As exit poll agencies predict a massive majority for the Bharatiya Janata Party-led NDA, the business sector is already celebrating with Sensex and Nifty recording significant increases in pre-open trade. PM Modi's statement about Bharat's development trajectory adding to the positive sentiment. In other business news, Amul has announced a hike in milk prices, NHAI has increased toll tax rates, and Delhi Airport has achieved a remarkable feat by reducing power consumption. Additionally, records show a 10% growth in GST collection in May.
Sensex Soars as Exit Polls Predict NDA Majority, Economic News Buoys Market
Amidst the anticipation of the electoral outcome, India's benchmark stock index, Sensex, witnessed a significant surge in pre-open trade on Monday, May 16, 2022. This rally was driven by positive exit poll predictions indicating a substantial majority for the National Democratic Alliance (NDA) led by the Bharatiya Janata Party (BJP).
According to various exit poll agencies, the NDA is projected to secure a comfortable majority in the recently concluded Lok Sabha elections. This news has instilled confidence in investors and businesses, bolstering optimism about India's economic outlook.
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Current Developments:
FAQs:
1. What factors contributed to the rise in Sensex?
2. How does the NDA's projected majority affect the market?
3. What are the potential implications of a 10% growth in GST collection?
4. What is the significance of Delhi Airport's reduced power consumption?
5. What is the historical performance of Sensex after positive exit poll predictions?
Elon Musk's platform, formerly known as Twitter, surged in popularity on Apple's App store in India, claiming the top spots on both iPhone and iPad rankings. This growth occurred amidst heightened user engagement during the US presidential election, which Musk actively contributed to by posting updates and engaging with users. Despite controversies and policy shifts, Musk's vision for X as an "everything app" continues to attract a large user base, further supported by the introduction of premium features and a streamlined design.
In response to the high demand for holiday travel to Madagascar, Emirates has announced a fifth weekly flight on its Dubai – Antananarivo route. The additional frequency will run from December 13, 2024 to January 10, 2025 and will provide more capacity on the route, allowing for over 1,800 seats per week. This temporary increase in capacity, which will utilize Emirates' Boeing 777-300ER aircraft, will also boost connectivity to the Seychelles and other popular destinations in Emirates' network. With an ethnically diverse population, the increased capacity is expected to cater to the demand from travellers flying to countries such as Sri Lanka, France, and China.
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Zomato CEO Deepinder Goyal has reversed his decision to charge a Rs 20 lakh fee for the position of Chief of Staff after facing severe backlash on social media. In a recent update, he clarified that the fee was only a filter to find candidates who were passionate about a fast-track career. This is not the first time Goyal has backtracked on a controversial decision, as Zomato previously retracted a service for delivering only vegetarian food after public criticism.
Billionaire Gautam Adani's conglomerate, the Adani Group, is facing allegations of a $250 million bribery scheme involving solar energy contracts and Indian officials. This comes just after the group's recovery from accusations of stock manipulation and fraud by Hindenburg Research. The controversy surrounds a deal announced in June 2020, where Adani Green Energy Limited (AGEL) won a $6 billion "manufacturing-linked solar agreement" from the Solar Energy Corporation of India (SECI), expected to generate over $2 billion in profits and reduce carbon emissions. The company has emphasized the investment's alignment with India's Atma Nirbhar Bharat Abhiyan and climate commitments.
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On Sunday, KLE Society Chairman Prabhakar Kore inaugurated the Kore Prabhakar Sahukar Co-operative Credit Society at Ankali near Chikkodi in Belagavi district. During the event, Jagadguru Channasiddarama Panditaradhya Swamiji of Yadur and Srishaila Peetha urged leaders of cooperative societies to provide selfless service to society for the benefit of the economically and socially backward, farmers, and the poor. Other prominent figures, such as Rani Channamma Urban Bank chairperson Asha Kore and CB Kore Co-operative Sugar Factory president Mallikarjuna Kore, were also present at the event.
The Adani Group, a major Indian conglomerate, faced a devastating blow on Thursday as its stock prices plunged by as much as 20% following the indictment of its founder and chairman, Gautam Adani. Adani and seven other individuals were charged with paying over $250 million in bribes to Indian government officials in order to secure lucrative solar energy contracts. The fallout from the scandal has also impacted other stocks in Adani's portfolio, including Adani Green Energy and Adani Total Gas. Stay updated on this developing story with Zee Business's comprehensive coverage on various platforms.
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