The Nifty 50 started Thursday's session on a positive note and touched an intraday high of 24,134.70 in early trade. This level marked nearly a 61.8% retracement of the previous day's decline. However, the index failed to sustain at higher levels and gave up more than 150 points from the day's high in the second half of the session. Despite this late weakness, the index ended higher by 80.75 points, or 0.34%, and snapped its two-day losing streak. However, the close below the psychological 24,000 mark kept the recovery muted. Nifty Forms Inside Candle Thursday's price action resulted in the formation of an inside candle. This came after the previous session recorded the widest single-day range in over one month. The latest candle had a small green body and a long upper shadow, which indicates hesitation at higher levels. This suggests that while buying interest emerged after the recent decline, traders were not confident enough to carry positions aggressively. ...
The government has received 32 applications for production-linked incentive (PLI) scheme 2.0 for IT hardware, of which 25 are domestic companies, IT Minister Ashwini Vaishnaw told reporters in Delhi on Wednesday.
The announcement comes days after the government announced restrictions in laptop imports from November.
All of them are driven to gear up manufacturing and bring in supply chains.
Mr Vaishnaw said companies like HP, Dell, Lenovo, Thompson, Acer, and Asus will be manufacturing laptops under the scheme. HP, VVDN, Lenovo will be manufacturing servers.
He said Apple has not applied under the PLI framework, but the company is already manufacturing components.
This move should see a significant reduction in the import of laptops and PCs, Vaishnaw said, adding that "import restrictions are not a worry anymore."
"I spoke to all the applicants, and they didn't raise any concern," he said.
The minister said incremental production expected is around Rs 3.35 lakh crore and the expected direct employment is around 75,000.
"The upcoming Dixon factory in Noida will alone employ 25,000 people," he said.
Manufacturing of laptops will begin by April 2024, officials said, as companies such as Dell are also migrating to PLI scheme.
When asked if India is optimising on big players quitting China with its economy slowing down, Mr Vaishnaw said India is emerging as a trusted value chain partner.
"Many of these companies will use the semiconductors manufactured in India. In fact, they were pleased we are starting with the manufacturing of memory first, which is crucial for laptops. Companies have shared their detailed proposals. We are optimistic more will join," he said.
from NDTV News- Special https://ift.tt/BeA0am6
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