New Delhi, Nov 4: The government was set to launch the third round of the production-linked incentive (PLI) scheme for Specialty Steel on Tuesday, which is one of the key initiatives under the Atmanirbhar Bharat vision.

The PLI 1.2 launch will be presided over by Union Minister H.D. Kumaraswamy, in the presence of senior officials, and other stakeholders from the sector, according to Ministry of Steel.

The ministry said that the PLI Scheme for Specialty Steel, approved by the Union Cabinet in July 2021 with an overall outlay of Rs 6,322 crore, aims to transform India into a global hub for production of high-value and advanced steel grades.

The PLI scheme has attracted a committed investment of Rs 43,874 crore so far, with Rs 22,973 crore already invested and over 13,000 jobs created under the first two rounds.

The scheme covers 22 product sub-categories including super alloys, CRGO, alloy forgings, stainless steel (long and flat), titanium alloys, and coated steels.

Incentive rates range from 4 per cent to 15 per cent, applicable for five years starting FY 2025–26, with disbursal beginning in FY 2026–27.

The base year for pricing has also been updated to FY 2024–25 to better reflect current trends.

The PLI scheme incentivises incremental production and investment in identified product categories, thereby enhancing value addition within the country and reducing import dependence in critical sectors such as defence, power, aerospace and infrastructure.

Meanwhile, the country aims to achieve 300 million tonnes of crude steel production capacity by 2030. Notably, India’s domestic steel demand is growing at an impressive 11-13 per cent, fuelled by large-scale infrastructure projects, while global demand faces a slowdown, according to Steel Ministry.

Steel production surged by a robust 14.1 per cent in September compared to the same month of the previous year on the back of increased demand from big-ticket infrastructure projects being carried out by the government.

Mumbai, Nov 3: Indian equity markets ended a volatile session on a positive note on Monday, snapping a two-day losing streak.

Gains in real estate and state-owned bank stocks helped lift the indices despite early weakness.

After opening lower, the Sensex recovered to touch an intra-day high of 84,127 before closing 39.78 points, or 0.05 per cent, higher at 83,978.49.

The Nifty also gained 41.25 points, or 0.16 per cent, to end at 25,763.35.

“The Nifty oscillated between 25,700 and 25,800 through the day, showing resilience after briefly dipping below the October 24 low of 25,718,” analysts said.

“The zone between 25,660–25,700 once again acted as a strong demand pocket, helping the index recover intraday losses and maintain a constructive tone ahead of key global data releases,” they added.

Among the Sensex stocks, Maruti Suzuki fell over 3 per cent and was among the top losers along with Titan Company, BEL, TCS, ITC, NTPC, Bajaj Finserv, Tata Steel and tech Mahindra.

On the other hand, Mahindra & Mahindra, State Bank of India, Tata Motors Passenger Vehicles, and HCL Tech were the major gainers.

In the broader markets, the Nifty MidCap index rose 0.77 per cent, while the Nifty SmallCap index advanced 0.72 per cent, showing strength beyond the frontline stocks.

Among sectoral indices, PSU bank shares led the rally, with the Nifty PSU Bank index climbing 1.92 per cent.

Bank of Baroda surged 5 per cent, while Canara Bank, Bank of Maharashtra, Bank of India, and Indian Bank also gained.

The Nifty Metal and Realty indices also added up to 2 per cent each.

Meanwhile, the FMCG, Private Bank, and IT indices slipped up to 0.4 per cent, capping the market’s overall gains.

Analysts said that despite mixed global cues and cautious investor sentiment, buying in select sectors helped the markets end the day in the green.

“The domestic market ended on a marginal positive note as profit booking was visible at the higher levels due to the absence of fresh domestic triggers,” market watchers said.

“While the broader market outperformed since the quarterly earnings are steering investors’ preference to take a short- to medium-term view,” they mentioned.

New Delhi, Nov 3: India’s manufacturing sector growth surged in the month of October, fuelled by strong domestic demand, GST 2.0 reforms, productivity gains and increased technology investments, a report said on Monday.

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) rose to 59.2 in October from 57.7 in September, according to data compiled by US-based financial intelligence provider S&P Global.

The increase stemmed from quicker growth in new orders and factory output at the beginning of the third financial quarter, driven by boost in advertising and recent GST reforms, the report said.

The expansion rate matched levels seen in August, which was one of the strongest in the last five years, it indicated.

A reading above 50 indicates economic expansion, while one below 50 shows contraction in the manufacturing, services, or construction sectors. A reading of exactly 50 signifies flat activity.

The manufacturing PMI acceleration comes from robust end-demand fuelled expansions in output, new orders, and job creation, said Pranjul Bhandari, chief India economist at HSBC.

Meanwhile, input prices moderated in October while average selling prices increased as some manufacturers passed on additional cost burdens to end-consumers, Bhandari added.

Despite input cost inflation easing to an eight-month low, output charge inflation remained at its highest level in 12 years for the second consecutive month.

Companies reported passing on higher freight and labour costs to customers, while strong demand allowed them to maintain elevated prices.

Domestic sales growth outpaced export orders, which grew more slowly even with some improvement in overseas demand. Employment creation continued for the twentieth straight month in October, with hiring remaining moderate and largely consistent with September’s levels, it noted.

Manufacturers remain optimistic about future business conditions, crediting their optimism to GST reforms, capacity expansion, and stronger marketing efforts, the report noted.