Drone stocks light up Dalal Street, rally up to 17% amid Indo-Pak tensions
The market reaction came after a dramatic escalation in the Indo-Pak conflict.On Thursday morning, India conducted precision air strikes on nine terror hubs in Pakistan and Pakistan-occupied Kashmir, in retaliation for the Pahalgam terror attack that claimed 26 civilian lives. Pakistan retaliated with a volley of drone and missile attacks targeting military installations across Jammu and Kashmir.Officials confirmed that India used Harop suicide drones to destroy Pakistani air defence systems. India's integrated air defence network, consisting of indigenous, Russian, and Israeli-origin systems, was activated to intercept incoming threats. Defence sources claimed at least one enemy fighter jet was also brought down.advertisementAcross the Line of Control, tensions remain dangerously high. Heavy artillery fire was reported from Pakistani positions in Uri, Kupwara, and Poonch. Civilian areas in Punjab and Rajasthan experienced blackouts as sirens blared, with residents taking shelter amid fears of further strikes.The sharp rally in unmanned systems and defence stocks reflects investor confidence in India's long-term defence preparedness and self-reliance push. With India's FY26 defence budget pegged at Rs 6.81 lakh crore—Rs 1.8 lakh crore of which is marked for capital expenditure—analysts believe the government may further front-load or expand spending in response to the latest threats.Brokerages like Nuvama have long maintained a bullish stance on the sector. In a recent note, it estimated a $130 billion defence opportunity over five years, driven primarily by Air Force and Navy upgrades, including LCA Tejas, Astra missiles, AMCA jets, and advanced radar and electronic warfare systems.Tune In
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Hindustan Times
21 minutes ago
- Hindustan Times
Meghnad Desai: Who he was in his thoughts
Lord Meghnad Desai and his wife, Kishwar, were sitting in the first row when, on April 29 this year, my latest book, Echoes of Eternity: A Journey through Indian Thought from the Rigveda to the Present, was launched. Meghnad looked in fine fettle, avidly following the ensuing discussion between Nitin Gadkari, Shashi Tharoor, Shoma Choudhary, and I. After the event, Kishwar and he were very keen that my wife and I join them for a drink, but we could stay only briefly. The next day, we heard he had been admitted to hospital. One never knows in life what the next moment will bring. But Meghnad's passing on July 29 at the age of 85 brought back memories of over two decades. My wife and I were witnesses when Kishwar and he were married at the Marlborough registration office in London in 2004. After the registers were signed, I can never forget how Meghnad pulled out a small pouch from his pocket. It contained sindoor, and he took a pinch and put it in the parting of Kishwar's hair. This public acknowledgement of his cultural roots surprised me, because this was the same man who told me that when he left India at the age of 21 to do his doctorate at the University of Pennsylvania, he felt 'no special wrench, and thought to myself that at last my Indian chapter is behind me'. He taught at the University of California in Berkeley, before moving to teach at London School of Economics (LSE). I remember in February 2005, when I was posted in London as the director of The Nehru Centre, we were at their home for dinner, and in the book-lined living room, he spoke at length — while twirling his glass of red wine — about his life's journey. 'I did not see myself as an Indian,' he said. 'I married an Englishwoman. We had three children. Nor did I come across racism. I gave up my Indian passport in 1976. In fact, even before, in 1971, I had joined the Labour Party (of which he was the chairperson from 1986 to 1992). In 1995, when I was made a member of the House of Lords, I made it clear that I did not want to be a community leader or the spokesperson of the Gujaratis. I am British.' But was he? The truth is there are four things you cannot leave behind at immigration — religion, language, colour and culture. For all his denials, Meghnad was more Indian than he was willing to admit. That is why ultimately, he emotionally returned to India when he married Kishwar Ahluwalia. I've known Kishwar for much longer, before she met Meghnad. She was then working in a publishing firm, and editing his book on the iconic actor Dilip Kumar. As she laughingly admits, Meghnad fell head over heels in love with her, overwhelming her with champagne and flowers, until she accepted, even though, given the age gap, and the fact that from her previous marriage she had two children, she was initially reluctant. Marriage did not reduce Meghnad's unabashed and happy rotundity, but I seem to recall that — like some latter-day Desdemona — Lady Kishwar Desai did persuade him to slightly prune his trademark halo of white hair. They were happily married for 21 years. Over the years, through innumerable interactions, I realised that under his easy-going demeanour, Meghnad had a razor-sharp mind. As professor-emeritus at the LSE, and as Lord Desai, he contributed significantly to the public discourse both in India and Britain on economics and politics. He wrote several scholarly books, including two on Marxian economics, established the Centre for the Study of Global Governance at LSE in 1992, and was conferred the Padma Bhushan in 2008. Meghnad and Kishwar were a much-loved part of Delhi's social circle, and divided their time between London and Delhi, and Goa where they had bought a home. For me, the great thing about Meghnad was that he was a well-informed and civilised conversationalist, from whom you always learnt something. And, of course, he was a loyal friend, who will be deeply missed. My deepest condolences to Kishwar. Pavan K Varma is author, diplomat, and former Member of Parliament (Rajya Sabha). The views expressed are personal.
Hindustan Times
23 minutes ago
- Hindustan Times
Punjab: AAP MP Kang urges MEA to act on stranded Indians in Spain
Chandigarh, A Lok Sabha MP from Punjab, Malvinder Singh Kang, has written to External Affairs Minister S Jaishankar, seeking his urgent intervention to resolve the problems being faced by several Indian nationals stranded in Spain due to delays in passport renewal and re-issuance at the Indian Consulate there. Punjab: AAP MP Kang urges MEA to act on stranded Indians in Spain In the letter, Kang said routine matters such as damaged, lost, or expired passports have escalated into a "humanitarian emergency", leaving countless citizens, including many from Punjab, stranded in Spain for more than six months. These individuals, the MP from Sri Anandpur Sahib claimed, are being deprived of their fundamental right to mobility and reunion with their families. "The viral spread of poignant videos showing desperate applicants at the Consulate's doors captures their anguish and highlights the scale of suffering. "Some of those affected face grave medical conditions requiring urgent treatment, while others are battling heart-wrenching family emergencies," Kang wrote. The A MP cautioned that the persistent bottlenecks in passport processing not only inflict unbearable hardships on citizens abroad, but also undermine India's reputation as a "compassionate" and "efficient" guardian of its global diaspora. He urged the MEA to direct the Consulate in Spain to overhaul its processes, prioritise pending cases, and ensure swift passport services. "I strongly request @DrSJaishankar Ji's urgent intervention as thousands of Indians, including many from Punjab, have been stranded in Spain for the last six months due to delays in passport renewal and re-issuance at our Consulate. "Many face critical medical needs or family tragedies. A viral video captures their anguish. Swift and decisive clearance of all pending cases is essential to end their suffering, uphold their dignity, and reunite them with their families," Kang said in a post on X. He also assured the ministry of full cooperation in bridging the connections with those impacted, and providing further details as and when needed. The A MP expressed confidence that swift action by the government would ease the burden of the affected individuals, reaffirm India's commitment to responsive governance, and safeguard the dignity and well-being of its citizens abroad. This article was generated from an automated news agency feed without modifications to text.
Indian Express
23 minutes ago
- Indian Express
ED raids across two cities over reopened case against Tamil Nadu minister, DMK says bid to deflect from ‘vote chori'
Officers from the Enforcement Directorate (ED) launched simultaneous searches on Saturday at the properties of Tamil Nadu Rural Development Minister I Periyasamy, his family members, and linked premises in Dindigul and Chennai, reviving a years-old disproportionate assets case that had been dismissed but was recently reopened by the Madras High Court. About a dozen ED officials, split into three teams and backed by armed Central Reserve Police Force personnel, arrived at three residential locations in Dindigul — Durairaj Nagar, Vallalar Nagar, and Seelapadi — around 7:30 am. Local DMK cadre quickly gathered near the sites as police tightened security. The searches targeted the minister's home, as well as that of his son and Dindigul East MLA I P Senthil Kumar and his daughter Indra. In Chennai, ED teams conducted searches at Periyasamy's official bungalow on Greenways Road under heavy Central Armed Police Force protection. Officers also visited the MLAs' hostel at the Government Omandurar Estate. Periyasamy, a senior leader of the ruling DMK, his wife Suseela, and sons Senthil Kumar and Prabhu had been acquitted by a Dindigul trial court in a Rs 2.01 crore disproportionate assets case dating back to 2006–2010. The Directorate of Vigilance and Anti-Corruption alleged that the family had amassed assets in excess of their known income during his earlier tenure as minister. The acquittal was overturned in April by Justice P Velmurugan of the Madras High Court, who ordered a fresh trial. The family has appealed in the Supreme Court, with a hearing scheduled for August 18. The DMK responded sharply, framing the raids as politically motivated and timed to distract from what the party called the BJP's own electoral misconduct. 'This is an attempt to divert attention from vote chori (theft),' said DMK organisation secretary R S Bharathi, invoking a phrase used by Congress leader Rahul Gandhi to describe alleged fraud. In a formal statement, Bharathi said: 'The BJP stands exposed for indulging in electoral fraud by using the Election Commission. The country is shocked over this. To divert attention from the illegal vote chori, the Enforcement Directorate is conducting searches at premises linked to Periyasamy.' Bharathi said the DMK 'would neither fear the ED nor Modi,' and accused the BJP of weaponising state institutions: 'The BJP was using empowered and autonomous bodies as its election instruments.' While the ED has not disclosed the specific trigger for Saturday's searches, the revival of the disproportionate assets case has heightened political tensions as Periyasamy remains an influential figure in the DMK. The outcome of the Supreme Court hearing next week could determine whether the disproportionate assets case proceeds to trial again.
