Investors become poorer by Rs 4.6 lakh crore as stocks crash

Agencies
February 3, 2018

New Delhi, Feb 3: Investors wealth was on Friday eroded by Rs 4.6 lakh crore amid massive selling in the stock market where the BSE benchmark index plummeted 840 points.

The 30-share Sensex crashed 839.91 points, or 2.34 per cent, to end the day at 35,066.75.

Following the sharp decline in stocks, the market capitalisation of BSE-listed companies tumbled Rs 4,58,581.38 crore to Rs 148,54,452 crore.

This is the biggest single day fall of the index since August 24, 2015, when it had fallen by 1,624.51 points.

The Budget for 2018-19 imposed long-term capital gains tax of 10 per cent on equities.

"The major part of today's correction can be attributed to the budget announcement of imposition of long term capital gains tax on equity, introduction of tax on distributed income by equity oriented mutual funds and fiscal slippage. The move surprised the Street as most participants were factoring in a change in definition of Long Term to two or three years from a year," said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.

Among the 30-share basket, 27 stocks ended with losses led by Bajaj Auto and Bharti Airtel.

All the sectoral indices on BSE ended in the red led by realty and infrastructure.

On the BSE, 2,527 stocks declined, while 310 advanced and 124 remained unchanged.

"Sensex and Nifty saw heavy selling post budget day. Investors were disappointed with LTCG coming in over and above STT. However, budget is aimed at spurring demand from rural India and masses going forward to take care of India growth story. Execution and implementation will be the key ahead," said Anita Gandhi, Whole Time Director, Arihant Capital Markets.

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News Network
February 9,2020

New Delhi, Feb 9: Calling India a "long-standing friend", Sri Lankan Prime Minister Mahinda Rajapaksa on Saturday thanked Prime Minister Narendra Modi for visiting his country in the aftermath of last year's Easter Sunday terror attacks and outlined that New Delhi has always helped Colombo in its fight against terrorism.

In a joint press briefing with PM Modi, Mahinda Rajapaksa said he hopes that India will continue to help Sri Lanka fight terrorism.

Mahinda Rajapaksa expressed his gratitude to PM Modi for the neighbourhood first policy and the priority India gives to Sri Lanka.

"We had agreed that our cooperation is multifaceted and priority is given to a number of areas including security, economy, culture and social sectors. Part of our discussions centered on cooperation with regard to the security of the two countries. India has always assisted Sri Lanka to enhance our capacity, capabilities in intelligence and counter-terrorism. We look forward to getting continued support in this regard," he said.

"I thank the Prime Minister for visiting Sri Lanka in the aftermath of the Easter Sunday terror attacks that provided us with immense strength to come to terms with the tragedy. We also appreciate Prime Minister Modi's $400 million line of credit to enhance the economy of Sri Lanka and another $50 million line of credit for fighting terrorism," he added.

The Sri Lankan president urged PM Modi to consider further assistance to expand housing projectS all over Sri Lanka to benefit people from rural areas.

"The Prime Minister and I discussed how Sri Lanka and India can work together in the field of economy. India is among the world's fastest growing economies. I discussed with PM Modi how Sri Lanka could benefit from certain economic sectors where India is in a strong position," he said.

Concluding his statement, Mahinda Rajapaksa said, "India is our closest neighbour and a long-standing friend. The close historical links...provided a solid foundation to our ties."

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Agencies
July 13,2020

Jaipur, July 13: Amid deepening political crisis in Rajasthan, a crucial meeting of the Congress Legislature Party (CLP) will be held at the chief minister's residence here on Monday.  

The Congress has issued a whip to all party legislators mandating their presence during the meeting which will be convened at 10.30 am by Chief Minister Ashok Gehlot.

Deputy Chief Minister Sachin Pilot has made it clear that he is not going to attend the meeting.

In a statement issued on Sunday night, Pilot had claimed that the Ashok Gehlot government was in minority and more than 30 Congress and some independent legislators have pledged support to him.  

By doing so, he has openly displayed rebellion against the leadership of Gehlot.

However, All India Congress Committee (AICC) general secretary Avinash Pande has said that 109 MLAs have expressed confidence in the Ashok Gehlot-led Congress government in the state and have signed a letter in support.

Pande said a whip had been issued asking all the MLAs to attend the CLP meeting and that action will be taken against those who skip it.

In the 200-member Rajasthan Assembly, the Congress has 107 MLAs and the BJP 72.

The Congress has the support of 10 out of 13 independents, and other party MLAs like Rashtriya Lok Dal (1), which is its ally. The Congress also considers Bhartiya Tribal Party (2) and CPI(M) (2) MLAs as their supporters.

BJP ally Rashtriya Loktantrik Party (RLP) has three MLAs in the assembly.

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News Network
January 18,2020

New Delhi, Jan 18: Lieutenant Governor (LG) Anil Baijal has granted the power of detaining authority to the Delhi Police Commissioner under the National Security Act (NSA), according to a notification. The NSA allows preventive detention of an individual for months if the authorities feel that the individual is a threat to the national security, and law and order, sources said.

In exercise of the powers conferred by sub-section (3) of section 3, read with clause (c) of Section 2 of the National Security Act, 1980, the Lt Governor is pleased to direct that during the period January 19 to April 18, the Delhi Police Commissioner may also exercise the powers of detaining authority under sub-section (2) of the section 3 of the aforesaid Act, the notification stated.

The notification has been issued on January 10 following the approval of the LG.

It comes at a time when the national capital has been witnessing a number of protests against the Citizenship Amendment Act (CAA) and the National Register of Citizens (NRC).

However, the Delhi Police said it is a routine order that has been issued in every quarter and has nothing to do with the current situation.

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