Massive jump in stock market after exit polls predict big BJP win; Adani Ports, Adani Enterprises among top performers

News Network
June 3, 2024

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The share market has posted a massive jump in the early trade, banking on the hopes of political stability as predicted by the exit polls. The 30-share Sensex rallied over 2,000 points this morning while the 50-stock Nifty recorded its biggest jump in four years during the market opening.

Both Sensex and Nifty, the indexes of the Bombay Stock Exchange and the National Stock Exchange, hit their record high levels today. All Sensex and Nifty stocks are now in the green.

At pre-open, Nifty surged over 800 points or 3.58% to 23,227.90 while the Sensex jumped 2,621.98 points or 3.55% to 76,583.29.

Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC are among the top performers that led the market rally with significant gains. The latest GDP data suggesting a robust 8.2% fiscal growth also bolstered the market sentiment. 

"Buoyant sentiments are driven by India's impressive Q4FY24 GDP growth of 7.8 per cent, surpassing expectations, with the fiscal year's growth standing at 8.2 per cent," said Varun Aggarwal, founder and managing director of Profit Idea. He also cautioned that the market will remain volatile in anticipation of the results pending tomorrow.

An aggregate of 12 exit polls on Saturday predicted the BJP will return to power with the ruling NDA alliance with 365 seats. A party or an alliance needs at least 272 seats to form government in the country. The market prefers political stability and a change in government usually risks volatility in the share market, according to analysts. 

The exit polls have also predicted that the BJP is set to break ground in Kerala and Tamil Nadu in the south, and make large gains in Odisha and Bengal in the east. There is, however, a health warning: exit polls do not always get it right. 

While the BJP has welcomed the exit poll predictions, the Opposition has dismissed the forecast and said the counting day will throw a completely different picture. Following a meeting of the Opposition leaders part of the INDIA bloc, Congress chief Mallikarjun Kharge Saturday said that the bloc will win at least 295 seats out of the total 543.

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coastaldigest.com news network
October 17,2024

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Great news for Indian nationals! If you hold a tourist visa for the European Union (EU), United States (US), or United Kingdom (UK), you no longer need a pre-entry visa to visit the UAE.

Here’s a simple breakdown of what you need to know:

Who’s Exempt?

Indian nationals who:

Have a valid tourist visa for the EU, US, or UK.

Previously, only those with residence permits from these countries were exempt.

How Long Can You Stay?
 

14-Day Entry Visa: For Indian travelers (and family members) with ordinary passports and a valid tourist visa, residency, or green card from the US, EU, or UK.

> Fee: AED 100 (about INR 2,250)

Extend Your Stay: You can stay an additional 14 days.

> Fee: AED 250 (about INR 5,600)

60-Day Visa: If you plan to stay longer, you can opt for a 60-day visa.

> Fee: AED 250 (same as above)
 

Important Requirements:

Your tourist visa for the EU, US, or UK must be valid.

Your passport must have at least six months of validity.

This update, announced by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, makes travel easier for Indian tourists. Enjoy your visit to the UAE!

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News Network
October 13,2024

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The shocking assassination of politician Baba Siddique right outside his son Zeeshan's office in Mumbai has sparked nationwide outrage and concern. Mumbai, a city with a dark history of gangland violence, has witnessed yet another brutal incident, reviving memories of an era dominated by fear and crime.

Mumbai’s Dark History of Gangster Violence

In the late '80s and '90s, Mumbai was infamous for its notorious underworld figures such as Dawood Ibrahim, Abu Salem, and Chhota Rajan. The city was plagued by shootouts and attacks, often targeting rival gangsters, politicians, and Bollywood personalities. Extortion was the primary source of income for these criminals.

T-Series founder Gulshan Kumar's assassination and the shooting of filmmaker Rakesh Roshan right outside his office were among the high-profile cases that rocked the city. Although police efforts in the form of encounter killings had significantly reduced this menace, recent incidents such as shootings outside Salman Khan's residence and now, the killing of Baba Siddique, serve as a grim reminder that the city is not yet free from its violent past.

Who Are the Shooters?

The Mumbai Police have arrested two suspects linked to the murder of Baba Siddique. Gurmail Singh from Haryana and Dharamraj Kashyap from Uttar Pradesh were apprehended, while the third shooter, identified as Shiva Gautam, remains on the run. Investigations are ongoing to bring the absconding suspect to justice.

How Long Were the Shooters in Mumbai?

According to police interrogations, the shooters had been residing in Mumbai for almost a month before executing the attack. They rented a house in Kurla, a suburb of Mumbai, paying approximately Rs 14,000 a month. The trio reportedly received the weapons for the crime through a human courier just two weeks before the murder. The police have recovered the 9mm pistols used in the attack, along with 28 live cartridges.

Payment for the Murder

Sources have revealed that the hired shooters were each paid Rs 50,000 to carry out the assassination of Baba Siddique. This chilling revelation has further underscored the calculated nature of the crime.

How Was the Attack Executed?

On the day of the murder, the killers arrived on a scooter at the scene and patiently waited for their target. A collaborator kept them updated on Siddique's movements. When Baba Siddique arrived, six bullets were fired, four of which hit him in the chest, tragically ending the life of the veteran politician.

This case has not only rattled the city of Mumbai but also reopened discussions about safety, law enforcement, and the lingering threat of organized crime in the city of dreams.

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News Network
October 16,2024

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Mysuru: K. Marigowda, Chairman of the Mysuru Urban Development Authority (MUDA), resigned on Wednesday, citing health issues and directions from Chief Minister Siddaramaiah.

Marigowda, once considered a close confidant of the Chief Minister, met with Siddaramaiah earlier in the day before submitting his resignation to the Principal Secretary for Urban Development in Bengaluru. While he was unavailable for direct comment, he informed the media that the CM had instructed him to step down. "My health is not good. I’ve suffered two strokes and am unable to carry out my duties effectively," Marigowda said.

His resignation follows an incident on September 27, when he was confronted by Congress party members at Mysuru Airport in Mandakalli during Siddaramaiah's visit. Supporters of the CM, who had gathered in large numbers, accused Marigowda of being responsible for the CM’s recent difficulties. Despite his attempts to explain, they demanded he leave the premises, forcing him to depart under pressure. Marigowda had previously served as president of the Mysuru Zilla Panchayat.

The resignation also comes amid ongoing investigations by the Lokayukta Police. A case was filed on September 27 against Siddaramaiah, his wife B.M. Parvathi, brother-in-law B.M. Mallikarjuna Swamy, and J. Devaraju, following a special court directive to investigate a complaint by Mysuru-based RTI activist Snehamayi Krishna.

The case involves a 3.16-acre plot of land in Kesare (Survey No. 464) in Mysuru taluk, which Mallikarjuna Swamy gifted to Parvathi. Parvathi had requested alternative land for this Kesare property, which was developed by MUDA without acquiring it. In return, she received 14 sites in the Third and Fourth Stages of Vijayanagar.

Following the court's order, the Lokayukta Police formed four special teams on September 28. An inspection of both the original Kesare land and the 14 alternative sites in Vijayanagar was conducted in the presence of the petitioner. Mallikarjuna Swamy and Devaraju were questioned on October 10.

Additionally, an Enforcement Case Information Report (ECIR) was filed on September 30 under the Prevention of Money Laundering Act (PMLA) against Siddaramaiah and others, based on the Lokayukta FIR.

Subsequently, Parvathi requested MUDA to reclaim the 14 sites. The process began on October 1, when MUDA received a letter from Parvathi via her son, MLC Dr. Yathindra. The sites were officially returned by October 3. The Lokayukta Police investigation continues.

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