Author Archives: Arun Kumar N

About Arun Kumar N

Arun has been associated with India International Times since 2018 and he has been a key reporter in covering science and space related stories. He can be reached at arunKnn@indiainternationaltimes.com.

Indian Stock Market Next Week: RBI MPC Decision, Q2 Earnings, and Mid-East Crisis in Focus

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The Indian stock market is on the cusp of a critical week, with the upcoming RBI Monetary Policy Committee (MPC) meeting, second-quarter (Q2) corporate earnings, and industrial production (IIP) data expected to shape market trends. Investors are bracing for potential volatility as these key indicators, combined with global market dynamics and geopolitical tensions, will provide insights into the health of India’s economy and determine the short-term market outlook.

The RBI’s MPC meeting, set for October 7-9, is expected to maintain the benchmark repo rate at 6.5%, a level it has held steady for nine consecutive meetings since August 2024. This move aligns with market expectations, as the central bank remains focused on reining in inflation while supporting economic growth. With consumer inflation still hovering above the RBI’s target of 4%, there is little room for a rate cut, despite pressures from other global central banks, particularly the U.S. Federal Reserve, which has signaled monetary easing.

Analysts believe that a rate hold would provide stability in the current inflationary environment but note that any surprises—such as a shift in policy stance—could trigger volatility. The market will also look for commentary from the RBI on inflation control measures and future growth prospects, particularly as domestic inflation has been driven by erratic food prices.

Q2 Earnings: Key for Market Sentiment

As the Q2 earnings season kicks off, results from major companies such as TCS, Tata Elxsi, and DMart will be closely monitored. Investors will look for signs of corporate profitability and recovery, especially in sectors sensitive to inflation and global commodity prices. The earnings season will offer a clearer picture of how Indian corporations are navigating rising input costs, driven in part by surging global crude oil prices, which have hit industries reliant on oil derivatives, such as chemicals and paints.

Stronger-than-expected earnings could bolster market sentiment and provide relief after last week’s sharp selloff, when the Nifty and Sensex dropped nearly 4.50%. However, any earnings disappointments, especially from key sectors like IT and consumer goods, could exacerbate the current market downturn.

The upcoming release of IIP data, which tracks the country’s industrial activity, will serve as a barometer for the state of economic recovery. Industrial production is a key indicator for assessing manufacturing growth and overall economic resilience in the face of global headwinds. A strong IIP report could boost investor confidence, signaling that India’s industrial sector is performing well despite inflationary pressures. Conversely, weak numbers could dampen market sentiment, reinforcing concerns about the sustainability of economic growth.

Crude Oil Prices

Global influences are expected to play a major role in determining the market’s direction. The recent diversion of Foreign Institutional Investor (FII) funds to China, following the country’s introduction of monetary stimulus, has been a key driver behind last week’s market slump. FIIs sold equities worth Rs 40,511 crore, even as Domestic Institutional Investors (DIIs) attempted to cushion the blow by purchasing Rs 33,075 crore worth of shares.

Geopolitical tensions in the Middle East, particularly the escalating conflict between Israel and Iran, are also weighing on market sentiment. Rising crude oil prices, driven by these tensions, have led to concerns about input cost inflation for domestic companies. The impact is particularly pronounced in industries dependent on oil-related inputs, such as paints and chemicals, which face shrinking margins if crude prices remain elevated.

Additionally, the minutes from the U.S. Federal Open Market Committee (FOMC) meeting will be scrutinized for signals about future interest rate actions. Any hints of further rate cuts or continued monetary tightening in developed economies could influence FII behavior, either drawing more funds out of Indian markets or stabilizing them depending on the global outlook.

Market Outlook and Risks Ahead

Technical experts warn that the Indian market is entering a decisive phase. Last week’s sharp downturn saw both the Nifty and Sensex break their three-week winning streak, raising concerns about further declines. The Nifty’s critical support level of 24,700 is being closely watched, with analysts warning that a breach of this level could lead to a further slide toward 24,400. Meanwhile, the Bank Nifty is testing its 100-day moving average at 51,100, with the 50,000-49,500 range providing additional support.

Palka Arora Chopra, Director at Master Capital Services, emphasized the growing selling pressure, noting that the Nifty has formed a strong bearish pattern. “If critical support levels break, we may see extended declines,” she warned. Senior Technical Analyst Pravesh Gour of Swastika Investmart echoed this sentiment, adding that the Bank Nifty’s 200-day moving average remains a key support zone.

The coming week is set to be pivotal for the Indian stock market. The outcome of the RBI’s MPC meeting, combined with corporate earnings and IIP data, will determine the immediate direction of the market. Investors are also closely watching global factors, such as FII movements, crude oil prices, and geopolitical risks, which could exacerbate market volatility.

As market experts warn of potential declines if key support levels are breached, investors will need to stay nimble, balancing short-term risks with long-term opportunities as India navigates a challenging economic environment.

RBI Likely to Hold Rates Amid Inflation Concerns, Focus Shifts to Global Trends

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As the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meets from October 7-9, experts are predicting that the central bank will maintain the current policy rates. The decision is expected to be influenced by persistent inflationary pressures and uncertainties in the global economic landscape. While the U.S. Federal Reserve has recently cut rates, signaling a potential easing cycle, the RBI is likely to adopt a cautious stance, prioritizing inflation control over rate cuts, according to analysts.

The primary factor guiding the MPC’s expected decision to maintain the status quo is the central bank’s ongoing battle against inflation. Consumer Price Index (CPI) inflation, which remains above the RBI’s 4% target, has seen fluctuations largely driven by food price volatility. This has led policymakers to tread carefully, avoiding premature rate cuts that could reignite inflation.

Ajit Banerjee, President and Chief Investment Officer at Shriram Life Insurance, noted that the RBI will likely wait until it is certain that inflation has been durably controlled. “The committee is expected to hold rates steady until there’s clear evidence that inflation, especially food-driven spikes, are less of a threat,” he explained.

India’s GDP growth, while not alarmingly low, has been moderate. The first quarter’s 6.7% growth was influenced by a slowdown in government investment, mainly due to election-related factors. With government capital expenditure resuming in the second quarter, GDP growth is expected to align with RBI’s earlier projections. However, experts say the domestic growth trajectory doesn’t warrant urgent rate cuts at this stage.

Mandar Pitale, Head of Treasury at SBM Bank India, pointed out that while growth remains robust, the MPC will likely stay cautious. “Strong GDP growth numbers in India reduce the immediate pressure on the RBI to cut rates. The focus is more on ensuring that inflation stabilizes over the long term,” Pitale added.

Global Economic Uncertainty and Fed Influence

The global economic environment also weighs heavily on the MPC’s deliberations. Recent rate actions by developed economies, particularly the Federal Reserve, have added complexity to the RBI’s decision-making process. While the Fed’s rate cut could suggest a global trend toward monetary easing, the MPC is expected to be wary of following suit too quickly.

Pitale highlighted that global factors, such as inflation trends in developed markets and the Fed’s forward guidance on rates, would play a critical role in the committee’s discussions. “The RBI is aware of the nonlinear guidance coming from global central banks, which creates uncertainties about the future direction of monetary policy globally,” he said.

While no immediate rate cuts are expected, the tone of RBI Governor Shaktikanta Das’s commentary could signal future policy direction. A dovish shift, with hints of a more neutral stance, may emerge if inflation moderates in the coming months. However, the reconstitution of the MPC, with three new external members, makes a drastic policy shift unlikely in this meeting.

Banerjee suggested that while significant changes in this meeting are improbable, a dovish tone could set the stage for future rate cuts, provided inflation eases. “A shift in the MPC’s stance isn’t entirely off the table, but the immediate focus remains on inflation management,” he said.

The RBI’s decision to maintain its restrictive policy is a calculated move to ensure inflation is brought under control, aligning with its long-term target. As global economic dynamics remain uncertain and domestic inflation continues to challenge policy stability, the central bank is likely to hold off on any major policy shifts in the near term.

In the coming months, both domestic inflation trends and global economic factors will determine whether the RBI begins to ease its policy stance. For now, the central bank seems set on a cautious, wait-and-watch approach.

What are Forever Chemicals? Study Reveals They’re Linked to Sleep Disruptions

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A groundbreaking study led by the University of South California (USC) has unveiled a concerning link between high levels of per- and polyfluoroalkyl substances (PFAS), also known as ‘forever chemicals’, and sleep disruptions.

This research, published in the journal Environmental Advances, has shed light on the potential health risks associated with these pervasive chemicals. PFAS are a group of man-made chemicals that have been used in a variety of industries around the globe since the 1940s. They are found in a wide range of consumer products that people use daily such as cookware, pizza boxes, and stain repellants.

Due to their chemical structure, PFAS are resistant to heat, water, and oil, earning them the moniker forever chemicals. They do not break down easily and can persist in the environment and the human body for extended periods. The USC study examined the blood samples and sleep patterns of 144 participants aged between 19 and 24.

The researchers found that higher levels of four specific types of PFAS – PFDA, PFHxS, PFOA, and PFOS – were significantly associated with less sleep or worse quality of sleep.

The Impact of PFAS on Sleep and Health

Young adults with higher levels of these toxic chemicals in their blood had 80 fewer minutes of sleep at night. They also had trouble falling asleep, staying asleep, waking up, or feeling tired during waking hours. Sleep is a fundamental pillar of health.

A person must sleep 7-8 hours daily. Prolonged poor sleep may raise chronic health issues, including diabetes and Alzheimer’s disease. The study’s findings are particularly concerning given the widespread presence of PFAS in our environment and daily lives.

Previous studies have shown that PFAS have contaminated water, food, and people through products such as Teflon pans, waterproof clothing, stain-resistant carpets and fabrics, and food packaging. They have also been linked to cancers of the breast, ovary, skin, and uterus in women, among other diseases.

The USC study also examined the overlap between genes affected by the four forever chemicals and genes related to sleep disorders. Out of 600-plus candidate genes, seven activated by PFAS seemed to influence sleep.

Historical Parallels and Reducing Exposure

This included HSD11B1, which helps produce the hormone cortisol that plays an important role in regulating the rhythm of sleep and wakefulness. Another gene was cathepsin B, related to cognitive function and memory. Disruption in this gene was linked to Alzheimer’s.

The study’s findings echo historical events where chemicals once deemed safe were later found to have harmful effects on human health. For instance, lead was widely used in paint, gasoline, and plumbing until research revealed its toxic effects, particularly in children. Similarly, asbestos was a popular building material until its fibers were found to cause lung diseases.

The USC study adds to the growing body of evidence suggesting that PFAS could be the next major public health concern.

To reduce exposure to PFAS, individuals can avoid using products that are stain-resistant, waterproof, or nonstick, as these often contain PFAS. They can also choose natural fiber clothing, use glass, stainless steel, or ceramic cookware instead of Teflon or other nonstick pans, and be cautious with food packaging, especially for microwave meals.

Filtering drinking water with a system designed to remove PFAS, if necessary, and being mindful of personal care products, checking labels for PFAS ingredients, can also help. As we continue to learn more about these forever chemicals, it is crucial that we take steps to minimize our exposure and protect our health.

Amazon Finds New Ally In India Post’s Parcel Delivery Network To tap Rural Consumers

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In a calculated move to enhance logistics operations, Amazon and the Department of Posts signed a Memorandum of Understanding (MoU) on Friday. This partnership will leverage India’s vast postal network, comprising over 1.6 lakh post offices, to facilitate faster parcel delivery across the country, including remote regions.

The collaboration aims to optimize logistics and business operations for both parties. Amazon will gain access to the postal department’s expansive infrastructure, enabling it to improve delivery speed and efficiency while exploring opportunities for business expansion in underserved areas.

Key areas of the partnership include synchronization of logistics operations, knowledge-sharing, and capacity-sharing opportunities, according to a statement from the Ministry of Communications. Both parties will conduct quarterly reviews to assess progress and explore further avenues for enhancing the partnership.

This alliance is set to streamline Amazon’s logistics operations, aligning with its growing e-commerce needs, while also scaling up the Department of Posts’ parcel business. By working closely with Amazon, the postal department aims to enhance its expertise in e-commerce logistics and contribute to India’s broader goal of becoming a global logistics hub.

Amazon and the Department of Posts have been collaborating since 2013, utilizing the postal network for parcel transmission. This new MoU strengthens their ongoing relationship, aiming to support India’s burgeoning e-commerce sector by improving logistical capabilities and fostering economic growth.

In a related development, the Ministry of Labour and Employment recently signed an MoU with Amazon to enhance employment accessibility in India. This two-year partnership focuses on leveraging the National Career Service (NCS) portal to boost job opportunities, particularly for women and ‘divyang’ (differently-abled) candidates.

Snoring Linked to High Blood Pressure, Australian Study Finds

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A new Australian study has revealed that regular snoring may lead to higher blood pressure. Researchers from Flinders University in South Australia found that people who snore often are more likely to suffer from elevated blood pressure and uncontrolled hypertension.

The study monitored 12,287 participants over six months, using home-based sleep tracking technology. It showed that 15% of the participants snored for more than 20% of the night. Those who snored heavily had a 3.8 mmHg higher systolic blood pressure and 4.5 mmHg higher diastolic pressure compared to non-snorers.

Hypertension, commonly known as high blood pressure, occurs when blood vessels have consistently high pressure. This condition can cause heart attacks, strokes, heart failure, and other serious heart diseases.

“For the first time, we can say there’s a strong link between frequent snoring at night and high blood pressure,” said Bastien Lechat, lead author of the research from the College of Medicine and Public Health at Flinders University in Australia. He stressed the importance of addressing snoring in managing hypertension.

The World Health Organization estimates that 1.28 billion adults globally have hypertension, with nearly half of them unaware of their condition.

Swiggy Increases IPO Size to $1.4 Billion, Plans to Expand ‘Instamart’

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In a significant development in India’s burgeoning IPO market, SoftBank-backed food delivery giant, Swiggy, has received approval from its shareholders to increase the size of its fresh issue in its upcoming IPO. The approval will allow the company to raise the fresh issue size to 50 billion rupees ($595 million), a substantial increase from the previously planned 37.5 billion rupees. This information was disclosed by individuals privy to the matter on Thursday, 10th March 2024.

The Indian IPO market has been on a tear, with approximately 250 companies raising over $9 billion so far this year. This figure is more than double the amount raised during the same period last year, according to data from the London Stock Exchange Group (LSEG). The increase in Swiggy’s fresh issue size will further boost this trend, contributing to the market’s robust growth.

Swiggy’s existing shareholders will sell shares worth 66.64 billion rupees, a figure that remains unchanged despite the increase in the fresh issue size.

Swiggy’s IPO: A New Benchmark

The increase in the fresh issue size will push the total size of Swiggy’s initial public offering to $1.4 billion, up from the previously planned $1.25 billion. This makes Swiggy’s IPO one of the largest in the country this year, surpassing NTPC Green Energy’s $1.2 billion public offering filing.

Swiggy, headquartered in Bengaluru, had filed its draft papers for the IPO last week. The company is reportedly targeting a valuation of $15 billion, a testament to its rapid growth and dominant position in India’s food delivery market. However, Swiggy did not immediately respond to a request for comment on these developments.

The company’s investment plans following the IPO are ambitious and forward-looking. A key focus area is the expansion of its quick-commerce business, ‘Instamart’.

Instamart: The Future of Quick Commerce

This service aims to deliver everything from groceries to higher-margin electronics in just 10 minutes, a feat that would revolutionize the e-commerce landscape. Swiggy’s rivals, including Zomato and Zepto, are also racing to establish their presence in this promising segment.

The shareholder approval for the upsized IPO marks a significant milestone for Swiggy. The main shareholder in the company, SoftBank, has been instrumental in supporting Swiggy’s growth and will likely play a crucial role in the IPO process. The upsized IPO, approved on Thursday, 10th March 2024, will provide Swiggy with additional resources to execute its ambitious growth plans.

Historically, the upsizing of IPOs has been a strategy employed by companies expecting strong investor demand. For instance, in 2020, Snowflake Inc., a cloud-based data warehousing startup, upsized its IPO due to overwhelming investor interest, raising $3.4 billion and marking the largest software IPO in history.

Similarly, Swiggy’s decision to upsize its IPO could be indicative of strong investor confidence in the company’s growth prospects and the overall potential of India’s digital economy.

Hyundai India Gears Up to Launch Megasize $3 billion IPO, Largest After LIC’s 2 Years Ago

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Hyundai Motor India, the country’s second-largest car manufacturer, is reportedly planning to launch a $3 billion Initial Public Offering (IPO) on October 14, 2024. This IPO, if it goes ahead, would be the largest in India after the Life Insurance Corporation’s (LIC) IPO, which was around Rs 21,000 crore. The IPO of Hyundai Motor India Limited will be an offer for sale (OFS), with the company planning to sell 14.2 crore shares, which is around 17.5 per cent of the total shareholding.

The IPO has been approved by the Securities Exchange Board of India (SEBI), the country’s market regulator. However, no official statement has been given by Hyundai regarding the IPO dates. The company’s decision to go public is subject to market conditions, particularly the ongoing conflict between Iran and Israel in the Middle East.

Market Conditions and Geopolitical Tensions

The Indian stock market recently experienced a sharp fall due to Iran’s missile attack on Israel, with both the frontline indices Sensex and Nifty closing down by more than 2 per cent. This was the biggest fall in the stock market in the last two months. The launch of Hyundai Motor India’s IPO could be impacted by unexpected changes in the market due to geopolitical tensions. If the situation escalates, it could affect market stability, which might influence the IPO’s launch date or its success.

Hyundai India is a significant player in the Indian automobile market, holding a market share of around 15 per cent. It is the second-largest car company in the country after Maruti Suzuki. The company has been consistently selling around 60,000 units per month, except for the last few months due to industry-wide slowdown. Nearly one in four Hyundai cars is sold in India now.

Hyundai’s Market Position and Future Prospects

After the listing, Hyundai India’s market cap could be almost half the valuation of its Seoul-listed promoter company Hyundai Motors at $47 billion. The IPO comes at a time when the Indian stock market is witnessing a flurry of public issues. Companies like Swiggy, NTPC Green Energy, and Canara Robeco Asset Management Company are also planning to go public soon.

The surge of retail investors, the resilience of India’s economic growth, and rising optimism about the potential start of a rate-cutting cycle have driven the market on an upward trajectory. However, concerns persist about stretched valuations amid unimpressive quarterly earnings of Indian companies.

Market Plunges as Middle East War Looms, Rs 10 Lakh Crore Wiped Out from Investors

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Indian markets were hit hard on Thursday as escalating geopolitical tensions in the Middle East led to a sharp decline in equity indices, wiping out Rs 10 lakh crore in market capitalization.

The benchmark BSE Sensex nosedived 1,769 points (2.10%), closing at 82,497, while the Nifty 50 plunged 546 points (2.12%) to 25,250. This broad sell-off led to significant losses across sectors, with nearly 2,864 stocks ending in the red compared to just 1,120 gaining stocks.

The fallout from the day’s trading session saw the combined market value of all listed companies on the Bombay Stock Exchange (BSE) plummet by Rs 10 lakh crore, dropping to a total of Rs 465 lakh crore.

Broader Market Impact

The rout was not limited to blue-chip stocks, as midcap and smallcap segments also suffered steep losses. The Nifty Midcap 100 index fell by 1,333 points (2.21%) to 59,024, while the Nifty Smallcap index dropped 378 points (1.96%) to 18,952, indicating widespread bearish sentiment.

Sector-wise, almost all major NSE indices were deeply in the red, with Auto, Financial Services, IT, FMCG, Realty, Energy, Private Banks, and Infrastructure taking the hardest hits.

Top losers on the Sensex included L&T, Axis Bank, Tata Motors, Reliance, Maruti Suzuki, Bajaj Finance, Wipro, and Kotak Mahindra Bank. JSW Steel was the only stock to buck the trend, ending in the green.

Geopolitical Tensions and Domestic Factors

According to market analysts, the sharp downturn was primarily driven by the escalating conflict in the Middle East, particularly following Iran’s ballistic missile attacks on Israel. Fears of an intensifying conflict could potentially push up global oil prices, raising inflationary concerns.

Additionally, domestic factors played a role. New SEBI regulations in the Futures and Options (F&O) segment created uncertainty, leading to concerns over reduced trading volumes and liquidity. With foreign institutional investors (FIIs) also shifting their focus to more attractively valued markets such as China, the pressure on Indian stocks increased.

On October 1, FIIs sold equities worth Rs 5,579 crore, while domestic institutional investors (DIIs) purchased Rs 4,609 crore worth of equities, offering some support to the market.

Future Scenario

Market experts warn of further volatility in the coming days. The escalating Middle East conflict could cause oil prices to rise further, adding to inflationary pressures that could weigh on the Indian economy. At the same time, domestic factors, including SEBI regulations and foreign fund outflows, will continue to impact market sentiment.

With global geopolitical and economic uncertainties mounting, investors are bracing for a turbulent period in the markets.

Devara: How Box Office Analysis of Similar Themed Films Show Future Trend?

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Devara: Part 1, the latest action epic starring Jr NTR and Janhvi Kapoor, has made a significant impact at the box office, amassing Rs 353.24 crore globally within just six days of its release. Directed by Koratala Siva, the film has enjoyed a strong boost in collections, particularly on its first Wednesday, due to the national holiday on Gandhi Jayanti.

Commenting on the boost in film’s business due to Gandhi Jayanti, film critic and trade analyst Taran Adarsh said: “BIZ JUMPS ON WEDNESDAY… A national holiday can significantly impact box office numbers, provided the film has merits… The Jr NTR-starrer Devara makes a big splash on Wednesday, capitalising on the Gandhi Jayanti holiday, further solidifying its status.”

Day-Wise Performance Comparison

Devara saw an exceptional start, earning Rs 154.36 crore on its opening day, followed by Rs 61.24 crore on Day 2, and Rs 63.51 crore on Day 3, maintaining strong weekend momentum. However, post-weekend, the film’s collections dipped slightly, with Rs 24.70 crore on Day 4, Rs 19.16 crore on Day 5, before jumping again to Rs 30.27 crore on the Gandhi Jayanti holiday. This spike can be attributed to the public holiday boost, which often plays a key role in propelling collections for films with strong public appeal.

The film saw stellar opening weekends, with rapid surge in its first week. If this pace continues, Devara could surpass other regional films like Vikram’s total in just a couple of weeks.

One key aspect of Devara’s box office strategy is its multi-language release, which saw it simultaneously hitting theatres in Telugu, Hindi, Tamil, Malayalam, and Kannada. Devara has made significant inroads into the Hindi market, earning Rs 45.87 crore by its first Wednesday, with a broader appeal that allows it to tap into multiple regional audiences. However, it’s worth noting that despite Devara’s Hindi version picking up steam, the bulk of its earnings still come from the Telugu-speaking regions.

The Role of Star Power and Holiday Boost

Jr NTR’s double role and Janhvi Kapoor’s Telugu debut have been major draws for Devara, giving it a strong advantage at the box office. The Gandhi Jayanti holiday saw a major boost for Devara, with box office analyst Taran Adarsh emphasizing the film’s potential to capitalize on national holidays, provided the content resonates with the audience.

Looking ahead, Devara is expected to see a slight drop in collections post-Wednesday, with a possible rebound over the weekend. The film’s long-term success will depend on sustaining momentum beyond its initial surge, a challenge that Jr NTR’s earlier film RRR managed with its prolonged run.

In just six days, Devara has raced to Rs 353.24 crore, putting it on track to garner the Rs 414.43 crore-mark next few days. If Devara continues its strong run in the third week, with high expectations riding on its star cast and action-packed storyline,  the weeks ahead show how future films make headways into profitable ventures.

Tragic School Bus Fire In Thailand Sparks Debate On Stringent Safety Measures

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In a horrifying incident that unfolded on the outskirts of Bangkok, Thailand, a school bus carrying students and teachers on a field trip caught fire. The tragic event, which occurred on October 1, 2024, has left an estimated 25 people feared dead and 16 passengers hospitalized.

The incident has sent shockwaves through the nation and the international community, triggering debate on the importance of stringent safety measures in school transportation everywhere.

The bus was transporting students and teachers from the province of Uthai Thani, located approximately 250 km (155 miles) north of the capital, Bangkok. The exact cause of the fire remains under investigation, according to Transport Minister Suriya Juangroongruangkit. The minister also confirmed that 16 students and three teachers were sent to a hospital for treatment.

The horrifying scene was captured in early images posted on social media and carried by local news outlets, showing thick grey smoke pouring out of the bus, parts of which were still ablaze. Firefighters later managed to extinguish the fire.

A Reuters photographer at the scene reported seeing fire trucks, police, and rescue vehicles parked around the blackened vehicle, with a cluster of firefighters at the entrance.

PM Shinawatra condoles

Thailand Prime Minister Paetongtarn Shinawatra expressed her condolences in a social media post, stating, “As a mother, I would like to express my deepest condolences to the families.” The Prime Minister also confirmed that the students were on a field trip from Uthai Thani province. She assured that the government would take care of the medical expenses and provide compensation to the families of the deceased.

Rescue group Hongsakul Khlong Luang 21, in a post on its Facebook page, reported finding at least 10 bodies on the bus. The students and teachers belonged to the Wat Khao Phraya School, according to a report by Reuters.

Similar incidents elsewhere

This tragic incident is not a sole example. In November 2023, a bus carrying high school students was involved in a deadly crash on westbound Interstate 70 in Licking County, Ohio. The bus was carrying students and chaperones from the Tuscarawas Valley Local School District in eastern Ohio, who were headed to perform at an educational conference.

In another incident in August 2023, wildfires in Maui, Hawaii, claimed 67 lives, with some residents alleging that they were not sufficiently warned through emergency alerts as the crisis deepened. This incident, similar to the school bus fire in Thailand, called for the importance of effective emergency response systems and the need for stringent safety measures, particularly when it involves the transportation of children.

As the nation mourns the loss of young lives, it is hoped that the incident will lead to a thorough review of safety measures and protocols, particularly in school transportation, to prevent such tragedies in the future.

NEET Row: Bengal Assembly passes resolution on scrapping of NEET; Karnataka next?

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On Wednesday, the West Bengal Assembly passed a resolution, introduced by the ruling Trinamool Congress, demanding the abolition of the National Eligibility cum Entrance Test (NEET) and advocating for the return to state-level entrance exams. This move positions West Bengal as the second state, after Tamil Nadu, to formally call for the scrapping of NEET.

This resolution follows recent incidents of NEET paper leaks across the country. Prior to the motion, West Bengal Chief Minister Mamata Banerjee had written to Prime Minister Narendra Modi, urging the same change.

With the passage of this motion, the West Bengal Treasury Bench has officially documented its opposition to NEET. Education Minister Bratya Basu reiterated that his party has consistently opposed NEET due to its nationwide scope, arguing that it undermines the federal structure of the country.

Previously, in 2021, the DMK government in Tamil Nadu had passed legislation seeking exemption from NEET, with Chief Minister MK Stalin calling the exam as discriminatory and disadvantageous to rural aspirants aspiring to pursue medical careers. A similar attempt was made by the AIADMK government under Edappadi K Palaniswami, but the bill failed to receive presidential approval in 2017.

Meanwhile, the Central Bureau of Investigation (CBI) has initiated investigations into multiple alleged irregularities and instances of paper leaks in the NEET-UG 2024 exams, lodging six FIRs so far.

Karnataka Next?

 

Meanwhile, the Karnataka Cabinet, led by Chief Minister Siddaramaiah, approved a resolution on Monday to abolish the National Eligibility-cum-Entrance Test (NEET) in the state, proposing a new entrance exam for undergraduate and postgraduate medical students.

During a late-night session, the Cabinet also approved two additional resolutions: one addressing the delimitation of state legislative assemblies and Lok Sabha constituencies, and another opposing the ‘One Nation, One Election’ concept. It will be taken up by the current legislative session next.

This move comes amid increasing concerns about NEET. Last week, Deputy Chief Minister DK Shivakumar urged the central government to scrap NEET and allow states to conduct their own entrance examinations.

“The irregularities in the NEET exam are serious. It is a question of the future of lakhs of students. The Centre must scrap NEET and allow states to conduct their own entrance tests. Students from across the country can participate in the tests conducted by states,” Shivakumar stated.

He also highlighted the negative impact on Karnataka students, saying, “Injustice is being meted out to the students from Karnataka. Karnataka has built colleges, but it is benefitting students from North India and depriving its own students. We have to fight unitedly against this. The Centre must conduct an inquiry into the NEET exam irregularities.”

 

 

Ola Electric slashes prices for S1 X line of e-scooters

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Ola Electric has unveiled new pricing structures for its S1 X line of e-scooters, alongside details regarding delivery. The S1 X series, available in three battery variants – 2 kWh, 3 kWh, and 4 kWh, will now be priced at Rs 69,999 (introductory offer), Rs 84,999, and Rs 99,999, respectively. Deliveries are slated to commence next week.

A spokesperson from Ola stated, “Our revised pricing for the S1 X series addresses the significant upfront costs associated with electric vehicle (EV) ownership, a key hurdle in wider EV adoption. With competitive pricing across our S1 X range, catering to various consumer segments, we anticipate a substantial increase in EV adoption nationwide.”

Additionally, Ola revealed updated prices for the S1 Pro, S1 Air, and S1 X+, now available at Rs 1,29,999, Rs 1,04,999, and Rs 84,999, respectively. The S1 X e-scooters boast an IDC-certified range of 190 km, 143 km, and 95 km for the 4 kWh, 3 kWh, and 2 kWh models, respectively.

Driven by a 6kW motor, the scooter accelerates from 0 to 40 km/h in 3.3 seconds, reaching a maximum speed of 90 km/h in the 4 kWh and 3 kWh models, and 85 km/h in 4.1 seconds for the 2 kWh variant, according to company specifications.

Featuring three riding modes – Eco, Normal, and Sports, riders can seamlessly transition between them based on their preferences and requirements.

Sensex down by 300 points, Israel’s return attack fears grip markets

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BSE Sensex is down by more than 300 points on Tuesday after a plunge of 845 points on Monday, continuing the declining trend amid concerns about general elections, geopolitical factors, and uncertainty in the markets.

Sensex is trading at 73,040 points, down by 358 points. Sensex is on the verge of falling below the 73K mark if the weakness persists. IT and financials are trading weak with Infosys, Bajaj Finserv, Indusind Bank, Ultratech Cement, L&T down more than 1 per cent.

Analysts expect economic and geopolitical issues to continue to weigh on markets in the near term. The economic factor is the rising US bond yields which reduces the prospects of rate cuts by the Fed this year. High bond yields are negative for risky assets like equity and will accelerate FII selling in emerging markets like India, they said.

Essentially the market is more concerned about the geopolitical issue.

Israel military chief vowed that “there will be a response to Iran’s attack on Israel” and it has increased the probability of escalation of tensions in the Middle East, evolving into a bigger scale.

As investors seek to wait and watch the developments. high quality large-caps are on corrections to make them fair. Large-caps in banking, IT, autos, capital goods, oil & gas and cement are advised as ideal for long-term investment, V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said.

EVM Issue: Supreme Court bench to hear petitions seeking full implementation of VVPATs

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A panel comprising Justices Sanjiv Khanna and Dipankar Datta is set to address all concerns regarding Electronic Voting Machines (EVMs) during a hearing scheduled for April 16, 2024.

Tomorrow, the Supreme Court will review a series of petitions advocating for the implementation of Voter Verifiable Paper Audit Trail (VVPAT) to cross-verify votes. VVPAT offers an independent mechanism for voters to ensure the accuracy of their votes by generating a paper slip that confirms their selections. These slips, securely sealed, can be accessed in case of disputes.

In anticipation of the upcoming seven-phase Lok Sabha elections beginning on April 19, the Supreme Court is poised to examine crucial matters regarding EVMs and VVPAT.

Earlier, the Supreme Court had deferred hearing the plea filed by the NGO Association for Democratic Reforms (ADR) and other related matters. Advocate Prashant Bhushan had urged an expedited hearing on April 3.

Now, ADR has petitioned the Supreme Court to direct the Election Commission and the Central Government to ensure voters can verify that their votes have been accurately recorded through VVPATs. The plea aims to align the EVM count with verifiably cast votes and guarantee that voters can confirm their selections via VVPAT slips.

Additionally, the petition underscores the importance of voters verifying that their choices have been accurately registered, which is partially addressed by the brief display of VVPAT slips after pressing the EVM button.

Justices Sanjiv Khanna and Dipankar Datta’s panel, unable to address previous EVM-related pleas, will now consider all petitions during Tuesday’s session. Both petitions will be on the docket for today’s hearing.

On April 1, the Supreme Court sought responses from both the Election Commission of India and the central government regarding activist Arun Kumar Agrawal’s plea for a comprehensive count of VVPAT slips in elections, challenging the current practice of sampling only five randomly selected EVMs per assembly segment.

Bitcoin Future: What happens If The Cryptocurrency Creator Satoshi Nakamoto’s Identity Is Revealed?

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The enigmatic figure behind Bitcoin’s creation, known as Satoshi Nakamoto, has captivated the imagination of the cryptocurrency community since the inception of Bitcoin. The potential unveiling of Nakamoto’s identity has spurred intense speculation and debate, prompting considerations about the ramifications for Bitcoin’s future.

Satoshi Nakamoto, the pseudonymous individual or group responsible for birthing Bitcoin, remains a mystery to this day. Despite numerous inquiries and investigations, the true identity behind this alias remains elusive. Nakamoto’s presence was notably active during Bitcoin’s genesis, with contributions ceasing around 2010, leaving behind a legacy veiled in anonymity.

The Elusive Bitcoin Holdings Estimates suggest that Satoshi Nakamoto may possess approximately 1.1 million BTC, though precise figures estimate it to be much lower. These holdings, valued between $43 billion to $80 billion, are presumed to be amassed from early mining rewards. However, verifying Nakamoto’s ownership with absolute certainty remains an insurmountable challenge.

Researchers at The University of New Mexico find digital cryptocurrency Bitcoin is more comparable to the impacts of extracting and refining crude oil than mining gold./CREDIT:
University of New Mexico

To unmask the mysterious identity, numerous endeavors have come into vogue to uncover Satoshi Nakamoto’s identity, alongside claims from individuals purporting to be the elusive creator. Recent legal proceedings involving Craig Wright in the UK brought renewed attention to this quest. Despite Wright’s assertions, a UK High Court ruled decisively against his claim to be Nakamoto, affirming the prevailing mystery surrounding Bitcoin’s originator.

Implications for Bitcoin and the Market The hypothetical unmasking of Satoshi Nakamoto raises questions about Bitcoin’s future trajectory. Gady Kohanov, founder of BitcyClub, underscores the intentional obscurity surrounding Nakamoto’s identity as integral to Bitcoin’s allure and adoption.

“Poking the bear often leads to undesirable consequences,” warned Kohanov. “If the veil of secrecy surrounding Bitcoin’s creator is lifted, it could shatter the idealized image that many hold of the cryptocurrency,” he added. It could potentially undermine Bitcoin’s perceived security and appeal, disrupting investor confidence and leading to market volatility, he insisted.

Kohanov anticipates two plausible outcomes if Nakamoto’s identity were disclosed. Firstly, the mystique surrounding Bitcoin could diminish, tarnishing its reputation and eroding investor trust. Secondly, the unveiling could trigger market instability, potentially resulting in significant losses for existing investors.

 

 

SpaceX Launches Double Satellite, Deploys 46 Satellites in Record Time; Crew to Return Tomorrow [Watch Live]

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US private space agency SpaceX completed the flawless deployment of 46 Starlink internet satellites into low-Earth orbit within a span of just six hours on Monday, heralded as the Elon Musk-owned firm’s reusable Falcon 9 rocket embarked on its mission from Space Launch Complex 40 (SLC-40) at Cape Canaveral Space Force Station in Florida.

SpaceX and NASA are targeting as early as Monday, March 11 at 11:05 a.m. ET for Dragon to autonomously undock from the International Space Station. After performing a series of departure burns to move away from the space station, Dragon will conduct multiple orbit-lowering maneuvers, jettison the trunk, and re-enter Earth’s atmosphere for splashdown off the coast of Florida almost 19 hours later at approximately 5:50 a.m. ET on Tuesday, March 12.

Live webcast coverage of Crew-7’s return to Earth will begin on X @SpaceX about 15 minutes prior to undocking.

Watch live.

Aboard the spacecraft will be Crew-7 NASA astronaut Jasmin Moghbeli, ESA astronaut Andreas Mogensen, JAXA astronaut Satoshi Furukawa, and Roscosmos cosmonaut Konstantin Borisov, who flew to the space station on Dragon when Falcon 9 launched the spacecraft from Launch Complex 39A (LC-39A) at Kennedy Space Center in Florida on Saturday, August 26.

The company confirmed in an official statement that the first batch of 23 satellites blasted off at 4:35 am IST, marking the 11th successful flight for the first-stage booster. Notably, this booster has previously supported missions such as Crew-5 and GPS III Space Vehicle 06. Shortly after liftoff, the Falcon 9’s first stage returned to Earth, executing a flawless vertical landing on the SpaceX drone ship “Just Read the Instructions” in the Atlantic Ocean.

SpaceX launches 60 Starlink satellites June 3, 2020 / SpaceX

SpaceX confirmed the deployment of the initial 23 Starlink satellites via Twitter approximately an hour after liftoff.

Subsequently, the second set of 23 Starlink satellites launched at 9:39 am Indian time, marking the 17th flight for its first stage booster. This booster has a notable history, having supported missions like Sentinel-6 Michael Freilich and DART. Following separation, the first stage is slated to land on the droneship “Of Course I Still Love You” stationed in the Pacific Ocean.

These accomplishments come on the heels of SpaceX’s recent launch of 23 Starlink satellites. With over 5,000 operational Starlink satellites currently in orbit and approval to launch up to 12,000, SpaceX continues to push the boundaries of satellite internet connectivity.

In 2024 alone, SpaceX has already completed 22 orbital missions, with plans to conduct a staggering 144 launches by year’s end.

Manipur: What triggered ethnic violence in the North-Eastern state?

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India’s parliament faced continuous disruption and now women’s groups are planning nationwide protests following a sexual assault and indecent parade of women during the beginning of ethnic clashes in Manipur state.

The violence, which erupted on May 3, has so far resulted in at least 125 fatalities and displaced over 40,000 individuals in Manipur. The clashes originated when the Kuki tribal group clashed with the Meitei, the ethnic majority, over the distribution of economic benefits and quotas meant for the tribes.

Despite a heavy presence of Central police forces in the state  with a population of 32 lakhs,  sporadic violence and killings have kept the state tense. Recently, videos showing women being molested in May emerged, sparking national outrage and women organisations hitting the streets in protests all over the country.

The root cause of the Manipur violence can be traced back to May 3 when the Kuki and Naga tribes, classified as Scheduled Tribes or India’s most disadvantaged groups, protested against the potential extension of reservations and other benefits to the dominant Meiteis in the state. The Meiteis, who constitute half of Manipur’s population, had been seeking special benefits for over a decade.

Manipur High Court verdict

Their cause gained momentum in April after the Manipur High Court endorsed their demand, setting a mid-May deadline for the government to consider it. Granting limited affirmative action quotas to the Meiteis would allow them to access educational and government job opportunities reserved for Kukis and Nagas.

The Meiteis have historically inhabited Manipur’s prosperous valley region, comprising only 10% of the state’s area, giving them better access to employment and economic opportunities. On the other hand, the Nagas and Kukis reside in poorly developed hills, leading to a development imbalance and fueling contention and rivalry between the ethnic groups.

Triggers for the violence include unrelated events that exposed old fault lines. The 2021 coup in Myanmar forced thousands of refugees into Manipur, creating concerns among Meiteis that they would be outnumbered by the Kuki’s ethnic ties with Myanmar’s Chin tribe.

Eviction of tribals

Moreover, in February, the state government initiated a drive to evict tribal communities from forests in the hills, claiming encroachment on government land. This sparked anger among the tribal groups, who felt forced out of their homes.

Despite the initial suppression of violence in mid-May, sporadic reprisal attacks continued shortly after. Both the Meiteis and Kukis possess arms, including automatic weapons sourced either from the state police or from across the border in Myanmar. Efforts by New Delhi to control armed groups operating from across the border through talks with senior Myanmar leaders have yet to yield results.

Further, the lack of peace stems from the refusal of Kuki and Meitei groups to join a peace panel formed by the federal government, with disagreements over the panel’s composition. Kukis have also accused Chief Minister Biren Singh, a Meitei from the ruling Bharatiya Janata Party, of  inaction, demanding his removal, but the CM has denied these accusations.

(With inputs from agencies)

Capitol rioter Barnett, who posed with feet on Pelosi’s desk, found guilty

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Remember the Capitol Hill rioter who posed with his feet propped up atop former House of Representatives Speaker Nancy Pelosi’s desk? Identified as Richard “Bigo” Barnett, the man has been found guilty of all charges finally.

Barnett was among the crowd of thousands of supporters of former President Donald Trump who stormed Congress on January 6, 2021, in an attempt to overturn the 2020 presidential election result, reports the BBC.

Pelosi, the former House Speaker was forced to flee the chamber floor with other lawmakers as the protesters stormed their way into the building.

Armed with a stun gun, Barnett, a former firefigher, posed for photos after breaking into Pelosi’s office and boasted of stealing an envelope before leaving the premises.

He also wrote a note on her desk using a sexist slur, and used a bullhorn to brag to the crowd that “I took Nancy Pelosi’s office”.

On Monday, a jury in Washington D.C. deliberated for less than three hours before convicting the 62-year-old of all eight charges against him, which include obstruction of an official proceeding; entering and remaining in a restricted building or grounds with a deadly weapon; and theft of government property.

Prosecutors argued that Barnett came to Washington D.C. from his home in Arkansas “prepared for violence”.

Barnett, who chose to testify in his own defence during the trial, argued that he was caught up “in the moment” and was “going with the flow”, the BBC reported.

After the verdict was read on Monday, Barnett said he did not get a fair trial because the jury was not made up of his “peers”.

His lawyer, Joe McBride, said he would appeal.

“Washington D.C., is not a state. He’s not surrounded by people of Arkansas, where he came from,” the BBC quoted McBride, referring to the city’s status as a district rather than one of the 50 US states, as saying.

The judge allowed Barnett to remain free until his sentencing hearing on May 3. He is facing decades in federal prison.

Barnett’s trial has been one of the most high-profile to stem from the riot.

Over 940 people have been charged with federal crimes related to the breach and nearly 500 have pleaded guilty so far.

 

 

 

 

‘Varisu’ crosses Rs. 210 Cr in First Week, Rashmika Mandanna thanks ‘Vijay’

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Thalapathi Vijay-Rashmika Mandanna-starrer “Varisu” has grossed Rs 210 crore in its first week and is expected to continue its victorious run at the box office.

Following a grand response, Rashmika said: “Looking at the massive love and appreciation being showered on ‘Varisu’ really warms my heart and makes me feel so grateful!”

Directed by Vamshi Paidipally, Rashmika’s performance in the songs ‘Ranjithame’ and ‘Jimikki Ponnu’ has been particularly appreciated by critics and audiences alike.

Rashmika added: “The story and its narrative is such that the moment I heard it, I was sure it would definitely connect with family audiences, so it was an instant ‘yes’ for me. And the cherry on the cake was working with Vijay sir, which was a dream opportunity come true.”

Rashmika is looking at a blockbuster 2023 with four films scheduled to be released, one of them being “Varisu”, across multiple languages. She will also be seen in “Mission Majnu”, “Animal” and another film that is currently under wraps.

Agitating wrestlers meet Sports ministry officials, demand resignation of Brij Bhushan, talks fail

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The meeting between the Sports ministry officials and the delegation of four wrestlers, including Bajrang Punia, Vinesh Phogat and Sakshi Malik here on Thursday failed to yield results as protesting grapplers were not satisfied with the response.

Speaking to reporters in Delhi, Bajrang Punia said that they didn’t get any ”satisfactory response” from the ministry and the protest will continue till the Brij Bhushan Sharan Singh-led Wrestling Federation of India (WFI) gets dissolved.

“We not only want the resignation of WFI President Brij Bhushan Sharan, we also demand the federation to be dissolved. If there is only resignation, then it will make its men sit again,” he emphasised.

The 28-year old Bajrang further said that “the whole hub of wrestling is sitting with us and everyone is fighting for their future.

“We have five to six girls with evidence, who are ready to file FIR against the WFI chief on sexual harassment case. If our words are not heard, then we will take the help of the police and also file a case,” the Olympic medallist wrestler said.

Meanwhile, Vinesh, too, slammed Brij Bhushan Sharan, saying “why is he hiding” and “I challenge him to come and speak to me”.

“I am getting calls from several states. And women wrestlers are supporting us in this fight. I got calls from Kerala and other places,” she said.