Equity indices on upward climb, auto and metal stocks shine

Agencies
February 8, 2021

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Mumbai, Feb 8: Equity benchmark indices closed over one per cent higher on Monday amid upbeat news on corporate earnings, economic data and updates on vaccination drive.

Market experts said foreign portfolio investors have continued to buy Indian securities as the Union Budget 2021 sparked a strong rally, and there seems to be no reason for them to slow down.

The BSE S&P Sensex closed by 617 points or 1.22 per cent at 51,349 while the Nifty 50 edged higher by 192 points or 1.28 per cent to 15,116.

Except for Nifty FMCG and PSU bank which dipped slights, all other sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 3.2 per cent, metal by 3.1 per cent, IT by 2.1 per cent, realty by 2 per cent and private bank by 1 per cent.

Among stocks, Mahindra & Mahindra moved up by 7.3 per cent to Rs 929.20 per share while Tata Motors accelerated by 6.4 per cent to Rs 336.15.

Metal stocks too gained substantially with Hindalco moving up by 6.1 per cent and JSW Steel by 3.4 per cent.

The other major gainers were GAIL, Adani Ports, Bajaj Finserv, Infosys and Bharti Airtel. However, those which lost were Britannia, Hindustan Unilever, Bajaj Finance, Bajaj Auto, Cipla and Sun Pharma.

Meanwhile, Asian shares were near record highs on hopes a 1.9 trillion dollar Covid-19 aid package will be passed by US lawmakers later this month when coronavirus vaccines are being rolled out globally.

Japan's Nikkei jumped by 2.12 per cent, the highest level since August 1990, as strong corporate earnings lifted investor confidence for economic recovery from pandemic lows.

The Shanghai Composite crawled up by 1.03 per cent and Hong Kong's Hang Seng by 0.11 per cent.

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News Network
October 8,2024

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In her debut electoral contest, Vinesh Phogat, a celebrated wrestler-turned-politician, has secured a decisive victory for the Indian National Congress in the Julana assembly constituency of Haryana. Phogat garnered approximately 65,080 votes, defeating Bharatiya Janata Party (BJP) candidate Captain Yogesh Kumar by a margin of over 6,000 votes. This win marks a significant turnaround for Congress, which had faced defeat in Julana for the last three assembly elections and had only won the seat four times since 1967.

Phogat's victory also saw her outpace the incumbent MLA, Amarjeet Dhanda, a Jannayak Janta Party (JJP) leader. The results of the Haryana Assembly elections were officially announced on Tuesday, October 8.

Phogat, who transitioned into politics after her wrestling career, had been disqualified from competing in the 2024 Paris Olympics gold medal match due to weight category issues. Many speculated that she had been “deliberately defeated” in the competition, while Phogat herself alleged that the Union government had failed to provide her with adequate support.

In the aftermath of her disqualification, Phogat filed an appeal with the Court of Arbitration for Sports (CAS), seeking to share the silver medal with Cuban wrestler Yusneylys Guzmán Lopez, whom she had defeated in the semi-finals. Four pro bono lawyers in Paris submitted the protest appeal on her behalf. The Indian Olympic Association (IOA) also sought more time to appoint legal representation. However, despite days of deliberation, the CAS ultimately dismissed the appeal.

On September 6, shortly after her sporting career came to an end, Phogat, along with fellow wrestler Bajrang Punia, formally joined the Congress party. Reflecting on her decision, she remarked that she had not retired from wrestling during the Jantar Mantar protests in order to inspire young girls and women. “The whole country thought I would retire during the protests because the BJP IT cell tried to paint us as troublemakers, as though we were finished and only playing politics,” Phogat stated.

Vinesh and Punia were at the forefront of protests against Brij Bhushan Sharan Singh, the Wrestling Federation of India (WFI) chief and BJP MP, who faces multiple allegations of sexual harassment. The protests, which took place at Jantar Mantar in New Delhi last year, were met with significant police aggression.

During the protests, Phogat had publicly accused Singh of subjecting her to severe mental harassment, to the point where she struggled with suicidal thoughts. Despite these personal battles, she persisted, even as the Indian Olympic Association president and former athlete PT Usha accused the wrestlers of “tarnishing India’s image” during the protests.

In a candid reflection on her retirement, Phogat shared, “Many urged me not to retire, but I had to ask myself – for what purpose should I continue wrestling? There is politics everywhere. Now, I want to do politics that can bring real change, to fight for the future of our children and stand by them when it matters.”

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News Network
October 1,2024

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Mysuru: The Mysuru land authority at the centre of a financial and political storm - involving Chief Minister Siddaramaiah and alleged losses of ₹ 45 crore to the state - has received an offer of restitution from his wife, the urban development body's Commissioner, AN Raghunandan said.

"I am in possession of a letter written by Siddaramaiah's wife regarding her intention to return 14 plots (of land). The Chief Minister's son, Yatindra Siddaramaiah, came to our office and delivered the letter. We will take legal advice for the next step..." he told reporters in Mysuru.

Mr Raghunandan also confirmed anti-corruption officials from the city's Lokayukta branch had written seeking cooperation in its inquiry into the charges against the Chief Minister.

He said the Mysuru Urban Development Authority, or MUDA, "will cooperate with the investigation".

The Enforcement Directorate, however, have not reached out as yet, Mr Raghunandan said. The ED, a federal agency, has filed a money laundering case against Siddaramaiah.

There have also been calls for the CBI, another federal agency, to investigate charges against the Chief Minister, but that appears unlikely now given the Karnataka government has withdrawn general consent for its operations in the state. Law Minister HK Patil made the announcement last week.

He ruled out any link with demands for the Chief Minister to be investigated by the CBI, which reports to the BJP-led central government and the ruling Congress and other opposition parties have claimed is being used by that party to target rival leaders, particularly before elections.

On Monday - three days after the Lokayukta filed a case against the Chief Minister, and hours after the ED launched its probe- Siddaramaiah's wife said she had planned to give up the land earlier but was advised against it the allegations against her husband are "politically motivated".

But now, she said, she had made up her mind as "no house, plot, or wealth is more important than my husband's honor, dignity, and peace of mind". She also said the decision was hers alone; "... I am not aware of my husband's opinion on this matter, nor do I concern myself with what my son thinks".

And, in a comment seen as a calculated swipe at the opposition BJP, which is leading calls for the Chief Minister's resignation, his wife also made an emotional appeal to "all political parties and the media" to "please not drag women of political families into the controversy to settle political scores".

Investigative action against the Chief Minister follows the Karnataka High Court quashing a challenge to Governor Thawar Chand Gehlot's order sanctioning Siddaramaiah's prosecution.

Subsequently a trial court ordered framing of charges and directed the Lokayukta to complete the investigation within three months. The ED case was filed based on the Lokayukta FIR.

Siddaramaiah faces an inquiry into claims Parvathi was allotted 14 plots of land in an upmarket Mysuru area as compensation for land elsewhere - holding a far lower value - taken for infrastructure projects.

The Chief Minister has denied all charges and refused calls to resign.

He has been backed by the Congress and his deputy, DK Shivakumar, who is also the state unit boss, and also by members of his cabinet, including IT Minister Priyank Kharge. However, some within the Congress also want him to quit, such as former Assembly Speaker KB Koliwad.

"I will fight. I am not afraid of anything. We are ready to face the investigation. I will fight this legally," he said last week after the High Court had quashed his challenge to the Governor's sanction.

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News Network
October 1,2024

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The Israeli regime has conducted a series of deadly airstrikes on the Syrian capital of Damascus, with Syrian media reporting three rounds of strikes in the capital area in one night.

An Israeli aircraft launched several missiles from the occupied Golan Heights on Tuesday, targeting locations southwest of Damascus.

Syrian air defenses successfully intercepted many of these missiles, according to the Syrian state media.

According to the Syrian military, the Israeli aggression led to the martyrdom of three civilians, the injury of nine others, and significant damage to private property.

The Al Mayadeen news outlet reports that local journalist Safaa Ahmad was among those killed in the attack, which hit the Mezzeh neighborhood in the Syrian capital. Rescue crews are dealing with fires on the ground.

Syrian television said one of its anchors was killed in the Israeli strike on Damascus on Tuesday.

State television said in a statement that it "mourns anchor Safaa Ahmad who was martyred in the Israeli aggression on the capital Damascus."

The official SANA news agency earlier said "air defense systems are intercepting hostile targets for the third time tonight in the Damascus area," using a phrase that usually refers to Israeli aggression.

Subsequently, another wave of attacks was aimed at the suburbs of Damascus which was intercepted by air defenses.

Syria has consistently called on the UN Security Council to take action against these assaults, which it views as clear violations of its sovereignty and territorial integrity.

Israel frequently targets military positions inside Syria, especially those of the Lebanese resistance movement Hezbollah which has played a key role in helping the Syrian army in its fight against foreign-backed terrorists.

The Tel Aviv regime rarely comments on its attacks on Syrian territories, which many see as a knee-jerk reaction to the Syrian government’s phenomenal success in confronting and decimating terrorism.

Damascus has time and again called on the UN Security Council to put an end to the regime’s attacks that violate Syria’s sovereignty and territorial integrity.

The Israeli attacks on Syria come amid the regime’s ongoing genocide in the Gaza Strip which has killed more than 41,600 people, mostly women and children, over the past year.

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