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  • Sharp selloff hits Indian stock market, investors lose Rs 8 lakh crore

    Stock Market Down, Bear Market, Bearish, Sensex Down

    stock marketIANS

    The Indian equity market witnessed a sharp selloff on Friday, following weak global cues and profit booking on higher levels.

    At closing, Sensex was down 738 points or 0.91 per cent, at 80,604 and Nifty ended at 24,530, down 269 points or 1.09 per cent.

    Nifty Bank closed at 52,265, down 355 points or 0.67 per cent.

    Due to the fall in the market, the market cap of the Bombay Stock Exchange (BSE) declined to Rs 446.3 lakh crore at the end of trading, against Rs 454.3 lakh crore at the end of the previous trading session.

    Sharp selling pressure was also seen in midcap and smallcap stocks.

    The Nifty Midcap 100 index fell 1,202 points or 2.11 per cent to 55,908 and the Nifty Smallcap 100 index fell 431 points or 2.29 per cent to 18,397.

    As many as 26 out of 30 Sensex stocks closed in the red.

    sensex

    Tata Steel, JSW Steel, NTPC, Tata Motors, UltraTech Cement, Tech Mahindra, Wipro, Power Grid, Mahindra & Mahindra, Bajaj Finance and IndusInd Bank were the top losers. Infosys, ITC, Asian Paints, and HCL Tech were the top gainers.

    Rupak De, Senior Technical Analyst at LKP Securities said: “Bank Nifty closed at its day’s low, forming a bearish candlestick on the daily chart. The active call writing and put covering suggest weaker sentiment. Traders should maintain a sell-on-rise strategy, with resistance at 52,500. Bullish positions are recommended only if the index closes above 52,500. Further weakness is expected if it closes below its 21-day EMA at 52,000.”

    (With inputs from IANS)

     

  • AI-centric move picks up, 77% Indian startups embark on it, mostly with small cities brimming with skill pool

    Technology

    Unsplash

    More than 77 per cent of Indian startups now invest in advanced technologies such as artificial intelligence (AI), machine learning (ML), internet of things (IoT) and blockchain, a report showed on Thursday.

    The trend underscores the rapid technological adoption and innovation across the Indian startup ecosystem, now ranked third globally, following the US and China, according to the report by SAP India, in collaboration with Dun & Bradstreet.

    Another significant finding is the emergence of tier 2 and 3 cities as innovation hubs, where 40 per cent of tech startups originate, leveraging local talent and cost advantages.

    Cities like Chandigarh, Jaipur, Madurai, Indore, Kochi, Warangal, Hubli, Raipur, Visakhapatnam and Guwahati, among others, host 15 per cent of the country’s tech skill pool.

    AI

    AI TECH GROWING FASTINTERNET

    This tech-driven evolution solidifies India’s global stature as a leading startup powerhouse, supported by robust corporate governance and a conducive regulatory environment, the report noted.

    “As companies shift their focus from GMV (gross merchandise value) to GM (gross margin) and seek to forge more sustainable business models with the help of transparent, trusted financial data, technology remains a cornerstone and a key differentiator for startups to achieve these business goals,” said Sanket Deodhar, VP and Head of Digital Natives, SAP Indian Subcontinent.

    Around 79 per cent of start-ups believe that adopting enterprise applications integrated with new-age technologies such as AI is essential for scaling and improving unit economics.

    Nearly 72 per cent of startups surveyed said that they already have or are looking to invest in new-age technologies.

    About 85 per cent of startups believe unit economics is a clear path to profitability and enhancing valuation, the report mentioned.

    “India’s startup ecosystem is thriving, fueled by a favourable regulatory environment, a growing middle class, and a tech-savvy youth population. With almost 3 lakh startups and 113 unicorns across diverse sectors, India ranks third globally in its startup ecosystem,” said Avinash Gupta, Managing Director and CEO–India, Dun & Bradstreet.

    (With inputs from IANS)

     

  • Indian Embassy urges compatriots in Bangladesh to avoid travel as violent student protests claim six lives

    A travel advisory was issued by the Indian Embassy in Bangladesh on Thursday, urging compatriots residing in the country to avoid unnecessary outdoor movements in the wake of ongoing student protests in the neighbouring country, which has accounted for the loss of six lives.

    Thousands have taken to the streets to protest the reinstatement of quota system in the country. Photo courtesy: Screengrab from X
    Thousands have taken to the streets to protest the reinstatement of quota system in the country. Photo courtesy: Screengrab from X

    “In view of the ongoing situation in Bangladesh, the Indian community members and the Indian students residing in Bangladesh are advised to avoid travel and minimise their movement outside their living premises,” the advisory stated.

    The advisory has also issued 24-hour emergency helpline numbers for Indian citizens to reach out.

    Student demonstrations in Bangladesh have taken an ugly turn as people demonstrated against the quota system.

    As per reports, a child was among the six deceased. Several students in the country are outraged by a court’s decision to reinstate the quote system, six years after it was scrapped. The quota allows the reservation of 30 percent seats for the families of Muktijoddhas (veterans of the 1971 Independence War).

    Meanwhile, Bangladeshi Prime Minister has urged the protestors to calm down, stating that her government has already moved the apex court challenging the June verdict. Hasina said a hearing date has been fixed in the Appellate Division.

    “It is a matter of sorrow that some vested quarters started making different kinds of statements and engaged in terrorist activities to gain their ambitious intentions centring on this movement. As the matter has been brought before the top court, I call upon all to keep patience,” Sheikh Hasina said.

  • Indian origin Vivek Ramaswamy threatens to deport illegal immigrants from US if Trump is elected President

    Son of immigrants from Southern India’s Kerela, Vivek Ramaswamy, who once challenged Donald Trump for the Republican Presidential ticket, has threatened to deport illegal immigrants from the USA if Trump — the official Republican Presidential candidate — is voted to power in the November polls.

    Vivek Ramaswamy at the Republican National Convention. Photo courtesy: Screengrab from X
    Vivek Ramaswamy at the Republican National Convention. Photo courtesy: Screengrab from X

    Ramaswamy made the statement while delivering his address at the Republican Party’s National Convention in Milwaukee, Wisconsin.

    “Our message to illegal immigrants is also this; we will return you to your country of origin. Not because you’re all bad people, but because you broke the law and the United States of America was founded on the rule of law” the 38-year-old said. Ramaswamy, who dropped out of the presidential race earlier this year, has endorsed Trump.

    Taking to X, he further broke down the Republican deportation blueprint.

    “Two sets of mass deportations: 1. Deport millions of illegals to their country of origin. 2. Deport millions of federal bureaucrats out of Washington D.C. That’s how you revive a nation,” he said.

    In his Tuesday night address, Ramaswamy spoke about sealing the southern borders on day one of the Trump regime.

    However, he also spoke about legal immigrants and the Black community in the US. “To every legal immigrant: you’re like my parents. You deserve the opportunity to secure a better life for your children in America,” he said.

    Addressing black Americans, he said, “The media has tried to convince you for decades that Republicans don’t care about your communities. We want for you what we want for every American: safe neighborhoods, clean streets, good jobs, a better life for your children, and a justice system that treats everyone equally – regardless of your skin colour or your political beliefs.”

  • Indian exports remain resilient in Q1 FY25

    Up to six months' imprisonment for publishing certain kinds of export/import info

    Indian exports remained resilient in the first quarter of current fiscal (FY25), as core export goods such as drugs and pharmaceuticals, engineering goods, organic and inorganic chemicals and readymade garments exhibited positive growth, a report showed on Wednesday.

    In the labour-intensive exports category, growth in carpets, handloom products, man-made products, plastic and linoleum and readymade garments was positive, but slower than the previous month, according to a Crisil report.

    Other categories such as handmade carpets, and jute manufacturing, including floor covering, leather and leather products recorded contraction.

    Petroleum exports fell 18.3 per cent on-year and 18.5 per cent on-month in June.

    While oil exports fell, oil imports were positive to meet domestic demand at a time when local refineries are operating above their capacity.

    women workers in a factory

    Shutterstock

    Oil imports rose 19.6 per cent in June compared with 28 per cent in May.

    Among imports, fruits and vegetables, non-ferrous metals, project goods, textiles, yarn fabric made-up articles and wood and wood products saw an increase in growth compared with the previous month.

    (With inputs from IANS)

     

  • Indian travellers may soon make UPI payments in Qatar

    Indian travellers can soon pay UPI payments in Qatar
    Indian travellers can soon pay UPI payments in Qatar Photo Courtesy: Representational image from Facebook/NPCI

    NPCI International Payments Limited (NIPL) has signed an agreement with QNB, the largest financial institution in the Middle East and Africa, headquartered in Qatar, to launch QR code-based Unified Payments Interface (UPI) payments across the country.

    This initiative marks a significant milestone by enabling UPI payment acceptance in Qatar through the QNB merchant network, greatly benefiting Indian travellers visiting and transiting through the country.

    This partnership will provide Indian tourists the option to use their preferred payment method across retail stores, tourist attractions, leisure sites, duty-free shops and hotels.

    This announcement is of particular significance considering that Indians rank as the second largest group of international visitors to Qatar.

    By adopting UPI payments, merchants in Qatar will also be able to offer a faster and more convenient payment and checkout process, thereby enhancing customer satisfaction and opening up numerous opportunities for businesses across the country.

    Speaking on the development, Anubhav Sharma, Deputy Chief – Partnerships and Business Development, NPCI International said, “We are happy to collaborate with QNB to bring UPI payments to Qatar. We believe that enabling UPI acceptance in Qatar will offer substantial benefits to the large number of Indians visiting the country, simplifying their transactions, and ensuring a hassle-free travel experience abroad. Additionally, merchants in Qatar will greatly benefit from UPI, gaining access to a wider customer base and more efficient payment and collection processing.”

    Commenting on this, Adel Ali Al-Malki, Senior Executive Vice Present, QNB Group Retail Banking said, “We are thrilled to embark on this pioneering journey with NIPL to bring UPI payments to Qatar, setting a new standard in innovation in the region. With this new digital payment solution acceptance, we are revolutionizing the way transactions are conducted, enhancing the travel experience like never before. We are confident that the strategic initiative will not only elevate the travel and hospitality sectors but also empower local merchants to thrive in a dynamic and increasingly digital marketplace.”  

  • Indian censor board asks makers of Bad Newz to remove 27 seconds of intimate scenes from Triptii Dimri’s movie

    Triptii Dimri is playing the leading lady in upcoming Bollywood movie Bad Newz
    Triptii Dimri and Vicky Kaushal are playing the lead roles in Bad Newz. Photo Courtesy: Triptii Dimri Instagram page

    Indian Central Board of Film Certification (CBFC) has directed the makers of actress Triptii Dimri’s upcoming movie Bad Newz to remove 27 seconds of intimate scenes from three different sections of the film.

    “Three intimate scenes are censored and 27 seconds are asked to be removed by the Examining Committee. All these are intimate kissing scenes involving Triptii Dimri. The first scene was chopped by 9 seconds, the second one by 10 seconds and the third one by 8 seconds,” reported Telugu 360.

    The trailer, which was released recently, seems to be interesting with Triptii seeming to be confused over the paternity identity of her unborn child.

    After tests, the doctor shockingly reveals she is pregnant with the child of both Vicky Kaushal and Ammy Virk, a rare biological instance.

    Bad Newz is directed by Anand Tiwari and co-produced by him along with Hiroo Yash Johar, Karan Johar, Apoorva Mehta and Amritpal Singh Bindra.

    The film is scheduled to release on June 19.

  • Who is Usha Vance, Indian American wife of Trump’s running mate JD Vance?

    Indian American lawyer Usha Chilukuri Vance has burst into the national spotlight after her husband, JD Vance, was named by Republican presidential candidate Donald Trump as his running mate. Usha, 38, would be the possible first Indian American second lady, if Trump and Vance win the November 5 general elections against incumbent President Joe Biden and Vice President Kamala Harris.

    Usha Vance with her daughter Mirabel. Photo courtesy: www.instagram.com/teamjdvance
    Usha Vance with her daughter Mirabel. Photo courtesy: www.instagram.com/teamjdvance

    Usha joined her 39-year-old husband on Monday as he accepted the nomination in an acclimation vote by delegates — after the couple jubilantly greeted convention attendees.

    The daughter of Indian immigrants, Usha grew up in a San Diego suburb. Friends from her childhood and adolescence described her as a “leader” and a “bookworm”. As of 2014, she was a registered Democrat.

    Usha, a graduate of Yale Law School, is a civil litigation attorney at Munger, Tolles & Olson LLP. She has clerked for Supreme Court Chief Justice John Roberts. She also clerked for Justice Brett Kavanaugh while he was a judge on the US Court of Appeals for the DC Circuit.

    Usha and Vance met at Yale Law School where the two were studying.

    She would be the first Hindu spouse of a vice president — and would succeed second gentleman Doug Emhoff, who is the first Jewish spouse of a vice president, The New York Post reported.

    The Vance couple was married in 2014 in Kentucky and were blessed by a Hindu priest at a different event, according to a New York Times profile.

    The Vances have three children: sons Ewan and Vivek, and a daughter named Mirabel. Usha said she was reluctant to gain greater public exposure in a “Fox & Friends” joint interview with her husband last month, the Post reported.

    JD Vance’s successful 2022 Senate campaign was “an adventure,” she said, but “I’m not raring to change anything about our lives right now”.

    “But I believe in JD and I really love him, and so we’ll just sort of see what happens with our life — where we’re open,” she said in the interview.

    Vance said that his wife “is not a Christian” but was “very supportive” of his deepening faith, the report added. Asked about the challenges of an interfaith marriage, she said, “There are a lot of things that we just agree on, I think, especially when it comes to family life, how to raise our kids. And so, I think the answer really is, we just talk a lot.”

    Prior to law school, she got a bachelor’s degree in history from Yale and a Master of Philosophy degree from the University of Cambridge. Usha has not appeared in many public events but has made some appearances on talk shows.

    On Monday, she was seen along with Vance on the floor of the Republican National Convention as part of the Ohio delegation. People said Vance tends to keep his children out of the spotlight, though he has made references to his children over the years.

  • University of Manchester Opens Applications for MA Screenwriting Program for Indian Students

    University of Manchester Opens Applications for MA Screenwriting Program for Indian StudentsThe University of Manchester is inviting applications from Indian students for their Screenwriting for the 2024 session.

    The MA Screenwriting program at the University of Manchester represents a pinnacle of excellence in creative writing education, offering a unique blend of academic rigor and practical skill development. Led by industry stalwarts Tim Price and Jonathan Hourigan, this program provides students with an immersive learning experience tailored to cultivate their storytelling prowess and equip them with the tools necessary to thrive in the dynamic landscape of film and television.

    Programme delivery: The MA Screenwriting program at the University of Manchester offers a holistic and immersive learning experience that equips students with the skills, knowledge, and industry connections necessary to embark on successful careers in the dynamic world of screenwriting.

    Degree Awarded: Master of Arts (MA)

    Duration: 1 year

    Entry Requirements:

    • Holistic Approach: The admissions process considers not only academic qualifications but also writing experience and potential.
    • Academic Background: While an Upper Second-class honours degree or equivalent is preferred, exceptional portfolios and writing samples are assessed, even if minimum academic criteria are not met.
    • Portfolio Submission: Applicants must submit a comprehensive portfolio showcasing their creative ideas and writing skills.
    • Statement of Purpose: A statement outlining motivations for pursuing the MA and interest in screenwriting is required.
    • Writing Sample: A sample demonstrating the ability to craft compelling characters, dialogue, and narratives in screenplay format is necessary.
    • CV/Biography: Applicants should provide a CV or biography highlighting relevant experience and achievements.
    • English Proficiency: Proficiency in English is essential. Specific language requirements must be met, as detailed on the University’s website.
    • Contact Admissions: Prospective applicants are encouraged to reach out to the admissions team for personalised guidance and advice.
    • Language Proficiency: Applicants must demonstrate proficiency in English, with specific language requirements as follows:
    1. IELTS: Overall score of 7.0 with 7.0 in writing and no skill below 6.5
    2. TOEFL iBT: Overall score of 100+ with a minimum writing score of 25 and no skill below 22
    3. Additional qualifications are detailed on the University’s website.

    Tuition Fee:

    For entry in the academic year beginning September 2024, the tuition fee is £27,500.

    Scholarship:

    There are several scholarships and bursaries available for international students, such as:

    • Several postgraduate-taught scholarships and awards to outstanding applicants, such as the Humanities Bicentenary Scholarship of £10,000 for 1 year of study.
    • The Manchester Alumni Scholarship Scheme offers a £3,000 fee reduction to Manchester alumni who achieved a first-class bachelor’s degree within the last three years and are progressing to postgraduate study.
    • For more information, please check the Fees and Funding page.
    • Commonwealth Scholarships and Fellowships Plan (CSFP) General Scholarship

    A number of Indian Government scholarships are also available to students from specific states/backgrounds, including:

    • Rajiv Gandhi Scholarship for Academic Excellence (Rajasthan)
    • Rajarshi Shahu Maharaj Scholarship (Maharashtra)
    • National Overseas Scholarship Scheme
    • Marang Gomke Jaipal Singh Munda Overseas Scholarship (Jharkhand)

  • 78 pc of Indian bosses optimistic on gig workers, stress proficiency in technical skills

    gig workers

    In a recent report released on World Youth Skills Day, TeamLease EdTech, a leading provider of learning and employability solutions, revealed that a significant 78.57% of Indian employers are optimistic about the performance of gig workers, stating that they meet or even surpass job requirements. This report, based on survey data from 837 employers across various sectors in India, offers crucial insights into the skills and competencies required for success in the rapidly growing gig economy. The gig economy, a labor market characterized by the prevalence of short-term contracts or freelance work, is not just the future of work but rather our present, according to Shantanu Rooj, Founder and CEO of TeamLease EdTech.

    He further emphasized that with 78.57% of gig workers meeting or exceeding expectations, there is a real potential in this sector. However, the emphasis on both technical and soft skills highlights the complex demands of this new work paradigm. The report highlights that employers seek gig workers with a combination of domain knowledge, technical skills, and strong soft skills to handle clients effectively. About 75.90% of employers identified technical skills as the most essential for gig workers. This was closely followed by communication skills, with 68.67% of employers emphasizing the importance of remote collaboration and meeting client expectations.

    The study also revealed a preference for gig workers with 1-5 years of experience among 67.86% of employers, while digital literacy emerged as non-negotiable, with over 90% of respondents stressing its importance. For skill enhancement, on-the-job training (76.19%) and online courses (73.81%) emerged as the most preferred methods. However, the report also identified some skill gaps in new gig workers. The most common skill gaps include industry-specific knowledge (42.86%) and soft skills (28.57%). This indicates a need for continuous upskilling and training to ensure that gig workers can meet the evolving demands of the job market.

    Social media companies Google, Facebook, Twitter and others

    Pixabay

    Looking ahead, the study projects that AI and automation skills(53.57%) will be the most critical for gig workers in the next five years, followed by advanced technical skills (21.43%) and sustainability practices (14.29%). With over half of employers prioritizing AI and automation skills, it’s clear that continuous upskilling is not just beneficial, it’s essential, said Shantanu Rooj. The rise of the gig economy in India mirrors global trends. In the past, similar studies conducted in other parts of the world have also highlighted the growing importance of gig workers and the need for continuous upskilling.

    The report by TeamLease EdTech underscores the growing importance of the gig economy in India and the need for workers in this sector to continuously upskill and adapt to the evolving demands of the job market. With a significant percentage of employers expressing optimism about the performance of gig workers, it is clear that this sector will play a crucial role in shaping the future of work in India. The emphasis on technical skills, communication skills, and continuous upskilling underscores the complex demands of this new work paradigm.