India, Colombia sign memorandum on space cooperation

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By Arul Louis
United Nations, Sep 9 |
India and Colombia have signed a memorandum of understanding on space cooperation and pledged to cooperate in biotechnology and pharmaceuticals.

The document was signed by India’s Minister of State for External Affairs Meenakshi Lekhi and Marta Lucia Ramirez, Colombia’s Vice President and Foreign Minister.

During their meeting at the Palace of San Carlos they agreed that “the bilateral relationship between Colombia and India has been strengthened and diversified in the last three years, thanks to mutual learning in areas such as biotechnology, pharmaceuticals, outer space exploration, science and innovation, agriculture, trade and investment”, Colombia’s Foreign Ministry said.

Lekhi tweeted after the meeting that they “discussed bilateral and multilateral issues of mutual interest”.

With India being a powerhouse of vaccine production, Colombia is interested in getting help in producing vaccines.

The Ministry said that Ramirez will visit India at the end of this month along with Health Minister Fernando Ruiz and Science and Technology Minister Tito Jose Crissien to draw “the roadmap that will allow the production of vaccines in the country, as well as encourage research and regulatory development”.

“We are committed to strengthening the pharmaceutical industry, ensuring that it is recognized worldwide for its technological and social innovation. That is why it is important to work on public policy efforts. This is why cooperation becomes an important asset to learn about the experience developed by India in this matter,” the Ministry said.

The space cooperation memorandum includes “a flexible and ambitious agenda” in areas ranging from satellite applications to the launch of space vehicles, surveillance, Investigation and development, according to the Ministry.

“This memorandum of understanding is also an initiative that seeks to develop Colombia’s entrepreneurship in space development, fostering diversification and value-added capabilities of our private sector,” said Ramirez.

It quoted Lekhi as saying that cooperation between the two countries “began in 2018 when Colombia launched the FACTSTAT 1 nanosatellite with the support of the Indian Space Research Organization”.

Ramirez said: “With India we share 62 years of strong friendship and common interests in promoting global security, stability and inclusive prosperity through trade, investment and connectivity.”

During the visit, Lekhi also had meetings with the leaders of the Bogota Chamber of Commerce and India-Colombia Chamber of Commerce to discuss cooperation in trade and investment.

According to India’s External Affairs Ministry, bilateral trade with Colombia was $2.27 billion during 2020-21.

It “is a significant increase from $1.85 billion over 2019-20 despite disruptions caused by the Covid-19 pandemic”, the Ministry said.

(Arul Louis can be reached at arul.l@ians.in and followed @arulouis)

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered with modest gain against the resilient global cues. Throughout the week, Sensex traded in a narrow range following an uneven move. Sensex ended at 54884.66 gaining 558 points or 1.03 percent while Nifty settled at 16352.45 with 86 points or 0.53 percent on a weekly basis. While Banknifty ended at 35613.30 levels with strong bounce with an upside of 3.90 percent in a week.

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INDIA VIX has cooled off during the week with 7.01 percent and has settled at 21.48 levels. Investors and traders may watch out key events such as the RBI meet in the second week as well as the US Fed meeting likely to be on 14-15 June for monthly expiry. As corporate results are likely to end soon stocks would expect less volatility in upcoming days. In Nifty stocks, HDFCLIFE gained 9.61 percent while DIVISLAB shed 18.41 percent in a week. Sectorally Nifty Finance saw the highest gains of 4.32 percent followed by the Nifty Auto with 3.26 percent. On the flip side Nifty Pharma, Energy, Realty and PSE lose more than 3 percent each on a weekly basis. However Midcap gained 0.77 percent while Smal lcap dropped by 3.42 percent.

Technically, Nifty has formed a bullish candle on the weekly chart with a long tail suggesting strong support around 15900 levels, while on the upside 16800 may act as strong resistance. Index has taken support from the previous horizontal line & closed above 21-days Simple Moving Averages that indicates further pullback rally in the near term.

Indicators such as RSI remained in the neutral zone while MACD suggest some positive cross over observed in daily time frame suggest some sign of reversal. Coming to the OI Data, on the call side the highest OI witnessed was 16500 followed by 16800 strike prices while on the put side, the highest OI was at 16000 strike price. Overall, Nifty is having support at 16000 mark while on the upside 16500 followed by 16750 may act as an immediate resistance. While Bank nifty has support around 34300 while resistance is placed at 36800 on weekly chart.

Om Mehera
Research Associates
Choices Broking

Souce: Choice India

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