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Tuesday,03-June-2025
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Indian equities rise further in afternoon trade; Sensex up around 1,400 pts

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After bloodbath on Thursday, India’s key indices — S&P BSE Sensex and NSE Nifty50 — recovered considerably on Friday in the afternoon trade.

Thursday’s sharp fall was triggered after Russia announced a military operation in Ukraine. Sensex settled 4.7 per cent or 2,702 points down at 54,529 points, whereas Nifty 4.8 per cent down, or 815 points down at 16,248 points.

On Friday, at 12.55 p.m., Sensex was 2.6 per cent or 1,392 points up at 55,922 points, whereas Nifty 2.6 per cent or 421 points up at 16,669 points.

According to V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services: “Market has corrected significantly with Nifty, Nifty Midcap and Nifty Smallcap declining sharply by 12 per cent, 20 per cent and 22 per cent, respectively. This has made valuations fair with Nifty trading around 17 times FY23 earnings.”

“But we are in the context of a war with a high level of uncertainty. A lot will depend on whether this will be a short war or will it get prolonged. If it turns out to be a short war with Russia succeeding in putting a pro-Russian government in Ukraine soon, markets are likely to bounce back.”

On the other hand, if the war gets prolonged, the uncertainty will impact markets, Vijayakumar added.

National

Calcutta HC refuses ad-interim bail to law student held for hurting religious sentiments, seeks case diary

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Kolkata, June 3: The Calcutta High Court on Tuesday denied ad-interim bail to Sharmistha Panoli, the 22-year-old law student arrested recently by Kolkata Police on charges of hurting religious sentiments and promoting disharmony and hatred.

As her counsel approached the High Court, challenging the trial court’s order last week sending her to judicial custody till June 13, the matter came up for hearing before the vacation bench of Justice Partha Sarathi Chatterjee.

However, Justice Chatterjee denied any relief to Panoli, observing that the freedom of speech in the country does not allow anyone to hurt anyone’s religious sentiment.

An FIR was registered against Panoli at Garden Reach Police Station on May 15 for posting an Instagram video, where she made some comments on ‘Operation Sindoor’ that had reportedly hurt the religious sentiments of a particular community.

In the face of strong criticism, she deleted that video and also tendered a public apology for the matter. However, based on the FIR registered, the police first sent her a notice, which failed since she had gone into hiding in Gurugram by then.

Thereafter, an arrest warrant was issued against her, and finally, she was arrested from Gurugram by Kolkata Police on Saturday morning and was brought back to Kolkata on transit remand on the same day.

Rejecting the ad-interim bail, Justice Chatterjee observed that the video posted on social media had reportedly hurt the religious sentiments of a section of people. “We have freedom of speech, but that doesn’t mean you will go on to hurt others. Our country is diverse, with all people. We must be cautious,” he said.

He directed the police to submit the case diary in the matter by the next date of hearing on June 5.

The vacation bench also directed the state government to ensure that police do not pursue any other complaint filed against Panoli in any other police station. It also directed the police not to register any fresh complaints in the same matter.

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National

Bodies of three workers recovered from flooded illegal coal mine in Jharkhand’s Hazaribagh

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Hazaribagh, June 3: Thirteen days after they were trapped, the bodies of three workers have been recovered from an illegal coal mine in Keredari block of Jharkhand’s Hazaribagh district, officials said on Tuesday.

The deceased, whose bodies were recovered late on Monday night, have been identified as Pramod Shah, 45, Umesh Kumar, 25, and Naushad Ansari, 24 — all residents of Kandaber village under the Keredari police station area.

The three men were reportedly swept into the mine on May 21, when heavy rainfall caused the Khawa River to swell.

Villagers said the strong current pushed the workers into one of the numerous illegal tunnels that dot the region, many of which are controlled by coal mafias and continue to operate despite the risks involved.

The mine shaft where they were trapped was more than 100 feet deep and quickly flooded, making rescue efforts extremely challenging.

The National Disaster Response Force (NDRF) conducted a three-day operation to locate and retrieve the bodies but had to suspend efforts due to waterlogging.

Subsequently, the task of dewatering the mine was taken up by NTPC and a private company. After days of continuous pumping, the water level finally receded, which enabled local villagers to recover the bodies late on Monday night.

On Tuesday morning, police sent the bodies for autopsy to Sheikh Bhikhari Medical College and Hospital in Hazaribagh. After the post-mortem, the bodies were brought back to Kandaber and cremated on Tuesday afternoon.

The incident plunged the village into mourning, with relatives and neighbours breaking down as the news spread.

There were scenes of chaos and wailing as the bodies were brought into the village.

Following the recovery, villagers renewed calls for compensation and the provision of government jobs for one dependent of each deceased worker.

Despite repeated incidents, illegal mining continues unabated in the Khawa river belt of Keredari, drawing hundreds of locals desperate for work and vulnerable to exploitation.

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Crime

WBSSC’s notification for fresh teachers’ recruitment challenged at Calcutta HC

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Kolkata, June 3: The notification issued by the West Bengal School Service Commission (WBSSC) to fill vacant posts of teachers in state-run schools has been challenged at the Calcutta High Court on Tuesday.

The single-judge vacation bench of Justice Raja Basu Chowdhury admitted the petition. The matter is likely to come up for a hearing at his bench on June 5.

The petitioner claimed that certain points in the notification, especially those as regards to changed weightage criteria in the distribution of total marks in the recruitment process, violated the Supreme Court’s directives on fresh recruitments.

The main ground on which the notification was challenged was that the weightage criteria in the distribution of total marks had changed from those in 2016.

As per the new notification issued last week, the written examination in the fresh recruitment process will carry 60 marks, as against 55 for the 2016 panel.

Secondly, the weightage criterion for educational qualification in the fresh recruitment process is just 10 as against 35 for the 2016 panel.

Most importantly, two new weightage criteria, each carrying 10 marks, “past teaching experience” and “lecture demonstration”, have been introduced.

Soon after the notification was issued, several legal minds apprehended that the notification may face legal hurdles because of the changes in weightage criteria in total marks distribution.

Legal minds felt that while two new weightage criteria were introduced to give an advantage to the teachers from the 2016 panel who lost their jobs. They opined that the changed criteria would be disadvantageous for fresher candidates.

Bringing about changes in the weightage criteria was grossly illegal since the same weightage criteria, which applied to the 2016 panel, should also be there in the fresh recruitment process, they said.

Now their apprehensions have come true after a petition challenging the notification was filed at the Calcutta High Court, exactly on the points highlighted.

On April 3 this year, the Supreme Court’s division bench of erstwhile Chief Justice of India Sanjiv Khanna and Justice Sanjay Kumar upheld a previous order by the Calcutta High Court’s division bench of Justice Debangshu Basak and Justice Shabbar Rashidi cancelling 25,753 school jobs in West Bengal.

The Apex Court also accepted the observation of the Calcutta High Court that the entire panel of 25,753 candidates had to be cancelled because of the failure of the state government and the commission to segregate the “untainted” candidates from the “tainted” ones.

The state government and West Bengal School Service Commission (WBSSC) had already filed review petitions at the Apex Court on this issue.

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