I know background of kingpins: CM Kumaraswamy
‘BJP is making futile attempts to topple govt’
Bengaluru, Sept 14: “The BJP has been making futile attempts to topple the coalition government in the state. I know who are the kingpins and their background and from whom they have been collecting money for the purpose. I have all the details”, said Chief Minister H.D Kumaraswamy.
Speaking to reporters at his Home Office Krishna here on Friday, he said that a coffee planter from Sakaleshpura in Hassan district had planned to open a resort. For killing his wife and child, he was put behind the bars now. He knew about the person responsible for that crime.
He has the details about the persons who set ablaze the office where the BBMP files were kept in 2010. Who was the kingpin behind that act? Who colluded with whom to topple the government? Who made assets worth crores of rupees in gambling? They have been utilizing that money to destabilize the coalition government. He has all the details with him. Preparations were being made to take action against them.
Let the BJP people do their work. He would not worry about that. “I know how the MLAs are being lured with money. I have not kept quite. I know about the kingpins working to destabilize the government and how they have been collecting the amount”, the CM said.
“Deadlines are repeating in media to topple the government. Monday deadline was over. Now, Ganesh festival deadline was also over. Now, it may be October 2 and later, it may be Dasara festival. Later, they may fix the deadline after seeing the almanac.
The government officials have been neglecting the work assuming that the government will collapse. They should be warned. So, I have called their meetings from Monday. I will take tough decisions in future”, he said.
Neither the BJP nor Yeddyurappa want the development of the state. They have been working on how to destabilize the coalition government. Let them prepare either the resort or hut. He was ready for everything, he said.
“Some MLAs of the BJP have good old relationship with me. Earlier, I have formed the government along with them. I will not touch the Mysuru region BJP MLAs. Why should you people drag them into this issue? The list of MLAs with the media people is different and the list with us is different”, he clarified.
“Development of the state is important for me. I have to work for people. Why should I do the work the BJP people are doing? It is my responsibility to protect my government. I’ll do whatever I require to save my government”, he said.
“I am going to Belagavi tomorrow. After participating in the programme of the President, I will listen to the grievances of the people at Janata Darshan programme. All ministers including Minister Ramesh Jarkiholi are with me”, he clarified.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Sensex falls by 322 pts as Trump imposes reciprocal tariffs on 60 countries; IT shares lead losers
Mumbai, Apr 3 (PTI): Benchmark indices Sensex and Nifty closed down on Thursday due to selling in IT shares amid a global sell-off as US President Donald Trump unveiled reciprocal tariffs on about 60 countries, including India.
The 30-share BSE Sensex declined by 322.08 points or 0.42 per cent to close at 76,295.36. During the session, it plunged 809.89 points or 1.05 per cent to hit an intraday low of 75,807.55 but recovered some of the losses as pharma shares advanced.
The broader NSE Nifty fell 82.25 points or 0.35 per cent to settle at 23,250.10. The index declined by 186.55 points or 0.79 per cent to a low of 23,145.80 in early trade but later pared some losses.
President Trump, in a historic measure to counter higher duties on American products imposed globally, announced reciprocal tariffs on about 60 countries. The US imposed a 27 per cent tariff on Indian goods while imposing a 10 per cent baseline tax on imports from all countries.
"This is Liberation Day, a long-awaited moment. April 2, 2025, will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again. We are going to make it wealthy, good, and wealthy," Trump said in his remarks from the Rose Garden at the White House on Wednesday.
IT shares led the losses with TCS falling the most by 3.98 per cent. Tech Mahindra declined by 3.79 per cent, HCL Technologies by 3.71 per cent and Infosys by 3.41 per cent.
"The imposition of very high reciprocal tariffs by the US on its major trading partners, including India, will likely have large negative consequences for global and US GDP growth, global and US inflation, and the profitability of certain sectors and companies in India," Sumit Pokharna, VP-Fundamental Research, Kotak Securities said, adding that a sequential revenue decline for all large Indian IT service companies for the March'25 quarter is expected due to seasonal weakness, lower billing days, and marginal deterioration in demand.
Tata Motors, Bajaj Finance, Kotak Mahindra Bank, Mahindra & Mahindra, Bharti Airtel and Maruti Suzuki India, Tata Steel were also among the laggards.
PowerGrid, Sun Pharmaceuticals, UltraTech Cement, NTPC, Asian Paints, Nestle India, Titan, IndusInd Bank and Axis Bank were among the gainers.
"The Nifty index opened lower in response to the US tariff announcements but saw some recovery due to resilience in select heavyweight stocks. This helped trim losses in early trades, leading to a range-bound session," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
In broader markets, the BSE smallcap gauge rose by 0.76 per cent and the midcap index went up 0.31 per cent.
Market breadth was positive as 2,809 stocks advanced while 1,175 declined and 139 remained unchanged on the BSE.
"The domestic market initially showed signs of recovery but ended with modest losses after the announcement of a relatively lower... tariff on US imports. The IT and auto sectors experienced selling pressure due to US slowdown concerns and disruptions in the supply chain," Vinod Nair, Head of Research, Geojit Investments, said.
Nair further, said pharmaceutical stocks benefited from being exempt from the tariffs. Nonetheless, robust domestic macroeconomic data and lower crude oil prices aided the broader market performance.
Although the tariff presents short-term challenges, India's economic resilience and bilateral trade agreement may help mitigate the overall impact, he added.
According to Choice Wealth' Vice President Nikunj Saraf, the US tariff on Indian exports introduces near-term economic headwinds, affecting key industries like automobiles, textiles, and gems & jewellery.
While India's trade surplus with the US is significant, prolonged tariffs may force us to explore alternative economic partnerships to safeguard growth.
If these duties persist and impact our economy, a strategic shift toward newer markets and domestic resilience will be imperative. The focus now must be on strong trade negotiations and proactive policy measures to mitigate risks, Saraf said.
Among the sectoral indices, Focussed IT plunged the most by 4.13 per cent, IT (3.78 per cent), Teck (2.85 per cent), Auto (1.14 per cent), Metal (0.99 per cent), Oil & Gas (0.59 per cent), Consumer Discretionary (0.24 per cent) and Energy (0.38 per cent).
On the other hand, Utilities, Power, Healthcare, Telecommunication, Consumer Durables, Services, and FMCG were among the gainers.
Despite, market ended in the red territory, the market capitalisation of BSE-listed firms rose by Rs 35,170.32 crore to Rs 4,13,33,265.92 (USD 4.83 trillion).
In Asian markets, Tokyo's Nikkei plunged the most by nearly 3 per cent, followed by Hong Kong (1.52 per cent), Seoul's KOSPI (0.76 per cent) and Shanghai (0.24 per cent).
European markets were trading lower in the mid-session deals. Wall Street ended higher on Wednesday.
Global oil benchmark Brent crude declined 3.68 per cent to USD 72.19 a barrel.
Meanwhile, foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,538.88 crore on Wednesday, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 2,808.83 crore on a net basis.
On Wednesday, the 30-share BSE Sensex rebounded 592.93 points to settle at 76,617.44, and the NSE Nifty climbed 166.65 points to settle at 23,332.35.
