Sensex crosses 80,000 for first time, banking stocks lead rally

Sensex Crosses 80,000 For First Time, Banking Stocks Lead Rally

by Utkalika Mohanty

NEWS HIGHLIGHTS

Indian equity indices opened at record high on Wednesday following a rally in the banking stocks. Sensex and Nifty made a new all-time high of 80,039 and 24,292 respectively.

Mumbai, July 3: Indian equity indices opened at record high on Wednesday following a rally in the banking stocks. Sensex and Nifty made a new all-time high of 80,039 and 24,292 respectively.

The Broader market remains positive. On the National Stock Exchange (NSE), out of the total, 1573 were in the green and 628 in the red.

At 9:47 a.m., Sensex was at 80,008, up 567 points and 0.71 per cent and Nifty was at 24,290, up 164 points or 0.68 per cent.

Banking stocks are leading the rally. Nifty Bank is up 946 points or 1.82 per cent, at 53,115.

Shares of HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance are the top gainers in the Sensex pack. TCS, Sun Pharma, Infosys, Tech Mahindra, and Wipro are the top losers.

The Nifty Midcap 100 index is at 56,112, up 258 points or 44 per cent, and the Nifty Smallcap 100 index is at 18,617, up 108 points or 0.59 per cent.

HDFC Bank shares are in the spotlight on Wednesday, as the company's weightage in the MSCI index is expected to rise as FIIs have greater room to buy stock.

Deven Mehata, Research Analyst at Choice Broking said, "After a gap-up opening Nifty can find support at 24,100 followed by 24,000 and 23,950. On the higher side, 24,250 can be an immediate resistance, followed by 24,300 and 24,400."

--IANS

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Tata Power Launches Rooftop Solar Initiative For Homes In UP

by Pabitra Mohan Senapaty

New Delhi, July 5: Tata Power Solar Systems Limited, has launched a rooftop solar initiative aimed at powering homes in Uttar Pradesh (UP) with clean energy.

Starting from Varanasi, the ambitious initiative promises substantial financial savings and environmental benefits for residents through state-of-the-art Rooftop Solar Solutions, the company said on Friday.

Consumers in the state can avail a maximum subsidy of up to Rs.1,08,000 on rooftop solar installation. This will comprise a Central government subsidy of Rs 78000 for up to 3 kW and a maximum of Rs 30,000 (Rs 15,000 per kW) for up to 3kW by the State Govt., which will be over and above the Central government subsidy.

“Tata Power Solar’s commitment to quality and innovation ensures that this initiative will significantly boost the region’s energy availability and sustainability. With a robust channel partner network Tata Power is well-positioned to offer expedited rooftop solar connections to the residents of Varanasi and Uttar Pradesh,” the company said in a statement.

Tata Power said the initiative aligns with India’s national goal to achieve 40 GW of solar rooftop installations

Speaking at the launch ceremony in Varanasi, Praveer Sinha, CEO& MD, Tata Power, said: “Tata Power solar offers made-in-India, state-of-the-art solar panels ensuring superior performance and longevity on installation. Its bifacial panels also ensure that light is absorbed on both sides, guaranteeing higher efficiency in less space.”

Switching to solar energy offers tremendous economic advantages. A typical household installing a 3 kW solar rooftop with an initial investment of around INR 1.08 lakh (subsidy of INR 1.08 lakh can be claimed) can generate 12 units of electricity daily, translating to approximately 360 units per month.

With the average electricity tariff in Varanasi, this setup can save residents up to INR 27000 per year on their electricity bills, Tata Power said.

Net metering allows residents to earn credits for any excess electricity generated by their solar systems and fed back into the grid. This not only reduces their electricity bills further but also ensures that no generated power goes to waste, enhancing the overall financial benefits of switching to solar energy.

--IANS

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New Shreemandir Ratna Bhandar Panel To Meet Tomorrow

by Pabitra Mohan Senapaty

Bhubaneswar, July 5: The much-awaited committee headed by Justice Bishwanath Rath, which will supervise the Shree Jagannath Temple Management Committee in making an inventory of ornaments and other valuables in Ratna Bhandar, will meet tomorrow.

The committee comprising 16 experts, including Justice Rath as head, is likely to carve out modalities of counting and weighing ornaments when the State government has already announced the opening of the Ratna Bhandar at the earliest.

In an exclusive interview with the Argus News, Justice Rath said he has got the important responsibility by the blessings of Mahaprabhu Jagannath. He said he had fought legal cases of Mahaprabhu without taking any fee.

"I am now entrusted with the important responsibility of heading the Ratna Bhandar Committee. The Ratna Bhandar will open after 48 years, so there might be some complexities. I expect there must not be any damage," said Justice Rath.

He said the committee would take appropriate action considering various angles.

It may be noted that the State government formed the new Ratna Bhandar Committee headed by Justice Rath yesterday after dissolving the old one. Law Minister Prithviraj Harichandan said the committee would meet tomorrow while the Ratna Bhandar would open soon.

Sensex crosses 80,000 for first time, banking stocks lead rally

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