New Delhi: The Centre has revived the strategic sale of its stake in IDBI Bank, along with LIC’s stake a month after the two bids were rejected as they were way below the reserve price.Persons familiar with the discussions said a fresh valuation exercise is being undertaken, given that the bank has a small free float, making price discovery through that route difficult. At the same time, officials will examine whether the sale process should be limited to the existing set of bidders or the process should be undertaken afresh, although the idea is to expedite the exercise to ensure that global investors retain trust and govt also raises resources to meet its ambitious funding requirements for investment and schemes.Retaining the pool to players, who had bid, may open up the possibility of litigation, an official cautioned. At the same time, there is recognition in govt that the abandoned sale process was too long — lasting five years. And, keeping a shorter timeline is critical in whatever shape the process is revived . Besides, feedback from bidders is seen to be key as some of the interested players, such as Kotak Mahindra, dropped out due to high pension burden that was coming with the bank.Similarly, govt’s continuation as a stakeholder is another concern flagged by some of the bankers, who argued that many feared that the Centre may drive the operations in a way that it served its interest and the new owner may not get a completely free hand. “If the govt is really serious about privatisation it should not have any remaining shares,” said an executive with one of the entities that was interested in acquiring the bank.
Explores Other Valuation Methods, Quick Disinvestment
The Centre holds a 45.5% stake in IDBI Bank, while LIC is the largest shareholder with 49.2% holding.The exact details of the process is expected to be firmed up in the coming months, but with the Centre chasing an ambitious disinvestment and asset monetisation target of Rs 80,000 crore in the current fiscal year, merely depending on InvITs by NHAI may not help govt.IDBI Bank shares have recovered in recent days after FM Nirmala Sitharaman said that govt will divest its stake in the entity and closed at Rs 76.9 on BSE on Tuesday.
A video filmed by an Israeli soldier shows widespread destruction in northern Gaza. Before Israel’s genocidal war, the town of Beit Hanoon was home to 50,000 people. Despite a ceasefire, Israeli forces have bulldozed what was left of hundreds of homes.
Air India, IndiGo and SpiceJet have urged the government to revise Aviation Turbine Fuel (ATF) pricing and provide financial support, warning that the airline industry is under extreme stress and close to “stopping operations”.The appeal was made by the Federation of Indian Airlines (FIA), which represents the three carriers, in a letter to the civil aviation ministry dated April 26, according to PTI.
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Indian Aviation Sector Warns Of Possible Shutdown Amid Soaring Fuel Costs
Middle East tensions have pushed up oil prices, while airspace restrictions have raised operating costs, especially on long-haul routes. ATF accounts for around 40 per cent of an airline’s operational expenses.“With an unprecedented rise in jet fuel prices and exorbitant crack/differential between crude and ATF, the operation of airlines is being challenged in totality,” the federation said.On Monday, TOI reported that Centre is weighing relief measures for airlines as the prolonged US-Iran war drives up costs and weakens travel demand, with a Rs 5,000 crore emergency credit guarantee scheme likely to be cleared this week to support stressed carriers. The aviation ministry also is seeking clearance for the Hotan route through China, which would help Air India bypass Pakistan airspace on westbound flights and save millions in extra fuel costs on longer diversions.The airlines body sought extension of the same fuel pricing mechanism across domestic and international operations, similar to the earlier crack band system.“… any ad hoc pricing (domestic vs international) and/or irrational increase in the price of ATF will result in unsurmountable losses for airlines and will lead to grounding of aircraft, resulting in cancellation of flights,” FIA said.“In order to survive, sustain and continue operation, we request your urgent intervention for immediate and meaningful financial support to tide over the current situation,” it added.The airlines have also sought temporary deferment of the 11 per cent excise duty on ATF.“With the abnormal increase in ATF prices from the pre-crisis period, adding rupee depreciation to the increased prices, the 11 per cent excise duty also increases manifold for the airlines and adds to the ATF price as a big impact on airlines,” the letter said.Last month, the government capped the increase in ATF prices for domestic operations at Rs 15 per litre, but prices for international operations rose by Rs 73 per litre.The federation said the pricing gap had made both domestic and international operations unviable and caused significant losses for the sector in April.“The airline industry in India is under extreme stress and is on the verge of closing down or of stopping its operations,” FIA said.It also called for a transparent pricing framework under the crack band mechanism of USD 12–22 per barrel introduced in October 2022, saying it had provided fair margins to oil marketing companies.According to FIA, Delhi has the second-highest VAT on jet fuel at 25 per cent, while Tamil Nadu levies the highest at 29 per cent.Other major aviation centres including Mumbai, Bengaluru, Hyderabad and Kolkata impose VAT between 16 per cent and 20 per cent, the federation said, adding that these six cities account for more than half of airline operations in India.
Benchmark equity indices Sensex and Nifty ended lower on Tuesday as rising crude oil prices and continued foreign fund outflows weakened investor sentiment.The 30-share BSE Sensex fell 416.72 points, or 0.54 per cent, to settle at 76,886.91. During the session, it dropped as much as 562.57 points, or 0.72 per cent, to 76,741.06.The NSE Nifty declined 97 points, or 0.40 per cent, to close at 23,995.70, according to PTI.
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Brent crude, the global oil benchmark, jumped 2.97 per cent to USD 111.4 per barrel.Foreign Institutional Investors (FIIs) sold equities worth Rs 1,151.48 crore on Monday, as per exchange data.“Indian equity markets traded under pressure, ending in the red as unresolved tensions in the Middle East and persistent disruptions to energy supply, particularly the continued closure of the Strait of Hormuz, weighed on investor sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.“The sharp rise in crude oil prices above USD 110, continued disruption in the Strait of Hormuz, rupee depreciation beyond 94.5 and sustained FII outflows underscore mounting macroeconomic pressures on Indian markets,” he added.In Asian markets, Japan’s Nikkei 225, Shanghai’s SSE Composite and Hong Kong’s Hang Seng ended lower, while South Korea’s Kospi closed higher. European markets were trading in positive territory. US markets ended flat on Monday.
: Saying he will leave no stone unturned to implement 33% reservation for women, Prime Minister Narendra Modi on Tuesday said some dynastic parties are apprehensive of “nari shakti” (women power) and do not want to see women reaching assemblies and Parliament.
Indian Prime Minister Narendra Modi (C) is felicitated by women during a public meeting in Varanasi on April 28. (AFP)
“The opposition fears that if women come into politics in large numbers, their traditional brand of politics will be lost. Due to the actions of the opposition parties, this objective had earlier remained unfulfilled,” Modi said at the Nari Shakti Vandan Act Abhivadan Sammelan held at the Banaras Locomotive Works (BLW) grounds in his parliamentary constituency Varanasi on the first day of his two-day visit. More than 50,000 women participated in this event.
Emphasizing the important role of women in nation building, the Prime Minister described women power as the strongest pillar of developed India.
“I assure you that I will leave no stone unturned to make your right to reservation a reality,” Modi affirmed.
Asserting that their appeasement politics would end, he said, “Women’s empowerment will strengthen the country.”
Underlining the transformative power of women empowerment, he said that when a woman is empowered at home, the entire family gets strengthened, thereby strengthening the society and the country.
Emphasizing that convenience and safety are the foundations of empowerment, she compared the current situation in UP with the past when it was difficult for girls to even step out of their homes.
The Indian Code of Justice has provided new confidence with speedy adjudication in crimes against women, while the network of women police stations and counseling centers continues to expand.
“Anyone with ill intentions towards the daughters now knows exactly what their fate will be,” he said.
The Prime Minister, who visited each designated seating area at the venue to greet the women attending the conference, began his address with loud chants of “Har Har Mahadev”.
Referring to the spiritual importance of Kashi, he said that the city is blessed with the divine power of Goddess Shringara Gauri, Annapurna, Vishalakshi and Maa Sankata Devi as well as the sacred streams of Mother Ganga.
In his nearly 30-minute speech, he said he had come to seek the blessings of mothers and sisters for a noble goal – 33% reservation for women in state assemblies and Parliament.
He affirmed that he will leave no stone unturned in implementing this initiative dedicated to the dignity of women and described the effort as a momentous endeavor – a “Maha Yagya”.
He pointed out that, in his dual capacity as the Member of Parliament from Kashi and the Prime Minister of the country, he needed his blessings to achieve an important objective related to the welfare of the country.
He said that its main objective is to implement reservation for women in the Lok Sabha and state assemblies.
“As your Member of Parliament… as the Prime Minister of the country… I seek your blessings to achieve a major goal in the national interest,” Modi said. And this major goal is to implement reservation for women in Lok Sabha and State Assemblies.
He said he has brought an amendment bill (Constitution 131st Amendment Bill) to speed up implementation of 33% reservation for women in state legislatures and the Lok Sabha and to expand the powers of the Lok Sabha. (The bill did not receive the support of two-thirds majority in the Lok Sabha).
But opposition parties including SP and Congress betrayed women by stopping this initiative, he said.
He said that these parties do not know how angry women are with them.
Reflecting on the historical obstacles faced by Indian women, she recalled the dismissive questions and orders that generations of girls have endured, questions about capability, necessity, and propriety. Acknowledging that such discrimination is not limited to Kashi alone but exists across the country, he said the society has normalized this injustice.
“These constraints have been accepted as the natural order and have to change,” Modi asserted.
Recalling his commitment to break regressive notions, the Prime Minister shared that 25 years ago when he became the Chief Minister of Gujarat, he had launched two pioneering schemes for girls, the Chief Minister Kanya Kelavani Nidhi to ensure more girls go to school and complete Shala Praveshotsav, and the Chief Minister Kanya Kelavani Nidhi to help with their fees.
“From then till today, the welfare of women has been consistently given top priority in the policies of our government,” he said.
He said that since 2014 – when the mothers and sisters of the country gave him the opportunity to serve – India has been moving rapidly on the path of development.
He also said that the mission of transforming the country into a developed country is progressing rapidly and the role of India’s ‘women power’ is paramount in this endeavour.
Furthermore, he reiterated his government’s unwavering commitment to advance women empowerment, especially by implementing the Women’s Reservation Law.
He said that this huge gathering of sisters on this holy land is making this event even more divine. Paying tribute to the women of Kashi, the Prime Minister announced that today’s occasion is a celebration of the reverence and development of ‘women power’.
He said that during the event, various projects worth thousands of crores of rupees have been inaugurated or laid the foundation stone – initiatives that will provide a new impetus to the development of the region.
He stressed that his government has worked for all sections of the society without any discrimination – he said it is this commitment that is why public confidence in the government continues to grow.
Detailing the extensive welfare initiatives since 2014, he highlighted that more than 12 crore toilets were built, bank accounts were opened for more than 30 crore sisters, electricity connections were provided to more than 2.5 crore households and tap water reached more than 12 crore households.
These initiatives placed sisters and daughters at the center of national development, including schemes like Sukanya Samriddhi Yojana, Mudra Yojana, Matru Vandana Yojana and Ayushman Bharat.
“Sisters and daughters have been placed at the center of every major plan, which shows our true commitment,” he said.
Highlighting a successful campaign in Kashi, he reminded that two years ago, Sukanya Samriddhi accounts were opened for 27,000 girls in just one month. ₹₹300 transferred to each account. The scheme has strengthened girls’ education, while the Mudra scheme has ensured their earnings, and for the first time, properties have been registered in the names of crores of sisters through the PM Awas Yojana.
“Today our mothers and sisters are truly becoming owners of their own homes,” she said.
He said that when women’s economic power increases, their voice in the home also becomes equally strong. Over the last 11 years, about 10 crore women have joined self-help groups, including about 1.25 lakh sisters of Kashi, enabling them to work independently with assistance worth lakhs of rupees.
“Through such efforts, so far 3 crore sisters have become Lakhpati Didis, including thousands of sisters from Banaras,” he confirmed.
Highlighting the contribution of dairy sector in women empowerment, he congratulated lakhs of sisters associated with Banas Dairy. ₹Rs 106 crore directly received as bonus on Wednesday.
He encouraged the women of dairy sector of Kashi to increase their work and expressed confidence of continuous development.
“This is just the beginning, Banaras will grow, Banas Dairy will grow and this bonus will also keep growing,” Mr Modi confirmed.
Explaining how the government is positioning women as change-makers, she highlighted its efforts to make them self-reliant and hand over to them the leadership of campaigns to build a developed India. He observed that Banking Sakhi is driving digital payments, Bima Sakhi is leading insurance initiatives, Krishi Sakhi is promoting natural farming, and NaMo Drone Didi is leading the agriculture drone revolution. Apart from this, new avenues have opened for daughters in Army, Navy, Air Force, Sainik Schools and Defense Academies.
He said, “The aim of our government is women empowerment, women upliftment and making life of women easier.”
Emphasizing that women deserve a larger role in policy-making and national decision-making given their excellence in all fields, the Prime Minister said the idea of participation of sisters was a major reason behind the creation of the new Parliament. The first task after the formation of the new Parliament was to pass the Nari Shakti Vandan Act in 2023, after being stuck for 40 years, in which 33 percent reservation was given for women.
Modi said, “Now it is necessary that this law be implemented as soon as possible.”
The Prime Minister pointed to record voting by women in Assam, Kerala, Puducherry, West Bengal and Tamil Nadu.
Along with Modi, UP Governor Anandiben Patel, Chief Minister Yogi Adityanath, BJP national president Nitin Nabin, UP BJP chief Pankaj Chaudhary, Varanasi District Panchayat President Poonam Maurya and 40 women including councilors and village heads were present on the stage.
More than 1000 women policemen were deployed at the venue.
Khvicha Kvaratskhelia and Ousmane Dembele scored twice each as Paris Saint-Germain beat Bayern Munich 5-4 in an epic first leg of their Champions League semifinal, an extraordinary encounter becoming the highest-scoring match ever at this stage of the competition.
The first half alone on Tuesday night was wild, with Harry Kane giving Bayern the lead from a penalty only for Kvaratskhelia to equalise before Joao Neves headed the hosts in front at an enthralled Parc des Princes.
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Michael Olise made it 2-2, but a Dembele penalty in first-half stoppage time had the reigning champions back ahead at the interval.
Kvaratskhelia, surely the standout player in this season’s Champions League, and Dembele both then scored again to have PSG seemingly out of sight, only for Dayot Upamecano to pull one back before Luis Diaz made it 5-4.
An unforgettable game – perhaps better even than last season’s semifinal between Inter Milan and Barcelona -leaves the tie between the continent’s two best teams of the moment wonderfully poised for next Wednesday’s return at the Allianz Arena, with a place in the final in Budapest on May 30 on the line.
Luis Enrique’s Parisians will be returning to Munich – scene of their 5-0 win over Inter in last year’s final – with the advantage, but Bayern will be confident they can overturn the narrow deficit at home.
The French champions are seeking to become just the second side in the modern Champions League era to retain the trophy, while the German champions are hoping to reach the final for the first time since 2020, when they defeated PSG to lift the trophy for the sixth time.
Vincent Kompany’s team arrived in Paris having scored 167 goals this season, led by the remarkable Kane who had netted 53 times in 45 appearances.
This tie had a lot to live up to, after Bayern’s spectacular win over Real Madrid in the quarterfinals, but it was an instant classic as both teams showcased their devastating firepower.
Bayern went ahead in the 17th minute as Willian Pacho chopped down Diaz and Kane made no mistake with the resulting penalty to make it 54 for the campaign.
The visitors won 2-1 here in November in the league phase thanks to a Diaz double and they were the better team early on this time.
But their front-foot approach made them vulnerable to the counterattack, and Dembele should have equalised before the leveller came just after the midway point in the first half.
Kvaratskhelia’s genius on the wing has regularly been the difference for PSG recently, and he broke clear of Josip Stanisic down the left before cutting inside and firing into the far corner.
A classic Kvaratskhelia goal was followed by Neves heading in Dembele’s corner on 33 minutes.
The action was only just getting started, however, as French international Olise drove towards the PSG box before smashing in for 2-2 with his 20th of the season.
PSG then won a penalty at the end of the first half, when a Dembele cross struck the arm of Alphonso Davies, the Canadian making his first start in the Champions League this season after injury.
It was given by the Swiss referee after a VAR check, and Dembele beat Manuel Neuer to make it 3-2 at the interval – a lead which PSG added to after the restart, leaving Bayern stunned.
Achraf Hakimi’s assist was swept in by Kvaratskhelia for 4-2 on 56 minutes, the Georgian getting his seventh goal in seven games in the knockout phase.
Bayern had not been able to reset before Dembele surprised Neuer with a low shot in off the near post to make it 5-2 with his second of the night.
But Bayern were not done, as Upamecano headed in Joshua Kimmich’s free-kick for 5-3, taking Kompany’s side to 170 for their season tally.
Diaz, who was sent off in the November meeting, was then played in over the top and dribbled past Marquinhos before slotting in for the night’s final goal.
Kompany, watching from the stands due to suspension, would have been delighted with his team’s response – even if they were relieved to see Senny Mayulu’s late strike for PSG come back off Neuer’s crossbar.
Kane told reporters after the game that he was proud of his teammates for mounting a fightback to claw themselves back into the tie.
“It shows the character of our team. It has happened to us this season where we have come back from being down and it is good to know we can do it at the highest level as welI,” he said.
“I think we come away knowing we can hurt them.”
Atletico Madrid host Arsenal in the other semifinal first-leg on Wednesday night.
In a major shake-up for global oil markets, the United Arab Emirates will withdraw from OPEC and OPEC+ with effect from May 1, AFP reported citing state media on Tuesday.“This decision reflects the UAE’s long-term strategic and economic vision and evolving energy profile,” the official WAM news agency said, AFP quoted.UAE Energy Minister Suhail Mohamed al-Mazrouei told Reuters the decision was taken after a careful review of the country’s present and future energy strategy.“This is a policy decision, it has been done after a careful look at current and future policies related to level of production,” Mazrouei said.Asked whether Abu Dhabi had consulted Saudi Arabia, he said the UAE had not raised the matter with any other country.Mazrouei also said the move would not have a major immediate market impact because of disruptions in the Strait of Hormuz, through which around a fifth of the world’s crude oil and liquefied natural gas normally passes.OPEC Gulf producers have already faced difficulties shipping exports through the chokepoint between Iran and Oman amid Iranian threats and attacks on vessels.Analysts said the exit could weaken OPEC’s long-term ability to influence prices because the UAE is one of the few members with meaningful spare capacity.“The UAE withdrawal marks a significant shift for OPEC. Alongside Saudi Arabia, it is one of the few members with meaningful spare capacity – the mechanism through which the group exerts market influence,” Jorge Leon, analyst at Rystad, told Reuters.He said the longer-term implication was “a structurally weaker OPEC” and a potentially more volatile oil market.Ajay Parmar, Director of Energy and Refining at ICIS, told Reuters the UAE had disagreed with broader OPEC policy for some time.“It also signifies the general drift in the historically strong alliance between the UAE and Saudi Arabia,” he said.Sergey Vakulenko of Carnegie Russia Eurasia Center said the UAE had planned to grow oil output by up to 30 per cent, something difficult within OPEC quotas.“Without the UAE, OPEC will be much weaker… It was mostly done by UAE and Saudi Arabia,” Reuters quoted him as saying.The move may also be seen as a win for US President Donald Trump, who has repeatedly criticised OPEC for keeping oil prices high.It came after the UAE publicly criticised fellow Arab states over what it saw as an inadequate political and military response to repeated Iranian attacks during the war.Anwar Gargash, diplomatic adviser to the UAE president, said Gulf states supported each other logistically, but “politically and militarily, I think their position has been the weakest historically”.
The Centre on Tuesday said it has ensured 100 per cent supply for domestic LPG consumers, Piped Natural Gas (PNG) users and Compressed Natural Gas (CNG) transport services despite the ongoing Middle East crisis, while urging people not to indulge in panic buying.Addressing an inter-ministerial briefing, Sujata Sharma, Joint Secretary (Marketing & Oil Refinery) in the Ministry of Petroleum & Natural Gas, said steps were being taken to minimise the impact of disruptions in crude oil and gas imports, according to ANI.
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No Fuel Shortage: Govt Assures 100% Domestic Gas Supply As India’s LPG Demand Falls 13% In March
“As you know, due to the West Asia crisis, our country has also been affected by the import of crude oil, LPG and PNG. But the Indian government has been trying to reduce the problems faced by our domestic consumers. As you know, 100% supply has been ensured for domestic LPG consumers, PNG consumers and CNG transport,” Sharma said.She said commercial LPG restoration has reached 70 per cent, with priority supply being given to hospitals and educational institutions, followed by pharma, steel, seed and agriculture sectors.“Apart from this, commercial LPG has also been restored up to 70%. Supply of commercial LPG is being given priority to hospitals and educational institutions. Apart from this, pharma, steel, seed, agriculture, etc. sectors are also being given priority. And for migrant labour, supply of 5 kg FTL cylinders has been almost doubled. Because of all this, our LPG supply is normal and there is no dry out report on any distributor,” she added.April sales data showed demand rising, with around 175,000 tonnes of commercial LPG sold during the month. Daily averages for public sector undertakings rose to 353 tonnes in April from 177 tonnes in January and February.Sharma said 22 states were receiving an additional 10 per cent commercial LPG allocation to support PNG connections.“In the case of natural gas, as you know, the domestic is being protected. In the case of fertilizers, the supply of PNG is being allocated up to 95%. In the case of industrial and commercial sectors, including the CGD network, the supply of gas has been increased up to 80%. CGD entities have also been asked to provide 100% gas supply to schools, colleges, cold storage, food processing industry, pharma, etc,” she said.The ministry said it was also tackling reports of localised panic buying through coordination with states and continuous monitoring of retail outlets.Authorities have recently carried out around 2,800 raids and inspections. Since March, about 67,000 cylinders have been seized, 1,160 FIRs registered and 271 people arrested for supply disruptions or illegal activities.“Finally, I would like to request all of you not to believe in rumours. We have sufficient supply of LPG, petrol and diesel. Price is stable and no increase has been made in the price. So, avoid panic buying and use LPG, petrol and diesel as per your needs,” Sharma said.