23 firms to invest Rs 28K cr in Karnataka, create 15K jobs

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Bengaluru, July 16 | Around 23 companies in diverse sectors spanning aerospace, defence, electric vehicles and data centres signed an agreement with the Karnataka government to invest cumulatively Rs 28,000 crore and create over 15,000 direct jobs, an official said on Thursday.

The agreements were signed by representatives of the 20 firms with the state industries department in the presence of Karnataka Chief Minister B.S. Yediyurappa, state Deputy Chief Minister C.N. Ashwath Narayan and Industries Minister Jagadish Shettar at ‘Invest Karnataka Conclave’ in this tech city.

Among top companies which signed agreements to invest in the state are the US-based C4V (Rs 4,015 crore) to make Lithium ion batteries, Singapore-based LNG Alliance to set up a liquified natural gas terminal (Rs 2,250 crore) and Adani Data Centre (Rs 5,000 crore) to set up data centres.

“The agreements demonstrate the confidence of companies to invest in the state, which was severely affected by the Covid pandemic that broke out in mid-March a year ago,” said Yediyurappa on the occasion.

Amid the pandemic’s first and second waves since March 2020, the chief minister said the state government had cleared 520 projects with investment proposals worth Rs 77,000 crore during the last 14-15 months.

“In addition, there are investment proposals worth Rs 23,000 crore that are in the process for approvals. They will take the total investment proposals to Rs 1-lakh crore in the state,” said Yediyurappa in his address at the conclave.

Of the total investment, proposals worth Rs 28,600 crore were received during the last 6 months amid the pandemic from leading Indian and global firms, said the official.

“We want to not only retain Karnataka as a global manufacturing hub, but also make the state a part of the global supply chain. As part of our strategy to go beyond Bengaluru, we are promoting tier-2 and tier-3 cities to attract investments in multiple sectors,” said the chief minister.

As part of the new 5-year industrial policy (2020-2024), Shettar said the state government was developing a toy cluster at Koppal, consumer electronics cluster at Dharwad and pharmaceuticals cluster at Yadgir in the state’s northwest and northern regions.

“As the state’s economic and industrial development has been a priority for us, the new policy is investor-centric to build a prosperous Karnataka and create thousands of jobs,” added Shettar.

The NITI Aayog think tank has ranked the southern state at the top of its Innovation Index in 2020 due to the availability of quality human resources, research and development (R&D) centres, reputed higher education institutes, proactive administration and conducive investment climate.

C4V chief executive officer Shailesh Upreti, LNG Alliance chief executive Muthu Chezhian, Adani Data Centre business head Sanjay Bhutani and Shree Cements president Sanjay Mehta participated in the conclave.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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