PORT CALL
High watermark: Why is India building its biggest port ever?
Vadhavan Port in Palghar district, operational by 2030, will cost Rs 76,220 crore and connect via the DFC. Supporting IMEC, it will handle 23.2 million TEUs by 2040. Challenges include proximity to Tarapur nuclear plant and relocating fishing activities. This 2019 initiative, highlighted by Amitabh Kant, boosts India’s trade.
India developing Chabahar Port holds 'great value' to landlocked Central Asian states: PM Modi
PM Modi at the SCO Summit emphasized Chabahar Port's role in India-Central Asia trade, Afghan wheat aid despite Iran sanctions, and de-risking Eurasian commerce. The 10-year Iran contract and North-South Transport Corridor enhance connectivity, bypassing Pakistan. Jaishankar stressed non-discriminatory trade and recent progress through a long-term agreement with Iran.
Union calls off strike action at Tata Steel UK plant
Tata Steel UK has halted its planned industrial action against a steelworkers' union, Unite, over its Port Talbot plant in Wales. The union had planned to strike from July 8, leading to Tata challenging the balloting process and bringing forward a planned closure of blast furnaces. Tata Steel UK welcomed Unite's decision against a strike and shelved early closure plans. The company will now focus on future investments and aspirations for the business, not renegotiation of the heavy-end closure or enhanced employment support terms.
Buy Adani Ports & Special Economic Zone, target price Rs 1700: Motilal Oswal
Adani Ports & Special Economic Zone Ltd., incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 319290.14 Crore) operating in Shipping sector.
Trade routes in turmoil: Why Indian exports are piling up in Colombo and Singapore
About 75% of India's transshipped cargo is handled at ports outside India, and the major trade routes connecting India to various destinations, including Colombo, Singapore, and Port Klang, are currently experiencing strain.
New Mobile Number Portability rules to come into effect from Monday. Here's what it means for you
New MP rules from July 1: TRAI enhances telecom security with new Mobile Number Portability rules starting July 1, 2024. The amendments introduce a seven-day waiting period for Unique Porting Codes (UPCs) to combat SIM swap fraud, ensuring only genuine requests are processed and safeguarding mobile numbers from misuse and theft.
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Tata threatens to shut steelworks early ahead of strike
Tata Steel UK has threatened to close its two blast furnaces in Port Talbot in south Wales earlier than planned due to an upcoming strike, sparking concern among politicians before next week's general election. "The Unite campaign is... about securing the long-term future of steel making in this country for thousands of workers in Port Talbot and south Wales," said Unite general secretary Sharon Graham.
US industries fearing a port strike urge Biden to revive talks
Amidst peak shipping season, stable long-term contracts at West Coast gateways draw focus during labor negotiations at East and Gulf Coast ports.
Suspected Houthi attacks target a ship in Gulf of Aden and Israeli port city of Eilat
Yemen's Houthi rebels launched suspected attacks early Wednesday, targeting a ship near Aden in the Gulf of Aden and the Israeli port city of Eilat. A missile reportedly struck close to a merchant vessel off Aden, with no reported damage. Meanwhile, a drone incident occurred near Eilat, triggering Israeli air raid sirens. The Houthis, known for such attacks, have not claimed responsibility yet. Their ongoing campaign aims to disrupt shipping in the region, citing the Gaza conflict as a motive.
Was a top-secret US naval submarine spotted on Google Maps? What is Manta Ray and why is it significant?
A top secret US naval submarine was spotted on Google Maps before it was removed. The US has been conducting sea trials and this undersea drone is multi-purpose and may be deployed soon.
Tata Steel workers in UK call first strikes in 40 years
Around 1,500 Tata Steel workers at Port Talbot and Llanwern in Wales will launch an "all-out indefinite strike" starting July 8 in protest against Tata's plans to cut 2,800 jobs and shut down blast furnaces. This marks the first major strike action by UK steelworkers in over 40 years, following earlier measures like working to rule and an overtime ban. Unite the Union, representing the workers, emphasized that the strike aims to resist Tata's restructuring plans, asserting that it jeopardizes jobs and the future of the Welsh steel industry.
Sarbananda Sonowal takes charge at the Ministry of Ports, Shipping & Waterways
Addressing the office bearers as well as the staff, the Minister evoked confidence in the team for delivering goals and objectives with a vision to serve the people of this country. Sonowal reiterated that the commitment towards serving this country to become Viksit Bharat must be absolute and called upon his team to sustain their good work towards this end.
India-Bangladesh bridge to get operational by September, giving NE access to Bay of Bengal
The bridge was inaugurated by Prime Minister Narendra Modi and his Bangladesh counterpart Sheikh Hasina virtually in March 2021. Modi and Hasina had a brief interaction at the Rashtrapati Bhawan on Sunday night after the swearing-in ceremony of Modi 3.0. Hasina is expected to return for an official visit later in June or July.
India-Bangladesh bridge to get operational by September giving NE access to Bay of Bengal
India's Northeast is on the brink of a significant connectivity boost with the upcoming opening of the Bangladesh-India friendship bridge, Maitri Setu, expected by September. This crucial link to the Bay of Bengal was inaugurated virtually by Prime Ministers Narendra Modi and Sheikh Hasina in March 2021. The bridge, spanning the Feni river between Bangladesh and Tripura, will provide northeastern states access to ports in the Bay of Bengal. With Chittagong port in Bangladesh just 80km from Tripura's Sabroom, the bridge's completion is strategically important for both countries.
Indian Navy swiftly responds to distress call from fishing vessel near Andamans
An Indian Navy Ship (INS) swiftly responded to a distress call from fishing vessel INFAN DHAS, which had experienced engine failure. INS Kulish arrived at the location, approximately 75 nautical miles east of Port Blair, and its technical team successfully rectified the engine issue, enabling the fishing vessel to resume operations. In another event, the 102nd Helicopter Conversion Course (HCC) and the 4th Basic Helicopter Conversion Course (BHCC) concluded with a passing-out parade at INS Rajali, Tamil Nadu.
Adani Ports bags 5-year operation and maintenance contract at Kolkata port
Adani Ports and Special Economic Zone Limited (APSEZ) has secured a five-year Operation and Maintenance (O&M) contract for the container facility at Syama Prasad Mookerjee Port in Kolkata. The company must deploy cargo handling equipment within seven months from the letter of acceptance (LOA) date. The presence of APSEZ at the dock is expected to improve connectivity between the terminal and its container ports, particularly with transhipment hubs at Vizhinjam and Colombo.
Adani group stocks surge up to 6% a day after Lok Sabha election results
Adani group stocks rebounded up to 6% on Wednesday after an initial 15% decline, triggered by election result disappointment. On Tuesday, all 10 Adani companies faced losses, shedding around Rs 3 lakh crore. Global brokerage Jefferies recommends buying Adani Enterprises, Adani Ports, and Adani Energy Solutions.
UK workers' union says will proceed with industrial action at Tata Steel plants
Unite the Union said on Thursday that its workers will begin "working to rule" as well as taking part in a continuous overtime ban from June 18 to "severely disrupt and delay" the company's operations and order book unless the company rows back on the closure. It is calling for the Indian steel major to halt its plans until the July 4 General Election, when it expects the UK's Conservative Party led government will make way for the Opposition Labour Party.
F&O stocks: Ashok Leyland, Adani Ports among 5 stocks with long buildup
In Monday’s trading session, the following five stocks witnessed a build of fresh long positions. Let us first understand how this conclusion is reached whether the stock has seen a buildup of fresh long position or not.
Largest container ship to arrive in India docks at Adani's Mundra Port
Ports and Special Economic Zone Ltd (APSEZ)'s flagship Mundra Port created a milestone by welcoming the largest container ship ever to call at an Indian port after the MSC Anna vessel docked at the Mundra Port on Sunday, the conglomerate said in a press release.
Chabahar pact important milestone; to provide connectivity to Afghanistan, Central Asia: PM
PM Narendra Modi highlighted India's milestone Chabahar port contract for Afghan connectivity, promoting regional trade via the International North-South Transport Corridor and India-Middle East-Europe Economic Corridor. The agreement involved IPGL's investments and debt, and the INSTC offers an alternative trade route to Russia, bypassing the Suez Canal.
Iran looking at some investments from India in Chabahar region after pact on port operation, says envoy
Iran is looking at some investments from India in Chabahar region post a long-term deal on the Chabahar Port operations, a top Iranian diplomat has said. Talking to PTI, Davoud Rezaei Eskandari, Acting Consul General of Iran in Mumbai, also said that the Chabahar Port deal could be a turning point for its "most relations" with India.
View: Chabahar, port of a smart call
Investing in Chabahar presents its own set of obstacles. The progress in the region has been hindered by US sanctions over the years. Since 2018, India has refrained from importing significant amounts of heavy Iranian crude and faced challenges in providing financial aid for the construction of the Chabahar-Zahedan railway in 2020 due to sanctions. Energy trade has long been the cornerstone of India-Iran relations, and this shift has temporarily strained bilateral ties.
Chabahar brings to fore India's hidden infrastructural play
Modi government's infrastructure upgrade includes a vast network of roads, bridges, and high-speed trains. The transformation extends to invisible sectors like ports, with Chabahar Port key to India's geopolitical strategy. The International North-South Transport Corridor will boost trade with Europe and Russia, while ongoing port development supports Modi's vision of a manufacturing powerhouse.
Chabahar Port development to help India expand trade routes; need to ensure necessary infra: GTRI
India has signed a 10-year contract to operate the strategic Iranian port of Chabahar, which will help India enhance its logistical capabilities and expand its trade routes to Central Asia. The port, which is Iran's only ocean port, is strategically located about 170 km west of Pakistan's Gwadar Port and offers an alternative maritime route to the congested Strait of Hormuz. The port is an integral component of the International North-South Transport Corridor (INSTC), a 7,200-km multi-modal transportation route connecting India with Iran, Azerbaijan, Russia, Central Asia, and Europe.
Arbitration matters related to Chabahar port to be referred to tribunal in Muscat: Official
"Major concerns, including lack of consensus on an arbitral framework, have been addressed. As per the agreement signed on Monday, matters requiring arbitration with regard to operation of the Chabahar port, will be referred to a three-member arbitration tribunal based in Muscat in accordance with the Singapore International Arbitration Centre (SIAC)," the official said on condition of anonymity.
Adani Group eyeing port in Philippines
APSEZ to invest in Bataan, Philippines for a 25m deep port. President Marcos supports the expansion. Strong financial performance reported with 76.87% net profit increase and significant cargo handling in India.
Buy Adani Ports & Special Economic Zone, target price Rs 1,550: Motilal Oswal Financial Services
Adani Ports & Special Economic Zone, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 289242.60 crore) operating in Shipping sector.
Indian Coast Guard ship makes port call in Vietnam on overseas deployment to ASEAN countries
Indian Coast Guard ship Samudra Paheredar, a specialized Pollution Control Vessel, has made a port call at Ho Chi Minh, Vietnam, as part of its overseas deployment to ASEAN countries. The ship is equipped with specialized marine pollution control equipment and a Chetak helicopter. The ICG ship is on a three-day visit to the Philippines, Vietnam, and Brunei from March 25 to April 12.
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