## India News Today: A Mixed Bag of Events
Wednesday, November 13, 2024, witnessed a flurry of developments in India, ranging from economic indicators to environmental concerns and sporting milestones. Here’s a breakdown of the key events that shaped the day’s news:
Stock Market Downturn Continues:
The Indian stock market continued its downward trend for the fifth consecutive session, mirroring global market weakness. The Sensex, the benchmark index for the Bombay Stock Exchange, plummeted by 984.23 points, closing at 77,690.95. The broader Nifty index also suffered a significant loss, ending the day 324.4 points lower at 23,559.05. This slump can be attributed to a combination of factors, including weakening global trends, a rising dollar index, a depreciating rupee, and consistent foreign investor selling.
Vodafone Idea Reports Narrowing Losses:
On a positive note, Vodafone Idea Limited, India’s leading telecom operator, announced its financial results for the July-September quarter. The company reported a narrowing of its net loss to ₹7,175.9 crore, representing a 17.8% decrease compared to the previous quarter. Revenue also saw an uptick, rising by 1.8% year-on-year. While the company continues to face challenges in the competitive telecom market, these results indicate a positive trend in its financial performance.
Delhi’s Air Quality Plunges to ‘Severe’ Category:
In a concerning development, Delhi’s air quality deteriorated significantly, reaching the ‘severe’ category according to both the Central Pollution Control Board (CPCB) and the System of Air Quality and Weather Forecasting And Research (SAFAR). Residents reported low visibility on the roads and experienced symptoms like eye irritation, runny nose, breathlessness, and coughing. By 5:30 pm, the Air Quality Index (AQI) in Delhi had reached 429, with several areas, including Jawaharlal Nehru Stadium, ITO, Jahangirpuri, and Dilshad Garden, registering ‘severe’ levels. This situation underscores the urgent need for effective measures to curb air pollution in the capital city.
RBI Retains SBI, HDFC, and ICICI as D-SIBs:
The Reserve Bank of India (RBI) maintained its designation of State Bank of India (SBI), HDFC Bank, and ICICI Bank as Domestic Systemically Important Banks (D-SIBs). These banks, often referred to as ‘too-big-to-fail’ institutions, are subject to stringent capital requirements aimed at safeguarding the financial system’s stability. This move highlights the RBI’s commitment to ensuring the resilience of India’s banking sector.
Centre Urges States to List Financially Viable Power Utilities:
Union Power Minister Manohar Lal addressed a conference of state power ministers, advocating for the listing of financially viable power utilities, including generation, transmission, and distribution companies. He emphasized the need to attract investments in the power sector, highlighting the estimated ₹42 trillion investment requirement by 2030. Listing these companies could be a viable avenue to raise funds and enhance operational efficiency, contributing to the sector’s growth.
SC Setback for Ajit Pawar Faction:
The Supreme Court issued a directive to the Ajit Pawar faction of the Nationalist Congress Party (NCP), prohibiting them from using images, videos, or photos of Sharad Pawar during the upcoming Maharashtra assembly elections. This decision follows ongoing disputes between the two factions within the party. The court stressed that the Ajit Pawar faction must compete in the election based on its own merits.
Deadline for Income Tax Returns Extended:
The deadline for filing income tax returns (ITR) for corporates and individuals requiring audit for the financial year 2024-25 has been extended to November 15, 2024. The initial deadline was October 31, 2024, but a one-and-a-half-week extension was granted. It’s important to note that this deadline is closely linked to the submission of the tax audit report, which must be submitted before filing the ITR.
Virat Kohli Drops Out of ICC Test Rankings Top 20:
In a significant development in the world of cricket, Virat Kohli, one of India’s most celebrated batsmen, has slipped to 22nd position in the ICC’s Test rankings, marking his first absence from the top 20 in a decade. This fall in ranking is attributed to his recent performance and marks a change in the landscape of Test cricket. Additionally, Kohli has also fallen outside the top 50 in the T20 rankings and currently occupies the 64th position. He announced his retirement from T20Is after India won the ICC T20 World Cup on June 29, 2024. While his ranking in the ODI format remains unchanged, Kohli holds a comfortable fourth position.
These developments highlight the dynamic nature of news in India, encompassing diverse aspects of the country’s economy, environment, politics, and sports.
