Islamabad, July 1 | The power supply of the President House of Pakistan has been converted to green energy in an effort to promote the government’s vision of protecting the environment for future generations.
The “Green Presidency Initiative” comprises a 1-megawatt (MW) Solar Photovoltaic (PV) System, having the capacity of generating 1.4 million units of green electricity annually, the president’s office said in a statement on Wednesday.
“After installation, 1 MW Solar PV System under the ‘Green Presidency Initiative’ saves cost of further electricity generation. Thus, it leads to an annual contribution of 32 million PKR ($203,000) to the National Exchequer,” the statement said.
Speaking at the inauguration ceremony on Wednesday, President Arif Alvi reiterated the government’s commitment to protecting the environment and highlighted the importance of the conversion of the power supply of the President House to green energy.
Alvi said that Pakistan has a huge potential for renewable energy including hydropower, solar and wind, and they are gradually moving towards the target of 30 per cent renewable energy in the national grid by 2030.
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.
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.
Souce: Choice India