Feature
Prabhu’s budget fails to muster investor confidence
Mumbai: Railway Minister Suresh Prabhu’s maiden budget on Thursday failed to muster investor confidence in the stocks of railway-related firms.
A majority of stocks associated with the railways plunged in the late afternoon trade session Thursday, after Prabhu outlined in the Lok Sabha the 2015-16 development and financial plans for one of the world’s largest railroad networks.
Stocks of companies like Texmaco Rail and Engineering, Container Corporation of India, Kalindee Rail Nirman (Engineers), Stone India, Titagarh Wagons and Cimmco were trading in the red.
However, the stocks of Hind Rectifiers, Kernex Microsystems and Transformers and Rectifiers (India) made gains during the period.
At the Bombay Stock Exchange (BSE), shares of wagon-maker Texmaco Rail and Engineering were trading down 6.03 percent (2.10 p.m.) at Rs.130.80 from the previous close of Rs.139.20.
The scrip of Container Corporation of India slipped by 2.77 percent at Rs.1,530 from the previous close of Rs.1,573.60.
Stocks of Kalindee Rail Nirman (Engineers) decreased 5.33 percent at Rs.133.30, moving down from its previous close of Rs.140.80.
The scrip of another company associated with the railways, Stone India, was trading lower by 6.48 percent at Rs.79.35 from its previous day’s close of Rs.84.85 per equity share.
Selling pressure was also observed in stocks of wagon manufacturer Titagarh Wagons. The company’s scrip declined by 4.06 percent at Rs.555.70 from its previous close of Rs.579.20.
Shares of Cimmco were down 7.19 percent at Rs.71 from its previous close of Rs.76.50.
However, healthy gains were made by Hind Rectifiers, Kernex Microsystems and Transformers and Rectifiers (India).
The stocks of Hind Rectifiers were up 1.73 percent at Rs.79.20 from the previous close of Rs.77.85.
Kernex Microsystems’s stocks fell by 2.26 percent at Rs.47.60 from its previous close of Rs.46.55 per equity share.
The scrip of Transformers and Rectifiers (India) at the BSE was up 2.14 percent at Rs.190.50 from its previous day’s close of Rs.186.50 per equity share.
Investor sentiments were subdued after Prabhu outlined various proposals to bring the public transporter’s finances in order and usher in investments for sustained development.
Various proposals related to increase in investments, erecting new rail infrastructure, rationing of energy consumption and sprucing of passenger amenities were announced by the minister.
Indian Railways, one of the largest railroad networks in the world, is suffering from lack of investments and upgradation of infrastructure to cater to the ever-growing demand of passenger and freight movement.
The minister sought to correct the investment deficit position of the railways by proposing new initiatives for generating financial resources like tying-up with pension funds and other debt-related instruments.
The markets expected the budget to bring-in fiscal stability to the railways and fund inflows for modernisation, in line with the government’s proposal for infrastructure development through the public-private partnership (PPP) model.
The State Scores Extra High on Gaming-Friendly Industry Index
Meghalaya scored 92.85 out of 100 possible points in a Gaming Industry Index and proved to be India’s most gaming-friendly state following its recent profound legislation changes over the field allowing land-based and online gaming, including games of chance, under a licensing regime.
The index by the UK India Business Council (UKIBC) uses a scale of 0 to 100 to measure the level of legalisation on gambling and betting achieved by a state based on the scores over a set of seven different games – lottery, horse racing, betting on sports, poker, rummy, casino and fantasy sports
Starting from February last year, Meghalaya became the third state in India’s northeast to legalise gambling and betting after Sikkim and Nagaland. After consultations with the UKIBC, the state proceeded with the adoption of the Meghalaya Regulation of Gaming Act, 2021 and the nullification of the Meghalaya Prevention of Gambling Act, 1970. Subsequently in December, the Meghalaya Regulation of Gaming Rules, 2021 were notified and came into force.
All for the Tourists
The move to legalise and license various forms of offline and online betting and gambling in Meghalaya is aimed at boosting tourism and creating jobs, and altogether raising taxation revenues for the northeastern state. At the same time, the opportunities to bet and gamble legally will be reserved only for tourists and visitors.
“We came out with a Gaming Act and subsequently framed the Regulation of Gaming Rules, 2021. The government will accordingly issue licenses to operate games of skill and chance, both online and offline,” said James P. K. Sangma, Meghalaya State Law and Taxation Minister speaking in the capital city of Shillong. “But the legalized gambling and gaming will only be for tourists and not residents of Meghalaya,” he continued.
To be allowed to play, tourists and people visiting the state for work or business purposes will have to prove their non-resident status by presenting appropriate documents, in a process similar to a bank KYC (Know Your Customer) procedure.
Meghalaya Reaches Out to a Vast Market
With 140 millions of people in India estimated to bet regularly on sports, and a total of 370 million desi bettors around prominent sporting events, as per data from one of the latest reports by Esse N Videri, Meghalaya is set to reach out and take a piece of a vast market.
Estimates on the financial value of India’s sports betting market, combined across all types of offline channels and online sports and cricket predictions and betting platforms, speak about amounts between $130 and $150 billion (roughly between ₹9.7 and ₹11.5 lakh crore).
Andhra Pradesh, Telangana and Delhi are shown to deliver the highest number of bettors and Meghalaya can count on substantial tourists flow from their betting circles. The sports betting communities of Karnataka, Maharashtra, Uttar Pradesh and Haryana are also not to be underestimated.
Among the sports, cricket is most popular, registering 68 percent of the total bet count analyzed by Esse N Videri. Football takes second position with 11 percent of the bets, followed by betting on FIFA at 7 percent and on eCricket at 5 percent. The last position in the Top 5 of popular sports for betting in India is taken by tennis with 3 percent of the bet count.
Local Citizens will Still have Their Teer Betting
Meghalaya residents will still be permitted to participate in teer betting over arrow-shooting results. Teer is a traditional method of gambling, somewhat similar to a lottery draw, and held under the rules of the Meghalaya Regulation of the Game of Arrow Shooting and the Sale of Teer Tickets Act, 2018.
Teer includes bettors wagering on the number of arrows that reach the target which is placed about 50 meters away from a team of 20 archers positioned in a semicircle.
The archers shoot volleys of arrows at the target for ten minutes, and players place their bets choosing a number between 0 and 99 trying to guess the last two digits of the number of arrows that successfully pierce the target.
If, for example, the number of hits is 256, anyone who has bet on 56 wins an amount eight times bigger than their wager.
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
Cheers and Cheers: Barzilla’s Joyful Ode to Inclusivity and Celebration
Casino Days Reveal Internal Data on Most Popular Smartphones
Meghalaya Reserves Legalized Gambling and Sports Betting for Tourists
IPL 20202 UPDATE: KXIP vs MI IPL Dream11 Team Prediction for Today Match, Update Point Table of all Team.
In a Live debate AAP leader Syed Asad Abbas hurls abuses to BJP spokesperson Nupur Sharma.
‘India’s Most Wanted’ trailer out Arjun Kapoor on hunt of Osama-Bin-Laden
Time to move on: Sonakshi on Shatrughan’s joining Congress
