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A huge blast at a military base in Iraq early on Saturday killed a member of an Iraqi security force that includes Iran-backed groups. The force commander said it was an attack while the army said it was investigating and there were no warplanes in the sky at the time. Two security sources had said earlier that an airstrike caused the blast, which killed a member of Iraq's Popular Mobilization Forces (PMF) and wounded eight others at Kalso military base about 50 km (30 miles) south of Baghdad. In a statement, the PMF said its chief of staff Abdul Aziz al-Mohammedawi had visited the location and "reviewed the details of the investigative committees present in the place that was attacked". The Iraqi military said a technical committee was looking into the cause of an explosion and fire at the base, which it said happened at 1 a.m. on Saturday (2200 GMT Friday). "The air defence command report confirmed, through technical efforts and radar detection, that there was no drone or fighter jet in the air space of Babil before and during the explosion," the military said in a statement. The incident in Iraq's Babil province occurred with tensions running even higher than usual across the Middle East, following what sources said was an Israeli attack in the Iranian city of Isfahan on Friday. Tehran has played it down and indicated it had no plans for retaliation. That incident came six days after Iran fired a barrage of missiles and drones at Israel in response to a presumed Israeli airstrike that destroyed part of Iran's embassy in Damascus, killing seven Iranian Revolutionary Guards officers on April 1. The PMF includes Iran-backed groups which, operating under the banner of the Islamic Resistance in Iraq, have attacked U.S. troops in the region and targeted Israel since the eruption of the Gaza war, declaring support for the Palestinians. Their attacks on U.S. forces in Syria and Iraq stopped in early February after a drone strike killed three U.S. soldiers in Jordan, prompting heavy U.S. airstrikes in Iraq and Syria. But they claimed responsibility for an attack on the Israeli city of Eilat on April 1. The U.S. military's Central Command, in a post on X early on Saturday, denied what it said were reports that the United States had carried out airstrikes in Iraq. "The United States has not conducted air strikes in Iraq today," it said. The PMF started out as a grouping of armed factions, many close to Iran, that was later recognized as a formal security force by Iraqi authorities.

Spotting a multi-year growth opportunity for affordable housing finance companies, domestic brokerage firm Nirmal Bang has initiated coverage on Home First Finance Company (HFFC) and Aavas Financiers.HFFC gets a ‘buy’ recommendation with a target price of Rs 1,150 while Aavas has a ‘buy’ recommendation with a target price of Rs 1,775.The firm foresees an upside potential of 30.5% for HFFC from its closing price of Rs 881.10 on Friday, while it expects an upside potential of 14% from its current price of Rs 1,545 for Aavas.Aavas Financiers, which is also due to report its quarterly results later this week, has reported a 13% gain in the past one month. However, it has reported a 12% decline for the last one year. HFFC, on the other hand, has gained 23% in the last year, while increasing 4% in the last month.Despite the backdrop of India's housing market grappling with a significant shortage of affordable housing options, the outlook for affordable housing finance companies (AHFC) remains positive, according to a report by Nirmal Bang.AHFCs with a geographically diversified portfolio, a deep distribution focus, a niche customer segment, and a granular underwriting model are considered best-positioned to capitalize on this opportunity, the brokerage said.“Factors such as rising urbanization, increasing per capita income, government initiatives and low mortgage penetration, adds the broking firm, a substantial opportunity for growth can be seen,” the report suggests.However, the report states concerns that the sector faces its share of challenges, including rising competitive intensity, near-term compression of spreads, and elevated operational expenses. Additionally, AHFCs have experienced a de-rating due to supply overhang, particularly stemming from stake sales by private equity funds.The housing shortage and low mortgage penetration in India underscore the pressing need for affordable housing solutions, presenting AHFCs with a compelling growth opportunity. As these companies navigate challenges and capitalize on favorable market dynamics, investors may find potential in the promising future of India's affordable housing finance sector.Also read: IPO Calendar: JNK India, 3 other IPOs to keep primary market busy next week(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The US Consulate Team in Hyderabad opened its doors this weekend, dubbed Super Saturday, to accommodate the surging demand for visitor visas with 1500 applicants undergoing visa interviews on Saturday. This initiative aligns with the broader goal of fostering robust people-to-people connections between the US and India."It’s #SuperSaturday at the Consulate! Hyderabad’s Consulate Team opened its doors on the weekend to help meet demand for visitor visas. 1500 applicants had their visa interviews today and will travel to the U.S. for business, tourism, or to visit family members! #USIndiaFWD," US Consulate General Hyderabad announced in a post on X.— USAndHyderabad (@USAndHyderabad) Last month, the US Embassy in New Delhi and the Mumbai Consulate conducted similar exercises and processed over 1,000 and 1500 visitor visa applicants resepctively during the 'Super Saturday' drive. US Ambassador to India Eric Garcetti actively participated in the Delhi event, extending support to the embassy team by assisting in the fingerprint verification process.The 'Super Saturday' drives, which commenced sporadically in 2022, have become a quarterly occurrence, reflecting the commitment to streamline the visa application process and accommodate the escalating demand.Ambassador Garcetti underscored the significance of fostering relationships between individuals through work, travel, and study in the United States, emphasizing the mission's efforts to facilitate visa processing amid unprecedented demand. Leveraging increased staffing and technological advancements, the US mission in India aims to surpass previous visa processing records, building on the foundation of the robust US-India partnership.Statistics reveal a 60 per cent surge in applications compared to the previous year, with Indians constituting a significant portion of all visa applicants to the US globally.

Chief Justice D Y Chandrachud hailed the recent enactment of new criminal justice laws as a transformative moment for Indian society, envisioning a significant overhaul of the country's legal framework. Addressing a conference on 'India's Progressive Path in the Administration of Criminal Justice System,' Chief Justice Chandrachud emphasized the crucial role of citizen adoption in the success of these laws.According to Chief Justice Chandrachud, the newly enacted laws mark a transition into a new era for India's legal system. He highlighted the introduction of much-needed improvements aimed at safeguarding the interests of victims and ensuring effective investigation and prosecution of offenses."The enactment of these laws by Parliament reflects India's evolving landscape and the imperative need for new legal mechanisms to address contemporary challenges," the Chief Justice said.In attendance at the conference were Union Law Minister Arjun Ram Meghwal, Attorney General R Venkataramani, and Solicitor General Tushar Mehta, signifying the collaborative effort in shaping India's legal landscape.The newly enacted laws, namely the Bharatiya Nyaya Sanhita, the Bharatiya Nagarik Suraksha Sanhita, and the Bharatiya Sakshya Act, are poised to completely transform the country's criminal justice system upon their enforcement from July 1. However, it's noteworthy that the provision pertaining to hit-and-run cases by vehicle drivers will not be immediately implemented.These laws received parliamentary approval on December 21 of the previous year, followed by the assent of President Droupadi Murmu on December 25, marking a significant milestone in India's legal evolution.

Next week's earnings reports from some of the market's biggest technology and growth companies could prove an important test for the U.S. stock rally, which has flagged as expectations for interest cuts fade. Tesla, Meta Platforms, Alphabet and Microsoft - all set to report next week - are part of the group of companies that had been dubbed the Magnificent Seven as they led the S&P 500 to a 24% gain last year. The companies are seen as important bellwethers due to dominant positions atop their industries, while heavy index weightings give their share price moves an outsize influence on benchmarks such as the S&P 500. Though the market's rally has broadened this year, megacap stocks remain a portfolio staple, with fund managers in the latest BofA Global Research survey once again naming them the market's "most crowded" trade. Many believe their results could be especially important to markets this time around. The S&P 500 has slid in recent weeks, roughly halving its year-to-date gain to 5% as stickier-than-expected inflation erodes the prospects for the Federal Reserve to cut rates this year. Additionally, the monthslong rally in stocks has made the index expensive relative to history at a time when rising Treasury yields are pressuring equity valuations. Disappointing earnings from the market's heavyweights could give investors less reason to hold stocks. "Psychologically, the companies coming in at or above expectations is important," said David Katz, chief investment officer with Matrix Asset Advisors. "There's a lot of good news built into a lot of these companies." Investors will also focus on next Friday's release of the monthly Personal Consumption Expenditures Price index, a crucial piece of inflation data before the Fed's April 30-May 1 meeting. Fed funds futures late Thursday were pricing in less than 40 basis points in rate cuts this year, down from 150 bps expected at the start of 2024, according to LSEG data. The performance of megacaps' shares has diverged in 2024, after last year's epic run. Tesla, which reports results on Tuesday, has seen its shares tumble about 40% in 2024 amid concerns about its electric vehicle business. Meta Platforms, whose shares have jumped over 40% in 2024, is due on Wednesday, while Alphabet and Microsoft, which are logging year-to-date gains of about 12% and 7.5% respectively, are set for Thursday. Of the other megacaps, Apple and Amazon are set to report the following week, while Nvidia, whose shares have soared 70% this year on optimism over its artificial intelligence chips, reports on May 22. Six of the seven, excluding Tesla, are expected to post collective earnings growth of 42.1% in the first quarter, UBS strategists said on April 8. "It appears that the expectations are that they're really going to deliver again," said Patrick Kaser, portfolio manager at Brandywine Global. "And so the risk to me is skewed to the downside." Excluding the Magnificent 7, S&P 500 earnings have been negative on a year-over-year basis over the prior four quarters, according to JPMorgan analysts, underlining the group's importance to the market. Beyond the megacaps, over 300 S&P 500 companies expected to report over the coming two weeks. Earnings are expected to rise 9% for the full year, according to LSEG data, with added pressure on the results to support overall valuations. The S&P 500's forward price-to-earnings ratio has moderated somewhat this month but is still at 20 times, well above its long-term average of 15.7, according to LSEG Datastream. "In an environment where there is a lot of uncertainty about Fed rate policy, there's a lot of geopolitical tensions rising, if companies aren't really pushing the pedal on giving positive outlooks for growth ... that could be the factor that weighs on stocks," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. (Reporting by Lewis Krauskopf, additional reporting by Chuck Mikolajczak; Editing by Aurora Ellis)