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Former VP Hamid Ansari backs Tharoor’s Hindu Pakistan Comment

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Hamid-Ansari

New Delhi, July 12 : A day after Senior Congress leader Shashi Tharoor made a controversial ‘Hindu Pakistan’ comment,  former Vice President Dr.Hamid Ansari has come out and backed his statement, saying ‘Tharoor is a learned man whatever he says will be well thought of’.

Ansari said, ” Tharoor is a learned man whatever he says will be well thought of. He has a right to make his own judgement. I haven’t read what he has said.”

He ruled out joining micro-blogging site Twitter. “In terms of technology, I am still in the 20th century. I have a computer & books, I am very happy with that,” said Ansari on being asked if he will join Twitter in future.

Shashi Tharoor, Thiruvananthapuram MP, stirred a hornet’s nest by saying that India’s “democratic constitution” will not survive if the ruling BJP comes back to power in 2019 Lok Sabha elections.

Tharoor said that the BJP has “elements” that may “tear apart” the Constitution and write a new one. “If they (BJP) win a repeat in the Lok Sabha our democratic constitution as we understand it will not survive as they will have all the elements they need to tear apart the constitution of India & write a new one,” Tharoor said.

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Raj violence: RAF deployed after 2 die in police firing

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Jaipur, Sep 28 (IANS) The Rajasthan Police on Monday confirmed that two persons have died and another two were injured in police firing used to control violence that rocked Dungarpur in the last four days.

“Two people died and two sustained critical injuries in the violence which erupted on the Udaipur-Ahmedabad national highway in the last four days. Additional police forces and rapid action force has been deputed in Dungarpur since Sunday night,” said Director General Police (DGP) Bhupendra Singh here.

Police had to open fire to control the situation on Saturday and to protect public property and lives of people in which two died and two were injured. The injured are out of danger, he said.

He said a total of 24 cases have been registered and action is being taken against the accused. Two companies of Rapid Action Force (RAF) and six companies of Rajasthan Armed Constabulary (RAC) have been deputed.

Officials are keeping an eye on all major developments and efforts are on to retain peace in the area.

Last week, thousands of applicants who appeared for teachers’ examination took to streets, pelted stones and torched vehicles on the NH8.

They demanded the filling up of over 1,000 vacant posts reserved for the general category be filled by ST candidates. The highway was blocked for about 10 kilometres since Thursday evening. Many police vehicles were torched and several policemen were injured in the violence.

–IANS

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India has over 60L Covid cases

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Out of these, 9,62,640 are currently active; 50,16,520 have been discharged, while 95,542 lost the battle against the viral disease.
On July 17, India had logged 10 lakh cases, which then doubled to 20 lakh on August 7. The country added another 10 lakh on August 23 and went past 40 lakh on September 5. In 11 days, it added another 10 lakh cases, mounting to 50 lakh cases. Twelve days later the tally has mounted to 60 lakh.
While the recovery rate stands at 82.58 per cent, one of the highest in the world; the fatality rate has come down to 1.57 per cent, the data from the Ministry of Health and Family Welfare said.
Maharashtra continues to be the worst-hit with a total of 13,39,232 cases including 35,571 deaths; followed by Andhra Pradesh, Tamil Nadu and Karnataka.
According to the data from the Indian Council of Medical Research (ICMR), 7,09,394 sample tests were conducted across the country in a single day on Sunday, taking the total number of samples tested so far to 7,19,67,230.
On the global front, India rallies behind the US, which has recorded 71,13,666 cases and 2,04,750 deaths. As of Monday morning, the total number of cases in the world stood at 3,29,77,556 and the fatalities rose to 9,96,674.

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Market Watch – Markets not yet out of the woods

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Sensex Stock Market Update UP and Low

Markets behaved on expected lines and fell on the first four trading days with a sell-off on expiry day. They recovered on Friday the first day of the new futures series which is of five weeks duration. BSESENSEX lost 1,457.16 points or 3.75 per cent to close at 37,388.66 points while NIFTY lost 454.70 points or 3.95 per cent to close at 11,050.25 points. The broader markets saw BSE100, BSE200 and BSE 500 lose 3.98 per cent, 4.14 per cent and 4.24 per cent respectively. BSEMIDCAP lost 4.73 per cent while BSESMALLCAP lost 5.26 per cent. There was panic across the board on Thursday and it was selling by FII’s and liquidation by momentum traders which led to the mayhem. The recovery on Friday was equally sharp and about a third of the losses of four days have been recovered.

The Indian Rupee lost 17 paisa or 0.23 per cent to close at Rs 73.61 to the US Dollar. After a volatile week, Dow Jones closed with losses of 520.46 points or 1.88 per cent at 27,657.42 points.

September series expired with losses of 753.70 points, or 6.52 per cent at 10,805.55 points. This was the lowest closing of NIFTY during the month. On an intra-day basis, the NIFTY on expiry day had touched a low of 10,790.20 points while the low on the BSESENSEX was 36,495.98 points.

The week gone by was about the primary market with three issues opening and closing for subscription and one new listing. Shares of Route Mobile made their debut on Monday and closed at Rs 651.10, a gain of Rs 301.10 or 86.03 per cent. Shares were issued at Rs 350. The striking feature of the day’s trading was the delivery percentage of 97.74 per cent of the non-anchor portion. This effectively means that almost everybody who got allotment of shares, sold on day one. 25 per cent of these shares were bought by two institutional investors and this saw the share gaining further ground to close at Rs 938.60, a gain of Rs 168.17 per cent.

Computer Age Management Services Limited which had tapped the capital markets with its offer for sale saw subscription of 46.99 times. The QIB portion was subscribed 73.18 times, HNI portion subscribed 111.85 times and Retail portion subscribed 46.99 times. The price band was Rs 1229-1230. Shares would list on 1st of October.

The second issue was from Chemcon Speciality Chemicals Limited and shares were issued in a price band of Rs 338-340. The issue was subscribed 149.33 times overall. QIB portion was subscribed 113.54 times, HNI portion 449.14 times while Retail portion was subscribed 41.21 times. This issue would list on Thursday the 1st of October.

The third issue was from Angel Broking Limited and was subscribed 3.94 times overall. Shares were issued in a price band of Rs 305-306. QIB portion was subscribed 5.74 times, HNI portion undersubscribed at 0.69 times and Retail portion subscribed 4.31 times. This issue would list on Monday 5th October.

There are three issues opening next week on Tuesday the 29th of September and closing on Thursday the 1st of October. The first issue is from Mazagon Dock Shipbuilders Limited which is issuing shares in a price band of Rs 135-145. The issue is an offer for sale from the government of India for 3,05,99,017 equity shares. Being a government offer, there would be no anchor allocation. The EPS for the period ended March 2020 was Rs 21.36 and the PE multiple is 6.32 to 6.79. Mazagon Dock is into warships and submarine building and is the only shipyard in India with submarine making capability. There are two other defence PSU listed shipyard companies namely, Garden Reach Shipbuilders and Cochin Shipyard. The issue is very attractively priced and offers ample scope for appreciation. However, allotment would be only by lottery.

The second issue is from UTI Asset Management Company Limited which is through an offer for sale of 3,89,87,081 shares by NSE. The price band is Rs 552.-554. The company had earned an EPS of Rs 21.53 for the year ended March 2020. The PE multiple based on March 2020 numbers is 25.64-25.73. The net asset value or NAV is Rs 212.88 as on 31st March 2020. There are two listed peers for the company, HDFC AMC and Nippon Life India Asset Management Limited. Compared to the peers, the issue is reasonably priced.

The third issue is from Likhitha Infrastructure Limited which is raising capital through a fresh issue of 51 lac shares in a price band of Rs 117-120. The EPS for the year ended March 2020 was Rs 13.59. The PE based on March 2020 is 8.61-8.83. The company is into the business of laying city gas distribution pipes and also product pipeline on a cross country basis. The company has an order book of over Rs 662 crore as of July 2020 and this would be executed over the next 24-30 months. Revenue for the year ended March 2020 was Rs 162 crore. The company gets pipes as a free item for installation from the customer, hence the revenue looks lower than the word ‘infrastructure player’ suggests. Looks an interesting company but the size of the issue and the simultaneous issues from three companies could act as a drag.

Covid-19 saw the world have 330,58,750 patients, 998,747 deaths and 244,11,772 patients recover. In India we had 59,92,532 patients, 94,534 deaths and 49,41,627 people recovering. Compared to the previous week, the world saw 20,65,770 new patients, 37,272 deaths and 18,23,867 patients recovering. In India we saw 5,91,913 new patients, 7,760 deaths and 6,38,58. This is the first time that the number of patients recovering is higher than new patients. This is the first time that the number of patients recovering is higher than new patients.

Coming to the markets, we saw the anticipated correction pan out and the price damage that it led to. We are not yet out of the woods and it would be fair to assume that after a continuation of the current one-day old rally which could last for a further day or two, expect the correction downwards to continue. While lows made on Thursday of 36,495 on BSESENSEX and 10,790 on NIFTY would act as immediate supports, the breaking of these levels could bring a sharper and swifter correction. Use rallies to sell and sharp dips to buy. Refrain from having overnight positions. The week has a trading holiday on Friday and that would bring a sharp reduction in positions on Thursday closing as we have a three-day holiday thereafter. The two new listings on Thursday would keep markets buoyant and engrossed on the last day of the week. Trade cautiously.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

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