Major News and Events of 24 October 2014
What Happened on 24 October 2014
India's Mangalyaan Completes 1 Month
High Alert Issued in Indian Airports on Possible Terror Attack Threat Perception on AI Flights
Gujarat Becomes the Biggest Gainer of 'Make in India' Campaign
Kerala CM Writes to External Affairs Minister for Bringing Back Fishermen and Nurses Stranded Abroad
Stalemate Continues in Maharashtra but SS all set to Attend Dinner Hosted by PM
After Ruckus, Bonhomie between Fadnavis and Gadkari
PM on his Tour to J&K announced Rs. 745 crore Flood Relief Fund
Trading Market Remains Closed in India on October 24, 2014
Samvat 2071 Starts with a Cheer; Samvat 2070 Ended with a Sweet Smile
Net Profit of GoAir, IndiGo, and All Domestic Airlines Fall
Banks Woo Corporates by Cutting Lending Rate
Former Brazilian footballer and FC Goa’s Coach in Indian Super League, Zico, has alleged that Antonio Lopez Habas, coach of Atletico de Kolkata, hit Robert Pires when they were going back to the dressing room through the tunnel during half time break. ISL is looking into the allegation. Spokesperson of ISL said that both Atletico de Kolkata and FC Goa have complained regarding this and the regulatory commissioner is currently probing the matter.
Science and Technology
Mangalyaan or Mars Orbiter Mission of India was launched on November 5, 2013 from Andhra Pradesh’s Sriharikota with the help of PSLV C25 of ISRO. It successfully entered intended orbit around Mars on September 24, 2014. MOM completed one month in Mars orbit. Google commemorated the occasion with a doodle.
Airport Authority of India’s Director received an email that warned about a possible terror attack on two Air India flights, the first one from Ahmedabad to Mumbai (during night time of October 24) and another from Mumbai to Kochi (during early morning of October 25). High alert signal has been issued for Kochi, Mumbai, and Ahmedabad airports.
Foreign investors seem to be responding positively to Narendra Modi’s ‘Make in India’ campaign and Gujarat is becoming one of the biggest beneficiaries of this call. Some of the big investments that flew in to Gujarat, the home state of Indian PM, include greenfield factory of Abbott in Gujarat’s Jhagadia (amounting to Rs 450 crore investment and employment scope for 400 workers), inauguration of Rs 1,000 crore chemical manufacturing plant of BASF (German company) in Dahej, etc.
Eighteen Malayalee nurses are stranded in battle-torn Libya currently. Iranian forces captured 5 fishermen of India on September 22 from coast of Qatar’s deep sea waters while they were fishing. Kerala Chief Minister Oommen Chandy has written to Sushma Swaraj (External Affairs Minister) for undertaking proper steps in bringing them back.
No one is still clear about the probable components of the new Maharashtra government. However, new development shows that there are strong possibilities of formal talks between BJP and Shiv Sena. On October 26 (Sunday), Shiv Sena has confirmed about attending dinner hosted for NDA allies by Indian PM. However, it is not yet clear whether Uddhav Thackeray is going to attend the dinner.
Union Minister Nitin Gadkai has defused the tension, built up after Gadkari’s supporters and many MLAs in Maharashtra BJP emphasised on making Nitin Gadkari the next Chief Minister of the state. President of BJP in Maharashtra, Devendra Fadnavis, met the senior leader and ex-President of BJP, Nitin Gadkari. The half hour meeting was called by Fadnavis as a courtesy call. After the meeting Nitin Gadkari reportedly said that he is content in Delhi and do not want to return back to Maharashtra.
PM Narendra Modi visited Siachen and met flood victims of Jammu and Kashmir on the occasion of Diwali. While visiting J&K, the PM praised Chief Minister Omar Abdullah’s gesture and effort of cleaning the street and said that this will strengthen Clean India movement. He also announced relief package to the tune of Rs. 745 crore. However, National Conference leaders have called this package inadequate for one of the worst floods witnessed by J&K in a century.
Due to the occasion of Diwali Balipratipada, trading segments in India remained closed on October 24, 2014. The markets that remained closed for the day were money, equity, commodity, and forex. On Muhurat Day Trading (October 23, 2014), one of the biggest gainers was BSE Mid-cap index, which increased by 93.9 points. The market was cheerful because of the reform measures announced or implemented by the Union Government in last one week, analysts say.
While Sensex increased by 211 points to end Samvat year 2070 on October 22, 2014, Muhurat Trading on October 23, 2014 too kick-started on a cheerful note. Nifty rose by 15.55 points and Sensex by 63.24 points on Thursday. Biggest gainer of Samvat 2070 is Adani Group of Companies, whose market value swelled by 94 per cent. While Reliance Group witnessed a 2.7 per cent fall in market capitalisation, RIL’s stocks increased at a slow but steady pace of 5.2 per cent during Samvat 2070.
Net Profit of GoAir decreases from Rs. 104 crore for FY 2013 to Rs. 5.44 crore FY 2014, a sharp fall of 95 per cent. The figures are obtained from Ministry of Corporate Affairs, to whom GoAir submit their balance sheet. IndiGo, the leader in India’s aviation industry also witnessed a plunge in profit by 60 per cent. Two major reasons that adversely affected net profit of the domestic airlines are currency depreciation and increase in fuel costs.
3rd quarter of 2014 saw a marginal rise in bank lending to corporates. This has been due to working capital loans given to corporates. Banks say that for full recovery few quarters are still required. Banks have now resorted to corporate lending at lower rate of interest for wooing corporates. However, it is restricted on a case-by-case basis rather than across the board. On a transaction basis, banks are decreasing lending rates by 25 to 50 basis points for corporates.