Manali-Leh highway partially reopened for traffic after more than 5 months

 A notification by Deputy Commissioner Neeraj Kumar said that the traffic would be allowed on the Manali-Leh beyond Darcha towards Leh via Baralacha Pass every day till 1 p.m

The highway that connects Manali in Himachal Pradesh with Leh has been partially reopened for traffic after remaining shut for more than five months owing to heavy snow, an official said on Monday. “The traffic between Manali and Leh has been restored for light vehicles. However, the movement of two-wheelers and trucks would be allowed later when the road be found fit,” an official from the 38 Task Force of the General Reserve Engineering Force (GREF) told IANS.

GREF is a wing of the Border Roads Organisation (BRO) that maintains crucial highways in the country. He said work to repair the entire 475-km stretch is on. A notification by Deputy Commissioner Neeraj Kumar said that the traffic would be allowed on the Manali-Leh beyond Darcha towards Leh via Baralacha Pass every day till 1 p.m…Read More

Adani Power m-cap hits Rs 1 trn-mark; AWL becomes 50th most-valued firm

 With Rs 1.05 trillion, Adani Power is the sixth Adani Group company which has touched the Rs 1-trillion m-cap milestone

Adani Power joined the elite group of companies with market capitalisation (m-cap) of Rs 1 trillion after the stock of Gautam Adani-led electric utilities company hit a new high of Rs 272.15. The shares were up 5 per cent on the BSE in an otherwise a weak market on Monday.

At 01:24 PM, Adani Power stood at 49th position in overall market-cap ranking with an m-cap of Rs 1.05 trillion, BSE data shows. On Friday, Adani Power had entered the list of top-50, most valued companies, in terms of market-cap. With today’s rally, the stock has zoomed 90 per cent in the past one month as compared to 1 per cent decline in the S&P BSE Sensex.

Adani Power is the sixth Adani Group Company with a market-cap of over Rs 1 trillion. Adani Green Energy (Rs 4.42 trillion), Adani Transmission (Rs 2.93 trillion), Adani Total Gas (Rs 2.70 trillion), Adani Enterprises (Rs 2.49 trillion), Adani Ports and Special Economic Zone (Rs 1.81 trillion) are others have a market cap in excess of Rs 1 trillion each.

China reports 2,666 new local coronavirus cases, 51 deaths in last 24 hours

 Of the new local cases, 2,472 infections were reported in Shanghai while the rest of the cases were reported in 17 other provincial-level regions

Mainland China reported 2,666 new locally transmitted COVID-19 cases and 51 more deaths in the past 24 hours, the country’s National Health Commission said on Monday. Of the new local cases, 2,472 infections were reported in Shanghai while the rest of the cases were reported in 17 other provincial-level regions on the mainland including 79 in Jilin, 26 in Heilongjiang, and 14 in Beijing, Xinhua reported citing the commission.

The country also reported 17,528 locally transmitted asymptomatic infections of the novel coronavirus in the past 24 hours, of which 16,983 local asymptomatic carriers were identified in Shanghai. As many as 29,178 confirmed COVID-19 cases are currently undergoing treatment in hospitals while 2,982 patients recovered from the virus in the past 24 hours. Meanwhile, China’s capital city Beijing is on high COVID-19 alert after the city recorded 21 new community cases on Sunday. Moreover, China has been witnessing surges in its big cities in the past few months including Shanghai, where residents have been in lockdown for four weeks due to the coronavirus outbreak.

Ukraine war reminder that dependency on Russian fuels unsustainable: EU

 The European Commission President said the energy policy has become the security policy as well

European Commission President Ursula von der Leyen on Sunday said Russia’s war in Ukraine was a stark reminder that the dependency on Russian fossil fuels is not sustainable, and she pitched for a deeper cooperation between India and the EU to expand the use of clean energy. On the first day of her two-day visit to India, von der Leyen went to the TERI Gram campus in Haryana and addressed an event at the headquarters of the International Solar Alliance (ISA).

In her address at the ISA, she talked about the need for sustainable ways of doing business using clean energy and also emphasised the need for switching to “home-grown clean energies” in the wake of the Russian aggression against Ukraine. The European Commission President said the energy policy has become the security policy as well. “For us, Europeans, it is a stark reminder that our dependency on Russian fossil fuels is not sustainable. Because how can you do business with someone, who openly threatens Europe and wages war against one of your closest neighbours,” she asked….

Union minister Ajay Mishra's son Ashish surrenders in Lakhimpur court

 The Supreme Court had cancelled the bail granted to Ashish Mishra and asked him to surrender in a week.

Union Minister Ajay Mishra’s son Ashish Mishra on Sunday surrendered at a local court here, days after the SC cancelled his bail in the Lakhimpur Kheri violence case. “Ashish has surrendered in the court. We were given a week’s time but as Monday was the last day, he surrendered a day ahead,” Ashish’s counsel Awadesh Singh told PTI. Jail Superintendent PP Singh said Ashish will be kept in a separate barrack at the jail due to security reasons.

The Supreme Court had cancelled the bail granted to Ashish Mishra and asked him to surrender in a week. Eight people were killed in Lakhimpur Kheri during the violence that erupted when farmers were protesting against Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya’s visit to the area on October 3 last year. The dead included four farmers and a journalist, who were mowed down allegedly by cars carrying BJP workers…Read More

Waning demand for LIC IPO highlights fiscal challenges for PM Modi

 Life Insurance Corporation of India’s board on Saturday approved selling a 3.5% stake for about Rs 210 billion ($2.8 billion), far lower than the Rs 500 billion estimated before Russia invaded Ukraine

India’s decision to go ahead with a much-reduced target for its vaunted life insurer’s initial public offering, as skittish investors continue to pull money from the South Asian nation, is adding to the risks threatening the nation’s fiscal deficit target.

Life Insurance Corporation of India’s board on Saturday approved selling a 3.5% stake for about 210 billion rupees ($2.8 billion), far lower than the 500 billion rupees estimated before Russia invaded Ukraine. Anchor investors had been reluctant to commit as the war eroded demand for equities, according to people with knowledge of the matter, with foreign funds withdrawing more than $16 billion from Indian stocks this year.

Prime Minister Narendra Modi needs inflows because crude oil prices — one of India’s largest imports — have surged. Costs have risen so much that it’s becoming unsustainable for the administration to keep charging taxes on fuel that have been key to bridging a budget deficit. Leaving pump prices high risks stoking inflation and potential social unrest that is already roiling neighboring nations as the region emerges from the pandemic….LIC ipo Date

Tesla CEO Elon Musk secures $46.5 bn in funding to buy Twitter

 

Elon Musk has secured $46.5 billion in funding to buy Twitter Inc and is considering a tender offer for its shares, a filing with U.S. regulators showed

Elon Musk has secured $46.5 billion in funding to buy Twitter Inc and is considering a tender offer for its shares, a filing with U.S. regulators showed on Thursday.

Musk himself has committed to put up $33.5 billion, which will include $21 billion of equity and $12.5 billion of margin loans, to finance the transaction.

Banks, including Morgan Stanley, have agreed to provide another $13 billion in debt secured against Twitter itself, according to the filing.

Twitter was not immediately available for comment.

Musk's latest move comes after Twitter failed to respond to his offer and adopted of a "poison pill" to thwart the billionaire's effort to buy the social media platform for $43 billion.

Musk, a self-described "free speech absolutist," has said the social media company needs to be taken private to grow and become a platform for free speech.

The offer from Musk, who is the second-largest shareholder of Twitter, has

Angel One rallies 10%, hits all-time high on healthy Q4 results

 

Operating revenue grew a strong 16 per cent QoQ and 77 per cent YoY to Rs 410 crore, driven by a healthy performance across Broking and interest income

Shares of Angel One hit an all-time high of Rs 1,793 after they rallied 10 per cent on the BSE in Thursday's intra-day trade on a healthy set of numbers for the quarter ended March 2022 (Q4FY22).

The company, engaged in stock broking & allied services business, surpassed its previous high of Rs 1,782.15 touched on April 11, 2022. At 09:54 AM, it was 6 per cent higher at Rs 1,722, as compared to 0.71 per cent rise in the S&P BSE Sensex. In the past one year, the stock has zoomed 410 per cent, as against 20.5 per cent rally in the benchmark index.

In Q4FY22, the company's profit after tax (PAT) increased 24 per cent quarter on quarter (QoQ) and 94.6 per cent year on year (YoY) at Rs 205 crore, on healthy volume growth. Operating revenue grew a strong 16 per cent QoQ and 77 per cent YoY to Rs 410 crore, driven by a healthy performance across Broking and interest income. Growth in the Broking business was driven by the F&O segment, which saw a strong growth (up 117 per cent YoY and 21 per cent QoQ) at Rs 370 crore.

The management said Angel One experienced its best-ever quarter in Q4FY22, across its operational and financial metrics. The company had the highest gross client addition, best quarterly orders, record-high quarterly revenue and profitability, as the company surpassed the 9-million client mark.

Meanwhile, the financial year 2021-22 (FY22) has been a momentous year where India achieved numerous milestones in capital markets, most notably, highest-ever gross client addition in a year, rising retail participation leading to record high daily turnover.

BigBasket eyes 30% rise in GMV to Rs 13,000 crore this fiscal

 

BigBasket co-founder and CEO Hari Menon said that the company will significantly scale up offline stores from 90 to 695 in a year to reach out to 100 per cent of its customer base.

Online grocery seller BigBasket on Wednesday said it expects gross merchandise value on its platform to grow by 30 per cent to Rs 13,000 crore in the current fiscal with push from its quick commerce business and expansion of presence across the country.

BigBasket co-founder and CEO Hari Menon said that the company will significantly scale up offline stores from 90 to 695 in a year to reach out to 100 per cent of its customer base.

"The expected GMV (Gross Merchandise Value) for financial year 2022-23 is Rs 13,000 crore," Menon said.

The Tata group firm has recorded GMV of around Rs 10,000 crore in 2021-22.

Farmers are doing well

In 2022, India will record the fifth consecutive year of bumper wheat crop

 Labour statistics from CMIE’s Consumer Pyramids House­hold Survey has shown a large migration of workers towards ag­riculture in recent years. Dur­ing fiscal 2021-22, agriculture saw an estimated 4.5 million increase in employment.

Dur­i­ng the pandemic-stricken 2020-21, while total employment fell by 21.7 million, agriculture provided employment to a substantial 3.4 million. In 2019-20, too, agriculture saw an addition of 3.1 million to its count of emp­loyed. Over the past three years, therefore, agriculture added 11 million jobs while the rest of the ...

Covid-19 cases spike across India; Delhi brings back mask rule

 

233 out of 727 districts in India report rise in positivity rate between April 16 and 19

Masks are back, weeks after their use was made voluntary. The national capital on Wednesday said that wearing masks is mandatory, and violations would attract a fine of Rs 500.

Covid-19 cases seem to be rising across the country. A Business Standard analysis showed that 233 districts (out of the total 727) recorded a rise in positivity rate between April 16 and April 19.

As cases spike in the national capital region (NCR), the Delhi Disaster Manage­ment Authority (DDMA) held a meeting on Wednesday and decided to bring the mask-rule back. It allowed schools to continue physical classes, and there is yet no ban on social gatherings.

Between April 11 and 18, Delhi witnessed a nearly three-fold rise in the number of daily Covid cases, thereby raising concerns. In fact, on Monday, the positivity rate in Delhi breached 7.7 per cent, which came down to 4.4 per cent on Tuesday (632 fresh Covid cases) but went up to 5.7 per cent on Wednesday as fresh cases rose to 1,009.

Delhi still accounts for 20 per cent of the country’s cases, but Covid-19 infections elsewhere have been rising as well.

A Business Standard analysis found that 10 states had more districts recording an increase in positivity rate than those which were reporting a status quo or a decline. In Uttar Pradesh, for instance, positivity had increased in 36 of the 75 districts. In Kerala, 10 districts had reported a rise in positivity compared to four that had recorded a fall. In West Bengal, 14 districts had recorded a rise in positivity.

Further analysis shows that the number of districts with over 5 per cent positivity had increased from 34 to 36 between April 16 and April 19. While Delhi had only one district reporting a positivity of more than 5 per cent on April 16, on April 19, four districts from the national capital had reported a positivity rate of over 5 per cent. Seven districts in the country had reported an increase of 3 percentage points or higher between April 16 and April 19.

Singapore's Temasek backs probe into Zilingo's accounting practices

 

This is the second investment firm that has spoken in the favour of strong governance framework days after Sequoia India, also an investor in Zilingo, spoke on the subject

Singapore state investment firm Temasek has backed an investigation into fashion technology startup Zilingo Pte's accounting practices saying it supports the company board's move.

In a strongly-worded statement, Temasek said, "We expect our portfolio companies to abide by the sound corporate governance and codes of conduct and ethics. We are, therefore, in support of the board's investigation into the complaint as a part of good governance to safeguard the interests of the company."

However, it did not elaborate on the investigation.

Age of traditional medicine will start with WHO centre in Jamnagar: PM Modi

 

Prime Minister Narendra Modi on Tuesday said the establishment of the WHO Global Centre for Traditional Medicine (WHO GCTM) here will usher in a new era of traditional medicine globally.

Prime Minister Narendra Modi on Tuesday said the establishment of the WHO Global Centre for Traditional Medicine (WHO GCTM) here will usher in a new era of traditional medicine globally.

Modi, along with World Health Organization (WHO) Director-General Dr Tedros Adhanom Ghebreyesus and prime minister of Mauritius Pravind Jugnauth laid the foundation stone for the WHO GCTM. Notably, the meeting between Dr Ghebreyesus and Modi came days after India objected to the WHO's methodology for estimating the number of COVID-19 deaths in the country.

"When India is celebrating 75 years of its Independence right now, this ground-breaking ceremony for this centre marks the beginning of a new era of traditional medicine in the world during the next 25 years," Modi said on this occasion. "Looking at the increasing popularity of holistic healthcare, I am confident that traditional medicine and this centre will become very important for each and every family of the world after 25 years, when India will be celebrating 100 years of independence," he added. He emphasized that though it is important to be "disease-free", the ultimate goal should be "wellness". "During the COVID-19 pandemic, we realised the importance of wellness. That is the reason why the world is searching for new avenues of healthcare delivery," said Modi. Referring to ancient scriptures, he said Ayurveda and other Indian traditional medicine systems were not limited to only treatment, as they are considered as holistic sciences.

Amazon, Reliance, Sony vying for IPL broadcast rights: Report

 

The auction will allow the winner or winners to globally telecast matches of India's top cricket league between 2023 and 2027 via live streaming and TV broadcast

Amazon.com Inc., The Walt Disney Co. and billionaire Mukesh Ambani-led Reliance Industries Ltd. are among those that have signaled an intention to bid for the broadcast rights of the Indian Premier League, or IPL, according to people familiar with the matter, setting the stage for an epic showdown for the prized asset in cricket-crazy India.

Besides these, Sony Group Corp., Zee Entertainment Enterprises Ltd., and fantasy-sports platform Dream11 have also purchased the bid-related documents from Board of Control for Cricket in India, or BCCI, people said asking not to be named as the information is not public. BCCI is the sport’s local governing body that will be conducting the online auction starting June 12.

The auction will allow the winner or winners -- there are four baskets of rights to bid for -- to globally telecast matches of India’s top cricket league between 2023 and 2027 via live streaming and TV broadcast. Securing rights to the world’s third-largest sporting event by number of viewers -- IPL is considered the Super Bowl of cricket -- means access to hundreds of millions of eyeballs.

More companies may still seek to join the race, which is expected to draw bids worth $5 billion or more, to acquire the media rights for the sporting event while those that sought the applications can decide to not bid, the people said. Last year’s edition of the IPL brought in 380 million viewers, and whichever broadcaster wins the rights will likely secure millions of new subscribers in a highly competitive market.

Earnings optimism helps Wall St shrug off rising yields, Dow rises 300 pts

 

Shares of megacap companies like Microsoft Corp, Apple Inc and Amazon, typically sensitive to bond yields, jumped more than 1% despite hawkish comments from St. Louis Federal Reserve Bank President

US stocks rose on Tuesday even in the face of surging Treasury yields as a positive earnings reports helped investors shrug off potential risks from an aggressive rise in U.S. interest rates and the Ukraine war.

Johnson & Johnson rose 2.8% to a record high as the drugmaker's quarterly profit exceeded market expectations and it raised the dividend payout.

Halliburton Co gained 1.5% after the oilfield services firm posted an 85% rise in first-quarter adjusted profit, as a rally in crude prices boosted demand for its services and equipment.

Shares of megacap companies like Microsoft Corp, Apple Inc and Amazon.com, typically sensitive to bond yields, jumped more than 1% despite hawkish comments from St. Louis Federal Reserve Bank

President James Bullard.

The benchmark 10-year note yield rose to 2.924, while the 30-year U.S. Treasury yield hit 3% for the first time since early 2019.

Coins worth Rs 11 cr missing from SBI vaults; CBI takes over investigation

 

State Bank of India (SBI) had approached the Rajasthan High Court seeking a CBI probe into the matter as the missing amount was higher than Rs 3 crore, the threshold for seeking a probe by the agency.

The CBI has taken over the probe into the case of coins worth Rs 11 crore going missing from the vaults of the SBI branch in Mehandipur Balaji in Rajasthan, officials said on Monday.

State Bank of India (SBI) had approached the Rajasthan High Court seeking a CBI probe into the matter as the missing amount was higher than Rs 3 crore, the threshold for seeking a probe by the agency.

On the high court's directions, the CBI has taken over the FIR earlier registered by the Rajasthan Police.

The matter came to light after the SBI branch decided to carry out counting of money after a preliminary enquiry indicated discrepancy in the cash reserve at the bank.

Six people killed in fire at Andhra chemical plant, dozen injured

 Six persons died in a fire accident in a chemical factory located in Akkireddygudem in the district and 12 others sustained burns, police said on Thursday.

Six persons died in a fire accident in a chemical factory located in Akkireddygudem in the district and 12 others sustained burns, police said on Thursday. According to Rahul Dev Sharma, Superintendent of Police, Eluru, the injured are being treated in a Government Hospital in Vijayawada. He said it is suspected the fire broke out late on Wednesday in the plant’s reactor that makes polymer power.

A doctor in the hospital said four of the injured are in serious condition. Meanwhile, Chief Minister YS Jaganmohan Reddy expressed shock over the incident and announced Rs 25 lakh ex-gratia to the kin of the deceased.According to an official release, he also announced Rs five lakh each to the critically injured and Rs 2 lakh to those who sustained minor injuries.

US congratulates Shehbaz Sharif, says looking forward to working with him

 The United States has congratulated the new Prime Minister of Pakistan Shehbaz Sharif and said it is looking forward to working with him

The United States has congratulated the new Prime Minister of Pakistan Shehbaz Sharif and said it is looking forward to working with him. Pakistan has been an important partner on wide-ranging mutual interests for nearly 75 years and we value our relationship, Secretary of State Tony Blinken said on Wednesday.

The United States congratulates newly-elected Pakistani Prime Minister Shehbaz Sharif and we look forward to continuing our long-standing cooperation with Pakistan’s government, Blinken said in a statement. The United States views a strong, prosperous, and democratic Pakistan as essential for the interests of both of our countries, he said days after Sharif took the oath of office and replaced Imran Khan as the new Prime Minister of Pakistan.

Taliban smuggling weapons to Pak for skirmishes along India border: Report

 Pakistan shares 2400 kilometres of border with Afghanistan, which is largely porous

Contrary to its claim that the Taliban will not allow Afghanistan or the weapons to be used for terrorism, the group has been reportedly accused of smuggling weapons to Pakistan, which eventually may be used in cross-border skirmishes against India.

“Taliban has been insisting that there are proper security checks to prevent any weapons smuggling because they are an improved Taliban. But the weapons market is thriving and the weapons that are being smuggled into Pakistan will eventually be used in cross-border skirmishes against India and make their way into India,” according to a Canada-based think tank, International Forum for Rights and Security (IFFRAS) said.

But before that Pakistan will have to pay a huge price if it does not control illicit arms trafficking. Ultimately it is going to suffer first when the separatist and terrorist organisations operating from its land get a hand on these weapons on a large scale, it warned. In August 2021, the US left much of the military equipment and weapons at the disposal of the Afghan forces which eventually fell into the hands of the Taliban….

Taliban's Afghan takeover has led to 'erosion of human rights': Blinken

 Blinken’s remarks came as the US state department released the 2021 Human Rights Report on Tuesday.

US Secretary of State Antony Blinken on Tuesday (local time) said that the Taliban’s takeover in Afghanistan has resulted in a “serious erosion of human rights” in the country. Blinken’s remarks came as the US state department released the 2021 Human Rights Report on Tuesday.

“In Afghanistan, the Taliban’s takeover precipitated a humanitarian crisis, and has resulted in serious erosion of human rights, from arbitrary detentions of women, protesters, and journalists, to reprisals against security forces for the former government, to growing restrictions on where women and girls can study or work,” he said during the press briefing.

Notably, the Human Rights Watch (HRW) has also claimed that there has been a surge in human rights violations in Afghanistan, reported Tolonews. “Human Rights Watch works on the human rights situation in about 100 countries around the world and at the moment we see Afghanistan as a very urgent priority. The human rights situation in Afghanistan is deeply worrying,” the media outlet quoted Heather Barr, associate director of the Women’s Rights Division at HRW, as saying.

Two Sikh men attacked, robbed in NY in second assault in the last 10 days

 In the second such assault in less than 10 days, two Sikh men were attacked and robbed in Queens here, the same neighbourhood in the city where an elderly Sikh man was assaulted early this month

In the second such assault in less than 10 days, two Sikh men were attacked and robbed in Queens here, the same neighbourhood in the city where an elderly Sikh man was assaulted early this month. The Consulate General of India in New York said in a tweet that the assault on two Sikh gentlemen in Richmond Hills, New York is deplorable. We have approached the local authorities and New York City Police Department in the matter, the Consulate said.

It added that it notes that a police complaint has been filed in the incident and one person has been arrested. The Consulate said that it is in touch with community members and “ready to offer all assistance to the victims. Community-based civil and human rights organisation The Sikh Coalition said that the two Sikh individuals were attacked and robbed in Richmond Hill, Queens Tuesday. The attack happened very close to the area where septuagenarian Nirmal Singh was punched in an unprovoked assault on April 3….Read More

Kashmir-based virologist finds outbreak of Rift Valley Fever in human cells

 Kashmir based virologist has discovered the latest outbreak of Rift Valley Fever (RVF) virus in human cells, according to media reports

Kashmir based virologist has discovered the latest outbreak of Rift Valley Fever (RVF) virus in human cells, according to media reports. Dr Safder Ganaie, based in the US found that the RVF virus, spread by mosquitoes, enters human cells through a protein.

“The discovery by Dr Ganaie and his colleagues was recently published in the journal Cell. Dr Ganaie and his team found that the Rift Valley Fever virus, spread by mosquitoes, enters human cells through a protein normally involved in mopping up low-density lipoproteins – the carriers of so-called ‘bad cholesterol’ — from the blood,” a news magazine published from Srinagar reported.

According to Kashmir Life, the discovery is expected to lead to therapies that prevent Rift Valley Fever or reduce its severity. The World Health Organization lists Rift Valley Fever as a prioritised disease likely to cause epidemics in the near future. The virus is spread by mosquitos among domesticated animals, which then pass it on to people.

Nadia rape case: NCW chairperson slams Bengal CM Mamata over her remark

 “Her (WB CM Mamata Banerjee’s) statement over the incident is very unfortunate. Being a woman, she should understand the pain of another woman. She pointed fingers at the victim, it was wrong,”

Amid row over the alleged gang-rape and death of a minor in West Bengal’s Nadia, the National Commission for Women (NCW) chairperson Rekha Sharma slammed the Chief Minister of West Bengal, Mamata Banerjee, for her remarks on the case terming it “unfortunate”.

“Her (WB CM Mamata Banerjee‘s) statement over the incident is very unfortunate. Being a woman, she should understand the pain of another woman. She pointed fingers at the victim, it was wrong,” said Rekha Sharma while speaking to ANI on Tuesday.

Chief Minister Mamata Banerjee on Monday questioned if the girl was actually raped or had a love affair that got her pregnant. “How do you know if she was raped? The police are yet to ascertain the cause of the death. I had asked them. Was she pregnant or had a love affair or was sick? Even family knew it was a love affair. If a couple is in a relationship, how can I stop them?”, the chief minister said….Read More