Business
Industry associations call for legislative route to resume mining in Goa

With the BJP getting re-elected in Goa, the call for resuming mining operations in the state has grown louder. It has been four years since mining was stopped in Goa and industry associations claim that the ban has severely hurt the state’s economy, along with adversely affecting people’s livelihoods. According to a recent survey, nearly two in five Goan households have been impacted by the mining ban in some way or the other.
Despite several appeals by different stakeholders to the government in the past, no action has been taken on the ground. In a fresh set of recommendations, CII Goa State Council and Goa Chamber of Commerce & Industry (GCCI) have urged to immediately resume sustainable mining to revive the state economy.
Last week, the Goa Mining People’s Front (GMPF) too urged the state and central leadership to act in the matter. In February 2018, the Supreme Court quashed 88 mining leases in Goa, bringing the local iron ore industry to a standstill. The decision affected the livelihoods of over 3 lakh mining dependents in the state.
Recommendations have been made by CII Goa to the Centre and State to resume mining in the State. CII as an apex industry body strongly recommends the resumption of sustainable mining to bring Goa’s economy back on track. Though great efforts have been put in by various industry bodies in the state, very little has been seen on ground.
Since the mining concessions which were given in perpetuity under Portuguese Law were converted into Mining Leases by the Abolition Act 1987, it is only fair that the benefit of a tenure of 50 years from date of grant which is available to leases throughout the country as per the 2015 MMDR Amendment Act, be made available to Goan leases. Though the leases came into being in 1987, the tenure was made effective retrospectively from 1961 to protect the revenue collected by the state government from 1961-1987.
This retrospective application of the Act has been struck down by the High Court and the issue is pending before a 9 judge bench of the Hon’ble Supreme Court. The Ministry of Mines has even filed an application before the Hon’ble Supreme Court urging that the matter be expeditiously heard since till then, no further action can be taken with respect to the leases. Under the circumstances, a legislative cure as suggested above is the only option for a swift resumption of mining which is a source of revenue not only to the government but also to many secondary and tertiary industries in Goa.
It’s also relevant to point out that almost 30 per cent of the sale price of ore produced goes to the State exchequer in the form of royalty, contribution to District Mineral Fund, Iron ore Permanent Fund etc. “There is an urgent need for the authorities to take necessary decisions in the interest and growth of the state” said Swati Salgaocar, Chairperson, CII Goa State Council.
Voicing similar concerns, Ralph De Sousa, President, Goa Chamber of Commerce & Industry (GCCI), said, “Mining is the lifeline of Goan economy. Mining is going on normally all over the Country except goa. It’s up to the Central Govt to restart Mining with proper checks & balances. GCCI strongly feels that the State’s Commerce and Industry needs a boost to get over the current economic lull that is caused due to mining closure for the last 4 years and further worsened with Covid pandemic. The Ukraine war may further affect the business some way or the other. Need of the hour is that both these sectors have to jump start to tide over the economic crisis for overall socio-economic development of the state. We have already represented to the state Government for its immediate attention to resolve the mining matter in a sustainable yet quickest possible manner. GCCI membership is awaiting the opportunity to benefit from mining which will in turn address the unemployment crisis of the state.”
Glenn Kalavampara, Secretary, Goa Mineral Ore Exporters Association said, “The Wealth of the Minerals are meaningless unless they are extracted, processed & converted into goods, meant for the benefit of mankind. It’s rather unfortunate that despite generating valuable economic returns as well as providing livelihood to many, mining in Goa had been under a constant suspension since Mid-March 2018. Concerned Stakeholders have repeatedly been raising concerns & hopeful of a solution since long. Post 4 years, the stakeholders dependent on the mining operations have only undergone endless pain, depression and anxieties.”
The industry associations have said that mining activities should be immediately resumed in the state to undo the livelihood and economic deadlock and allow Goans to earn a stable income and work for a better future.
Business
Sensex May Touch 1.15 Lakh And Nifty 43,876 By FY28 In Bull Case, Says Ventura Stock Broking Report

Mumbai: In a bull case scenario, Sensex is projected to reach 115,836 and Nifty is likely touch 43,876 by the financial year 2028 (FY28), a report said on Friday.
However, in a bear case scenario, Sensex is projected to reach 1,04,804 and Nifty at 39,697 by FY28, Ventura, a stock broking platform, said in its recent projection.
Nifty is expected to oscillate within a well-defined price-to-earnings (PE) band in these three years, with projected robust earnings growth with estimated FY28 earnings per share compound annual growth rate (EPS CAGR) of 12-14 per cent.
“In the last 10 years, the Indian economy has demonstrated resilience and clocked the highest GDP growth as a large economy despite global headwinds of NBFC crisis, Covid 19, Russia-Ukraine war and the recent uncertainty on US President Donald Trump tariff,” said Vinit Bolinjkar, Head of Research, Ventura.
The risk mitigation influencers will outweigh the current challenges, which will usher Indian GDP growth to 7.3 per cent by FY30(E), he added.
By FY28, the Indian index will be at a PE level of 21 times in the bull case and 19 times in the bear case with an estimated earnings-per-share (EPS) of 5,516 for Sensex and 2,089 for Nifty 50, the report stated.
Over the past ten years, India has demonstrated extraordinary resilience by navigating a series of unprecedented disruptions without compromising its growth trajectory.
From the “Fragile Five” designation to demonetisation, GST implementation, a crippling NBFC crisis, and the dual shock of COVID-19 waves, India has withstood and adapted to adversity, the report highlighted.
According to the report, even global headwinds like the Russia-Ukraine war and Trump-era tariffs have failed to derail its momentum, underlining the robustness of the Indian economy.
As of the mid-season point for Q1 FY26 earnings, 159 companies have reported Q1 FY26 results, revealing broad-based strength across key sectors.
Engineering/manufacturing and services sectors have led the pack, while consumption, commodities, and pharma show steady performance, the report stated.
Business
Sensex – Nifty Open Lower Amid Weak FII Sentiment, Midcap & Smallcap Stocks Lend Market Support

Key Highlights:
– Sensex fell 171 pts, Nifty down 35 pts; midcaps, smallcaps held strong.
– FIIs sold Rs 3,694 crore worth of stocks; DIIs bought Rs 2,820 crore.
– Nifty’s bearish engulfing pattern suggests continued caution; 25,000 key support.
Mumbai: Indian equity benchmarks Sensex and Nifty began Friday’s session in the red, weighed down by selling pressure in large-cap stocks. At 9:25 am, the Sensex declined by 171 points or 0.21 percent to trade at 82,087, while the Nifty dropped 35 points or 0.14 percent to 25,075.
Heavyweights Drag, Broader Market Holds
Major drag on the indices came from key constituents such as Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and HDFC Bank. Financial stocks, FMCG, and private banking segments were under pressure. However, midcap and smallcap segments outperformed, providing resilience to the overall market.
Gainers on the Sensex included M&M, Tata Steel, Power Grid, L&T, Infosys, and Maruti Suzuki, reflecting strength in sectors like auto, metals, and infra.
Sectoral Picture Mixed
On the sectoral front, gains were recorded in auto, IT, PSU banks, metals, realty, energy, media, infrastructure, and commodities. Meanwhile, financial services, FMCG, and private banking faced losses.
Technical indicators showed bearish signals, with Nifty completing a bearish engulfing candle on Thursday. Analysts highlight 25,000 as a key support and 25,340 as a vital resistance level.
FIIs Remain Net Sellers
Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 3,694 crore on July 17 — marking the second consecutive session of net selling. Domestic institutional investors (DIIs), however, remained net buyers, purchasing Rs 2,820 crore worth of shares for the ninth straight session.
According to Dr. VK Vijayakumar of Geojit Financial Services, FIIs have shown a clear pattern of selling in July after buying in the previous three months. Without positive triggers, the downtrend could persist.
Global Cues Offer Some Relief
Asian markets traded mostly higher on Friday, with Shanghai, Hong Kong, Bangkok, and Jakarta in the green, although Tokyo and Seoul lagged. The US markets ended positively on Thursday, driven by upbeat investor sentiment.
Business
Indian Equity Indices Open Flat As Markets Await Fresh Triggers To Break Out Of Consolidation Phase

Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.
At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.
On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.
In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.
According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.
“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.
The US market closed in the green on Wednesday due to positive market sentiment.
On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.
The broader trend remains optimistic as long as key support levels are respected, said analysts.
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