Bloodbath on Dalal Street! Sensex plunges 1459 points, Nifty below 11,000

Agencies
March 6, 2020

Mumbai, Mar 6; The Indian equity indices slumped on Friday morning, with the BSE Sensex falling over 1,450 points

The slump across the sectoral indices was led by the finance and banking stocks as the Reserve Bank of India on Thursday superseded the board of directors of Yes Bank and placed it under moratorium.

Persistent fears of the coronavirus outbreak severely impacting global economy also weighed on the investor sentiments, analysts said.

At 9.36 a.m., the BSE Sensex trimmed some losses and was trading at 37,376.66, lower by 1,093.95 points or 2.84 per cent from the previous close of 38,470.61

So far, the index has touched an intra-day low of 37,011.09, falling by 1,459.52 points.

It had opened at the intra-day high of 37,613.96.

The Nifty50 on the National Stock Exchange was trading at 10,938.75, lower by 330.25 or 2.93 per cent from its previous close.

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News Network
May 24,2020

New Delhi, May 24: India witnessed the biggest ever spike of 6,767 positive cases in the last 24 hours, taking the total number of COVID-19 cases to 1,31,868, according to the Union Ministry of Health and Family Welfare.

As many as 147 deaths have been reported in the last 24 hours, taking the death toll to 3,867.
Out of the total number of cases, 73,560 are active and 54,440 have been cured/discharged and one migrated.

Maharashtra continues to remain the worst-affected state with 47,190 COVID-19 cases. It is followed by Tamil Nadu (15,512), Gujarat (13,664), and Delhi (12,910).

The nationwide lockdown imposed as a precautionary measure to contain the spread of COVID-19 has been extended till May 31.

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News Network
May 20,2020

May 20: Prime Minister K P Sharma Oli on Tuesday asserted that Lipulekh, Kalapani and Limpiyadhura belong to Nepal and vowed to "reclaim" them from India through political and diplomatic efforts, as his Cabinet endorsed a new political map showing the three areas as Nepalese territory.

Addressing Parliament, Oli said the territories belong to Nepal “but India has made it a disputed area by keeping its Army there”. “Nepalis were blocked from going there after India stationed its Army,” he said.

“India has deployed its troops in Kalapani since 1962 and our rulers in the past hesitated to raise the issue,” he said, asserting, “We will reclaim and get them back.”

The prime minister asserted that the Nepal government will make political and diplomatic efforts to reclaim the territory.

Oli also expressed the hope that India will “follow the path of truth, shown by Satya Meva Jayate, which is mentioned in the Ashoka Chakra, the national symbol of India”.

The prime minister’s remarks came a day after the Cabinet headed by him endorsed a new political map showing Lipulekh, Kalapani and Limpiyadhura under Nepal’s territory.

Foreign Minister Pradeep Kumar Gyawali said the official map of Nepal will soon be made public by the Ministry of Land Management. The move announced by Gyawali came weeks after he said that efforts were on to resolve the border issue with India through diplomatic initiatives.

Nepal''s ruling Nepal Communist Party lawmakers have also tabled a special resolution in Parliament demanding return of Kalapani, Limpiyadhura and Lipulekh to Nepal.

The Lipulekh pass is a far western point near Kalapani, a disputed border area between Nepal and India. Both India and Nepal claim Kalapani as an integral part of their territory - India as part of Uttarakhand’s Pithoragarh district and Nepal as part of Dharchula district.

Gyawali last week summoned the Indian Ambassador Vinay Mohan Kwatra and handed over a diplomatic note to him to protest against the construction of a key road connecting the Lipulekh pass with Dharchula in Uttarakhand.

India has said that the recently-inaugurated road section in Pithoragarh district in Uttarakhand lies completely within its territory. Indian Army chief Gen MM Naravane last week said that there were reasons to believe that Nepal objected to India''s newly-inaugurated road linking Lipulekh Pass with Dharchula in Uttarakhand at the behest of "someone else", in an apparent reference to a possible role by China on the matter.

He said there was no dispute whatsoever between India and Nepal in the area and road laid was very much within the Indian side.

The 80-KM-long strategically crucial road at a height of 17,000 KM along the border with China in Uttarakhand was thrown open by Defence Minister Rajnath Singh earlier this month.

Nepal has raised objection to the inauguration of the road, saying the "unilateral act" was against the understanding reached between the two countries on resolving the border issues. China on Tuesday said the Kalapani border issue is between India and Nepal as it hoped that the two neighbours could refrain from "unilateral actions" and properly resolve their disputes through friendly consultations.

After the endorsement of Nepal’s new map senior ruling party leader and member of Nepal Communist Party Standing Committee Ganesh Shah said the new move may escalate unnecessary tension between Nepal and India at a time when the country is fighting the coronavirus.

"The Nepal government should soon start a dialogue with India to resolve the matter through political and diplomatic moves," he said.

The new map includes 335-km land area including Limpiyadhura in the Nepalese territory.

The new map was drawn on the basis of the Sugauli Treaty of 1816 signed between Nepal and then the British India government and other relevant documents, which suggests Limpiyadhura, from where the Kali river originated, is Nepal''s border with India, The Kathmandu Post quoted an official at the Ministry of Land Reform and Management as saying.

India and Nepal are at a row after the Indian side issued a new political map incorporating Kalapani and Lipulekh on its side of the border in October last year.

The tension further escalated after India inaugurated the road link connecting Kailash Mansarovar, a holy pilgrimage site situated at Tibet, China, that passes through the territory belonging to Nepal.

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News Network
June 15,2020

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

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