Bommai invites global business leaders to invest in K’taka

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New Delhi, May 11 | In a major international outreach to garner investments for the state, Karnataka Chief Minister Basavaraj Bommai on Wednesday met with envoys of several countries and invited them to attend the three-day Global Investors Meet (GIM) in Bengaluru in November.

The three-day Global Investor Meet – ‘Invest Karnataka 2022’ – a flagship investor event for the state of Karnataka would be held in Bengaluru from November 2-4.

Addressing the audience, Union Minister of Parliamentary Affairs, Coal and Mines, Pralhad Joshi said, “India’s ranking on the EODB index has jumped to 79th in 2020 from 142 in 2014, which is a testimony of the efforts of the Union Government to promote trade and investment in the country.

Karnataka has now become one of the most preferred business destinations due to its investor-friendly business policies, excellent infrastructure, and road connectivity, which will further boost investment and other commercial activities in the state.

Talking about the business attractiveness of the state of Karnataka, Basavaraj Bommai said, “As the world is recovering from the pandemic, Karnataka has created the right kind of policies, atmosphere and infrastructure for the global companies to invest and prosper in the state. Karnataka has got a very rich heritage along with rare rich natural resources and 10 agro-climatic zones making it a land of opportunity and dreams.”

“I take this wonderful opportunity to invite all diplomats as well as the businessmen of all countries to come and do business in Karnataka,” Bommai added.

Murugesh R. Nirani, Minister for Large and Medium Scale Industries, said “We are delighted to have so many diplomats and industry leaders at this platform today. Karnataka has taken many initiatives in the recent past to attract global investment to the state. I would like to urge everyone here to participate in the global investor meet with full force to make Karnataka a vibrant economic powerhouse of India.”

Karnataka has emerged as a top investment destination in the country for the last two years in a row. The state has attracted Rs 62,085 crore investments and is a top recipient with a 48 per cent share of total FDIs in India, he said.

The State has emerged as a frontrunner in global manufacturing, and we are focusing on human resources, production of rich raw materials, manufacturing expertise, product design capabilities, and R and D to meet the demands of the global manufacturing segment, he explained.

This edition of the GIM will be under the theme “Build for the World” reflecting on the role Karnataka aims to play in the global supply chain, he said.

The event was attended by ambassadors, trade commissioners, and other officials from several countries including Australia, Canada, Germany, Italy, Romania, Finland, South Korea, Sweden and the UK, among others.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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