Voters in the Union Territory of Daman Diu and Dadra Nagar Haveli elect candidates based on local issues. Kala Delkar and Umesh Patel are among the elected leaders. Delkar, previously with Shiv Sena, switched to BJP to address local issues. Delkar won the DNH seat in the 2021 by-election after her husband's death. Patel, an independent candidate, was chosen by Daman Diu voters over BJP's candidate. The regions merged through 'The Dadra and Nagar Haveli and Daman and Diu (Merger of Union Territories) Bill, 2019'.
Polycab shares rose 3% on Friday as bottom-fishers took action after a 21% drop on Thursday due to income tax raids uncovering unaccounted cash sales of around Rs 1,000 crore. The company clarified that the income tax department has not named Polycab and there has been no written communication regarding the outcome of the raids. HNIs and institutional investors have sold Polycab shares. Axis Capital reduced the target price due to uncertainties after the raid and expects a multiple derating until the charges are proven otherwise.
Polycab I-t Raids: "The Company understands that there is a press release titled ‘Income Tax Department conducts search operations in Mumbai’ published on January 10, 2024 by Press Information Bureau, Delhi, which does not specifically name any company. The Company reiterates that as on date, the Company has not received any written communication from the IT Department regarding the outcome of the search," Polycab said.
As many as 10 meetings are planned for this month only, which include the third tourism working group meeting in Srinagar on May 22-24, and the Youth20 consultation meeting next week.