Indian Sector Specific News:
A) Indian Telecommunication:
1. India to Host WTSA 2024
- India will host the World Telecommunication Standardization Assembly (WTSA) from October 15-24, 2024, marking a significant milestone as first such event in Asia.
- The Department of Telecommunications (DoT) initiated outreach sessions to engage students and telecom experts, emphasizing the role of standards in enhancing global connectivity.
- The assembly will welcome representatives from over 190 countries, alongside additional events like the ITU Kaleidoscope conference to foster discussions on the future of telecommunications.
- For further details, visit the official announcement on PIB Delhi's website here.
2. 6G Coming Soon in India: Telecom Minister Scindia Engages with Bharat 6G Alliance
- Telecom Minister Jyotiraditya Scindia met with the seven working groups of the Bharat 6G Alliance, signaling progress toward 6G implementation in India.
- The meeting focused on enhancing the telecom sector, improving connectivity, and aligning with Prime Minister Modi's vision for India as a telecom superpower.
- Source: Economic Times
1. Infrastructure Stocks Gaining Momentum
- Ashoka Buildcon, Dilip Buildcon, KNR Constructions, GPT Infraprojects, and H.G. Infra Engineering shares have risen by up to 8% in the last month, driven by improving order inflows.
- IRB Infrastructure Developers saw a price correction but has doubled in value over the past year, with some profit-taking after its significant gains.
- Road construction order inflows gained traction with 589 km awarded in August 2024, up 27% month-on-month, though overall awards are down 7% compared to August 2023.
- The Ministry of Road Transport and Highways (MoRTH) is expected to award 8,500-9,000 km in FY2025, similar to FY2024 levels, despite lower activity compared to previous years.
- Source: Economic Times
- McCoy Mart aims to double its network of construction professionals from 25,000 to over 50,000 by FY2025.
- The platform focuses on digitizing the procurement process, addressing fragmented supply chains, and improving product availability.
- It offers over 50,000 construction materials from 350+ brands, providing both procurement and lead generation services to construction professionals.
- Source: Economic Times
C) Indian Renewable Energy:
1. India’s Renewable Energy Push: On Track for 500 GW by 2030
- India has 91 GW of renewable energy projects in the tendering process, aiming to achieve its target of 500 GW installed non-fossil fuel capacity by 2030.
- The Ministry of New and Renewable Energy’s budget has been increased to over ₹20,000 crores, supporting large-scale renewable initiatives.
- Solar power costs have significantly dropped, from ₹10.95 per unit in 2010-11 to ₹2.60 per unit in 2023-24, making it an economical choice.
- Source: Economic Times
2. India's Solar PV Module Manufacturing Capacity Soars Under Make In India
- India's solar PV module manufacturing capacity increased from 2.3 GW to 67 GW over the past decade, under the Make In India initiative.
- The Union Government implemented measures to promote domestic manufacturing of solar PV modules, cells, and related components.
- Incentives were extended for the production of key upstream components such as ingots, wafers, and polysilicon.
- Source: Economic Times.
3. India Achieves Major Renewable Energy Milestone in July 2024
- In July 2024, solar and wind power dominated India's renewable energy generation, accounting for 84% of the total, with solar contributing 43.96% and wind 39.88%.
- India's total installed renewable capacity, excluding hydropower, reached 152.654 GW, with solar at 89.43 GW and wind at 47.192 GW.
- Other renewable sources like biomass, bagasse, and small hydro contributed 5.37% of the total, reflecting India's focus on reducing fossil fuel dependence.
- Source: Economic Times.
1) Major Pharma Firms in India Face Scrutiny Over Quality Lapses
- In August 2024, the CDSCO flagged 53 drugs, including paracetamol and vitamin D supplements, as "Not of Standard Quality" (NSQ) due to manufacturing lapses, raising safety concerns.
- Notable drugs under investigation include Glimepiride (anti-diabetic), Telmisartan (blood pressure), and Metronidazole (for infections).
- Leading pharmaceutical companies like Hetero Drugs and Alkem Laboratories are under scrutiny, with heightened regulatory action to address the issue.
- Source: OnlyMyHealth.
Indian Stock Market Overview:
- On September 26, the Nifty 50 continued its record run, closing at 26,216.05, up 0.81%, while the S&P BSE Sensex gained 666.25 points, ending at 85,836.12.
- Analysts expect positive momentum to persist as long as the indices remain above key levels (Nifty 26,000 and Sensex 85,300).
- Recommended stocks for Friday include TVS Motor Company, BF Utilities, Bharat Petroleum Corporation, Indus Towers, and Alembic Pharmaceuticals, with target prices indicating further upside potential.
- Source- livemint
International Markets:
- Pakistan's cement dispatches in September 2024 are projected to drop 22% year-on-year, reaching 2.79 million tons.
- The decline is linked to a slowdown in construction due to rising input costs.
- A slight month-on-month increase of 1% in dispatches is noted, but the broader trend remains negative.
- Cement prices surged by 25% in the North and 19% in the South, further straining the industry.
- Price hikes of Rs65-75 per bag due to higher royalties in Punjab have worsened market conditions.
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