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Rupee Edges Up by 1 Paise to 84.07 Against US Dollar

Mumbai, Oct 23 — The rupee traded almost flat, edging up by just 1 paisa to 84.07 against the US dollar in early Wednesday trade, as a strong American currency and continued foreign fund outflows weighed on the Indian currency.

Forex traders noted that downward trends in domestic equity markets and elevated crude oil prices further limited the rupee’s recovery potential. At the interbank foreign exchange market, the rupee opened slightly higher at 84.07 per dollar but remained largely flat in early dealings. On Tuesday, the rupee had settled 1 paisa lower at 84.08 against the greenback.

The Indian currency has struggled to bounce back since October 11, when it closed at its lowest level of 84.10 against the dollar. Analysts have attributed this pressure to continued selling of Indian equities by foreign institutional investors (FIIs), who are seeking better returns in the Chinese market. Additionally, a surge in US Treasury yields has sparked concerns that the Federal Reserve may delay its anticipated rate cuts, prompting investors to move toward safe-haven assets like the US dollar.

Meanwhile, the dollar index, which tracks the greenback’s strength against a basket of six major currencies, rose 0.06 per cent to 103.97. Brent crude, the international benchmark for oil, fell 0.22 per cent to USD 75.87 per barrel in futures trade.

On the domestic equity front, both major indices faced declines. The Sensex dropped 96.34 points, or 0.12 per cent, to 80,124.38, while the Nifty slipped 32.95 points, or 0.13 per cent, to 24,439.15. Both indices had fallen by more than 1 per cent during Tuesday’s session.

Foreign institutional investors continued their selling spree, offloading shares worth Rs 3,978.61 crore on Tuesday, according to data from stock exchanges.

Cyclone ‘Dana’ Forms Over Bay of Bengal, Set to Hit Odisha-Bengal Coasts Early Friday: Met

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Kolkata/Bhubaneswar, Oct 23 – A deep depression over the east-central Bay of Bengal intensified into Cyclonic Storm ‘Dana’ on Wednesday morning, according to the India Meteorological Department (IMD). The storm is projected to move northwest, intensify into a severe cyclonic storm, and cross the Odisha-West Bengal coasts between Puri and Sagar Island in the early hours of October 25, with wind speeds reaching up to 120 kmph.

At 5:30 am, the cyclone was located 560 km southeast of Paradip and 630 km south-southeast of Sagar Island. The IMD advised fishermen to avoid the sea from October 23 to 25, warning of wind speeds increasing from 60 kmph on October 23 to between 100-120 kmph by October 24 night through the morning of October 25.

More than 150 express and passenger trains under the South Eastern Railway (SER) jurisdiction have been cancelled from October 23 to 25 due to the approaching storm, with additional cancellations possible if the situation worsens. The SER zone, headquartered in Kolkata, covers parts of West Bengal, Odisha, and Jharkhand.

The Indian Coast Guard (ICG) is on high alert, mobilizing vessels and aircraft to respond to emergencies. The National Disaster Response Force (NDRF) has already deployed 13 teams across southern Bengal to handle potential crises.

The IMD predicts the cyclone will bring very heavy rainfall to South Bengal on October 24 and 25. Coastal districts like South 24 Parganas, Paschim and Purba Medinipur, and Jhargram are expected to experience extremely heavy downpours. Additionally, Kolkata, Howrah, Hooghly, North 24 Parganas, Purulia, and Bankura may see heavy to very heavy rainfall during this period.

JMM Unveils First List of 35 Candidates for Jharkhand Polls; Hemant Soren to Contest from Barhait

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Ranchi, Oct 23 — The Jharkhand Mukti Morcha (JMM) on Wednesday released its first list of 35 candidates for the upcoming Jharkhand assembly elections, with Chief Minister Hemant Soren contesting from Barhait and his wife, Kalpana Soren, standing from Gandey.

The elections will take place in two phases on November 13 and 20, with results to be announced on November 23.

Hemant Soren, who currently represents the Barhait (ST) constituency in Sahibganj district, will seek re-election. He previously won the seat in 2019, defeating BJP’s Simon Malto by over 25,000 votes. Kalpana Soren, who won the Gandey bypoll in 2021, will also be contesting from the same seat.

In the JMM’s first candidate list, several key names were announced. Basant Soren, the chief minister’s brother, will contest from Dumka. He previously defeated former BJP minister Lois Marandi in the 2019 elections. Other prominent candidates include Assembly Speaker Rabindranath Mahto, who will contest from Nala, and Minister Mithilesh Thakur, who is running from Garhwa.

Among other candidates, Sonu Sudivya will stand for Giridih, Bebi Devi for Dumri, Dipak Birua for Chaibasa, and Stephen Marandi for Maheshpur. Former BJP MLA Kedar Hazara, who recently joined the JMM, will contest from Jamua.

The INDIA bloc partners, comprising the JMM, Congress, and RJD, have decided to contest the polls together. The JMM and Congress will vie for 70 of the 81 seats, while the remaining 11 will be contested by the RJD and Left parties. The RJD has already announced candidates for six seats.

On the opposition side, the BJP will contest 68 seats, the AJSU Party 10, JD(U) 2, and the LJP (Ram Vilas) will contest 1.

The filing of nominations for the first phase of the elections, covering 43 constituencies, began last week and will continue until October 25. A total of 2.60 crore voters, including 11.84 lakh first-time voters and 1.13 lakh persons with disabilities, third-gender individuals, and senior citizens over 85 years old, are eligible to vote in the upcoming elections.

Moderate Hurriyat Leaders Convene First Meeting Since Article 370 Revocation

Srinagar, Oct 23: For the first time since the abrogation of Jammu and Kashmir’s special status in August 2019, top leaders of the moderate Hurriyat Conference met in Srinagar on Tuesday. The meeting was attended by Hurriyat Chairman Mirwaiz Umar Farooq, along with senior leaders Prof. Abdul Gani Bhat, Bilal Lone, and Molvi Masroor Abbas Ansari.

Mirwaiz, who had been under house arrest for much of the last five years, shared the news on X, expressing his gratitude for the reunion. “Alhumdulilah! After more than five years, I got a chance to be together with my dear colleagues,” he wrote, describing the meeting as an emotional experience, while also remembering colleagues who remain in jail.

The meeting took place at Mirwaiz’s residence and is seen as significant, given the central government’s hardline approach toward separatists over the past five years. Despite Mirwaiz’s frequent detention, which he has challenged in the High Court, this gathering marks a notable development in Kashmir’s political landscape.

Although the meeting occurred soon after Omar Abdullah’s government took office in Jammu and Kashmir, it is believed that the regional administration had no direct role in facilitating it, as law and order remain under the purview of Lieutenant Governor Manoj Sinha.

Observers remain skeptical that the BJP-led central government will soften its stance on separatist leaders, despite this meeting.

Government Removes Export Duty on Parboiled and Husked Brown Rice

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New Delhi, Oct 23: The government has announced the exemption of export duty on parboiled rice and husked (brown) rice, effective from October 22. In a late-night notification issued by the finance ministry, the export duty has been reduced from 10 percent to zero for parboiled rice, husked (brown) rice, and rice in the husk (paddy or rough).

Sources indicate that the Election Commission has approved this duty cut, with the stipulation that it should not be leveraged for political advantage, especially with elections in Jharkhand and Maharashtra approaching next month.

This recent decision follows last month’s exemption of non-basmati white rice from export duty. Previously, the government had reduced the levy on parboiled rice, husked brown rice, and rice in the husk from 20 percent to 10 percent. Additionally, the minimum export price for basmati rice has been eliminated to encourage outbound shipments and enhance farmers’ income.

“Possible Involvement of Two Foreign Terrorists in Ganderbal Attack: LG Manoj Sinha”

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Jammu, Oct 21: Jammu and Kashmir Lieutenant Governor Manoj Sinha stated that two foreign terrorists, suspected to have infiltrated from north Kashmir’s Bandipora area, were likely involved in the deadly attack in Ganderbal district that claimed seven lives.

The attack took place at a tunnel-construction site on the Srinagar-Leh national highway in Ganderbal on Sunday, where a doctor and six laborers were killed. According to officials, the terrorists targeted the site when the workers and staff had returned to their camp for the evening.

Sinha revealed that preliminary investigations suggest the attackers, who wore masks, entered the mess hall of the company involved in the Z-morh tunnel construction and opened fire indiscriminately, killing seven and injuring four others. The Lieutenant Governor emphasized that the police and security forces have been given full freedom and clear instructions to track down and eliminate the perpetrators of this heinous act.

He further noted that the two terrorists are believed to have infiltrated from the Bandipora area of north Kashmir and assured that they are being tracked and will soon be neutralized.

PM Modi: BRICS Has Become a Vital Platform for Global Dialogue and Key Issue Discussions

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NEW DELHI, Oct 22: Prime Minister Narendra Modi emphasized India’s strong commitment to BRICS, recognizing it as a key platform for dialogue and addressing global developmental issues. In a statement ahead of his two-day visit to Kazan, Russia, for the 16th BRICS summit, Modi highlighted the group’s significance in fostering cooperation on critical global challenges.

He noted that BRICS’ expansion with new members last year has enhanced its inclusivity and broadened its global agenda. “India values close cooperation within BRICS, which has emerged as an important forum for discussing issues related to the global developmental agenda, reformed multilateralism, climate change, economic cooperation, resilient supply chains, and promoting cultural and people-to-people exchanges,” Modi said.

The summit, hosted by Russia, is seen as a platform for non-Western powers to assert their influence, especially amid the ongoing conflict in Ukraine and the tense situation in West Asia. Modi will also hold bilateral talks with Russian President Vladimir Putin and Chinese President Xi Jinping on the summit’s sidelines.

This will be the first BRICS summit following the group’s expansion during last year’s Johannesburg summit, which welcomed new members like Egypt, Ethiopia, Iran, and the UAE.

Modi’s visit to Kazan will also further strengthen India’s “Special and Privileged Strategic Partnership” with Russia. “My visit to Kazan will build upon the fruitful discussions held during the annual summit in Moscow this past July,” Modi said. He expressed eagerness to engage with other BRICS leaders at the summit.

BRICS, originally formed in 2006 with Brazil, Russia, India, and China, became BRICS with the inclusion of South Africa in 2010. The 2023 expansion marked the first addition of new members since then, reflecting the group’s growing relevance on the global stage.

PM Modi Praises Amit Shah as ‘Exceptional Administrator’ on His 60th Birthday

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New Delhi, Oct 22 : Home Minister Amit Shah turned 60 on Tuesday, with Prime Minister Narendra Modi and several other prominent politicians extending their best wishes on his birthday.

In a message on X, PM Modi praised Shah as a dedicated leader who has made significant contributions to the BJP and the nation’s progress. “He is a hardworking leader who has devoted his life to strengthening the BJP. He has made a mark as an exceptional administrator and is making great efforts to realize the vision of a ‘Viksit Bharat.’ Praying for his long and healthy life,” Modi said.

BJP president J P Nadda also commended Shah’s leadership, highlighting his dedication, hard work, and organizational skills as an inspiration. He noted Shah’s “unforgettable contribution” to the country’s internal security.

Defence Minister Rajnath Singh lauded Shah’s pivotal role in both India’s development and the growth of the BJP, calling it “laudable.”

BJP allies, including Andhra Pradesh Chief Minister N Chandrababu Naidu, JD(U) leader Lalan Singh, and Union minister Chirag Paswan of LJP(R), also conveyed their greetings to the home minister.

Born in Gujarat, Amit Shah has been a trusted ally of Prime Minister Modi for nearly four decades. He is widely regarded as a strategic political thinker whose focused approach has been key to implementing the party’s and the government’s major agendas.

Shah has played a central role in the BJP’s meteoric rise since 2014, contributing to several key electoral victories. His astute planning has been particularly noted in instances where the BJP secured unexpected wins, such as the recent Haryana election, defying exit polls that had predicted a Congress victory.

Sender of Rs 5 Crore Extortion Threat to Salman Khan Issues Apology

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Mumbai, Oct 22 – An apology message has been received by the Mumbai traffic police from the same mobile number that earlier sent a threat demanding Rs 5 crore from Bollywood actor Salman Khan, officials confirmed on Tuesday.

The apology was sent on Monday via the traffic police’s WhatsApp helpline, the same platform used to deliver the original threat message, according to an official. No further details were provided about the content of the apology.

Last Thursday, the Mumbai police’s traffic control room received a WhatsApp message demanding Rs 5 crore from the actor, warning authorities not to take the threat lightly. The incident led to the registration of a case at the Worli police station under Bharatiya Nyaya Sanhita (BNS) for charges of threat and extortion.

Salman Khan had previously been targeted by the Lawrence Bishnoi gang, which even opened fire outside his Bandra residence in April. Additionally, Navi Mumbai police uncovered another plot by the gang to assassinate Khan just a few months ago.

Hyundai Motor India Shares Have a Lackluster Market Debut, Opening Over 1% Lower

Hyundai Motor India Ltd, the Indian subsidiary of South Korean automotive giant Hyundai, made its market debut on Tuesday with shares listing at a discount of over 1% from the issue price of ₹1,960. The stock opened at ₹1,931 on the Bombay Stock Exchange (BSE), marking a decline of 1.47%. Although it briefly recovered, reaching a high of ₹1,968.80 (up 0.44%), it ultimately fell again to trade at ₹1,945.40, reflecting a 0.74% decrease.

On the National Stock Exchange (NSE), Hyundai’s shares debuted at ₹1,934, down 1.32%. During early trading, the company’s market capitalization stood at ₹1,57,807.67 crore.

Hyundai Motor India’s initial public offering (IPO) garnered significant attention, getting subscribed 2.37 times by the final bidding day. This IPO, valued at ₹27,870 crore, became the largest in the country, surpassing LIC’s earlier record of ₹21,000 crore. The price band for the IPO was set between ₹1,865 and ₹1,960 per share, and it consisted entirely of an Offer For Sale (OFS) of 14,21,94,700 equity shares by promoter Hyundai Motor Company, with no fresh issue component.

Since commencing operations in India in 1996, Hyundai has expanded its offerings to include 13 models across various segments. In the broader equity market, the BSE Sensex rose by 295.97 points to reach 81,447.24, while the NSE Nifty increased by 72.35 points to settle at 24,853.45.