Business News Live: Transport Ministry in talks with one foreign firm for Delhi-Jaipur electric highway – The Hindu

Credit: Original article can be found here

10:45 A.M.

Transport Ministry in talks with one foreign firm for Delhi-Jaipur electric highway

Union Road Transport and Highways Minister Nitin Gadkari has said that his ministry is in talks with a foreign company to construct an electric highway from Delhi to Jaipur, PTI reported.

While reviewing the progress of Delhi-Mumbai Expressway (DME) at Dausa, in Rajasthan, Gadkari said like electric railway engines, buses and trucks will also be powered by electricity.

“It is my dream to build an electric highway from Delhi to Jaipur. It is still a proposed project. We are in discussion with a foreign company,” he said. Gadkari said as a transport minister, he has taken a resolution to bring an end to use of petrol and diesel in the country.

10:30 A.M.

China applies to join Pacific trade pact in bid to boost economic clout

China has filed an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country’s commerce ministry said on Thursday, Reuters said.

Commerce Minister Wang Wentao submitted China’s application to join the free trade agreement in a letter to New Zealand’s trade minister, Damien O’Connor.

The CPTPP was signed by 11 countries including Australia, Canada, Chile, Japan and New Zealand in 2018.

10:00 A.M.

Govt guarantee of ₹30,600 cr for acquiring stressed assets: FM

Finance Minister Nirmala Sitharaman on Thursday announced a ₹30,600 crore government guarantee for the National Asset Reconstruction Company Limited (NARCL) for acquiring stressed loan assets, PTI reported.

The finance minister in Budget 2021-22 announced setting up of a bad bank as part of resolution of bad loans worth about ₹2 lakh crore.

The bad bank or NARCL will pay up to 15% of the agreed value for the loans in cash and the remaining 85% t would be government-guaranteed security receipts. The government guarantee would be invoked if there is loss against the threshold value.

9:30 A.M.

Sensex, Nifty open at fresh record high

Indian benchmark equity indices, Sensex and Nifty opened at fresh record high after touching record high the previous day. At 9:15, Sensex was up 0.45% at 59,409.98 and Nifty opened 0.45% higher at 17,709.65.

PSU Banks, financial services, FMCG, IT gained the most and Nifty Bank approached the 38,000-mark. 

9:15 A.M.

Asian shares steady amid global growth fears

Asian shares steadied in early trade after falling earlier in the weak, but global growth fears played on investors’ mind, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan was down 2.7% on the week. Hong Kong’s Hang Seng Index rose 0.5% after posting its lowest close in 10 months the day before.

Australian shares fell 1.03% while Chinese blue chips eked out a 0.26% rise and Japan’s Nikkei rose 0.42% to head back towards a 31-year high hit on Monday.

9:00 A.M.

Oil falls as supply returns slowly

Oil prices fell after more supply came online in the U.S. Gulf of Mexico after two hurricanes, Reuters reported.

Brent crude fell 0.2% to $75.33 a barrel and U.S. West Texas Intermediate (WTI) also dropped 0.2% to $72.50 a barrel. However. both contracts were on course to surge 4% for the week.

Output in Gulf of Mexico has recovered more slowly than expected and about 28% of the crude production in the region remained offline as of Thursday.