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Gitanjali Gems stocks plunge 20% on $1.8 bn scam, PNB slips 2% (Lead)

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Mumbai, Feb 16 (IANS) Following the $1.8 billion fraud detected by the Punjab National Bank (PNB), stocks of jewellery company Gitanjali Gems on Friday plunged almost 20 per cent — hitting its lower circuit — while PNB’s shares closed over 2 per cent lower.

Stocks of Gitanjali Gems, the luxury jewellery brand promoted by the main accused Nirav Modi’s maternal uncle and business partner Mehul Choksi, plunged 19.94 per cent to close at Rs 37.55 per share.

“Price-wise, the way the stock of Gitanjali Gems has slipped and the kind of circuit that we are seeing, probably the sequence may continue for some days. From a support perspective, Rs 29-30 is a support,” Sacchitanand Uttekar, Assistant Vice-President, Research for Tradebulls, told IANS.

“But with developments in the company going off-track, how much will it hold is something that time will decide,” he added.

According to market analysts, the stock prices fall to an effective level which gives the traders the chance to reinvest in the stock and arrest the fall.

“The stocks fall to a level where the current negatives seem fully discounted, prompting traders to re-enter. The exchanges keep changing the circuit limits, which typically cushions the rise or the fall in stock prices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

The shares of PNB — the second largest public sector bank in India — started to decline after the bank detected a multi-crore fraud case in one of its branches in Mumbai on February 14, and authorities blamed billionaire diamond trader Nirav Modi for the fraud.

On a closing basis, scrips of PNB slipped by 2.10 per cent to Rs 125.65 per share, lower by Rs 2.70 from the previous close at Rs 128.35.

PNB on Wednesday told the stock exchanges through a regulatory filing that it detected fraudulent transactions at $1,771.69 million (around Rs 11,515 crore) in one of its branches in Mumbai, which is equivalent to eight times the bank’s net income of about Rs 1,320 crore ($206 million).

On the same day, the bank’s shares had plunged drastically following the news of the fraud to close lower by 9.81 per cent at the BSE. On Thursday, too, the scrips dropped by almost 12 per cent.

The fraud, which included money-laundering among other things, concerned the Firestar Diamonds group of Modi, in which the Central Bureau of Investigation (CBI) has booked Modi, his wife Ami, brother Nishal and uncle Choksi.

On Thursday, the Enforcement Directorate launched a nationwide raid on the offices, showrooms and workshops of Nirav Modi.

The CBI on Friday registered a FIR against the Gitanjali Group of companies based on a complaint registered by the PNB.

–IANS
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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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