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Cafe Coffee Day owner VG Siddhartha ends life, body found

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 Karnataka:  The body of VG Siddhartha, the owner of Café Coffee Day was found in Nethravathi river after 30 hours of extensive search which comprised of many search organizations The body was found at Nethravathi river at 6:30 in the morning and has been confirmed by Mangalore Police Station.
The 60 years old coffee baron had arrived from Bangalore in his SUV on Monday and had asked the driver to drive towards Nethravathi River. He was last seen near the bridge and is suspected to have committed suicide.

The last rituals of Siddhartha to be performed at Chikkamagaluru. His family has been informed. His body was last seen near Hoige Bazar at 6:30 in the morning today. Where the local people reported it to the police and the proceeding took place later on VG Siddhartha’s body has been shifted to Wenlock Hospital where the postmortem will be conducted.

 

Nethravati River is located on the outskirts of Mangalore which is around 350 kms from Bangalore and is close to Arabian Sea.
Siddhartha, the owner of largest coffee chain Café Coffee Day and son-in-law of former Karnataka chief minister SM Krishna went missing on Monday evening.

After the post mortem, he would be taken to Chikkamagaluru where his last rites will be performed. Following the death of Coffee Chain founder, the corporate offices of Coffee chain will remain closed. However the CCD outlets will remain open for the customers.

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Nifty, Bank Nifty gain for 5th straight week

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The NSE Nifty along with the broader market gained for the fifth week in a row and even the Bank Nifty recorded gains for the fifth straight week — surpassing the 30,000-level.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation. The overall accommodative stance of the RBI to support economic growth boosted sentiments. Nifty Auto and Metal also posted best week since June 7.

The Indian equity market touched another new high, led by gains in banking stocks after RBI`s policy outcome. Nifty rallied 125 points (+1.0 per cent) to close at 13,259 while Sensex surged 447 points higher (+1.0 per cent) at 45,080.

The broader market also ended in green with both Nifty Midcap 100 and Nifty Smallcap 100 up +0.4 per cent each. All the sectors closed in green except energy which ended with marginal loss of -0.1 per cent. Banks were the biggest gainers, up 2.1 per cent, following positive commentaries from the RBI. It was followed by FMCG, financials, metals, pharma, realty and infra which were up in the range 1-1.4 per cent.

“On the domestic side, Nifty along with the broader market gained for the fifth week in a row. Even Bank Nifty recorded gains for the fifth straight week – surpassing the 30,000-level, after the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation,” Khemka said.

Deepak Jasani, Head – Retail Research, HDFC Securities, said that Indian benchmark equity indices rallied and closed at another record high after the RBI kept rates on hold and did not announce steps to withdraw liquidity in the system. It raised the growth forecasts as well as inflation forecasts. At close, the Nifty was up 124.60 points or 0.95 per cent at 13,258.50. The Nifty rose for the fifth consecutive week, rising 2.23 per cent for the week.

Volumes on the NSE were higher than recent average. Among sectors, banks, metals, infra, realty, pharma and FMCG indices rose the most, while energy index ended in the negative.

“Nifty closed the week up for the fifth consecutive week. While the trigger of RBI policy is out of the way, markets globally now look forward to rising chances of an early US economic stimulus package. Post a good weekly close, we may see some more upside in the early part of next week,” Jasani said.

Vinod Nair, Head of Research at Geojit Financial Services, said that during the week, the markets have been testing new highs each day supported by better-than-expected GDP data, advancements in vaccine and RBI`s decision to keep its rates unchanged and maintain an accommodative stance. The banking and finance sector remained the focal point during the week due to major events like moratorium hearing, MPC meet and RBI`s curb on HDFC Bank.

The market has also witnessed a shift in investor preference to broader markets led by rally in mid and smallcap stocks.

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