On Monday, November 4th, a series of significant events unfolded in India and beyond. From market fluctuations to political controversies, here’s a brief overview of the day’s most important news.
Market Decline and Record Low for Rupee
The Indian stock market faced a notable downturn on Monday, with both the Sensex and Nifty 50 falling by over 1 percent. Following the Diwali holidays, mid- and small-cap stocks experienced an even steeper decline of around 2 percent. The Sensex closed at 78,232.60, while the Nifty 50 ended the session at 23,816.15.
Compounding economic challenges, the Indian rupee hit an all-time low, closing at 84.1150 against the US dollar after reaching a record low of 84.1225 during the trading day. This decline is attributed to ongoing outflows from local stocks, as reported by Reuters.
IRCTC Q2 Results and Reliance Jio IPO Plans
The Indian Railway Catering and Tourism Corporation Ltd (IRCTC) announced its Q2 results, showing a 4.47 percent increase in net consolidated profit, totaling ₹307.86 crore for the July to September quarter. Despite this growth, IRCTC’s shares fell by 1.89 percent to close at ₹816.20 on Monday.
In other news, Reliance Industries is preparing for the much-anticipated IPO of its telecom subsidiary, Jio, expected next year. While the IPO for Jio’s retail division will follow later, the telecom business aims for a 2025 listing in Mumbai. Official dates for the Jio IPO are yet to be disclosed by the company.
Political Developments and International Incidents
In Karnataka, Chief Minister Siddaramaiah confirmed he would appear for questioning on November 6th regarding the MUDA case, following recent raids by the Enforcement Directorate (ED). This case involves allegations of money laundering and irregularities linked to site allotments to Siddaramaiah’s wife by the Mysuru Urban Development Authority.
On the international stage, India strongly condemned the violent attack on the Hindu Sabha Temple in Brampton, Canada, carried out by pro-Khalistani elements. This incident, which occurred during a visit from Indian consular officials, prompted India to call on Prime Minister Justin Trudeau’s government to ensure the protection of all places of worship.
RG Kar Murder Case Update
A court in West Bengal charged Sanjay Roy, the primary suspect in the murder of a postgraduate trainee doctor at Kolkata’s RG Kar Medical College and Hospital, with rape and murder. The tragic death of the 31-year-old doctor on August 9th has led to widespread protests across the state.
Stay tuned for further updates and developments as they arise. This concludes your comprehensive round-up of the top news stories for November 4th, 2023.
