Ahmedabad, July 11 (IANS) Gautam Adani, Chairman of the Adani Group, on Thursday said it is a historic day for Adani Group’s Vizhinjam Port which received its first mothership.

‘San Fernando’, a vessel of the world’s second-largest shipping company Maersk, arrived at the Vizhinjam Port with over 2,000 containers on it.

“Historic Day as Vizhinjam welcomes its 1st container vessel,” Gautam Adani posted on X social media platform.

“This milestone marks India’s entry into global trans-shipment and ushers in a new era in India’s maritime logistics, positioning Vizhinjam as a key player in global trade routes. Jai Hind,” the Adani Group Chairman added.

With the arrival of the first mother ship, Adani Group’s Vizhinjam Port has catapulted India into the world port business as globally this port will rank 6th or 7th. The official function will take place on Friday. It will be attended by Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal, Chief Minister Pinarayi Vijayan and Adani Ports and SEZ Ltd (APSEZ) Managing Director Karan Adani.

Adani Ports and Special Economic Zone (APSEZ) has seven strategically located ports and terminals on the western coast and eight ports and terminals on the eastern coast, representing 27 per cent of the country’s total port volumes. In FY24, APSEZ handled 27 per cent of the country’s total cargo and 44 per cent of container cargo.

–IANS

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New Delhi, July 11 (IANS) The gold processing industry in India is projected to create 25,000 new jobs and witness about Rs 15,000 crore investments by 2030, a new report showed on Thursday.

Domestic gold production of incumbents and new players will expand to 100 tonnes by 2030, adding significantly to the foreign exchange reserves, improving trade balance and contributing to the GDP, said the industry body PHDCCI (PHD Chamber of Commerce and Industry).

“Indian gold processing and manufacturing industry is poised for substantial growth and transformation, promising extensive economic benefits, supporting the Indian economy on a higher growth path to Viksit Bharat’ by 2047,” said Sanjeev Agrawal, President, PHDCCI.

India’s gold processing and manufacturing industry is set to see substantial investments, rising from Rs 1,000 crore in 2023 to Rs 15,000 crore by 2030, he added.

The employment creation due to this will have a positive ripple effect on the economy, improving livelihoods and creating a virtuous cycle of economic growth.

India has a large domestic demand for gold, which is 17 per cent of the total world gold demand and is largely met by imports.

“Backed by expanding domestic gold production from the current level of 16 tonnes to 100 tonnes by 2030, net imports will decrease significantly,” said Agrawal.

Adjusting the value of imported finished gold to that of imported raw gold will likely save $1.2 billion in foreign exchange reserves and improve the trade balance, according to the industry chamber.

Total gold supply is expected to increase from the current level of 857 tonnes to 1,000 tonnes by 2030, driven by a 2.4 per cent (average) annual growth rate.

“This thrust in domestic gold will enhance economic self-sufficiency and contribute to the GDP, with the share of gold production in GDP increasing from 0.04 per cent currently to 0.1 per cent by 2030,” Agrawal noted.

GST paid on gold is expected to increase from Rs 300 crore to Rs 2,250 crore by 2030, whereas the duty foregone by the government is projected to rise from Rs 285 crore in 2023 to Rs 1,820 crore by 2030, reflecting the expanding scale of the domestic gold industry, the industry chamber said.

–IANS

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Mumbai, July 11 (IANS) Aligning with the ongoing bullish trend in residential property sales across the country, sales of luxury homes costing Rs 10 crore and above in Mumbai clocked the highest-ever, half-yearly sales at Rs 12,300 crore, a report showed on Thursday.

This is an 8 per cent growth compared to the Rs 11,400 crore sales in the first half of 2023, according to the report by India Sotheby’s ‘International Realty and CRE Matrix’.

More than half of homebuyers in the more than Rs 10 crore and above luxury market belonged to the 35-55 age category.

The primary luxury segment saw sales worth Rs 8,752 crore, the second-best half-yearly sales value in the past five years.

The secondary or resale market in the financial capital recorded its highest-ever sales at more than Rs 3,500 crore, with 37 per cent growth in H1 2024, said the report.

“Mumbai’s luxury housing market is surging and has touched unprecedented sales highs in H1 CY2024. Its strength underscores a growing demand for top-end luxury real estate, driven by India’s economic resilience and increasing affluence among the elite,” said Sudershan Sharma, Executive Director, India Sotheby’s International Realty.

The latest ‘Hurun Global Rich List’ highlights a 51 per cent increase in Indian billionaires, with 271 billionaires, a majority of who have a base in Mumbai.

“Unprecedented infrastructure development in the city has also opened new markets for luxury housing. We believe the country’s expanding wealth and aspirations for luxurious living will keep this segment buoyant,” Sharma added.

A total of 1,040 luxury units were sold in Mumbai over the past 12 months, the highest number ever recorded in any 12 month period.

The top 10 localities in the city contributed 80 per cent of the total luxury housing sales value, with Worli leading the charge, accounting for 37 per cent of the overall luxury sales value.

The 2,000 to 4,000 square feet size segment has emerged as the largest contributor.

“Mumbai has been witnessing around Rs 7,100 crore of luxury housing sales every half year since 2019,” said Abhishek Kiran Gupta, Co-founder and CEO of CRE Matrix.

–IANS

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New Delhi, July 11 (IANS) The exploration and production (E&P) segment of India’s oil and gas sector will throw up an investment opportunity of at least $100 billion by 2030, Union Petroleum Minister Hardeep Singh Puri said on Thursday.

Addressing the ‘Urja Varta 2024’ at Bharat Mandapam here, he said, “Despite our progress much of our exploration and production potential still lies untapped within India’s 26 sedimentary basins. Despite the abundant geological resources available to us.”

“Our efforts in the past have been far short of what needs to be done in the E&P sector,” he added.

The minister also highlighted that, as of now, 10 per cent of the country’s sedimentary blocks are under exploration. Following the completion of the 10th Open Acreage Licensing Programme (OALP) round, 16 per cent would come under exploration, he added.

The Union Minister said that the government was able to control oil prices due to neutral policies.

The minister also referred to the increased purchases of oil from Russia that have helped India to keep fuel prices under control.

“There was a global turmoil. We could have followed what the West was advising us to do and not sourced oil from a particular country and then oil prices would have shot up,” the minister said.

–IANS

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New Delhi, July 11 (IANS) The number of demat accounts increased to 162 million in June, jumping 4.2 million (month-on-month), a report showed on Thursday.

In the current fiscal, the average monthly demat accounts addition has been 3.4 million to date.

In June, the Central Depository Services Limited (CDSL) continued to gain market share in terms of the total number of demat accounts, according to the report by Motilal Oswal Financial Services.

On a year-on-year basis, the National Securities Depository Limited (NSDL) lost 420 bp/620 bp market share in total/incremental demat accounts, the report mentioned.

The number of active clients on the National Stock Exchange (NSE) increased 3.1 per cent (on-month) to 44.2 million in June.

Currently, the top five discount brokers account for 64.4 per cent of total NSE active clients in comparison to 58.2 per cent in June 2022.

Online brokerage Zerodha reported a 2.1 per cent increase in its client base to 7.7 million (on-month), with a 20 basis point (bp) decline in market share to 17.3 per cent.

Groww reported a 5.4 per cent increase in its client count to 10.9 million, with a 55 bp rise in market share to 24.7 per cent. Angel One reported a 3.4 per cent increase, said the report.

–IANS

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