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Former Haryana CM Manohar Lal Khattar Gets New Position

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Dhruv
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Manohar Lal Khattar, the first chief minister of Haryana and Lok Sabha MP from Karnal, was appointed Union Cabinet Minister for Power and Urban Affairs on Monday as Prime Minister Narendra Modi assigned portfolios to his Union council of ministers.

In the recent Lok Sabha election, Khattar defeated Congress party’s Divyanshu Budhiraja. The 70-year-old contested parliamentary elections for the first time after serving as chief minister from October 26, 2014, until his resignation on March 12, 2024.

Khattar joined the Rashtriya Swayamsevak Sangh (RSS) in 1977 and became a full-time pracharak (worker) in 1980, serving in this role for fourteen years before moving to the BJP in 1994.

When the party nominated Khattar for the Lok Sabha elections earlier this year, he resigned as MLA from the Karnal Assembly constituency, making way for his successor and the party’s state president, Nayab Saini.

Khattar made his electoral debut in 2014 and was elected to the Haryana Legislative Assembly from the Karnal constituency. He also served as the chairman of the BJP’s Haryana Election Campaign Committee for the 2014 Lok Sabha Elections.

During a public gathering in Gurugram on March 11, Prime Minister Modi spoke about his friendship with Khattar, recalling their motorcycle rides in Haryana and their work together for the RSS.

Khattar comes from an agricultural background, with his family settling in Haryana’s Rohtak district after arriving from Pakistan post-Partition. He was born in Nindana, Rohtak, in 1954.

During his first stint as chief minister, Khattar faced criticism over his handling of the February 2016 Jat quota stir, which resulted in widespread violence and arson across the state. This was followed by violent incidents in 2017 after Dera Sacha Sauda chief Gurmeet Ram Rahim Singh was convicted of rape by a court in Panchkula.

Raymond Reality Wins The Massive Redevelopment Project in Mumbai

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Dhruv
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Raymond Realty, the real estate arm of Raymond Group, announced on June 10 that it has been selected to redevelop a housing project in Mumbai’s Bandra East area, with an estimated revenue potential exceeding ₹2,000 crore, according to a regulatory filing.

Raymond Realty secured the redevelopment project with unanimous approval from the members of the housing society MIG VI CHS Ltd. The project, strategically located in Bandra East, aligns with the company’s growth plans for real estate development in the Mumbai Metropolitan Region (MMR), as stated in the filing.

Previously, the company signed three joint development agreements for projects in Mahim, Sion, and Bandra, with an estimated development value of over ₹5,000 crore. Including the new Bandra project, the estimated Gross Development Value (GDV) of Raymond Realty’s ongoing projects in Mumbai will be around ₹7,000 crore.

“The addition of another project in Bandra has solidified our position as one of the leading developers in the area. Receiving unanimous approval from the society members of MIG VI CHS underscores our commitment to providing luxurious living spaces and highlights our expertise in large society and MHADA redevelopment,” the company stated.

Raymond Realty’s first project in the Mumbai real estate market was announced in February 2024 in Bandra East. This project will offer a mix of 2, 3, and 4 BHK apartments, along with 30 amenities and a clubhouse spanning 16,000 sq ft.

Adani Realty also has a presence in the Bandra East micro-market, having acquired a 24-acre plot in Bandra West earlier this year. The company is also involved in the redevelopment and rehabilitation of Dharavi, Asia’s largest slum cluster, located about 10 minutes from Bandra.

Local brokers note that the market rate in Bandra East is around ₹50,000 to ₹60,000 per sq ft, depending on the building, its amenities, and its proximity to the Bandra Kurla Complex (BKC), one of India’s most expensive commercial districts.

Maldives’ Parliamentary Panel to Look Into Agreements Signed With India

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Dhruv
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Maldives
Maldives

A Maldivian parliamentary committee decided on Monday to review three agreements signed by former president Ibrahim Solih’s administration with India, including a pact to develop a naval base.

The parliamentary panel overseeing security services accepted a proposal from Ahmed Azaan, a member of President Mohamed Muizzu’s People’s National Congress (PNC) party, to investigate the three agreements.

“Today, the National Security Services Committee of the parliament has decided to conduct a parliamentary inquiry to investigate actions undertaken by President @ibusolih‘s administration that undermined the sovereignty and independence of the Maldives,” Azaan said in a post on X.

This decision coincided with Muizzu’s visit to India for the inauguration of Prime Minister Narendra Modi’s third term. During the visit, Muizzu met with Modi and Union Minister S Jaishankar in the Indian capital to discuss strengthening cooperation in areas of mutual interest.

Azaan initially suggested that the panel investigate all agreements signed by the former administration with India. However, other members preferred to focus on specific agreements. Azaan then proposed examining a 2019 agreement with India for hydrographic surveys, an agreement to develop the Uthuru Thila Falhu naval base, and an agreement in which India gifted a Dornier aircraft to the Maldives.

Muizzu’s government has already decided to scrap the hydrographic survey agreement. Azaan questioned why the Solih administration had signed these agreements and expressed concerns about the naval base agreement, noting that the Maldives National Defence Force’s senior leadership was not consulted.

Azaan suggested forming a sub-committee to examine these agreements and any other actions of the previous government that might have jeopardized the Maldives’ sovereignty.

The parliamentary panel subsequently established a sub-committee of four MPs, including Azaan. It was not clear when the sub-committee would present its findings.

Jasprit Bumrah Leads Indian Bowlers to Greater Heights

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Dhruv
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Rohit Sharma didn’t need to make frantic gestures to reposition his fielders, nor did the senior players huddle around the bowlers after every delivery with advice. Defending a mere 119 runs often leads to chaotic scenes and prolonged deliberations, but at Nassau County International Cricket Stadium against Pakistan on Sunday, India’s bowlers remained calm and composed. Their clinical performance restricted Pakistan to 113/7 in 20 overs, securing a six-run victory in a Group A clash of the T20 World Cup.

In low-scoring games, teams typically aim to take early wickets to gain an advantage. However, this match was more about persistence and pressure, rather than aggressive wicket-taking. The pitch demanded a strategy of attrition, with bowlers focusing on building pressure and avoiding easy boundaries.

India’s bowlers, seasoned by their extensive IPL experience, executed their plans flawlessly. Jasprit Bumrah led the attack with a stellar performance, finishing with figures of 4-0-14-3. Unlike the 1990s and early 2000s when India envied Pakistan’s pace bowlers, Bumrah now stands as the star of the fast-bowling world.

However, Bumrah’s brilliance alone wouldn’t have been enough, given Pakistan’s modest required run rate of six per over at the start of their chase. Arshdeep Singh, Mohammed Siraj, Hardik Pandya, Axar Patel, and Ravindra Jadeja also played crucial roles. Their combined effort led to the joint-lowest total successfully defended in T20 World Cup history.

The slow surface, though not ideal for a T20 game, gave the bowlers from both teams an edge. Despite India’s strong start of 81/3 in their first ten overs, Pakistan’s bowlers managed to limit them to 119. Batting second, Pakistan should have been able to strategize their chase more effectively.

Yet, they fell short. India’s bowlers, while not producing any magical deliveries, maintained discipline and prevented Pakistan from gaining momentum. Arshdeep’s first over included some hittable deliveries, but India’s bowlers quickly adjusted and avoided chasing wickets.

Bumrah demonstrated this approach by maintaining a hard length, which left Babar Azam uncertain about whether to play or leave the ball. Azam’s indecision led to a catch at slip by Suryakumar Yadav. Bumrah’s ability to deliver consistently without seeking flashy deliveries sets him apart. Mohammed Siraj complemented Bumrah with an economical opening spell of 3-0-10-0. According to CricViz data, India’s pacers bowled 30% of their deliveries on a hard length, significantly more than Pakistan’s 17%.

Overall, India’s disciplined bowling and strategic execution were key to their narrow victory over Pakistan.

Central Government Has Policy Measures to Reduce Pulses and Edible Oil Imports

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Dhruv
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New Delhi: The central government is planning a special focus on reducing imports of pulses and edible oil, increasing ethanol supply, and stabilizing food prices as part of its 100-day agenda, according to a senior official.

This effort will involve introducing stringent policy measures similar to those implemented over the past year and a half.

The agriculture ministry is drafting a new scheme to achieve self-sufficiency in pulses by 2027. This initiative aims to cut the government’s significant expenditure on importing pulses and edible oil to boost domestic supply. In the 2023-24 financial year, India’s import bill was $854.8 billion, compared to $898 billion in FY23. Agricultural exports in FY24 reached $48.9 billion, marking an 8% decline from $53.2 billion in FY23.

Although agricultural imports fell due to a decrease in edible oil imports, pulse imports reached a six-year high. The country spent $3.75 billion on importing pulses and $14.8 billion on vegetable oils, compared to the previous year’s $1.94 billion and $20.84 billion, respectively, according to the commerce ministry.

“Our 100-day agenda will surely focus on oilseeds, pulses, and biofuel, alongside the welfare of 140 million farmers. However, a major focus will be on reducing the import bill. Another crucial aspect is the price stabilization of agricultural commodities,” a senior official said.

“We aim to achieve self-sufficiency in pulses within the next 3-4 years. We are open to all kinds of support, similar to what we have for oilseeds. A new programme focusing on development is being prepared to promote pulses production significantly, and it is expected to be unveiled in the coming days.”

Ambani and Shah Rukh Khan Bond During PM’s Oath Ceremony

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Dhruv
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Bollywood actor Shah Rukh Khan and Reliance Industries Chairman Mukesh Ambani were among the guests as Narendra Modi was sworn in for a third term as the Prime Minister of India. Netizens were surprised to see two of India’s wealthiest individuals bonding over a pack of ORS.

What amazed many was that the ORS they were sipping was not expensive, costing roughly ₹30 per pack. The two were at the Rashtrapati Bhavan forecourt, where the oath-taking ceremony took place.

Simultaneously, social media users had several questions. “Was it distributed to everyone by the authorities?” asked one user, while another wondered, “Govt ke taraf se provided tha ya khud apna le aaye the? (Was it provided by the government or did they bring their own?).”

One user questioned the choice of drink, “₹30 tetra pack. Oath ceremony organisers, why are you insulting dignitaries?”

However, most netizens were impressed by the sight of “two superstars in their own right” bonding over a healthy drink. “Reliance Industries & Jio Company Owner Mukesh Ambani sitting with the Biggest Soft Power of India. The Man, The Myth, The Legend – Shah Rukh Khan,” wrote another.

After being sworn in for a historic third term, Prime Minister Narendra Modi thanked world leaders for their congratulatory messages. The oath-taking ceremony occurred on June 9 at Rashtrapati Bhavan, with leaders from neighboring countries in attendance.

TDP Leader Brutally Murdered By YSRCP Activists in Andhra Pradesh

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Dhruv
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In a shocking incident, Telugu Desam Party (TDP) leader Gourinath Chowdary was brutally murdered, allegedly by YSRCP activists, in Veldurthi Mandal, Kurnool district, Andhra Pradesh. The attack occurred on Sunday, June 9, in broad daylight in Bommirreddipalle village, resulting in Chowdary’s death.

Police have registered a case and initiated search operations to apprehend the suspects.

Following the incident, security forces were deployed to maintain law and order. The Superintendent of Police (SP) of Kurnool visited the village to reassure residents of enhanced security measures. Additionally, a police picket has been established in the village to prevent further incidents.

The murder is perceived as a politically motivated attack, given Gourinath Chowdary’s prominence as a TDP leader in the area.

The rivalry is speculated to stem from political tensions, with allegations pointing to YSRCP (Yuvajana Shramika Rythu Congress Party) workers as the perpetrators of the brutal killing.

Pathikonda DSP Srinivas reported that, following the incident, the circle inspector and sub-inspector have been reassigned to vacancy reserve (VR) positions.

TDP leader Pattabhi Ram Kommareddy has accused the YSR Congress party of instigating the violence.

Ram Kommareddy alleged that the violence initiated by the YSR Congress party five years ago has persisted. He noted the public’s anger, which resulted in a significant decline in YSRCP’s seats from 151 to 11, without even securing opposition status.

“They did not even get the opposition status. Yesterday, in the Kurnool district, our TDP leader was brutally murdered in front of the public. Even after receiving such a bitter defeat, they have not learned their lesson,” he said, adding, “TDP never encourages violence. We believe in a peaceful atmosphere…”

GameStop Dips As Roaring Kitty Returns to YouTube

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Dhruv
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GameStop stock influencer Keith Gill, also known as “Roaring Kitty,” held his first livestream in three years on Friday as the videogame retailer’s shares dropped about 37% in volatile trading following the announcement of a share sale to raise up to $3 billion.

GameStop, which reported its quarterly results four days earlier than scheduled on Friday, saw its shares surge nearly 50% the day before after Gill, a key figure behind the stock’s dramatic rally in 2021, posted on YouTube about his upcoming livestream.

“You post a couple of memes, you post a couple of screenshots, and everyone loses their minds,” Gill said during the livestream, wearing a headband and white sunglasses.

Less than half an hour into the YouTube livestream, more than 600,000 viewers had tuned in.

Gill interspersed his discussion of GameStop with various disclaimers, warning viewers that they could “lose it all” and that his “aggressive style of investing is almost certainly not suitable for you all.”

Shares of GameStop were halted multiple times during Friday’s session, including during the livestream. The stock last traded down 37% at $29.20.

By early afternoon, investors had exchanged over $8 billion worth of GameStop shares, making it the most traded stock on Wall Street, except for Nvidia, according to LSEG data.

Gill expressed confidence in GameStop billionaire CEO Ryan Cohen, saying, “I believe this guy. It’s kind of based on feeling.”

GameStop is “right-sizing” the ship and cutting costs to stabilize the legacy business, and now it’s all about the transformation, he explained.

Earlier, the company announced plans to sell up to 75 million shares but did not provide details on the timing of the capital raise or the reason for the early release of its earnings report.

“There’s an old saying: feed the ducks while they’re quacking, and certainly the ducks are quacking very loudly for GME right now,” said Steve Sosnick, chief market analyst at Interactive Brokers. He suggested that the company moved its earnings date forward due to rules against selling stock ahead of a major corporate announcement like earnings.

A spokesperson for the U.S. Securities and Exchange Commission declined to comment on whether it was reviewing the share sale.

In 2021, Gill’s advocacy for GameStop helped its shares surge by as much as 1,600% before they fell. He gained a cult-like following among some investors and notoriety with others.

Gill’s bullish case on Reddit posts and YouTube streams, where he often wore a bright red pirate bandana, attracted a flood of retail cash to the struggling brick-and-mortar retailer. However, after drawing congressional and regulatory scrutiny, Gill disappeared from the public eye, becoming much richer thanks to his GameStop investment, which at one point was valued at $48 million.

His return has sent GameStop shares soaring in recent weeks after an account linked to Gill on X began posting memes on May 13, which some investors interpreted as a sign of his renewed bullishness on the company.

Just last month, GameStop announced it had raised more than $900 million by selling 45 million shares, capitalizing on the revival of the meme-stocks rally.

“Strike while the iron is hot. AMC was applauded for making use of their stock price surge to clean up its balance sheet, so it’s not surprising that GameStop would take a page from their playbook,” said Brian Jacobsen, chief economist at Annex Wealth Management.

Theater chain AMC Entertainment, another retail favorite, completed a $250 million “at-the-market” share sale during the meme-stock craze last month.

NHAI Looks For Global Partners For GNSS-Toll Based System

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Dhruv
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New Delhi: Indian Highways Management Co. Ltd (IHMCL), a subsidiary of the National Highways Authority of India (NHAI), has issued a call for expressions of interest (EOI) to develop and implement a global navigation satellite system (GNSS)-based electronic toll collection (ETC) system.

According to the ministry of road transport and highways, this initiative aims to enhance tolling efficiency and transparency for National Highway users.

Initially, NHAI plans to integrate the GNSS-based ETC system with the existing FASTag ecosystem through a hybrid model, where both RFID-based and GNSS-based ETC will operate simultaneously.

Eventually, dedicated GNSS lanes will be introduced at toll plazas, allowing vehicles equipped with GNSS-based ETC to pass freely. All lanes will eventually convert to GNSS lanes, the statement said.

Through the EOI, the government aims to leverage advanced satellite technology and identify experienced, innovative companies capable of delivering a robust, scalable, and efficient toll collection software for the successful implementation of the GNSS-based ETC.

The invitation includes a detailed implementation plan, and suggestions will be accepted until July 22, according to the ministry.

A GNSS-based ETC system is expected to streamline vehicle movement on National Highways, offering benefits such as barrier-free tolling, a hassle-free riding experience, and distance-based charges, where users pay only for the stretch they travel on. This system aims to reduce toll collection inefficiencies, prevent leakages, and curb toll evasion.

“GNSS-based Electronic Toll Collection in India will further help to provide smoother and seamless journeys for commuters on national highways,” the statement added.

Delhi Police Declares NCT as No Flying Zone on 9 June

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Dhruv
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On Friday, the Delhi Police declared the national capital a no-flying zone and issued prohibitory orders against flying certain objects in the NCT for two days, up to June 10, 2024. Prime Minister-designate Narendra Modi is set to take oath for a third term on June 9, 2024, following the NDA’s recent victory in the Lok Sabha elections.

“There are reports that certain criminal, anti-social elements, or terrorists hostile to India might threaten the safety of the general public, dignitaries, and vital installations,” said Delhi Police Commissioner Sanjay Arora.

Using the microblogging platform X (formerly known as Twitter), the Delhi Police announced, “From June 9, 2024, the flying of sub-conventional aerial platforms such as para-gliders, para-motors, hang-gliders, UAVs, UAS, microlight aircraft, remotely piloted aircraft, hot air balloons, small-sized powered aircraft, quadcopters, or para-jumping from aircraft, etc., will be prohibited over the NCT of Delhi in view of the swearing-in ceremony.”

The prohibitory orders will be in effect on June 9 and 10, with violations punishable under Section 188 of the Indian Penal Code, the police added.

As it is not feasible to individually notify all concerned parties, the order has been issued ex parte.

Earlier today, PM Narendra Modi met President Droupadi Murmu to confirm he had sufficient seats to form the government, after which the President invited him to do so. The PM indicated June 9 as the date for the swearing-in, following his selection as the leader of the NDA by consensus during a meeting of all MPs and senior leaders of the constituent parties.

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