A new tussle started between the Delhi Lieutenant Governor, VK Saxena and Delhi Chief Minister Arvind Kejriwal over the inauguration of Guru Gobind Singh Indraprasth University in East Delhi.

Delhi education minister, Atishi had announced the inauguration of the university by the Delhi CM which prompted the Delhi LG to issue a statement saying, “Chief Minister Arvind Kejriwal himself was aware of the fact that the L-G was scheduled to inaugurate the campus. In fact, they were also aware that they were supposed to be present in the function as Guest of Honour and distinguished guest, as desired by the L-G and had also consented to it.”

“Moreover, even on the day when Atishi made this claim in a press conference, i.e. 06.06.2023, earlier during the day, the VC of GGSIPU had announced on stage at the Convocation of GGSIPU, where Atishi was present as a Guest of Honour, that the East Campus of the University was scheduled to be inaugurated by the Lt. Governor on 08.06.2023,” it added.  

Reacting to this Delhi education minister, Atishi said that the L-G should not forget that education, higher education and technical education are all transferred subjects.

Even Delhi minister Saurabh Bhardwaj reacted to this, saying that the L-G should focus on inauguration of buildings which come under Police, Land and Public order.

“The construction of this campus started when he (VK Saxena) was not the L-G. Manish Sisodia started this work and our elected government took it further. It is strange now for the L-G to say that he was asked by officials to inaugurate the university campus,” Bhardwaj said.

“At this rate, the L-G could say tomorrow that he would inaugurate Saurabh Bhardwaj’s office. That’s why L-G has kept all officers under his control and wants to keep it going. The CM is the one vested with the moral authority to inaugurate the campus. Such thoughts should not even come to the L-G’s mind,” he added.

Tensions have been rising between the Delhi L-G and Delhi CM for the past few years over various matters. Notably, in May this year a Supreme Court judgement had ruled that the Delhi government had powers over civil services in the Delhi after which the Centre had brought in an ordinance regarding civil services giving more power to the L-G, creating more friction between the two posts.

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Nestle Stock Split: India’s sixth most expensive stock is becoming cheaper from today, now retailers will also invest comfortably

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The price of Nestle India, one of the most expensive shares of India, is getting cheaper from today. Now retail investors will also be able to invest in this share with great ease. The company had recently announced to split its stock. The record date of Nestle’s stock split was fixed as 5 January 2024.

One share is costlier than Rs 27 thousand

Currently the price of one share of Nestle India is Rs 27,116.40. On Thursday, January 4, a day before the split record date, Nestle India shares jumped 1.81 percent on NSE to reach its new 52-week high. In terms of share price, till now Nestle India was the sixth most expensive share in India. Only MRF Limited, Page Industries, Honeywell Automation, 3M India and Shree Cement have more expensive shares than Nestle India.

Continuously rising prices after the announcement

FMCG segment giant Nestle India. Had announced stock split on December 19. That day the stock jumped by more than 5 percent and crossed Rs 25,700. Since then, there was a continuous rise in the prices of Nestle India. The company’s board had earlier approved the proposal to split the shares in October. This is the first split of Nestle India’s shares.

10 shares will be given in exchange for 1.

Nestle India’s shares are being split in the ratio of 1:10. This means that the shareholders who held one share of Nestle India till the record date will now have 10 shares. This will increase the number of issued and outstanding shares of Nestle India. This will ultimately prove helpful in increasing liquidity. However, this will not make any difference to the mcap of the company or the total value of the shares.

There is no system of fractional shares in India

If you invest in any stock in the Indian stock market now. At least one share has to be purchased. At present, there is no buying and selling of fractional shares in the Indian market like the American market. Due to this, expensive shares of the Indian market become out of reach of retail investors. For example- one share of Nestle India is currently worth more than Rs 27 thousand. India’s most expensive stock MRF is worth around Rs 1.30 lakh. In such a situation, retail investors stay away from these shares. Nestle India will benefit from higher retail participation after the stock split.

TheDaniPostTeam
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