Sensex closes 39 points lower ahead of Bihar state elections result
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Mumbai: The BSE Sensex edged lower on Friday after earlier hitting a five-week low ahead of the results from elections in Bihar, which Prime Minister Narendra Modi’s party needs to win to improve the parliamentary strength it needs to push through reforms.
Modi’s nationalists and opposition parties were running neck-and-neck in the elections, according to exit polls on Thursday. Official results will be announced on Sunday.
Tata Steel Ltd fell 2.3% after posting a lower-than-expected operating profit, but State Bank of India gained 3.9% after reporting a jump in quarterly net income.
The Nifty fell 0.01% to 7,954.30, after earlier falling as much as 0.37% to its lowest intra-day level since 30 September.
For the week, the index fell 1.4%, a second consecutive weekly loss.
The Sensex fell 0.15%, or 38.96 points, to 26,265.24.
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The Supreme Court on Tuesday dismissed a petition seeking to revert to ballot paper voting in elections in the country.
"What happens is, when you win the election, EVMs (electronic voting machine) are not tampered. When you lose the election, EVMs are tampered (with)," remarked a bench of Justices Vikram Nath and P B Varale.
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The Bharatiya Janata Party (BJP) would not rush into announcing its chief ministerial candidate until the distribution of portfolios in the new Maharashtra government is finalised, party sources said on Tuesday.
The indications that the Mahayuti coalition's decision on who would become the next CM would be delayed emerged as the Governor on Tuesday morning asked Eknath Shinde to act as a caretaker chief minister after he tendered his resignation.
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Anurag Agrawal, Dean of Biosciences and Health Research at Ashoka University, in a conversation with Economic Times, has claimed that every resident of Delhi is developing lung damage as deadly smog continues to blanket the Capital city.
Upon being asked how many people will suffer from lung cancer in future because of poor AQI, the Ashoka University dean said that “every Delhi is developing some degree of lung damage.” People who have pre-existing diseases or sensitivity are more serious, but no one is immune to it, he added.
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India's Andhra Pradesh state is reviewing government files and will explore if it is possible to cancel a power supply contract linked to the Adani Group, whose billionaire founder has been indicted in the United States, a top official told Reuters.
US authorities have charged Gautam Adani and seven others with agreeing to pay bribes of $265 million to unnamed Indian government officials to obtain solar power-supply contracts in Odisha, Tamil Nadu, Chhattisgarh, Andhra Pradesh and the federal territory of Jammu and Kashmir, between 2021 and 2022.
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The board of directors of Hindustan Unilever (HUL) on Monday gave an in-principle approval to demerge the ice-cream business into an independent listed entity.
Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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