BJP poised for all-time high record in Gujarat; Cong show is worst ever as AAP cuts into its votes

News Network
December 8, 2022

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Ahmedabad, Dec 8: The BJP leads in Gujarat has crossed 150 -- a record in Prime Minister Narendra Modi's home state, surpassing the Congress score of 149 in 1985. Back then, Madhavsinh Solanki rose the social coalition KHAM (Koli Kshatriya, Harijan, Adivasi and Muslim). Today, the Grand Old Party might be headed for its worst score ever, confined to teens by the massive BJP surge.

Gujarat has 182 Assembly seats and the majority mark is 92.

The lion's share of AAP's increase in vote share in Gujarat appears to have come at the expense of the Congress rather than that of the BJP. Congress witnessed a severe drop in vote share, matched by an even more drastic rise in vote share for the Arvind Kejriwal-led Aam Aadmi Party.

While the BJP score appeared to bear out speculation that AAP's entry had acted as a catalyst, cutting into Congress votes, BJP national general secretary Kailash Vijayvargiya rubbished the possibility.

The BJP's best score was 127 in 2002 assembly elections, held months after the post-Godhra riots. Since then, the party had been on a downward spiral. In 2017, it was confined to a below-100 score (99) by a resurgent Congress.

This time, the party has done well in every region of Gujarat. So far, the BJP has received 55 per cent vote share, the Congress 27 and AAP 13.3 per cent.

The BJP's former state minister Jai Narayan Vyas, however, sounded a discordant note. "BJP winning in Gujarat was not unexpected, the question was how many seats it will get. My personal belief is the BJP will climb down to 125 seats and the rest of the seats will go to Congress and AAP. But the BJP has done very well," he told reporters.

AAP, which had conducted an all-out campaign and won the civic polls in Delhi in a straight fight with the BJP, appears set to open account in Gujarat, barely. While party chief Arvind Kejriwal had predicted an out and out victory yesterday, after the civic poll results were declared, so far, AAP leads have practically been confined to single digits.

The BJP had earlier brushed off the AAP challenge, saying they will figure nowhere in the election. In his rallies, PM Modi has made no reference to AAP.

The Congress has been battling factionalism and lack of direction since the death of Ahmed Patel -- its pointsman in the state -- in 2020. The party had carried out a low-key campaign, for which Rahul Gandhi spared a day from his Bharat Jodo Yatra.

The door-to-door push, which the state Congress conducted, was poles apart from the BJP's supersize, glitzy campaign.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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