
Bullets, gunpowder gutted as fire hits Verna ammo company
Bullets and gunpowder were gutted in a major fire that broke out at Hughes Precision Manufacturing Pvt Ltd, at IDC Verna early on Saturday.
Verna fire station in charge Dilesh Gaonkar told
TOI
that the fire broke out around 4am, and the firefighters received a call from the headquarters about the accident around 4.10am.
'Live and spent bullets and gunpowder stored in one room of the company were destroyed by the flames,' Gaonkar said. 'Boxes containing ammunition turned to ashes, but luckily no casualties were reported.'
He said that fire tenders were pressed into service from Verna, Vasco, Margao, and Panjim.
'According to the company's officials, CCTV cameras captured smoke coming out of the storage room,' Gaonkar said. 'The preliminary probe has suggested that a short circuit could be the reason for the massive fire.'
Gaonkar said that the Verna fire station has asked the company to provide details on the materials gutted and the loss incurred in the fire. Sources said the loss could run into crores. The company supplies ammunition to the Indian defence forces.
The fire tenders were deployed at the company site till late on Saturday.
'Although we succeeded in extinguishing the flames, we are monitoring the site,' Gaonkar said.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
5 minutes ago
- Mint
Rupee falls 14 paise to close at 86.30 against US dollar
Mumbai, The rupee depreciated 14 paise to close at 86.30 against the US dollar on Monday due to consistent dollar demand from oil importers. Forex traders said after breaching the crucial 86 level, the rupee continued its decline, which intensified the downward trend, tracking a strengthening dollar index. At the interbank foreign exchange, the domestic unit opened at 86.27 against the greenback and touched an intra-day high of 86.19 and a low of 86.36 against the greenback. At the end of Monday's trading session, the local unit settled at 86.30, down 14 paise over its previous closing price. On Friday, the rupee settled 4 paise lower at 86.16 against the US dollar. Forex traders said all eyes are now on the outcome of India-US trade talks, especially as the August 1 deadline for potential tariffs on Indian exports draws closer. If the discussions fail or get delayed, it would add to the rupee's challenges, and if a deal is reached, it could offer a much-needed breather. The uncertainty around the India-US trade deal is likely to keep market participants cautious, they added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.22 per cent to 98.26. Brent crude, the global oil benchmark, fell 0.48 per cent to USD 68.95 per barrel in futures trade. "The Indian rupee has experienced considerable weakness in recent days and remains the weakest among Asian currencies. "The primary catalysts for this decline are consistent dollar demand from the importers and a continued exodus of foreign capital. On the technical front, the spot USD/INR has immediate resistance at 86.65 and a significant support at 85.80," said Dilip Parmar, Research Analyst, HDFC Securities. In the domestic equity market, the 30-share BSE Sensex advanced 442.61 points, or 0.54 per cent, to 82,200.34, while the Nifty rose 122.30 points, or 0.49 per cent, to 25,090.70. Foreign institutional investors purchased equities worth ₹ 374.74 crore on a net basis on Friday, according to exchange data. This article was generated from an automated news agency feed without modifications to text.


Business Standard
5 minutes ago
- Business Standard
Odgers India elevates Kaushik DasGupta to Managing Partner; Dr. Prasad Medury to serve as Chairman India
VMPL New Delhi [India], July 21: Odgers, a leading global executive search and leadership advisory firm, today announced a significant leadership transition for its India operations. Kaushik DasGupta, who leads the Consumer, Retail & Media practice in Asia-Pacific, has been promoted to Managing Partner - India. Concurrently, Dr. Prasad Medury, who has successfully led the India business for the past eight years, will continue to serve as Chairman India. Kaushik DasGupta has been a pivotal force for Odgers since his arrival. He took the helm of the Consumer, Retail & Media practice in India at the start of 2020 and has more recently expanded his leadership to continue driving the sector's ongoing growth across the APAC region. Under his guidance, the Consumer practice in India has grown to become the firm's second-largest practice in the country, after Industrial, demonstrating remarkable success with both global and local clients, and consistently supporting them in their global expansion plans. A seasoned veteran in executive search, Kaushik has dedicated nearly his entire career to the field. Prior to joining Odgers, he has held long-term Partner roles with two of India's largest and most successful search firms, both affiliated with global networks. "I am delighted to announce Kaushik DasGupta's promotion to Managing Partner - India," said Mark Braithwaite, Managing Director - APAC. "Kaushik possesses an infectious positive energy and an unwavering obsession with delivering quality work for our clients. I am incredibly proud to welcome him into the APAC management team and have every confidence that he has the passion and capability to lead Odgers India to even greater heights as the Indian economy continues to thrive." Prasad's tenure as Managing Director has been transformative for Odgers in India. Since he joined eight years ago, the India business has experienced exponential growth, driven by a strong focus on Indian companies, as well as Multinational corporations. Prasad will continue to be a vital asset to the firm as Chairman India. He will manage an extended handover of his Country Head responsibilities over the coming months, after which he will continue to lead the firm's robust Industrial and Education practices. "Leading Odgers India for the past eight years has been an immense privilege. I am incredibly proud of the growth we've achieved and the strong foundation we've built. I have full confidence in Kaushik's leadership and vision to take the firm to its next phase of accelerated success, ensuring trust & continued excellence for our clients." says Dr. Prasad Medury, Chairman India, Odgers. Kaushik DasGupta, Managing Partner India, Odgers added, "I am honoured and excited to step into the role of Managing Partner for Odgers India. Prasad has set an incredibly high bar, and I am committed to building upon his legacy, driving further growth, and ensuring we continue to deliver exceptional value to our clients across India, while extending our impact across global markets." About Odgers: Odgers is a leading global executive search and leadership advisory firm, headquartered in London UK, with over 59 offices & operations across 33 countries. It has been ranked as the top 6th among leading executive search firms globally. For over 60 years, Odgers has helped organisations all over the world find senior talent to drive their business agendas. This includes reputed international leadership hiring assignments such as the Organizing Committee for the 2032 Olympic & Paralympic Games in Brisbane, Sporting Director for Newcastle United Football Club, CEO of Integrated and Specialist Medicine Clinical Group, part of the UK NHS Foundation Trust, to name a few. In India, our services include board appointments, leadership & board advisory services and executive search at the leadership level. Our focus in India is on the Industrial, Consumer, Technology & Education sectors where we work with both Indian & as well as foreign multinationals. We also assist clients identify & hire exceptional leadership talent to drive their Sustainability & DE & I initiatives. (ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)


Economic Times
5 minutes ago
- Economic Times
How to build wealth at 16% per year? This founder shares a 'steady' example of Indian govt's 87x growth
Akshat Shrivastava, founder of financial education platform Wisdom Hatch, has shared a data-backed breakdown of how the Indian government has quietly built wealth from stock market activity—compounding returns at nearly 16% annually over the last two decades. He says retail investors can learn from this model instead of relying blindly on mutual a LinkedIn post titled 'Wealth is built silently,' Shrivastava compared the Indian government's income from stock market-linked taxes in 2004 and 2025. In 2004: In 2025:STT: ₹50,000 croreStamp duty: ₹8,000 crore Capital gains: ₹20,000 crore Total: ₹78,000 croreThis increase in revenue translates to a compound annual growth rate (CAGR) of 15.7%, Shrivastava noted.'Wealth is built silently. Indian government is a prime example,' he wrote. Shrivastava used this comparison to highlight how retail investors may be missing out on smarter strategies.'Retail investors poured money like crazy into Mutual Funds. But, 95% of Mutual Funds in the same period have underperformed these returns,' he cautioned that many investors are being steered toward mutual funds as the default option, without questioning their actual performance. 'Of course, you are being convinced that Mutual Funds are the best,' he added. Retail participation in Indian markets has surged in recent years, with millions opening demat accounts and increasing investments in mutual funds, especially through systematic investment plans (SIPs). However, concerns about returns, transparency, and fee structures persist among financial experts. Shrivastava's remarks add to ongoing conversations around how retail investors should assess long-term returns, fees, and the narratives promoted by financial institutions. (Disclaimer: This article is based on a user-generated post on LinkdIn for informational purposes. has not independently verified the claims made in the post and does not vouch for their accuracy. The views expressed are those of the individual and do not necessarily reflect the views of Reader discretion is advised.)