People of Kashmir imprisoned in their own homes: Sitaram Yechury

Feb 28: Market benchmark Sensex plummeted over 1,100 points, wiping off over Rs 5 lakh crore investor wealth, in opening session on Friday amid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 per cent, to 11,303.80.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

In the previous session, the Sensex settled 143.30 points, or 0.36 per cent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 per cent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have minimum impact on global economy as situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 per cent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 per cent.

The S&P 500 has now plunged 12 per cent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 per cent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 per cent to USD 50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Hyderabad, Jul 13: Family members of Telugu poet and writer Varavara Rao, who is currently lodged in Navi Mumbai's Taloja jail in the Bhima Koregaon case, on Sunday appealed to the government for his immediate release in view of his deteriorating health.

Rao's wife P. Hemalatha and their three daughters urged the government to save his life by shifting him to a hospital or allow them to provide him with immediate medical care.

We want to remind the government that it has no right to deny the right to life of any person, much less an undertrial prisoner," they said.

His family members said they were very much worried about his deteriorating health. They said his health condition had been scary for over six weeks, ever since he was shifted in an unconscious state to JJ Hospital on May 28.

"Even as he was discharged from the hospital and sent back to jail three days later, there has been no improvement in his health and he is still in need of emergency healthcare," Hemalatha said.

"The immediate cause of concern now is that we are very much perturbed at the routine phone call we received from him on Saturday evening. Though the earlier two calls on June 24 and July 2 were also worrying with his weak and muffled voice, incoherent speech and abruptly jumping into Hindi. But the latest call, on July 11 is much more worrisome as he did not answer straight questions on his health and went into a kind of delirious and hallucinated talk about the funeral of his father and mother, the events that happened seven decades and four decades ago respectively," Rao's wife said.

She said her husband's co-accused companion took the phone from him and informed her that he is not able to walk, go to the toilet and brush his teeth on his own.

"We were also told that he is always hallucinating that we, family members, were waiting at the jail gate to receive him as he was getting released. His co-prisoner also said he needs immediate medical care for not only physical but also neurological issues. The confusion, loss of memory and incoherence are the results of electrolyte imbalance and fall of Sodium and Potassium levels leading to brain damage. This electrolyte imbalance may be fatal also."

Stating that Taloja Jail Hospital is not well equipped to handle this kind of serious ailment, they demanded that he be shifted to a fully equipped super specialty hospital to save his life and prevent possible brain damage and risk to life due to electrolyte imbalance.

"At the present juncture we are leaving aside all the pertinent facts like, that the case against him is fabricated; he had to spend 22 months in jail as an undertrial with the process turned into punishment; his bail petitions got rejected at least five times now and even the bail petitions with his age, ill-health and COVID vulnerability as grounds were ignored. His life is the top most concern for us right now. Our present demand is to save his life," the family said.