diesel: Rs 89.96 per litre

Gurugram: Petrol: Rs 97.18 per litre, Diesel: Rs 90.05 per litre

Chandigarh: Petrol: Rs 96.20 per litre, Diesel: Rs 84.26 per litre

Also read: Harsha Engineers, Britannia, Embassy REIT, Coal India, BPCL, State Bank of India stocks in focus

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise the fuel prices daily in line with international benchmark prices and foreign exchange rates. Any changes in petrol and diesel prices are implemented from 6 am every day. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.

Sebi to introduce regulatory framework to facilitate online bond platform providers

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Capital markets regulator Sebi on Friday decided to introduce a regulatory framework to facilitate providers of online bond platforms that are selling listed debt securities.

Under the framework, such platforms should register as stock brokers (debt segment) with the Securities and Exchange Board of India (Sebi) or be run by Sebi-registered brokers.

Also read: PMGKAY extension: FCI wheat stocks to fall to buffer by January

Also, the board of Sebi at its meeting here on Friday cleared a proposal to reduce the face value of listed privately placed debt securities.

Further, the regulator would issue a procedural circular detailing the specifics and mechanics of the operations of the online bond platform providers, according to a release issued by Sebi after its board meeting.

In addition, the board has approved the proposals relating to the reduction in the minimum holding requirement of units from 25 per cent to 15 per cent by sponsor(s) and sponsor group(s) of the total outstanding units of the Real Estate Investment Trusts (REITs) on post-initial offer basis.

Also, it cleared the proposals relating to discontinuation of a separate regulatory framework for unlisted Infrastructure Investment Trusts (InvIT).

Also read: RBI MPC: Terminal repo rate seen at 6.25-6.40% by FY23-end; no negative surprises boost stock market

Among others, the regulator has approved the proposal to amend rules governing Alternative Investment Funds (AIF) in order to prescribe the timeline for declaring first close of a scheme of an AIF along with the minimum corpus at which the first close may be declared.

Further, the board has approved a proposal for amending norms governing clearing corporations for orderly winding down of such corporations.

Sebi said that every clearing corporation will be required to ensure that the new framework provides for the timely and orderly settlement or transfer of position and the transfer of the collateral, deposit, margin or any other asset(s) of the members to another recognised clearing corporation that would take over the operations of the clearing corporation.

Rupee likely to depreciate on strong dollar, risk aversion in markets; USDINR to trade in this range

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The Indian rupee is expected to depreciate on Wednesday amid strong dollar, FII outflows, and risk-off sentiments in equity markets. The delay in Indian bond inclusion in the JP Morgan bond index is also likely to weigh on the local unit. Analysts expect USDINR pair to trade within a broad range of 81.00 and 81.80 levels on spot. In the previous session, the rupee eased off a record low as oil prices hovered near an eight-month low and risk aversion eased somewhat. The currency halted its four-day losing streak to close at 81.58, up 9 paise from the previous close.

Also Read: Share Market LIVE: Nifty, Sensex likely to open in red; RBI MPC meet starts today, rate hike decision eyed

“The Indian rupee is expected to open lower following the weak Chinese yuan and risk-off sentiments. The dollar index strengthened along with the US treasury after hawkish comments from Federal officials. The forward markets indicate USDINR could open 30 to 32 paise higher near 81.90 odd levels, which will be the new record high. On Tuesday, spot USDINR oscillated in the narrow range before closing at 81.58. The delay in Indian bond inclusion in the JP Morgan bond index pushed the pair and bond yield higher in the second half of the trading session.”

“Technically, the pair is still bullish and one can expect 82 and 82.90 if the dollar index continues to bid well while on the downside it has support at 81. The onshore yuan fell to the weakest level against the dollar since the global financial crisis in 2008, amid an incessant advance in the greenback and speculation China is toning down its support for the local currency. The currency is under pressure as the nation’s monetary policy with the US diverges further as the Federal Reserve hikes rates.”

Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives, Kotak Securities

“USDINR spot closed at 81.58, down 4 paise on a day of slight choppy trading. Rally in global equities and softness in the US Dollar Index pushed the pair lower. However, higher US yields and demand from importers kept the pair well supported near 81.30 levels Over the near term, we expect USDINR to trade within a broad range of 81.00 and 81.80 levels on spot.”

Gaurang Somaiya, Forex & Bullion Analyst, Motilal Oswal Financial Services

“Rupee consolidated in a narrow range but broadly was weighed down after some sources suggest that India’s long wait to win inclusion in JPMorgan’s influential emerging market debt index could be pushed out into next year due to a number of issues that needs to address. News of the likely delay in the inclusion process saw the Indian rupee turn lower, while yields on the government’s benchmark bonds rose to 7.37% from the day’s low of 7.27%.”

Also Read: Petrol, Diesel Price Today, 28 Sep 2022: Fuel cost static; check rates in Delhi, Mumbai, Noida, other cities

“The BoE said that it would not hesitate to change interest rates and was monitoring markets “very closely” after the pound plunged. Dollar strengthened after data released from the US showed new home sales number rose in August as compared from the previous month. Today, volatility could remain low as no major economic data is expected t be released from the US. We expect the USDINR(Spot) to trade sideways and quote in the range of 81.20 and 81.80.”

(The recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

Sebi norms to hit MFs’ talent pool

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The Securities and Exchange Board of India’s (Sebi) move to bring mutual funds (MF) under the ambit of insider trading regulations may make it difficult for asset managers to attract and retain top talent.

The industry could lose out to alternative investment funds (AIF), portfolio management services (PMS), insurance and banks.

In the past, several industry veterans such as Kenneth Andrade and Sunil Singhania moved to the AIF industry. The likes of Samir Arora have set up their own PMS firms.

Also Read: Sebi tightens IPO disclosure norms

“When we go for pre-placement to any of the IIMs and I tell them that all your WhatsApp calls and conversations will be recorded, what will their reaction be? Why will they come to us,” asked a second fund official.

The Sebi board gave its nod for including trading in units of mutual funds through a separate chapter in Sebi (Prohibition of Insider Trading) Regulations 2015 on Friday. This will spell out reporting and monitoring requirements and lay out a separate code of conduct for designated persons.

“Asset management is a growing industry and exciting career option for many people. On the investment side, in particular, it offers a steep learning curve and good pay. So, it’s not that people will not come to the industry but the attractiveness will certainly go down,” said a third fund official.

The insider trading norms along with the diktat on skin in the game, which mandates that 20% of the take-home salary needs to be invested in schemes of one’s own fund house, could be a dampener. India is the only market in the world that mandates fund managers and other fund officials to invest in their own fund’s schemes, which has to be locked in for a period of three years.

In 2020, Sebi had asked fund executives involved in the funds investments to conduct all communication through recorded modes and channels. The intent was to curb illegal trades but had led to privacy concerns.

“Now, with the insider trading regulations coming into the picture, it will be tricky to invest in your own funds as the redemptions will be subject to clearance basis the new norms,” said the third official quoted above.

“The regulator can always come back and question my decision to redeem. Eventually the tribunal or a higher court may acquit me but I will be on public trial till then. The new norms will saddle honest people with unnecessary compliance burden instead of creating a situation where the crooks are worried,” said the first official, adding that the regulator should be granted powers such as wire-tapping to zero-in on the real culprits.

Some experts, however, believe that the new insider trading norms will not be an obstacle in attracting talent. “Fund managers move from mutual funds to PMS and AIF for better pay and profit-sharing deals. That has been happening for many years now and will continue to happen,” said Vicky Mehta, an independent analyst tracking MFs.

That said, he believes there is an army of analysts in the country who aspire to be fund managers. This talent pool will continue to be available to MFs despite regulations pertaining to insider trading and skin in the game. “At best, the mid-sized or small fund houses may find it a little more difficult in paying top talent,” said Mehta.

Dhaval Kapadia, director & portfolio specialist, Morningstar Investment Advisers India, concurs. “With the financialisation of savings gaining ground, the MF industry is expected to clock a good growth rate. AIF and PMS offer greater flexibility in terms of portfolio construction and products but are coming under greater regulatory scrutiny. And there is nothing to say that AIF will not be brought under the ambit of insider trading regulations going forward,” he said.Average assets under management for the industry as of August 31, 2022 stood at `39.53 trillion, up 54% in the last three years.

Bulls may attempt a comeback to push Nifty above 18100; 5 key things to know before market opening bell

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Early trends on SGX Nifty hinted that Indian equity markets are likely to open marginally higher on Thursday, weekly F&O expiry day. Nifty futures traded 27 points, or 0.15% higher at 18,017 on the Singapore Exchange, signaling that domestic benchmark indices BSE Sensex, NSE Nifty 50 were for a positive start. “The biggest catalysts and next direction for Nifty depends on the FOMC monetary policy meeting on September 20-21. For Thursday’s session, Nifty sees major hurdles at the 18115 mark. Above the same, aggressive buying could be seen with the next goal post at the psychological 18605 mark,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities.

Also Read: Tamilnad Mercantile Bank, Tata Steel, Paytm, IDBI Bank, HFCL, GR Infra stocks in focus on weekly F&O expiry

Nifty technical view, Levels to watch for: “A long bull candle was formed on the daily chart with a minor upper shadow. Technically, this pattern indicates the emergence of sharp buying interest from the lower support. After moving above the important resistance of down sloping trend line at 17900 levels recently, the Nifty witnessed sharp buying from near that trend line support as per the concept of change in polarity. This is a positive indication. The short-term uptrend status of Nifty is still positive. A sustainable move above the hurdle of 18100 levels could pull Nifty towards the next overhead resistance of 18350 in the short term. Any weakness from here could find support around 17920 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Stock listing: Tamilnad Mercantile Bank: Tamilnad Mercantile Bank shares will debut on stock exchanges BSE, NSE today. According to market experts, the stock may get listed flat or at moderate premium over the final issue price of Rs 525 given the lower-than-expected investors’ response to the IPO. The Rs 831.6 crore public issue was entirely a fresh issue by the company, and was subscribed 2.86 times during September 5-7, with retail investors buying shares 6.48 times the allotted quota, non-institutional investors 2.94 times and qualified institutional investors 1.62 times.

IPO watch: The Initial Public Offering (IPO) of Harsha Engineers on Wednesday received bids of 4,84,73,010 shares against the offered 1,68,63,795 equity shares, at a price band of Rs 314-330, according to the data available on the stock exchanges. Overall the issue was subscribed 2.87 times on the first day of bidding. Retail Investors portion was subscribed 3.22 times. The qualified institutional buyer portion was subscribed 0.06 times. The reserved portion of non-institutional investors witnessed a subscription of 5.83 times. The issue will be open for subscription till Friday, 16 September.

Also Read: Wall Street staggers to higher close as US Fed rate hike looms

Stocks under F&O ban on NSE: Indiabulls Housing Finance, RBL Bank, and Delta Corp are the three stocks under the NSE F&O ban list for today as well. Securities thus banned under the F&O segment include companies where derivative contracts have crossed 95 percent of the market-wide position limit.

Daewoo to enter India with Kelwon Electronics

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The South Korean conglomerate Posco Daewoo is strategically positioning itself for entry into the thriving Indian market. This strategic move aims to capitalize on India’s robust economic growth and surging consumer demand, making it as one of the world’s most promising consumer markets.

Daewoo has a 50-year global heritage in both the Automotive and Electronics sectors. With a significant presence already established in 110 countries, Daewoo has expanded its global reach into India through strategic brand licensing partnerships.

Chan Ryu, Director with Kelwon Electronics to spearhead Daewoo India Operations, emphasized that Daewoo, part of the Posco conglomerate, possesses a globally recognized trademark and a well-established presence in international markets including USA, Europe, China, Middle East, UAE and many more. The rapid growth of the Indian market serves as the primary motivation for their decision to enter this dynamic landscape.

“In our initial stage, we are introducing a range of Power & Energy products, encompassing batteries for both four-wheelers and two-wheelers, as well as inverter and solar batteries. Additionally, we will offer a variety of HUPS inverters and UPS systems designed for both online and offline applications, featuring wall-mounted options with integrated lithium batteries. Furthermore, we are set to launch high-capacity Voltage Stabilizers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for your electrical devices” added Ryu

Sharing the future roadmap Mr Ryu elaborated, “Furthermore, in the upcoming year, as part of our Consumer Durables portfolio, we will introduce a wide range of products including air purifiers, LED televisions, audio speakers, water purifiers, smart fans, air coolers, home automation systems, and a comprehensive selection of small home and kitchen appliances.

These products will offer innovative and diverse features while remaining budget-friendly. Additionally, we have plans to unveil a captivating line of e-bikes and e-cycles in the Indian market.

Ryu further highlighted that this new partnership marks the beginning of a new chapter for Posco Daewoo in India. He also emphasized India’s emergence as a global manufacturing hub and the intent to seize this opportunity by collaborating with an Indian partner who possesses substantial experience and capabilities in the manufacturing, marketing, and sales of Daewoo products in India.

HS Bhatia, the Managing Director of Kelwon Electronics & Appliances stated, “We are delighted to welcome Daewoo, a revered Korean brand, into our brand portfolio. Daewoo boasts a rich history of innovation and enjoys the trust of millions of consumers worldwide. We are enthusiastic about harnessing our innovation capabilities and extensive distribution network to unlock new opportunities for both the brand and our valued customers. This long-term partnership forms the cornerstone for our company’s sustained growth in the years ahead.”

Bhatia remarked, “Today, the entire world is turning its attention to India and its growing market, as our nation is on track to becoming the third largest economy in the world. Emerging sectors such as energy and power, consumer electronics, and, most notably, E-Bikes, will play a pivotal role in driving India toward this significant economic milestone.

With an emphasis on the automotive and energy-related sectors, Daewoo aims to provide cutting-edge products and solutions that align with India’s growing demand for sustainability and technological advancement. India is the world’s fourth-largest retail market and the 16th-ranked country on the 2023 FDI Confidence Index. The retail industry in India accounts for more than 10 percent of the country’s GDP and employs approximately eight percent of the population.

‘Delhi Future Stars’; an initiative to elevate youth football in the capital

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The Directorate of Education of the Government of NCT Delhi, in collaboration with the Delhi Soccer Association (DSA) and HCL, a prominent global conglomerate, has introduced an initiative called ‘Delhi Future Stars.’ This programme is geared towards revolutionising youth football in the capital region by creating opportunities for young footballers to exhibit their talent and enhance their skills, according to an official release.

Delhi Future Stars aims to transform three significant leagues: the Delhi Youth League, the Delhi School League and the Delhi Grassroots League. Scheduled to kick off on October 30, 2023, the league will feature participation from more than 6,500 players and over 400 football teams spanning Delhi NCR, the release mentioned.

Anticipated to captivate an audience exceeding 10 lakh people, this initiative will involve active participation from parents, schools and academies, all pivotal in the league’s success. Matches are slated to take place at 35 different venues across Delhi NCR, offering ample opportunities for players to exhibit their talents and compete at a heightened level, as per the release.

“The collaboration between the Directorate of Education of Government of NCT Delhi, DSA and HCL demonstrates a unique partnership working together to create a brighter future for young footballers. Together, we aim to nurture talent, promote inclusivity, and foster a love for football among the youth in Delhi,” Anuj Gupta, president, Delhi Soccer Association, said.

Asian markets weaken as IMF, World Bank flag recession risks

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Asian markets were weaker on Friday as investors braced for a U.S. rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% on Friday, after U.S. stocks ended the previous session with mild losses. The index is down 4.1% so far this month.

Australian shares were down 0.94% on Friday, while Japan’s Nikkei stock index slipped 1.2%.Hong Kong’s Hang Seng Index was down 1.1% while China’s CSI300 Index was 0.86% lower. The weaker session followed broad declines across the major U.S equities markets.

Also read| Will bulls take a backseat as bears drag Nifty fall below 17800? 5 things to know before market opening bell

The IMF in July revised down global growth to 3.2% in 2022 and 2.9% in 2023. It will release a new outlook next month.In comparison, the World Bank said the world could be edging towards a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation.

The world’s three largest economies – the United States, China, and the euro zone – have been slowing sharply, and even a “moderate hit to the global economy over the next year could tip it into recession,”, it said. Indermit Gill, the World Bank’s chief economist, said on Thursday he was concerned about “generalized stagflation,” a period of low growth and high inflation, in the global economy, noting the bank had pared back forecasts for a majority of countries.

Also read| Adani Ports, PVR, Tata Power, UPL, Reliance, BPCL, Ami Lifesciences stocks in focus on 16 September 2022

In Asian trade, the yield on benchmark 10-year Treasury notes stood at 3.4509% compared with its U.S. close of 3.459% on Thursday.The two-year yield, which rises with traders’ expectations of higher Fed fund rates, touched 3.871% compared with a U.S. close of 3.873%.Two-year Treasury yields hit a new 15-year high after mixed U.S retail sales and jobless claims data, which analysts said reinforced the case for aggressive Federal Reserve rate hikes.

Markets are currently fully pricing in a 75 basis point rate hike next week, economists said.”Equities and other risk-sensitive markets struggle as it becomes clear that US inflation pressures are well embedded and that risks to the fed funds rate lie to the upside,” ANZ economists said on Friday.

The dollar dropped 0.4% against the yen to 142.95. The euro was up 0.1% on the day at $1.0006, having lost 0.51% in a month, while the dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was up at 109.59.U.S. crude ticked up 0.14% to $85.22 a barrel. Brent crude rose to $90.98 per barrel. Gold was slightly lower. Spot gold was traded at $1662.49 per ounce.