SC holds Malvinder, Shivinder guilty of contempt in Daiichi Sankyo case

Mumbai, Mar 9: The mayhem in domestic stock markets deepened with the BSE Sensex falling over 2,400 points and the Nifty50 trading below 10,400 points.

The plunge in the domestic indices was in line with the global markets on persistent fears of economic impact of the coronavirus epidemic.

Stocks of Reliance Industries registered the biggest fall in over 10 years as it fell to Rs 1,094.95 per share. At 1.34 p.m., it was trading at Rs 1,100, lower by Rs 170.05 or 13.39 per cent from its previous close. The stock fell most since October 2008.

The benchmark index of BSE Sensex was trading at 35,232.67 points, lower by 2,343.95 points or 6.24% from the previous close of 37,576.62 points. 

It had opened at the intra-day high of 36,950.20 and has so far touched a low of 35,109.18.

The Nifty50 on the National Stock Exchange was trading at 10,314.25 points, lower by 675.20 points or 6.14% from the previous close. 

It was a sell-off across sectors, led by financial, metal, energy and IT stocks - which weighed on the markets.

Further, crude oil prices also slumped around 30% on Monday as Organization of Petroleum Exporting Countries (OEPC) failed to agree on an output cut deal, eventually causing Saudi Arabia to cut its prices as it is likely to increase its production. Saudi Arabia's stance has already raised concerns of an all-out price war.

Brent crude futures are currently trading around $34 per barrel.

On Saturday, Saudi Arabia announced massive discounts to its official selling prices for April, and the nation is reportedly preparing to increase its production above the 10 million barrel per day mark, according to reports.

As per analysts, the oil market witnessed the worst price fall on Monday since the 1991 Gulf War.

May 14: Customs officials on Wednesday intercepted China-bound consignments of raw material for masks, misdeclared as packing materials for pouches, in large quantities, a senior official said.

It has also seized multiple shipments containing 5.08 lakh masks, 57 litres of sanitiser and 952 PPE kits bound for the US, the UK and the UAE, the official said.

The export of such goods is prohibited by the government in the wake of the COVID-19 pandemic.

"On the basis of specific intelligence, 2,480 kg of raw material for masks was intercepted by air cargo export, Delhi Customs. The goods were misdeclared as packing materials for pouches and were being illegally attempted to be smuggled/ exported to China," he said. 

These goods are prohibited for export as per the latest guidelines issued by the Directorate General of Foreign trade (DGFT), he said, adding that investigation into the case is under progress.

In another catch, the air cargo officers intercepted multiple shipments containing 5.08 lakh masks, 57 litres of sanitiser in 950 bottles and 952 PPE kits at the courier terminal in New Delhi. These were attempted to be smuggled or exported out of the country, the official said.

"These goods are also prohibited for export," he added. 

These items were being illegally exported to the United States, United Kingdom and the United Arab Emirates. "No arrests have been made so far," the official said.

Kolkata, Jan 2: In what could spark fresh tensions between West Bengal Chief Minister Mamata Banerjee and the BJP-led centre, the Union Ministry of Defence on Wednesday rejected her state's tableau proposal for the Republic Day parade on January 26.

"The tableau proposal of West Bengal government was examined by the expert committee in two rounds of meetings. The tableau proposal of the West Bengal government was not taken forward for further consideration by the committee after deliberations in the second meeting," the ministry said in its statement.

Twenty two proposals comprising 16 states and union territories and six ministries and departments have been shortlisted for the parade. The shortlist was compiled from as many as 56 tableau proposals - 32 from states and union territories and 24 from various ministries and departments - received by the central government.

"The expert committee examines the proposals on the basis of theme, concept, design and visual impact before making its recommendations. Due to time constraints arising out of the overall duration of the parade, only a limited number of tableaux can be shortlisted for participation in the parade," the statement read, adding that West Bengal was shortlisted for the 2019 Republic Day parade through a similar process.

"The rejection of the West Bengal tableau for the Republic Day parade is discriminatory. It has been done because West Bengal has been opposing the centre's CAA (Citizenship Amendment Act) and the NRC (National Register of Citizens) plans," Trinamool Congress MP Saugata Roy told news agency.

"West Bengal is known to be living state as far as culture, including arts, music and other things are concerned. So obviously, this is a discriminatory step taken by the central government against West Bengal," Mr Roy added.

The Trinamool Congress-led Bengal government is at loggerheads with the central government over several issues, and the expanding presence of the BJP in the eastern state ahead of the 2021 assembly elections has further intensified their rivalry.

Mamata Banerjee has repeatedly said that she will not allow Bengal to be a part of the proposed nationwide National Register of Citizens, an assertion that the BJP claims is proof of her minority appeasement strategy. Last month, a four-member delegation of Trinamool Congress politicians that visited BJP-ruled Uttar Pradesh to meet families of those killed in violent protests against the Citizenship Amendment Act were stopped by police personnel at the Lucknow airport.

The BJP leadership has now decided to launch a campaign blitzkrieg in West Bengal to counter what it claims is the Trinamool's "misinformation programmes" against the amended citizenship law and reach out to refugees. Protests across the country have currently put the party on the backfoot.

The Citizenship Amendment Act, for the first time, makes religion the test of citizenship in India. The government says it will help minorities from three Muslim-dominated countries get citizenship if they fled to India because of religious persecution before 2015. Critics say it is designed to discriminate against Muslims and violates the secular principals of the Constitution.

Brazilian President Jair Bolsonaro will be the chief guest at the Republic Day celebrations.