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Sunday,24-September-2023
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Business

Markets precariously poised 

Published

1 year ago

on

Markets gained during the week after losing ground for the previous two consecutive weeks. BSESENSEX was up 989.85 points or 1.68 per cent to close at 51,793.18 points. NIFTY gained 293.90 points or 1.68 per cent to close at 17,833.35 points. The broader indices saw BSE100, BSE200 and BSE500 gain 1.60 per cent, 1.67 per cent and 1.73 per centrespectively. BSEMIDCAP was up 1.86 per cent while BSESMALLCAP was up 2.53 per cent.

Indian Rupee gained 22 paisa or 0.28 per cent to close at Rs 79.58. Dow Jones lost on the first two days and then gained on the remaining three days to end the week with gains of 833.27 points or 2.66 per cent to close at 32,151.71 points.

In primary news, there was one listing, one issue which had opened for subscription and also closed and a third which had its roadshow. The issue from Dreamfolks Services Limited listed on Tuesday and fared well on expected lines. Shares which were issued at Rs 326, saw a discovered price of Rs 505 on BSE, a high of Rs 550 and closed at Rs 462.65. By Friday, shares lost some ground and closed lower at Rs 430.80.

The issue from Tamilnad Mercantile Bank had tapped the markets with its fresh issue in a price band of Rs 500-525. The issue was subscribed 2.85 times with QIB portion subscribed 1.62 times, HNI portion was subscribed 2.94 times and Retail portion was subscribed 6.43 times. There were 1.33 lakh applications. Considering the issue, the response from QIB’s could at best be said as tepid.

The issue from Harsha Engineers Limited opens on Wednesday the 14th of September and closes on Friday the 16th of September. The price band is Rs 314-330. The company makes bearing cages as its key product and supplies to leading bearing manufacturers not only in India but also globally. Japanese manufacturers have begun to buy from Harsha and this could be a big boost in revenues going forward.

The company reported revenues of Rs 1,321.48 crore for the year ended March 2022 and a profit after tax of Rs 91.94 crore. The PE at the top end of the band is 27.73 times. The company has undergone a restructuring exercise and has amalgamated all its businesses under one name. This has diluted the equity to some extent and while the basic EPS for the year ended March 22 was 16.06, on a diluted basis it works out to Rs 11.09. The share and the business look attractive.

Coming to the markets in the week ahead, our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. While we have almost closed at the above levels, we need to break out of them and sustain at higher levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be very strong resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. For a clear trend to emerge, 17,000 and 57,250 on the lower side and 18,000 and 59,550 on the upper side need to be decisively broken. Currently we have no news or momentum in the markets to break these levels.

The strategy would be to buy on dips and sell on rallies. One interesting development that has taken place in the last week, was that shorts in the futures were squared off to a large extent and to that effect markets have become hollow. In case there is any bad news and markets take a beating, the fall could become sharper than expected. Trade cautiously.

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Crime

UP Shocker: Cop Tied To Pole Naked, Thrashed After Being Caught Molesting Girl In Agra; Suspended After Video Goes Viral

Published

6 days ago

on

September 18, 2023

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Agra: In a shocking incident, a police sub-inspector was tied to pole and beaten in Uttar Pradesh’s Agra. The video of the incident is doing rounds on social media. It can be seen in the video that a Uttar Pradesh Police officer is being beaten after being tied naked to a pole in the village. The police sub-inspector was allegedly beaten by the villagers after he was caught in a compromising position with a woman. The family of the woman alleged that the police officer was molesting the woman.

He jumped through the roof and sneaked into the house in an inebriated condition

As per reports, the UP Police sub-inspector who was beaten by the villagers has been identified as Sandeep Kumar. Sandeep Kumar allegedly jumped through the roof and sneaked into the house in an inebriated condition and started to molest the girl present in the house.

The girl raised an alarm after which the family of the girl came

The girl raised an alarm after which the family of the girl came and caught the police officer red-handed in an objectionable position inside their house in Tihaiya village in Barhan Police Station limits. They then called the villagers and the angry villagers then stripped Sandeep Kumar naked and tied him to a pole. The villagers also thrashed the police officer for his act. The accused was rescued by the police that reached the spot and took the culprit with them.

Sandeep Kumar has been suspended

Uttar Pradesh Police Sub-Inspector Sandeep Kumar has been suspended and a departmental inquiry has been initiated against him after the video of the locals beating the police officer after tying him naked to the pole has gone viral on social media. A case of rape has been registered against the police officer. The incident occurred late night on Sunday (September 17) when the police officer sneaked into the house of the woman and was caught by her family in a compromising position with the woman.

The police have initiated an inquiry in connection with the matter

The police have initiated an inquiry in connection with the matter. They are also scanning the video that is going viral on social media. Etmadpur ACP said, “In the case of a sub-inspector being caught with a girl under police station Barhan area, the sub-inspector is being suspended with immediate effect, strictest departmental action is being taken and after receiving the complaint, legal action will be taken against the SI.”

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National

Karnataka: Woman Dies By Suicide Alleging Harassment By Police In Ramanagara, Says ‘After Death She Will Get Justice’

Published

3 weeks ago

on

September 4, 2023

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Bengaluru, September 4: An incident of a homemaker ending her life allegedly due to harassment by police has come to light in the limits of Channapatna town police station in Ramanagara district on Monday. The deceased woman is identified as 31-year-old Madhuri, a resident of Kote Layout in Channapatna city. Madhuri consumed sleeping pills on Saturday and succumbed at the hospital on Sunday. She had stated in the video that she is not able to take torture and harassment by the police she is ending her life.

The cops had not lodged her complaint

It is alleged that when Madhuri went to file a complaint to the Channapatna Rural police station regarding a financial dispute, the cops had not lodged her complaint. The victim had alleged that the cops insulted her at the police station.

Victim has many cheating cases against her

She was allegedly sent back by the police and cops told her that the victim has many cheating cases against her. The woman had stated in her video before committing suicide that at least after her death she will get justice. The relatives and family members have met Ramanagara SP in this regard.

The family have made allegations against Channapatna Town Inspector

The family have made allegations against Channapatna Town Inspector Shobha and other staff. The police department is yet to make an official statement regarding the case.

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Business

Petrol, Diesel Prices Remain Unchanged On August 31: Check Rates In Mumbai, Delhi, Chennai And Other Cities

Published

3 weeks ago

on

August 31, 2023

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According to the most recent price notification by fuel retailers, petrol and diesel prices have been unchanged on August 31 in major cities, and costs have been steady for a year now.

However, the prices of petrol and diesel change state by state, depending upon various criteria such as Value Added Tax (VAT), freight charges, the local taxes, etc.

Public sector OMCs including Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd. (IOCL) and Hindustan Petroleum Corporation Ltd. (HPCL) revise their prices daily in line with international benchmark prices and forex rates.

Citywide breakdown

In Delhi, petrol and diesel cost Rs 96.72/litre and Rs 89.62/litre, respectively.

In Mumbai, petrol is being sold for Rs 106.31/litre and diesel for Rs 94.27/litre.

Petrol and diesel are priced at Rs 102.86/litre and Rs 94.46/litre in Chennai and at Rs 106.03/litre and Rs 92.76/litre in Kolkata, respectively.

The last country-wide change in fuel rates was on 21 May last year, when Finance Minister Nirmala Sitharaman slashed excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel.

You can check petrol and diesel prices from the comfort of your own home. All you need to do is send a message from your phone to 9224992249 with your city code. City codes are available on Indian Oil’s website.

Oil prices

Oil prices were trading higher on Thursday morning amid tightening US supply with investors waiting on China factory activity data to be released later today. Brent crude futures for October that expires on Thursday gained 14 cents at $86 per barrel and US West Texas Intermediate crude fell to $81.74 per barrel with a gain of 10 cents.

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