Navy chief meets S&T Minister to discuss Deep Ocean Mission modalities

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New Delhi, Jan 21 | Chief of the Naval Staff, Admiral R. Hari Kumar on Friday called on Minister for Science & Technology and Earth Sciences, Jitendra Singh to discuss the modalities to deepen cooperation in ‘Deep Ocean Mission,’ which, the government claimed, is to be the torchbearer of India’s ‘Blue Economy’.

“The ‘Deep Ocean Mission’ is designed to explore India’s deep ocean for resources and develop deep-sea technologies for sustainable use of ocean resources. It will have an important bearing on India’s future economy,” Singh said.

The Indian Navy is a member of Deep Ocean Council, and it will be involved in launching and recovery of ‘Manned submersible’ in deep water, which will be developed under the Deep Ocean Mission.

The Ministry of Earth Sciences and the Indian Navy are to soon sign a MoU for knowledge sharing in the areas of design and development of underwater vehicles, a release from the Ministry of Science & Technology said.

Jitendra Singh informed that the preliminary design of the manned submersible MATSYA 6000 is complete, and realisation of vehicle has started with various organization including Indian Space Research Organization (ISRO), Indian Institute of Tropical Meteorology (IITM) and Defence Research and Development Organization (DRDO) roped-in to support the development. It is designed to carry three people to a depth of 6,000 metres in the ocean with a suite of scientific sensors and tools.

Dr Jitendra Singh launched India’s First Manned Ocean Mission Samudrayaan at Chennai in October, last year and thus joined the elite club of nations such as the US, Russia, Japan, France, and China to have such underwater vehicles for carrying out sub-sea activities.

The Minister informed that this niche technology shall facilitate Ministry of Earth Sciences, MoES in carrying out deep ocean exploration of the non-living resources such as polymetallic manganese nodules, gas hydrates, hydro-thermal sulphides, and cobalt crusts, located at a depth between 1,000 and 5,500 metres.

The government had approved the Deep Ocean Mission in June 2021 to be implemented by the Ministry of Earth Sciences at a total budget of Rs 4,077 crore for five years. This Mission is a multi-ministerial, multi-disciplinary programme with emphasis on development of deep-sea technology, the release added.

Source: IANS

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Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

Share Market Closing Bell: Nifty ends around 15,800, Sensex tanks 1,416 pts

On the back of Global Clues and SGX, Nifty opened on a gap down note & continued downside momentum throughout the day and closed the session at 15809.40 level with a loss of 430.90. However, Bank nifty closed the session at 33315.65 level with a loss of 848.05 points.

India VIX closed at 24.56 up by 10.13% which is a sign of more volatility in upcoming sessions.47 stocks out of NIFTY 50 closed in RED which suggest broad based selling. All the sectoral indices were ended in the red with metal, IT indices down 4-5 percent.

Despite one way fall, Stocks like ITC, DRREDDY, POWERGRID were the top gainers, While WIPRO, HCLTECH, INFY, TCS & TECHM were prime losers. On a daily chart, Nifty has formed a Bearish candle which indicates downside momentum for an upcoming session. Moreover, Nifty is showing support from horizontal line i.e., 15750 levels which is make or break level. In addition, Nifty has been sustained above the 21-Monthly Moving Average which indicates a bounce back from lower levels can be seen.

However, the momentum indicators MACD & Stochastic were trading with a negative crossover & trading in oversold zone which is a sign of sideways to negative trend in Nifty. The Nifty may find Strong support around 15700 levels, breaching below it can show more downside till 15500 levels while on the upside 16000 may act as an immediate hurdle. On the other hand, Bank nifty has support at 32800 levels while resistance at 34500 levels.

Palak Kothari
Research Associate
Choice Broking

Source: Choice India

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