Category: News

  • U.S. Stocks Rally After Positive Inflation Report: What You Need to Know

    U.S. Stocks Rally After Positive Inflation Report: What You Need to Know

    U.S. stocks went up on Friday after a tough week, thanks to a good inflation report and some soothing comments from the Federal Reserve (the Fed). The latest report showed that prices went up by 2.4% in November compared to the year before, which is a bit better than what experts expected. People are still spending money, which is a sign that the economy is doing okay. After this news, investors started to think the Fed might cut interest rates sooner than they thought, likely starting in March 2025.

    Earlier in the week, the Fed had announced its third interest rate cut of the year but said there would only be two more cuts next year instead of four. This made investors nervous at first, causing stocks to drop. On Friday, however, things turned around: with every major stock index going up, the Dow Jones rose by nearly 500 points, marking its best day since November 6.

    Despite the Friday bounce, all three major U.S. indexes dropped for the week. The tech-heavy Nasdaq was particularly affected, ending a four-week streak of gains. All groups of stocks went up in Friday’s rally, with real estate leading the way. Small companies, measured by the Russell 2000 index, also saw their stocks rise.

    Investors were also keeping an eye on the U.S. Congress, which was rushing to prevent a partial government shutdown. Overall, many more stocks went up than down on the New York Stock Exchange and the Nasdaq. Friday saw a lot of trading activity, partly because of the end of some stock contracts, known as triple witching, where 21.58 billion shares changed hands.

  • Cold Wave Hits North India: Stay Warm and Safe!”

    Cold Wave Hits North India: Stay Warm and Safe!”

    The India Meteorological Department (IMD) has warned that a cold wave will affect parts of Himachal Pradesh and Rajasthan until December 24. From December 20 to 24, cold conditions can be especially strong in Himachal Pradesh. After that, on December 25 and 26, some colder areas will still feel a chill.

    The IMD also reported that cold wave conditions are expected in Punjab and Rajasthan on December 21 and 22. People in these areas should be ready for very cold weather!

    Fog has been a big problem too, with thick fog likely in some parts of Himachal Pradesh and East Rajasthan until December 22. Recent days have seen biting cold in Punjab and Haryana. Faridkot, for example, reached a chilly 2 degrees Celsius on December 19.

    In Pathankot, Punjab, the minimum temperature dropped to 4 degrees Celsius. Meanwhile, the towns of Bathinda and Gurdaspur both felt the cold with temperatures around 4.6 and 4 degrees Celsius, respectively.

    Haryana is not warming up either. The coldest place there was Sirsa, which saw a low of 4.2 degrees Celsius. Hisar was chilly at 5.6 degrees, and Karnal felt it too at 6.8 degrees. Bhiwani reported a low of 6.9 degrees Celsius.

    In Kashmir, the weather was even colder. Srinagar recorded its coldest night this season, dropping to -6.2 degrees Celsius, just a bit lower than -6 degrees the night before. The weather team has said that dry weather will continue until December 26 but light snowfall is possible in higher areas overnight on December 21-22.

  • Missile Fired from Yemen Hits Near Tel Aviv, 3 Injured

    Missile Fired from Yemen Hits Near Tel Aviv, 3 Injured

    On Saturday, Israel’s military announced it couldn’t stop a missile that was fired from Yemen. This missile fell close to Tel Aviv, injuring three people lightly.

    The Israeli military shared on Telegram that after alarms went off in central Israel, they identified the missile but were unable to intercept it. Yemen’s Huthi rebels, who are supported by Iran, have been launching missiles at Israel since the Gaza conflict started over a year ago. Most of these missiles have been stopped in the air.

    In response to these attacks, Israel has targeted various locations in Yemen, including ports and energy facilities controlled by the Huthis.

    Israeli police reported that the missile landed in an area within the Tel Aviv district. Israel’s emergency medical service confirmed that three people went to the hospital with minor injuries, while several others received treatment for shock after the incident.

  • Rahul Gandhi Faces Charges After Parliament Fight: Here’s the Story

    Rahul Gandhi Faces Charges After Parliament Fight: Here’s the Story

    On Friday, the Delhi Police moved the case against Congress leader Rahul Gandhi to the Crime Branch. This is after he was accused of hurting BJP MPs during a fight at the Parliament. The clash happened when members from the NDA and INDIA blocs were trying to enter the house for a protest about disrespecting BR Ambedkar.

    Two BJP MPs, Pratap Chandra Sarangi and Mukesh Rajput, got hurt in the incident and even had to go to the hospital. The BJP claims Rahul pushed them while trying to enter, but Rahul says it was the BJP MPs who threatened and blocked him. He believes they are making these accusations to divert attention from the Adani Group being criticized in the U.S.

    An FIR (First Information Report) against Rahul was filed for various charges, including causing injury and using criminal force. It was registered at the Parliament Street Police Station. Congress also filed a complaint because they say BJP MPs treated Congress leader Mallikarjun Kharge badly.

    A senior police officer mentioned that they will look at video footage of what happened and have also received the Congress complaint. Doctors said the BJP MPs were recovering well after their treatment.

    Priyanka Gandhi Vadra, Rahul’s sister, spoke out, saying that these police efforts show the BJP is feeling desperate. She mentioned that the BJP keeps filing new cases against Rahul as a way to distract everyone.

  • Piramal Enterprises Plans Rs 2,000 Crore Fundraise and Business Update”

    Piramal Enterprises Plans Rs 2,000 Crore Fundraise and Business Update”

    Piramal Enterprises has decided to raise up to ₹2,000 crore by selling Non-Convertible Debentures (NCDs) worth ₹1,000 each. This was approved by the company’s board on December 20, 2023, and the news was shared after the stock market closed.

    Today, Piramal shares dropped to ₹1,090.25, which is a decrease of ₹32.30 or 2.88% from yesterday’s price. Over the last year, the shares have gone up by 23%, and so far in 2024, they have shown a 17% increase. This is better than the Nifty index, which has risen by 11% in the past year and 8% this year.

    Right now, Piramal shares are below the 50-day average price of ₹253.3 but above the 52-day average of ₹187. Key indicators show that the stock is neither too hot nor too cold: the Money Flow Index (MFI) is at 58, and the Relative Strength Index (RSI) is at 46. An RSI above 70 means a stock is overbought, while below 30 means it’s oversold.

    For the quarter ending September 30, 2023, Piramal reported a revenue of ₹2,302.9 crore, up from ₹1,960.6 crore compared to the same time last year. The company’s net profit for Q2FY25 was ₹22.6 crore, improving from ₹5 crore a year earlier.

    Piramal Group is a large global business with interests in pharmaceuticals, financial services, and real estate. They have offices in more than 30 countries and operate in over 100 markets with a workforce of 10,000 people from 21 different countries.

    Note: The views expressed here are not those of NiftyStat.

  • Major Investments from Goldman Sachs & Citigroup in Amber Enterprises”

    Major Investments from Goldman Sachs & Citigroup in Amber Enterprises”

    On Friday, big names in finance, like Goldman Sachs and Citigroup, bought shares of a company called Amber Enterprises. They spent around Rs 210 crore in total. Other investors, including Axis Mutual Fund, Mahindra Manulife Mutual Fund, Tata AIA Life Insurance, and ICICI Prudential Life Insurance, also bought shares through separate deals on the stock market.

    Together, these companies purchased 3.45 lakh shares, which is about 1.02 percent of Amber Enterprises. They bought each share for an average price of Rs 6,075, making the total amount spent close to Rs 209.86 crore.

    Meanwhile, a company named Ascent Investment Holdings sold some of its shares at the same price. After all this trading, the price of Amber Enterprises’ shares went up slightly, ending the day at Rs 6,100 each.

  • Government Panel Recommends Major Changes to Rural Job Scheme (MGNREGS)

    Government Panel Recommends Major Changes to Rural Job Scheme (MGNREGS)

    NEW DELHI: A government panel is suggesting big changes to the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). This program was set up to give jobs to people in rural areas by promising 100 days of work each year for every household. The panel believes that areas with more poor families should get more job opportunities. They also want to start a special program to improve rural infrastructure where there are more job opportunities.

    The nine-member committee, led by Amarjeet Sinha, shared its ideas with the government after studying how different states are managing this scheme. Some of the main recommendations include:

    – Increasing the number of workdays per job card from 100 to between 150 and 200 days, especially in areas with more disadvantaged families.
    – Regularly adjusting wages based on a five-year schedule.
    – Making sure community development plans work hand in hand with MGNREGS projects.
    – Finding ways to better manage and track how MGNREGS is working, using reliable, real-time data.

    The report also pointed out issues like low wage rates affecting productivity, problems with a mobile monitoring system, and payment delays. It stressed that the wage should be set based on an index that considers inflation, like the Consumer Price Index for Rural Laborers.

    While speaking about the scheme’s performance over 19 years, the committee recognized that it has helped many families during tough times. However, they also noted that it has had its share of problems due to poor implementation.

    The government is expected to discuss these recommendations soon, and some changes could happen quickly. Still, any major changes needing more money will involve discussions with the finance ministry.

  • U.S. Consumer Spending Rises: Economic Growth and Fed’s Rate Plans

    U.S. Consumer Spending Rises: Economic Growth and Fed’s Rate Plans

    Consumer spending in the U.S. went up by 0.4% in November, showing that the economy is still doing well. This increase led the Federal Reserve (the U.S. central bank) to expect fewer cuts to interest rates in 2025 compared to previous predictions. Spending makes up more than two-thirds of the economy, and even with a small slowdown expected in the coming months, the overall economy is staying strong.

    In the third quarter of the year, the economy grew at a rate of 3.1%, following a 3.0% growth from April to June. The Atlanta Federal Reserve predicts a 3.2% increase in the fourth quarter. Fed Chair Jerome Powell praised the economy, saying it’s performing exceptionally well.

    This week, the Federal Reserve lowered its key interest rate by 0.25% to the 4.25%-4.50% range. They now expect only two cuts to interest rates in 2025, instead of the four cuts they expected in September. This change is due to the economy remaining strong and inflation still being high.

    The job market is also doing well, with low layoffs and rising wages, which helps people spend more. Many families have healthy finances because of high stock market and home prices, leading to more spending. However, some lower-income families are still struggling.

    In November, monthly inflation cooled down slightly. The personal consumption expenditures (PCE) price index, which measures what people spend, rose by just 0.1% last month, following a 0.2% gain in October. Over the last year, prices rose by 2.4%, slightly up from 2.3% in October. Core inflation, which excludes food and energy prices, also went up by 2.8%.

    The Federal Reserve pays close attention to these price changes as they aim for a 2% inflation target. They had raised interest rates by a total of 5.25 percentage points from March 2022 to July 2023

  • 11 Dead in Jaipur-Ajmer Highway LPG Tanker Fire: Eyewitness Horror Stories

    11 Dead in Jaipur-Ajmer Highway LPG Tanker Fire: Eyewitness Horror Stories

    On Friday, the death toll from a serious accident involving an LPG tanker on the Jaipur-Ajmer highway rose to 11. Many of the injured people are in critical condition. The crash caused a massive fire, destroying 37 vehicles and nearby buildings.

    Dr. Deepak Maheshwari, the head of SMS Medical College, reported that 11 people lost their lives. Five were dead when they reached the hospital, five others died during treatment, and one person died at Jaipuria hospital.

    Jaipur Police Commissioner Biju George Joseph explained that the fire started when the LPG tanker’s nozzle was damaged during an accident, causing a dangerous gas leak. The crash happened around 5:30 a.m. near a school, and flames quickly spread to vehicles behind the tanker and coming traffic.

    In total, 43 people were taken to hospitals, with seven of them needing ventilators. Rajasthan’s health minister, Gajendra Singh Khimsar, said many of the injured were in “very critical” condition.

    Eyewitnesses shared shocking stories. A passenger from a burning bus reported hearing a loud blast just before flames enveloped the bus. “We broke the window and jumped out as the fire raged around us,” they said.

    The driver of a school van described seeing flames from a distance and the panic that followed as people ran for safety. “I saw a man on fire. It was terrifying,” he said.

    Another eyewitness recalled how the fire spread quickly, engulfing a whole lane of 100-200 meters. Those who managed to escape survived while others suffered severe burns.

    In response, the Rajasthan government has promised ₹5 lakh (about $6,000) to the families of those who died and ₹1 lakh ($1,200) for the injured.

  • India Protests Bangladesh’s Controversial Comments on Political Crisis”

    India Protests Bangladesh’s Controversial Comments on Political Crisis”

    India’s Ministry of External Affairs (MEA) recently expressed strong concerns to Bangladesh about inappropriate comments made by Mahfuj Alam, a key advisor of the interim government there. MEA spokesperson, Randhir Jaiswal, emphasized that India values its relationship with Bangladesh and wants everyone to think carefully before speaking publicly.

    Jaiswal mentioned that India has officially protested to Bangladesh and noted that the controversial Facebook post from Alam has been removed. He reminded leaders to consider the impact of their comments on diplomatic relations. Alam had suggested that India should acknowledge the protests that led to former Prime Minister Sheikh Hasina stepping down. Hasina was pressured to resign after facing severe protests over job reservations and had to flee the country for her safety.

    India and Bangladesh’s ties have been tense since an interim government led by Nobel Peace Prize winner Muhammad Yunus took charge. Recently, India also raised concerns about violence against Hindu communities and other minorities in Bangladesh. The Indian minister for external affairs, Kirti Vardhan Singh, affirmed that the interim government in Bangladesh must ensure the safety and rights of all communities