Indian stock market slips below trillion-dollar mark, rupee at record low

August 6, 2013

Indian_stockMumbai, Aug 6: Indian stock market slipped below the trillion-dollar level in terms of total valuation of all listed companies on Tuesday morning, as downward pressure continued on rupee and share prices.

Rupee touched its all-time low level of Rs 61.51 against the US dollar in early trade and the stock market also lost further ground with a fall of over one per cent in the benchmark Sensex.

As a result, the total market capitalisation of all listed stocks in the country fell to nearly USD 992 billion (close to Rs 60.9 lakh crore), pushing India out of the elite global league of markets having a trillion-dollar valuation.

The BSE benchmark Sensex tumbled by more than 200 points in the late morning trade on fresh selling mainly in realty, metal, consumer durable, banking and captial goods sectors.

Indian stock market has been holding to the trillion-dollar level by a wafer-thin margin for last few days amid continuing weakness in stocks and rupee values.

At the end of Monday's trade, the total valuation of all listed stocks in India stood at Rs 61,55,448.63 crore (USD 1.011 trillion), while it had touched a low of USD 1.004 trillion last week.

With India out of this league, only 13 stock markets across the world currently enjoy a trillion-dollar status, led by the US (an estimated USD 20 trillion).

Other members of this elite club are - UK, Japan, China, Canada, Hong Kong, Germany, France, Switzerland, Australia, South Korea, Nordic region and Brazil.

While markets like Russia, Spain and South Africa have moved out of this club after enjoying a trillion-dollar status in the past, at least three more markets -- Brazil, South Korea and Nordic region markets -- are maintaining this level with small margins.

India had first entered the trillion-dollar club in June 2007, but moved out in September 2008, amid a global slowdown. It again got back into this elite league in May 2009 and had largely remained there since then, except for some brief periods.

Rather than the fall in share values, the rupee weakness has been the greater force behind the dollar-valuation plunge in the recent months.

Since the beginning of the current fiscal in April 2013, though the rupee valuation of Indian stock market has fallen by only about 4 per cent (from Rs 63.88 lakh crore to Rs 60.90 crore), but its dollar valuation has plunged by about 18 per cent (from USD 1,209 billion to USD 992 billion).

Rupee has depreciated by over 12 per cent during this period.

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News Network
July 19,2020

Lucknow, Jul 19: The animal markets, which are usually bustling with activity ahead of Bakrid, are desolate this year.

The Covid-19 pandemic has shorn all festivals of public celebrations, and people are apprehensive that the tradition of animal sacrifice may be affected due to social distancing norms.

Also there is a massive drop in demand for sacrificial animals due to the financial impact of the crisis.

Chairman of All India Jamiat-ul-Quresh Sirajuddin Qureshi urged the government to come out with guidelines for carrying out the celebrations in the traditional way.

The festival will fall on July 31 or August 1. Buyers and sellers start thronging the animal markets almost two weeks ahead of the festival. But this year only a negligible number of buyers have turned up in animal markets in old Lucknow areas including Nakkhas, according to traders.

"It is very difficult to say as to what the government is thinking. 'Qurbani' is a matter of faith for the Muslims. We appeal to the government to deliberate and find a solution. This is a national problem, and our office bearers are speaking to different state governments," Qureshi said.

In the absence of guidelines, not many madrassas are buying animals for sacrifice, he said.

"The madrasas where collective 'qurbani' is done, are also not coming forward. In Bakrid, along with goats, buffaloes are also sacrificed. The government should ensure that people who are transporting the animals are not harassed by the police," Qureshi said.

Prominent Muslim cleric Khalid Rasheed Farang Mahali said he had raised the issue with the Uttar Pradesh chief minister.

"I have recently met Chief Minister Yogi Adityanath requesting him to issue guidelines for Bakrid. I am hopeful that the guidelines will be released soon," he said.

Rahat Ali, a goat trader from Rajasthan said, thousands of people will be affected due to the reduced demand for animals.

"The animal trade works in a chain involving farmers who rear animals, small traders and big traders.

"The traders buy the animals from the farmers. These are then sent to various states like Maharashtra, Gujarat and Uttar Pradesh. In the absence of demand, I did not purchase animals this year," he said.

Sajid, who supplies goats to various districts in western Uttar Pradesh, said the lockdown has affected the livelihood of people and not many have the money to buy animals for sacrifice.

"The lockdown has drained the people of their money. As a result, the animals are not getting sold," he said.

The Maharashtra government has come out with guidelines for Eid al-Adha, also known as Bakrid or Id-ul-Zuha, noting that there is a ban in place on all religious programmes and people should offer "namaz" in their homes and not in mosques.

It also said sacrificial animals should be bought online or over the phone as markets dealing with them will be closed, adding that "qurbani" should preferably be symbolic.

There will be no relaxation in restrictions for Eid in containment zones, and people are directed not to congregate in public places on the day of the festival, it added. 

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News Network
March 24,2020

Kochi, Mar 24: Long queues were witnessed in front of state beverages corporation outlets across Kerala on Tuesday despite the statewide lockdown to prevent the spread of the coronavirus.

As tipplers thronged the outlets unmindful of the curfew, officials asked them to ensure that they kept a one metre distance between them as part of preventive steps to check the COVID-19 transmission.

Official sources said precautionary measures have been taken at the beverages outlets to prevent the virus spread.

Only those wearing masks were allowed to stand in queues, the sources said.

Police were deployed to ensure that the people standing in queues keep a one metre distance between them, they added.

The opposition Congress slammed the CPI(M)-led LDF government for not taking steps to restrict crowds in front of the Kerala State Beverages Corporation (Bevco) outlets, apprehending that such a situation would pave way for spreading the virus.

Ernakulam district congress committee general secretary Sherin Varghese claimed if the government had implemented a 2017 Kerala high court order directing the beverages corporation to take remedial steps to end long queues in front of the outlets, such a situation would not have arisen.

"Had the beverages corporation complied with the court order, safety and security of persons standing in queues could have been ensured.

Now there is no protective measure to prevent the possible transmission of the coronavirus from a carrier to another person," he told PTI.

Meanwhile, the state government has directed that adequate distance be kept between people standing in queues.

Chief Minister Pinarayi Vijayan on Monday justified the decision to keep the liquor shops open citing the "peculiar" situation prevailing in the state.

Kerala is in a total lockdown since Monday midnight till March 31 to check the virus spread.

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Agencies
June 26,2020

New Delhi, Jun 26: Congress president Sonia Gandhi on Friday said the central government cannot shirk its responsibility of securing our borders with China and asked Prime Minister Narendra Modi to take the nation into confidence on the situation in Ladakh.

In a video message put out as part of the Congress party's campaign to honour the Army personnel who sacrificed their lives in Ladakh, she asked why the country's soldiers were martyred when China has not captured any Indian territory, as claimed by the Prime Minister.

"Today when there is a crisis-like situation at the India-China border, the central government cannot shirk its responsibility (of securing them)," she said in a video message as part of 'SpeakUpForOurJawans' campaign.

"The country wants to know if China has not captured our land in Ladakh, as claimed by the Prime Minister, then why were our 20 soldiers martyred," she asked.

She said while the Prime Minister says there is no intrusion into Indian territory, experts after seeing satellite images talk of the presence of Chinese troops in our territory confirming the intrusions.

"When and how will the Modi government take back from China our land in Ladakh? Is our territorial integrity being violated by China in Ladakh? Will the Prime Minister take the nation in confidence on the situation at the border?" Gandhi asked.

She said the government should give full support and strength to the Army, saying "this will be true patriotism".

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