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New Delhi, <keyword id="667116" type="General" weightage="20" keywordseo="Ircon-International" source="Orion">Ircon International</keyword> Ltd, a navratna public sector enterprise and a leading turnkey construction company, on Thursday reported a 44 per cent rise in consolidated Profit After Tax (PAT) of Rs 250.8 crore in the September quarter. The company had posted a consolidated PAT of Rs 174.2 crore in the year-ago period, Ircon International said in a filing to the BSE. The company said its consolidated total income increased to Rs 3,136.3 crore in the second quarter of the ongoing fiscal from Rs 2,305.9 crore in the same quarter last year. The total order book of the company stood at Rs 32,152 crore as on September 30, it said. IRCON is engaged in the railways and highways sectors and comes under the Ministry of Railways.

Multibagger stock: Ircon International PAT rises 44% to Rs 251 crore in Q2

Here are stocks at new 52-week highs as broader market volatility settles

The key Indian equity indices continued its recent bear run on Thursday with a gap-down opening. <keyword id="53232" type="COMPANY" weightage="20" keywordseo="BSE-sensex">BSE Sensex</keyword> plunged 575 points and the Nifty50 fell below the psychological mark of 11,000. Domestic indices were weighed down by a sell-off in the <keyword id="35189" type="COMPANY" weightage="20" keywordseo="asian-markets">Asian markets</keyword>. The sell-off in the Indian market was led by auto, consumer durables, metal and finance stocks. Around 10.10 a.m., Sensex was trading at 37,092.84, lower by 575.58 points or 1.53 per cent from its previous close of 37,668.42. It opened at 37,282.18 and has so far touched an intra-day high of 37,304.26 and a low of 37,058.79 The Nifty50 on the National Stock Exchange was trading at 10,961.65, lower by 170.20 points or 1.53 per cent from the previous close. Manish Hathiramani, technical analyst with <keyword id="1693325" type="COMPANY" weightage="20" keywordseo="Deen-Dayal-Investments">Deen Dayal Investments</keyword> said: "The index continues to remain weak and any rally up can be used to short this market. 10,900-10,950 is a support range for the market so traders can book profits at the current juncture and use any opportunity to short the October series futures contract at higher levels for a target of 10,750. The resistance on the upside is at 11,300." SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/top-stock-movers-ril-future-retail-ircon-international-dr-reddys-lab-ongc-hdfc-and-more/articleshow/78288918.cms" data-type="tilCustomLink"> Top stock movers — RIL, Future Retail, Ircon International, Dr Reddy's Lab, ONGC, HDFC and more</a> <a href="https://www.businessinsider.in/india/news/massive-fire-at-hazira-based-gas-processing-plant-ongc-in-surat-updates/articleshow/78287631.cms" data-type="tilCustomLink">Massive fire at ONGC’s Surat plant, no casualties reported</a>

Sensex tanks nearly 600 points, Nifty dips below 11,000 led by finance and auto stocks

<ul><li>The 30-share BSE index was trading 1.52% lower; while the Nifty50 cracked 150 points at 10:05 am. </li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex tumbled over 500 points on Tuesday, led by massive sell-off in global stocks amid heavy foreign fund outflow. The 30-share BSE index was trading 1.52% lower; while the Nifty50 cracked 150 points at 10:05 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infratel </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr. Reddy's Laboratories </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Zee Entertainment Limited </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">- </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr></tbody></table>*as of September 24, 10:00 am RIL and Future Retail trade in red RIL shares down 1%, while Future Retail lost 5% as the Competition Commission of India (CCI) will examine the online and offline aspects of the Reliance-Future Group deal – separately and together – to ascertain their effect on competition, according to <a href="https://economictimes.indiatimes.com/industry/services/retail/competition-commission-reviewing-both-online-offline-aspects-of-reliance-future-deal/articleshow/78280366.cms?from=mdr">reports</a>. RIL’s retail arm sought the CCI approval for its ₹24,713 crore acquisition of the online and offline businesses of Future Retail. Ircon International shares gains 2% The shares of Ircon International surged 2% in an otherwise weak market after it secured contracts worth over ₹400 crore from the Ministry of Railways. The contracts pertain to works of nine roads over bridges. Dr Reddy's Lab shares up 1% The shares of Dr Reddy's Labs were trading 1% higher after the company received US Food and Drug Administration nod for its hyperparathyroidism drug, Cinacalcet Tablet. HDFC Limited shares down 1% The shares of Housing Development Finance Corporation was down 1% after the company said it is looking to raise up to ₹5,000 crore by issuing bonds on a private placement basis. ONGC shares down 2% The shares of state-owned Oil and Natural Gas company was down 2% after a massive fire broke out in its Surat-based <a href="https://www.businessinsider.in/india/news/massive-fire-at-hazira-based-gas-processing-plant-ongc-in-surat-updates/articleshow/78287631.cms">Hazira gas processing </a>plant in the early hours of Thursday. The reason and the damage due to the fire at ONGC plant are yet to be ascertained. Tata Motors DVR shares up 2% The shares of Tata Motors DVR 'A' Ordinary were up 2% after the parent company Tata Sons bought 37.63 lakh shares in the company at ₹59.83 per share on the NSE. Future Consumer shares down 4% Kishore Biyani owned Future Consumer shares shed 4% value during the early trade hours after the promoter entity Future Capital Investment invoked 36.6 lakh pledged equity shares of Future Consumer. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/yes-bank-is-hiring-again-for-the-coming-year-after-workforce-shrinks-by-1000-since-march/articleshow/78287419.cms" data-type="tilCustomLink">EXCLUSIVE: YES Bank's workforce shrank by 1,000 employees since March but now it's hiring again for the coming year</a> <a href="https://www.businessinsider.in/business/ecommerce/news/online-grocery-market-is-booming-huls-shikhar-app-now-gets-double-the-orders-big-baskets-rakes-in-thrice-the-volume/articleshow/78288794.cms" data-type="tilCustomLink">Online grocery market is booming – HUL's Shikhar app now gets double the orders, Big Baskets rakes in thrice the volume</a>

Top stock movers — RIL, Future Retail, Ircon International, Dr Reddy's Lab, ONGC, HDFC and more

New Delhi, Feb 11 () Ircon International Ltd, a leading turnkey construction company, on Tuesday reported 52.5 per cent rise in consolidated net profit to Rs 142.43 crore for the quarter ended December 31.The company had posted consolidated of Rs 93.39 crore in the year-ago period, Ircon International said in a BSE filing.However, the consolidated income of the company during October- December period declined to Rs 1,247.10 crore compared to Rs 1,264.35 crore in the year-ago period. SID NAM BALBAL

Ircon International Q3 net profit rises 53 pc to Rs 142 cr

India has finally signed the much-awaited pact that would allow it to develop the strategic <keyword id="190285" type="UNKNOWN" weightage="100" keywordseo="Chabahar-port">Chabahar port</keyword>, which is considered to be a major breakthrough for India's trade with West Asia. Here is everything you need to know about it: 
 
1) About Chabahar 
 
The port of Chabahar, located in southeastern Iran in the Gulf of Oman, is the only Iranian port that has a direct access to the ocean. 
 
2) About the pact 
 
As per the pact, India will develop the Chabahar port and then operate it under India Ports Global, a recently formed port project investment arm of the shipping ministry, a joint venture between the Jawaharlal Nehru Port Trust and the Kandla port. $85 Million is expected to be invested in developing the two container berths that would be 640 metres long and three multi-cargo berths. 
The 10-year contract is extendable, and after 18 months, phase one of the port construction is supposed to be completed. India won’t have to guarantee any cargo for the port in the first two years, after which it will facilitate 30,000 TEUs (Twenty Foot Equivalent) of cargo at the port, a quantum that will rise to 2,50,000 TEUs by the 10th year. 
 
Also, state-run railway body IRCON International will set up a railway line at Chabahar so that goods can be moved right up to Afghanistan via the 500-km rail link between Chabahar and Zahedan that will also link Delhi to the rest of Iran's railway network. 
 
3) About its importance 
 
The port will allow India to circumvent Pakistan while transporting goods to Afghanistan via a sea-land route, which at present isn’t possible because of Pakistan’s concerns about India’s dominance. 
 Also, the <keyword id="3375131" type="UNKNOWN" weightage="100" keywordseo="International-North-South-Transport-Corridor">International North-South Transport Corridor</keyword>, of which both are initial signatories along with Russia, will also pick momentum because of this pact. The objective of this corridor is to increase trade connectivity between major cities of these countries, like Mumbai, Moscow, Tehran, Baku, and Astrakhan. 
 
<a href="https://www.facebook.com/narendramodi/photos/a.10150164299700165.421791.177526890164/10157045416880165/?type=3&amp;theater">Image source</a>

Here is how India will gain from the strategic pact for developing Chabahar Port

New Delhi, Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget. Shares of IRCON International rallied 3.26 per cent, Texmaco Rail &amp; Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and <keyword id="20241377" type="General" weightage="20" keywordseo="rail-vikas-nigam" source="keywords">Rail Vikas Nigam</keyword> advanced 1.52 per cent on the <keyword id="19895774" type="General" weightage="20" keywordseo="bse" source="keywords">BSE</keyword>. The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and <keyword id="20328612" type="General" weightage="20" keywordseo="titagarh-rail-systems" source="keywords">Titagarh Rail Systems</keyword> (0.71 per cent). "In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains," <keyword id="20412017" type="General" weightage="20" keywordseo="suman-bannerjee" source="keywords">Suman Bannerjee</keyword>, CIO of Paris-based hedge fund Hedonova, said. In the equity market, the 30-share BSE Sensex rose 118.59 points to 71,870.70 points and the Nifty quoted 68.20 points up at 21,789.90 points. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> will present the interim Budget at 11 am in the Parliament.

Rail stocks trade higher ahead of the Interim Budget

<ul><li><keyword id="153053" type="General" weightage="20" keywordseo="irfc" source="Orion">IRFC</keyword>’s marketcap has run up 3x since its listing to touch ₹1 lakh crore.</li><li>It’s a dedicated funding arm of the Indian Railways which mobilises funds from domestic as well as overseas capital markets.</li><li>The company can directly gain from Indian Railways’ spending plan, say analysts. </li></ul>Public sector company Indian Railway Finance Corporation (IRFC), the dedicated funding arm of the Indian Railways, has become a multibagger in just one year. The multibagger stock has given a whopping 217% return in this period and has skyrocketed so much that its market capitalisation touched ₹1 lakh crore on Friday. The company has seen a dramatic turnaround in valuation ever since it made its market debut in January 2021, at a<a href="https://economictimes.indiatimes.com/markets/stocks/news/irfc-lists-at-4-discount-over-issue-price-of-rs-26/articleshow/80555540.cms?from=mdr"> 4% discount to issue price</a> and a marketcap of ₹32,000 crore. Apart from being the primary market borrowing arm of the Indian Railways, it also has a mandate to finance projects, which have a backward and forward linkage with railways, the company said in its annual report. For the quarter ending June 30, 2023, its interest income stood at ₹2,131 crore, which rose 25% from ₹1,698 crore in the same quarter last year. Its net profit however went down by 6% during the same period to ₹1,556 crore in the first quarter. Its improving fortunes are linked to the massive budget outlay of the Indian Railways which has provided its allied companies like Rail Vikas Nigam (RVNL) and Ircon International with multibagger returns as well. According to analysts, IRFC can also directly gain from Railways’ planned expansion. “If we look into the Ministry of Railways update it says it had spent ₹78,670 crore— 33% of Gross Budgetary Support (GBS) outlay of ₹2.4 lakh crore for the financial year 2023-24. In this budgetary spending plan IRFC will play a pivotal role as it is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas capital markets,” Prashanth Tapse, research analyst and Sr VP of research at Mehta Equities told Business Insider India. The railways sector is set to flourish at an impressive compound annual growth rate (CAGR) of 7.5% between 2022 and 2027, say analysts. “Considering the industry rationale, we continue to remain optimistic on the sector for medium to long term growth prospects. We continue to advise investors to book profits gradually at higher levels,” Tapse said. While a lot of railway stocks have been gaining the last one year, IRFC has outdone most others, and analysts believe its staggering run up is a good opportunity to book profits.

After a 200% run up, this railway stock’s mcap has hit ₹1 lakh crore

<ul><li>The offer for sale has opened for non-retail investors today. </li><li>The government is planning to sell up to 20% stake in the company. </li><li>The floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. </li></ul>The shares of <keyword id="3219311" type="COMPANY" weightage="20" keywordseo="Indian-Railway-Catering-and-Tourism-Corp">Indian Railway Catering and Tourism Corp</keyword> (IRCTC) plunged over 8% in morning trade as the two-day offer for sale (OFS) gets underway. The government is planning to sell up to 20% stake in the company. The OFS has opened for non-retail investors today. Floor price has been set at ₹1367, which is at a 16% discount to the last closing price on December 9. <div type="image" title="ITC Share price (1)" msid="79656890" hostid="261"></div> The promoter proposes to sell up to 2,40,00,000 equity shares of IRCTC, representing up to 15% stake, with an option to additionally sell 80,00,000 shares, representing 5% of the total issued and paid up equity share capital, the company said in a regulatory filing. "Offer for Sale in IRCTC opens tomorrow for Non Retail investors. Day 2 for retail investors. Govt. would divest 15 per cent equity with a 5 per cent green shoe option," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said in a tweet. Shares of IRCTC on Wednesday closed at Rs 1,618.05 apiece on the BSE, down 1.55 per cent from its previous close. In all, the promoter Government of India will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis. <keyword id="9901399" type="UNKNOWN" weightage="20" keywordseo="IRCTC-ofs">IRCTC OFS</keyword> will help the government inch forward in meeting the Rs 2.10 lakh crore disinvestment target. Of this, Rs 1.20 lakh crore will come from disinvestment of public sector undertakings and another Rs 90,000 crore from stake sale in financial institutions. The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, the government has to lower its stake in the company to 75 per cent. IRCTC, the only entity authorised by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India, was listed on the stock exchanges in October 2019. The company had raised Rs 645 crore through the IPO. The Union Cabinet had in April 2017 approved listing of five railway companies. While four of them -- IRCON International Ltd, RITES Ltd, <keyword id="185930" type="COMPANY" weightage="20" keywordseo="Rail-Vikas-Nigam-Ltd">Rail Vikas Nigam Ltd</keyword> and IRTC -- have already been listed, IRFC is likely to be put on the block this fiscal. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/facebook-hit-with-2-massive-antitrust-lawsuits-from-the-ftc-and-46-states-seeking-to-spin-off-instagram-and-whatsapp/articleshow/79652195.cms" data-type="tilCustomLink">Facebook hit with 2 massive antitrust lawsuits from the FTC and 46 states seeking to spin off Instagram and WhatsApp</a> <a href="https://www.businessinsider.in/stock-market/news/airbnb-prices-ipo-at-68-per-share-will-raise-3-5-billion/articleshow/79653812.cms" data-type="tilCustomLink">Airbnb prices IPO at $68 per share, will raise $3.5 billion</a>

IRCTC tumbles 8% as government's 20% stake sale through OFS begins

<keyword id="108191" type="COMPANY" weightage="20" keywordseo="Indian-Railway-Finance-Corporation">Indian Railway Finance Corporation</keyword> (<keyword id="153053" type="COMPANY" weightage="20" keywordseo="IRFC">IRFC</keyword>) initial public offering of about Rs 4,600 crore may hit the markets later this month, a first by a non-banking financial company (NBFC) in the public sector. "In all probability it (IPO) will be by the third week but, if the market is not okay then we can go to the first or second week of January also," Amitabh Banerjee, Chairman and Managing Director, IRFC, told here. The company, the dedicated financing arm of <keyword id="1204894" type="LOCATION" weightage="20" keywordseo="The-Indian-railways">the Indian Railways</keyword>, will be going for the anchor investment also. "The government is planning to have anchor investors in place for this IPO," he added. In January 2020, IRFC filed draft papers for its IPO. According to market sources, the IPO is likely to be worth around Rs 4,600 crore. On reasons for bringing the anchor portion, the CMD added that it is a confident market and the anchor investors would be assured of the fact that they will be able to get the desired proportion of issuance without regular bidding. "They will be able to get the amount that they want to invest in IRFC without going for the bidding route. Also, it will give a lot of confidence to other investors in the market who are sitting on the fence," he said. The issue is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and offer for sale of up to 59.40 crore shares by the government, according to the draft prospectus. "We are the first NBFC in the PSU sector that is going public for the first time and we shall be paving the way for others," he added. On plans to utilise the funds mopped up from the offer, he added that 10 per cent of the issuance will go to the company's balance sheet and that will increase its net worth and this the firm will be using for raising more money from the market. He further said that this will add to the company's capability to explore the market further and garner more funds from the market which is the order of the day because the government is in need of funds for its capex expansion outlay requirements. "Therefore 10 per cent will come to my balance sheet and 5 per cent will go to the government of India's exchequer," he added. Banerjee said the prospect for having a good IPO is "very much bright". "Everyone (domestic and foreign investors) has a lot of interest in this particular issue. We are extremely hopeful that it will hit the market with a bang," he said. Banerjee said COVID-19 has now come as a "blessing in disguise for us" as the market is flushed with funds and investors are looking to invest in safe havens. "Indian Railway Finance Corporation happens to be one of the safest havens as far as investors are concerned," he added. Banerjee is hopeful that the IPO will be one of the landmark issuances of the fiscal. "I hope that it will be one of the landmark issuances in this fiscal which augurs well for the other issuances that are coming forward for the government of India in this fiscal," the CMD said. The book running lead managers to the issue are DAM Capital Advisors, HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets. Asked about the purpose of this IPO, he said, one of the purposes is to unlock the value that the company has built over so many years of its existence. "We have already traversed a period of 34 years since its inception in 1986. So, it will unlock the value of the company, it will bring in better corporate governance norms in the organisation which is extremely necessary in any public sector company. That will bring in more transparency in the working of the company," he said. The company's principal business is to borrow funds from the financial markets to finance acquisition/creation of assets which are then leased out to the <keyword id="6355455" type="COMPANY" weightage="20" keywordseo="indian-railways">Indian Railways</keyword>. The Union Cabinet had in April 2017 approved listing of five railway companies. Four of them -- IRCON International Ltd, RITES Ltd, <keyword id="185930" type="COMPANY" weightage="20" keywordseo="Rail-Vikas-Nigam-Ltd">Rail Vikas Nigam Ltd</keyword> and Indian Railway Catering and Tourism Corp -- have already been listed. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/oxford-covid-19-vaccine-serum-institute-seeks-emergency-use-nod-for-covishield-vaccine-in-india/articleshow/79600349.cms" data-type="tilCustomLink">Oxford COVID-19 vaccine: Serum Institute seeks emergency use nod for Covishield vaccine in India</a> <a href="https://www.businessinsider.in/india/news/section-144-extended-across-noida-and-greater-noida-till-january-2/articleshow/79600323.cms" data-type="tilCustomLink">Section 144 extended across Noida and Greater Noida till January 2</a>

Indian Railway Finance Corporation ₹4,600 crore IPO may hit markets this month

New Delhi, May 6 () The Delhi High Court has refused to direct shutting down of Public Sector Undertakings and enterprises which are functioning during the lockdown to contain the spread of COVID-19, saying the issue is within the realm of executive discretion and judiciary cannot formulate governmental policA bench of Chief Justice D N Patel and Justice C Hari Shankar said a bare reading of the Guidelines governing the lockdown, which are issued from time to time, make it apparent that the decision regarding the precise extent to which lockdown should be imposed is one with which interference, at the hands of the judiciary, must be reduced to a bare minimum.The court dismisses a petition by an advocate seeking direction to the authorities to strictly impose COVID-19 related statutory orders and guidelines and to close the Public Sector Undertakings (PSU) and Public Enterprises which are opened during the lockdown and are dealing in non-essential goods and services."We reiterate that, in our view, any hyper-legalistic interpretation of the various clauses in the Guidelines issued by the Central Government to tide over the COVID-19 crisis, would be fundamentally misconceived. What is required, in these circumstances, is a purposive and realistic, rather than a legalistic, understanding of the Guidelines, and, thus viewed, we do not find that the writ petition makes out any case of infraction therewith," the bench said.The petition, by advocate Anil Kumar Aggarwal, had mentioned some of the PSUs /public enterprises like Steel Authority of India Ltd (SAIL), National Buildings Construction Corporation (India) Ltd (NBCC), Engineers India Ltd (EIL), Indian Railways Construction International Ltd (IRCON) and the Rail India Technical and Economic Service (RITES), and alleged that they have breached the April 15 order of the ministry of Home Affairs.It had also sought initiation of criminal proceedings against the heads of such public enterprises/government companies, which had opened up, for having allegedly breached the lockdown.The court, in its 22-page order passed on May 1 and made available on Wednesday, said the continued lockdown, though unavoidable, has inevitably resulted in a certain degree of upheaval in the industrial and economic demographics of the country."It is obviously with a view to strike a balance between the necessity of minimal social interaction, on the one hand, and deleterious – and, if left unchecked, possibly catastrophic – fiscal and industrial consequences, on the other, that the executive administration has taken a decision, vide the Guidelines dated April 15, to allow certain enterprises to function," the bench said.It said it cannot be ignored that the PSUs, specifically named in the petition, and other industrial undertakings are engaged in production of goods and services which seriously and substantially impact the lives of the citizens.The bench said it is not for the court to pronounce on the services which may be treated as 'essential' or 'non-essential' and even in the exercise of the power of judicial review, vested in the court, it is not permissible for them to rewrite the Guidelines issued by the MHA.The court termed the prayers in the petition as "fundamentally misconceived" and said the issues such as the extent to which the lockdown be relaxed, whether socialisation should be limited only to enterprises rendering 'essential' goods or services or should extend to all enterprises are all within the realm of executive discretion."It is not for us to pronounce thereupon. We do not formulate governmental policy. Judicial interference, with the exercise of executive discretion, in such cases, has necessarily to be circumspect, and may justifiably be said to be invited only where the decision, resulting from such exercise, suffers from absurdity, or manifest perversity. Courts cannot sit in appeal over the executive policy, in such matters; least of all in a situation of crisis, such as that with which the administration is grappling at present," the bench said.The court said the reliance placed by the petitioner on the guidelines issued by the MHA on March 24 are of no substance and those guidelines have been superseded by April 15 guidelines and any reliance on the former norms would be "misconceived". SKV HMP RKS RKSRKS

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