Biggest Story In India Headlines 23rd October 2024
A former CEO of Abercrombie & Fitch, Mike Jeffries, and his boyfriend, Matthew Smith, have been charged with sex trafficking and assault based on a BBC investigation. The former CEO of the Abercrombie & Fitch Company, Mike Jeffries, was bailed for $10 million as he awaits trial. The charges include planning sex parties and using modeling contracts to coerce young men into the sex parties.
It also files a lawsuit that accuses Abercrombie & Fitch of financing a sex-trafficking ring, which was operational during Jeffries’ time. Among the heinous tales told by some of the victims, it is claimed that they were injected with liquid Viagra at these events. Jeffries has an established denial against these claims, but this lawsuit can prove to be consequential for Jeffries as well as the clothing brand.
Jeffries resigned as CEO in 2014 after sales started falling but left the company with a healthy retirement package. Abercrombie & Fitch have since taken steps away from Jeffries stating that it “abhors sexual abuse and condemns the alleged conduct.”
The Trinamool Congress MP, Kalyan Banerjee was suspended for one day from the JPC meeting on the Waqf Bill for his unruly behavior. Banerjee reportedly smashed a glass bottle and hurled abusive words during a hot argument with BJP’s Abhijit Gangopadhyay.
The suspension was passed with nine members in favor and eight against it. The incident left Banerjee injuring his hand from a short scuffle that broke in the meeting. He was thus taken to receive first aid. Opposition leaders, including Asaduddin Owaisi of AIMIM and Sanjay Singh from AAP, accompanied him back into the meeting room.
In that case, the committee was hearing the suggestions of the retired judges who came to discuss the Waqf Bill. It was in particular during the questions of the interests of the stakeholders in the bill, the tension was on the floor.
Cylone Dana is expected to make a landfall near the Odisha-West Bengal coast early Friday as authorities prepared for severe gust and heavy rain. The India Meteorological Department has issued warnings for 14 districts in Odisha and 15 districts in West Bengal with wind speeds expected to touch 120 mph.
The local governments are already evacuating approximately one million people from vulnerable coastal areas. Schools in the affected regions have been closed, and relief camps are being put up for food, water, and shelter. This rescue and relief work would be supplemented by the Navy, Army, Air Force, and NDRF forces, which would also remain on standby.
Three storm systems are likely to batter the eastern seaboard, at Puri in Odisha and Sagar Island in West Bengal, with damage in millions. Government officials are urging citizens to evacuate in the worst-case scenario.
Ambuja Cements Ltd, part of the Adani Group, announced it was acquiring a 46.8% stake in Orient Cement Ltd for ₹8,100 crore. The deal is to be done in two tranches, that is to say first 37.9% from promoters of Orient Cement and then the remaining 8.9% in an open offer to the public shareholders.
This is going to boost the company’s capacity. Ambuja has added around 16.6 million tonnes a year in cement capacity, including ongoing development projects. The acquisition suits the general strategical plan by the company to increase its reach across the highly competitive cement industry in India.
Ambuja Cements share price rose 0.6 per cent to ₹575.15 on the NSE after announcement, while Orient Cement’s slipped a bit after the previous gains.
Waaree Energies Ltd, leading manufacturer of solar PV modules, has seen tremendous demand in its initial public offering (IPO) where subscriptions shot past 11 times the shares offered on the last day. Priced between ₹1,427 and ₹1,503 per share, it aims at garnering ₹4,321.44 crore.
Investors have shown huge interest in the growth potential of Waaree in the renewable energy sector, which has also driven up demand. Bidding for the initial public offering, which had opened on 21 October, is closing today. Analysts said the stock would do pretty well after listing as the current demand is very high and the company is already quite prominent in the solar energy sector.
Godavari Biorefineries has started the three-day public subscription for its IPO, which closes on 25th October. The ethanol-based chemicals and bio-products company is raising ₹166 crore from anchor investors before selling to the public.
The IPO has priced its shares between ₹334 and ₹352 per share. The lot size is of minimum 42 shares. So far in the beginning, the response has been good, with big institutional investors like HDFC Mutual Fund and Goldman Sachs being participants in the anchor book.
Godavari Biorefineries, a Maharashtra-based largest ethanol and bio-based chemicals manufacturer in India, grabbed more eyeballs in its IPO for soliciting renewable resources and sustainability.
The key indices saw positive movements in today’s trading session, as both the indices traded in the green. The shares of the food delivery service provider Zomato registered a 2.28% gain at ₹262.05. The stock had climbed to a high of ₹263.90 during the day, indicating robust investor confidence.”.
MF and FII holdings have boosted Zomato’s recent performance, growing from 46.13 percent to 47.28 percent in the latest quarter. The technical sentiments seem to paint a scenario where shares at Zomato are trading above key long-term averages, yet the company is in a technical mess on its business model and profitability.
Analysts still think that on the upside, the stock has around 9.52% and expect a target price of ₹287.
The shares of Coforge Ltd surged over 12 per cent Wednesday, and the stock peaked at a record ₹7,632 per share as the company reported another strong set of Q2 earnings. The company posted a 9 percent quarter-on-quarter growth in net profit at ₹255.20 crore while revenue stood up at 27.5 percent to ₹3,062 crore.
Order intake at the company was strong in the quarter and crossed $516 million. In fact, this marks the eleventh quarter in a row where order intake has witnessed values above $300 million. The company has also signed up 13 new clients for its portfolio, which should further enhance its growth trajectory. Revenue growth has been supported by the recent acquisition of Cigniti Technologies, though EBIT margins saw a slight slip on account of pro-forma adjustments related to the acquisition.
Management at Coforge remains optimistic and expects the growth to sustain in the coming quarters, buoyed by a healthy pipeline of deals and expanding clients’ base.
Lebron James and his son, Bronny, broke NBA history as the first father-son duo to play on the same court in an official NBA game. They did so in the Los Angeles Lakers season opener against the Minnesota Timberwolves. The Lakers beat the Timberwolves 110-103.
The 20-year-old, Bronny, was signed to the Lakers as a second-round draft pick from the University of Southern California earlier this year. During the first half, LeBron played only three minutes but added 16 points to 35 minutes of playing time. Referring to his experience, LeBron summed it up as “one of the greatest gifts” of his career.
The crowd turned out in force for this sold-out game and gave a sublime sendoff to that historic moment in the legendary career of LeBron James in his 22nd season in the NBA.
Arsenal return to the Champions League schedule tonight, as Shakhtar Donetsk step into Emirates Stadium. So far, the Gunners have been pretty mixed in this Champions League campaign: one draw against Atalanta, another win over PSG. And, if it was not enough, they also need to recover from the loss in Premier League against Bournemouth.
Mikel Arteta had experimented with his starting lineup twice already by introducing Gabriel Jesus and Gabriel Martinelli for Mikel Merino and injured Raheem Sterling. Winger Bukayo Saka was also available only on the benches.
Shakhtar Donetsk, who are currently struggling in both their domestic league and Champions League group, will face an uphill task against Arsenal. Already the Ukrainian side haven’t won a game so far in the Champions League this season and comes into this game after losing to Atalanta in the last outing.
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