Stock Market Live Updates: Sensex and Nifty gain amid Fed rate cut anticipation, Hero MotoCorp leads

Updated - September 17, 2024 at 03:43 PM.

Sensex, Nifty, Share Prices LIVE: Indian stock markets saw modest gains on Tuesday, with the BSE Sensex up 132.77 points at 83,121.55, and the NSE Nifty50 rising 44.05 points to 25,427.80 by early afternoon trading. Gains were tempered by caution ahead of the U.S. Federal Reserve’s rate decision on Wednesday. Former New York Fed President William Dudley’s call for a half-point cut fueled expectations of an aggressive move. Hero MotoCorp led the gainers, rising 2.95%, followed by Bajaj Auto, Britannia, and Bharti Airtel. However, Tata Motors led the losers, declining by 2.45%. Mixed sentiment prevailed in broader markets, with more declining than advancing stocks. Technology stocks saw positive interest, particularly following Infosys’ encouraging results. Investors remain focused on global cues, particularly the Fed’s decision, which could set the tone for market performance in the coming days.

 

Onions worth lakhs of rupees pile up at ports and borders awaiting a system update

After a slash in the export duty on onions, the delay in updating the Customs Department’s software is costing traders and farmers dearly 

The Vice President of Horticulture Produce Exporters’ Association said that if the issue was not resolved within a few hours, 35 containers that were slated to reach Tuticorin port in Tamil Nadu early on Tuesday (September 17, 2024) morning, would also be delayed | Photo Credit: The Hindu

Three days after the Union government slashed the export duty on onions from 40% to 20%, onions worth lakhs of rupees are stuck at India’s borders and ports, awaiting an update for the system, as a result of which farmers and traders have not yet been able to benefit from the export duty slash.

Around 380 containers are stuck at various ports of the country, including the Jawaharlal Nehru Port Authority (JNPA) in Navi Mumbai, while 90 lorries wait at two checkpoints on the border with Bangladesh, an official of the Horticulture Produce Exporters’ Association (HPEA) said. Each container carries about 30 tonnes of cargo, and each lorry carries about 25 to 30 tonnes.

“There is a technical issue in the Customs’ portal. There are two serial numbers on the portal for onions. But the portal does not process the order. We are unable to avail the 20% export duty. We can’t even send the onions with 40% customs duty. Our onions have been stuck for the last three days. Now we fear they will start rotting,” Vikas Singh, vice president, HPEA told The Hindu.

“Our containers are stuck everywhere. Tomorrow (Wednesday) morning, almost 60 containers are planned to be sent to Malaysia and Singapore. The vessel has been booked. But if the containers are not cleared in the system, the vessel will leave [without] these containers,” he said.

“Almost 300 containers are stuck at the JNPA since Friday evening. Nothing could be loaded due to lack of clearance. Fifty containers await clearance at the dry port of Janori in Nasik; 60 lorries have been waiting at Goja Danga check point on the Bangladesh border; and 30 lorries are at Mehndipur check point, also on the Bangladesh border,” Mr. Singh said.

He added that if the issue was not resolved within a few hours, 35 containers that were slated to reach Tuticorin port in Tamil Nadu early on Tuesday (September 17, 2024) morning, would also be delayed. “Tuticorin is the sub-port for Sri Lanka. The vessel, which has already been booked, will arrive on Wednesday. So those 35 containers will need to be cleared on Tuesday,” Mr. Singh said.

The HPEA is the only recognised association for exporters of onion, garlic, and horticulture, Mr. Singh said. “We have updated this [issue] to the Consumer Affairs Ministry, and to the Agriculture Ministry,” he added.

An onion trader who did not wish to be named rued the restrictions. “When the government imposes restrictions, the implementation is immediate. But while opening the system, why is there so much of delay? Each container is worth approximately ₹21 lakh. Today (Monday) is the third day and we are still suffering. On one hand, China is becoming very aggressive with respect to onions. And here, we face so many restrictions,” he said.

Sources in the Customs Department said there was a “system issue” that was being resolved. “Everything is being monitored. The communication has been sent to the concerned persons. It will be resolved soon,” a source said.

Published - September 16

 

Woman fined over take-for-free cabinet left outside her home

A woman has been handed a £500 fine for fly-tipping after leaving a cabinet for free collection outside her home.

Isabelle Pepin, from Southbourne in Bournemouth, said she left the piece of furniture out as it "still had some life left in it".

An enforcement officer issued the fine to Ms Pepin on her doorstep after warning her to move the cabinet off the street three weeks earlier.

Bournemouth, Christchurch and Poole Council (BCP) said: "Action on fly-tipping is taken to ensure communities can fully enjoy where they live and have pride in their neighbourhood."

Ms Pepin, who works as an artist, said residents in the area often left useable furniture out for a few days to see if it would be of use to someone else in the community.

She said: "I have been living here for 12 years and I been doing this for 12 years and I've never had any complaints or indication that this was something that was illegal."

After the warning, she moved the cabinet onto her driveway to be collected.

"People are very polite and probably wouldn't go on your property to take something because they'd be worried about that," she said.

'Help other residents'

Councillor Kieron Wilson, BCP Council's portfolio holder for housing and regulatory services, said: "The council is committed to tackling fly-tipping and has contracted Waste Investigations Support and Enforcement (WISE) to investigate offences and administer penalty notices on behalf of the council as appropriate.

"Officers closely monitor and manage this waste enforcement contract, which includes regular reviews, and a commitment to responding promptly to any issues or concerns that may arise."

Ms Pepin said she planned to appeal the fine.

She said: "I think we need to keep things out of landfill and help other residents."

A BCP Fixed Penalty Notice (FPN) for fly-tipping is £500 if paid within 14 days or £1,000 within 28 days.

The maximum penalty that can be imposed by the courts for fly-tipping is £50,000 or imprisonment.