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Archives for February 2023

Pakistan’s former military ruler Musharraf to be laid to rest in Karachi

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PervezMusharraf

ISLAMABAD: Pakistan’s former military ruler General Pervez Musharraf’s body will be laid to rest in Karachi, and will be brought back to the country on a special flight that will leave for Dubai on Monday, media reports said.

Musharraf, the architect of the Kargil War in 1999, died on Sunday in Dubai after a prolonged illness.

The 79-year-old former military ruler, who had been in the UAE since 2016, was undergoing treatment for amyloidosis at American Hospital Dubai.

Musharraf’s body will be laid to rest in Karachi and will be brought back to Pakistan on a special flight that would leave for Dubai on Monday.

However, the Pakistan government has not issued an official statement on the date or venue of the burial of the country’s former president.

Meanwhile, the Khaleej Times reported that the Consulate General of Pakistan in Dubai has issued a no-objection certificate (NOC) to repatriate his body to Pakistan.

“We are in touch with the family and the consulate will facilitate in whatever way it can; the consulate has issued the no-objection certificate,” a media report quoted Consul General Hassan Afzal Khan as saying.

Musharraf seized power by ousting Sharif in a 1999 bloodless coup. He served as Pakistan’s president from 2001 to 2008.

Musharraf, who was born in New Delhi in 1943 and fled to Pakistan in 1947, was the last military dictator to rule Pakistan.

Adani Group stocks further fall Valuation Guru pegs Adani Enterprises value to Rs 945

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Adani Group, Adani, Gautam Adani, Adani Hindenburg

NEW DELHI: Adani Group continues to face heat on Dalal Street with most group stocks getting locked into their respective lower price bands of 5% and 10%. This is the 8th straight session when the Group stocks are under tremendous selling pressures.

Monday’s share fall comes as global financial agencies, one by one, are cutting their dealing with the group. 

After Credit Suisse and Citigroup, British lender Standard Chartered has now stopped accepting Adani Group bonds as collateral on margin loans as the port-to-power conglomerate is facing allegations of stock manipulation (among other things) after US short-seller Hindenburg Research published a scathing report on the group on January 24th. 

Meanwhile, the Reserve Bank of India (RBI) has asked banks and Life Insurance Corporation to declare their exposures to the Adani group while India’s capital market regulator Sebi said that it is committed to ensuring the stock market’s integrity and all necessary surveillance measures are in place to address any excessive volatility in individual shares.

On Monday, shares of the group’s flagship firm- Adani Enterprises- crashed about 10% to hit a low of Rs 1,434 on the BSE. Six stocks (Adani Total Gas, Adani Green, Adani Transmission, Adani Wilmar, Adani Power, and NDTV) were locked in at their respective lower price bands of 5% and 10% while Adani Ports was trading in with a minor gain of 1%.

The Group’s cement entities- ACC and Ambuja – were in red during the early trading hour of Monday. 

As per early estimates, Adani Group’s combined market capitalisation may fall about Rs 10 lakh crore by the end of today’s trading session if the stocks do not make a comeback. 

New York University professor and valuation guru Aswath Damodaran in a blog post said that he finds the fair value of Adani Enterprises at Rs 945.

Damodaran said even at Rs 1,531, Friday’s closing price for Adani Enterprises, the company is priced too high, given its fundamentals that includes cash flows, growth expectations and risks involved. His share price estimate for Adani Enterprises is not based on upbeat assumptions on revenue growth and operating margins.

“The market was over-stretched when it valued the Adani companies collectively at USD 220 billion (Rs 17,600 billion) and Adani Enterprises at USD 53 billion (Rs 4,243 billion),” Damodaran said.

He added that it is possible that Research was indulging in hyperbole when it described Adani to be ‘the biggest con’ in history. 

“I am puzzled that Hindenburg’s short thesis spends as much time as it does try to convince us that the company is over-levered. Being over-levered is not a con game, but a risk that equity investors in many investments take to increase their returns,” said Damodaran. 

He also said that he will not be buying shares of Adani group companies even if the group shares fall further as investors in family group companies, no matter how honourable the family, are buying into cross holdings, opacity, and the possibility of wealth transfers across family group companies.

The professor said the risks increase if the family group companies are built around political connections, “where you are one political election loss away from your biggest competitive advantage”. 

Adani Group stocks prices have crashed after the US-based activist investor firm Hindenburg Research accused the port-to-power conglomerate of pulling the “largest con in corporate history” by engaging in “brazen stock manipulation and accounting fraud” over the course of two decades.

The Adanis have called the Hindenburg report “maliciously mischievous and unresearched” and said it was evaluating legal action.

Choose between peace ‘red terror’, says Nadda as BJP hits campaign trail

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JP Nadda

AGARTALA:   The ruling BJP in Tripura has asked voters in the state to choose between peace and “red terror.” While addressing a rally, BJP chief JP Nadda sought to remind the people of the violent days when the Left parties ruled the state for 25 years on the trot from 1993.

“As we go to elections, two pictures appear before us. Five years ago, Tripura was known for violence, insurgency and unrest. The state was hit by red terror. There was CPM-sponsored torture. Today, we see a developed and peaceful Tripura,” Nadda said in a rally in the Amarpur constituency in Gomati district.

“Tripura’s fate and image have changed as (Prime Minister) Narendra Modi has continuously blessed the state,” Nadda said. Assam Chief Minister Himanta Biswa Sarma too batted for peace. “For the first time in the state, an atmosphere of peace has prevailed in the past five years. It will be in Tripura’s interest if the BJP retains power. 

The double-engine train will run at 120 kmph. Where is a CPM government in the country? It ) does not have a locomotive at any place,” Sarma said at another rally in the Banamalipur constituency. “What will the MLAs of TIPRA Motha do? The party is not in power in Delhi and it won’t be able to form the government in Tripura. Therefore, voting in its favour will hold no meaning,” Sarma said.

In a statement, the Assam CM said the BJP would not allow the bifurcation of Tripura. We will not allow Tripura to become two states,” he said, adding, “We will work for the development of the tribals.” Nadda and Sarma highlighted the Centre’s development initiatives.

Maharashtra by-elections: CM Shinde asks Sharad Pawar to withdraw candidates

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MUMBAI:  Maharashtra CM Eknath Shinde dialled NCP chief Sharad Pawar and other Maha Vikas Aghadi leaders requesting not to field their candidates in the state bye-elections in Chinchwad and Kasba Peth.

The Chinchwad and Kasba Peth state assembly seats elections are necessitated after the deaths of BJP MLA Laxman Jagtap and Mukta Tilak respectively. BJP has announced its candidate for both the seats, Ashawini Jagtap, spouse of Laxman Jagtap will contest from Chinchwad while Hemant Rasane will contest from Kasba Peth.

Shinde said that it is the culture of Maharashtra, not to field the candidates if the seat and elections are necessitated after the demise of a sitting MLA.

“We always support the deceased family members to get elected. We expect the same in both constituencies. Therefore, I called NCP Chief Sharad Pawar and other Maha Vikas Aghadi leaders respecting the state culture and paving the way for BMC candidates,” Shinde said.

However, Sanjay Raut, Shiv Sena (Uddhav Thackeray) leader said that it is true the ruling party has requested for their support, but it has been decided in MVA meet to contest both the seats bye-elections. He said the ruling party should not teach them about morality.

“In Andheri East elections, how BJP and ruling party troubled deceased Shiv Sena MLA Ramesh Latke’s spouse Rutuja Latke from approving her resignation as clerk in BMC, knocking the court door. BJP tried to block her candidature by all means, but they failed. They did not field the candidate but they were forced to withdraw the candidate at the eleventh hour after forseeing a major defeat,” Raut said.

In the MVA meeting, it was decided that Kasba Peth seat will be contested by Congress while NCP will contest the Chinchwad seat. 

Encroached land to be leased: Revenue Minister R Ashoka

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CHIKKAMAGALURU:  Revenue Minister R Ashoka said 40,000 acres of encroached land will be leased out in the district and a circular in this regard has been published in the state gazette.  At a felicitation accorded to him by the Karnataka Growers’ Federation, Karnataka Planters’ Association and UPASEE at the AIT College amphi theatre here, he said provision for lending of loans on the leased encroached lands by banks will be brought under the frame of law. 

Tenders has been invited for demarcating the border between the forest and revenue lands identified by a drone survey at a cost of Rs 280 crore. On an experimental basis, four to five districts have been selected. 

In Chikkamagaluru district, 2,688 growers have encroached up to 10 acres, followed by 554 persons up to 10 to 15 acres, 861 persons up to 15 to 20 acres and 989 planters who have encroached up to 20 to 25 acres. Law has been framed to lease the encroached land according to the conscience, the minister said. 

Extent of deemed forest is 9 lakh hectares and after meeting with the forest minister, 6 lakh hectares of land has been taken back by the revenue department.  Details on survey numbers of respective lands have been already sent to the deputy commissioners. Lands will be transferred to the owners who are cultivating in the said lands, he said.

2,278 arrested in three days in Assam’s child marriage crackdown

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GUWAHATI: The Assam Police continued with its crackdown on child marriage in the state for the third day in a row, with the number of arrests touching 2,278 on Sunday.

A police statement said the arrests were made based on 4,074 FIRs across the state.

At least 139 people have been apprehended in Biswanath, followed by 130 in Barpeta and 126 in Dhubri, the statement said.

Other districts where over 100 arrests have been made are Baksa (123) and Bongaigaon and Hojai (117 each), it maintained.

Dhubri registered the highest number of FIRs against child marriages at 374 cases, followed by Hojai at 255 and Morigaon at 224.

Chief Minister Himanta Biswa Sarma had on Saturday asserted that the drive against child marriage will continue till the next assembly elections in 2026.

He had said parents involved in underage marriages are currently being let off with a notice.

The CM added that men marrying girls below 14 years of age will be facing non-bailable charges, while those marrying girls between 14 to 16 years of age will be charged under bailable sections.

The state cabinet had recently approved a proposal to book men who have married girls below 14 years of age under the Protection of Children from Sexual Offences (POCSO) Act.

Cases under the Prohibition of Child Marriage Act, 2006 will be registered against those who have married girls in the 14-18 years’ age group, the cabinet decided.

The offenders will be arrested and the marriages declared illegal. If the groom is below 14 years of age, he will be sent to a reform house.

Assam has a high rate of maternal and infant mortality, with child marriage being the primary cause, according to reports by the National Family Health Survey (NFHS).

An average of 31 per cent of marriages registered in the state are in the prohibited age group, the NFHS had noted.

PM to inaugurate Asia’s largest chopper manufacturing facility in Karnataka today

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BENGALURU:  Prime Minister Narendra Modi will dedicate to the nation the Hindustan Aeronautics Limited’s (HAL) new greenfield helicopter factory at Bidarehallakaval at Nittur near Tumakuru in Karnataka at 3.30 pm on Monday. He had laid the foundation stone for the project in 2016. But there will be no fly-past at the event as certain parameters are yet to be met, sources said.

According to the Prime Minister’s Office, it is yet another step towards Atma Nirbharta in the defence sector which will enhance capacity and ecosystem to build helicopters at Asia’s largest helicopter manufacturing facility. Initially, the unit will manufacture the Light Utility Helicopter (LUH), which is an indigenously designed and developed 3-tonne class, single-engine, multipurpose utility helicopter with unique features of high manoeu-vrability. 

PM to lay foundation stones for Jal Jeevan projects

The factory, spread across 615 acres, will be expanded to manufacture other choppers, like the Light Combat Helicopter (LCH) and Indian Multirole Helicopter (IMRH). The facility will also be used for repair and overhaul of LCH, LUH, Civil ALH and IMRH in the future.

The factory has the potential to export Civil LUHs in years to come. The new facility can meet the country’s entire requirement of helicopters, and will attain the distinction of enabling self-reliance in helicopter design, development and manufacture in the country. The factory will have a manufacturing setup of Industry 4.0 standards.

Over the next 20 years, HAL is planning to produce more than 1,000 helicopters in 3-15 tonne class here, generating employment for around 6,000 people. On the occasion, Modi will lay the foundation stone for the Tumakuru Industrial Township under the National Industrial Corridor Development Programme, spread across 8,484 acres to be implemented in three phases as part of the Chennai-Bengaluru Industrial Corridor.

The foundation stones will also be laid for two Jal Jeevan Mission projects at Tiptur and Chikkanayakanahalli as part of Multi-Village Drinking Water Supply Project, to be built at a cost of Rs 430 crore and Rs 115 crore, respectively.

Modi at India Energy Week 2023

Prime Minister Narendra Modi will inaugurate the India Energy Week 2023 at BIEC in Bengaluru at 11.30 am on Monday. Unleashing the ethanol blending roadmap, he will launch E20 fuel and flag off a Green Mobility Rally to create awareness for green fuels. He will also launch the uniforms under the ‘unbottled’ initiative of Indian Oil.

India’s Haj quota for 2023 fixed at 1,75,025: Govt

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India's Haj quota for 2023 fixed at 1,75,025: Govt

New Delhi: India’s Haj quota for this year has been fixed at 1,75,025 according to the bilateral agreement with Saudi Arabia, the government said on Thursday.

In a written reply to a question in Lok Sabha, Minority Affairs Minister Smriti Irani said the ministry has had a number of interactive sessions on Haj management with stakeholders, including Haj Committees of the states and Union Territories, wherein requests for restoration of Haj quota were received.

“The issue was addressed under the Annual Bilateral Agreement with Kingdom of Saudi Arabia (KSA) for Haj 2023 and inspite of challenges of COVID-19, the original Haj quota of the country i.e. 1,75,025 has been restored for Haj 2023,” Irani said.

The quota earmarked for Haj Committee of India (HCoI) under the Annual Bilateral Agreement is meant for pilgrims from various states and UTs for Haj 2023.

The increase in Haj quota has now enabled the government to send more pilgrims from states/UTs.

PM undertook 21 trips abroad since 2019, over Rs 22.76 crore spent on these visits: Govt

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PM undertook 21 trips abroad since 2019, over Rs 22.76 crore spent on these visits: Govt

New Delhi: Prime Minister Narendra Modi has undertaken 21 trips abroad since 2019 and over Rs 22.76 crore was spent on these visits, the government said on Thursday.

The President undertook eight trips abroad and an amount of over Rs 6.24 crore was spent on these trips since 2019, Minister of State for External Affairs V Muraleedharan said in a written reply to a question in Rajya Sabha.

The government incurred an amount of Rs 6,24,31,424 for President’s visits, an amount of Rs 22,76,76,934 for prime minister’s visits and an amount of Rs 20,87,01,475 for External Affairs Minister’s visits since 2019, according to the minister.

While the President undertook eight visits abroad, the PM undertook 21 trips since 2019. During this period, External Affairs Minister S Jaishankar undertook 86 visits abroad.

Since 2019, the prime minister has visited Japan thrice, and the US and the UAE twice.

Among the president’s visits, seven out of the eight trips were undertaken by Ram Nath Kovind, while current president Droupadi Murmu visited the UK last September.

Home Minister Amit Shah to visit Puttur on Feb 11

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Home Minister Amit Shah to visit Puttur on Feb 11
Union Minister for Home and Co-operation Amit Shah

Puttur: Union Minister for Home and Co-operation Amit Shah will be visiting Puttur in Dakshina Kannada district to participate in a co-operative convention on February 11.

The convention is being held at Puttur in connection with the golden jubilee celebrations of the central arecanut and cocoa marketing and processing co-operative limited (CAMPCO).

The event will be held at the Vivekananda educational institution at Tenkila at 3 PM, CAMPCO sources said. He will also be visiting CAMPCO’s chocolate factory in Puttur.

This is the first visit of Shah to Dakshina Kannada ahead of the Assembly elections in the state. BJP Sankalpa Abhiyan campaign is presently going on in Puttur taluk. The BJP leader is also expected to take part in the convention at Puttur as part of the campaign, party sources said.

BJP had won seven of the eight Assembly seats in Dakshina Kannada district in the 2018 elections.

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