IRCTC stock recovers after Railways Ministry withdraws fee decision

by Argus News

NEWS HIGHLIGHTS

The Ministry of Railways has decided to withdraw its decision on sharing of convenience fee earned by IRCTC on online bookings of train tickets.

New Delhi, Oct 29: The Ministry of Railways has decided to withdraw its decision on sharing of convenience fee earned by IRCTC on online bookings of train tickets.

"Ministry of Railways has decided to withdraw the decision on IRCTC convenience fee," DIPAM Secretary Tuhin Kanta Pandey tweeted on Friday.

Santosh Meena, Head of Research, Swastika Investmart Ltd. said "It was a roller-coaster ride for the IRCTC where it fell around 25 per cent in the Friday morning session after overnight news that Government asked the company to share half of its convenience fee from the Internet booking with it, but we have seen the reversal of this decision around 11 a.m. that led to a short-covering in the counter."

IRCTC was trading at Rs 859.25 down almost 6 per cent while it recovered from the morning lows.

"The stock will remain sideways in the coming days where the upside will be capped around 1000 level and the downside will be protected around 700 level. Overall fundamentals are still strong for this counter, but the market will hesitate to give valuations that it was enjoying before this event because such kind of risk will remain in the mind of investors," Meena added.

The roller-coaster ride led to a sharp rise in option IVs, i.e, the value of OTM options, therefore, option writers and arbitrageurs are looking at it as a golden opportunity as uncertainty is out of the window for the time being. The option writer may try to keep this counter range-bound for November.
(IANS)

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Lack Of Jobs Forces Us To Go Outside: Rescued Odia Worker Of Uttarkashi Tunnel Mishap

by Pabitra Mohan Senapaty

Bhubaneswar, Dec 1: Bishweswar Nayak, one of the four rescued Odia labouers of Uttarkashi tunnel collapse, said he went to Uttarkashi as he didn't avail a job in the State. He narrated the plights of all 41 trapped labourers in the collapsed tunnel

"There are no jobs in Odisha. We have to go to other States to earn a livelihood. Our State government has always made false promises to jobs. Our government has no concern for poor people like us," Nayak said.

Nayak along with three other rescued Odia labourers reached Bhubaneswar today. The fifth Odia will return home later.

"A few accidents have occurred during my 20 years of work. I didn't get scared of such accidents. But the tunnel collapse was a different one which I will remember forever. When I returned from work, I saw that the road was completely blocked for 70 meters," said Nayak.

He said they (41 lahourers) spent 12 hours in sheer darkness. However, they got their first meal through a 4-inch pipe. They were given puffed rice, cashew nuts, and raisins as their first meal.

"We also got piped water. All 41 of us lived together. We all lived as brothers. We used to walk together in the tunnel," he said.

PM Modi Thanks UN Chief For Support To India’s G20 Presidency

by Pabitra Mohan Senapaty

Dubai, Dec 1: Indian Prime Minister Narendra Modi met Antonio Guterres, UN Secretary General, on the sidelines of the COP28 summit in Dubai on Friday.

The Prime Minister thanked Guterres for his support during India's G20 presidency.

He highlighted India's initiatives and progress in achieving climate goals.

Both leaders exchanged views on priorities and concerns of the Global South related to climate action, climate finance, technology and reforms of the multilateral governance and financial institutions, including the UN.

The UN Secretary-General appreciated India's efforts in the areas of sustainable development, climate action, MDB reforms, and disaster management under G20 Presidency. He welcomed PM Modi's Green Credit Initiative.

He affirmed to work with India to build on the achievements of India's Presidency and take them forward at the UN Summit of the Future 2024.

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BMC Gets Serious About Mumbai Air Pollution, Invites EoI For Artificial Rains

by Pabitra Mohan Senapaty

Mumbai, Dec 1: The BrihanMumbai Municipal Corporation on Friday invited expression of interest (EoI) from global companies for its planned "cloud seeding" programme intended for artificial rains to battle the severe air pollution in Mumbai.

The civic body has sought EoIs from companies, firms, and organisations having a legal status for initiating the "cloud seeding" programme using suitable technologies and with experience of similar nature in the past three years, till December 14.

The move came 10 days after Chief Minister Eknath Shinde woke up early in the morning and went on a pre-dawn review of the air pollution status and measures being taken by the BMC to control it.

At that time, he had assured that if required, the state government will go in for a "cloud seeding" programme and sign an agreement with a Dubai-based company to control air and dust pollution in Mumbai.

However, in the past few days, following unseasonal rains in parts of Mumbai and other regions of Maharashtra, the city’s Air Quality Index (AQI) has considerably improved.

Besides, after a rap from the Bombay High Court, the BMC has initiated a series of measures to control the air pollution created by thousands of private and government construction sites, vehicles and other sources of pollutants.

Civic officials indicate that the process of appointing a "cloud seeding" company is likely to be completed in the next 3-4 months, depending on various parameters as a measure to control the air pollution in Mumbai.

(IANS)

IRCTC stock recovers after Railways Ministry withdraws fee decision

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