MUMBAI: Indian shares gave up early gains to trade lower on Thursday, as losses in metal and energy stocks outweighed gains in financial counters, while persistent concerns over global inflation also weighed on investor sentiment.
The NSE Nifty 50 index was down 0.36 percent at 15,967.80, as of 0502 GMT, while the S&P BSE Sensex fell 0.18 percent to 53,652.27.
India has no immediate plan to lift wheat export ban
India has no immediate plans to lift a ban on wheat exports, but will continue with deals that are done directly with other governments, Commerce Minister Piyush Goyal told Reuters.
The world’s second-biggest producer of wheat banned private overseas sales of the grain on May 14 after a scorching heatwave curtailed output and domestic prices hit a record high. Global wheat prices surged after the decision.
“Currently there’s instability in the world, if we were to do that (lift the ban), it would only help black marketeers, hoarders and speculators. Neither will it help the really vulnerable and needy countries,” Goyal said when asked if New Delhi had any plans to allow private exports to resume.
“The smarter way to do it is through the government to government route, by which we can give affordable wheat grain to the most vulnerable poor,” he said in an interview on Wednesday at the World Economic Forum in Davos.
Vedanta to finalize $20 billion Indian chip, display unit site by mid-June
Vedanta Chairman Anil Agarwal said the first chip product will be ready in two years. (AFP/File)
Vedanta will finalize a location for its $20 billion semiconductor and display plants in India by mid-June and will have the first chip product ready in two years, its Chairman Anil Agarwal said on Wednesday.
Oil-to-metals conglomerate Vedanta said in February it will diversify into chip manufacturing and announced plans to form a joint venture with Taiwan’s Foxconn to support Prime Minister Narendra Modi’s drive to make India a semiconductor manufacturing hub.
Vedanta has a total planned investment outlay of $20 billion for two separate units for chip and display manufacturing.
“Foxconn is our technical partner. We may not take equity partner for the fab,” Agarwal told Reuters in an interview in Davos, adding that the Apple contract manufacturer will have technical responsibility for the operation, from providing the tech to making semiconductors.
Vedanta is seeking incentives from the government and is also in talks with several Indian states on the unit’s location.
(With input from Reuters)