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Brightcom Group top mover, Tata Teleservices runner-up in equity race for FY22

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Reopening of Indian economy post the aggressive vaccination drive helped investors mint money in the stock markets as multiple stocks turned multibagger in the financial year FY22 that ended on March 31, 2022.

The top moving stock in the previous financial year was Brightcom Group, rising 2,500 per cent from Rs 4 to Rs 102 during the period. Fortunes of those investors who betted on Brightcom Group’s shares have brightened in the past one-year.

Founded in 1999, the Hyderabad-based listed company deals in digital marketing and advertising solutions. In December 2021, it acquired 100 per cent stake in digital marketing firm MediaMint in a mixed cash-and-stock deal worth Rs 566 crore. Next came the Tata company Tata Teleservices. It rose 1,201 per cent during the fiscal from Rs 13 to Rs 175.

Mumbai-based Tata Teleservices, a subsidiary of the Tata Group, deals in broadband, telecommunications and cloud services. It is important to note that the rise in share prices of the company comes at a time when major Indian telecom operators have raised their prepaid tariffs by around 20 per cent.

Also, the country preparing to launch the high-speed 5G network and augmenting the broadband internet services in all villages are likely to have supported the telecom scrip. Further, RattanIndia Enterprises, 3I Infotech, and GRM Overseas rose 817 per cent, 560 per cent and 425 per cent, respectively. Shares of Jindal Worldwide, Khaitan Chemicals & Fertilizers, Vishnu Chemicals, Ange One, Gokaldas Exports and Nahar Polyfilms gained above 400 per cent each, data showed. Analysts expect the positive outlook of Indian equities to continue in FY23, however, rising commodity prices-led inflation is a key monitorable.

For the near-term, the outcome of the Reserve Bank of India’s upcoming monetary policy meeting next week would be the major factors that will dictate the market outlook. “With the beginning of the new fiscal year, markets will be closely eyeing the MPC’s monetary policy review outcome scheduled on April 8. Participants are expecting the status quo however their commentary on inflation and growth would be critical amid global tightening,” said Ajit Mishra, VP Research at Religare Broking.

On the macro front, participants will be eyeing manufacturing and services PMI data on April 4 and April 6 respectively besides global cues like updates on the Russia-Ukraine war, movement of crude oil will remain in focus, said Mishra.

International

Man shot in targeted attack in Australian state of Queensland

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Sydney, June 6: A man has been hospitalised with serious injuries following a targeted shooting in the Australian state of Queensland.

The Queensland Police Service said on Friday that emergency services were deployed to a house in Parkwood, 65 kilometres southeast of Brisbane, around 7:50 p.m. on Thursday in response to reports that a man had sustained gunshot wounds to his leg and other injuries to his hand.

According to media, the 21-year-old man was found at the scene with serious injuries and was taken to hospital in a stable condition.

A police statement said that initial inquiries indicated that the incident was a targeted shooting and that there was no ongoing threat to the public.

An investigation into the attack was ongoing and police commenced a search for the perpetrator.

In a separate incident, Australian police are investigating a fatal stabbing in a remote outback mining town west of Sydney.

Emergency services were called to conduct a welfare check at a home in Broken Hill, over 900 kilometers from Sydney in the far west outback of the state of New South Wales (NSW), just after 11:50 p.m. on Thursday.

Police officers arrived at the scene where they found a man, believed to be aged in his 40s, with stab wounds to his neck.

He was treated by ambulance paramedics but could not be revived and was declared deceased.

Local police established a crime scene at the house and have commenced an investigation into the man’s death with assistance from the NSW Homicide Squad.

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National

Kerala Guv upset after Minister skips event displaying Bharat Mata’s portrait

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Thiruvananthapuram, June 6: Reacting to the controversy after the Kerala Agriculture Minister P. Prasad boycotted the state-level celebrations on the World Environment Day at the Raj Bhavan — the official residence of the state Governor, Rajendra V. Arlekar, the latter expressed his displeasure.

Speaking at the event as the state Governor, Arlekar expressed his displeasure by saying that the Agriculture Minister should also have been present here.

“The State Education Minister informed that he could not come. Then the Agriculture Minister also did not come. I do not know what better issues we have, the Agriculture Minister wanted to remove the portrait of Bharat Mata from the dais,” said Governor Arlekar.

“I told them that we will do everything else, but we cannot remove Bharat Mata’s portrait as this is what we are living for and probably that’s the reason why they did not come,” he added.

“What sort of thinking we have in our minds,” lamented Governor Arlekar.

The reason was that the State Agriculture Minister did not want the portrait of the Bharat Mata, commonly used by the Rashtriya Swayamsevak Sangh (RSS), to be placed on the central dais.

Minister Prasad told the media that the programme was decided after speaking to the Governor.

“Last night, a change was made, and this was not acceptable to the state government. The picture was not the regular Bharat Mata picture which we use, but at the Raj Bhavan, it was the one that is used by the RSS. It is not right to keep such pictures, and the Governor said it cannot be changed, and hence the state government decided not to take part in the event at the Raj Bhavan,” he said.

“This is an unconstitutional thing. It is only after this Governor took over that there have been such changes. We have the highest regard and respect towards the normal Bharat Mata picture, but not the one used by the RSS,” Prasad added.

Incidentally, on Tuesday evening, officials from the concerned Minister’s office were at the Raj Bhavan for an inspection of the Central Hall, where the picture of Bharat Mata was kept.

Later, the officials who visited the Raj Bhavan told the Minister about the picture. Following this, the Minister spoke to Chief Minister Pinarayi Vijayan, and later, the decision was taken that Minister Prasad would not attend the meeting.

The Minister called the Raj Bhavan and told that he would not be able to attend the event if the picture of Bharat Mata used by the RSS was not removed.

However, Governor Arlekar stood his ground and said that the picture of Bharat Mata would not be removed.

Later, the state government decided to hold a function in the Durbar Hall of the State Secretariat to mark the World Environment Day celebrations.

The Kerala Chief Secretary, A. Jayathilak, was directed to organise a separate event.

Prior to this event, on Thursday, there were two different state-level functions — one chaired by Governor Arlekar at the Raj Bhavan and the other in the Durbar Hall with Minister Prasad presiding over.

Prasad, a first-time legislator, is a member of the Commmunist Party Of India (CPI).

Former Kerala Minister and State CPI Secretary, Binoy Viswam, said this was unacceptable, as the picture of Bharat Mata used by the RSS should not be displayed at a state function.

Incidentally, last month, Governor Arlekar had invited prominent RSS ideologue S. Gurumurthy for a talk after the successful Operation Sindoor, and Chief Minister Vijayan had said that it was wrong to convert the Raj Bhavan into a place for the RSS.

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Business

EAM Jaishankar lays out three objectives to bolster India-Central Asia trade ties

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New Delhi, June 6: External Affairs Minister (EAM) S. Jaishankar has urged the India-Central Asia Business Council to recommend a roadmap for further deepening of India-Central Asia ties in trade, economic and investment.

Addressing the Business Council meeting in the national capital, EAM Jaishankar highlighted three broad objectives for strengthening the economic partnership — deepen existing cooperation, diversify the trade basket and introduce sustainability and predictability in economic interactions.

“One, is to deepen the existing cooperation both in terms of volume and in terms of quality. There is already I think a recognition in each others countries and each others economies of the players and of the products. But, we must build further on that foundation and a very good example here is actually the pharmaceutical sector,” he told the gathering.

“Two, we need to diversify our trade baskets so that all of us have more options and we have more competition and in a way we are looking for new opportunities. I would like our friends from central Asian economies to appreciate that an economy today which is in excess of $4 trillion, which is growing at 6-8 per cent annually, it will create new demands for products, for services and even I would say in a way new demands out of more prosperous lifestyles,” EAM Jaishankar emphasised.

He also stressed on the need to introduce greater sustainability and more predictability in economic interactions.

“That means more long-term contracts and arrangements, cross investments, joint ventures and certainly sectors like energy whether we are talking uranium, whether we are talking crude oil even potentially gas, whether we are looking at mining, If you are talking about coal or if you are discussing fertilizers, I think these are all relevant examples to reach really long term understatings between us,” the foreign minister highlighted.

India’s trade and economic ties with Central Asia over the last decade have shown a very strong positive trend. Mutual trade was less than $500 million a decade ago in 2014.

Today, “what we have collectively is actually a trade volume which is almost touching $2 billion. However, this figure does not reflect the full potential. The need to address this is today even more urgent because of the uncertainties of the international economy and this requires governments and businesses to work together in tandem, which is why all of us are here in this room,” EAM Jaishankar noted.

He also laid out five solutions to further bolster the India-Central Asia economic ties: Digital Economy and Innovation, Financial Services, Healthcare and Pharma, improving connectivity and streamlining Transit Procedures.

“In addition to all of this, I think you would agree that tourism, education, films, and cultural exchanges, these are all important, they should be tapped for their economic and business potential,” he mentioned.

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