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Iranian filmmaker Mohammad Rasoulof flees country after prison sentence, flogging threat

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

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Summary

Expressing his dilemma, Rasoulof disclosed, “I had to choose between prison and leaving Iran. With a heavy heart, I chose exile.” This announcement comes in the wake of learning about the confirmation of his sentence approximately a month ago.

Celebrated Iranian filmmaker Mohammad Rasoulof has fled Iran following a distressing sentence of eight years in prison accompanied by flogging. Rasoulof, known for his cinematic contributions, including his latest film competing in the prestigious Cannes Film Festival, revealed his decision to seek refuge in an unspecified location in Europe through a statement on Sunday, May 12, quoted by Deadline.

Expressing his dilemma, Rasoulof disclosed, “I had to choose between prison and leaving Iran. With a heavy heart, I chose exile.” This announcement comes in the wake of learning about the confirmation of his sentence approximately a month ago.

Fearful of further repercussions, particularly concerning his impending film’s release, Rasoulof articulated his apprehensions, stating, “Knowing that the news of my new film would be revealed very soon, I knew that without a doubt, a new sentence would be added to these eight years.”

Also read: India to host ‘Bharat Parv’ at 77th Cannes Film Festival

The acclaimed director, whose passport had been confiscated since September 2017, underscored the pervasive repression perpetuated by Iranian authorities and issued a rallying cry to the global cinema community to rally behind filmmakers facing censorship and champion freedom of expression.

Rumors abound that Rasoulof may defy the odds and attend the premiere of his film, “The Seed of The Sacred Fig,” slated for next Friday at Cannes. Iranian authorities had reportedly exerted pressure on the filmmaker to withdraw his film from the festival, adding to the tumult surrounding his situation.

In an Instagram post featuring a serene mountain path, Rasoulof hinted at the challenges he faced, mentioning the need to finalise the technical aspects of his film amidst his tumultuous journey. He expressed gratitude towards those who aided him in his perilous passage to safety, acknowledging the risks they undertook.

“I am thankful and indebted to friends, relatives, and individuals who, with kindness, selflessness, and at times risking themselves, aided me in crossing the border and reaching a safe haven in this arduous and lengthy journey,” Rasoulof wrote. “I am alive to narrate it.”

Also read: Eurovision Song Contest: Switzerland won jury vote, while viewers favoured Croatia, Israel

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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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India, Iran sign 10-year contract for Iran’s Chabahar Port operation

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

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Summary

Located in the Sistan-Baluchistan province on Iran’s southwestern coast, the Chabahar Port is an important point on the Arabian Sea with easy access from India’s west coast.

India and Iran on Monday (May 13) signed a 10-year contract for the operation of a terminal at the Chabahar Port in Iran.

The contract was signed between Indian Ports Global Ltd of India and the Port & Maritime Organisation (PMO) of Iran, in the presence of Ports, Shipping & Waterways Minister Sarbananda Sonowal and Mehrdad Bazrpash, Minister of Roads & Urban Development, Iran.

As part of the agreement, India will procure (MHCs) mobile harbour cranes, (RMQCs) rail-mounted quay cranes, (RTGCs) rubber-tyred gantry cranes, reach stackers, forklifts, pneumatic unloaders, among others, at Chabahar Port.

Sonowal said, “Today is a historic day for the maritime sector of the region as India and Iran signed this long-term agreement on Chabahar Port heralding a new age of trade, marine cooperation as well as transhipment while boosting trilateral trade among India, Iran and Afghanistan.”

Also Read: India may clock 8% GDP growth for FY24, says chief economic advisor

Sonowal added that the signing of this contract will have a multiplier effect on the viability and visibility of Chabahar Port. According to him, Chabahar is not only the closest Iranian port to India but it is also an excellent port from a nautical point of view.

Earlier, a memorandum of understanding (MoU) for the development of Chabahar Port by India was signed in May 2015. Thereafter, the contract was executed on May 23, 2016, in Tehran during the visit of the Prime Minister Modi to Iran.

This agreement aims to enhance regional connectivity and facilitate trade, particularly between India, Iran and Afghanistan. The India Ports Global Chabahar Free Zone (IPGCFZ), a subsidiary of IPGL, facilitated the first consignment of exports from Afghanistan to India in 2019.

The operations continued through short-term contracts while negotiations on the long-term agreement peaked pace with the visit of Union Minister Sarbananda Sonowal to Chabahar in August 2022.

Also Read: India must prepare for a US stagflation, says Sanjeev Sanyal

Meanwhile, the US state department said that the country’s sanctions on Iran remain in place and will continue to be enforced. It added that there were no exemptions from sanctions for the Chabahar Port project. The department said that anyong considering business deals with Iran has to be aware of potential risks of sanctions

Located in the Sistan-Baluchistan province on Iran’s southwestern coast, the Chabahar Port is an important point on the Arabian Sea with easy access from India’s west coast.

Kandla Port in Gujarat is the closest to Chabahar Port at 550 nautical miles while the distance between Chabahar and Mumbai is 786 nautical miles. Since 2019, it has handled container traffic of more than 80,000 TEUs and bulk and general cargo of more than eight million tonnes.

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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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Ports Minister Sarbananda Sonowal heads to Iran to seal strategic Chabahar deal

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

 Listen to the Article (6 Minutes)

Summary

The forthcoming agreement, set to span a decade with automatic renewal clauses, has been under negotiation between the two nations for approximately three years.

Ports and Shipping Minister Sarbananda Sonowal has embarked on a crucial mission to Iran, departing from New Delhi on Monday.

The primary agenda of his trip is the signing of a pivotal long-term agreement concerning India’s operations at the strategically significant Chabahar port.

The forthcoming agreement, set to span a decade with automatic renewal clauses, has been under negotiation between the two nations for approximately three years.

This new accord is poised to supplant the initial agreement inked in 2016, which primarily covered India’s activities at the Shahid Beheshti terminal of Chabahar port.

The original pact has been subject to annual renewals since its inception.

“Ports Minister Sonowal is leaving for Iran for the Chahbahar Agreement. We look forward to a long-term agreement with Iran for Chabahar Port. We are running Chabahar Port on an ad-hoc basis currently, but the permanent agreement in Chabahar Port will clear bigger investments,” India’s external affairs minister, S Jaishankar, told CNBC TV 18 at an event in Mumbai.

The timing of this move is particularly significant amidst heightened Chinese interest in investing in Iranian ports and coastal infrastructure.

Tehran’s appeal to Beijing for further development at Chabahar port amplifies the strategic importance attached to India’s endeavors in the region.

Both India and Iran view Chabahar as a linchpin for the International North-South Transport Corridor (INSTC), offering an alternative route bypassing the congested Persian Gulf and Strait of Hormuz, crucial for global shipping.

“India has age-old civilisational ties with Iran and has maintained diplomatic as well as trade relations with the country despite the sanctions imposed against it by some Western countries. The new 10-year treaty to manage Chabahar Port has deep geopolitical implications. It is the first time that India, as a country, is going to manage a port in another country. It opens direct trade routes with Afghanistan, Central Asia and Eurasia, without relying on the overland route with Pakistan, for which permissions are seldom given by our neighbour even for the transportation of food items to Afghanistan in crisis situations. Further, it will help India link up with the International North-South Transport Corridor ( INSTC) to trade more easily with Russia. Chabahar is also not too distant from Gwadar port in Pakistan, which China is building up as a naval base,” said Jayant Dasgupta, former Indian Ambassador to the WTO.

According to reports, currently, the port’s cargo handling capacity stands at 8 million tonnes (mt), with India outlining plans for a substantial expansion to 18 mt in the next phase.

Positioned as a strategic gateway linking India to the Caspian Sea, Russia, and Northern Europe, the port is slated to emerge as a pivotal node for the International North-South Transport Corridor (INSTC).

Spanning 7,200 kilometers, the INSTC facilitates the movement of goods between India, Iran, Afghanistan, Armenia, Azerbaijan, Russia, Central Asia, and Europe.

“Chabahar Port is a strategic project, which will enhance India’s connectivity to Afghanistan and Central Asia. I had the privilege of being associated with the negotiation of the earlier agreement signed during the visit of PM Modi to Tehran in 2016. Though the regimes in the Af-Pak region may have changed, the geopolitical importance of the project remains. Its early completion will also give a fillip to Indo-Iran relations,” said D. P. Srivastava, former Indian Ambassador to Iran.

Operated by state-run India Ports Global Limited (IPGL), the Shahid Beheshti terminal at Chabahar port has been instrumental in facilitating trade since its inception in 2018.

Government data reveals that from 2018 to May 2023, the terminal managed over 6.56 million tonnes of bulk cargo, encompassing shipments from diverse origins such as Australia, Bangladesh, Brazil, Germany, Russia, and the UAE.

The renewed focus on Chabahar traces back to a pact signed during Prime Minister Narendra Modi’s visit to Iran in 2016.

Subsequent discussions during Iranian President Hassan Rouhani’s visit to India in 2018 and Foreign Minister S Jaishankar’s trip to Tehran in January 2024 have further solidified India’s commitment to expanding its footprint at the port.

This long-term agreement not only consolidates India’s position in Chabahar but also opens avenues for resource-rich, landlocked Central Asian nations like Kazakhstan and Uzbekistan to access the Indian Ocean and tap into the vast Indian market.

Situated in the southeastern Iranian province of Sistan-Baluchestan, the port of Chabahar holds immense geostrategic significance as Iran’s sole gateway to the ocean.

Comprising two port complexes, Shahid Kalantari and Shahid Beheshti, it serves as a crucial node in the region’s maritime landscape.

India’s commitment to Chabahar’s development is palpable, with significant financial contributions and infrastructural support over the years solidifying its status as a key stakeholder in the port’s growth trajectory.

As the ink dries on the new long-term agreement, India’s strategic maneuvering in the region is set to shape the geopolitical landscape for years to come.

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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India eases advisory for Indians travelling to Iran, Israel as conflict in West Asia de-escalates

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

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Summary

The easing of the travel advisory comes amid efforts to de-escalate tensions between Iran and Israel. There has been a noticeable decrease in tensions between the two countries as both have relaxed airspace restrictions.

India has eased a travel advisory for its citizens journeying to Iran and Israel amid escalating tensions in West Asia. Citing developments in airspace policies, External Affairs Ministry spokesperson Randhir Jaiswal highlighted that both the countries “have opened their airspace,” PTI reported. Jaiswal urged Indian nationals to exercise vigilance while visiting these nations and to maintain contact with the Indian Embassy.

The advisory, issued on May 3, follows heightened tensions between Iran and Israel, triggered by an alleged Israeli airstrike on a building on the Iranian embassy complex in Damascus on April 1.

The strike resulted in the death of seven individuals, including Brigadier General Mohammad Reza Zahedi of the Islamic Revolutionary Guard Corps (IRGC). In retaliation, Iran launched hundreds of drones and missiles at Israel on April 13.

Also read | Booking says room reservations to slow amid Middle-East conflict

What followed was the advisory issued by India urging all Indians to refrain from traveling to Iran or Israel until further notice. It also advised Indians residing in these countries to register with Indian embassies and exercise caution for their safety.

India has communicated its concerns directly to both Iran and Israel. External Affairs Minister S Jaishankar conveyed India’s message during a phone conversation with Iranian Foreign Minister Hossein Amir-Abdollahin and Israeli Foreign Minister Israel Katz.

The easing of the travel advisory comes amid efforts to de-escalate tensions between Iran and Israel. There has been a noticeable decrease in tensions between the two countries, which is reason behind the relaxation of airspace restrictions. Additionally, Israel has expressed a desire to ease travel restrictions due to plans to hire thousands of Indian construction workers. However, the earlier advisory had disrupted travel plans for over 6,000 Indian workers expected to be sent to Israel in April.

Also read | Tehran to issue visa on arrival to Indian tourists: Check the top 10 places to visit in Iran

There have also been appeals from Indian citizens in Iran for the easing of travel restrictions, particularly students wishing to return to India. These developments underscore India’s nuanced approach to navigating tensions in the region while ensuring the safety and well-being of its citizens abroad.

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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US sanctions over a dozen companies, including three from India, for trade and ties with Iran

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

 Listen to the Article (6 Minutes)

Summary

The US department has identified Sahara Thunder as the main front company that oversees the Middle East nation’s commercial activities in support of these efforts.

The United States has slapped sanctions on over a dozen companies, individuals and vessels — including three from India — for facilitating illicit trade and transfer of unmanned aerial vehicles (UAVs) on behalf of the Iranian military.

The sanctions were imposed on Thursday, April 25, the US Department of the Treasury said in a statement.

As per the US Department, they have played a central role in facilitating and financing the clandestine sale of Iranian UAVs for “Iran’s Ministry of Defence and Armed Forces Logistics (MODAFL), which itself is involved in supporting Iran’s Islamic Revolutionary Guard Corps (IRGC) and Russia’s war in Ukraine,” it said.

It has identified Sahara Thunder as the main front company that oversees the Middle East nation’s commercial activities in support of these efforts.

Among the three India-based companies that supported Sahara Thunder and now face US sanctions are Zen Shipping, Port India Private Limited, and Sea Art Ship Management (OPC) Private Limited, PTI reported.

Sahara Thunder, an Iranian military entity, relies on a vast shipping network involved in the sale and shipment of Iranian commodities on behalf of MODAFL to multiple jurisdictions, including the People’s Republic of China (PRC), Russia, and Venezuela, the statement said.

Sahara Thunder has entered into “time-charter contracts with India-based Zen Shipping and Port India Private Limited for the Cook Islands-flagged vessel CHEM (IMO 9240914),” which has been operated and managed by the UAE-based Safe Seas Ship Management FZE.

Since 2022, it has used CHEM to conduct multiple shipments of commodities. “Iran-based Arsang Safe Trading Co. has provided ship management services in support of several Sahara Thunder-related shipments, including those by the CHEM,” the Treasury said.

Further, it claimed that Iran-based Asia Marine Crown Agency has served as the port agent in Iran’s Bandar Abbas supporting several shipments of Sahara Thunder.

“India-based Sea Art Ship Management (OPC) Private Limited and UAE-based company Trans Gulf Agency LLC have worked together to provide ship management services in support of Sahara Thunder,” it said, adding that the UAE and Iran-based Coral Trading EST. purchased Iranian commodities from the Sahara Thunder.

“Iran’s Ministry of Defence continues to destabilise the region and world with its support to Russia’s war in Ukraine, unprecedented attack on Israel, and proliferation of UAVs and other dangerous military hardware to terrorist proxies,” Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson said.

The official added that the US, with close coordination with British and Canadian partners, will continue to use all possible means to “combat those who would finance Iran’s destabilising activities.”

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

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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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Bottomline: Investors must look beyond the conflicts

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

 Listen to the Article (6 Minutes)

Summary

The recent hostility between Iran and Israel has ignited fresh concerns about supply disruptions and people safety, but it may not significantly alter the market’s trajectory.

West Asia has always been a hotbed of hostilities. The region has seen over 100 conflicts, big and small, since 1900, and several among these have been sparked by hatred that has simmered for years, like the ones between Israel and Hamas-led Palestinian militants. Many of the nations in the region have uneasy borders, quite like the India-Pakistan border, where frequent skirmishes are the order of the day. The moot question today, though, is whether what’s happening in the Middle East can escalate and hurt other economies of the world and roil markets. While each time is different, we did some digging to draw some indications from history.

PROMINENT MIDDLE EAST CONFLICTS
Year Conflict Casualties
1948 Arab-Israel Conflict 70,000-80,000
1962 Northern Yemen Civil War 100,000-200,000
1978 Kurdish-Turkish Conflict 30,000-100,000
1980 Iran-Iraq War 1-1.25 mn
1990 Gulf War 40,000-57,000
2003 Iraq War 100,000-650,000
2004 Shia Insurgency 8,500-25,000
2006 Iran-Israel Proxy Conflict ~2,000
2013 War in Iraq 155,000-165,000
2015 Yemeni Civil War >375,000
2023 Israel-Hamas War >34,000
2024 Iran-Israel Conflict NA

Source: Wiki

What history tells us

We looked at conflicts in West Asia since 1990 for clues on market direction. For this, we took note of the movement in the S&P500 index from near the time of the break-out of the conflict to three months and six months after this. The results don’t offer a very clear picture but do suggest that there may not be much lasting impact of these conflicts on the broad direction of the market over a three-to-six-month period.

While the index was down 16% three months after the start of the Gulf War, it had recovered to just a negative 3% six months down the line. Three months after the Yemeni Civil War the index was flat, but six months down the line, it was 6% lower. In the case of other conflicts like the Iraq War and the Iran-Israel conflict in June 2006, the index was higher both three and six months down the line.

Hence, according too much significance to the present conflict between Israel and Iran from an economic perspective may not be fair, though there could be supply disruptions in the energy market and further troubles in shipping goods across the world.

S&P-500 CHANGE & ME CONFLICTS
Conflict Start Month 3mth (%) 6mth (%)
Gulf War Aug-90 -14.6 -3.4
Iraq War Mar-03 14.6 19.8
Iran-Israel Proxy Conflict Jun-06 2.7 10.3
War in Iraq Dec-13 2.8 6.5
Yemeni Civil War Mar-15 0.2 -6.4
Israel-Hamas War Oct-23 10.8 22.7

Worries beyond West Asia

Even as concerns around West Asia hostilities may not be enough to derail the trend in equity markets, there are several other factors presently at play that can cause a significant change in outlook. The US Presidential Election to be held in November could have a significant bearing on how the world’s largest economy steers itself.

Then there’s the US Federal Reserve’s flip-flop on interest rate trajectory, with “higher for longer” now on the table versus three to four interest rate cuts during the year anticipated earlier. There’s also the big disruption with AI and the floundering fortunes of the EV business, that need to be kept an eye on. But most importantly, it is the froth building up in several asset classes, including equities, with most experts finding it hard to justify any further upside in valuations.

So, while the Israel-Iran conflict may not be a big enough reason for you to re-evaluate your investment strategy, there are enough other factors at play that would suggest you should be guarding against adventurism at this point. Tread cautiously.

Happy investing.

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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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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Israel and Iran’s apparent strikes and counterstrikes give new insights into both militaries

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

 Listen to the Article (6 Minutes)

Summary

The move into open fighting began April 1 with the suspected Israeli killing of Iranian generals at an Iranian diplomatic compound in Syria.

Israel demonstrated its military dominance over adversary Iran in its apparent precision strikes that hit near military and nuclear targets deep in the heart of the country, meeting little significant challenge from Iran’s defenses and providing the world with new insights into both militaries’ capabilities.

The international community, Israel and Iran all signaled hopes that Friday’s airstrikes would end what has been a dangerous 19-day run of strikes and counterstrikes, a highly public test between two deep rivals that had previously stopped short of most direct confrontation.

The move into open fighting began April 1 with the suspected Israeli killing of Iranian generals at an Iranian diplomatic compound in Syria. That prompted Iran’s retaliatory barrage last weekend of more than 300 missiles and drones that the U.S., Israel and regional and international partners helped bat down without significant damage in Israel. And then came Friday’s apparent Israeli strike.

As all sides took stock, regional security experts predicted that Prime Minister Benjamin Netanyahu’s far-right government and the country’s allies would emerge encouraged by the Israeli military’s superior performance. In response to international appeals, however, both Israel and Iran had appeared to be holding back their full military force throughout the more than two weeks of hostilities, aiming to send messages rather than escalate to a full-scale war.

Crucially, experts also cautioned that Iran had not brought into the main battle its greatest military advantage over Israel — Hezbollah and other Iran-allied armed groups in the region. Hezbollah in particular is capable of straining Israel’s ability to defend itself, especially in any multifront conflict.

Overall, “the big-picture lesson to take away is that unless Iran does absolutely everything at its disposal all at once, it is just the David, and not the Goliath, in this equation,” said Charles Lister, a senior fellow and longtime regional researcher at the Washington-based Middle East Institute.

Aside from those Iranian proxy forces, “the Israelis have every single advantage on every single military level,” Lister said.

In Friday’s attack, Iranian state television said the country’s air defense batteries fired in several provinces following reports of drones. Iranian army commander Gen. Abdolrahim Mousavi said crews targeted several flying objects.

Lister said it appeared to have been a single mission by a small number of Israeli aircraft. After crossing Syrian airspace, it appears they fired only two or three Blue Sparrow air-to-surface missiles into Iran, most likely from a standoff position in the airspace of Iran’s neighbor Iraq, he said.

Iran said its air defenses fired at a major air base near Isfahan. Isfahan also is home to sites associated with Iran’s nuclear program, including its underground Natanz enrichment site, which has been repeatedly targeted by suspected Israeli sabotage attacks.

Israel has not taken responsibility for either the April 1 or Friday strikes.

The Jewish Institute for National Security of America, a Washington-based center that promotes Israeli-U.S. security ties, quickly pointed out that Friday’s small strike underscored that Israel could do much more damage “should it decide to launch a larger strike against Iran’s nuclear facilities.”

Iran’s barrage last weekend, by contrast, appears to have used up most of its 150 long-range ballistic missiles capable of reaching Israel, more than 1,000 miles (1,600 kilometers) away, said retired Gen. Frank McKenzie, former commander of the U.S. military’s Central Command.

Especially given the distance involved and how easy it is for the U.S. and others to track missile deployments by overhead space sensors and regional radar, “it is hard for Iran to generate a bolt from the blue against Israel,” McKenzie said.

Israelis, for their part, have ”shown that Israel can now hit Iran from its soil with missiles, maybe even drones,” said Alex Vatanka, director of the Iran program at the Middle East Institute.

Iran’s performance Friday, meanwhile, may have raised doubts about its ability to defend against such an attack, Vatanka said. Iran is about 80 times the size of Israel and thus has much more territory to defend, he noted.

Plus, Israel demonstrated that it can rally support from powerful regional and international countries, both Arab and Western, to defend against Iran.

The US led in helping Israel knock down Iran’s missile and drone attack on April 13. Jordan and Gulf countries are believed to have lent varying degrees of assistance, including in sharing information about incoming strikes.

The two weeks of hostilities also provided the biggest showcase yet of the growing ability of Israel to work with Arab nations, its previous enemies, under the framework of U.S. Central Command, which oversees U.S. forces in the Middle East.

The U.S. under the Trump administration moved responsibility for its military coordination with Israel into Central Command, which already hosted U.S. military coordination with Arab countries. The Biden administration has worked to deepen the relationship.

But while the exchange of Israeli-Iran strikes revealed more about Iran’s military abilities, Lebanon-based Hezbollah and other Iranian-allied armed groups in Iraq and Syria largely appeared to stay on the sidelines.

Hezbollah is one of the most powerful militaries in the region, with tens of thousands of experienced fighters and a massive weapons arsenal.

After an intense war between Israel and Hezbollah in 2006 that killed more than a thousand Lebanese civilians and dozens of Israeli civilians, both sides have held back from escalating to another full-scale conflict. But Israeli and Hezbollah militaries still routinely fire across each other’s borders during the Israel-Hamas war in Gaza.

Hezbollah “is Iran’s only remaining potential advantage in this whole broader equation,” Lister said.

Six months of fighting in Gaza have “completely stretched” Israel’s military, he said. “If Hezbollah went all out and launched the vast majority of its rocket and missile arsenal at Israel, all at once, the Israelis would seriously struggle to deal with that.”

And in terms of ground forces, if Hezbollah suddenly opened a second front, the Israel Defense Forces “would be incapable at this point” of fighting full-on with both Hezbollah and Hamas, he said.

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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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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Israel’s carefully planned attack on Iran was prompted by internal divisions, US pressure

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

 Listen to the Article (6 Minutes)

Summary

PM Netanyahu’s war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday’s missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said, as per Reuters.

Israel’s apparent strike on Iran after days of vacillation was small and appeared calibrated to dial back risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

Prime Minister Benjamin Netanyahu‘s war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday’s missile and drones from Iran, but held back at the last-minute, three sources with knowledge of the situation said.

By then, the sources said, the three voting members of the war cabinet had already ruled out the most drastic response – a strike on strategic sites including Iran‘s nuclear facilities whose destruction would almost certainly provoke a wider regional conflict.

Facing cabinet divisions and strong warnings from partners including the United States and in the Gulf not to escalate, and aware of the need to keep international opinion on Israel’s side, the plans to hit back were then postponed twice, the sources said. Two war cabinet meetings were also delayed twice, government officials said.

Netanyahu’s office did not respond to requests for comment for this story. Before the attack, a spokesperson for the government’s National Public Diplomacy Directorate cited Netanyahu as saying Israel would defend itself in whatever way it judged appropriate.

Reuters spoke to a dozen sources in Israel, Iran and in the Gulf region, as well as the United States, who described six frantic days of efforts in the Gulf, the US and among some of Israel’s war planners to limit the response to Iran’s first ever direct attack on its arch rival after decades of shadow war.

“We warned against the grave danger inherent in further escalation,” Jordan’s Foreign Minister Ayman Safadi told Reuters, saying a wider regional conflict would have catastrophic consequences and risked diverting global attention from Israel’s ongoing war in Gaza.

Safadi said his country, which borders Israel, had “made it clear to all it will not be a battleground for Israel and Iran. This firm position was unequivocally delivered to all.”

Most of the sources asked not to be named to speak about sensitive matters.

The eventual strike on Friday appeared to target a Iranian Air Force base near the city of Isfahan, deep inside the country and close enough to nuclear facilities to send a message of Israel’s reach but without using airplanes, ballistic missiles, striking any strategic sites or causing major damage.

Iran said its defence systems shot down three drones over a base near Isfahan early on Friday. Israel said nothing about the incident. US Secretary of State Antony Blinken said the United States had not been involved in any offensive operations,

An Iranian official told Reuters there were signs the drones were launched from within Iran by “infiltrators,” which could obviate the need for retaliation.

A source familiar with western intelligence assessments of the incident also said initial evidence suggested Israel launched drones from inside Iranian territory. Iran’s foreign ministry did not respond to a request for comment.

“Israel tried to calibrate between the need to respond and a desire not to enter into a cycle of action and counter reaction that would just escalate endlessly,” said Itamar Rabinovich, a former Israeli ambassador to Washington.

He described the situation as a dance, with both parties signalling to each other their intentions and next steps.

“There is huge relief across the Gulf region. It looks like the attack was limited and proportionate and caused limited damage. I see it a de-esclation,” veteran Saudi analyst Abdelrahman al-Rashed told Reuters.

Biden call

The decision to hold back from broader and immediate action this week underlined the competing pressures on Netanyahu’s government in the aftermath of the more than 300 drones and ballistic and cruise missiles fired by Iran on Saturday night.

As Iran’s barrage unfolded, two members of the war cabinet, Gantz and Gadi Eisenkot, both former armed forces commanders, wanted to respond straight away before agreeing to hold off following a call with US President Joe Biden and in the face of differing views from other ministers, two Israeli officials with knowledge of the situation said.

A spokesman for Gantz, a centrist who joined Netanyahu’s emergency government following the Hamas-led attack on Israel last October, did not respond to a request for comment.

The US State Department declined to comment to questions about Israel’s decision-making. Washington was working to de-escalate tensions, Blinken said on Friday. The White House did not immediately respond to a request for comment.

Aryeh Deri, the head of one of the ultra Orthodox parties in Netanyahu’s coalition, who has observer status in the war cabinet and who has generally been wary of drastic moves, was firmly opposed to an immediate strike against Iran, which he believed could endanger the people of Israel given the risk of escalation, a spokesperson for his party said.

“We should also be listening to our partners, to our friends in the world. I say this clearly: I see no shame or weakness in doing so,” Deri told the “Haderech” newspaper.

Israel’s options ranged from strikes on strategic Iranian facilities, including nuclear sites or Revolutionary Guards bases, to covert operations, targeted assassinations and cyber attacks on strategic industrial plants and nuclear facilities, analysts and former officials in Israel have said.

Gulf countries had been increasingly worried the situation would spill into “a grave regional conflagration which might be beyond anyone’s control or ability to contain,” said Abdelaziz al-Sagher, head of the Saudi-based Gulf Research Center.

Saudi Arabia and the United Arab Emirates had publicly called for maximum “self-restraint” to spare the region from a wider war.

Sagher said Gulf countries had warned the United States of the risk of escalation, arguing Israel should conduct only a limited attack without casualties or significant damage that could provoke a major reprisal.

This messaging “was relayed forcefully” in the last few days by the Jordanians, Saudis, and Qataris through direct security and diplomatic channels, one senior regional intelligence source said.

The governments of Qatar, Saudi Arabia and UAE did not immediately respond to requests for comment.

By Thursday, four diplomatic and government sources in the region were expressing confidence that the response would be limited and proportionate.

Ahead of the overnight Israeli strike, one regional source, who had been briefed on Israel’s thinking, said the response would aim to minimize or completely avoid casualties and was likely to target a military base.

Flying F-35 fighter jets from Israel to Iran, or launching missiles from Israel would almost certainly violate the airspace of neighbouring countries, angering Arab states who Netanyahu has long sought to cultivate as strategic allies, said a Gulf government source with knowledge of the issues.

He couldn’t “just fly F-35 fighter jets across the region and bomb Iran or its nuclear sites,” the source said.

Iranian officials had warned a major Israeli attack would trigger immediate retaliation.

Iran’s options to respond included shutting down the Strait of Hormuz through which about a fifth of the world’s oil passes, urging proxies to hit Israeli or US interests, and deploying previously unused missiles, a senior Iranian official said.

While satisfying Israel’s moderates at home, its neighbours and international partners, the measured strike, when it came, was met with dismay from hardliners in Netanyahu’s cabinet.

National Security Minister Itamar Ben Gvir, whose ultranationalist party is a key prop in Netanyahu’s coalition, posted a single word on X, “Feeble.”

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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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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West Asia Tensions: Experts weigh in on Iran-Israel escalation risks post Isfahan blasts

Explosions reverberated through the central province of Isfahan in Iran, according to reports from Iranian media outlets. The incident, initially downplayed by Iran’s space agency spokesperson who claimed several drones had been successfully intercepted, has stirred speculation regarding the source and motives behind the explosions.

While Iranian authorities attributed the explosions to the downing of drones, media reports citing US officials pointed fingers at Israel, alleging military operations within Iranian territory. Despite the potential for escalating tensions between the long-standing adversaries, Iranian officials have stated that they currently have no plans for immediate retaliation.

In an interview with CNBC-TV18, Syed Akbaruddin, former Permanent Representative to the United Nations, provided insight into the significance of the incident, describing it as a departure from previous norms in the Iran-Israel dynamic.

He noted that while the two nations have historically refrained from direct attacks on each other’s territories, this recent development marks a notable escalation. However, he highlighted the restrained reactions from both sides as potentially signalling a de-escalation rather than further confrontation.

Amidst the unfolding situation, commercial flights have altered their routes over western Iran, including Isfahan, opting to skirt Tehran to the north in response to heightened security concerns.

Meanwhile, on the international stage, the United States vetoed a request by Palestine to become a full member of the United Nations Security Council (UNSC). The European Union Commission President urged restraint from both Israel and Iran, emphasising the importance of maintaining stability in the region.

In response to Iran’s drone attack on Israel, EU leaders have reached a consensus to impose new sanctions targeting Iran’s drone and missile producers.

Additionally, Qatar has expressed concerns over its role as a mediator between Israel and Hamas, citing interference from unnamed politicians undermining its efforts. The Qatari Prime Minister indicated a reassessment of Qatar’s involvement in light of these challenges.

Watch the accompanying video for the entire discussion.

 5 Minutes Read

This expert does not see oil prices receding much from current levels

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

 Listen to the Article (6 Minutes)

Summary

Vandana Hari, Founder and CEO of Vanda Insights .says the geopolitical tensions have built in a premium of $12-15 per barrel in crude taking crude to $90 per barrel.

Vandana Hari, Founder and CEO of Vanda Insights, suggests that whether Brent crude stabilises around the $75 to $80 per barrel range or stays nearer to $85 to $90 per barrel depends largely on the developments in the conflicts between Iran and Israel, as well as Ukraine and Russia.

According to Vandana, the geopolitical tensions have resulted in a premium in crude of $12-15 per barrel taking it to $90 per barrel currently. “I don’t see that receding much,” she said.

She believes a substantial pullback will be needed. “Some sort of a ceasefire agreement, some temporary rapprochement in Ghaza and then followed by a more enduring peace deal over there. That premium remains intact. There is a bit of premium on account of the heightened warfare between Ukraine and Russia as well,” she explained.

Oil prices jumped $3 a barrel on Friday in reaction to unconfirmed reports on X that explosions had occurred in Iran, sparking concerns that Middle East oil supply could be disrupted.

Brent futures jumped $3.03, or 3.5%, to $90.14 a barrel by 0147 GMT, and US West Texas Intermediate crude rose $3.03, or 3.7%, to $85.76 per barrel.

Amrita Sen, Founder and Director-Research, Energy Aspects sees the potential for it to reach triple-digits if geopolitical tensions get out of hand.

“The one that is potentially a threat to supply and probably the biggest threat this year is Ukraine-Russia,” she said.

Oil marketing companies (OMCs) also indicated that with two to three months of contracts already in place, they may have headroom to deal with higher crude oil prices for now. However, if crude continues at $90 beyond May–June, it may pose some concerns. Brent crude prices have been hovering around this level since September last year, after the OPEC+ extended production cuts.

For more, watch the accompanying video

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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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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