Bse Sensex Today Live Nifty Stock Market Updates 29 june 2022
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Bse Sensex Today Live Nifty Stock Market Updates 29 june 2022

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Bse Sensex Today Live Nifty Stock Market Updates 29 june 2022
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US stocks fall after open on rate hike woes

The S&P 500 and the Nasdaq fell after the opening bell on Wednesday, after several policymakers made a case for faster interest rate hikes to tamp down inflation as a string of recent data continued to paint a dour picture for the economy.At 9:33 a.m. ET, the S&P 500 was down 9.67 points, or 0.25%, at 3,811.88, and the Nasdaq Composite was down 65.85 points, or 0.59%, at 11,115.69. The Dow Jones Industrial Average was up 0.28 points, or 0.00%, at 30,947.27.
06:47 PM

Tech View: Nifty50 bulls not ready to give in; momentum positive

Nifty50 on Wednesday settled below the 15,800 mark, even as it formed a small bullish candle on the daily chart. Analysts noted that the index has been staging a recovery in the last couple of sessions after seeing gap-down starts, which is positive. Besides, they noted that the selling pressure is getting absorbed near a key moving average. Analysts said the momentum stays positive.”In terms of the levels, 15,700 is acting as key support. As long as the Nifty50 stays above 15,700 on a closing basis, it is expected to witness sideways to positive action in coming sessions.
05:04 PM

Sebi issues Rs 27 lakh recovery notice to individual in L&T Finance Holdings case

Capital markets regulator Sebi has sent a notice to an individual asking him to pay Rs 27 lakh in a case pertaining to violation of insider trading norms in the matter of L&T Finance Holdings Ltd. The notice came after Uday Agarwal failed to pay the fine imposed on him by the Securities and Exchange Board of India (Sebi). Sebi has directed Agarwal to pay Rs 27.01 lakh, which includes interest, all costs, charges and expenses, within 15 days.
04:28 PM

SEBI allows FPIs in exchange traded commodity derivatives

04:18 PM

What to expect from Thursday’s trade?

Markets will react to the US GDP data in early trades and then the focus would shift to the monthly derivatives expiry. While the Nifty has been hovering around its crucial hurdle of 15,900, the recent decline in the banking index is pointing towards more pain ahead. Participants should maintain caution and focus more on overnight risk management.

— Ajit Mishra, VP – Research, Religare Broking

04:18 PM

Rupee outlook by Gaurang Somaiya, MOSL

Rupee fell to fresh all-time lows following broad strength in the dollar against its major crosses. Dollar rose despite consumer confidence number released from the US came in below estimates. Euro and pound consolidated in a narrow range ahead of major central bank governor’s statement. Today focus will be on the final GDP number; better-than-expected number could support the dollar at lower levels. We expect the USDINR to trade sideways but with a positive bias quote in the range of 78.70 and 79.20.
04:05 PM

Tech View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty witnessed a lacklustre trading session before ending with some losses. On the lower end, 15650-15700 acted as support for the day. On the higher end, it found resistance around previous close. The trend is likely to remian sideward to a bit negative for the near term. Any fall below 15650 might pave the way for a serious correction in the market. Resistances on the higher end, are placed at 15900/16000.
03:52 PM

Consumer confidence is declining rapidly due to the uncontrolled & constant rise in inflation. India had to bear the double whammy effect of a dampening global equity market and rising crude prices as major suppliers like Saudi are unable to boost the output in the short-term. However, the domestic market was able to recover most of the losses due to the strong movement of index heavyweights, PSUs, Metals and Oil & Gas stocks before slipping some gains by the end of the day due to volatile global market.

– Vinod Nair, Head Of Research at Geojit Financial Services

03:40 PM

Advance-decline ratio marginally favours losers

Advance-decline ratio marginally favours losers
03:39 PM

Top five gainers & losers from today’s session

Adani Transmission Ltd.
2347.90  184.50 (8.53%)
Aavas Financiers Ltd.
2077.90  142.05 (7.34%)
EID Parry (India) Ltd.
538.15  35.20 (7.00%)
Bosch Ltd.
15523.00  866.30 (5.91%)
APL Apollo Tubes Ltd.
878.05  46.20 (5.55%)
RBL Bank Ltd.
84.30  -4.65 (-5.23%)
Future Consumer Ltd.
1.95  -0.10 (-4.88%)
Escorts Kubota Ltd.
1458.85  -74.30 (-4.85%)
NHPC Ltd.
30.95  -1.55 (-4.77%)
Johnson Controls-Hitachi Air Conditioning India Ltd.
1506.10  -73.90 (-4.68%)
Price as on 29 Jun, 2022 03:39 PM, Click on company names for their live prices.
03:39 PM

FMCG, banks, IT indices bleed over 1% each

FMCG, banks, IT indices bleed over 1% each
03:38 PM

India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.

UltraTech Cement Ltd.
5618.30  45.55 (0.82%)

 

03:36 PM

Closing Bell: Sensex snaps 4-day rising streak, ends 150 pts lower; Nifty near 15,800; Zomato tanks 5%; Adani Transmission zooms 9%

Closing Bell: Sensex snaps 4-day rising streak, ends 150 pts lower; Nifty near 15,800; Zomato tanks 5%; Adani Transmission zooms 9%
03:18 PM

These auto stocks trade firm

TVS Motor Company Ltd.
832.00  11.80 (1.44%)
Ashok Leyland Ltd.
146.70  1.70 (1.17%)
Eicher Motors Ltd.
2880.20  16.40 (0.57%)
Maruti Suzuki India Ltd.
8511.60  21.90 (0.26%)
Mahindra & Mahindra Ltd.
1113.45  1.45 (0.13%)
Price as on 29 Jun, 2022 03:18 PM, Click on company names for their live prices.
02:58 PM

Most active stocks in afternoon session

Reliance Industries Ltd.
2587.15  59.45 (2.35%)
Oil And Natural Gas Corporation Ltd.
152.30  2.95 (1.98%)
Tata Steel Ltd.
880.70  1.80 (0.20%)
Infosys Ltd.
1467.25  -12.90 (-0.87%)
Tata Consultancy Services Ltd.
3312.00  -6.15 (-0.19%)
Price as on 29 Jun, 2022 02:58 PM, Click on company names for their live prices.
02:39 PM

FTSE 100 retreats from two-week high on slowdown worries

UK’s top share index slipped from two-week highs on Wednesday, mirroring sharp losses in Asian equities and Wall Street overnight, as weak U.S. consumer confidence data revived fears about a recession in the world’s largest economy.Recouping some initial losses, the blue-chip FTSE 100 index was down 0.5% by 0848 GMT, while the domestically focussed mid-cap FTSE 250 fell 1.2%.Both indexes were set to snap a three-day winning streak.
01:52 PM

The shareholders and creditors of NMDC have approved the demerger of the company’s under-construction Nagarnar Steel Plant (NSP), its CMD Sumit Deb said. The demerger of NSP from NMDC is progressing, Deb who was in the national capital, told PTI.

Price as on 29 Jun, 2022 01:52 PM, Click on company names for their live prices.
01:50 PM

OPEC+ begins policy debate as capacity constraints loom

OPEC and OPEC+ begin a series of two-day meetings on Wednesday with sources saying chances of a big policy change look unlikely this month. At its last meeting in early June OPEC+ decided to speed up production cuts and to raise output each month by 648,000 barrels per day (bpd) in July and August, up from earlier increases of 432,000 bpd. OPEC+ consists of OPEC and allies such as Russia.
01:41 PM

The index has surpassed its key level of 15735 but there is some pressure at higher levels of 15888-16000 .Overall we expect the index to trade in a broader range with capped upside. At current juncture, we are advising to be with selective stocks and one can look for buying opportunity in Reliance, Ultratech and HCL Tech and ONGC.

– Chandan Taparia, Vice President, Equity Derivatives and Technical, Broking & Distribution, Motilal Oswal Financial Services Ltd.

01:36 PM

Sensex LIVE Updates: Index erases all losses, trades higher

Sensex LIVE Updates: Index erases all losses, trades higher
01:22 PM

GoM proposal on 28% GST on casino deferred: ET NOW

Delta Corp Ltd.
190.00  12.10 (6.80%)
Price as on 29 Jun, 2022 01:22 PM, Click on company names for their live prices.
01:20 PM

Sebi imposes Rs 7-cr fine on NSE, Rs 5 cr each on Ramkrishna, Narain in ‘dark fibre’ case

The case relates to the alleged differential access given to certain broking firms in the form of ‘dark fibre’ at NSE, to connect across the colocation facilities before other members
01:18 PM

Sandeep Kumar Gupta, Director for Finance at Indian Oil Corporation, has been picked to head India’s largest gas utility GAIL (India) Ltd, the government headhunter said. The Public Enterprises Selection Board (PESB) selected Gupta, 56, for the post of chairman and managing director of GAIL after interviewing 10 candidates, it said in a post-interview notice.

GAIL (India) Ltd.
139.35  2.45 (1.79%)
Price as on 29 Jun, 2022 01:18 PM, Click on company names for their live prices.
12:59 PM

Global Market Check

  • Nasdaq 100 futures rose 0.1%. The Nasdaq 100 fell 3.1%
  • Japan’s Topix index dropped 0.7%
  • Australia’s S&P/ASX 200 Index lost 0.9%
  • South Korea’s Kospi index fell 1.7%
  • Hong Kong’s Hang Seng Index fell 1.9%
  • China’s Shanghai Composite Index fell 1%
  • Euro Stoxx 50 futures fell 0.6%
12:57 PM

Market LIVE Updates: FMCG stocks fall; Future Consumer, Godrej Consumer, HUL among top losers

Future Consumer Ltd.
1.95  -0.10 (-4.88%)
Godrej Consumer Products Ltd.
770.30  -23.80 (-3.00%)
Hindustan Unilever Ltd.
2264.30  -53.35 (-2.30%)
Marico Ltd.
482.00  -6.60 (-1.35%)
Hatsun Agro Products Ltd.
911.75  -12.35 (-1.34%)
Varun Beverages Ltd.
770.20  -9.75 (-1.25%)
Dabur India Ltd.
508.70  -3.40 (-0.66%)
Jyothy Labs Ltd.
153.60  -0.95 (-0.61%)
Tata Consumer Products Ltd.
733.60  -3.25 (-0.44%)
Colgate-Palmolive (India) Ltd.
1508.00  -6.20 (-0.41%)
Price as on 29 Jun, 2022 12:57 PM, Click on company names for their live prices.
12:34 PM

Indian market valuations appear expensive compared to bond yields. What does this mean?

12:22 PM

Expect govt to withdraw duties on steel items once inflation moderates: Sajjan Jindal

Terming duties imposed on steel products a “short-term headwind”, JSW Group CMD Sajjan Jindal said he is hopeful of the government withdrawing the levies once inflation moderates. The duties were imposed last month with the objective of controlling inflation, the industrialist said. Jindal’s statement comes days after he along with other top industry leaders met Finance Minister Nirmala Sitharaman in her office.
11:52 AM

Market LIVE Updates: SIS approves share buyback of up to Rs 80 crore

SIS Ltd.
456.80  -1.20 (-0.26%)
Price as on 29 Jun, 2022 11:52 AM, Click on company names for their live prices.
11:42 AM

Bernstein raises Reliance Industries target price, sees over 30% upside

Reliance Industries may see its refining margins rise to a record level of $25.5 per barrel in FY23, said Bernstein in its latest note on Wednesday. The brokerage said tariff hikes may drive strong Jio results and that e-commerce acceleration across categories will lift retail segment numbers. Rolling forward its valuation from FY23 to FY24, Bernstein has raised its target price for RIL to Rs 3,360 from Rs 2,830, suggesting a 33 per cent potential upside over Tuesday’s close.
11:30 AM

Market LIVE Updates: APL Apollo, Tata Steel among top gainers in metal pack

APL Apollo Tubes Ltd.
861.00  29.15 (3.50%)
Jindal Steel & Power Ltd.
335.75  2.70 (0.81%)
Mishra Dhatu Nigam Ltd.
165.15  0.70 (0.43%)
Tata Steel Ltd.
882.35  3.45 (0.39%)
Jindal Saw Ltd.
79.95  0.15 (0.19%)
Price as on 29 Jun, 2022 11:30 AM, Click on company names for their live prices.
11:07 AM

Isha Ambani is set to be named head of Reliance Retail

10:57 AM

Market LIVE Updates: Bank Nifty tanks over 1%; all constituents in the red

Market LIVE Updates: Bank Nifty tanks over 1%; all constituents in the red
10:47 AM

Japanese chipmaker Renesas Electronics Corp and India’s Tata Motors have formed a strategic partnership to design, develop and manufacture semiconductor solutions for domestic and global markets, the companies said on Wednesday.

Tata Motors Ltd.
417.60  0.50 (0.12%)
Tata Motors Ltd.
201.80  -0.85 (-0.42%)
Price as on 29 Jun, 2022 10:47 AM, Click on company names for their live prices.
10:32 AM

Time for caution on bank stocks: BNP Paribas

Time for caution on bank stocks: BNP Paribas
10:00 AM

The sharp pullback witnessed in the US last Friday has lost steam and the markets have again turned weak. The decline in commodity prices last week has not sustained and Brent crude is back to above $117. Even though there is no consensus on whether the US economy will slip into recession or not, there are clear signs of the economy slowing down. But the labour market continues to be strong in the US and unemployment is low at 3.6%. In this context of conflicting signals, markets are likely to remain choppy. Investors should understand the fact that big money is made not by investing in a bull market but by systematically investing through a bear market and waiting patiently for the inevitable bull market. So, invest systematically in high-quality stocks.

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– Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services

09:31 AM

The rupee has fallen to 79.00 levels much earlier than anticipated as RBI withdraws its hands and with no sellers in the market of the$ and no inflows, today’s opening possibly should be around 79.00 with a range of 78.70 to 79.30 again with a risk to the upside for the pair. Today in the evening we have the GDP data. The rupee seems to be now covering up its earlier slow depreciation and soon we could see a new figure of 80 added up to it. Most Asian currencies have today depreciated and with equities unable to give much relief more depreciation is on the cards.

– Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors

09:29 AM

RUPEE AT FRESH LOW

09:22 AM

Britannia may name Domino’s Rajneet Kohli as first standalone CEO

Britannia Industries Ltd.
3385.05  -49.65 (-1.45%)
Price as on 29 Jun, 2022 09:22 AM, Click on company names for their live prices.
09:21 AM

Voda Idea, ONGC, MRPL among most active stocks on NSE

Vodafone Idea Ltd.
8.80  -0.05 (-0.56%)
Oil And Natural Gas Corporation Ltd.
150.15  0.80 (0.54%)
Mangalore Refinery And Petrochemicals Ltd.
95.50  5.15 (5.70%)
YES Bank Ltd.
12.75  -0.10 (-0.78%)
Dhani Services Ltd.
34.15  1.60 (4.92%)
Steel Authority of India (SAIL) Ltd.
69.95  -1.15 (-1.62%)
RBL Bank Ltd.
86.45  -2.50 (-2.81%)
IDFC First Bank Ltd.
31.35  -0.65 (-2.03%)
Vedanta Ltd.
231.50  -3.30 (-1.41%)
Indian Oil Corporation Ltd.
108.85  0.55 (0.51%)
Price as on 29 Jun, 2022 09:21 AM, Click on company names for their live prices.
09:20 AM

Sector Watch: Sea of red…

Sector Watch: Sea of red...
09:18 AM

OPENING BELL: Sensex tanks 500 points on weak global cues, Nifty slips below 15,700; Max India jumps 7%

OPENING BELL: Sensex tanks 500 points on weak global cues, Nifty slips below 15,700; Max India jumps 7%
09:10 AM

DBS Bank mulls acquiring stake in IDBI Bank: ET NOW

09:00 AM

Asian stocks slip on inflation fears

Stocks fell across Asia on Wednesday morning, extending overnight losses on Wall Street amid concerns over recession, inflation and high oil prices, which also boosted the safe-haven dollar. Japan’s Nikkei index fell 1.01% in early trading, while MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.1%, dragged lower by Australian shares , off 1.29%, and Korea’s KOSPI, down 1.57%.
07:35 AM

Oil prices take breather after three-day rally

Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production. U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel at 0150 GMT, giving up earlier gains.
07:12 AM

SGX Nifty signals a negative start

Nifty futures on the Singapore Exchange traded 160.5 points, or 1.01 per cent, lower at 15,681.50, signaling that Dalal Street was headed for a gap-down start on Wednesday.
07:10 AM

Q4 results today

Venus Pipes & Tubes and Precision Containeurs are among companies which will announce their quarterly earnings today.
07:09 AM

Tech View: A revisit of 16,000 level likely for Nifty

Nifty50 on Tuesday ended marginally higher and formed a small bullish candle on the daily chart. Analysts said a positive close after a gap-down start was positive. They see the index testing the 16,000 level in the coming days. Support for the index stays at 15,700, they said.
07:09 AM

Tokyo stocks open lower extending US falls on weak data

Tokyo stocks opened lower on Wednesday, extending falls on Wall Street as a gloomy US consumer confidence report offset positive news about China’s move to scale back Covid-19 restrictions. The benchmark Nikkei 225 index was down 0.67 percent, or 235.88 points, at 26,813.59 in early trade, while the broader Topix index slipped 0.79 percent, or 14.98 points, to 1,892.40.
07:09 AM

Wall St slips as consumer pessimism stokes growth fears

Wall Street closed sharply lower in a broad sell-off on Tuesday as dire consumer confidence data dampened investor optimism and fueled worries over recession and the looming earnings season.
07:09 AM

Rupee tanks 48 paise to 78.85 against US dollar

The rupee plunged by 48 paise to close at record low of 78.85 against the US dollar on Tuesday, weighed down by persistent foreign capital outflows and a surge in crude oil prices. At the interbank foreign exchange market, the rupee opened lower at 78.53 against the greenback and finally settled at 78.85, down 48 paise over its previous close.
07:08 AM

Sensex, Nifty on Tuesday

In a lacklustre day of trade, the 30-share pack Sensex swung to gains in the final hour to settle 16.17 points higher at 53,177.45. Its broader peer, Nifty50, recovered nearly 140 points from the day’s low and settled 18.15 points higher, at the 15,850 mark.
07:08 AM

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FIA inquiry: MNA withdraws case against ‘business partner’

Madison Franz

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FIA inquiry: MNA withdraws case against ‘business partner’
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KARACHI: Pakistan Peoples Party MNA Dr. Mehreen Bhutto has finally struck a compromise with a businessman after a falling out during which the MNA registered a fraud case against the latter for fraudulently declaring her partner in a business venture. The MNA is already facing FIA inquiry into assets beyond means.

According to the official documents (available with The News) PPP parliamentarian Dr. Mehreen Bhutto along with her three brothers is facing an inquiry from the Federal Investigation Agency (FIA) about accumulating wealth beyond known sources of income that included partnering with a travel agency. Bhutto had lodged a fraud case against her business partner, his spouse and other family members.

MNA Mehreen Bhutto lodged an FIR at Clifton Police Station, Karachi, on August 4, 2022, against her business partner Asadullah Shaikh, his wife and other directors of M/s AAA Travels for enlisting her as one of the directors of the business without her knowledge and consent and blamed them for misusing her CNIC, passport and other documents. Bhutto in her FIR quoted a news story published in ‘The News’ on August 4, 2022, to claim that she came to know through a news report that she was a director at AAA Travels and claimed it was all done without her explicit knowledge. She also claimed that she neither signed any document nor received any benefits from the company.

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The case was sent to the Court of Civil Judge and Judicial Magistrate-V, Karachi South, Mazhar Ali for trial, where after some hearings the judge accepted the compromise application filed by MNA Bhutto by informing the court that a compromise has taken place with her ‘rival’ group. During the pendency of the trial, the accused Asadullah Shaikh told the court that the case against him and his family was fake and was registered using her political influence. He told the court that MNA Bhutto was a willful partner who regularly received monetary benefits but disassociated herself from the business when the FIA started an inquiry against her. The court approved the settlement on Tuesday, November 15, 2022.

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The FIA initiated the inquiry in 2019 against the PPP MNA when in 2014, a complaint was filed against MNA Mehreen Bhutto and his three brothers alleging mega corruption. During that period, despite many notices served under Section 160 of the Criminal Procedure Code (Cr.PC) MNA Bhutto did not appear before FIA, Sindh, Zone-II. Following the application of out-of-court settlement in October, MNA Bhutto and her three brothers appeared before the enquiry officer FIA-Sindh Zone-II and recorded their statements.

This reporter approached MNA Bhutto and her business partner Asad Shaikh for their versions, called at their cell numbers, and then sent them detailed text messages at their WhatsApp number but till the filling of this news story, both avoided responding.

 

 

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IMC raises Toyota vehicle prices

Madison Franz

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IMC raises Toyota vehicle prices
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KARACHI: Despite the low cost of import on account of the rupee’s recovery against the dollar in the last one and a half months, Indus Motor Company (IMC) has increased prices by Rs190,000-700,000.

In the last week of September, one dollar was trading at Rs240 but it plunged to Rs214-215 after Ishaq Dar was made finance minister.

IMC, in its letter to the authorized dealers, said the vendor cost of production has significantly soared due to economic uncertainties and inflation in the raw material cost. In addition, uncertainty in currency fluctuation, and increase in utilities and other overheads have also impacted the cost of manufacturing.

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The new price of Toyota Corolla 1.6 CVT and 1.6 CVT U/S is Rs4.979 million and Rs4.789mn, up by Rs190,000 and Rs200,000, respectively.

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Hilux 4×2 standard, U/S, Deckless, 1.2TR, 4×4, and III Standard now carry a price of Rs5.959m, Rs5.989m, Rs5.529m, Rs5.739m, Rs7.879m and Rs9.069m, showing a jump of Rs400,000-620,000.

Published in theodysseynews, November 19th, 2022

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Wood, timber import: certain conditions suspended

Madison Franz

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Wood, timber import: certain conditions suspended
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ISLAMABAD: The government has suspended import conditions for certain categories of timber and wood till March 31, 2023 on the request of All Pakistan Timber Traders Association (APTTA), sources close to Secretary Commerce told Business Recorder.

Sharing the details, sources said, the conditions for import of plant and plants materials including timber/ wood had been incorporated in Part-IV of Appendix-B, Import Policy Order (IPO) 2022 on the recommendations of Department of Plant Protection (DPP) of Ministry of National Food Security & Research.

The conditions were (i) Import Permit (IP) issued by DPP, (ii) SPS certificate issued by National Plant Protection Organization (NPPO) of the exporting country, and (iii) Plant Protection Release Order (PPRO) issued by DPP.

According to Commerce Ministry, Karachi Timber Merchant Group had approached Commerce Ministry requesting to extend the date of implementation of conditions of import permit and plant protection release order for the import of timber and wood falling under PCT Codes 44.01 to 44.09, as provided under Sr. Nos. 385 to 44O of Part-IV of Appendix-B, IPO 2022.

The sources explained that the conditions could not be met for the already arrived shipments because those consignments were supplied against contracts entered into months ago. Consequently, the Federal Government, in light of the decision of ECC of the Cabinet and its subsequent ratification by the Cabinet, suspended operation of Import Policy provisions contained in Sr. No. 386 to 44O of Part-IV, of Appendix-B, Import Policy Order 2022 from the date of issuance of IPO, 2022 to August31, 2022.

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Timber, wood: Import conditions under IPO suspended

All Pakistan Timber Traders Association had again approached the Ministry with the request to suspend the import conditions and restrictions on wood and timber in tariff classes 44.01to 44.09 for all the “Bills of Lading issued until June 30, 2023”. The APTTA argued that any decision made in haste would destroy the entire wood business sector (H.S Code 44.01 to 44.09) causing damage to a large number of industries that rely on wood as a basic raw material including the construction industry which was connected to 45 to 50 other industries.

Ministry of Commerce maintained that in order to facilitate the import of wood/ timber, it is requesting the government to direct the DPP to review the conditions for import of wood and timber and bring them in conformity with the international best practices so that the import of wood and timber was not subjected to unnecessary and cumbersome procedures.

Ministry has proposed that the date of implementation of IPO 2022 regarding import of timber and wood falling under HS Codes 4401 to 4409 (Sr. Nos. 386 to 440 of Part-IV, Appendix-B, IPO 2022) may be suspended till June 30, 2023, i.e., for the Bills of Lading issued till June 30, 2023 or formulation of the procedure by the DPP whichever is earlier.

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Ministry of National Food Security and Research (MNFS&R) supported the proposal; however, with the condition that no further exemption would be supported after June 30, 2023 and that the import condition in Import Policy Order and Plant Quarantine Act, 1976 and Plant Quarantine Rules, 2019 would be enforced in letter and spirit after 30 June, 2023. It further required that the importers of timber should be advised to plan future imports, accordingly.

The sources said the Economic Coordination Committee (ECC) of the Cabinet recently approved the proposal of Commerce Ministry and decided that the date of implementation of IPO 2022 regarding import of timber and wood falling under HS Codes 4401 to 4409 (Sr. Nos. 386 to 440 of Part-IV, Appendix-B, IPO 2022) shall be suspended till March 31, 2023.

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