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Imagine a real-life treasure hunt that took the tax department by storm! Buckle up, because in a plot twist straight out of a Bollywood blockbuster, the Income Tax department in India just unveiled a jackpot of epic proportions. They've stealthily seized a whopping ₹102 crore worth of cash, shimmering gold, dazzling diamonds, and even a collection of 30 extravagant timepieces.

The twist? They're not spilling the beans on the identities of the high-rolling treasure owners. Join us on this thrilling adventure as we delve into the clandestine world of government contractors, real estate magnates, and their associates, all in the quest to uncover the secrets behind this jaw-dropping haul.

Important News of the Day

1. Tax department seizes cash, jwellery worth ₹102 crore from various premises

The Income Tax department in India conducted a search operation and seized cash and jwellery worth ₹102 crore from the premises of certain government contractors, real estate developers, and their associates in the states of Karnataka, Andhra Pradesh, Telangana, and New Delhi. The seized items include ₹94 crore in cash, gold and diamond jwellery worth ₹8 crore, and 30 luxury watches. The department has not disclosed the names of the individuals or entities involved in the search operation.

2. Govt likely to impose stock limit of sugar trade

The Indian government is considering imposing stock limits on the sugar trade if all entities don't disclose their inventories by October 17, according to a report by Business Standard. This move is aimed at maintaining consistent sugar prices. India is expected to ban mills from exporting sugar in the next season beginning October, halting shipments for the first time in seven years, as a lack of rain has cut cane yields. The government has already restricted sugar export and has strictly asked all sugar mills to focus on fulfilling local sugar requirements and produce ethanol from surplus sugarcane.

3. Delhi excise policy case: CBI, ED tells Supreme Court contemplating making AAP accused

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have told the Supreme Court that they are contemplating making the Aam Aadmi Party (AAP) an accused in the Delhi excise policy cases. The agencies are considering invoking legal provisions on ‘vicarious liability’ and section 70 of the Prevention of Money Laundering Act (PMLA) .Senior AAP leader and Rajya Sabha MP Sanjay Singh has also been arrested in connection with the excise policy cases and is currently in jail.

4. DS Group to bid for Great India Place mall in Noida

DS Group, the makers of Rajnigandha pan masala and Catch spices, is looking to acquire the Great India Place (GIP) Mall in Noida for around ₹2,000 crore, according to two people aware of the development. The bid is a strategic move to expand into the premium retail and hospitality sectors. If the deal goes through, it would be one of the biggest in Noida's real estate sector.

5. Worldwide MDB climate finance reaches nearly $100 billion

Multilateral development banks (MDBs) have raised nearly $100 billion in climate finance for mitigation and adaptation efforts in 2022, up from $82 billion in 2021.The total climate finance raised by MDBs is up from $81.8 billion raised in 2021.The climate finance available for low and middle-income countries increased from $50.7 billion in 2021.However, the Joint Report on Multilateral Development Banks’ Climate Finance shows that around $67.82 billion of the total was provided as investment loans and only around $6.84 billion was in grants. With the record 2022 climate finance volumes, MDBs are surpassing for the second year in a row the 2025 climate finance targets they set themselves at the UN Secretary General’s Climate Action Summit in 2019.

Stock Market Update 📈

1. Bajaj Finance acquires 26% stake in Pennant Technologies for ₹267.50 crore

   Bajaj Finance, a leading Indian financial services company, has purchased a 26% ownership stake in Pennant Technologies for INR 267.50 crore. This strategic investment allows Bajaj Finance to strengthen its technology capabilities and expand its digital offerings. Pennant Technologies is a software solutions provider, and this acquisition is expected to enhance Bajaj Finance's digital transformation and customer service initiatives.

2. Dorf-Ketal nears Aquapharm deal, looks to raise ₹3,800 cr

   Dorf-Ketal, a chemical company, is reportedly close to finalizing a deal with Aquapharm Chemicals to acquire the company. As part of this acquisition, Dorf-Ketal aims to raise ₹3,800 crore in funding. This strategic move suggests that Dorf-Ketal is expanding its presence in the chemical industry and is seeking significant capital to support its growth and business objectives.

3. Grasim Ind plans ₹4,000 cr rights issue to fund capex

   Grasim Industries, an Indian conglomerate, intends to raise ₹4,000 crore through a rights issue to finance its capital expenditure (capex) projects. This means that Grasim will offer existing shareholders the opportunity to purchase additional shares at a specified price, enabling them to contribute funds for the company's expansion and investment plans. The move aims to strengthen the company's financial position and support its growth initiatives.

4. J Kumar Infraprojects bags Rs 509 crore project in Lucknow

   J Kumar Infraprojects, a construction company, has secured a project worth Rs 509 crore in Lucknow. The project likely involves infrastructure development, such as road construction, bridges, or related work in the city. This significant contract will contribute to the city's infrastructure development and economic growth.

5. Jio Financial set to launch suite of loan products in billionaire Mukesh Ambani's finance push

   Jio Financial, a subsidiary of Reliance Industries led by billionaire Mukesh Ambani, is preparing to introduce a range of loan products as part of its expansion into the financial services sector. This move signifies Ambani's ambition to further diversify his conglomerate's offerings, with the aim of providing financial solutions to a broader customer base.

Breaking News: The Scoop You Can't Miss!

1. Mumbai crime branch recovers drug worth ₹16 crore from a drug syndicate

The Mumbai Crime Branch has busted a drug syndicate in Solapur and recovered drugs worth Rs 16 crore. The police seized a total of 8 kg of MD drugs from the arrested people. Two people were arrested in connection with the case. The drug syndicate was operating out of a factory in Solapur. The police have been cracking down on drug peddlers and syndicates in Mumbai and its surrounding areas. In August, the Mumbai Crime Branch had busted another drug syndicate and recovered narcotics worth more than Rs 2 crores.

2. Global maritime summit: Modi to unveil blueprint for blue economy

Indian Prime Minister Narendra Modi virtually inaugurated the third edition of the Global Maritime India Summit 2023 on October 17th. During the summit, he unveiled the "Amrit Kaal Vision 2047," a 25-year blueprint for the Indian maritime blue economy. The blueprint outlines strategic initiatives aimed at enhancing port facilities, promoting sustainable practices, and facilitating international collaboration. The summit serves as a platform to discuss and promote the maritime sector in India and to attract investment in the sector.

3. EAM Jaishankar meets Vietnam’s top leadership, discusses cooperation in key sectors

External Affairs Minister S Jaishankar met with Vietnam's top leadership, including Prime Minister Pham Minh Chinh and Foreign Minister Bui Thanh Son, to discuss ways to boost bilateral cooperation in key sectors. The two countries are co-chairing the 18th meeting of the India-Vietnam Joint Commission on economic, trade, scientific, and technological cooperation. The discussions focused on enhancing cooperation in areas such as defense, energy, and trade. Dr. Jaishankar is on a four-day official visit to Vietnam and Singapore. He is scheduled to visit Vietnam's economic hub, Ho Chi Minh City, before leaving for Singapore.

4. Tamil Nadu doctor, broker arrested for trafficking of newborns, health minister

A government doctor and a broker have been arrested in Namakkal district, Tamil Nadu, for selling seven newborn babies across the state to childless couples from those who had more than two children. The doctor, A Anuradha, and the broker, T Logammbal, were arrested on Sunday night based on a complaint lodged by a couple who had their third baby girl on October 12. The couple previously had two daughters. The police have booked the doctor and the broker under IPC 120 for criminal conspiracy to conduct an offense, IPC 370 for trafficking of minors, and other relevant sections of the law. The investigation is ongoing.

5. Under-construction flyover on Mumbai-Goa highway collapses in Chiplun

An under-construction flyover on the Mumbai-Goa highway collapsed in Maharashtra's Chiplun. The incident was captured on video and shows the flyover collapsing onto the road below, damaging several vehicles. According to reports, at least 10 people were injured in the incident and have been taken to the hospital for treatment. The cause of the collapse is not yet known, and an investigation has been launched. The incident highlights the need for proper safety measures and quality control in construction projects to prevent such accidents from occurring in the future.

World News 🌎

• Donald Trump is returning to his civil fraud trial, but star witness Michael Cohen won't be there

• Residents in Gaza plead for aid as supplies are stuck at Egypt border

• Two Swedes killed in Brussels shooting; Belgium PM calls it a ‘terror attack’

• Harvard loses support from billionaire Wexner over response to Israel attacks

• UN Security Council rejects Russia's resolution on Israel-Hamas war

• Russia's Putin arrives in China to meet 'dear friend' Xi Jinping

• ISIS terrorist kills 2 in Brussels, avenging murder of 6-year-old Illinois boy

• French authorities say school where teacher was fatally stabbed last week evacuated over bomb alert

• Joe Biden says Hamas must be eliminated, US officials warn war could escalate

• Rishi Sunak says 6 UK citizens killed in Israel: ‘Call it by its name…pogrom’

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