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Proposals have been submitted to transform the eight-storey building in the town centre

Plans for a major transformation of a former office building into a 73-flat development in Bournemouth town centre have been submitted.

Tannen (Marshall) Limited has lodged an application to redevelop 4 Richmond Gardens, an eight-storey circular building at the top of Richmond Hill in Bournemouth town centre.

Planning documents reveal that 73 flats will occupy the upper six floors, with five floors containing 13 flats each and the sixth floor accommodating eight flats.

The proposal indicates that most of the flats will be one-bedroom units, with only a handful featuring two bedrooms.

A total of 73 on-site parking spaces will be provided in the existing basement car park.

The planning statement notes that this “representing a significant reduction from the existing provision of approximately 134 spaces”.

There will be 78 long-stay cycle parking spaces on one of the basement levels, alongside 14 short-stay spaces positioned outside the building.

The proposal is under consultation until June 18.

Officers are expected to reach a decision on the redevelopment following the conclusion of the consultation period.

Sensex rose nearly 14 points to close at 74,360, while Nifty 50 rose around 11 points to end the session at 23,417, nearly unchanged from the previous session. This came as India VIX, which measures volatility in markets, fell over 3% to 15.77.

Titan shares jumped 4% to lead gains on Sensex, while Zomato-parent Eternal jumped 3% to follow. ITC, Tech Mahindra, SBI, Bharat Electronics and ICICI Bank shares meanwhile gained around 1% each. On the other hand, Infosys, Bajaj Finserv, UltraTech Cement, Adani Ports and Tata Steel shares dropped around 15 each.

Broader markets closed with higher gains, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining around 0.5% each. Sectorally, Nifty Consumer Durables rallied more than 2%, while Nifty Metal declined 0.7%. Around 1,817 stocks advanced on NSE, while 1,474 declined and 105 remained unchanged.

Rupee watch

Notably, investors now await the outcome of the Reserve Bank of India’s Monetary Policy Committee’s (MPC) meeting tomorrow. Meanwhile, rupee closed at 95.7850 per U.S. dollar, from 95.7050 on Wednesday.

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FIIs net sold Indian shares worth Rs 5,617 crore on Wednesday, according to data on NSE. They have net sold Indian equities worth more than Rs 39,625 crore in just four consecutive sessions.

India may scrap capital gains tax on FPI investments in govt securities

The Indian government is planning to scrap capital gains tax on investments in government securities by foreign portfolio investors (FPIs), a move which will likely shore up overseas capital inflows into the country, The Economic Times reported citing people familiar with the matter.The Cabinet, in a meeting chaired by Prime Minister Narendra Modi on Wednesday, approved the promulgation of an ordinance to amend the Income Tax Act to pave the way for this exemption, sources further told The Economic Times, adding that a notification is expected soon after the President gives her assent to the ordinance.

What lies ahead?

On Thursday, the benchmark index Nifty opened with a gap-down. However, the index staged a recovery from lower levels and eventually closed on a flat note. Notably, this marked the third consecutive session where Nifty found support near its prior swing low and rebounded thereafter, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He however added that a sustained follow-up move on the upside is still required to confirm a potential reversal.

“At present, the index continues to trade below its key moving averages, while momentum indicators suggest a sideways trend. The daily RSI has been oscillating within a narrow range for the last 40 trading sessions, in line with the RSI range shift rules, indicating lack of directional strength,” he said.

Going ahead, Shah expects the 23,550–23,580 zone to act as an important hurdle for Nifty 50.. A sustained move above the 23,580 level could trigger an extension of the ongoing pullback rally, potentially paving the way towards the 23,700 mark, he said. On the downside, he sees 23,330–23,320 zone as likely to serve as a crucial support area.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

One proposal involves moving Reliance’s cash holdings from liquid mutual funds into short-dated money market instruments, people aware of the conglomerate’s thinking said.

The switch may pay off because the yield spread between money-market papers and the benchmark rate has widened beyond its five-year average and is likely to narrow in the coming months, resulting in capital gains, the people said, asking not to be named as the information is private. Markets are currently expecting about 50 basis points of rate hikes this year, they said.

Traders also mulled reducing allocation to longer-dated bonds, which tend to be more sensitive to interest-rate changes, the people said.

The strategy discussion cited market expectations and the conglomerate didn’t take an explicit view on interest rates. Treasury departments typically consider a range of market scenarios when evaluating trading strategies.

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“We categorically deny the information you have provided in your email regarding our opinion on interest rates and the behaviour of the rupee,” a Reliance spokesperson said by email.

Agencies

Treasury departments typically consider a range of market scenarios when evaluating trading strategies.

India’s Overnight Swaps Reflect RBI Rate Hikes

The view carries weight because Reliance runs one of the largest corporate treasuries in India. The discussion also come ahead of the Reserve Bank of India’s rate decision on Friday, where the central bank is expected to announce measures to support the rupee.

While most economists — 29 out of 35 — surveyed by Bloomberg News expect the authority to keep the benchmark rate unchanged, they see the RBI adopting a hawkish stance to prepare markets for potential rate hikes later this year amid inflation pressures triggered by an oil price shock.

India’s sovereign bond yields have remained broadly stable this quarter even as the rupee has slid to record lows. The currency has recovered in recent days, helped by RBI intervention and optimism that a US and Iran agreement may lead to the reopening of the Strait of Hormuz, a vital route for the country’s energy imports.

The rupee is down 6% this year and recently approached a record low of 97 per dollar. It has been hovering around 95-96 levels in recent days.

Reliance’s traders expect the rupee to strengthen if a Middle East peace deal is reached and if the RBI takes measures to attract capital inflows, one of the people said. They have proposed that the owner of world’s largest oil-refining complex partly hedge its long-term forward contract positions as well as coupon payments dues in fiscal year starting March 2028, the person said.