CENTRE’S ‘UDAN’ SET TO TAKE OFF AS PM LANDS IN SHIMLA TODAY

NEW DELHI:Prime Minister Narendra Narendra Modi will launch the ‘UDAN’ scheme, aimed at boosting regional connectivity with low-cost flights. He will flag off a flight on Shimla-Delhi sector as also on Kadapa-Hyderabad and the Nanded-Hyderabad sectors, the PMO said on Wednesday.

Modi will launch the scheme from Shimla. UDAN (‘Ude Desh ka Aam Naagrik’) is a first-of-itskind scheme globally to stimulate regional connectivity through a market-based mechanism, the PMO said in a tweet.

“To make air travel accessible to citizens in regionally important areas, the Ude Desh ka Aam Naagrik RCS (regional connectivity scheme) was launched in October, 2016,” it added.

The UDAN Scheme is a key component of the national civil aviation policy (NCAP) which was released on June 15, 2016.

“Airfare for a 1-hour journey of approximately 500 km on a fixed wing aircraft or for 30 minute journey on a helicopter would be capped at ₹2,500,” the PMO said. “This with proportionate pricing for routes of different stage lengths and flight duration,” it said. MUMBAI: The BSE’s benchmark Sensex index closed above the 30,000 mark for the first time on Wednesday, riding a worldwide stocks rally fuelled by central bank asset buying. Experts advised investors against irrational exuberance, saying underlying fundamentals hadn’t changed; few expect the liquidity-driven rally to stop.

The Sensex rose 0.63%, or 190.11 points higher, to close at 30,133.35 points.

This follows the 50-share Nifty’s record closing above 9,300 points on Tuesday. On Wednesday, the Nifty climbed 0,49% to close at 9,351.85.

Across the globe, stocks climbed in markets from Tokyo to New York as investors cheered robust US corporate earnings and chances of tax cuts for American companies.

These, along with a centrist victory in the first round of the French presidential election, kept the markets upbeat.

While the S&P 500 gained 0.61% in overnight trading, the Nikkei 225 gained 1.1% on Wednesday.

“Global growth outlook has improved, driving the risk appetite for investors. In India, cost of funds have dropped. India’s risk premium has come down, because the reforms process may go on, after the government won the UP elections,” said Gopal Agrawal, chief investment officer – equities, Tata Asset Management Ltd.

While foreign institutional investors (FIIs) have taken a breather in April — after infusing around $6 billion since the start of 2017, there is no let-up in domestic investment.

Local institutions have bought ~7,118.9 crore of stocks this year. On Wednesday, they added another ~1,011 crore of stocks, provisional data showed.