Budget boost lifts India's Nifty 50 to fifth record high in 2024

            Feb 2 (Reuters) - India's benchmark Nifty 50 index hit an all-time high for the fifth time this year on Friday, lifted by gains in Reliance and information technology (IT) stocks, and as the government's fiscal prudence in its budget also boosted sentiment. 

           The NSE Nifty 50 index (.NSEI) surged to a high of 22,126.80 points in the session before pulling back, due to selling pressure near the close, to settle 0.72% higher at 21,853.80. The S&P BSE Sensex (.BSESN) gained 0.61% to 72,085.63.

Link : Budget boost lifts India's Nifty 50 to fifth record high in 2024 | Reuters

Switzerland climbs to top of global e-commerce index

 

        Europe remains by far the most prepared region for e-commerce, according to UNCTAD's Business-to-Consumer (B2C) E-commerce Index 2020, but wide gaps with countries with the lowest level of readiness need to be addressed by tackling weaknesses in those nations to spread the benefits of digital transformation to more people. For the first time, Switzerland leads the UNCTAD B2C E-commerce Index, just ahead of the Netherlands. In 2019, 97% of the Swiss population used the internet. The only non-European economies among the top 10 are Singapore, ranked fourth, and Hong Kong (China) in the 10th position. The index scores 152 nations on their readiness for online shopping, worth an estimated $4.4 trillion globally in 2018, up 7% from the previous year. Countries are scored on access to secure internet servers, reliability of postal services and infrastructure, and the portion of their population that uses the internet and has an account with a financial institution or a provider of mobile money services.

Article Link : https://unctad.org/news/switzerland-climbs-top-global-e-commerce-index

AC 3-tier economy: Indian Railways to offer affordable air-conditioned journey like never before

 

A few days ago, the prototype of the Indian Railways AC 3-tier economy class was finalized for oscillation trials at the Research Designs and Standards Organisation (RDSO) in Lucknow. The AC 3-tier economy class coach is meant to be an air-conditioned and affordable version of the non-AC Sleeper class. The task of developing this coach was given last to Rail Coach Factory (RCF), Kapurthala, last year, which is the maker of the LHB coaches in India. According to an IE report, AC 3-tier is the only travel class that makes a clear profit for Indian Railways. AC 3-tier economy class is expected to offer AC travel to the masses while keeping it affordable.

According to officials, the entire coach has been reimagined from scratch. Ravinder Gupta, General Manager of RCF, was quoted in the report saying that the factory will start the series production by February-end. RCF, Kapurthala plans to produce as many as 248 coaches. At present, the cost is estimated at between Rs 2.8 to 3 crore per coach, which is around 10 per cent more than the existing AC 3-tier coach. The earning potential of these coaches is also higher for the national transporter, owing to more capacity. The next aim is to redesign Indian Railways’ general unreserved compartment and turn that, too, into an air-conditioned class, the report said. Following are some key features of the AC 3-tier economy class:

Full Article Link : https://www.financialexpress.com/infrastructure/railways/ac-3-tier-economy-indian-railways-to-offer-affordable-air-conditioned-journey-like-never-before-details/2195053/

Ebola Virus Disease

Ebola virus disease (EVD) or Ebola hemorrhagic fever (EHF) is a disease that infects mammal, including humans caused by the Ebola virus. Symptoms typically start two days to three weeks after contracting the virus, with a fever, sore throat, muscle pains, and headaches. Typically nausea, vomiting, and diarrhea follow, along with decreased functioning of the liver and kidneys. At this point, some people begin to have bleeding problems.

The virus may be acquired upon contact with blood or bodily fluids of an infected animal (commonly monkeys or fruit bats). Spread through the air has not been documented in the natural environment. Fruit bats are believed to carry and spread the virus without being affected. Once human infection occurs, the disease may spread between people as well. Male survivors may be able to transmit the disease via semen for nearly two months. In order to make the diagnosis, typically other diseases with similar symptoms such as malaria, cholera and other viral hemorrhagic fevers are first excluded. To confirm the diagnosis blood samples are tested for viral antibodies, viral RNA, or the virus itself.

Prevention includes decreasing the spread of disease from infected monkeys and pigs to humans. This may be done by checking such animals for infection and killing and properly disposing of the bodies if the disease is discovered. Properly cooking meat and wearing protective clothing when handling meat may also be helpful, as are wearing protective clothing and washing hands when around a person with the disease. Samples of bodily fluids and tissues from people with the disease should be handled with special caution.

There is no specific treatment for the disease; efforts to help persons who are infected include giving either oral rehydration therapy (slightly sweet and salty water to drink) or intravenous fluids. The disease has high mortality rate: often killing between 50% and 90% of those infected with the virus. EVD was first identified in Sudan and the Democratic Republic of the Congo. The disease typically occurs in outbreaks in tropical regions of Sub-Saharan Africa. From 1976 (when it was first identified) through 2013, fewer than 1,000 people per year have been infected. The largest outbreak to date is the ongoing 2014 West Africa Ebola outbreak, which is affecting Guinea, Sierra Leone, Liberia and Nigeria. As of August 2014 more than 1750 suspected cases have been reported. Efforts are ongoing to develop a vaccine; however, none yet exists.

Government plans Rs 500-crore outlay to develop five tourist circuits

Government plans to develop five tourist circuits with an investment of Rs 500 crore in current fiscal, Rajya Sabha was informed today. Tourism Minister Shripad Naik said during Question Hour that these circuits will be developed around specific themes. He said the government also proposed to spend Rs 100 crore to beautify and improve amenities and infrastructure at pilgrimage centres of all faiths.

Source : The Times of India

RBI monetary policy effect: Rupee appreciates to 60.84 vs dollar

The Indian rupee appreciated for the second straight session and ended nine paise higher at 60.84 against the US dollar on Tuesday on the back of rising local stock market and sustained dollar selling by exporters. A firm dollar overseas ahead of service-sector and factory-order data restricted the rise to some extent, a forex dealer said.

The Reserve Bank of India (RBI) on Tuesday maintained its key rate as it is but slashed statutory liquidity ratio (SLR) by 0.5 per cent to 22 per cent to release about Rs 40,000 crore into the financial system. It also reduced the ceiling of banks total holdings of SLR securities under the held to maturity to 24 per cent from 24.5 per cent of net demand and time liabilities.

At the Interbank Foreign Exchange (Forex) market, the domestic currency resumed slightly lower at 60.95 a dollar from previous close of 60.93. It moved down further to a low of 61.00 on initial hesitancy in local equities.

Source : The Hindu

BRICS Bank

The leaders of the BRICS nations have pulled off a coup of sort in announcing the establishment of a New Development Bank (NDB) with an initial subscribed capital of $50 billion. Significantly, they have chosen to share the capital equally among them. The capital base is to be used for funding infrastructure and “sustainable development” projects in the BRICS countries initially. Other low and middle-income countries will be able buy in and apply for funding subsequent as time progresses. They have also created a $100 billion Contingent Reserve Arrangement (CRA). This is to provide additional liquidity protection to member-nations during balance of payments problems. The CRA, however, is being funded 41 per cent by China, 18 per cent each from Brazil, India, and Russia, and 5 per cent from South Africa. CRA, according to the Declaration, is “a framework for the provision of currency swaps in response to actual or potential short-term balance of payments pressures.’’ 

Source : The Hindu