In 100 days of Modi Govt. 2.0, Rs. 12.5 lakh crore of Investors' wealth wiped out
Investors' wealth worth Rs. 12.5 lakh crore has been wiped out in the first 100 days since the second term of Prime Minister Narendra Modi's government started on May 30. At yesterday's closing, the market capitalisation or market value of companies listed on BSE stood Rs. 1,41,15,316.39 crore as against market capitalisation of Rs. 1,53,62,936.40 crore a day before PM Modi's government came to power.
The Sensex has slumped 5.96 per cent or 2,357 points and the NSE Nifty 50 index has dropped 7.23 per cent or 858 points since May 30. Slowing economic growth, along with outflow of foreign funds and weak corporate earnings, are some of the reasons for the slump in equity markets, say analysts.
Foreign investors have been net sellers in the Indian markets. The pressure to sell increased after Finance Minister Nirmala Sitharaman introduced the super-rich tax on foreign investors in the first Budget of second NDA government, which was rolled back a month later.
Since the formation of government, foreign portfolio investors have sold shares worth Rs. 28,260.50 crore, data compiled by National Securities Depository Limited (NSDL) showed.
"The slowdown in the markets started way before the Prime Minister Modi's second term in power. The introduction of long term capital gains tax and dividend distribution tax in February 2018 budget led to the start of fall in equity market valuations and the slump in markets accelerated in the aftermath of the IL&FS crisis," AK Prabhakar, head of research at IDBI Capital, told NDTV.
"A lot of mid- and small-cap companies have corrected big and are at reasonable valuations. IL&FS crisis had a cascading effect on markets and the things are likely to recover from here on," added Mr Prabhakar.
All sector gauges compiled by National Stock Exchange except the Nifty Information Technology index have given negative returns over the last 100 days, with Nifty PSU Bank index dropping 26 per cent. Last month, the government announced mega mergers of state-run banks in which number of government-owned banks will be reduced to 12.
Metal index dropped 20 per cent in the wake of increased trade frictions between US and China. Analysts say despite the anti-dumping duty, China is selling cheap steel which is hurting the domestic metal companies.
Nifty Auto index has slumped 13.48 per cent as auto industry faces its worst slowdown in two decades. "We saw massive rise in autos in the last five years so the slowdown is also visible now. We never saw runaway sales in four wheelers. The way Maruti Suzuki has grown in the last 5 years has been amazing," Mr Prabhakar said.
courtesy: ndtv.com
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Thumbay Group begins work on Sharjah’s first private integrated psychiatric, rehabilitation hospital
Sharjah: Thumbay Group has laid the foundation stone for the Thumbay Psychiatric and Rehabilitation Hospital at Sharjah Healthcare City, a 120-bed facility that the company says will be the region’s first private, fully integrated hospital dedicated to psychiatric care, neuro-rehabilitation and addiction recovery.
The groundbreaking ceremony was led by Dr. Abdelaziz Saeed Al Mheiri, who is also a member of the Sharjah Executive Council, in the presence of Dr. Thumbay Moideen.
Spread across 110,000 square feet, the hospital is being developed to address growing demand for specialised mental health and rehabilitation services in the UAE and the wider Gulf region.
The facility will include inpatient and outpatient services in psychiatry, neuro-rehabilitation, addiction treatment, child and adolescent mental health, and care for mood and anxiety disorders. It will also feature VIP inpatient villas designed to provide privacy and support long-term recovery.
A mosque, named the Thumbay Masjid, will be constructed within the campus and will be open to the public.
The hospital is being designed to meet standards for Commission on Accreditation of Rehabilitation Facilities (CARF), an internationally recognised accreditation system for rehabilitation facilities.
Speaking at the event, Dr. Abdelaziz Saeed Al Mheiri said the project reflects Sharjah’s commitment to strengthening healthcare infrastructure in all aspects of wellbeing.
“Mental health and rehabilitation have long needed dedicated infrastructure, and we are proud to support a private partner whose vision matches the ambition of this Emirate,” he said.
Dr. Thumbay Moideen said the project was a response to a growing need for specialised mental healthcare services in the region.
“We have spent over three decades building healthcare in this region, and the one conversation that has grown louder every year is mental health. Families have been carrying this quietly for too long. This hospital is our answer. It is purpose-built, not retrofitted, and it has been designed around dignity, recovery, and outcomes that families can trust,” he said.
Construction is scheduled to begin in June 2026, and the hospital is expected to become operational by mid-2027.
Once completed, the facility will become part of Thumbay Group’s network of healthcare, education and diagnostic institutions across the UAE.
