567 projects identified worth Rs 58,700 cr: Shipping Minister Sonowal

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New Delhi, May 6 | Minister for Ports, Shipping Sarbananda Sonowal on Friday said that the Ministry has identified a total of 567 projects under convergence mode with an estimated cost of Rs 58,700 crore.

Addressing the media after the meeting of the National Sagarmala Apex Committee (NSAC), he said Holistic Development of Coastal districts aims to bridge the gaps in infrastructure at the coastal areas and improve economic opportunity.

The minister said with addition of projects identified in Holistic Development of Coastal Districts and new project proposals received under Sagarmala, total number of projects stands at 1537 worth Rs 6.5 lakh crore.

The committee reviewed the progress of the Sagarmala programme and deliberated on various agendas. He said there are 802 projects worth Rs 5.5 lakh crore under the Sagarmala programme targetted to be executed by 2035. Out of which, 202 projects worth Rs 99,281 crore have been completed.

He said a total of 29 projects worth Rs 45,000 crore have been successfully implemented under PPP model, thus, reducing the financial burden on the exchequer. Additional 32 PPP projects worth Rs 51,000 crore are currently being implemented. Further, there are more than 200 projects worth Rs 2.12 lakh crore under construction and expected to be completed in 2 years’ time, he added.

The Ministry has till date funded 140 projects to the tune of Rs 8748 crore and is reviewing additional proposals sent by various state governments. More than 200 locations have been identified for development of floating jetties and 50 locations form part of the phase 1 implementation. It also was noted that there are 33 fishing harbour projects taken up of which part funding of 22 fishing harbour projects to the tune of Rs 2,400 crore has been sanctioned.

The ministry is also developing two mega cruise terminal projects through Sagarmala Scheme at Mumbai and Mormugao Port. Upgrading and modernisation of International Cruise Terminal at Mumbai worth Rs 303 crore is under construction, project has registered progress more than 70 per cent. Ministry is also supporting development of international and domestic cruise terminal and allied facilities at Mormugao Port.

Source: IANS

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Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

Share Market Closing Bell: Market ends the week in green, Sensex surges 1,534 pts and Nifty sinks below 15,850

The NIFTY 50 recouped the previous day’s losses and ended at 2.89 percent higher on strong global cues after China cut key lending rates. Nifty continued its upside rally throughout the day as it ended at 16266.15 levels. Bank nifty closed the session at 34276.40 level with a gain of 960 points. VIX closed at 23.10 down by 5.94%.

48 stocks out of NIFTY 50 closed in green which suggest broad based buying. All the sectoral indices are trading higher with metal, pharma, PSU bank and realty indices up 2-3 percent each. Stocks like DRREDDY, JSWSTEEL, NESTLEIND, TATAMOTORS & TATASTEEL were the top gainers, While SHREECEM & UPL were only two losers. The Nifty has formed Open Bullish Marabozu on a daily time frame which indicates upside momentum for an upcoming session.

Moreover, Nifty has been trading in a range of 15750-16410 levels throughout the week, crossing either side can direct further direction. In addition, Nifty has given a closing above 9-Day Moving Average which indicates a bounceback from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading witha positive crossover & reversed from oversold zone on an hourly chart which suggest a northward journey in Nifty. The Nifty may find Strong support around16000 levels, while on the upside 16410 may act as an immediate hurdle. On the other hand, Bank nifty has support at 33200 levels while resistance at 34800levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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