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IPL: de Kock propels Mumbai to 161/5 vs Rajasthan

 
Opener Quinton de Kock's scintillating 65-run knock helped Mumbai Indians put up 161/5 against Rajasthan Royals in an Indian Premier League (IPL) tie at the Sawai Mansingh Stadium here on Saturday.
 
Apart from de Kock, Suryakumar Yadav chipped in with a valuable 34 for Mumbai while Shreyas Gopal once again starred with the ball after conceding just 21 runs from his four overs besides picking up two wickets.
 
Put in to bat first, the visitors received an early jolt as Gopal dismissed Rohit Sharma (5) in the third over. However, de Kock was then joined by Yadav and the duo prevented the hosts from making any further inroads in the Mumbai batting line-up as their sensible play helped their side cross the 50-run mark in 6.4 overs.
 
The duo were involved in a crucial 97-run partnership and enroute de Kock also notched up his half-century before Stuart Binny finally came up with a breakthrough for the home side. A top-edge from Yadav off a Binny delivery went straight to deep backward square and Dhawal Kulkarni took a fine catch to break the partnership.
 
With the addition of just three runs in Mumbai's scorecard, Gopal claimed his second wicket as de Kock decided to take on his googly but miscued it, handing a catch to Ben Stokes at long-on.
 
Jaydev Unadkat then sent back Kieron Pollard, who fell cheaply after managing to contribute just seven runs with Mumbai's scorecard reading 124/4.
 
Hardik Pandya once again played a 15-ball 23 run cameo while Ben Cutting chipped in with 13 runs as Mumbai reached a fighting total.
 
Brief scores: Mumbai Indians 161/5 (Quinton de Kock 65, Suryakumar Yadav 34; Shreyas Gopal 2/21) vs Rajasthan Royals
 
IANS
 

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Pragya makes controversial Karkare remark, apologises after outrage

Two days after joining the BJP and being fielded for the Lok Sabha polls, Malegaon bomb blast accused Pragya Singh Thakur on Friday said then Mumbai ATS chief Hemant Karkare had died during the 26/11 terror attack because of her "curse", triggering a major outcry following which she apologized.
File photo of Pragya Singh Thakur (Photo: IANS)
File photo of Pragya Singh Thakur(Photo: IANS)
Two days after joining the BJP and being fielded for the Lok Sabha polls, Malegaon bomb blast accused Pragya Singh Thakur on Friday said then Mumbai ATS chief Hemant Karkare had died during the 26/11 terror attack because of her "curse", triggering a major outcry following which she apologized.
 
Thakur, who is out on bail after serving over nine years in jail in connection with the September 29, 2008 blast in Maharashtra's Malegaon in which six people were killed and nearly 100 injured, recounted at a public meeting here the episode of her arrest and interrogation in the case.
 
The 48-year-old, who has a long association with the Sangh Parivar, claimed that when she was in a Mumbai jail, the head of the probe had called Karkare and said that she should be released as there was "no evidence" against her.
 
"Then Karkare asked me various questions and I replied 'God knows'. At this, Karkare asked whether he would have to go to God to get the answers. Then, I told him that he would be destroyed and he was cursed... within a month and a half, he fell victim to the terrorists' bullets," said Thakur who has been fielded by the BJP from Bhopal Lok Sabha constituency against Congress leader Digvijaya Singh.
 
Karkare was killed on the night of November 26, 2008 when 10 terrorists from Pakistan struck Mumbai at various places.
 
"Hindus believe that a period of one and a half month after anyone's birth or death is of ritual impurity. When Karkare asked me these questions, this period started for him and ended with him being killed by the terrorists," said Thakur, who was born in Bhind area of Madhya Pradesh. 
 
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The comments triggered a major outcry, with parties like the Congress, AAP and AIMIM, besides the Indian Police Service Association, condemning her remarks.
 
In the evening, Thakur said, "It was my personal pain. I take back my statement and apologise."
 
She said she was taking back her remarks as she "felt that the enemies of the country are being benefited" from it. 
 
She said Karkare was a "martyr" who died from the bullets of terrorists from the enemy country.
 
Earlier, Congress spokesperson Randeep Singh Surjewala, condemning the comments, demanded an apology from Prime Minister Narendra Modi and action against her.
 
Punjab Chief Minister Amarinder Singh lashed out at Sadhvi Pragya for insulting a decorated dead police officer and accused her of dragging the current nationalism discourse to a new low.
 
In a hard-hitting reaction to the "sickening and repulsive" comment, he said: "That woman cannot be sane. No person in their sane mind can think or talk like that, and that too about a police officer who sacrificed his life for the nation."
 
The AAP said BJP must apologize for insulting Karkare, with its chief Arvind Kejriwal calling the comments "disgraceful".
 
AIMIM President Asaduddin Owaisi also slammed Thakur's comment.
 
"Hemant Karkare died fighting people not very different from yourself. He didn't die because a terror accused 'felt bad' and 'cursed' him. The man died fighting to protect our rights to vote and elect a government," he said, adding: "How dare BJP insult our martyrs like this?"
 
In a tweet from its official handle, the IPS (Central) Association said: "Ashok Chakra awardee late Hemant Karkare, IPS, made the supreme sacrifice fighting terrorists. Those of us in uniform condemn the insulting statement made by a candidate and demand that sacrifices of all our martyrs be respected."
 
Amid the outrage, the BJP distanced itself from Thakur's comments.
 
BJP leader and former Union Minister Shahnawaz Hussain told the media: "Those who died for the country, we consider them martyrs. We don't raise questions on their martyrdom."
 
BJP spokesperson Nalin Kohli said that the remarks might be Thakur's point of view.
 
"We respect every son and daughter of India who sacrificed their lives for motherland. What Pragyaji has said, that would evidently be her point of view perhaps because she herself underwent an investigation. We salute sacrifice of Karkareji and would not do politics on it," he said.
 
Thakur was arrested by the Maharashtra Anti-Terrorism Squad (ATS) in the 2008 Malegaon blast case. She was granted bail by the Bombay High Court in 2017.
 
Charges under the Maharashtra Control of Organised Crime Act (MCOCA) against her have been dropped and she is now being tried under the stringent anti-terror law, the Unlawful Activities Prevention Act (UAPA).
 
IANS
 

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India’s forex reserves rise by $ 1.105 billion to $ 414.886 billion

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Maintaining an uptrend for the ninth consecutive week, India’s foreign exchange reserves rose by $ 1.105 billion to $ 414.886 billion during the week ended April 12, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had increased by  $ 1.876 billion to $ 413.781 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 646.4 million to $ 386.762 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves increased by $ 77.4 million to $ 23.303 billion, while its special drawing rights (SDRs) went up by $ 3.3 million to $ 1.4588 billion.
 
India’s reserve position in the International Monetary Fund (IMF) decreased by $ 378.1 million to $ 3.362 billion, the bulletin added.
 
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IPL: Clinical Mumbai thrash lacklustre Delhi by 40 runs

 
Rishabh Pant had started Delhi Capitals' journey in the 12th edition of the Indian Premier League (IPL) by smashing Mumbai Indians pacer Jasprit Bumrah all over the park in their opening encounter in Mumbai. But Bumrah got his revenge at the Ferozeshah Kotla on Thursday as he sent Pant's off-stump for a walk in the park. With that ended DC's hope as they finished on 128/9, losing the game by 40 runs.
 
Chasing 169, DC made a mess of the target after Shikhar Dhawan was dismissed for 35 in the 7th over of the innings by Rahul Chahar. After a quality start of 48/0 in the first six overs, Dhawan's wicket opened the floodgates as Chahar kept picking wickets and finished with figures of 3/19 from his four overs.
 
While Chahar sent back Dhawan, Prithvi Shaw (20) and skipper Shreyas Iyer (3), Krunal Pandya sent back the dangerous Colin Munro (3) as Delhi were never really in the chase on a low and slow Kotla wicket.
 
Earlier, Hardik Pandya (32 off 15 balls) and Krunal (37*) provided the late order flourish as Mumbai Indians scored 168/5 in their 20 overs. Having bowled a disciplined line and length through the innings, the DC bowlers lost the plot in the last five overs as the MI batsmen picked 64 runs.
 
While Krunal was the anchor during the 54-run partnership, Hardik once again showed why he is such a dangerous batsman in the death overs as he used the long handle to excellent effect to dig out the low full tosses and attempted yorkers and sent them over the ropes till Kagiso Rabada dismissed him off the third ball of the 20th over.
 
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Having won the toss and decided to bat first, Mumbai Indians got off to a good start with both skipper Rohit Sharma and opening partner Quinton de Kock looking to make the most of the powerplay. They mixed caution with aggression as they put on 57 runs without losing a wicket after the first six overs.
 
But just when it looked like the openers would take the game away, Amit Mishra struck. Brought in to slow the flow of runs on a slowish Kotla wicket, he got one to grip a bit and turn to miss the defence of Rohit (30 off 22 balls) and shake the timber. The Delhi boys celebrated as the score read 57/1.
 
Ben Cutting (2) failed to make much of the opportunity he got as Axar Patel caught him plumb in front with just five runs added to the scoreboard. From 57/0 after 6, the score read 62/2 in 7.5 overs and DC was right back in the game.
 
But de Kock and Suryakumar Yadav looked to steady the ship and get a partnership going. And just when it looked like they would settle down and set the stage for flourishing finish, de Kock (35) was run out as a misunderstanding between the two saw both batsmen stranded at the striker's end. Axar happily removed the bails at the non-striker's end. The score read 74/3 in 9.5 overs.
 
After that it was all about consolidating as Krunal Pandya and Suryakumar looked to put their head down and bring MI back into the game. From looking good at 57/0 after six, it took them 13.5 overs to reach the 100-run mark as the Delhi bowlers had restricted the flow of runs.A
 
The 30-run partnership ended with Suryakumar (26 off 27 balls) looking to lap one over the keeper's head and managed to get an edge to Rishabh Pant who dived to his right to finish a quality catch. The score read 104/4 in 15.1 overs.
 
This is when the Pandya brothers joined forces and looked to give it their best shot and finish with a flourish.
 
Brief scores: Mumbai Indians: 168/5 in 20 overs (Krunal Pandya 37*; Rabada 2/38); Delhi Capitals: 128/9 (Axar 26; Chahar 3/19)
 
IANS
 

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IPL: Pandya brothers take MI to 168/5 against DC

Hardik Pandya (32 off 15 balls) and Krunal Pandya (37* off 26 balls) provided the late flourish as Mumbai Indians (MI) scored 168/5 in 20 overs against Delhi Capitals (DC) in their Indian Premier League clash at the Feroz Shah Kotla here on Thursday.
 
Having bowled a disciplined line and length through the innings, the DC bowlers lost the plot in the last five overs as the MI batsmen amassed 64 runs.
 
While Krunal played the anchor's role in the 54-run partnership, his brother Hardik once again showed why he is such a dangerous batsman in the death overs as he used the long handle to excellent effect to dig out the low full tosses and attempted yorkers, sending them over the ropes till Kagiso Rabada dismissed him off the third ball of the 20th over.
 
Electing to bat first, Mumbai Indians got off to a good start with both skipper Rohit Sharma and his opening partner Quinton de Kock looking to make the most of the powerplay. They mixed caution with aggression, adding 57 runs in the first six overs.
 
But just when it looked like the openers would take the game away, Amit Mishra struck. Brought in to stem the flow of runs on a slowish Kotla wicket, he got one to grip a bit and turn to miss the defence of Rohit (30 off 22 balls) and shake the timber. The Delhi boys celebrated as the score read 57/1.
 
Ben Cutting (2) failed to make much of the opportunity he got as Axar Patel caught him plumb in front with just five runs added to the scoreboard. From 57/0 after 6 overs, the score read 62/2 in 7.5 overs and DC was right back in the game.
 
But de Kock and Suryakumar Yadav looked to steady the ship and get a partnership going. And just when it looked like they would settle down and set the stage for a flourishing finish, de Kock (35) was run out following a misunderstanding which saw both the batsmen stranded at the striker's end. Axar happily removed the bails at the non-striker's end. The score read 74/3 in 9.5 overs.
 
After that it was all about consolidating as Krunal and Suryakumar looked to put their heads down and bring MI back into the game. From looking good at 57/0 after six overs, it took them 13.5 overs to reach the 100-run mark as the Delhi bowlers restricted the flow of runs.
 
The 30-run partnership ended with Suryakumar (26 off 27 balls) looking to lap one over the keeper's head but only managing to get an edge to Rishabh Pant who dived to his right to finish a quality catch. The score read 104/4 in 15.1 overs.
 
This is when the Pandya brothers joined hands for a flourishing finish.
 
Brief scores: Mumbai Indians: 168/5 in 20 overs (Krunal Pandya 37*, Hardik Pandya 32; Kagiso Rabada 2/38)
 
IANS
 

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RIL's consolidated Q4 net profit up 9.8%

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Reliance Industries Ltd (RIL) on Thursday reported 9.8 per cent increase in its consolidated net profit for the January-March quarter of financial year 2018-19, on a year-on-year (YoY) basis.
 
The consolidated net profit during the fourth quarter of FY 2018-19 was Rs 10,362 crore, against Rs 9,438 crore reported during the corresponding period of the previous fiscal, RIL said in a regulatory filing.
 
The company reported total revenue of Rs 1,54,110 crore during the quarter under review, up 19.4 per cent from Rs 1,29,120 crore on a YoY basis, it said.
 
For the financial year 2018-19, the company recorded a consolidated net profit of Rs 39,588 crore, higher 13.1 per cent from FY 2018. Total revenue for the last fiscal rose by 44.6 per cent to Rs 622,809 crore.
 
The company's board has recommended a dividend of Rs 6.50 per equity share of Rs 10 each for the financial year ended March 31, 2019.
 
RIL's exports from India were higher at Rs 2,24,391 crore ($32.4 billion) as against Rs 1,76,117 crore in the previous year.
 
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, RIL said: "During FY 2018-19, we achieved several milestones and made significant strides in building Reliance of the future. Reliance Retail crossed Rs 100,000 crore revenue milestone, Jio now serves over 300 million consumers and our petrochemicals business delivered its highest ever earnings."
 
The company said that transfer of Reliance Jio Infocomm Ltd's fibre and tower undertaking to separate companies, through NCLT-approved Composite Scheme of Arrangement, was completed with effect from 31st March 2019. RJIL has entered into long-term usage agreements as the anchor tenant for these assets, it said.
 
Infrastructure Investment Trusts have acquired 51 per cent equity stake in the two entities, respectively and the transaction has led to deleveraging of RJIL balance sheet.
 
"Future capex on passive infrastructure assets would be undertaken by the two entities," the company said.
 
Further, the company said volume growth in petrochemicals business and rapidly increasing contribution from consumer businesses led to a significant rise in operating profit for the year.
 
"Petrochemicals EBIT margin was at an all-time high of 18.7 per cent. Retail business profitability improved with strong growth in revenues, benefiting from scale and operating efficiencies."
 
However, refining business contribution was lower with volatile crude oil price environment, weak light product cracks and subdued demand.
 
During the quarter ended March 2019, the basic earnings per share (EPS) was Rs 17.5 as against Rs 15.9 in the corresponding period of the previous year.
 
IANS
 

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IPL: Mumbai opt to bat first against Delhi

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Mumbai Indians' skipper Rohit Sharma won the toss and opted to bat first against Delhi Capitals in their Indian Premier League (IPL) clash at the Feroz Shah Kotla here on Thursday.
 
For the visiting side, Ishan Kishan and Jason Behrendorff have been replaced by Ben Cutting and Jayant Yadav, while hosts Delhi Capital remain unchanged.
 
Playing XI
 
Mumbai Indians: Rohit Sharma (captian), Quinton de Kock (wicketkeeper), Suryakumar Yadav, Krunal Pandya, Kieron Pollard, Hardik Pandya, Jayant Yadav, Rahul Chahar, Ben Cutting, Lasith Malinga, Jasprit Bumrah
 
Delhi Capitals: Prithvi Shaw, Shikhar Dhawan, Colin Munro, Shreyas Iyer (captain), Rishabh Pant (wicketkeeper), Axar Patel, Chris Morris, Keemo Paul, Kagiso Rabada, Amit Mishra, Ishant Sharma
 
IANS

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Mahindra, Ford to co-develop midsize sports utility vehicle

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Automobile manufacturers Mahindra Group and Ford Motor Group today said they had signed a definitive agreement to co-develop a midsize sports utility vehicle (SUV).
 
The agreement is aimed at strengthening their ongoing strategic alliance in India, a press release from Mahindra said.
 
Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets, it said.
 
"The new agreement reinforces the steady progress made since the announcement of the strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018," it said.
 
The new midsize sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies, the release said.
 
Pawan Goenka, Managing Director, M&M Ltd. said, "I am happy with the significant progress we have made and synergies we have created since the announcement of our strategic alliance with Ford in 2017. Today’s announcement is another significant step in the collaboration between our two companies. Having identified several areas for joint development, both companies will continue to work together to develop products using common product platforms. This will reduce product development costs and gain economies of scale for both companies."
 
"With today's announcement, we not only strengthen our ongoing partnership with Mahindra but also sharpen our competitiveness in an important emerging market like India," said Jim Farley, president of Ford New Businesses, Technology & Strategy. "Ford's technological leadership combined with Mahindra’s successful operating model and product prowess will surely help us deliver a vehicle that will meet the expectations of customers in India as well as other emerging markets."
 
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The release said the strategic alliance between the two companies is focused on leveraging the benefits of both companies -- Ford’s global reach and expertise and Mahindra's scale and successful operating model in India. Teams from both companies continue to collaborate on all areas of mutual interest including electrification, distribution and product development, it said.
 
Earlier this fiscal year, the alliance signed an agreement with Mahindra Group to develop and supply a low-displacement petrol engine for use in Ford’s present and future vehicles, beginning in 2020. Mahindra and Ford also announced joint development of a telematics control unit.
 
"Mahindra has led the utility vehicles segment in India for the past seven decades. The spirit of ingenuity has driven Mahindra to be amongst the few global companies pioneering the development of clean and affordable technology with a portfolio of electric vehicles commercially available in India. Expanding its global presence, Mahindra owns a majority stake in Ssangyong Motor Company in Korea, and it has entered into the shared mobility space with investments in ridesharing platforms in the U.S. and is developing products like the GenZe – the world's first electric connected scooter.
 
"Ford was among the first global automakers to enter India in 1995. Now one of the largest exporters of cars from the country, Ford manufactures and exports vehicles and engines from its manufacturing facilities in Chennai, Tamil Nadu and Sanand, Gujarat. India is also the second-largest Ford employee base globally, with more than 14,000 people working across the Ford India or Global Business Services operations in New Delhi, Chennai and Coimbatore," the release added.
 
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Sensex ends 135 points lower, Jet ends 32% lower

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Sensex and Nifty ended lower on Thursday after advancing for four consecutive sessions as investors took to profit booking. Investors also treaded with caution ahead of Q4 results from index heavyweight Reliance Industries Limited (RIL).
 
Jet Airways was in the spotlight throughout the day over its steep fall. Jet's scrip closed 32 percent lower on the BSE, 32.23 percent lower at Rs 163.90 apiece after it fell up to Rs 158.10 after "temporary suspension of domestic and international operations" over the refusal of lenders to provide emergency funding.
 
"Negative Asian markets impacted the market sentiments as Japanese manufacturing activity contracted at a slightly slower pace in April thanks to a pick-up in hiring, a flash PMI survey showed, but new export orders fell at the fastest pace in almost three years in a sign slow global demand remains a major pressure point," said Deepak Jasani of HDFC Securities.
 
The BSE Sensex closed 135 points or 0.34 percent lower at 39,140.28 and the broader Nifty settled 34.35 points lower or 0.29 percent to 11,752.80.
 
"Investors turned cautious ahead of announcement of results from key index heavyweights including large corporate banks. Consolidation was broad-based with PSU banks and metals underperforming," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Despite mixed flows from DIIs, the downside was capped by positive flows from FIIs given a good start to Q4 results."
 
"The accelerating scenario of a slowdown in global growth as also the definitive prospects of higher fuel prices and a weaker currency may also be working on the minds of the market participants at this juncture," said Joseph Thomas-Head Research, Emkay Wealth Management.
 
The top gainers on the Sensex were Reliance Industries followed by Tata Motors, Tata Motors (DVR), Asian Paints and TCS. The laggards were Yes Bank declining over 4 per cent followed by Vedanta, IndusInd Bank, Tata Steel and Larsen and Toubro.
 
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Jet stocks sink as investors react to suspension

Jet Airways scrips tanked over 30 per cent on the BSE during the early trade on Thursday, after "temporary suspension of domestic and international operations" over the refusal of lenders to provide emergency funding.
 
"It was informed by the State Bank of India (SBI), on behalf of the consortium of Indian lenders, that they are unable to consider its request for critical interim funding," the company said on Wednesday in a regulatory filing. 
 
Reacting to this, Jet fell out of favour among investors, falling as much as 30 per cent on the BSE. On NSE, its scrips fell to its 52-week low, declining over 34 per cent. 
 
At 1.07 p.m., Jet Airways on the NSE was trading at Rs 177. 40 apiece, down Rs 63.10 or 26.24 per cent. 
 
The company said on Wednesday that since "no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel or other critical services to keep the operations going".
 
"This decision has been taken after a painstaking evaluation of all alternatives that were made available to the company and after receiving guidance and advice on the same from its Board of Directors," Jet said in a BSE filing. 
 
On the future course of action to revive the airline the company said that it now awaits the bid finalisation process by SBI and the consortium of Indian lenders, which will conclude on May 10. 
 
While the Jet Airways stocks tanked heavily on Thursday after being somewhat resilient despite the turmoil, SpiceJet scrips have been gaining for the last five session advancing, surging 47.59 per cent in the period. Indigo has advanced 15.26 per cent in the last six sessions. 
 
Both airlines are eyeing larger market shares after Jet was temporarily grounded. 
 
A Kotak report on Wednesday said that assuming eventual full termination of Jet's operations, Indigo will definitely see market share increase, particularly since it has aggressive plans of capacity addition. 
 
"However, we note that other airlines also have significant capacity addition plans this time. Each of SpiceJet, GoAir, Vistara and AirAsia have capacity addition plans," the report noted. 
 
IANS
 

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Key Indian equity market indices open in green

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Despite a muted trend in Asian markets, the key Indian equity market indices on Thursday opened higher as the second phase of the Lok Sabha elections began with voting in 95 seats in the morning.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 39,275.64 points on Tuesday, opened higher at 39,420.04 points. The markets remained closed on Wednesday on account of Mahavir Jayanti.
 
Minutes into trading, it was quoting at 39,407.17 points, up by 131.53 points, or 0.33 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50 was quoting at 11,821.80 points, up by 34.65 points or 0.29 per cent.
 
As many as 34 stocks advanced in the Nifty 50 index while 16 stocks declined. In BSE Sensex, 20 stocks including those of Reliance and Tata Motors were trading in the green while 10 stocks including NTPC, ITC were trading in red at 9.21 a.m.
 
Jet Airways shares were down 9.99 per cent in early trading season after the carrier announced to temporarily suspend all flight operations from Wednesday night as it failed to secure an interim funding of Rs 400 crore for maintaining bare minimum operations.
 
On Thursday, Asian indices were showing mostly a negative trend. 
 
Japan's Nikkei 225 was quoting in the red, down by 0.79 per cent, while Hang Seng was down by 0.59 per cent, South Korea's Kospi was also down by 1.06 per cent. China's Shanghai Composite was also quoting in the red, down by 0.07 per cent.
 
Overnight, Nasdaq closed in the red, down by 0.05 per cent, while FTSE 100 was up marginally by 0.02 per cent at the closing on Wednesday.
 
IANS
 

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Lenders 'reasonably hopeful' of Jet stake sale success

Hours after denying a lifeline to Jet Airways, which suspended its operations for want of cash, the airline's lenders led by the State Bank of India on Thursday said they are "reasonably hopeful" that the stake sale process would succeed and determine a fair value of the enterprise.
 
"Lenders are reasonably hopeful that the bid process is likely to be successful in determining the fair value of the enterprise in a transparent manner." a statement said.
 
The official statement said the lenders after due deliberations decided that the best way forward for the survival of Jet Airways was to get the binding bids from potential investors who have shown expression of interest (EOI) and have been issued bid documents on April 16.
 
Late on Wednesday night, Jet Airways in a regulatory filing to BSE had announced temporary suspension of its domestic and international operations. The decision was taken by the airline as no emergency funding came from its lenders.
 
"Since no emergency funding from the lenders or any other source is forthcoming, the airline will not be able to pay for fuel and other critical services to keep the operations going. Consequently, with immediate effect, Jet Airways is compelled to cancel all its international and domestic flights," the airline said in its filing.
 
Over the last few weeks, the crisis-hit airline tried to secure interim funding to keep the business going but its request did not find favour with its lenders. 
 
Unable to meet expenses, the airline gradually scaled down its operations and was flying just 6-7 aircraft from the peak of 119 a few months back.
 
It finally shuttered down on Wednesday night, leaving its 16,000-plus employees in the lurch.
 
Saddled with debt and losses, the airline is unlikely to come back to its feet any time soon. The airline's total liabilities are said to be about Rs 20,000 crore which includes Rs 8,400 crore owed to banks.
 
IANS

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Jet fails on interim funding; ops to be suspended

Jet Airways will temporarily suspend all flight operations from tonight after it failed to secure interim funding of Rs 400 crore for maintaining even bare minimum operations, sources said on Wednesday.
 
The airline currently only operated five aircraft with over 25 flights.
 
The development assumes significance as just a day before the airline's lenders had said that they remained committed to its revival.
 
"As per the current financial situation, it is not possible to maintain operations without any further funding. Operations will cease from tonight," sources told IANS here in Mumbai.
 
The airline will operate its last flight for the day at around 10.30 p.m.
 
Jet has already folded up most of its operations due to the grounding of over 90 percent of its fleet by lessors.
 
Awaiting the outcome of the lenders' meet with the government, the cash-starved airline had extended cancellation of international flights till April 18 (Thursday) after last week suspending them till April 15 (Monday).
 
Jet owes over Rs 8,000 crore to the SBI-led consortium of lenders. Its only ray of hope is an immediate injection of interim funding and the completion of the stake sale process initiated by lenders.
 
IANS
 

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Mitsui O. S. K. Lines to acquire strategic stake in six group companies of RIL

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Mitsui O. S. K. Lines (MOL) of Japan and a strategic minority investor have signed binding definitive agreements for strategic investment by them in six special purpose limited liability companies (SPVs), part of the Reliance Industries Limited (RIL) group.
 
Each of the SPVs owns a Very Large Ethane Carrier (VLEC), a press release from Reliance said.
 
The agreement has been signed by MOL and the strategic minority investor with Reliance Ethane Holding Pte. Ltd. (REHPL), incorporated in Singapore and a wholly owned subsidiary of RIL, which has 100% holding in the six limited liability companies (LLCs).
 
"Transaction closing is subject to regulatory approvals. Post-closing, SPVs shall be jointly controlled by REHPL and MOL," the release said.
 
P.M.S. Prasad, Executive Director, RIL, said “Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs. We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs."
 
Takeshi Hashimoto, Member of the Board, Executive Vice-President, MOL said, “This investment would enable MOL to add six unique VLECs, which we have been operating for some time now, as owners to its existing fleet of over 850 vessels which include LNG carrier, other tankers, dry bulkers, car carriers, ferries, and coastal RoRo ships and cruise ships. We also have container ships which are chartered by ONE. MOL has detailed knowledge about these assets having supervised the construction and delivery of the six VLECs and subsequently operating them since their delivery. We are therefore happy and look forward to using this strategic opportunity to be a joint owner and to significantly strengthen our existing relationship with Reliance."
 
MOL is one of the largest shipping companies in the world and owns and operates a fleet size of over 850 vessels. It is also the largest LNG carrier in the world. 
 
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RBI to issue Rs. 50 denomination banknotes bearing signature of Governor Shaktikanta Das

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The Reserve Bank of India (RBI) has said that it would issue Rs. 50 denomination banknotes in the Mahatma Gandhi (New) Series bearing the signature of its Governor Shaktikanta Das.
 
The design of these notes is similar in all respects to Rs. 50 banknotes in Mahatma Gandhi (New) Series, a press release from RBI said.
 
"All banknotes in the denomination of Rs. 50 issued by the Reserve Bank in the past will continue to be legal tender," the release added.
 
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Jet asks for Rs 400 crore; fleet down to 5 aircraft

Financially-challenged Jet Airways has reportedly requested lenders for interim funding of Rs 400 crore to stave off a temporary closure, even as its current operational fleet further shrunk to five aircraft.
 
According to the Civil Aviation Secretary Pradeep Singh Kharola, the airline on Tuesday operated only five aircraft down from seven yesterday. Under the current regulations, the airline is required to operate five aircraft to save its air operating permit.
 
He said Jet's airport slots are vacant and that they are being re-allocated to other airlines on a temporary basis.
 
The ministry is expected to meet airport operators and airlines to sort out the slots issue.
 
However, the airline's lenders said they remain committed to its revival.
 
Punjab National Bank (PNB) Managing Director and CEO Sunil Mehta said discussions were on to provide interim funding.
 
"Lenders are committed to Jet Airways' revival. SBI and SBI Capital are working on a package but it has not been finalized," he said.
 
Earlier in the day, industry insiders said that Jet has asked lenders to provide immediate interim funding of Rs 400 crore else the airline might be forced to temporarily suspend overall operations.
 
Earlier in the day, the airlines' board meeting ended inconclusively as the airline awaited the lenders' decision on its plea for interim funds to stay aloft.
 
A day before, the airline presented a plan for interim funding to its lenders.
 
"The Board meet was inconclusive. We are awaiting for the lenders' reply. It is of paramount importance that we receive a clarity on interim funding," an airline source told IANS in Mumbai.
 
The development assumes significance as the airline has almost run out of funds to pay for fuel and other operational expenses.
 
Industry insiders say that, without extra funds, the airline might have to temporarily suspend operations.
 
It has folded up most operations due to the grounding of over 80 percent of its fleet by lessors.
 
Awaiting the outcome of lenders' meeting with the government, the cash-starved airline has extended cancellation of international flights till April 18 (Thursday) after last week suspending them till April 15 (Monday).
 
Jet's woes have intensified as the airline that once operated around 120 aircraft is now left with just a 16-plane fleet.
 
It owes over Rs 8,000 crore to the SBI-led consortium of lenders. Its only ray of hope is an immediate injection of interim funding and the completion of the stake sale process, initiated by lenders.
 
IANS
 

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Sensex, Nifty hit record closing high

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Major Indian equity indices -- Sensex and Nifty -- closed at their highest ever on Tuesday riding strong and sustained foreign fund inflows and bets of yet another rate cut over a near-normal monsoon forecast.
 
Both indices touched their all-time highs -- Sensex at 39,364.34 and Nifty 11,810.95 -- during the early trade and mostly held on to the gains throughout the day, led primarily by banking stocks, but closed slightly lower from the peaks. 
 
The BSE Sensex advanced by 369.80 points or 0.95 per cent to 39,275.64 and the broader Nifty jumped 96.80 points or 0.83 per cent to 11,787.15.
 
"The sentiment got a fillip due to the near-normal monsoon forecast. The (Dalal) Street is also anticipating further rate cuts to reverse the economic slowdown and sensing a return of consumption demand post elections," said Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.
 
"The banks continue to have a lion's share in the ongoing rally and the onus to lead the earnings for Nifty will lie with the private banks. With two good primary market listings in two days and an upbeat mood, all eyes are now on the ongoing fourth-quarter earnings season."
 
Jet Airways witnessed a steep decline and closed 7.62 per cent lower as the struggling-to-stay-afloat airline awaits operational funding from the lenders. However, Jet's competitor Indigo marched higher to end 7.35 per cent up. 
 
SpiceJet also finished on a strong note, up 11.19 per cent after it informed the exchanges that it will induct five 90-seater Q400 Bombardier aircraft in the next 10 days.
 
IT major Wipro ended 2.45 per cent lower. It reported a 38 per cent rise in its year-on-year net profit for the fourth quarter of 2018-19.
 
IANS
 

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Indian equity indices open in green, Sensex up 230 points

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The key Indian equity indices opened on a positive note on Tuesday, with the BSE Sensex gaining over 200 points, on the back of a "near normal" monsoon forecast and positive trade data.
 
The Indian Metereological Department on Monday said that the south-west monsoon rains in 2019 will be near-normal with an expected rainfall of 96 percent.
 
The Nifty50 on the National Stock Exchange traded near its all-time high level and at 9.35 a.m., it was at 11,757.70, higher by 67.35 points or 0.58 percent from its previous close of 11,690.35 points.
 
The Sensex traded at 39,137.52, higher by 231.68 points or 0.60 percent from the previous close of 38,905.84 points.
 
It had opened at 39,040.30, and so far touched an intra-day high of 39,154.54 and a low of 39,038.81 points.
 
Rise in exports from the country also boosted the investor sentiment. India's merchandise exports grew 11.02 percent, on a year-on-year (YoY) basis in March, to $32.55 billion from $29.32 billion reported for the corresponding month of last year, official data showed on Monday.
 
IANS
 

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Hardik Pandya's cameo hands Bangalore another defeat

Hardik Pandya's quickfire cameo (37 unbeaten off 16) down the order handed Royal Challengers Bangalore their seventh defeat this season as Mumbai Indians won their Indian Premier League (IPL) tie at the Wankhede Stadium here on Monday by five wickets.
 
Despite a great start, Mumbai faltered during the slog overs but Pandya rescued his side as they clinched the contest with an over to spare.
 
Chasing a competitive 172 for victory, Rohit Sharma (28 off 19) and Quinton de Kock gave a perfect start to Mumbai's innings, taking them to 52 for no loss in the initial five overs.
 
Moeen Ali was the first to strike as his off-break delivery clattered Sharma's stumps, leaving Mumbai at 70/1 in the eighth over.
 
Just three balls later, Ali once again jolted the hosts as he picked de Kock (40 off 26) in front of the wickets.
 
Ishan Kishan and Suryakumar Yadav then forged a 33-run partnership as they repaired the major damage but Yuzvendra Chahal packed both of them back in short time to leave Mumbai reeling at 129/4 in the 16th over.
 
It seemed Mumbai would suffer a batting collapse but it was Pandya who made sure to help his team cross the line as the all-rounder and his brother Krunal Pandya (11 off 21) took Mumbai to 148 before the latter became a victim of Mohammed Siraj.
 
With 22 needed off the last couple of overs, Pandya showed his cameo with the bat as he smashed Pawan Negi for the required runs in just an over to help Mumbai register their fifth win this season.
 
For Bangalore, Chahal and Ali picked up a couple of wickets each.
 
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Earlier, AB de Villiers' scintillating knock (75 off 51) with Ali's 50 off 32 propelled Bangalore to 171/7.
 
Despite some early blows, de Villiers and Ali anchored Bangalore's innings with a valiant 105-run partnership for the third wicket before Lasith Malinga (4/31) rattled the middle order.
 
The visitors lost their skipper Virat Kohli (8) with just 12 runs on board. Kohli was trying to force a Jason Behrendorff delivery through the off-side, got cramped, and ended up giving an inside edge to de Kock behind the wickets.
 
Parthiv Patel (28) showed some resistance, taking his side near the 50-run mark before he was sent back by Hardik Pandya in the seventh over. De Villiers was then joined by Ali and the duo denied the hosts any further wicket, anchored the innings and took the team past the 100 run mark.
 
Enroute, they also notched up their respective half-centuries with the team looking comfortable at 144/2 in 17 overs.
 
Malinga finally shattered the partnership by packing Ali back in the 18th over. The Sri Lankan pacer went on to rock the lower middle order, sending back Marcus Stoinis (0), Akshdeep Nath (2) and Negi (0) to the hut in quick succession. 
 
De Villers finally departed trying to convert a single as he fell short of the crease. The South African superstar's knock was laced with six boundaries and four maximums.
 
Behrendorff and Pandya also picked a wicket each.
 
Brief scores:
 
Mumbai Indians: 172/5 in 19 overs (Quinton de Kock 40, Hardik Pandya 37 not out; Moeen Ali 2/18) beat Royal Challengers Bangalore: 171/7 in 20 overs (AB de Villiers 75, Moeen Ali 50; Lasith Maling 4/31) by 5 wickets.
 
IANS
 

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AB de Villers, Ali help RCB post 171/7 vs Mumbai

A B de Villiers' scintillating knock (75 off 51) with Moeen Ali's 50 off 32 propelled Royal Challengers Bangalore (RCB) to 171/7 against Mumbai Indians in an Indian Premier League (IPL) match at the Wankhede Stadium, here on Monday.
 
Despite some early blows, de Villiers and Ali anchored Bangalore's innings with a valiant 105-run partnership for the third wicket before Lasith Malinga (4/31) rattled the middle-order.
 
The visitors lost their skipper Virat Kohli (8) with just 12 runs on board. Kohli was trying to force a Jason Behrendorff delivery through the off-side, got cramped, and ended up giving an inside edge to Quinton de Kock behind the wickets.
 
Parthiv Patel (28) showed some resistance, taking his side near the 50-run mark. He was sent back by Hardik Pandya in the seventh over. de Villiers was then joined by Ali and the duo denied the hosts any further wicket, anchored the innings and took the team past the 100-run mark.
 
Enroute, they also notched up their respective half-centuries with the team looking comfortable at 144/2 in 17 overs.
 
Malinga finally shattered the partnership by packing Ali back in the 18th over. The Sri Lankan pacer went on to rock the lower middle-order and sent Marcus Stoinis (0), Akshdeep Nath (2) and Pawan Negi (0) to the hut in quick succession. 
 
de Villers had to finally depart trying to convert a single as he fell short of the crease. The South African superstar's knock was laced with six boundaries and four maximums.
 
Behrendorff and Pandya also picked a wicket each.
 
Brief scores:
 
Royal Challengers Bangalore: 171-7 in 20 overs (AB de Villiers 75, Moeen Ali 50; Lasith Malinga 4/31) vs Mumbai Indians
 
 

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IPL: Mumbai asks Bangalore to bat first

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Mumbai Indians' skipper Rohit Sharma won the toss and opted to field first against Royal Challengers Bangalore (RCB) in an Indian Premier League (IPL) tie at the Wankhede Stadium here on Monday.
 
While the visitors' squad remained unchanged from their previous match, Lasith Malinga replaced Alzarri Joseph in the Mumbai team.
 
Mumbai is currently placed fourth while Kohli's team lies at the bottom of the league points table.
 
Playing XI:
 
Royal Challengers Bangalore: Parthiv Patel (wicket-keeper), Virat Kohli (Captain), AB de Villiers, Marcus Stoinis, Moeen Ali, Akshdeep Nath, Pawan Negi, Umesh Yadav, Yuzvendra Chahal, Navdeep Saini, Mohammed Siraj
 
Mumbai Indians: Rohit Sharma (Captain), Quinton de Kock, Suryakumar Yadav, Kieron Pollard, Hardik Pandya, Ishan Kishan (wicket-keeper), Krunal Pandya, Rahul Chahar, Jason Behrendorff, Lasith Malinga, Jasprit Bumrah
 
IANS
 

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Karthik beat Pant on wicket-keeping skills: Prasad

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BCCI chief selector M. S. K Prasad on Monday made it clear that wicketkeeper-batsman Dinesh Karthik will not automatically start in the playing XI in the World Cup and will only get a chance when M. S. Dhoni gets injured.
 
Announcing the 15-member India squad for the prestigious quadrennial event to be held in England and Wales, Prasad said that Karthik's wicket-keeping skills and ability to handle pressure resulted in him being picked over Rishabh Pant.
 
"We were all in unison that either Pant or DK will come in only when Mahi is injured. In an important game, wicket-keeping is also important. That's the reason we went with Dinesh Karthik," he said. 
 
The chief selector also heaped praises on Pant and said that the left-handed batsman is full of talent. "Pant is full of talent. There's a lot of time for him. It's just unfortunate that he's missed out. Under pressure, we have seen Dinesh Karthik finishing matches. That scored for him," Prasad stated.
 
Vijay Shankar has been included in the squad as the number four batsman instead of Ambati Rayadu while Ravindra Jadeja has been picked as the third spinner instead of a fourth pacer. 
 
Speaking over Shankar's inclusion, Prasad said that the 26-year-old all-rounder from Tamil Nadu gives "three dimensions" to the team. 
 
"After the Champions Trophy, we have tried quite a few middle-order batsmen, which also included Karthik, Shreyas Iyer, Manish Pandey. We did give a few more chances to Rayudu but Vijay Shankar gives three dimensions. He can bat, if the conditions are overcast he can bowl, plus he is a fielder. We are looking at Vijay Shankar as a number four batsman. Now we have plenty of options for that slot."
 
K. L. Rahul, who has been included as the reserve opener, can bat in the middle order, too, if the team management needs, stated the BCCI chief selector. 
 
Four additional medium pacers will travel to England with the team as practice net bowlers, said Prasad. 
 
India will begin their World Cup campaign against South Africa on June 5.
 
Squad: Rohit Sharma, Shikhar Dhawan, K.L. Rahul, Virat Kohli (c), M.S. Dhoni, Kedar Jadhav, Vijay Shankar, Hardik Pandya, Kuldeep Yadav, Yuzvendra Chahal, Bhuvneshwar Kumar, Mohammed Shami, Jasprit Bumrah, Ravindra Jadeja, Dinesh Karthik.
 
IANS
 

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Sensex up on easing trade tension, monsoon forecast

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Signs of easing US-China trade tension and expectation of cooling inflation following Met department's forecast of near-normal monsoon aided the benchmark Sensex to close 138 points higher on Monday.
 
The Nifty IT and metal index led the gains on the bourses. While metal stocks rose on cooling US-China trade tension and encouraging China's trade data released over the weekend, the export-oriented IT stocks gained owing to the weakening rupee.
 
TCS led the gains on the Sensex as the investors reacted positively to its fourth quarter earning outcome of Friday. It finished nearly 5 percent higher. Infosys, on the contrary, fell steeply after it missed Dalal Street's earning expectations.
 
The S&P BSE Sensex advanced 138.73 points or 0.36 percent to 38,905.84. The broad-based Nifty gained 46.90 points or 0.40 percent to end at 11,690.35.
 
"Market traded on a positive note as expectation of US-China trade agreement and a likely turnaround in domestic earnings steered the sentiment. IT index outperformed due to weak rupee and optimism in earnings growth," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"WPI inflation inched to 3.18 percent in March due to rise in food prices, while India Meteorological Department (IMD)'s forecast of near-normal monsoon may ease the concerns over inflation." 
 
IT heavyweights reacted on expected lines, with Infosys falling due to guidance cut, while TCS rose after posting strong numbers. SpiceJet continued its upward move seemingly benefiting from the woes at rival Jet Airways, said Deepak Jasani of HDFC securities.
 
"Rail Vikas Nigam seemed to have attracted institutional buying after its debut last week. The stock rose almost 20 percent."
 
IANS
 

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Sensex, Nifty open marginally higher

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Key equity indices opened marginally higher on Monday led by gains in metal and auto sector stocks.
 
All the sectoral indices on the BSE traded in the green.
 
The Sensex of the BSE opened at 38,805.54 from its previous close at 38,767.11 on Friday.
 
At 9.31 a.m., the Sensex traded at 38,845.89 higher by 78.78 points or 0.20 percent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 11,667.00 after closing at 11,643.45 on Friday.
 
The Nifty traded at 11,668.15 during the morning trade session, up 24.70 points or 0.21 percent.
 
IANS
 

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Buttler shines in Royals' 4-wicket win over Mumbai

Rajasthan Royals finally managed to script their second victory of the 2019 Indian Premier League (IPL) as Jos Buttler clattered 89 off 43 balls before Shreyas Gopal (13 off 7) rescued his side with the bat to beat Mumbai Indians by four wickets in yet another edge-of-the-seat contest at the Wankhede Stadium, here on Saturday.
 
Chasing a competitive 188 for victory, the visitors were comfortably placed at 147/1 in 13.1 overs. However, Krunal Pandya and Jasprit Bumrah rocked the Rajasthan middle-order as they tumbled to 174/6 in the 19th over before Gopal came to their rescue.
 
Rajasthan openers Ajinkya Rahane and Buttler were off to a watchful start and maintained a decent run-rate as the scorecard read 28/0 after three overs. The duo added another 31 runs in the next three overs before Krunal struck to send back skipper Rahane for 37 (21 balls, 4x6, 6x1).
 
New batsman Sanju Samson, along with Buttler, kept the scoreboard ticking as they took Rajasthan past the 100-run mark in the 10th over. Buttler slowly shifted gears as he smashed medium pacer Alzarri Joseph for 28 runs in the 13th over with Rajasthan placed at 146/1.
 
Rahul Chahar then gave Mumbai the much-needed breakthrough, as he got rid of the dangerous Buttler in the 14th over. While trying to clear the fence, Buttler (89; 43 balls, 4x8, 6x7) holed out to Suryakumar Yadav at the long-off fence.
 
Samson kept the runs flowing before Bumrah packed him back in the 17th over with Rajasthan needing 18 off the last three overs.
 
Things turned ugly for the visitors as Krunal struck twice in the 18th over, accounting for Rahul Tripathi (1) and Liam Livingstone (1), before Bumrah made the situation worse for Rajasthan by dismissing Steve Smith (12) in the next over.
 
With six needed off the final over, Shreyas Gopal held his nerve to pick a couple of runs in the first ball before smashing Hardik Pandya for a boundary in the third delivery to help Rajasthan clinch a thriller.
 
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For Mumbai, Krunal (3/34) and Bumrah (2/23) were the picks of the bowlers.
 
Earlier, put in to bat first, Mumbai piled up 187/5 in their 20 overs.
 
Quinton de Kock stole the show with the bat as he hit a 52-ball 81 (4x6, 6x4) to set the tone for the home team. While de Kock was dismissed in the 19th over, Hardik Pandya carried forward the onslaught to finish with an unbeaten 28 off just 11 balls (4x1, 6x3).
 
The common adage goes that morning shows the day, and the MI innings was a perfect testimony to that. With regular skipper Rohit Sharma back in the XI, he opened the batting with de Kock and the two took the Royals bowling to the cleaners right from the word go.
 
Such was their domination that MI raced to 57 without losing a wicket in just six overs. They played smart cricket and latched onto the bad balls to ensure that the RR bowlers paid the price when they erred in length. The two were in such good form that even the otherwise economical Jofra Archer went for 12 off his first over of the game.
 
But Archer had something to celebrate when he dismissed Rohit for a 32-ball 47 (4x6, 6x1). Looking to up the ante after reaching a comfortable 92/0 after 10 overs, Rohit perished as he looked to hit Archer out of the park in the 11th over. Jos Buttler completed an easy catch at long-on as Sanju Samson wore the wicketkeeping gloves again.
 
Coming in at No. 3, Suryakumar Yadav too looked to build on the strong start, but managed to score just 16 off 10 balls before Dhawal Kulkarni cleaned him up. Kieron Pollard too failed to make much of the opportunity as he was dismissed by Archer, with the batsman looking to hit the West Indies-born English player out of the park.
 
De Kock though held the fort and kept picking the timely boundaries before Archer finally dismissed him as the southpaw looked to clear the long-off boundary in the penultimate over, only to be caught by Buttler who took a brilliant running catch.
 
Losing wickets at regular intervals as they tried to finish with a flourish, MI managed to score 61 runs in the last five overs for the loss of three wickets.
 
Brief scores: Rajasthan Royals 188/6 in 19.3 overs (Jos Buttler 89, Ajinkya Rahane 37; Krunal Pandya 3/34) beat Mumbai Indians 187/5 (Quinton de Kock 81, Rohit Sharma 47; Jofra Archer 3/39) by 4 wickets.
 
IANS
 

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