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Hyderabad encounter: Conflicting reactions from politicians, celebrities and citizens

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Bahujan Samaj Party (BSP) chief Mayawati said that Uttar Pradesh and Delhi should draw inspiration from Hyderabad Police.

The killing of four suspects arrested in connection with the brutal gang rape and murder case of Hyderabad’s young veterinarian has drawn a wide range of conflicting reactions from the country’s political class, celebrities and common citizens.

While the victim’s family and outraged citizens, including several top politicians have applauded the police act, many other politicians and rights activists have questioned the circumstances of the Hyderabad encounter and demanded a probe.

Bahujan Samaj Party (BSP) chief Mayawati said that Uttar Pradesh and Delhi should draw inspiration from Hyderabad Police.

“Crimes against women are on the rise in Uttar Pradesh, but the state government is sleeping. Police here and also in Delhi should take inspiration from Hyderabad Police, but unfortunately here criminals are treated like state guests, there is jungle raj in UP right now,” news agency ANI quoted Mayawati as saying.

Samajwadi Party MP Jaya Bachchan described the encounter as “long due,” while reacting to a question on the encounter in Parliament premises. She said: “Der aaye, durust aaye…der aaye, bohot der aaye (Better late than never)”. Bachchan had earlier in Parliament advocated for the lynching of rapists.

During Zero Hour in Lok Sabha today, BJP MP Meenakshi Lekhi said police have not been given weapons as a show piece and have to use when accused try to flee.

Police ko hatiyar sajane ke liye nahin diye gaye” (Police have not been given weapons for keeping as show piece), she said.

Former Bihar CM Rabri Devi said that the incident will act as a deterrent againist criminals and blamed Bihar govt for adopting a lax attitude in crimes against women.

“What happened in Hyderabad will act as a deterrent against criminals surely, we welcome this. In Bihar as well, cases of crimes against women are increasing. The state Govt here is lax and doing nothing,” ANI quoted Rabri as saying.

Delhi CM Arvind Kejriwal said people are “happy” over what has happened in Hyderabad but have lost faith in the criminal justice system.

Several Bollywood celebrities took to social media to express their emotions.

Veteran actor Rishi Kapoor tweeted: “Bravo Telangana Police. My congratulations!”

Actor Anupam Kher wrote “Congratulations and #JaiHo to #TelenganaPolice for shooting down the four rapists of in an ‘ENCOUNTER’. All those who demanded harsh punishment in the case, now say with me #Jai Ho!”

Shuttler Saina Nehwal lauded Hyderabad police for killing all four accused in the rape and murder of a veterinarian in Telangana.

“Great work#hyderabdpolice .. we salute u,” she tweeted.

Actor Ranvir Shorey wrote “Perversion of the justice system cannot be the answer to dealing with perverts in society. Fixing the justice system is.”


Rights activists, however, denounced the incident and said the police cannot act like a lynch mob under any circumstance.

BJP leader and former Union minister Maneka Gandhi slammed the police for the killing of four men accused in the Telangana gangrape-murder case and said it set a “horrifying” precedent for the country.

“Jo bhi hua hai bohot bhayanak hua hai is desh ke liye (What happened was horrifying for the country)… You cannot kill people because you want to. You cannot take law in your hands, they (accused) would have been hanged by court anyhow,” PTI quoted Gandhi as saying.

Senior Congress leader and former finance minister P Chidambaram asked for a thorough inquiry into the incident.

“I don’t know facts of what happened in #Hyderabad. As responsible person,all I can say is, it must be thoroughly inquired into,to find out if it was a genuine encounter whether they were trying to flee or it was anything else,” he said.

According to Kavita Krishnan, secretary of the All India Progressive Women’s Association, this is not justice but a “ploy” to shut down demands for accountability from the police, judiciary, governments, and justice and dignity for women.

Annie Raja, general secretary of the National Federation of Indian Woman (NFIW), called for a high-level inquiry.

“Why in spite of having all legislations in place in the country are governments failing to implement it. Definitely it was a distraction. It was an attempt to divert attention from the issue. A high level inquiry is needed in the matter is needed,” she said.

Lawyer and rights activist Vrinda Grover termed the incident “absolutely unacceptable”.

Asking people to say “no to trigger track injustice”, she said, “… so all that the state will do in the name of ensuring that women live as equal and free citizens is to add to its arsenal of unlimited, arbitrary violence.”

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sensex declines 100 points, Nifty below 12,000; Yes Bank, ZEEL top losers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The benchmark 30-share S&P BSE Sensex traded 135 points lower, or 0.36 percent, at 40,644 at 12.24 pm.

Indian shares traded lower on Friday with the Nifty slipping below the 12,000 mark as sustained selling in index heavyweight stocks such as State Bank of India, HDFC, ITC and L&T weighed on benchmark indices. The benchmark 30-share S&P BSE Sensex traded 135 points lower, or 0.36 percent, at 40,644 at 12.24 pm. The broader 50-share NSE Nifty50 also slipped 38 points, or 0.32 percent, to trade at 11,980. Earlier, benchmark indices started on a positive note, tracking broader Asia, as the street cheered US President Donald Trump’s latest comments saying trade talks with Beijing were on track.

Broader market indices underperformed with the Nifty MidCap 100 index down 0.86 percent, while the Nifty SmallCap 100 index was down 0.63 percent. Among NSE sectoral indices, only Pharma was in the green, up just 0.17 percent. The Nifty PSU Bank index sharply corrected by over 3 percent, while the Nifty Meida index also dropped almost 3 percent.

Among Nifty gainers, Bharti Infratel rose 4.5 percent, while Dr Reddy’s Labs also surged 2.24 percent. Kotak Mahindra Bank, Asian Paints and HDFC Bank rose by up to 1.5 percent.

Yes Bank tanked over 8 percent, the worst among the laggards. Zee Entertainment Enterprises also declined over 4 percent. SBI, M&M and IndusInd Bank declined by up to 3.8 percent.

Yes Bank shares nosedived as Moody’s Investors Service cut the private sector lender’s long-term foreign currency issuer rating to ‘B2’ from ‘Ba3’. It said Yes Bank’s pool of potential stressed assets will add pressure on liquidity, leading to deterioration in the credit profile.

Shares of Vodafone Idea plunged over 6 percent after its chairman Kumar Mangalam Birla said that the company will have to be closed down if the government doesn’t provide relief that the company has sought.

Shares of Gati Ltd fell over 4 percent on Friday after integrated logistics solutions provider acquired controlling stake in the company for Rs 416 crore.
According to the deal, Allcargo Logistics will buy up to 1,03,85,332 equity shares of Gati Ltd at Rs 75 per share from some of the existing members of the Promoter and Promoter Group of Gati – Mahendra Kumar Agarwal, Mahendra Investment Advisors Pvt Ltd and TCI Finance Ltd (TCI), and Gati.

In the currency markets, the Indian rupee traded at 71.33 per US dollar at 12.41 pm. The domestic currency had opened on a steady note at 71.30 against the greenback in early trade.

In global markets, state-owned oil giant Saudi Aramco’s initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement, raising $25.6 billion and beating Alibaba’s record $25 billion listing in 2014.

Also, catch all the latest market action and updates with CNBCTV18.com’s blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Parliament winter session 2019: Lok Sabha to consider two bills; Citizenship Bill likely on Monday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Union home minister Amit Shah will move the Arms (Amendment) Bill, 2019 for consideration and passing.

The Lok Sabha will consider two important Bills for consideration and passing on Friday in the ongoing winter session of Parliament. Union finance minister Nirmala Sitharaman will move the International Financial Services Centres Authority Bill, 2019 for consideration of the House. The Bill is to provide for the establishment of an authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto.

Union home minister Amit Shah will move the Arms (Amendment) Bill, 2019 for consideration and passing. The Bill amends the Arms Act, 1959.

Additionally, the lower house will hold a discussion on crop loss due to various reasons and its impact on farmers. Both house will also take up private members’ legislative business.

ALSO READ | Citizenship Amendment Bill gets Cabinet nod: Here’s a brief guide to the contentious bill

Meanwhile, the government is likely to introduce the Citizenship Amendment Bill (CAB) in Lok Sabha on Monday. Congress leader Rahul Gandhi said that his party will oppose the bill.

“India is for everyone, including Muslims,” CNBCTV18 quoted Gandhi as saying.

The Trinamool Congress also said it will oppose the bill.

ALSO READ | Protests across Northeast intensify as Citizenship Bill likely to be passed in Parliament by December 10

TMC secretary general leader and state Parliamentary Affairs Minister Partha Chatterjee said the party will oppose NRC tooth and nail.

“Our party supremo has said the party will never allow the NRC in West Bengal. The CAB is against the basic principles of our Constitution. How can someone be given citizenship on the basis of religion?” news agency PTI quoted Chatterjee as saying.

He said the party is not in favour of division on the basis of religion, the agency added.

The CAB seeks to amend the Citizenship Act, 1955, in order to grant Indian nationality to Hindus, Sikhs, Buddhists, Jains, Parsis and Christians, who come to India due to religious persecution in Bangladesh, Pakistan and Afghanistan even if they don’t possess proper documents.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Markets at close: How the major indices and stocks fared on Thursday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

The Sensex settled 70 points lower, or 0.17 percent, to close Thursday’s trade at 40,779.

Indian shares pared early gains to end in red on Thursday after the RBI kept its policy rate unchanged, surprising investors who were expecting at least a 25 basis-point cut. Selling was seen in banking, metals and auto stocks during the day.

Here’s a quick recap of how top market indices and stocks fared on Thursday:

Frontline indices

Sensex: The Sensex settled 70 points lower, or 0.17 percent, to close Thursday’s trade at 40,779. So far this year, the 30-share benchmark BSE index has surged over 13 percent, adding 4,711 points.

Nifty50: The Nifty50 surged 23 points, or 0.21 percent, to settle at 12,018. So far this year, the broader NSE index has been positive by 1156 points, or almost 11 percent.

Key stocks

Tata Consultancy Services: The IT major settled 2.04 percent higher, closing at Rs 2,121.50 per share on NSE.

Reliance Industries: The oil-telecom-retail conglomerates’ shares ended lower by 0.14, quoting at Rs 1,550.30 on NSE.

HDFC Bank: The private sector lenders’ shares settled 0.50 percent lower in trade today, quoting at Rs 1,245.45 on NSE.

Hindustan Unilever: The FMCG major’s stock closed at Rs 2,036.25 per share, ending 0.58 percent lower at close on NSE.

HDFC: The NBFC stock settled at Rs 2,325.45, higher by 0.15 percent.

Major sectors

Nifty Bank: The banking gauge settled 0.83 percent lower at 31,713, down 266 points at close. So far this year, Nifty Bank has gained almost 17 percent.

Nifty IT: The IT index ended 1.27 percent higher to settle at 15,367.50. So far this year, it has gained 6.4 percent.

Nifty FMCG: The consumer goods gauge settled 0.29 percent higher at 30,795. So far this year, Nifty FMCG has gained barely a percent.

Nifty Auto: The index ended 0.68 percent lower to settle at 7,942. So far this year, it has corrected by 14 percent.

Nifty Metal: The metal index dropped 2.31 percent to settle at 2,544. So far this year, the index has lost over 19 percent.

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Stung by Chidambaram’s criticism of economy, BJP accuses Congress leader of violating bail condition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Union minister Prakash Javadekar told reporters that the claim of Chidambaram, who was released on bail on Wednesday after spending 106 days in jail, amounted to “self-certification”.

The Bharatiya Janata Party (BJP) on Thursday accused Congress leader and former finance minister P Chidambaram of violating bail conditions by claiming to have a very clear record as a minister, saying the case against him is essentially about corruption he was allegedly involved in as the finance minister. Union minister Prakash Javadekar told reporters that the claim of Chidambaram, who was released on bail on Wednesday after spending 106 days in jail, amounted to “self-certification”.

The Supreme Court had asked the Congress leader not to speak about the case against him while ordering his release on bail. What he said is in violation of this condition, the BJP leader said.

Earlier, Chidambaram slammed the Narendra Modi government’s economic performance while addressing a press briefing in New Delhi.

Chidambaram attacked the Central government for the economic slowdown in the country saying they are unable to diagnose the issue and the government has no solutions that would address the structural problems.

During the briefing, Chidambaram also said his “record as minister and conscience are absolutely clear”.

After spending 106 days in Tihar jail, Chidambaram walked out on Wednesday evening. He was arrested on August 21 by the Central Bureau of Investigation (CBI) in connection with a probe into granting of Foreign Investment Promotion Board (FIPB) approval to the INX Media, now known as 9X News, when he was the Finance Minister.

Chidambaram was sent to judicial custody on September 5. On October 16, while in judicial custody at Tihar Jail, he was arrested under sections of the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate (ED).

Since October 17, Chidambaram was remanded to the ED custody till October 30.

-with inputs from agencies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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P Chidambaram: Will be lucky if GDP growth touches 5%; questions PM Modi’s silence on economy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Senior Congress leader and former FM P Chidambaram was addressing the media in New Delhi a day after he was released from prison on bail in the INX Media money laundering case. 

Senior Congress leader and former finance minister P Chidambaram on Thursday slammed the Narendra Modi government’s economic performance.  Chidambaram was addressing the media in New Delhi a day after he was released from prison on bail in the INX Media money laundering case. The former finance minister questioned Prime Minister Narendra Modi’s silence amid slowdown.

“Prime Minister has been unusually silent on the economy. He has left it to his ministers to indulge in bluff and bluster. The net result, as the Economist put it, is that the government has turned out to be an ‘incompetent manager’ of the economy,” news agency ANI quoted Chidambaram as saying.

The former finance minister also questioned BJP government’s economic vision and blamed its series of controversial decisions for the decline in growth.

“The government is wrong. It is unable to look for the obvious clues because it is stubborn and mulish in defending its catastrophic mistakes like demonetisation, flawed GST, tax terrorism, regulatory overkill, protectionism, and centralized control of decision-making in the PMO,” News18 quoted Chidambaram as saying.

“Please remember Dr Arvind Subramanian’s caution that 5% under this government, because of suspect methodology, is not really 5% but less by about 1.5%,” news agency ANI added.

Chidambaram also raised doubt whether the GDP growth will come at 5 percent on a day the the RBI slashed the GDP growth projection for the financial year 2019-20 to 5 percent from the earlier forecast of 6.1 percent.

“Nothing sums up the state of the economy better than the following series of numbers: 8, 7, 6.6, 5.8, 5 and 4.5 Those are the quarterly growth rates of GDP in the last six quarters. The third and fourth quarters of 2019-20 are not likely to be any better. We will be lucky to end the year if growth touches 5 per cent,” the website added quoting the former finance minister.

The former finance minister also said his “record as minister and conscience are absolutely clear”.

“Officers who have worked with me, business persons who have interacted with me and journalists who have observed me know that very well,” News18 added.

The Supreme Court on Wednesday granted bail to Congress leader P Chidambaram in a money laundering case related to INX Media and directed that he could not leave the country without its prior permission nor speak to the media.

Chidambaram, who has been in custody for 105 days, should neither try to influence witnesses nor tamper with evidence, the court said while setting aside the Delhi High Court November 15 verdict denying the former Union finance minister bail

A three-judge bench, headed by Justice R Banumathi, granted the relief to the 74-year-old Congress leader on a personal bond of Rs 2 lakh with two sureties of the like amount.

-with inputs from agencies

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Sensex, Nifty slip as RBI keeps repo rate unchanged at 5.15%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

At 11:48 am, the Sensex traded lower at 40,769.73, down 80.56 points or 0.20 percent, while the Nifty50 traded 31.60 points or 0.26 percent lower at 12,011.60.

Indian shares traded lower as the Reserve Bank of India kept repo rate unchanged at 5.15 percent. Trade sentiment turned negative as the country’s monetary policy regulator disappointed investor hopes of an interest rate cut amid slowing growth in Asia’s third largest economy. The RBI Monetary Policy Committee (MPC), however, maintained its stance as ‘accommodative’, while recognising that there is scope for future action.

The RBI MPC further sharply reduced its gross domestic product forecast for the current fiscal to 5 percent from a 6.1 percent projection earlier, while the growth for the second half of the current fiscal was also reduced at 4.9-5.5 percent against 6.6-7.2 percent projected earlier. India’s economic growth slowed to 4.5 percent in the July-September period, its weakest pace since 2013.

At 11:48 am, the Sensex traded lower at 40,769.73, down 80.56 points or 0.20 percent, while the Nifty50 traded 31.60 points or 0.26 percent lower at 12,011.60. The Nifty has risen 7.7 percent and the Sensex has gained 8.43 percent since the last rate cut in October, mainly due to measures such as reducing the corporate tax rate and expectations of more stimulus.

Broader market indices traded flat with the Nifty MidCap 100 index down 0.10 percent. Barring IT and Media, NSE sectoral indices declined with PSU Bank, Metal and Pharma dipping the most by up to 1.6 percent. Nifty Bank was lower over half a percent.

Among top Nifty gainers, Zee Entertainment Enterprises, Tata Consultancy Services, Indian Oil Corp, Titan and ITC traded higher by up to 3.41 percent. HCL Tech, Coal India, JSW Steel, Sun Pharma and Gail shares traded lower.

ICICI Bank shares hit a fresh 52-week high and surged 1.32 percent in intraday deals after brokerage firm Macquarie rated the stock ‘overweight’ with a target price of Rs 615 per share.

Shares of Housing and Urban Development Corporation (Hudco) declined as much as 10 percent after the company reported default in repayment of certain dues.

Lemon Tree Hotels shares rallied over 5 percent on Thursday after global brokerage CLSA maintained a ‘buy’ rating on the stock with a target price of Rs 80 per share.

In the currency market, the Indian rupee traded at 71.63 per US dollar at 12.23 pm. The home currency had opened on a weak note and fell 12 paise to 71.78 against the greenback.

The Indian rupee will not recover lost ground in the coming year, according to a Reuters poll of currency strategists who are more pessimistic than last month amid doubts over any kind of trade truce between the United States and China.

The 10-year government bond yield was at 6.46 percent in morning trade. At 12.11 pm, it quoted at 6.55 percent.

Also, catch all the latest market action and updates with CNBCTV18.com’s blog.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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 5 Minutes Read

Parliament winter session 2019: FM Sitharaman to move Taxation Bill in Rajya Sabha today

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The Rajya Sabha will see finance minister Nirmala Sitharaman move the Taxation Laws (Amendment) Bill, 2019 for consideration and return.

In the ongoing winter session of Parliament, the Lok Sabha will see the introduction of the International Financial Services Centres Authority Bill, 2019. Union finance minister Nirmala Sitharaman will move the Bill for consideration of the House. The Bill is to provide for the establishment of an authority to develop and regulate the financial services market in the International Financial Services Centres in India and for matters connected therewith or incidental thereto.

The Thursday List of Business in the Rajya Sabha will see finance minister Nirmala Sitharaman move the Taxation Laws (Amendment) Bill, 2019 for consideration and return. Also, papers will be tabled by several ministers and reports by Standing Committees will also be submitted.

Sitharaman will move the Taxation Bill further to amend the Income-tax Act, 1961 and to amend the Finance (No.2) Act, 2019, as passed by the Lok Sabha. The Bill will be put up for consideration and return.

However, a Statutory Resolution will be moved by members K. K. Ragesh, T. Subbarami Reddy and Elamaram Kareem: “That this House disapproves the Taxation Laws (Amendment) Ordinance, 2019 (No.15 of 2019) promulgated by the President of India on September 20, 2019.

Papers will be tabled by ministers on various subjects concerning their ministries: Smriti Irani for Ministry of Textiles; Rao Inderjit Singh for Ministry of Statistics and Programme Implementation; Jitendra Singh for Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy and Department of Space; V. Muraleedharan for Ministry of External Affairs; and Renuka Singh Saruta for Ministry of Tribal Affairs.

The Parliamentary Standing Committee on Chemicals and Fertilisers will present report by members G.C. Chandrashekhar and Ahmad Ashfaque Karim on ‘Pricing of Drugs with Special Reference to Drugs (Prices Control) Order, 2013’ of the Ministry of Chemicals and Fertilizers (Department of Pharmaceuticals).

Naranbhai J. Rathwa and Lal Sinh Vadodia will lay on the Table reports of the Department related Parliamentary Standing Committee on Rural Development: “First Report on Demands for Grants (2019-20) of the Ministry of Rural Development (Department of Rural Development; second Report on Demands for Grants (2019-20) of the Ministry of Panchayati Raj; and third Report on Demands for Grants (2019-20) of the Ministry of Rural Development (Department of Land Resources).

The Upper House members Sardar Balwinder Singh Bhunder and Harshvardhan Singh Dungarpur to Table reports of the Department related Parliamentary Standing Committee on Water Resources: “First Report on Demands for Grants (2019-20) of the Ministry of Jal Shakti (Department of Water Resources, River Development and Ganga Rejuvenation); and second Report on Demands for Grants (2019-20) of the Ministry of Jal Shakti (Department of Drinking Water and Sanitation).

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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 5 Minutes Read

PMO focuses on ‘construction sector’, creating jobs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The Narendra Modi government has directed all ministries and departments to expedite pending payments to contractors and construction companies.

In a bid to boost economy and revive the construction sector in the country, the Narendra Modi government has directed all ministries and departments to expedite pending payments to contractors and construction companies. The objective is to infuse liquidity in the market and create more job opportunities. Over the last few years increasing number of multi-crore infrastructure and construction projects got entangled in legal issues and court proceedings, virtually blocking growth of India’s most promising business sector. Hitherto, the construction sector was providing one of the largest segments of direct and indirect employment across the country.

Prime Minister Narendra Modi had instructed NITI Aayog in 2016 to find a breakthrough in this direction and later the Cabinet Committee on Economic Affairs (CCEA) approved various measures to infuse liquidity in the construction sector. Yet certain legal hassles remained.

Recently in a letter (dated November 28, 2019) the Project Management and Appraisal Division (PAMD) of Niti Aayog instructed the Union Law Ministry and the departments concerned to ensure that contractors are paid 75 percent of arbitral awards against bank guarantee.

“The CCEA has considered proposal of NITI Aayog (on November 20) and has approved that 75 per cent of such payments will be paid by the government entities to contractors against a bank guarantee and not for its interest component,” says the confidential letter addressed to Cabinet Secretary, Law Ministry and other departments concerned.

The letter further reveals that the Attorney General of India in consultation with the department of legal affairs will ensure that process of providing legal opinion to government entities relating to payments will be completed within 30 days.

In simpler words, the PMO wants that payments should not be subject to any further legal hindrances, and should be released on a priority basis to infuse liquidity in the construction sector as soon as possible.

The letter of PAMD says that all concerned ministries “shall issue instructions to respective government entities for taking necessary action on the issue expeditiously”.

The instructions have to be given, says the letter, to “all Public Sector Undertakings of Central government, all autonomous organisations of Centre and companies wherein paid up share capital of Central government is more than fifty per cent.”

Sources in the NITI Aayog said that primary objective of the government is to release payment to contractors in a bid to revive the entire construction sector and ultimately boost the commercial ecosystem of the country which seems to be slowing down.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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Should Elon Musk be able to buy Twitter?

 5 Minutes Read

Karnataka bypolls: Voting underway in 15 assembly constituencies; polling to end at 6 pm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

The BJP and the opposition Congress are contesting in all the 15 assembly seats, while the JD-S only in 12 seats.

Voting began in 15 Assembly segments in Karnataka where by-elections are being held to fill the vacancies caused by the resignation and disqualification of the 14 Congress and 3 JD-S rebels in July, an official said. “Polling began at 7:00 a.m. in all the 15 Assembly constituencies amid tight security to elect the new legislators. Voting will be allowed till 6:00 p.m.,” an Election Commission official told IANS here.

By-elections are being held in AAthani, Kagwad, Gokak, Yellapura, Hirekerur, Ranibennur, Vijaynagara, Chickballapura, K.R. Pura, Yeshwanthpura, Mahalakshmi Layout, Shivajinagara, Hosakote, K.R. Pete and Hunsur Assembly seats.

The 15 constituencies have nearly 38-lakh eligible voters, including 19.25-lakh men and 18.52-lakh women.

“The Election Commission has declared paid leave for the voters working in public or private offices to exercise franchise in their polling stations,” asserted the official.

As many as 165 candidates, including 126 Independents and 9 women are in the fray in the 15 Assembly seats.

The BJP and the opposition Congress are contesting in all the 15 assembly seats, while the JD-S only in 12 seats.

The 3,185 polling stations have a total of 8,326 ballot units and 8,186 controlling units and 7,876 VVPATs (Voter Verifiable Paper Audit Trail) for casting the ballots.

The vote count is on December 9.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

Next Article

Shanghai residents turn to NFTs to record COVID lockdown, combat censorship

LIVE TV

today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
Powered by
Are you a Crypto Head? It’s time to prove it!
10 Questions · 5 Minutes
Start Quiz Now
Win WRX (WazirX token) worth Rs. 1500.
Question 1 of 5

What coins do you think will be valuable over next 3 years?

Answer Anonymously

Should Elon Musk be able to buy Twitter?