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New Delhi, Senior bureaucrat Vir Vikram Yadav has been appointed as the chief of Directorate General of Civil Aviation (DGCA) as part of a senior-level bureaucratic reshuffle effected by the Centre on Tuesday.Yadav, a 1996 batch Indian Administrative Service (IAS) officer of the Odisha cadre, succeeds incumbent Faiz Ahmed Kidwai, who has now been appointed as Additional Secretary, Department of Personnel and Training (DoPT).Yadav is an Additional Secretary, Ministry of Environment, Forest and Climate Change.Kidwai, a 1996 batch IAS officer of the Madhya Pradesh cadre, was appointed DGCA chief in January last year.Twenty-five civil servants have been appointed in various central government departments at the level of additional secretaries in Tuesday's rejig.Senior IAS officer Puneet Kansal has been appointed as Additional Secretary, Ministry of Civil Aviation while Vishal Gagan will be Secretary, Central Information Commission (CIC), an order issued by the Personnel Ministry said.Gyanendra D Tripathi, a 1998 batch IAS officer of Assam-Meghalaya cadre, has been appointed as Additional Secretary, Department of Agricultural Research and Education and Secretary, Indian Council of Agricultural Research (ICAR).Sridhar Chiruvolu, Joint Secretary in the Prime Minister's Office (PMO), has been appointed as Additional Secretary at the same place.Ansuman Pattanaik, Director General, Competition Commission of India, will be Additional Secretary, Ministry of Corporate Affairs, the order said.N Gulzar, Additional Secretary in the Department of Telecommunications, has been appointed as Member Secretary, National Capital Region Planning Board, while Diwakar Nath Misra will be Additional Secretary, Ministry of Power and Debasish Prusty will be the new Additional Secretary, Department of Financial Services.Arti Kanwar has been appointed as Additional Secretary, Ministry of Textiles, Darpan Jain as Additional Secretary, Department of Commerce, and Ankita Mishra Bundela as Additional Secretary, Department of Agriculture and Farmers Welfare.Lokhande Prashant Sitaram and Anuj Sharma have been appointed as additional secretaries in the Home Affairs Ministry.Gujarat-cadre IAS officer Vijay Nehra has been appointed as Additional Secretary, Department of Health and Family Welfare, Siddharth Jain as Additional Secretary, Ministry of Cooperation, and Neetu Kumari Prasad as Additional Secretary, Department of Revenue, the order said.Meenaxi Rawat will be Additional Secretary and Financial Adviser, Ministry of Environment, Forest and Climate Change; Yashvir Singh will be Additional Secretary, Department of Commerce, and Hari Har Mishra will be Additional Secretary, Department of Financial Services.Veena Kumari Dermal has been named Additional Secretary in the Mines Ministry while Aparna Bhatia will be Additional Secretary and Financial Adviser, Ministry of Consumer Affairs, Food & Public Distribution.

The raging war in the oil-rich Middle East has rattled stock markets across the globe, with Dalal Street being no exception. After crashing more than 11% in March, Elara Securities said that historical patterns suggest limited downside for the benchmark index Nifty.The domestic brokerage cited data from the timeframes of seven major geopolitical conflicts in the past 25 years - Iraq war (2003), the Lebanon war (2006), the Libyan Civil War (2011), Russia–Ukraine (2022), Israel–Hamas war (2023), Iran–Israel conflict (2025), and the ongoing US–Iran escalation. It said that Nifty’s drawdown during the onset of conflicts has usually been capped at approximately 10%. Hence, historical patterns suggest limited downside for the benchmark index now, after the 11% crash in March.“Importantly, once early signs of normalisation emerge, markets tend to recover swiftly,” Elara said. However, it noted that the key exception to this historical pattern was in calendar years 2011-2014 when Brent sustained above $100 per barrel, leading to a prolonged sideways market without meaningful highs. The eventual decline in oil prices acted as the trigger for a strong Nifty upcycle, it added.Also read: Sammaan Capital becomes IHC Group co, receives Rs 5,652 cr in first tranche of stake saleNifty's valuation below the long-term trend signals a potential reboundElara assessed the one-year forward P/E relative to its rolling 10-year average and concluded the Nifty is trading 7% below its 10-year average, placing it in a historical “bounce zone”. “Outside of extreme disruptions like COVID-19, this level usually acted as a floor for valuation. Even during the Russia–Ukraine conflict, despite Brent sustaining above USD 100/bbl, Nifty multiples bounced back from 10-year rolling averages,” it said.“The recent TACO and Iran allowing 'nonhostile ships' to transit the Strait of Hormuz, along with crude oil prices dropping below USD 100/bbl, have reduced immediate energy supply risks. With our base case assuming gradual de-escalation, the current valuation provides a favourable entry point, with limited downside. We pick 20 value plays which offer a good risk-reward opportunity with healthy fundamentals in the current scenario of extreme correction,” the brokerage added.Elara's top picsAuto and power remain Elara’s preferred bets, which added that large-cap auto stocks like Maruti Suzuki and Royal Enfield-maker Eicher Motors have corrected sharply since the onset of the US-Iran conflict. While near-term concerns persist around input cost pressures from elevated commodity prices and potential demand moderation in the event of a prolonged conflict triggering an inflation shock for consumers, underlying retail data remains robust and encouraging, it further said.The domestic brokerage added that Vahan retail registrations so far show strong double-digit growth, and this momentum is expected to receive further tailwinds from the Eighth Pay Commission awards, slated for announcement early next year.Within the power sector, 18 out of the 19 utility stocks under the brokerage’s coverage have outperformed the Nifty 50 in current drawdown, which the firm said underscores the sector’s relative resilience. “The escalating conflict is expected to accelerate India’s electrification cycle, while surging data centre capex is driving incremental power demand. This positive backdrop is further supported by the likely passage of the New Electricity Amendment Bill, which will unlock structural reforms in the sector. Consequently, power generation, transmission, distribution, and data centre-linked plays are emerging not merely as defensive anchors but as clear structural beneficiaries in the medium to long term. NTPC, NLC India, and ACME Solar remain our highest conviction picks within the space,” it added.Also read: FY26 IPO market a disaster as investors lose money in 2 out of 3 issues. Will next year be better?Where is the value currently?In its report, Elara listed out several stocks emerging with better risk-reward dynamics where fundamentals remain intact, and valuation is either trading below the five-year median, and in some cases even below the Russia–Ukraine crisis lows.These include HDFC Bank, Maruti Suzuki, Eicher Motors, Infosys, LTI Mindtree, L&T, Godrej Properties, NTPC, NLC India, ACME Solar and Eternal.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)