Joint Parliamentary Committee discusses Waqf Amendment Bill


The Joint Parliamentary Committee (JPC) on the Waqf Amendment Bill, 2024, convened in the national capital yesterday. Chaired by Lok Sabha MP Jagdambika Pal, the meeting focused on discussing the proposed amendments to the Waqf Act, 1995.

Representatives from the Ministry of Minority Affairs were present to provide insights into the bill’s objectives and potential benefits. The amendments aim to address existing shortcomings in the administration and management of Waqf properties, ensuring more efficient and effective oversight.

The JPC, tasked with scrutinizing the bill, is expected to submit its report to Parliament during the upcoming Winter Session. The committee’s recommendations will play a crucial role in determining the final shape of the legislation.

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First Published: Oct 16 2024 | 12:55 PM IST



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Sterlite Tech shares jump 6% after co forays in AI-led data centres at IMC



Shares of Sterlite Technologies gained as much as 6 per cent at Rs 128.45 per share on the BSE. The stock price of the company moved up on Wednesday after the firm announced its foray into the artificial intelligence (AI)I-led data centres segment with an integrated optical portfolio. 


The company officially entered the AI-led Data Centre segment by showcasing its comprehensive range of integrated optical cable, connectivity, and interconnect offerings at the India Mobile Congress 2024. The Union Telecom Minister, Jyotiraditya Scindia, inaugurated the Make-in-India AI-DC portfolio.

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With 200 million ChatGPT users generating 1.6 billion AI queries per month, and projections indicating this number could exceed a billion by 2025, the demand for AI-led data centres is set to grow exponentially in India, the company said in a statement. 

 


“As data centres shift to GPU-based servers, the need for fibre optic infrastructure is anticipated to increase significantly. India is emerging as a major hub for data centre ecosystems, with estimates suggesting a boost in GPU-based server capacity to nearly 520,000 GPUs by 2026. These GPU-centric facilities will require 36 times more fibre than traditional CPU racks due to higher server density and bandwidth demands, necessitating more compact, high-density optical fibre cables,” the company said.


Sterlite Tech has crafted a portfolio tailored to the specific cabling requirements of GPU-heavy data centres, it said.. The company’s optical fibre solutions are designed to deliver high bandwidth, low latency, and high density to effectively support the volume and complexity of AI workloads.

“The synergy between AI, Data Centres, and Optical Fibre represents the holy trinity of future connectivity,” stated Ankit Agarwal, Managing Director and CEO of Optical Business at Sterlite Tech. 

What are AI led data centres?

AI-led data centers are facilities that support artificial intelligence (AI) by providing the infrastructure and resources needed to train and deploy AI models and algorithms. They are designed to handle the large amounts of data processing and computing power required by AI workloads


Sterlite Technologies , a subsidiary of Twin Star Overseas, is a provider of optical and digital solutions. The company designs, manufactures and provides advanced offerings to build 5G, Rural, FTTx, Enterprise and datacenter networks.


Sterlite Tech share price history


Sterlite Technologies has underperformed the market year to date as it has fallen 15.5 per cent, while losing 21.3 per cent in the last one year. In comparison BSE Sensex has risen 13 per cent year to date and 23.5 per cent in a year. 


The company has a total market capitalisation of Rs 6,106.62 crore. Its shares are trading at a price to earnings multiple of -26.72 times and at an earning per share of Rs -4.53. 


At 11:52 AM, the stock price of the company was up by 3.59 per cent at Rs 125.45 a piece on the BSE. By comparison, the BSE Sensex was down 0.51 per cent at 81,398.92 level.

First Published: Oct 16 2024 | 11:59 AM IST



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PNC Infratech stock surges 5% after securing 'LoA' worth Rs 4,630 cr



PNC Infratech shares surged 5.45 per cent at Rs 470.40 per share on the BSE. The stock price jumped on Wednesday after the company said that it has secured orders worth Rs 4,630 crore. 


PNC Infratech on Tuesday said that it has secured Letters of Acceptance (LoA) from the Maharashtra State Road Development Corporation (MSRDC) for two EPC road projects totaling Rs 4,630 crore. 

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The first project involves the construction of an access-controlled Pune Ring Road in Pune District, extending from Indori to Chimbali, covering a length of 13.8 km in the Mawal and Khed Talukas of Maharashtra. 

 


The second project focuses on constructing an access-controlled expressway connector to the Hindu Hrudaysamrat Balasaheb Thackeray Maharashtra Samruddhi Mahamarg from Jalna to Nanded in Parbhani District, with a total length of 28.895 km.


The company also announced on Tuesday that it has incorporated a subsidiary by the name of Aaksiiya Joint Venture as a special purpose vehicle on October 14,2024 to execute a new engineering, procurement and construction (EPC) project awarded by City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO).

PNC Infratech is engaged in infrastructure development, specialising in the construction of highways, airport runways, bridges, flyovers, and power transmission projects. The company undertakes BOT (Build-Operate-Transfer) projects and provides comprehensive infrastructure solutions, including EPC services on a fixed-sum turnkey basis.


PNC Infratech financials


PNC Infratech reported a revenue increase of 4.08 per cent year-on-year to Rs 2,197.82 crore in Q1FY25. However, on a quarterly basis, revenue fell by 16.25 per cent.  In terms of net profit, the company saw a significant jump of 218.44 per cent year-on-year, reaching Rs 575.17 crore for the same quarter. Quarterly, net profit rose by 45.29 per cent.


PNC Infratech share price history


PNC Infratech stock has outperformed the market year to date as it has risen 32.7 per cent, while gaining 26.8 per cent. In comparison BSE Sensex has risen 13 per cent year to date and 23.5 per cent in a year. 


The company has a total market capitalisation of Rs 11,909.83 crore. Its shares are trading at a price to earnings multiple of 10.27 times and at an earning per share of Rs 43.44. 


At 10:41 AM, the stock price of the company was up by 3.90 per cent at Rs 463.45 a piece on the BSE. By comparison, the BSE Sensex was down 0.13 per cent at 81,716.69 level.

First Published: Oct 16 2024 | 10:51 AM IST



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Indices nudge lower; breadth strong


The key equity indices traded with limited losses in early trade. The Nifty traded below the 25,050 mark. Oil & gas, PSU bank and financial services shares advanced while auto, IT and FMCG shares declined.

At 09:30 IST, the barometer index, the S&P BSE Sensex, was down 130.37 points or 0.16% to 81,700.58. The Nifty 50 index lost 40.65 points or 0.16% to 25,016.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% and the S&P BSE Small-Cap index added 0.17%.

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The market breadth was strong. On the BSE, 1,581 shares rose and 999 shares fell. A total of 137 shares were unchanged.

 

Foreign portfolio investors (FPIs) sold shares worth Rs 1,748.71 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,654.96 crore in the Indian equity market on 15 October 2024, provisional data showed.

Stocks in Spotlight:

KEI Industries tumbled 5.13%. The companys consolidated net profit jumped 10.71% to Rs 155 crore as compared with Rs 140 crore in Q2 FY24. Revenue increased 17.22% YoY to Rs 2,280 crore in during the quarter. The board approved to raise Rs 2000 crore from QIP.

Rallis India soared 11.21% after the company reported a 20% jump in standalone net profit to Rs 98 crore during the quarter as compared with Rs 82 crore in Q2 FY24. Revenue increased 11.5% to Rs 928 crore in Q2 FY25.

Numbers to Track:

The yield on India’s 10-year benchmark federal paper advanced 1.55% to 6.874 as compared with previous close 6.880.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0625, compared with its close of 84.0425 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.12% to Rs 76,455.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.06% to 103.20.

The United States 10-year bond yield declined 0.90% to 4.088.

In the commodities market, Brent crude for December 2024 settlement added 18 cents or 0.24% to $74.43 a barrel.

Global Markets:

Most Asian stocks traded lower on Wednesday, primarily due to a weak outlook from ASML, a leading chipmaker. Cooling optimism about Chinese stimulus measures also contributed to the market’s downturn.

Regional markets followed Wall Street’s lead, where a drop in chipmaking stocks pulled U.S. benchmarks from record highs. At the close in NYSE, the Dow Jones Industrial Average lost 0.75%, while the S&P 500 index fell 0.76%, and the NASDAQ Composite index lost 0.98%.

ASML, a major supplier of chipmaking equipment, provided disappointing sales guidance for 2025, citing softer demand in non-AI sectors. Its U.S. shares plummeted 16% overnight.

NVIDIA, a market darling, fell 4.5%, while AMD and Intel declined by 5.2% and 3.3%, respectively. All three stocks stabilized after the market closed.

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First Published: Oct 16 2024 | 9:33 AM IST



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RailTel Corp bags order from MHADA worth Rs 80 crore


RailTel Corporation of India informed that it has received work order from Maharashtra Housing And Area Development Authority (MHADA) amounting to Rs 79.84 crore.

The project entails selection of service provider (cloud hosting and managed service) to setup, migrate, and manage data centre (DC) and disaster recovery (DR) site for MHADA on Cloud. The order is worth Rs 79.84 crore and is expected to be executed by 15 January 2025.

RailTel a “Mini Ratna (Category-I)” central public sector enterprise, is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network covering several towns & cities and rural areas of the country.

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The company reported 23.4% rise in consolidated net profit to Rs 68.15 crore in Q1 FY25 as compared to Rs 55.24 crore posted in Q1 FY25. Revenue from operations jumped 39.8% YoY to Rs 599.15 crore in Q1 FY25.

Shares of RailTel Corporation fell 0.56% to settle at Rs 408.10 on Tuesday, 15 October 2024.

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First Published: Oct 16 2024 | 8:38 AM IST



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Gold dips Rs 10, trading at Rs 77,390; silver down Rs 100 at Rs 96,800


The price of 22-carat gold also witnessed a fall of Rs 10, with ten grams of the yellow metal selling at Rs 70,940


Gold Price Today:  The price of 24-carat gold dipped Rs 10 in early trade on Wednesday, with ten grams of the precious metal trading at Rs 77,390 according to the GoodReturns website. The price of silver also decreased Rs 100, with one kilogram of the precious metal selling at Rs 96,800.


The price of 22-carat gold also witnessed a fall of Rs 10, with ten grams of the yellow metal selling at Rs 70,940.

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The price of ten grams of 24-carat gold in Mumbai is in line with prices in Chennai, Bangalore, Kerala, Pune, Kolkata and Hyderabad at Rs 77,390.

 


In Delhi, the price of ten grams of 24-carat gold stood at Rs 77,540.


In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 70,940.


In Delhi, the price of ten grams of 22-carat gold stood at Rs 71,090 and in Bengaluru, and Chennai, ten grams of 22-carat gold was trading at Rs 70,940.


The price of one kilogram of silver in Delhi is in line with prices in Kolkata and Pune at Rs 96,900. 

The price of one kilogram of silver in Chennai stood at Rs 1,02,900.


US Gold held steady during early Asian hours on Wednesday, while market participants awaited US economic data to determine the number of interest rate cuts by the Federal Reserve in the near term.

 


Spot gold was flat at $2,660.36 per ounce by 0036 GMT. US gold futures fell 0.1 per cent at $2,676.50.

Spot silver was flat at $31.45 per ounce. Platinum rose 0.4 per cent at $987.60 and palladium eased 0.2 per cent to $1,006.98.

(With inputs from Reuters)

First Published: Oct 16 2024 | 7:43 AM IST



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