Mcap of four of top-10 most valued firms erodes by Rs 1 lakh cr; State Bank biggest laggard

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May 10, 2026

Mcap of four of top-10 most valued firms erodes by Rs 1 lakh cr; State Bank biggest laggard

NEW DELHI, May 10: The combined market valuation of four of the top-10 most valued firms eroded by Rs 1 lakh crore last week, with State Bank of India taking the biggest hit, amid a range-bound trend in equities.

Last week, the BSE benchmark Sensex climbed 414.69 points or 0.53 per cent, and the NSE Nifty went up by 178.6 points or 0.74 per cent.

“Indian equity markets witnessed a volatile and range-bound week, with sentiment remaining cautious despite intermittent recovery attempts. Early optimism driven by hopes of de-escalation in the Middle East and easing oil prices faded quickly as renewed tensions between the US and Iran resurfaced,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.

While Bharti Airtel, State Bank of India, Tata Consultancy Services (TCS) and Larsen & Toubro faced erosion from their valuation, Reliance Industries, HDFC Bank, ICICI Bank, Bajaj Finance, Hindustan Unilever and Life Insurance Corporation of India (LIC) were the gainers from the pack. Together they added Rs 46,685.21 crore in market valuation.

The valuation of SBI dropped by Rs 44,722.34 crore to Rs 9,41,107.62 crore.

Bharti Airtel’s valuation declined by Rs 31,167.1 crore to Rs 11,18,055.03 crore.

The market capitalisation (mcap) of TCS diminished by Rs 28,456.26 crore to Rs 8,66,477.69 crore and that of Larsen & Toubro edged lower by Rs 5,371.84 crore to Rs 5,46,621.21 crore.

However, the market valuation of HDFC Bank jumped Rs 15,425.09 crore to Rs 12,02,699.26 crore.

The mcap of Bajaj Finance surged by Rs 11,486.89 crore to Rs 5,94,610.02 crore.

Hindustan Unilever added Rs 8,763.97 crore taking its valuation to Rs 5,37,562.98 crore.

The mcap of Reliance Industries climbed Rs 6,563.28 crore to Rs 19,42,866.58 crore and that of LIC went up by Rs 2,751.37 crore to Rs 5,07,549.44 crore.

The market valuation of ICICI Bank edged higher by Rs 1,694.61 crore to Rs 9,06,675.39 crore.

Reliance Industries remained the most valued firm, followed by HDFC Bank, Bharti Airtel, State Bank of India, ICICI Bank, TCS, Bajaj Finance, Larsen & Toubro, Hindustan Unilever and LIC. (PTI)

Titan Company unfazed about gold supply in short term as exchange programmes aid sourcing

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Daily Excelsior

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May 10, 2026

Titan Company unfazed about gold supply in short term as exchange programmes aid sourcing

NEW DELHI, May 10: Leading branded jeweller maker Titan Company is unconcerned about short-term gold supply issues due to West Asia conflict as its gold exchange programme and contingency sourcing plans are helping mitigate risks.

Titan, whose FY26 topline crossed Rs 75,000 crore, said the company’s gold exchange programme has been running successfully since the third quarter and it has further strengthened sourcing flexibility for its jewellery businesses.

“…our gold exchange programme is very, very successfully being run from the last quarter three onwards. We always used to run this but now we have another level,” CFO Ashok Sonthalia said while responding to a query around gold supply.

He said the company has measures in place to respond to any supply-related challenges if required.”On a short notice we can, if required, further ratchet it. Some of the other Plan Bs are also ready,” he said.

“We are at least not concerned in the short term as far as gold supply is concerned for Titan, Tanishq and CaratLane,” said Sonthalia.

The industry sources a considerable part of gold from the Middle East, and there were reports of a delay in the renewal of import licences by the government.

There was some slowness on the customs front which is picking up and “we are pretty much quite covered for quarter 1,” he said.

Besides, Titan doesn’t see any increase in cost in gold loan at least in the short term as tenure has been increased from 180 to 270 days, Sonthalia added.

Replying to another query, Titan CEO – Jewellery Division, Arun Narayan said now it is running the exchange campaign as a standalone campaign, particularly for Tanishq.

“You may have seen that a lot of our Tanishq campaigns, which are new collection campaigns, also have an exchange section in the same campaign. In a sense, it’s getting reinforced with every campaign that we run,” he said.

The company expects the exchange programme to continue supporting buyer growth, especially among wedding customers and consumers looking to refresh jewellery collections.

“The sentiment of the campaign has resonated very well with people because it has a certain public service message and nationalistic angle to it. All in all, we think it is a good thing to run, and it will give us rewards even going forward,” he added.

Tanishq offers a comprehensive gold exchange programme designed to help customers swap old, worn-out, or unused gold for new jewellery designs

According to Narayan, Titan reported an 8 per cent buyer growth in the fourth quarter, compared with a flattish trend in the previous period, as customers who had deferred purchases amid rising gold prices returned to stores.

“Gold rates have gone up from festive onwards. Diwali onwards, it’s been climbing. There are many customers who were waiting on the sidelines who came in to buy in quarter four,” he said.

He added that wedding purchases were also advanced as consumers anticipated further increases in gold prices.

“Those who have weddings in their families in quarter one also ended up coming in the months of February and March too. It’s a mix of both, which has helped,” Narayan said.

Besides plain gold jewellery, Titan witnessed improved buyer growth in studded jewellery, aided by a successful diamond campaign.

Over the high gold prices, Narayan said consumers have gradually started accepting elevated gold prices, while a recent cooling-off in rates has encouraged buyers to return to stores.

“I think people have started accepting gold at this level and this small cool off that we have seen in the last month or two has also kind of helped bring people back,” he said.

According to him, consumers expect gold prices to continue their upward trajectory over the medium to long term, which has supported purchase sentiment.

“There seems to be an acceptance that in the medium to long term it’s again going to go back to its trajectory of upward movement. That seems to be the sentiment with consumers,” Narayan added.

Titan on Friday reported 35.36 per cent increase in its consolidated net profit to Rs 1,179 crore for the March quarter of FY26. Its sales surged 48.28 per cent to Rs 20,607 crore. (PTI)

New generation, new voice, new imagination: Rahul on Vijay’s swearing-in as TN CM

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May 10, 2026

New generation, new voice, new imagination: Rahul on Vijay's swearing-in as TN CM

NEW DELHI, May 10: The Congress on Sunday hailed C Joseph Vijay on being sworn-in as the Tamil Nadu chief minister with Rahul Gandhi saying that the state has chosen a new generation, a new voice and a new imagination.
Gandhi, who attended Vijay’s swearing-in ceremony in Chennai, posted pictures from the event on X.
Vijay was sworn-in as the Tamil Nadu chief minister in a colourful ceremony, ushering in the first non-DMK, non-AIADMK government in the southern state in 60 years.
“Tamil Nadu has chosen. A new generation. A new voice. A new imagination.
My good wishes to Thiru Vijay – may he fulfil the hopes of the people of Tamil Nadu,” the Leader of Opposition said on X.
Congress president Mallikarjun Kharge also congratulated Vijay on being sworn-in as the Tamil Nadu chief minister and said he is confident that under the TVK chief’s leadership, the ideals that have long defined the state’s political and social consciousness will continue to guide governance.
“On the swearing-in of Thiru TVK Vijay as the Chief Minister of Tamil Nadu, I extend my heartfelt congratulations and best wishes to him, Tamilaga Vettri Kazhagam party and the entire progressive alliance,” Kharge said on X.
The formation of this government reaffirms the enduring strength of selfrespect, social justice, empowerment and rational thought, are values that have long defined Tamil Nadu’s political and social consciousness, he said, adding this is the legacy shaped by Periyar and Kamrajar.
“Millions of people across Tamil Nadu, especially the aspirational youth, have placed their trust in the TVK. I am confident that under his leadership, these ideals will continue to guide governance and inspire the nation,” Kharge said. “Wishing the new government great success in serving the people with compassion, inclusivity, and commitment,” the Congress chief said.
Vijay’s cabinet was a mix of young and experienced, with the TVK chief’s core team finding place in the maiden ministry of the 51 year-old actor-turnedpolitician. In his first address, Vijay said he was not from any royal lineage and that people welcomed and accepted him.
He also said that he will not deceive people with false promises. Vijay’s parents S A Chandrasekhar and Shobha, top actor Trisha and a whole lot of dignitaries attended the ceremony at the sprawling Jawaharlal Nehru Indoor Stadium in Chennai.
The TVK founder-chief was appointed as chief minister on Saturday by the governor after his party clinched key support to cross the magic 118 majority mark in the Tamil Nadu Assembly, ending days of uncertainty over government formation in the southern state.
Capping days of hectic parleying to shore up numbers to usher in the first nonDMK, non-AIADMK government in nearly 70 years, Vijay finally managed to secure the support of four MLAs of Viduthalai Chiruthaigal Katchi (VCK) and the Indian Union Muslim League (IUML) on Saturday. The Congress had pledged support of its five MLAs to TVK soon after the polls. (Agencies)

PM Hails Art Of Living’s Service Ethos, Calls For Collective Action For Developed India

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Daily Excelsior

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May 10, 2026

PM Hails Art Of Living’s Service Ethos, Calls For Collective Action For Developed India

BENGALURU, May 10: Prime Minister Narendra Modi on Sunday lauded the role of the Art of Living Foundation in promoting service, spirituality and social transformation, and called for collective efforts to build a developed India through environmental responsibility, youth empowerment and inner well-being.
Addressing the gathering at the Art of Living International Centre here to mark 45 years of the foundation and participate in celebrations linked to founder Sri Sri Ravi Shankar, Modi described Bengaluru as a city that had not only emerged as a global technology hub but had also elevated India’s spiritual and cultural consciousness.
The Prime Minister also inaugurated a new meditation hall at the sprawling campus and congratulated the organisation for creating what he described as a centre of peace and healing for generations to come.
Referring to India’s civilisational values, he said the essence binding the country’s immense diversity was selfless service.
He said India’s spiritual movements had historically expressed themselves through service to humanity and praised Art of Living for embodying that principle through welfare-oriented programmes, including tribal empowerment initiatives and efforts to improve the mental health of prisoners.
“Spiritual movement in India lay emphasis on serving mankind,” Modi said. The PM emphasised that societal participation was more powerful than political systems and was essential for nation-building.
“No government can succeed unless society itself actively participates in nation-building,” he said, citing the success of the Swachh Bharat mission as an example of a campaign sustained by public ownership.
Highlighting India’s transformation in the digital era, Modi said the country had become a global leader in digital payments, developed one of the world’s fastest-growing startup ecosystems and was making unprecedented advances in infrastructure and space technology, driven largely by its youth.
“India is not only partnering in scientific innovation, but also leading in many areas,” Modi said.
He credited institutions such as Art of Living with helping young people navigate the challenges of modern life.
“Technology allows people sitting far apart to connect instantly. But whether or not we connect with the world, it is essential that we connect with ourselves,” he said.
He said a developed India would be built by youth who were mentally peaceful, socially responsible and sensitive towards society, underlining the importance of spiritual well-being, yoga, meditation and mental health initiatives.
The Prime Minister also urged the organisation’s volunteers to intensify their engagement in natural farming and environmental conservation.
“Today, even in illness, people are seeking natural healing. Our Mother Earth too needs natural healing. Chemical fertilisers have exhausted our fields and harmed Mother Earth. Protecting Mother Earth from chemicals is also Art of Living,” he said. (Agencies)

PIL In SC For Reviewing Wages Of Priests, Sevadars And Temple Staff In State-Controlled Temples

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May 10, 2026

NEW DELHI, May 10: A plea has been filed in the Supreme Court seeking direction to the Centre and state governments to constitute a judicial commission or an expert committee to review the wages and other benefits given to priests, sevadars and temple staff in state-controlled temples.
The PIL filed by advocate Ashwini Upadhyay said that the writ petition seeks directions to the Centre and states to constitute a judicial commission or an expert committee to review the remuneration and other benefits given to the priests and temple staff in state-controlled temples.
“Petitioner also seeks a declaration that priests and temple staff are ‘employee’ under Section 2(k) of the Code on Wages, 2019. Petitioner submits that once the State assumes the administrative, economic and financial control over temples, an employer-employee relationship arises and denial of dignified wages to priests and temple staff violates the right to livelihood guaranteed under Article 21,” it said.
Upadhyay said that the cause of action accrued on April 4, when he went to Varanasi to attend a public programme and after performing ‘Rudrabhishek’ in the Kashi Vishwanath temple, which is controlled by the state, he came to know that even the minimum wages to live with dignity are not given to the priests and temple staff.
“Recently, in Andhra Pradesh and Telangana, priests and temple staff organised a large-scale protest demanding the minimum wages. Priests and temple staff are not getting even the minimum wage prescribed by the State for unskilled and semi-skilled workers. This is a systemic exploitation. State is acting as a model employer through the endowments department, but violating the minimum wages Act and the directive principles of state policy (Article 43),” it said.
The plea further said that the continued refusal to minimum wages with the 2026 inflation-adjusted cost of living index has forced the petitioner to seek judicial intervention to prevent the further marginalisation of priests and temple staff.
Upadhyay further said that the precarious nature of livelihood was starkly exposed on February 7, 2025, when a Tamil Nadu department issued a circular at the ‘Dandayuthapani Swami Temple’ in Madurai, strictly prohibiting priests from accepting ‘dakshina’ in ‘aarti plates’.
“It is necessary to state that priests in such temples often receive no formal salary from the State and rely entirely on ‘Dakshina’; the State’s administrative order directly threatened them with starvation. Although withdrawn due to public outrage, the incident highlights the State’s arbitrary power over the survival of the priests. This is also a bitter truth that States are controlling lakhs of temples but not a single mosque or church,” the PIL claimed.
The petition, alternatively, sought direction to the Centre and states to take appropriate steps for the welfare of priests, sevadars and other temple staff in the spirit of the Allahabad High Court’s earlier judgments. (Agenciese)

Focus On Local Resources: CM Abdullah Outlines Roadmap For J&K’s Emergence As Premier Film Destination

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May 10, 2026

SRINAGAR, May 10: In a bid to make Jammu and Kashmir a cost-effective destination for global filmmakers, Chief Minister Omar Abdullah has announced a series of initiatives aimed at building a robust local film infrastructure and a skilled workforce that will create employment opportunities for the youth in the region.
Beyond traditional Bollywood, the chief minister is actively looking at encouraging Southern cinema and music video producers to come to Jammu and Kashmir, promising a streamlined “single-window” clearance system and significant reductions in production overheads.
Recognising that high production costs often deter film units, Abdullah told PTI recently that the government is collaborating with major production houses in Mumbai to train local youths in technical crafts such as cinematography and lighting.
“We are working with organisations, particularly in Mumbai, to create a trained pool of resources so that when a film unit comes here, they don’t have to bring everybody with them,” Abdullah said here.
He said that this strategy serves a dual purpose, because it is cheaper for the film unit and it also creates local employment here. “Look, we need to sort of recognise that we need to build an infrastructure here for people to be able to come and film.
“We need to make it easier and cheaper because production costs are extremely high. So one of the things we’re trying to do is to create a pool of talented youngsters who are trained,” he said.
In addition to manpower, the government is focusing on the “logistics of filming”, Abdullah said and added that plans are underway to establish a local pool of high-end filming equipment, ranging from spotlights to camera dollies. “So they don’t have to bring everything… all the way here for filming. So it’s something that we are currently in the process of executing, and we hope that it will show results,” he said.
Addressing concerns regarding bureaucratic hurdles, the chief minister said that Jammu and Kashmir’s film policy is being effectively implemented through the tourism department, which has a dedicated officer to coordinate all permissions.
Acknowledging some “dealing difficulties” in the past, the chief minister asserted that his administration has worked to remove these bottlenecks to ensure a smoother experience for creative teams.
“It is something that we are currently in the process of executing, and we hope that it will show results soon,” Abdullah said and hoped that these measures would firmly place the valley back on the international cinematic map. (Agenciese)

CM Omar Unveils ₹40 Crore Development Package In Ganderbal, Launches Sindh Riverfront Project

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May 10, 2026

CM Omar Unveils ₹40 Crore Development Package In Ganderbal, Launches Sindh Riverfront Project

Ganderbal, May 10: Chief Minister Omar Abdullah on Sunday visited Ganderbal and rolled out a major development package worth nearly ₹40 crore, including the foundation laying of Phase-I of the ambitious Sindh Riverfront Project.
During the visit, the Chief Minister inaugurated and inspected several developmental and public welfare initiatives aimed at strengthening tourism, urban infrastructure and healthcare facilities in the district.
A key highlight of the visit was the launch of Phase-I of the Sindh Riverfront Project, envisioned to enhance the scenic beauty and tourism potential of the area while creating modern public spaces along the banks of the Sindh stream.
In a significant boost to healthcare services, Omar Abdullah also inaugurated advanced DEXA Scan and Fibro Scan facilities at District Hospital Ganderbal. The addition of these modern diagnostic facilities is expected to improve patient care and reduce referrals to hospitals outside the district.
Officials said the projects form part of the government’s broader push to upgrade civic amenities, healthcare infrastructure and tourism-related facilities across Central Kashmir.
Residents and local officials welcomed the initiatives, expressing optimism that the projects would accelerate development and improve essential public services in Ganderbal. (KNC)

“Don’t Politicise Sports, Let Children Play”: Commissioner Secretary YSS Defends Transparent Selection Of J&K Football Team

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May 10, 2026

“Don’t Politicise Sports, Let Children Play”: Commissioner Secretary YSS Defends Transparent Selection Of J&K Football Team

SRINAGAR, May 10: Commissioner/Secretary Youth Services and Sports J&K, Shahid Iqbal Choudhary on Sunday strongly defended the selection process of the Jammu and Kashmir U-20 Football Team and said that sports should not be politicised by vested interests at the cost of youth and athletes.
Speaking to media persons after flagging off the Jammu and Kashmir U-20 Football Team at TRC Football Ground Srinagar for participation in the prestigious Swami Vivekananda U-20 National Football Championship, Shahid said the team was selected through a completely fair and transparent process after professional training camps conducted by the J&K Sports Council.
“Our football team is going to play nationals and the camps and training were organised professionally by the Sports Council. The selection process was fair and transparent and children from different districts of Jammu and Kashmir were selected purely on merit. Some of these players have already represented at international levels and I am confident they will make J&K proud,” he said.
Addressing the recent controversy regarding participation of the J&K football team in the national championship, Shahid said misinformation was deliberately spread by certain vested interests to create confusion and obstruct youth participation in sports activities.
He clarified that the All India Football Federation (AIFF) had officially authorised the J&K Sports Council in September 2023 to conduct football-related activities, including selections, coaching, training camps and management of competitions in Jammu and Kashmir till proper elections of the Football Association are held in the Union Territory.
“The Sports Council is presently the only authorised body for football selections in J&K. Despite this, some people are trying to mislead authorities and create hurdles so that children are prevented from participating in national competitions. This is unfortunate,” he said.
Shahid said an ad-hoc committee headed by Justice Gambhir was constituted in July 2025 to oversee elections and football-related matters in J&K, but the committee has not initiated the election process so far, due to which the Sports Council continues to remain the authorised body.
He said certain individuals with vested interests were trying to claim control without allowing proper grassroots-level elections to happen. “Sports associations work through a pyramid structure from block and district levels upwards. Some people only want control at the top without building democratic structures below. We will not allow that,” he said.
The Commissioner Secretary said he was deeply disappointed to see attempts being made to create unnecessary controversies around sports events involving children and youth. “One day news is circulated that the team has been dropped, another day it is claimed that someone got the team restored. This creates anxiety among parents and disappointment among players who have worked hard for months,” he said.
Shahid revealed that after initial confusion regarding the J&K team’s participation, the matter was immediately taken up with the AIFF on April 24, following which the issue was resolved and the participation of the J&K team was cleared officially. He said the Sports Council had submitted all relevant authorisation documents before the national federation.
He also issued a stern warning against individuals trying to damage the sports ecosystem in Jammu and Kashmir through misinformation campaigns and personal attacks on officials. “Some people are using social media pages and anonymous campaigns to spread negativity and pressure officials. We will not be intimidated. Legal course of action will be taken wherever required,” he said.
Highlighting the department’s larger vision for sports development in Jammu and Kashmir, Shahid said the government is focusing on three major areas including talent identification, organisation of leagues and tournaments, and creation of large-scale sports infrastructure across districts.
He said several major infrastructure projects have already been initiated in districts including Anantnag, Ganderbal, Shopian and Srinagar while national and international standard facilities are being planned across the Union Territory.
“We are working on football leagues, volleyball leagues, kabaddi and cricket tournaments across all regions. Every district and every block will be covered under the annual sports calendar,” he said.
Appealing to media organisations to act responsibly while reporting sports-related issues, Shahid said media persons should verify facts from official authorities before publishing reports that could affect young athletes.
“The media is the fourth pillar of democracy and we respect its role. But before running such sensitive reports, facts must be verified from us. We are available round the clock and transparency is our commitment,” he said.
Shahid reiterated that the government remains committed to fair and independent elections in sports federations and assured that every deserving athlete from Jammu and Kashmir would continue to receive opportunities to compete at national and international platforms.
“Our only objective is to strengthen sports culture and protect the interests of youth. Children should be allowed to play and grow without politics and vested interests interfering in their future,” he added. (JKNS)

K9 Squads Deployed As Anantnag Police Launches Massive Anti-Drug CASOs At 20 Locations

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May 10, 2026

K9 Squads Deployed As Anantnag Police Launches Massive Anti-Drug CASOs At 20 Locations

ANANTNAG, May 10: In a major crackdown against narcotics trafficking, Anantnag Police on Saturday conducted simultaneous Narco Cordon and Search Operations (CASOs) at 20 locations across the district, targeting drug kingpins, peddlers, and their associates linked to the illegal drug network.
The large-scale operations were carried out by specially constituted police teams under the supervision of senior officers following specific intelligence inputs and leads gathered during investigations into multiple NDPS cases.
To enhance the effectiveness of the searches, K9 squads were also deployed during the operations.
Police said the coordinated action was aimed at dismantling the drug supply chain, identifying individuals providing logistical and financial support to narcotics networks, and initiating strict legal action against those involved in the illegal trade.
Anantnag Police reaffirmed its commitment to intensifying efforts against the drug menace and ensuring a safer, drug-free society across the district. (KNC)

Formation of this govt reaffirms strength of self-respect, social justice: Kharge after Vijay’s swearing-in as TN CM

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Daily Excelsior

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May 10, 2026

NEW DELHI, May 10: Congress president Mallikarjun Kharge congratulated C Joseph Vijay on being sworn-in as the Tamil Nadu chief minister on Sunday and said he is confident that under the TVK chief’s leadership, the ideals that have long defined the state’s political and social consciousness will continue to guide governance.
Vijay was sworn-in as the Tamil Nadu chief minister on Sunday in a colourful ceremony attended by Congress leader Rahul Gandhi, ushering in the first non-DMK, non-AIADMK government in the southern state in 60 years.
“On the swearing-in of Thiru TVK Vijay as the Chief Minister of Tamil Nadu, I extend my heartfelt congratulations and best wishes to him, Tamilaga Vettri Kazhagam party and the entire progressive alliance,” Kharge said on X.
The formation of this government reaffirms the enduring strength of selfrespect, social justice, empowerment and rational thought, are values that have
long defined Tamil Nadu’s political and social consciousness, he said, adding this is the legacy shaped by Periyar and Kamrajar. “Millions of people across Tamil Nadu, especially the aspirational youth, have placed their trust in the TVK. I am confident that under his leadership, these ideals will continue to guide governance and inspire the nation,” Kharge said.
“Wishing the new government great success in serving the people with compassion, inclusivity, and commitment,” the Congress chief said.
Vijay’s cabinet was a mix of young and experienced, with the TVK chief’s core team finding place in the maiden ministry of the 51 year-old actor-turnedpolitician. In his first address, Vijay said he was not from any royal lineage and that people welcomed and accepted him.
He also said that he will not deceive people with false promises. Vijay’s parents S A Chandrasekhar and Shobha, top actor Trisha and a whole lot of dignitaries attended the ceremony at the sprawling Jawaharlal Nehru Indoor Stadium in Chennai.
The TVK founder-chief was appointed as chief minister on Saturday by the governor after his party clinched key support to cross the magic 118 majority mark in the Tamil Nadu Assembly, ending days of uncertainty over government formation in the southern state.
Capping days of hectic parleying to shore up numbers to usher in the first nonDMK, non-AIADMK government in nearly 70 years, Vijay finally managed to secure the support of four MLAs of Viduthalai Chiruthaigal Katchi (VCK) and the Indian Union Muslim League (IUML) on Saturday. The Congress had pledged support of its five MLAs to TVK soon after the polls. (Agencies)