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Afcons Infrastructure IPO Falls Short: Debuts at 8% Discount on NSE

Afcons Infrastructure Ltd made a disappointing debut on the stock exchanges on November 4, 2024, listing at ₹426 on the National Stock Exchange (NSE) and ₹430.05 on the Bombay Stock Exchange (BSE). These prices fall below the originally targeted price band of ₹440 to ₹463 per equity share, reflecting investor hesitancy.

The listing price on the NSE represents a 7.99% discount from the upper end and a 3.1% discount from the lower end of the price band. Similarly, the BSE listing marks a 7.6% discount from the upper end and a 2.31% discount from the lower end, indicating a lack of investor confidence.

Also Read: Sensex Plummets: Key Stocks Take Major Hits in Latest Market Downturn

Afcons Infrastructure, part of the Shapoorji Pallonji Group, sought to raise ₹5,430 crore through its IPO from October 25 to 29.

The IPO included both fresh shares and an offer for sale, with share allotment finalized on October 30. Employees of the company received a reservation of 596,659 shares at a ₹44 discount to the issue price. Meanwhile, retail investors were required to bid for a minimum of 32 shares, resulting in a minimum investment of between ₹14,080 and ₹14,816 based on the targeted price band. Non-Institutional Investors (NIIs) faced varying lot sizes, ranging from ₹2,00,000 to ₹10,07,488.

The IPO’s lead managers included ICICI Securities, DAM Capital, Jefferies, Nomura, Nuvama Wealth, and SBI Capital, with Link Intime as registrar.

As the market responds to this lackluster debut, analysts are closely monitoring investor sentiment and the future performance of Afcons Infrastructure.

Sensex Plummets: Key Stocks Take Major Hits in Latest Market Downturn

BSE market update: In a turbulent trading session on November 4, 2024, the Bombay Stock Exchange (BSE) faced a significant downturn, with the Sensex crashing and several major stocks recording substantial losses. The market turbulence followed disappointing news regarding key pharmaceutical and power sector companies, leading to widespread fluctuations.

Sun Pharmaceutical Industries was among the hardest hit, with its shares plunging by 3.94% to reach an intra-day low of Rs.1,785.45. This drop came after a New Jersey court issued a preliminary injunction that stalled the launch of the company’s new drug, Leqselvi (deuruxolitinib), a significant setback for the firm.

Also Read: GST Revenue Soars to Rs.1.87 Lakh Crore in October 2024

NTPC, a leading player in the power generation and distribution sector, also faced challenges. The stock fell 3.84%, trading at Rs.395.70 after fluctuating between a low of Rs.393.95 and a high of Rs.417 during the day. Over the past year, NTPC shares have fluctuated between Rs.233.50 and Rs.448.30, highlighting its recent volatility.

Reliance Industries, another heavyweight, saw its stock price decline by 3.51%, hitting ₹1,292.05—its lowest point in nine months. The sharp drop reflects ongoing selling pressure amid broader market concerns.

Adani Ports and Special Economic Zone experienced a 3.39% decline, with shares currently trading at Rs.1,346.85. This company, a major player in India’s port operations, is facing increased scrutiny as market dynamics shift.

Lastly, Power Grid Corporation of India recorded a decline of 2.81%, with its shares trading at Rs.312.85. The power sector is under significant pressure, reflecting broader economic uncertainties.

Investors are advised to stay vigilant as the market reacts to these developments. The volatility in these major stocks, therefore, underscores the importance of cautious investing in the current climate, particularly as economic conditions continue to evolve.

Key Takeaways
1. Sun Pharma: -3.94% to ₹1,785.45
2. NTPC: -3.84% to ₹395.70
3. Reliance: -3.51% to ₹1,292.05
4. Adani Ports: -3.39% to ₹1,346.85
5. Power Grid: -2.81% to ₹312.85

Speeding Car Fatally Strikes Two Morning Walkers on Bhopal-Indore Highway in Sehore

Sehore, Madhya Pradesh: A speeding car fatally struck two men and injured another as they were taking their morning walk along the Bhopal-Indore highway in Sehore district on Monday morning. The incident occurred around 8:30 a.m. near Saikdakhedi Jod, according to Kotwali police station in-charge Manoj Malviya.

The two deceased, identified as Govind, aged 50, and Mukesh, aged 45, were reportedly walking on the side of the road when the vehicle collided with them. Another person walking with them sustained injuries and is currently receiving medical treatment.

Also Read: Lahore Tops Global Pollution List with AQI of 1,900

The car involved was carrying three young men from Sagar en route to Indore. Authorities reported that the driver allegedly fell asleep at the wheel, leading to the crash. All three occupants of the vehicle sustained minor injuries. Police have launched an investigation and are questioning the car occupants regarding the incident.

Police officials underscored the tragic consequences of careless driving, emphasizing the need for caution, especially on major highways.

(By Ankita Singh, Web Team at C6N)

Delhi Politics Heat Up Over Chhath Puja Sites as AAP and BJP Trade Accusations of ‘Anti-Purvanchali’ Bias

Political tensions in Delhi have escalated as AAP and BJP clash over Chhath Puja arrangements for the Purvanchali community. Both parties are accusing each other of disrespecting this community and hindering festival preparations.

Key Points of Contention

The main issue revolves around the Satpula ghat in South Delhi, where AAP leaders allege that BJP representatives have obstructed festival preparations. AAP Member of Parliament Sanjay Singh criticized the BJP, claiming it has a history of opposing people from Bihar and Uttar Pradesh. He staged a protest in Greater Kailash, accusing a BJP corporator of attempting to demolish a Chhath ghat. Singh emphasized the AAP government’s commitment to the Purvanchali community, noting that the government has expanded the number of ghats over the past decade to support those unable to travel home for the festival. He also mentioned that party volunteers would inform Delhi residents of these efforts during Chief Minister Arvind Kejriwal’s padyatra.

Allegations of Blockades

Delhi Minister Saurabh Bhardwaj accused the BJP-led Delhi Development Authority (DDA) of blocking access to certain ghats. Bhardwaj alleged the DDA blocked access to Satpula lake, claiming BJP turned the area into a “cantonment” for festival obstruction. Bhardwaj described these actions as a form of “dirty politics” that interfered with festival observances.

Also Read: Battle of Ulhasnagar heats up, NCP rebel poses challenge to MVA’s Kalani

DDA’s Clarification and BJP Response

In response, the DDA clarified that a 6,000-square-meter area had been allocated at Satpula lake specifically for Chhath Puja. BJP leader Shikha Rai countered AAP’s claims, arguing that AAP supporters had restricted BJP volunteers from cleaning the area. Rai also stated that AAP frequently occupies festival sites days in advance, imposing what she described as arbitrary rules.

Conclusion

This clash highlights political maneuvering as both parties seek to appeal to the Purvanchali community ahead of the Chhath Puja festival.

(By Ankita Singh, Web Team at C6N)

Devotees Mistakenly Drink AC Discharge Believing it to be Holy Water at Banke Bihari Temple

A surprising incident occurred at the Banke Bihari Temple in Vrindavan, Uttar Pradesh, where numerous devotees mistakenly drank water from air conditioning drainage, believing it to be “Charan Amrit,” or holy water. This incident highlights the importance of awareness and critical thinking in religious practices, particularly in places of worship.

What Happened at Banke Bihari Temple?

In a viral video, devotees gathered under an elephant sculpture, mistakenly believing AC water to be holy, later confirmed by reports.

The Viral Video and Its Impact

The video shows a bystander warning the devotees about the true source of the water. Despite the warning, many continued to drink or splash themselves with the water, convinced of its sanctity. This incident sparked a debate online, with many viewers emphasizing the need for critical thinking. One viewer remarked, “A mind without scientific temper is the birthplace of myths and superstitions,” highlighting the dangers of herd mentality. Another user expressed surprise at the lack of questioning, asking, “Why does nobody pause to think for a moment?”

Health Concerns Raised

Following the incident, a public health warning was issued by a physician known as “The Liver Doc” on social media. He cautioned followers against drinking air conditioning water, stating it could be a breeding ground for infections, including fungal ones. This incident serves as a reminder of the potential health risks associated with consuming unknown sources of water.

Historical Context

This incident at the Banke Bihari Temple drew comparisons to a similar occurrence in Mumbai in 2012. At that time, water from a “weeping crucifix” statue led hundreds of devotees to believe in a miraculous phenomenon. Investigators later discovered that a nearby faulty sewage pipe was the source of the “holy water.”

Conclusion

The Banke Bihari Temple incident highlights the need for awareness and scientific thinking in religious settings to prevent similar misunderstandings.

This incident serves as a vital lesson for devotees and the general public alike, emphasizing the need for critical inquiry and a scientific approach to understanding beliefs, especially in places of worship.

(By Ankita Singh, Web Team at C6N)

Lahore Tops Global Pollution List with AQI of 1,900

With Lahore’s AQI at 1,900, Senior Minister Marriyum Aurangzeb advised parents to mask children and urged residents to stay indoors. The government has also restricted three-wheelers, halted construction in certain areas, and issued health advisories.

Also Read: Singapore calls for Immediate Ceasefire Amid Rising Gaza Crisis

Aurangzeb linked Lahore’s air quality issues to pollution from India, emphasizing the need for dialogue and coordination with Pakistan’s foreign ministry.

Like Delhi, Lahore experiences worsened winter air pollution from temperature inversion, which traps pollutants and prolongs the smog season.

Swift actions by Lahore’s administration highlight the crisis’s severity, urging regional cooperation to combat seasonal air pollution affecting millions.

(By Ankita Singh, Web Team at C6N)

India Condemns Attack on Hindu Devotees in Canada, Highlights Rising Extremism Concerns

India has condemned a violent attack on Hindu devotees by a pro-Khalistani mob at a temple in Brampton, Canada, a troubling incident that underscores growing extremism abroad. The attack reportedly occurred near Toronto during a consular camp jointly organized by the Hindu Sabha Mandir and Indian officials.

The Indian Consulate condemned violent disruptions by anti-India elements, stressing prior requests for Canadian security due to rising extremist activities.

Also Read: Tensions Rise: Canada Accuses Amit Shah of Authorizing Violence Against Sikh Separatists

Footage circulating widely on social media captured a group of men armed with sticks, allegedly associated with pro-Khalistani groups, assaulting devotees outside the temple. Among those attacked were women and children, according to the Hindu Canadian Foundation, a community-based non-profit.

Canadian lawmaker Chandra Arya, from Prime Minister Justin Trudeau’s Liberal Party, condemned the attack, attributing it to “Khalistani extremists.” Arya commented that this attack marked a disturbing threshold, noting an increase in brazen extremism. He underscored that a “red line has been crossed,” calling on Canadian authorities to address the escalation.

This incident follows a worrying pattern of temple attacks across Canada. In July, Arya had previously raised alarms regarding hate-fueled attacks targeting Hindu-Canadian communities. Vandals recently targeted Edmonton’s BAPS Swaminarayan Mandir, intensifying Hindu community concerns over repeated attacks involving hateful graffiti and violent threats.

In Windsor last year, a Hindu temple defaced with anti-India messages triggered strong responses from both Indian and Canadian officials. Attacks on temples in Mississauga and Brampton have heightened concerns within Canada’s Indian diaspora, prompting urgent calls for enhanced security and increased community support.

(By Ankita Singh, Web Team at C6N)

Battle of Ulhasnagar heats up, NCP rebel poses challenge to MVA’s Kalani

MUMBAI: With Maharashtra gearing up for the upcoming 2024 Assembly elections, Bharat Rajwani, also known as “Gangotri,” has filed his nomination for Ulhasnagar Constituency 141. Rajwani, formerly a loyalist of the NCP (Ajit Pawar faction), has chosen to run as an independent, adding to the competitive landscape in this closely contested region. The election will certainly witness a heated battle as notable candidates like Omi Kalani from the NCP-Shiv Sena (UBT) alliance and Kumar Ailani of the BJP are set to represent their parties in the constituency. The election, scheduled for November 20, 2024, highlights Ulhasnagar as a critical area for several major political parties as well as independent candidates.

Rajwani’s (Gangotri) independent candidacy is viewed as an attempt to appeal to voters dissatisfied with mainstream party offerings. Historically, Ulhasnagar has seen close electoral margins, reflecting a divided voter base. In the last two election cycles, the BJP’s Kumar Ailani won against NCP’s Jyoti Kalani by narrow margins, underscoring the constituency’s swing nature. Rajwani, with his strong community connections and reputation as “Gangotri,” could influence voter preferences, especially as an alternative voice to the main party candidates.

Also Read: Vishwanath Bhoir: A Shinde Faction’s MLA from Kalyan West Faces Challenge

Adding to the dynamics, Rajwani’s run as an independent might fragment the voter base in Ulhasnagar, potentially impacting the prospects of both the NCP-UBT and BJP candidates. Political analysts suggest that this could create an advantage for party candidates, but Rajwani’s independent status and local support may disrupt these calculations. Campaign promises from Rajwani emphasize addressing local issues, enhancing infrastructure, and fostering community development, which may resonate with constituents seeking focused local representation.

With all candidates preparing for intense campaigning, Ulhasnagar voters will play a pivotal role in the Maharashtra Assembly elections. The close-knit constituency is expected to witness vigorous voter engagement as Rajwani and others strive to win over a historically divided electorate.

Shaina NC filed complaint against Arvind Sawant over his recent “Imported” Remark

Farooq Abdullah’s Controversial Remarks on Terrorism Ignite Political Debate

Farooq Abdullah, president of the Jammu and Kashmir National Conference and former chief minister, has ignited a political firestorm with his recent statement advocating for the capture of terrorists rather than their immediate execution. Abdullah believes that by interrogating apprehended terrorists, authorities could uncover critical information regarding the masterminds behind a series of escalating terror attacks in Jammu and Kashmir.

During a discussion on the troubling rise in violence, Abdullah urged for a thorough investigation into the recent Budgam terror attack.He voiced doubts about the motives behind the violence, hinting that certain individuals might be orchestrating it to destabilize the local government. “Capturing them will reveal who is behind these actions,” he asserted, stressing the importance of gathering intelligence through interrogation rather than resorting to lethal force. He also urged scrutiny of any external agencies that may be attempting to undermine the political stability of Jammu and Kashmir.

Abdullah called for investigation over assumption regarding Pakistan’s frequent accusations of regional terrorism.

Also read: Shiv Sena’s Arvind Sawant Under Fire for Sexist Comment

The response to Abdullah’s comments was swift. Sharad Pawar, chief of the Nationalist Congress Party, underscored the importance of taking Abdullah’s remarks seriously, highlighting his long-standing commitment to the welfare of Jammu and Kashmir. Pawar stressed that the central government and the Ministry of Home Affairs must consider Abdullah’s insights as part of efforts to address the situation effectively.

Conversely, Ravinder Raina, president of the Jammu and Kashmir Bharatiya Janata Party, challenged Abdullah’s stance, asserting that the origins of terrorism in the region are well-known and linked to Pakistan. Raina called for unity in support of the armed forces and police, emphasizing the need for a concerted effort against what he termed “enemies of humanity.”

Earlier, former Deputy Chief Minister Kavinder Gupta condemned the recent attack on laborers in Budgam, labeling it a cowardly act that coincided with a festive period. He highlighted the ongoing threat from those acting as agents of Pakistan, urging a crackdown on both Over Ground Workers and Underground Workers involved in such violence.

The Budgam attack, in which two laborers from Uttar Pradesh were injured, marked the fifth terror incident in Kashmir since the formation of a new government in the Union Territory last month. The injured men, Sufiyan and Usman, were hospitalized and reported to be in stable condition. Local leaders, including Chief Minister Omar Abdullah and National Conference president Farooq Abdullah, expressed their outrage over the attack. National Conference MP Aga Syed Ruhullah Mehdi questioned the uptick in violence following the recent elections, while Jammu and Kashmir Congress chief Tariq Hameed Karra condemned the attack as unfortunate and offered prayers for the victims’ recovery.

This recent wave of violence has raised concerns among various political leaders and sparked calls for increased security and investigations into the underlying causes of these attacks, including a tragic incident on October 24 that resulted in the deaths of two soldiers and two Army porters.

(By Ankita Singh, Web Team at C6N)