Markets closed on account of Id-Ul-Fitr
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Indian equity, debt and commodity markets are closed today on account of Id-Ul-Fitr (Ramzan Id).
On Tuesday, benchmark share indices snapped their six-day winning as investors booked profits tracking weakness in global stocks while degrowth in services PMI data also dampened sentiment.
The S&P BSE Sensex ended down 112 points at 27,167 and the Nifty50 ended down 35 points at 8,336. In the broader market, the BSE Midcap and Smallcap indices ended flat with negative bias.
India's services firms growth slumped to a seven-month low of 50.3 in June 2016 compared to the previous month of May as new business grew at its slowest pace in the previous 11 months, a business survey showed on Tuesday.
The Nikkei/Markit Services Purchasing Managers' Index (PMI) cooled for the third straight month in June, having declined to 51 points in May, the weakest since November 2015.
On the political front, PM Narendra Modi strengthened his team by inducting 19 new ministers into the Council of Ministers. Environment Minister Prakash Javadekar was elevated to the Cabinet rank, while the rest were sworn in as ministers of state.
Jaypee Group shares were the most active in trade after UltraTech Cement agreed to acquire the Group's cement units for an enterprise value of Rs 16,189 crore. Jaiprakash Associates zoomed 28% while Jaiprakash Power Ventures jumped 10% and Jaypee Infratech ended 16% higher.
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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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