Sensex closes 1,030 points higher, trading at NSE resumes after glitch

Agencies
February 24, 2021

Sensex zooms 1,030 points, Nifty tops 14,950 at closing | Deccan Herald

Mumbai, Feb 24: Equity benchmark indices jumped by nearly 2 per cent on Wednesday with banking and financial stocks gaining substantial ground.

The BSE S&P Sensex closed 1,030 points or 2.07 per cent higher at 50,782 while the Nifty 50 advanced by 274 points or 1.86 per cent to 14,982.

At the National Stock Exchange (NSE), trading in all segments remained halted for several hours due to a technical problem. As a result, trading at both the stock exchanges was extended.

Except for Nifty IT, which slipped marginally, all sectoral indices were in the green zone with Nifty private bank gaining by 3.8 per cent, financial services by 3.4 per cent and PSU bank by 2.8 per cent.

Private banks gained substantially after the Finance Ministry allowed private sector banks for government related transactions.

Among stocks, HDFC Bank advanced by 5.3 per cent to Rs 1,611.05 per share. Axis Bank was up by 5.1 per cent, ICICI Bank by 3.8 per cent and Kotak Mahindra Bank by 2.4 per cent.

State Bank of India ticked up by 3 per cent and Bajaj Finance by 3.3 per cent. Coal India gained by 5.2 per cent to Rs 144.10 per share while infrastructure major Larsen & Toubro gained by 2.5 per cent.

The other major gainers were HDFC and UltraTech Cement. However, those which lost were UPL, Dr Reddy's, Sun Pharma, Cipla, JSW Steel, Tata Motors and Asian Paints.

Meanwhile, Asian equities opened lower on concerns about rising interest rates and rich equity valuations.

South Korea's Kospi shed 2.45 per cent on valuation nerves while Japan's Nikkei 225 was down by 1.61 per cent on profit booking in tech shares.

Hong Kong shares slumped by 2.99 per cent, the most in nine months, on stamp duty hike.

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News Network
November 21,2025

Bantwal: A domestic dispute appears to have led to a violent confrontation in BC Road area, where the owner of a textile shop was allegedly attacked with a knife by his wife on Wednesday evening.

Krishna Kumar Somayaji, the owner of Somayaji Textiles, sustained serious injuries in the incident and was immediately taken to a hospital for treatment. He is currently receiving care in the intensive care unit and is reported to have survived the assault, according to police.

The Bantwal Town police have registered a case against Somayaji's wife, Jyothi KT, who has since been taken into custody.

Police stated that the complainant, Namita, an employee at the shop, reported the sequence of events. She stated that around 7 p.m. on Wednesday, the suspect entered the shop, wearing a burqa and disguised as a customer, before attacking Somayaji with a knife. The employee then transported the injured owner to a local hospital via an autorickshaw.

Superintendent of Police Arun K confirmed that an ongoing domestic dispute between Somayaji and his wife reportedly preceded the attack. Police noted that Jyothi KT had previously visited the shop and issued threats.

Based on the complaint, Bantwal Town police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Indian Arms Act-1959. An investigation into the incident is currently underway.

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News Network
November 22,2025

Mangaluru: Police Commissioner Sudheer Kumar Reddy C H has warned of strict action against individuals spreading rumours and attempting to create insecurity within the Muslim community and fuel hatred between Hindus and Muslims through social media.

Referring to a recent social media post alleging that police personnel had entered a masjid premises to check whether beef was being cooked, the commissioner said miscreants were attempting to push their communal agenda. 

“A group of people, both from Mangaluru and abroad, are trying hard to spread rumours. For the past 10 days, they have been attempting to rake up old issues, highlight routine matters as controversies, or fabricate news altogether,” he said.

He reiterated that any such attempts to disturb communal harmony would invite legal action. “Cases will be registered and the accused will be brought to book,” he stated.

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News Network
November 21,2025

Bengaluru, Nov 21: The Karnataka government is facing pressure to overhaul its employment system after a high-level Cabinet sub-committee recommended the complete phase-out of job outsourcing in government offices, boards, and corporations by March 2028. The move is aimed at tackling a systemic issue that has led to the potential violation of constitutional reservation policies and the exploitation of workers.

The Call for Systemic Change

With over three lakh vacant posts currently being filled through private agencies on an outsource, insource, or daily wage basis, the sub-committee highlighted a significant lapse. "As a result, reservations are not being followed as per the Constitution and state laws. It’s an urgent need to take serious steps to change the system. It has been recommended to completely stop the system of outsourcing by March 2028," the panel stated in a document.

The practice of outsourcing involves private companies hiring workers to perform duties for a government agency. Critics argue this model results in lesser salaries, a lack of social security benefits (otherwise available to permanent government employees), and a failure to adhere to the provisions of Articles 14 and 15 of the Constitution, which guarantee equality before the law and prohibit discrimination.

The 'Bidar Model' as a Stop-Gap Solution

To regulate the current mode of employment and reduce worker exploitation until the 2028 deadline, the government plans to establish workers’ services multi-purpose cooperative societies across all districts, following the successful "Bidar Model."

The Bidar District Services of Labour Multi-purpose Cooperative Society Ltd., which operates under the District Commissioner, is cited as a successful example of providing a measure of social security to outsourced staff. Labour Department officials argue this society ensures workers receive their due wages and statutory facilities like ESI (Employees' State Insurance) and PF (Provident Fund), in exchange for a 1% service fee collected from the employees.

legislative push and Priority Insourcing

The recommendations, led by the sub-committee headed by Law and Parliamentary Affairs Minister H K Patil, are set to be discussed at the next Cabinet meeting. The committee has proposed the introduction of the Karnataka Outsourced Employees (Regulation, Placement and Welfare) Bill 2025.

In a move addressing immediate concerns, Labour Minister Santosh Lad, a member of the sub-committee, has reportedly assured that steps will be taken over the next 2-3 years to insource workers in "life-threatening services" on a priority basis. This includes essential personnel like pourakarmikas (sanitation workers), drivers, electrical staff in the Energy Department, and Health Department staff handling contagious diseases. The transition aims to grant these workers the long-term security and benefits they currently lack under the outsourcing system. 

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