Mumbai (TIP)- Equity benchmark Sensex on Thursday, May 9, crashed over 1,000 points while the Nifty dived below the 22,000 level due to across-the-board selloff amid general election uncertainties. Besides, persistent foreign fund outflows and heavy selling pressure in HDFC Bank, Larsen & Toubro and Reliance Industries weighed on investor sentiment, traders said.
Declining for the third day running, the 30-share BSE Sensex dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17. During the day, it tanked 1,132.21 points or 1.54 per cent to 72,334.18.
The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50. It tumbled 370.1 points or 1.65 per cent to 21,932.40 during the session.
“The broader market witnessed volatility, underscoring caution on account of Q4 earnings and general election uncertainties, which led investors to stay on the sidelines. We expect the trend to continue in the short term as the market slid below the physiological level of 22,000. The global indices are trading with mixed cues ahead of US inflation figures due next week,” Vinod Nair, Head of Research, Geojit Financial Services, said. In the broader market, the BSE smallcap gauge declined 2.41 per cent and midcap index dropped 2.01 per cent.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,669.10 crore on Wednesday, according to exchange data.
Tag: Mumbai
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Sensex tanks 1,062 points amid poll jitters, across-the-board selloff
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CSK, Mumbai get new captains as Pant returns after over a year
NEW DELHI (TIP)- The never-ending speculation surrounding Mahendra Singh Dhoni’s retirement, Virat Kohli’s 16-year drought, the second chance that life has offered Rishabh Pant and Rohit Sharma’s World Cup agony will make for intriguing sub-plots in the Indian Premier League (IPL) beginning on March 22. Known to do the unexpected, Dhoni stepped down as Chennai Super Kings’ captain on the eve of the IPL opener against Royal Challengers Bengaluru, handing over the reins to Ruturaj Gaikwad, a man he mentored for the leadership role. “We have been working hard to prepare leaders. We have been slow on life after MS Dhoni. But trusting the youngsters has paid off well for us. I have already had a word with the youngsters like Rutu about leadership and captaincy. It is a great opportunity for him to lead the team,” CSK coach Stephen Fleming said.
Delhi Capitals’ Pant, back from the brink after a life-threatening accident, will be desperate to show the world that he can still hit those one-handed sixes with elan.
Rohit will be the last person to show his scars hidden behind his typical Mumbaikar nonchalance as he gets down to enjoying his evening dates at the Wankhede albeit without the captain’s title. The partisan crowd would, nonetheless, look forward to his trademark pull shots.
For other captains, they need to win the on-field games but Hardik Pandya needs to win the dressing room too. There will be seniors with bruised egos, knowing that a shot at leadership has bypassed them. They could well be difficult to handle.
As for Kohli, he would be in pursuit of that elusive jewel in his crown. By his own admission, he has been longing for a big title and his own passionate approach to the game would be a key factor in deciding whether the RCB men manage to emulate the women this year. A bigger prize is also at stake for at least 10 to 12 other players, who will be vying for eight slots on the New York-bound flight that will take off at the end of May for the T20 World Cup in the USA and the Caribbean.
There will be unbelievable comebacks by some; a few new stars will emerge; there will also be those usual rags-to-riches stories and all of it could unfold in a matter of four minutes, the time it takes to deliver one over.
Source: Agencies -
RBI ups weight of SBI, HDFC Bank in too-big-to-fail list
Mumbai (TIP)- The Reserve Bank of India has upgraded the weightage of SBI and HDFC Bank on its list of three Domestic Systemically Important Banks (D-SIBs) for 2023 which includes ICICI Bank as well. The RBI said on Thursday, December 28, that while ICICI Bank continues to be in the same bucket structure as last year, SBI and HDFC Bank move to higher buckets – SBI shifts from bucket 3 to bucket 4 and HDFC Bank shifts from bucket 1 to bucket 2.
The three D-SIBs are require closer regulation under which they need to set aside more capital to avoid risk because if they fail this could have a disastrous effect on the country’s entire economy. These banks are also classified as “too-big-to-fail”.
For SBI and HDFC Bank, the increase of 0.2 per cent in D-SIB buffer requirements on account of the bucket increase will be effective from April 1, 2025.
The additional Common Equity Tier 1 (CET1) requirement will be in addition to the capital conservation buffer, the RBI said.
The current update is based on the data collected from banks as on March 31, 2023 and factoring in the increased systemic importance of HDFC Bank post the merger of erstwhile HDFC Limited into HDFC Bank on July 1, 2023, RBI said.
The D-SIB framework requires the RBI to disclose the names of banks designated as D-SIBs starting from 2015 and place these banks in appropriate buckets depending upon their Systemic Importance Scores (SIS). Based on the bucket in which a D-SIB is placed, an additional common equity requirement has to be applied to it.
In case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its Risk Weighted Assets (RWAs) in India, i.e., additional CET1 buffer prescribed by the home regulator (amount) multiplied by India RWA as per consolidated global Group books divided by total consolidated global Group RWA. Source: IANS -
Stock markets snap seven-day winning run; Sensex falls 132 points
Mumbai (TIP)- Benchmark equity indices Sensex and Nifty snapped their seven-day winning streak on Thursday, December 7, due to profit taking by investors after recent sharp gains triggered by negative cues from Asian markets. The 30-share BSE Sensex fell 132.04 points, or 0.19 per cent, to close at 69,521.69. The gauge hit the lowest intra-day level of 69,320.53. Broader index Nifty also declined 36.55 points, or 0.17 per cent, to settle at 20,901.15. Analysts said crude oil prices in international markets failed to boost sentiment amid selling pressure from foreign institutional investors even as traders stayed on the sidelines ahead of RBI’s monetary policy decision. The Reserve Bank of India is expected to maintain the status quo on the interest rate in its bi-monthly monetary policy decision to be announced on Friday. Major laggards among Sensex constituents included Bharti Airtel, Hindustan Unilever, Tata Steel and ITC. Power Grid, UltraTech Cement, NTPC and Titan emerged as winners.
As many as 17 shares of the 30-share Sensex ended the session in red, while 23 Nifty firms closed lower. According to Vinod Nair, Head of Research at Geojit Financial Services, the market took a breather as investors are in a wait-and-watch mode ahead of the monetary policy announcement.
“A better-than-estimated Q2 GDP growth, ease in global oil prices and drop in global bond yield will be the silver lining for the MPC. However, the expectation of a rise in domestic November inflation, drop in Rabi cultivation and increase in foodgrain prices will influence RBI to adopt a cautious approach in the short-term,” he said.
About the movement in Nifty, Rupak De, Senior Technical analyst at LKP Securities, said the index hovered within the bands of 20850-20950 as “sentiment remains somewhat cautious ahead of the RBI policy meet”.
“The near-term trend remains sideways to weak as long as it stays below 21000, a psychologically crucial level. A decisive breakout above 21000 might induce a resumption of the uptrend. Until then, we anticipate weakness over the near term,” De said.
Source: PTI -
Search operation at Maharashtra landslide site resumes; 86 people yet to be traced
Mumbai (TIP)- The search and rescue operation at Irshalwadi hamlet in Maharashtra’s Raigad district, where a massive landslide claimed the lives of at least 22 people, resumed for the third day on Saturday as 86 villagers are yet to be traced, officials said.
The landslide at the tribal village, situated on a hill slope under Khalapur tehsil that is located around 80 km from Mumbai, occurred on Wednesday, July 19 night.
The death toll till Thursday evening was 16, which went up to 22 on Friday as six more bodies were recovered. The deceased included nine men, as many women and four children. Nine members of a family perished in the disaster, officials said.
“The search and rescue operation by the National Disaster Response Force (NDRF) and other government agencies resumed for the third day on Saturday morning,” a police official said.
The search operation was suspended around 6 pm on Friday, July 21, due to heavy rain, an NDRF official said.
“Four NDRF teams and other agencies resumed the operation on Saturday morning,” he said.
At least 17 of 48 houses in the village, located on a hill slope, were fully or partially buried under the landslide debris.
As per the Raigad district disaster management office, of 229 village residents, 22 were dead, 10 were injured, 111 were safe and 86 people were yet to be traced. -
Aryan Khan case: Wankhede abused his position, says NCB probe
New Delhi/Mumbai (TIP)- The NCB’s inquiry team has alleged that its former zonal director Sameer Wankhede abused his position while probing the drugs-on-cruise case involving Shah Rukh Khan’s son Aryan. The NCB’s findings have been taken on record as part of the CBI’s FIR against Wankhede and three other NCB officials, who initially investigated the case.
The NCB has found several alleged service rule violations by Wankhede, including misreporting of foreign travel expenses and dealings in luxury watches. The inquiry team, in its report, has found irregularities against Indian Revenue Services officer Wankhede and his team on two counts — alleged irregularities in the conduct of the drugs-on-cruise raids and violations under the Central Civil Services (CCS) Rules.
Wankhede has, however, denied the allegations. He had approached the Central Administrative Tribunal (CAT) and recently the Bombay High Court to quash the CBI FIR against him, saying the SET chief — NCB Deputy Director General Gyaneshwar Singh — was “acting as judge of his own cause and conduct” as he was his reporting boss during the investigation of the case.
Meanwhile, Wankhede, accused of demanding bribe from Shah Rukh Khan for not implicating his son, has claimed in his petition that the superstar praised the officer’s “integrity” and pleaded with him to be kind to Aryan.
As per Wankhede’s petition before the Bombay High Court seeking to quash the FIR registered against him by the CBI for bribery, Khan deplored the political involvement in the case. As per the transcript provided in the petition, in one of the messages, the actor said, “God bless you. I have to come personally whenever you say and give a hug to you. Let me please know whenever it’s convenient for you. Really, I have always had the highest regard for your uprightness and now it has increased manifolds. Big respect.” “Please show some kindness … I can only plead and beg you as a father. Please,” the superstar said in another chat, as per the petition. -
India to host tourism-related activities under country’s SCO presidency
New Delhi (TIP)- A number of tourism-related activities will be held in India in the next few months under the country’s presidency of the Shanghai Cooperation Organisation (SCO), officials said on Thursday, February 9.
Uzbekistan, in September last year, had handed over the rotating presidency of the eight-member SCO to India in the historic city of Samarkand. As part of the tourism track activities under India’s chairship, the Ministry of Tourism has planned various activities such as SCO Tourism Mart during SATTE (South Asia’s Travel and Tourism Exchange) from February 9-11, they said. An SCO Expert Level Tourism Working Group Meeting and SCO Tourism Minister’s Meeting in Varanasi will be held from March 13-17 and SCO Food Festival in Mumbai from April 13-19, they said.
India has conceptualised an SCO Tourism Mart along with SATTE to promote the SCO brand of tourism. This will provide an opportunity to the member countries, observer countries and dialogue partners of SCO Fraternity to showcase their varied tourism products and cultural aspects.
SCO Tourism Mart conceptualises to bring SCO countries to common place for joint awareness of tourism and create adequate tourism movements within the SCO fraternity, officials said.
Ministry of Tourism has fabricated 390 sqm of space in the SATTE.
During SCO summit held in September 2022 in Uzbekistan, Varanasi was selected as the first “Tourism and Cultural Capital” of the SCO region 2022-23 and the SCO Tourism Ministers’ meeting will be culminating at Varanasi. Launched in Shanghai in June 2001, the SCO has eight full members, including its six founding members, China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. India and Pakistan joined as full members in 2017.
Source: PTI
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Ambani bomb scare case probe reaches Delhi
MUMBAI /NEW DELHI (TIP): In the latest development in the Mukesh Ambani bomb scare case, the Delhi Police Special Cell have questioned several inmates in the Tihar jail after they tracked the IP address of the device on which the telegram channel ‘jaishulhind’ was found operating from the jail premises.
On February 25, an SUV containing 20 gelatin sticks was found outside Mr. Ambani’s residence Antilia in Mumbai. On the next day, a group identified itself ‘Jaish-Ul-Hind’ had claimed responsibility.
A senior police officer said the organization was on their radar after it claimed the responsibility for the blast outside the Israel embassy in New Delhi. Their investigation also led them to Tihar, and the case was under investigation.
“Intelligence agencies working on terror have never come across the organization. There were no traces of funding or any link with terror groups. It appears that it has been created for extortion in the name of terror organization,” said the officer. After the group claimed planting bomb outside Mr. Ambani’s house, it came under the radar of the Mumbai police and their investigation also led them to Tihar. As per the investigation report, it was found that the group was operating through Tor Proxy (dark web). Upon further exploitation of the phone, it was found that the virtual number apps along with other anonymous communication apps were being used by the target. Through various exploits sent to the target identity, upon access and analysis of IP address fetched on February 26.
The investigation report further reads that it appeared that the person was using a sim card to run Internet on the device to operate telegram channel @jaishulhind. After resolving the IP address, it was found that the mobile number was likely being used which the Mumbai police or other agencies concerned may investigate further to extract more evidence. After tracking the location of the number, it is suspected that it is used near/inside the Tihar jail. A senior police officer said the Mumbai police never visited the Tihar jail to investigate the case. The investigation is on. The jail authorities have been instructed to be vigilant and ensure no mobile phone is used in jail premises.
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11 Indian companies in top-500 globally by value
Mumbai (TIP): Total 11 private Indian firms have made it to the list of 500 most valuable companies across the world, and the country is ranked 10th on the chart, as per a report. The total value of these 11 companies grew 14 per cent and has been pegged at USD 805 billion or nearly a third of the Indian GDP. All these companies in the list of non-state enterprises have gained in value during 2020, which was hit by the pandemic, barring tobacco major ITC and second largest private sector lender ICICI Bank, as per the ‘Hurun Global 500’ report. Mukesh Ambani-led Reliance Industries leads among the local enterprises with a 20.5 per cent jump in valuation to USD 168.8 billion as of December 1 and is ranked 54th globally, as per the list.
Tata Consultancy Services’ value grew by nearly 30 per cent during the year to take its value to USD 139 billion, ranking it 73rd globally and making it the second most valuable Indian firm. The value of HDFC Bank grew 11.5 per cent to USD 107.5 billion Hindustan Lever (USD 68.2 billion, gains of 3.3 per cent), Infosys (USD 66 billion and gains of 56.6 per cent), HDFC Ltd (USD 56.4 billion, gains of 2.1 per cent) and Kotak Mahindra Bank (USD 50.6 billion, 16.8 per cent in gains). ICICI Bank’s overall valuation decreased 0.5 per cent to USD 45.6 billion, taking it to the 316th spot in overall rankings, while ITC’s value dived 22 per cent to USD 32.6 billion making it the 480th in the list of 500. The report said 239 of the non-India headquartered companies have a presence in the country, with a maximum number of them having regional offices in the financial capital. Of the 11 most valuable companies, seven have their headquarters in the financial capital, followed by one each in Pune, Bengaluru, Kolkata and New Delhi, it said. The report said the local stock market grew 12 per cent despite the pandemic, which can explain the rise in the valuations.
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AFTER 70 YEARS OF INDEPENDENCE ELECTRICITY REACHES ELEPHANTA CAVES
MUMBAI (TIP): After 70 years of Independence power supply has finally reached Elephanta Caves near Mumbai.
A 7.5-km long undersea cable has brought electricity to the world-famous Gharapuri Isle, which houses the UNESCO world heritage site.
“It’s a historic day today. This is the first time that such kind of big wire cable is used in the Arabian Sea to spread the lines for electricity,” said Chandrashekhar Bawankule, Minister of Energy, New and Renewable Energy.
He further said that the step would now increase the tourism and more people would visit the world heritage site.
The step will also benefit three villages including Raj Bander, Mora Bander and Shet Bander. Source: ANI
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Indian Americans Romesh and Sunil Wadhwani launch a non Profit artificial intelligence center in Mumbai
The mission of the institute is to be a hub for collaborations between AI scientists from top global institutions, social-impact organizations, and governments by creating and curating high-quality open-access datasets to foster innovation.
TIP: Indian Prime Minister Narendra Modi on February 18th inaugurated the Wadhwani Institute for Artificial Intelligence on the Kalina campus of the Mumbai University.
The Wadhwani Institute for Artificial Intelligence, a nonprofit independent research institute that aims at developing AI technologies for social gain, will help improve productivity and lead to equitable development, said Modi during his speech.
Founded by Indian American tech entrepreneurs Romesh and Sunil Wadhwani, the institute will work in domains of societal importance, including agriculture, health, education and infrastructure.
“With each wave of new technology, new opportunities arise,” said Modi. “It opens an entirely new paradigm of opportunities. New opportunities have always outnumbered old ones.”
“This optimism spells from my firm faith in the ancient Indian thinking that blended science and spirituality and found harmony between the two for the greater good of mankind,” he added.
The institute is the first of its kind in India that focuses on further developments in artificial intelligence and is supported by the state government of Maharashtra.
The institute will have 10 data scientists from across the world in the initial stage.
The mission of the institute is to be a hub for collaborations between AI scientists from top global institutions, social-impact organizations, and governments by creating and curating high-quality open-access datasets to foster innovation.
The research team at the Wadhwani Institute is collaborating with MIT, Stanford, University of Southern California, NYU, University of Washington, CMU, Alan Turing Institute, IIT Bombay, IIT Madras and IIT Delhi, among other institutions.
In addition to providing space for the institute, the Government of Maharashtra has also offered to provide a test bed for piloting our projects.
“The institute will develop AI-based solutions to serve the bottom 20% of society. Unique initiative!” tweeted CEO of Niti Aayog Amitabh Kant.
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Hafiz Saeed’s detention case: Pak court defers verdict till July 3
LAHORE (TIP): Mumbai terror attack mastermind and Jamaat-ud-Dawah chief Hafiz Saeed and his four aides will have to celebrate Eid in custody as Pakistan’s Lahore High Court today deferred its verdict till July 3 in their detention case.
“As a division bench headed by Justice Abdul Sami Khan today held the court to announce the verdict a government law officer requested it (bench) to defer it as the deputy attorney general was not present in the court,” a court official told reporters outside the courtroom.
Accepting the government’s request, the bench deferred the announcement of its verdict in Saeed’s house arrest case till July 3, the official said.
The court official gave no further reason for deferring the announcement. “The bench will again sit on July 3 and announce the verdict in Saeed’s case,” he added.
The court had reserved the decision on June 7 after the Punjab government law officer submitted a reply and Saeed’s counsel advocate A K Dogar completed his arguments.
The court had declared that it would announce the verdict in Saeed’s detention case on June 19. Saeed and his four close aides — Abdullah Ubaid, Malik Zafar Iqbal, Abdul Rehman Abid and Qazi Kashif Hussain — have been detained on the instruction of the federal government for their alleged involvement in activities prejudicial to peace and security of the country, says the Punjab government.
The government had also submitted the report of the judicial review board on the detention of Saeed and his aides. In his arguments, Dogar said the government did not produce the petitioners before the judicial review board prior to expiry of their detention period (April 30) and extended their detention on its own.
He said extending detention period without the mandatory approval of the review board is “illegal”. Dogar said the government detained the petitioners to “please India and America only”.
He said the courts of the country in past had declared detention of the JuD chief illegal as government failed to prove its charges against him. He prayed to the court to set aside the detention of the petitioners for being unconstitutional.
Earlier, the three-member review board headed by Justice Ejaz Afzal Khan of the Supreme Court had reserved its verdict on the detention of Saeed.
Saeed last month had appeared before the review board and told it that he had been detained by the Pakistani government in order to “stop him for raising voice for Kashmiris”.
The federal interior ministry rejected his arguments and told the board that “Saeed and his four aides have been detained for spreading terrorism in the name of Jihad”
On April 30, detention of Saeed and his four aides was extended by the Punjab government for another 90 days under preventative detention under 11 EEE (I) and 11D of Anti- Terrorism Act 1997.
The Punjab government on January
30 had put these five under house arrest
in Lahore under the Second Schedule of
Anti-Terrorism Act 1997. (PTI)
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1993 MUMBAI BLASTS: ABU SALEM, FIVE OTHERS CONVICTED; 1 ACQUITTED
MUMBAI (TIP): Twenty-four years after 12 blasts rocked the city killing 257 and leaving 713 grievously injured, a special Terrorist and Disruptive Activities (Prevention) Act court on Friday convicted six out of the seven accused, including Abu Salem and Mustafa Dossa. In the dock is a second batch of accused, tried by special judge Govind A Sanap, after the main trial of 123 accused ended in 2006 with the conviction of 100.
The court has set the next hearing date on June 19 (Monday) to decide the date for argument on quantum of sentence.
Others who were convicted include Feroz Khan, Taher Merchant, Riyaz Siddiqui, Karimulla Khan. The court pronounced the sentence after hearing arguments from the defence and the prosecution. Out of the six convicted by the Tada court, only five face the gallows. Riyaz Siddiqui will only attract life sentence as he is not held guilty of criminal conspiracy.
Abdul Qayyum Shaikh who has been acquitted by the court had allegedly sent arms and ammunition from abroad which landed at Dighi Jerry. He also had allegedly sold a licensed revolver to Sanjay Dutt in September 1992.
Special CBI counsel Deepak Salvi said trial for the seven, arrested between 2003 and 2010, had to be separated as they were nabbed after a substantial portion of the previous trial was completed.
With no other accused currently in custody, the Friday verdict was the last in the case for now. Thirty-three accused are absconding, including key conspirators Dawood Ibrahim, his brother Anees Ibrahim, Mustafa’s brother Mohammed Dossa and Tiger Memon.
Abu Salem Salem was extradited in November 2005 from Portugal. His confession led to the arrests of Siddiqui and Shaikh. Mustafa was named in 1995 by a coaccused and arrested in 2003 after he arrived in Delhi from Dubai.
The CBI submitted the attacks were planned to avenge the demolition of the Babri Masjid on December 6, 1992, and the riots in its aftermath. The lesser known Taher (60) also has a predominant role. A resident of Kambekar Street in central Mumbai, he grew up with Dawood and his brothers and was said to be the don’s trusted aide.
He allegedly motivated associates to arrange men from Mumbai for training in handling of arms and ammunition in Pakistan. Taher is also accused of collecting funds to procure arms and ammunition. He was extradited from Abu Dhabi in 2010. The 12 coordinated attacks between 1.30 pm and 3.40 pm on March 12, 1993, planned over 15 meetings across UAE and India, also destroyed property worth Rs 27 crore. Special CBI counsel Deepak Salvi told the court in his opening arguments that “this was the first ever terrorist attack in the world where RDX was used on such a large scale after the Second World War.”
Special judge Sanap took over the trial in 2011 and the proceedings concluded in March this year.The trial was stayed after both the accused and the prosecution moved the apex court challenging various legalities.Dossa’s lawyer Rizwan Merchant challenged the applicability of the voluminous evidence of 686 witnesses from the previous trial.