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Sensex trades lower amid selling in banking stocks

 Indian equity indices opened in red on Wednesday following pressure in banking stocks.

At 9:55 a.m., Sensex was down 228 points or 0.28 per cent, at 80,123 and Nifty was down 58 points or 0.24 per cent, at 24,378.

Banking stocks are leading the fall. Nifty Bank is down 261 points or 0.50 per cent, at 52,307.

In the Sensex pack, M&M, SBI, Kotak Mahindra Bank, HCL Tech, TCS, JSW Steel, Axis Bank, and Reliance are the top losers. Maruti Suzuki, NTPC, Titan, Bharti Airtel, Bajaj Finance, and Tata Steel are top gainers.

The Nifty midcap 100 index is down 85 points or 0.17 per cent, at 56,976, and the Nifty smallcap 100 index is down 68 points or 0.36 per cent at 18,888.

Among the sectoral indices, FMCG, realty, energy, and infra are in the green, and Auto, IT, PSU Bank, and pharma are in the red.

Deven Mehata, Research Analyst at Choice Broking said: “Nifty has given a strong breakout above 24,400 levels and has closed at all-time high levels. Now on the lower side, 24,250-24,300 will act as a strong support.”

“Traders holding a long position should hold with a trailing stop loss of 24,250 on a closing basis. Fresh long positions should be entered on dips with the mentioned stop loss,” he added. AGENCIES

Shiprocket integrates Snowflake’s AI Data Cloud to empower 1.5 lakh Indian merchants

 Data cloud company Snowflake, on Wednesday, announced that e-commerce enablement platform Shiprocket has successfully deployed its artificial intelligence (AI) Data Cloud, which will empower 1.5 lakh Indian merchants providing faster access to data to allow businesses to make data-driven decisions quickly, gaining a competitive edge.

This will also empower Shiprocket to streamline data operations, gain real-time insights, and deliver an enhanced customer experience for its vast network of merchants.

“This strategic collaboration empowers our sellers to scale their data infrastructure seamlessly as their businesses grow,” Saahil Goel, MD & CEO of Shiprocket, said in a statement.

“The enhanced data processing capabilities and real-time insights provided by Snowflake will enable our sellers to optimise their operations more efficiently,” he added.

Leveraging Snowflake’s AI Data Cloud has significantly reduced data processing time from days to minutes. This newfound agility has allowed Shiprocket to optimise operations, improve decision-making, and ultimately deliver a seamless e-commerce experience for its seller base, the company said.

“As Shiprocket expands its operations, Snowflake’s AI Data Cloud provides a scalable, cost-effective, secure platform to support their diverse data needs to drive business value,” said Vijayant Rai, MD India, Snowflake.

Moreover, Shiprocket plans to explore advanced applications within the AI Data Cloud, like Generative AI (GenAI) and large language models (LLMs) in the future. AGENCIES

Unionised workers at Samsung declare ‘indefinite’ strike over pay raise

Unionised workers at Samsung Electronics, staging the biggest labour action in the technology giant’s 55-year history, declared an “indefinite general strike” on Wednesday, stepping up pressure over their demand for a pay raise.

After a three-day strike scheduled to come to an end on Wednesday, the National Samsung Electronics Union (NSEU), the largest labour union at the world’s largest memory chipmaker, had planned to stage another five-day strike, starting July 15.

But the union said it changed its plan to go straight to an indefinite strike as the company did not attempt to engage in any dialogue during the three-day strike, reports Yonhap news agency.

The NSEU said more than 6,000 members had expressed their intention to participate in the labour action. More than 5,000 of them were from the mainstream semiconductor division, it added.

Despite the strike, Samsung said there had been no disruptions to production during the first two days of labor action.

Since January, the two sides have held several rounds of talks but have been unable to narrow their differences over the wage increase rate, vacation system and bonuses.

The union has demanded a one-day vacation for all employees and a significant salary raise for the 855 members who did not sign the 2024 salary negotiation agreement.

The union also demanded the company offer more paid leave and provide compensation for economic losses incurred during unpaid strikes.

The NSEU reports a total membership of 31,000, accounting for approximately 24 percent of Samsung Electronics’ total workforce of about 125,000. AGENCIES

Urad prices dip on higher govt procurement, sown area shoots up amid better monsoon

 The prices of Urad have started declining in the domestic market on the back of a higher procurement of the summer crop by government agencies and the outlook for the kharif crop has improved with the increase in sown area this year due to a better monsoon, the Ministry of Consumer Affairs said on Wednesday.  

As of July 6, wholesale prices of Urad have witnessed a week-on-week decline of 3.12 per cent and 1.08 per cent in the Indore and Delhi markets respectively. In alignment with domestic prices, the landed prices of imported Urad are also on a declining trend, the ministry said in a statement.

The procurement of summer Urad under the Price Support Scheme (PSS) by NAFED and NCCF is in progress.

As of 5th July, the area sown for Urad has reached 5.37 lakh hectares, as compared to 3.67 lakh hectares for the corresponding period last year. The 90-day crop is expected to experience a healthy kharif production this year.

Ahead of the Kharif sowing season, there has been significant momentum in the pre-registration of farmers through government agencies such as NAFED and NCCF. These efforts are part of the government’s strategy to encourage farmers to shift towards pulse production during the Kharif season, aiming for self-sufficiency in this sector.

In Madhya Pradesh alone, a total of 8,487 Urad farmers have already registered through NCCF and NAFED. Meanwhile, other major producing states such as Maharashtra, Tamil Nadu and Uttar Pradesh have seen pre-registrations of 2037, 1611 and 1663 farmers respectively, indicating widespread participation in these initiatives.

These measures underscore the government’s commitment to balancing market dynamics while supporting both, farmers and consumers, the official statement added. AGENCIES

4 meter crocodile that killed Australian child shot dead

Authorities have shot dead a crocodile that killed a child in Australia’s Northern Territory (NT).

NT Police on Wednesday confirmed that the 4.2-meter saltwater crocodile that attacked a 12-year-old girl earlier in July has been located and destroyed, reports Xinhua news agency.

The girl was swimming with family in a creek near the small remote town of Palumpa more than 200 kilometres southwest of Darwin on July 2 when she disappeared.

Her remains were found on July 4 following a two-day search that involved aerial surveillance, police, park rangers and members of the local community.

Police said at the time that her injuries were consistent with a crocodile attack. It was the first lethal crocodile attack in the NT since 2018.

In a statement on Wednesday, NT Police said a 4.2-meter crocodile was shot by rangers on Sunday with the permission of local Indigenous traditional owners of the area.

The crocodile resurfaced on Tuesday, police said, when it was confirmed to be the animal that attacked the child.

“The events of last week have had a huge impact on the family and local police are continuing to provide support to everyone impacted,” NT Police Senior Sergeant Erica Gibson said in the statement.

“The family have requested privacy as they grieve,” he said.

According to the NT government, there are estimated to be over 100,000 saltwater crocodiles in the wild in the NT – more than in any other Australian state or territory. AGENCIES

Chemical explosion sparks major factory fire in Melbourne

Authorities rushed to a factory in Melbourne’s west after a large chemical explosion sparked a major fire on Wednesday.

Fire Rescue Victoria reported that crews arrived at Swann Drive at approximately 11.20 a.m. local time, responding to a “significant factory fire” in Derrimut, reports Xinhua news agency.

“Specialist appliances are on scene, including aerial appliances. A community advice warning has been issued for Albion, Braybrook, Brooklyn, Derrimut, Laverton North, Sunshine, Sunshine West, Tottenham, and Truganina,” the fire authority noted.

A “Watch and Act” alert remains in place for the impacted regions, urging residents to take shelter indoors immediately, as the wind is blowing “toxic smoke towards the East across Derrimut.”

At the current stage, additional appliances are continuously being deployed to the scene to douse the fire.

“There have been no reports of injuries and it is believed everyone inside the premises evacuated safely,” a spokesperson from Victoria Police confirmed to Xinhua.

“Traffic in the area is expected to be impacted for some time with Swann Drive closed as well as westbound traffic on the Deer Park bypass being stopped for safety,” the spokesperson added.

Located some 17 km west of Melbourne’s central business district, Derrimut is home to more than 8,000 residents, with the suburb’s Swann Drive connecting several distribution centres and warehouses. AGENCIES

Death toll rises to five as heavy rains lash South Korea (Ld)

Record torrential rainfall battered South Korea’s southern regions on Wednesday, leaving at least five people dead and disrupting train services, authorities said.

Parts of North Jeolla Province experienced record downpours starting early Wednesday morning, reports Yonhap news agency.

Gunsan, 178 kilometres south of Seoul, received 131.7 millimetres of rain within a one-hour period until 2:42 a.m. local time, marking the heaviest hourly downpour on official record nationwide.

The hourly precipitation accounts for over 10 per cent of the city’s average annual rainfall of 1,246 mm.

“It was a level of severity seen once in about 200 years,” a weather agency official said.

The nearby village of Hamna recorded 125.5 mm of rain per hour at one point, while other cities in the region experienced accumulated precipitation ranging from 104.5 mm to 255 mm between midnight and 6 a.m.

Heavy torrential rain also pounded parts of South Chungcheong Province, with Seocheon, 166 km south of Seoul, recording 111.5 mm of downpour per hour at one point in the early morning.

Heavy rain flooded a studio apartment building in Nonsan, South Chungcheong, at about 3 a.m., leaving one man dead in an inundated elevator. Rescuers retrieved the body and were trying to confirm his identity.

A house collapsed in a landslide in Seocheon around 4 a.m., and rescuers found a man in his 70s inside the house in cardiac arrest. He was moved to a hospital but pronounced dead.

Another man in his 70s died in Okcheon, North Chungcheong Province after his car plunged into a swollen stream around 5 a.m.

He was returning from inspecting his cattle shed when his car, while reversing, fell into the stream. Due to torrents, rescuers were only able to pull him out of the water nearly three hours after the plunge.

In the southern city of Daegu, a farmer in his 60s drowned to death after being sucked into a drainage system while inspecting his farming field.

In the South Chungcheong county of Geumsan, a woman in her 60s died after being found in cardiac arrest at 1:50 p.m. in her mud-filled house following a landslide.

Rescuers were also searching for another man in his 70s who went missing after the shipping container he was living in was damaged by heavy rain in Yeongdong, North Chungcheong Province.

In Wanju of North Jeolla, rescuers evacuated 18 villagers who were stranded due to a swollen stream, with some waiting on rooftops for help.

Torrential rain also led to the cancellation of 27 flights at Gimhae International Airport in the southeastern port city of Busan and delays for 36 others.

All train services on the Janghang Line in South Chungcheong Province and the Gyeongbuk Line in North Gyeongsang Province have been suspended till 6 p.m. local time.

KTX trains on the Gyeongbu Line, linking Seoul with Busan, were operating normally, although some were running slowly. Regular trains on the Seoul-Daegu section of the line have been suspended until noon.

As of Wednesday afternoon, a total of 391 reports of rain damage had been made nationwide, including flooded roads, soil runoff due to landslides and submerged bridges, according to the government.

A total of 3,568 people from 2,585 households had been evacuated due to safety reasons related to heavy rain. AGENCIES

Eight missing in Myanmar ferry accident

 Eight people, including three students, are missing after a ferry carrying 16 passengers capsized in a river in Yangon, Myanmar, an official from a rescue organisation told Xinhua on Wednesday.

The accident occurred around 8.10 a.m. local time on Wednesday when the ferry collided with a parked ship, causing it to overturn, the official said, reports Xinhua news agency.

Eight people have been rescued, while the other eight are still missing, the official said.

Rescue efforts are ongoing to locate the missing individuals, he added.

Investigations are underway. Further details are awaited. AGENCIES

Hamas’ armed wing claims killings of Israeli soldiers in Gaza

Al-Qassam Brigades, the armed wing of the Islamic Resistance Movement (Hamas), claimed that its fighters killed several Israeli soldiers in various sites in the Gaza Strip.

In a press statement released on Tuesday, al-Qassam Brigades said that its fighters targeted an Israeli force fortified inside a house in the Shuja’iyya neighbourhood with a shell and directly clashed with them face to face.

As more Israeli troops were sent to the site to evacuate the casualties, the Hamas fighters fired an anti-personnel explosive device at them, reports Xinhua news agency, citing the statement.

In the Tal al-Hawa neighbourhood in the southwest of Gaza City, Hamas fighters managed to target another Israeli force fortified inside a house with a shell, killing and wounding several Israeli soldiers, the al-Qassam Brigades said in the statement.

An Israeli soldier was directly hit by a Hamas sniper in the industrial area of the Tal al-Hawa neighbourhood, according to the statement.

Hamas fighters detonated an anti-personnel explosive device at a gathering of Israeli soldiers near the Riyadh Tower in the western Tal al-Hawa neighbourhood, causing several deaths and injuries, the statement said.

They also managed to detonate an anti-personnel explosive device near an Israeli foot patrol consisting of six soldiers in the south of the Tal al-Hawa neighbourhood, causing deaths and injuries, it added.

So far, there has been no comment on the Hamas reports from the Israeli military.

Israel has been launching a large-scale offensive against Hamas in the Gaza Strip to retaliate against a Hamas rampage through the southern Israeli border on October 7, 2023, during which about 1,200 people were killed and more than 250 were taken hostage.

The Hamas-run health authorities said the total Palestinian death toll in Gaza as of Tuesday has climbed to 38,243 since the outbreak of the Palestinian-Israeli conflict. AGENCIES

Iran busts ‘terrorist team’ at borders: Report

 The forces of Iran’s Islamic Revolution Guards Corps (IRGC) have dismantled a “terrorist team” at the country’s northwestern borders, the official news agency IRNA reported.

Members of the “counter-revolutionary terrorist team” sought to enter Iran through the northwestern borders but were ambushed and smashed early on Tuesday by the forces of the IRGC Ground Force’s Hamzeh Seyyed Al-Shohada Base in the West Azerbaijan province, the IRNA said quoting a statement of the base.

A number of the “terrorists” were killed and wounded in the armed clash with the IRGC forces, and their equipment was confiscated, reports Xinhua news agency, citing the statement.

However, the statement did not specify the terrorists’ affiliation or identity and the location of the operation.

The IRGC base also warned that any action against Iran’s security and territorial integrity would receive a decisive and firm response.

Iran’s West Azarbaijan province has borders with Iraq and Turkey. AGENCIES