Today in Politics: PM Modi to inaugurate projects worth Rs 7,000 crore in Bengal, poll-bound Bihar
According to state BJP president Dilip Jaiswal, Modi will address a public meeting at Gandhi Maidan in Motihari town, the headquarters of East Champaran district.
'That Bihar is high on the Prime Minister's agenda can be gauged from the fact that he will be visiting the state for the 53rd time since he assumed power. The state will be showered with development projects worth Rs 7,196 crore,' Jaiswal said.
He added that the projects are related to diverse sectors, including railways, national highways and roads, rural development, animal husbandry and dairy farming, and Information Technology.
'The projects relating to railways are worth Rs 5,398 crore while national highways and roads would account for another Rs 1,173 crore. IT projects, aimed at strengthening digital infrastructure, would involve a cost of Rs 63 crore,' Jaiswal said.
The BJP leader also said that at the function, the PM will disburse an amount of Rs 162 crore, through direct cash transfer, to 40,000 beneficiaries of Pradhan Mantri Gramin Awas Yojana while another 12,000 people will be handed over the keys to their new houses.
'In addition, financial assistance of Rs 400 crore will be extended to 61,500 self-help groups during the function. Bihar, which sees Modi as family, awaits the PM eagerly,' Jaiswal added.
Rahul to attend event to mark Oomen Chandy's death anniversary
Leader of the Opposition in the Lok Sabha Rahul Gandhi will attend the public meeting to mark the second death anniversary of former Kerala Chief Minister Oommen Chandy on Friday .
The state Congress leadership convened special general body and core committee meetings of the District Congress Committee (DCC) in Kottayam on Friday in preparation for the event.
Rajnath to commission INS Nistar in Vizag
The Indian Navy is set to commission its first indigenously designed Diving Support Vessel (DSV) INS Nistar at the Naval Dockyard in Visakhapatnam on Friday, in the presence of Defence Minister Rajnath Singh.
The vessel, built by Hindustan Shipyard Limited, Visakhapatnam, will be formally inducted into the Eastern Naval Command to support deep-sea diving and submarine rescue operations, the Navy said in a statement on Thursday.
– With PTI inputs
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
20 minutes ago
- Economic Times
ADQ-Sheikh Tahnoon vehicle eyes $200 mn stake in Aadhar Housing Finance
Agencies Representative Image Mumbai: An investment vehicle backed by Abu Dhabi sovereign investor ADQ and partly owned by Sheikh Tahnoon bin Zayed al-Nahyan is in advanced discussions to buy a minority stake in Blackstone-backed Aadhar Housing Finance, said people in the know. Sheikh Tahnoon is the United Arab Emirates national security adviser as well as ADQ chair. The $200-225 million investment (Rs 1,750-2,000 crore) will be made through the secondary sale of shares for a 10-12% stake in the affordable housing finance company, which held an IPO in 2024. A formal announcement is expected in the coming weeks, said the people mentioned cited above. This will follow a larger, near $2 billion (Rs 17,335 crore) capital commitment, by Blackstone along with two of its sponsors or limited partners (LPs). This will be through the transfer of most of Blackstone's existing three-fourths shareholding into a new 'continuation' vehicle, similar to what it did in Mphasis in 2021. Blackstone declined to comment about the identity of the new investor or any other details. ADQ //and Sheikh Tahnoon's office// didn't respond to queries. Over the weekend, the company made a public disclosure that Blackstone funds BCP Asia II Holdco VII Pte, Blackstone Capital Partners (CYM) IX and Blackstone Capital Partners (CYM) IX AIV-FLP have made an open offer to buy 113.5 million Aadhar shares, translating to a 25.82% stake, from public shareholders as per regulations at Rs 469.97 apiece. The open offer was triggered as Blackstone is flipping a majority share (about 64%) of its shareholding from one set of funds to two new funds of the firm at Rs 425 apiece, to ensure continuity. The value of this secondary transaction is Rs 12,000 crore ($1.4 billion). If the open offer is fully subscribed, Blackstone will pay a further Rs 5,335 crore ($620 million) in cash. JM Financial is helping with the open offer. Blackstone may have to sell some stock to comply with the ceiling of 75% non-public shareholding, if the offer is fully stake sale to the new Abu Dhabi vehicle is also expected to be at a similar Friday, Aadhar closed at Rs 496.90 for a market value of Rs 21,469.03 crore. In the past month, it has appreciated 12.11% in anticipation of a transaction. Year to date it is up 18.63% on the back of a robust performance. The company reported a 19% increase in net profit to Rs 237 crore in the first quarter ended funds, in which a private equity group sells assets from one of the funds they manage to a newer one also managed by the firm, are widely prevalent in the west. It's catching on in India with Chrys Capital and Multiples launching similar structures for some of their investments such as National Stock Exchange (NSE), Vastu Housing Finance, Quantiphi and APAC Financial Services. According to investment bank Jefferies, buyout groups have used this strategy, regarded as controversial by some analysts, to exit $ 41 billion of investments in the first six months of 2025. Such transactions hit a record 19% of all sales by the industry for the period, up 60% from a year developed markets, funds have been struggling to find external buyers or list holdings and return capital to investors. In growth markets like India, they argue that companies like Aadhar have a significant growth runway left for a fund to stay invested and ride the upside. Typically, a fund with a 10-year lifespan will have a three-to-five-year investment the IPO, even though several strategic financial groups or funds approached Blackstone to either partially or fully exit Aadhar, a transaction could not be concluded due to valuation mismatches, said people with knowledge of the matter.'Blackstone has been a committed partner to Aadhar since 2019, playing a key role over the past six years in strengthening its position as India's largest affordable housing finance company. That is what made it do an Mphasis with Aadhar too,' said an executive in the know. 'The fundamentals of the affordable housing segment remain strong giving it the confidence to stay invested and even rope in new, high-profile investors.' The industry is likely to see a five-year CAGR of 17-18%.The management and the board will stay in place. Under Blackstone's six-year ownership, Aadhar's AUM has ballooned to $3 billion, 1.2x that of its nearest than ADQ, Abu Dhabi has several sovereign investment funds, including ADIA, Mubadala and AI-focused MGX. The oil-rich emirate has been keen on betting large sums to back new vehicles as it positions itself as a hub of global capital. For example, in 2024, ADQ and Chimera Investment--part of the sprawling business empire of Sheikh Tahnoon–launched Lunate, which has emerged as one of the hottest new asset managers of the region, which has invested in close to 30 deals in one year. Lunate also owns Alterra, a $30 billion climate fund, with international groups BlackRock, TPG and Brookfield. ADQ has committed $6.5 billion to Alterra. Lunate includes Alterra in its assets under management.
Economic Times
20 minutes ago
- Economic Times
Stocks in news: IndusInd Bank, Adani Green, Kotak Bank, NTPC Green, Ola Electric
Tata Chemicals reported a sharp 68% year-on-year rise in consolidated net profit for the quarter ended June 2025, with earnings climbing to Rs 252 crore. Indian markets closed lower for the fourth consecutive week amid mixed signals. Several companies like IndusInd Bank and Adani Green remained in focus due to Q1 results. IDFC First Bank, Kotak Mahindra Bank, and SBI Cards reported profit declines. Tata Chemicals saw a significant profit increase. Alembic Pharma received US FDA approval. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Markets ended lower for the fourth straight week as caution prevailed amid mixed cues. In today's trade, shares of IndusInd Bank Adani Green , Kotak Bank, NTPC Green Ola Electric among others will be in focus due to various news developments and first quarter Adani Green , IndusInd, Waaree Energies, Adani Total Gas, Mazagon Dock, RailTelShares of BEL, Adani Green, IndusInd, Waaree Energies, Adani Total Gas, Mazagon Dock and RailTel will be in focus as the companies will announce their first quarter results. IDFC First Bank has reported a 32% YoY decline in its profit after tax (PAT) at Rs 463 crore in the first quarter of the financial year 2026. Kotak Mahindra Bank reported a 47% year-on-year decline in its consolidated net profit for the June quarter at Rs 3,282 Green signed MoU with Bihar State Power Generation Company Limited (BSPGCL) for development of Battery Energy Storage Projects and Renewable Energy Project forAlembic Pharma received US FDA Final nod for Carbamazepine Extended-Release tablets, which are indicated for use as an Electric board approved proposed variation in the objects/terms of utilisation of the IPO proceeds and extension of time limit for utilisation of Cards reported a 6% year-on-year decline in net profit for the quarter ended June 2025, coming in at Rs 556 crore. Tata Chemicals reported a sharp 68% year-on-year rise in consolidated net profit for the quarter ended June 2025, with earnings climbing to Rs 252 crore.
Deccan Herald
20 minutes ago
- Deccan Herald
Too many dampeners on market sentiments still
Last week, Nifty50 ended with a loss of 0.6% at 24,837, its fourth consecutive week of decline. Market sentiments were weighed down by earnings volatility and persistent FII outflows, with July witnessing over Rs 28,500 crore in net selling so far.
