Equity indices volatile, Reliance plunges 3.7 pc

Agencies
January 25, 2021

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Mumbai, Jan 25: Equity benchmark indices swayed between gains and losses during early hours on Monday while their Asian peers were on an upward trajectory.

At 10:15 am, the BSE S&P Sensex was down by 46 points or 0.09 per cent at 48,833 while the Nifty 50 edged lower by 13 points or 0.09 per cent to 14,359.

Most sectoral indices at the National Stock Exchange were in the red with Nifty PSU bank, IT and realty dipping by 0.8 per cent each, auto by 0.7 per cent and metal by 0.5 per cent.

Among stocks, Reliance Industries cracked by 3.7 per cent to Rs 1,973.90 per share after reports said the Mukesh Ambani-led conglomerate has spined off of the oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships.

At the same time, it saw its profit jump 12.5 per cent to Rs 13,101 crore during the quarter ended December.

The other prominent losers were Asian Paints, Tata Motors, Nestle India, ITC, HCL Technologies, IndusInd Bank and Eicher Motors.

However, Grasim gained by 4.5 per cent to Rs 1.049.35 per share. UPL, UltraTech Cement, Bajaj Finance and JSW Steel too trade with a positive bias.

Meanwhile, Asian shares rose as concerns over rising Covid-19 cases and delays in vaccine supplies were eclipsed by expectations of a 1.9 trillion dollar fiscal stimulus plan to help revive the US economy.

MSCI's broadest index of Asia Pacific shares outside Japan rose slightly. Japan's Nikkei rebounded from falls in early trading to be up by 0.36 per cent.

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News Network
December 10,2024

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Bengaluru: Karnataka has declared a holiday for state government offices, schools and colleges on Wednesday, December 11, in the wake of a state funeral for former chief minister S M Krishna, who passed away in Bengaluru on Tuesday.

The last rites of Krishna, 92, will be held at his native village of Somanahalli in Mandya's Maddur taluk.

A government order stated that the holiday would apply to private aided educational institutions too.

Besides, the government has declared three days of mourning (December 10-12), during which no public entertainment programmes would take place, while the national flag would fly at half-mast.

S M Krishna passed away at his residence on December 10, 2024. The 92-year-old veteran politician was ailing for quite some time, a family source said.

A charismatic leader with a modern outlook, he not only laid a strong foundation for the growth of IT and BT industries in Karnataka but also managed to get them onboard with the government to build “Brand Bengaluru” at the international level.

He held several prominent positions throughout his career as External Affairs Minister, Maharashtra Governor, Chief Minister of Karnataka, Speaker of Karnataka Legislative Assembly and Minister in the Karnataka government.

Although known for his tech savviness, flamboyancy, style and the Western outlook, the Congressman-turned-BJP senior leader was a hardcore Bengalorean who loved the city’s trees and flowers. SMK also had a love for tennis. Even when he was Chief Minister, he would visit the tennis court to play the game two to three times a week. 

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News Network
December 7,2024

With the surging demand for air travel between the UAE and India, limited flight capacities are driving up ticket prices. Abdulnasser Alshaali, UAE's ambassador to India, has stressed the urgent need for increasing flight operations to curb rising airfares and bolster connectivity.

Addressing the inaugural UAE-India Founders' Retreat at Dubai International Financial Centre (DIFC) on Friday, Alshaali highlighted that the imbalance between demand and available seats is unsustainable. “Airfare has grown significantly due to heightened demand. Without more flights and seat capacities, prices will keep rising,” he cautioned.

Connecting More Cities
Alshaali revealed his proposal to add more flights between the two nations, emphasizing connections to Tier 2 cities in India. “Indians prefer flying to airports closer to their hometowns, especially on specific days. Expanding flight options is vital for meeting this demand,” he explained.

The ambassador stressed that increased connectivity would yield mutual benefits, including boosting tourism, creating jobs, and fostering business opportunities. “This is about redefining our relations to ensure a win-win outcome for both nations,” he remarked.

Strengthening Ties Through Innovation
The UAE-India Founders' Retreat, co-organized by the UAE Embassy in Delhi and the UAE-India CEPA Council (UICC), hosted over 60 Indian startup founders alongside UAE business leaders, investors, and policymakers. The three-day event aimed to deepen collaboration and promote innovation between the two nations.

Prominent attendees included Essa Kazim, Governor of DIFC, Hadi Badri, CEO of Economic Development at the Dubai Department of Economy and Tourism, and Faraz Khalid, CEO of Noon.

CEPA: A Testament to Success
Alshaali lauded the Comprehensive Economic Partnership Agreement (CEPA), which has significantly boosted trade relations. “Bilateral trade between India and the UAE has exceeded $80 billion, marking over a 15% growth since CEPA. Key sectors like pharmaceuticals and agriculture, including fruits and vegetables, have seen over 30% growth,” he noted.

Enhanced air connectivity, Alshaali emphasized, is not just about convenience. “It deepens people-to-people ties and facilitates easier travel for investors, students, and businesspersons, further solidifying our partnership,” he concluded.

The call for increased flights and better transportation links is poised to redefine the dynamics of UAE-India relations, catering to the evolving needs of both nations.

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News Network
December 7,2024

Udupi, Dec 7: A tragic incident involving the death of a 38-year-old hotel worker in Manipal has been confirmed as a case of suicide, dispelling initial reports of murder. Udupi Superintendent of Police (SP) Dr. Arun Kumar clarified the matter after an investigation, including CCTV footage review, revealed the victim, Sridhara, took his own life in a shocking and rare manner.

Incident Overview
The lifeless body of Sridhara, a resident of Kasarakoda and hotel employee in Manipal, was discovered early Friday near Ananta Kalyana Nagara. Initially, it was believed he had been murdered, his throat reportedly slit with a beer bottle. However, a detailed inspection of the scene and CCTV evidence from a nearby shop confirmed that Sridhara inflicted the fatal injury on himself.

Footage revealed the chilling sequence: Sridhara was seen walking purposefully to the spot before suddenly using a beer bottle to slit his throat, collapsing moments later. The act left his throat almost entirely severed, and the beer bottle, along with an empty bag, was found near his body.

Suspected Drug Influence
Authorities suspect Sridhara may have been under the influence of narcotics at the time. A post-mortem examination was conducted at KMC Manipal to uncover any potential contributing factors.

Public Concern and Investigation Status
Although the investigation has ruled out foul play, local residents have urged authorities to probe further to ensure no external involvement was overlooked. The police, while confident in their findings, have withheld the CCTV footage from public release due to the sensitive nature of the case and ongoing inquiries.

“This was a tragic and rare method of suicide, confirmed through thorough investigation and verified CCTV evidence,” SP Dr. Arun Kumar stated, urging the public to avoid speculation.

The incident has left the community in shock, sparking discussions around mental health awareness and the impact of substance abuse. Authorities continue to investigate further to close the case conclusively.

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