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Wednesday,28-May-2025
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Sensex ends flat ahead of key PM Modi-Trump meet, Nifty holds 23,000 level

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Mumbai, Feb 13: The Indian stock market on Thursday saw a choppy session as benchmark indices gave up early gains and ended flat, with investors awaiting the outcome of the meeting between Prime Minister Narendra Modi and US President Donald Trump that aims to boost the growing relations between the two largest democracies.

The Sensex closed at 76,138.97 by slipping 32.11 points or 0.04 per cent from its previous close. The index moved within a range of 76,764.53 and 76,013.43 during the day.

Similarly, the Nifty also ended on a muted note as closing at 23,031.40 which was down by 13.85 points or 0.06 per cent.

The index touched an intra-day high of 23,235.50 but also slipped to a low of 22,992.20 before closing.

During the early hours, both the indices traded higher as buying was seen in the PSU bank and financial service sectors.

The Sensex was up by 244.25 points or 0.32 per cent in early trade while the Nifty climbed 79.25 points or 0.34 per cent during opening hours.

Among the Nifty stocks, 27 ended in negative territory which dragged the market lower.

Hero MotoCorp, Infosys, and Larsen & Toubro (L&T) were the biggest losers with shedding up to 4.93 per cent.

Meanwhile, Sun Pharma, Bajaj FinServ, Tata Steel, Bajaj Finance, and Cipla emerged as the top gainers by rising by up to 3.12 per cent.

The broader market showed mixed sentiments as the Nifty Midcap 100 index ended with a modest gain of 0.25 per cent, while the Nifty Smallcap 100 index declined by 0.37 per cent.

Sectorally, financial services, pharma, metal, healthcare, private banking, and realty stocks performed well, with gains of up to 1.47 per cent.

Going forward, rupee movement will depend on further dollar index trends and global risk sentiment, with key support seen near 86.60 and resistance around 87.10″

PM Modi arrived in the US after a visit to France, where he had co-chaired the Artificial Intelligence Action Summit with French President Emmanuel Macron.

The Prime Minister and the US President were set to hold bilateral discussions in the White House on Thursday (US time).

Crime

Delhi Police crack Rs 35 lakh theft case in 48 hours, one arrested

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New Delhi, May 28: In a swift operation, Delhi Police’s West District team from Police Station Moti Nagar solved a major theft case involving Rs 35 lakh within just 48 hours of the crime being reported.

The accused, identified as Vivek Raj alias Sahil, a 23-year-old accountant employed at the victim company, was arrested from Azamgarh, Uttar Pradesh, and Rs 34,98,550 in stolen cash was recovered from his possession.

According to an official press release issued by the Deputy Commissioner of Police, Vichitra Veer, the incident occurred on May 24, when a call was received at the police station Moti Nagar reporting the theft of Rs 35 lakh from Dynamic Forge Company’s office at Magnum House-2, Karampura.

The complainant, a Field Officer at the company, informed the police that he had locked the cash in an almirah before leaving for another office branch. At the time of the incident, the only person present in the office was the accountant, later identified as the accused.

Upon his return, the complainant discovered the almirah open and the cash missing, following which a case was registered, and investigations were launched.

A specialised team was immediately formed under the supervision of Inspector Varun Dalal, SHO Moti Nagar, comprising Sub Inspector Parveen Kumar, ASI Rajinder, Head Constable Amit, and HC Jatin. The team conducted extensive raids across Gurugram, Noida, and Azamgarh, checking over 40 hotels and using both technical surveillance and human intelligence to trace the suspect.

The breakthrough came on May 26, when the team received a tip-off from a secret informer about the accused’s presence at Manglam Hotel in Azamgarh.

Upon verification, hotel staff confirmed that a man matching Vivek Raj’s description was staying in one of the rooms. Police moved in and apprehended him.

During interrogation, he admitted to the crime and led officers to a black carry bag on the bed, which contained Rs 34,98,550 in cash. The recovery was made in the presence of hotel staff and independent witnesses.

The accused, Vivek Raj alias Sahil, son of Bihari Lal, is a resident of Village Bhangrola, Manesar, Gurugram, Haryana, and is currently in police custody.

The swift action and near-complete recovery of the stolen amount have been widely appreciated. The Delhi Police press release commended the efforts of the investigative team, stating, “The theft of Rs. 35 lakhs was solved within 48 hours by the team of PS Moti Nagar.”

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International

Op Sindoor Outreach: Supriya Sule led delegation meets Indian diaspora in South Africa

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Johannesburg, May 28: An all-party Indian Parliamentary delegation led by MP Supriya Sule interacted with members of the Indian community in South Africa, reaffirming India’s strong and unified stance against terrorism.

“All-party delegation led by Hon’ble MP Supriya Sule interacted with Indian community in South Africa . They emphasised India’s national consensus and collective resolve against terrorism in all its forms. Commended the wholehearted support of Indian diaspora to eradicate the scourge of terrorism,” the Indian High Commission in South Africa posted on X.

The community interaction in Johannesburg marked the beginning of the delegation’s official engagements in South Africa.

According to a press release from the High Commission of India in Pretoria, the delegation conveyed India’s zero-tolerance policy towards cross-border terrorism and reiterated the country’s commitment to counter-terrorism without escalating regional tensions.

The delegation briefed the community about Operation Sindoor, India’s recent calibrated and proportionate response to a terror incident, which underscores the country’s firm yet measured approach to safeguarding national security.

The MPs stressed the importance of dismantling terrorism infrastructure that has been used for decades against India and called for a global end to differentiating between terrorists and their sponsors.

Earlier in the day, the delegation was welcomed by High Commissioner Shri Prabhat Kumar, who briefed them on the key dimensions of the India-South Africa bilateral relationship and the upcoming engagements.

The delegation is scheduled to continue its South Africa visit in Cape Town on May 28 (Wednesday), where meetings with members of the South African Parliament and government ministers are planned.

The delegation includes prominent MPs from across the political spectrum: Supriya Sule, Rajiv Pratap Rudy, Vikramjeet Singh Sahney, Manish Tewari, Anurag Singh Thakur, Lavu Sri Krishna Devarayalu, Anand Sharma (former Minister of Commerce & Industry), V. Muraleedharan (former Minister of State for External Affairs), and Syed Akbaruddin (former Permanent Representative of India to the United Nations).

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Business

Export booster: Centre restores RoDTEP benefits from June 1

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New Delhi, May 27: In sustained efforts to boost India’s export competitiveness in global markets, the government on Tuesday announced the restoration of benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme.

The restoration of benefits under the scheme are for exports made by Advance Authorization (AA) holders, Export-Oriented Units (EOUs), and units operating in Special Economic Zones (SEZs).

The benefits will be applicable for all eligible exports made from June 1 onwards, said the Commerce Minister in a statement.

The benefits under RoDTEP for these categories were previously available until February 5, 2025, and their reinstatement is expected to provide a level-playing field for exporters across sectors.

Operational since January 1, 2021, the RoDTEP scheme is designed to reimburse exporters for embedded duties, taxes, and levies that are not otherwise refunded under any other existing scheme.

It is compliant with World Trade Organisation (WTO) norms and is implemented via a comprehensive end-to-end digital platform to ensure transparency and efficiency.

As of March 31, 2025, total disbursements under the RoDTEP scheme have crossed Rs 57,976.78 crore, underscoring its significant role in supporting India’s merchandise exports.

For the financial year 2025–26, the government has allocated Rs 18,233 crore under the scheme.

The support will cover 10,780 HS lines for Domestic Tariff Area (DTA) exports and 10,795 HS lines for AA/EOU/SEZ exports, ensuring broad-based coverage for diverse sectors of the economy, said the ministry.

“The reinstatement of RoDTEP benefits for special export categories reflects the government’s continued commitment to creating a conducive, competitive, and compliant export ecosystem that drives India’s long-term trade growth,” it added.

An opportunity to grow exports is knocking on India’s door as supply chains are getting redrawn and steps which raise mid-tech labour-intensive exports can boost the country’s trade interlinkages, mass consumption, investment, and GDP growth, according to an HSBC report released last week.

While there is a general sense that India is mostly a domestic demand-driven economy, it is in periods of rising integration with the world that India has grown its fastest, the report stated.

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