Top News

Friday, 30 June 2023

5 rainy days in June account for 90% of average June rain in Mumbai



from The Indian Express https://ift.tt/I4Nps71

Rumours over whereabouts of top Russian General Sergei Surovikin

Rumours over whereabouts of top Russian General Sergei Surovikin

London: General Sergei Surovikin, the commander of the Russian air force, has not been seen in public since overnight on Friday when he issued a video appeal to Wagner boss Yevgeny Prigozhin to cease his rebellion, as per a media report.

Rumours about his whereabouts — and his potential role in the short-lived insurrection — have been swirling in recent days, CNN reported.

On Wednesday, the Russian-language version of the Moscow Times cited two anonymous defence sources as saying that Surovikin had been arrested in relation to the failed mutiny.

Kremlin spokesperson Dmitry Peskov said on Thursday that he is unable to answer questions about the speculation around Surovikin, and referred journalists’ inquiries to the Russian defence ministry.

The video released last Friday has raised more questions than answers about Surovikin’s whereabouts and state of mind. He appears in the footage unshaven and with a halting delivery, apparently reading from a script.

A popular blogger going by the name Rybar noted on Wednesday that “Surovikin has not been seen since Saturday [and] it is not known for certain where ‘General Armageddon’ [a nickname Surovikin was given by the Russian press] is. There is a version that he is under interrogation”, CNN reported.

Russian journalist Alexev Venediktov — former editor of the now shuttered Echo Moscow radio station — also claimed on Wednesday that Surovikin had not been in contact with his family for three days.

Other Russian commentators have suggested the general is not in custody.

Meanwhile, former Russian Member of Parliament, Sergey Markov, said on Telegram that Surovikin had attended a meeting in Rostov on Thursday, although he did not say how he knew this, CNN reported.

“Surovikin appeared at a meeting in Rostov,” he said, adding, “As I wrote the above, the rumours about the arrest of Surovikin are dispersing the topic of rebellion in order to promote political instability in Russia.”


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/Ole50aN

Ashes: Ben Duckett leads England fightback on crazy day at Lords



from The Indian Express https://ift.tt/mWnIQJl

Thursday, 29 June 2023

Attack on Bhim Army chief reflects poorly on UPs law-and-order situation: CPI

Yogi govt to present its largest-ever budget

New Delhi: The CPI slammed the Uttar Pradesh government led by Chief Minister Yogi Adityanath on Wednesday over an attack on Bhim Army chief Chandra Shekhar Aazad, saying it reflects poorly on the state’s law-and-order situation.

Aazad, a Dalit leader, sustained a gunshot injury when unidentified assailants opened fire on his car in Uttar Pradesh’s Deoband on Wednesday, police said.

Aazad (36) had gone to attend a “terhavin” ritual at a supporter’s house in Saharanpur district’s Deoband, they said, adding that the assailants fired multiple shots at his sports utility vehicle (SUV) as he was leaving.

“Cowardly attack on @BhimArmyChief Chandra Shekhar reflects poorly on the law and order situation of Uttar Pradesh.

“Assaults, political targeting and even assassinations have become common in Yogi’s UP. BJP misrule and politics of hatred have turned Uttar Pradesh into Unruly Pradesh,” Communist Party of India (CPI) general secretary D Raja said in a tweet.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/SvnRdQ1

Final decision on Ajit Pawars offer likely in 2 months: NCP



from The Indian Express https://ift.tt/3YFqr9u

Wednesday, 28 June 2023

Durga temple to be developed with funds worth Rs 195 cr says AP Minister

Amaravati: Durga Malleswara Swamy Varla Devasthanam, popularly known as Kanaka Durga temple, in Vijayawada will be developed at a cost of Rs 195 crore, said Andhra Pradesh Deputy Chief Minister and Endowments Minister Kottu Satyanarayana on Tuesday.

For the funds, Rs 70 crore would be spent by the state government while the remaining Rs 125 crore would be disbursed from the temple’s reserves, Satyanarayana said.

“Considering the rising numbers of devotees to Sri Durga Malleswara Swamy Devasthanam day by day in Vijayawada, the Chief Minister has allocated these funds to create facilities,” the Minister said in a press release.

Already, Satyanarayana said works worth Rs 15 crore have been completed while the construction of prasadam potu and annadanam bhavan (dining hall) worth Rs 55 crore will be completed.

He said the temple authority has also executed some works to ensure that rocks and stones do not roll down on to pilgrims when they pay obeisance to the deity.

Further, the Minister said an additional Rs 125 crore would be earmarked to build a multi-level queue complex, a bridge to connect it, and annadanam bhavan along with other developmental works.

He said an expression of interest (EOI) has been called to build a mechanised multi-level car parking worth Rs 60 crore under build operate transfer (BOT) mode at one of the entrances.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/rCeNIcU

Kovacic joins Man City from Chelsea on four-year-deal



from The Indian Express https://ift.tt/XVbxMsE

Tuesday, 27 June 2023

Madras High Court: Caste has no role in appointment of temple priests



from The Indian Express https://ift.tt/sh8MBre

Electricity usage above 200 units in Delhi to cost more Atishi blames Centre

New Delhi: The monthly electricity bills of the majority of domestic consumers in Delhi – who use more than 200 units and up to 600 units – will be hiked by up to Rs 265 due to an increase in the power purchase adjustment cost (PPAC) levied by discoms in the city, officials said on Monday.

Delhi’s power minister Atishi said consumers having monthly consumption of up to 200 units who get zero bills will not be impacted but those who do not get subsidy will have to pay nearly eight per cent more on their monthly bills.

She alleged that the Centre’s mismanagement” resulted in the hike in PPAC

“I just want to tell the consumers that only the Centre is responsible for this hike. It has forced the use of imported coal, which is 10 times costlier than domestic coal. This is despite no lack of coal mines or availability of coal in the country,” she said.

Officials said the Delhi Electricity Regulatory Commission has allowed the PPAC surcharge hike by different discoms.

Atishi said electricity bills in Delhi will see a “small” hike from July.

“The bills of TPDDL consumers (29 percent of all domestic consumers) will see a hike of 1.2 percent between their bills of June and July, BRPL consumers (45 percent) will see a hike of 5.5 percent and BYPL consumers (26 percent) will see a hike of 7.7 percent in their July bills,” she said.

She mentioned that determination of the PPAC is a routine process of the DERC, which is undertaken every three months.

The PPAC is levied to offset the increase in fuel prices. It is calculated as percentage of fixed charge plus energy charge components of the electricity bills.

According to officials, the monthly hike in PPAC for BRPL consumers having 2 KW connections, will be Rs 43 (200 units), Rs 103 (400 units), Rs 190 (600 units). The hike for BYPL consumers will be Rs 59 (200 units), Rs 143 (400 units) and Rs 265 (600 units).

For TPDDL consumers, the PPAC hike will be Rs 10 (200 units), Rs 24 (400 units) and Rs 44 (600 units), they said.

In case of the New Delhi Municipal Council (NDMC) discom the hike will be Rs 13 (200 units), Rs 32 (400 units) and Rs 60 (600 units), they added.

The latest decision to hike PPAC in Delhi is due to the blending of imported coal by the power stations, increased gas prices and high prices in power exchanges, which had reached its maximum ceiling limit (currently Rs 10 per unit), officials said.

The revised PPAC- BRPL, 27.08 percent from the existing 20.69 percent, BYPL, 31.60 percent from 22.18 percent, TPDDL, 29.13 percent from 27.64 percent, and NDMC, 30 percent from the existing 28 percent, they said.

The increased PPAC has been effective since June 22 in the case of BRPL, BYPL and NDMC, while it is effective since June 7 in the case of TPDDL. The increase in PPAC will be effective till March 2024, officials said.

No immediate reaction was available from BRPL, BYPL and NDMC over the hike. A TPDDL spokesperson said that PPAC has increased by 1.49 percent for the discom under the June 7 DERC order.

“This decision has been made in response to the rising costs associated with power generation mainly due to increased blending of imported coal as per Power ministry directions,” said the TPDDL spokesperson

The Delhi BJP warned of street protests against the hike in PPAC. A demonstration outside Delhi chief minister’s residence will be held on Tuesday by the party MLAs.

Harish Khurana, the BJP’s Delhi unit spokesperson, alleged that there was a “nexus” between the discoms and the AAP government.

“The AAP is shamelessly claiming that the PPAC increases in the summer and decreases in the winter every year. The reality is that the PPAC was hiked from 16 percent to 22 percent last year and it has again been hiked,” Khurana claimed.

The people of Delhi get free electricity on monthly consumption of 200 units. Those consuming 201-400 units get a 50 percent subsidy.

Atishi alleged, “I want to say that if the electricity is getting costlier in Delhi, it is only because of the Centre’s mismanagement.”

Noting that discoms are allowed to increase or lower the PPAC for three-month periods, Atishi said,”The prices of electricity have been increased because, due to the Centre’s mismanagement. There is an artificial shortage of coal in the country for the first time in the last 70 years, shooting up its prices.”

The Centre has “forced” coal buyers to purchase at least 10 percent imported coal, which costs 10 times more than Indian coal. Domestic coal is priced around Rs 200 per tonne while the imported variety costs Rs 25,000 a tonne, the Delhi power minister claimed.

“We want to know from the Centre if there is a nexus with coal importers which is why coal buyers are being forced to purchase imported coal at 10 times higher prices,” she asked.

She said that the Delhi government is “exploring” if CAG audit of the power discoms is possible.

The Delhi government will not accept any corruption in discoms, she said.

“It has shown maximum strictness towards the discoms and that is one reason why the electricity rate is minimum in Delhi,” said the minister.

The power purchase cost is dependent upon the coal or gas prices used in power generation. There has been a significant increase in coal prices due to higher imports and transport costs, officials said.

According to the Ministry of Power directions in 2021, every state regulatory commission has to place a mechanism for automatic pass-through of fuel and power procurement costs in tariff for ensuring the viability of the power sector.

In the case of Delhi, there is no automatic pass through but the discoms levy PPAC only after approval of DERC, said the officials.

A top DERC functionary said that PPAC is meant for a “limited period” to recover the extra expenditure made due to an increase in supply cost because of coal blending.

The PPAC is recovered so that the consumers are not burdened with the interest cost due to delay in recovery, officials said.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/8XywYxR

Friday, 23 June 2023

Serial killer arrested for killing 3 slum dwellers in Hyderabad

Hyderabad: The Cyberabad police on Thursday claimed to have cracked three murder cases with the arrest of a “serial killer” here.

The accused Byagari Praveen, a 34-year-old resident of Laxmiguda in Mailardevpally killed two footpath dwellers in different places on the intervening night of June 20 and 21, while another person was killed on the intervening night of June 7 and 8 under Mailardevpally police station limits, a release from Cyberabad Police Commissionerate said.

According to Rajendranagar deputy commissioner of police Jagadeshwar Reddy, Praveen went near Swapna theatre Katedan and found a person sleeping near the Kajaria tiles shop.

“He hurled a boulder at the victim’s head and killed him before walking away. Praveen then went to Durganagar crossroads located a kilometre away and found another person asleep. He killed him in the same way and took some money found in the victim’s pocket,” said the DCP.

On June 7, Praveen bludgeoned his third victim who was asleep at the Netajinagar and took away cash, said the DCP.

Following the murders, special teams were formed by the Cyberabad police who finally cracked him down. He admitted to killing people for Rs. 50 or Rs. 100.

Praveen was arrested with the help of CCTV footages from the locality where the crime occurred.

The accused is a habitual offender and was involved in eight cases. He was arrested in 2011 and then again in 2014 when he was sentenced to life imprisonment, but later acquitted. He was also involved in two burglaries reported in 2010 and two snatching cases reported in 2011.

After being released from jail, he began committing murders for gain, the DCP said.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/cCy3q1i

13-yr-old jumps to her death in Mahim



from The Indian Express https://ift.tt/ESoPWKZ

Now automated system to monitor Delhis water supply



from The Indian Express https://ift.tt/fxdZOW0

Tuesday, 20 June 2023

OCA might not entertain IOAs request for extending July 15 deadline

IOA

New Delhi: The Olympic Council of Asia (OCA) might not entertain Indian Olympic Association’s (IOA) request for extending the July 15 deadline for providing details of the country’s wrestling squad for the Asian Games.

It means that wrestlers, who protested against the WFI chief, will have to appear in the trials under-prepared as they hardly got time to prepare due to their long-drawn protest.

The Asian Games are scheduled to commence in Hangzhou, China on September 23 and IOA is required to submit the names of the competing athletes by July 15.

The protesting wrestlers, including Vinesh Phogat, Bajrang Punia and Sakshi Malik want to prepare well for the trials and had sought more time to be in good physical and mental shape. They requested the Sports Ministry to hold trials in August.

IOA on behalf of wrestlers reached out to OCA on Friday.

A source privy to the developments said it would be difficult for the OCA to allow IOA to hold the submission of players’ names till August, as requested by six protesting wresters.

“OCA has to manage 45 countries and 40 sports disciplines at the Asian Games. To accede to IOA’s request for extending the deadline for wrestlers by almost a month-and-a-half will be very difficult.

“Let’s see what happens. OCA is still studying it. If it was a matter of 4-5 days, it was not an issue but delaying it for 40-45 days is just not feasible,” said the source.

The IOA has already asked all the national federations to submit the final names of their respective selected players for the Asian Games by June 30.

“(Giving so much) time is a dodgy thing. How can you delay the entries by one-and-a-half months when the Asian Games are starting on September 23.”

The source, though, said that since the request had been made by an NOC, “the OCA will have to take up” the issue.

The source, however, added the OCA would “not like to get involved” in the local politics of a particular sport in a country.

“It (OCA) is an Asian organisation, it has to go by the rules of Asian committee. If OCA entertains a request from one country, then there are 45 other countries who will raise questions and ask OCA to also accommodate their requests.”

The IOA ad-hoc body was keen to conduct the trials in the last week of June so that the names could be given to the IOA before the June 30 deadline given to all National Sports Federations (NSFs).


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/zxdCVHv

Delhi CM house renovation: Vigilance dept issues notice to 7 PWD officials



from The Indian Express https://ift.tt/2ledxZH

Without Lionel Messi Argentina labours to 2-0 win over Indonesia in friendly



from The Indian Express https://ift.tt/WjgOK1C

Ludhiana heist: Seven more arrested including four thieves who stole cash from robbers car total recovery reaches Rs 6.96 cr



from The Indian Express https://ift.tt/lh2CSuA

Monday, 19 June 2023

Uttar Pradesh: Traffic cop succumbs to heat in Ayodhya

Traffic cop succumbs to heat after fainting in UP's Ayodhya

Ayodhya: A 40-year-old traffic police sub-inspector died here on Sunday after fainting on duty due to severe heat, police said.

Vinod Sonkar was on duty near Hanumangarhi temple in Ayodhya on Sunday afternoon, Circle Officer (Traffic) Pramod Yadav said.

He said Sonkar fainted due to the severe heat and was rushed to the district hospital, where he died.

“Unfortunately, one of our traffic sub-inspectors fell prey to the heat wave and worst weather,” Yadav said

Chief Medical Officer (CMO) of Ayodhya Dr Ajay Raja said the post-mortem report is awaited.

On whether the cause of death was heat stroke, the CMO said, “As of now, we have received only one or two cases of heat strokes, and those too are mild ones.”


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/TQqGrak

Emma Raducanu says she sometimes wishes she had not won US Open



from The Indian Express https://ift.tt/0Qq9uGY

Sunday, 18 June 2023

Politically-oriented animosity: HC quashes sodomy case against ex-Madhya Pradesh minister



from The Indian Express https://ift.tt/zndhmGq

Name of Nehru Park changed after Madhya Pradesh CMs son: Cong

OBC Mahasabha activists show black flags to MP CM, demand 27 per cent quota

Bhopal: The Congress on Saturday alleged Nehru Park in Budhni has been named after Madhya Pradesh chief minister Shivraj Singh Chouhan’s elder son while the name of his younger brother is given to another park.

Budhni is the assembly constituency of chief minister Chouhan.

The ruling BJP said Congress shouldn’t have any objection if local people have named these parks in their town out of their love (for Chouhan’s sons).

“The name of Nehru Park (named after Jawaharlal Nehru) has been changed after Shivraj Singh Chouhan’s elder son Kartikeya Singh Chouhan while another park is named after younger son Kunal,” alleged former minister and Congress leader Ajay Singh.

Notably, the Nehru Memorial Museum and Library Society in Delhi has been renamed as Prime Ministers’ Museum and Library Society, prompting sharp reactions from Congress.

Singh accused the BJP of erasing the names of great personalities who made important contributions to the freedom struggle.

The Congress leader wondered what is the contribution of Kartikeya and Kunal to the country.

“It has been a tradition to name public parks, corners, roads and buildings after the personalities who contributed to the society and the country.

“Shivraj ji should tell what is the contribution of Kartikeya and Kunal. Where Kartikeya stands in front of Jawaharlal Nehru, who contributed immensely to the country’s independence and to building a new India?” Singh asked.

If Budhni’s local body has renamed these parks out of sycophancy then why Chouhan didn’t stop them, he questioned.

When asked about Singh’s allegations, Madhya Pradesh BJP spokesman Pankaj Chaturvedi said many public places are named after members of a single family across the country.

“Ajay Singh is watching everything from Congress’ perspective. So, he sees Nehru, Firoz Gandhi, and Indira Gandhi everywhere and the Congress believes that everything should be named after them. What is the objection if local people named these parks in their town out of their love?” PTI ADU


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/aOxb2vJ

Two youths arrested for molesting minor threatening her with fake gun



from The Indian Express https://ift.tt/MrPynHk

Saturday, 17 June 2023

Heavy rainfall in Ahmedabad



from The Indian Express https://ift.tt/m0r3IQu

GPCC president Gohil extends support



from The Indian Express https://ift.tt/RIObXW5

Saudi Arabia allows citizens to travel without COVID-19 vaccination

Saudi Arabia allows citizens to travel without COVID-19

Riyadh: The Kingdom of Saudi Arabia’s Ministry of Interior announced on Thursday that citizens are allowed to travel outside the Kingdom without requiring vaccination against COVID-19, the Saudi Press Agency (SPA) reported.

The decision was taken based on a report submitted by health authorities after looking into the stable COVID-19 situation locally and globally.

However, the authorities will continue to monitor developments surrounding the virus.

In March 2022, Saudi Arabia suspended the measures that had been imposed during the past two years to limit the spread of the pandemic and that is after the rate of vaccination significantly advanced.

In June 2022, the Kingdom lifts all precautionary and preventive measures related to combating the COVID-19 pandemic.

It is noteworthy that, since the arrival of COVID-19 in the Kingdom, in March 2020, Saudi Arabia has dealt with great firmness, as it imposed a comprehensive closure and prevented roaming in the country, with the aim of controlling the disease and preventing its spread.

Since the emergence of the COVID-19, Saudi Arabia has recorded 841,469 infections and 9,645 deaths.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/nZXeFgE

Brilliant Joe Root ton puts England in command in Ashes opener but early declaration backfires



from The Indian Express https://ift.tt/D029knM

Friday, 16 June 2023

AIMIM workers gift pair of shoes to former Aurangabad mayor

Aurangabad: AIMIM workers on Thursday tried to gift a new pair of shoes to former Aurangabad mayor Nandkumar Ghodele by way of protest.

The administration earlier this week captured four stray dogs from the Nakshatrawadi area where Ghodele lives and sterilized them. The action was taken after a dog entered the premises of his residence and ran away with a shoe.

AIMIM workers on Thursday tried to hand over a new pair of shoes at the Municipal Corporation office, stating that they wanted to gift it to Ghodele so that the administration can pay attention to the stray dog menace in other areas too.

Officials, however, did not accept the `gift’.

Mohammed Asrar, an AIMIM youth wing leader, said, “The administration deployed its entire team for catching dogs in the former mayor’s residential area. We brought these shoes so that Ghodele will get new shoes and will set the administration free. The administration should look into the stray dog trouble in other areas too.”

Ghodele, in his reaction, said the AIMIM did not have any substantial issue for launching an agitation, and they were free to agitate over anything.

“I did my duty and called the corporation team….I look after the safety of people in my area. I was not given any special treatment,” he said.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/NxDAEKr

Chests in embrace UP couple shoot themselves dead with same bullet



from The Indian Express https://ift.tt/s8CIlgR

6-year-old girl drowns in resort pool in Pimpri Chinchwad police arrest manager supervisor



from The Indian Express https://ift.tt/QbUkNSM

Wednesday, 14 June 2023

Cyclone Biparjoy: 30,000 people from coastal districts shifted to temporary shelters

Jakhau: Authorities on Tuesday shifted 30,000 people from coastal areas to temporary shelters two days before powerful cyclone Biparjoy’s expected landfall near Jakhau port in Gujarat’s Kutch district.

An official said several NDRF and SDRF teams are on standby. Simultaneously, Army authorities have jointly planned relief operations with civil administration and National Disaster Response Force.

The Army has kept flood relief columns ready at strategic locations.

In a virtual meeting to take stock of the cyclone preparedness, Union Home Minister Amit Shah asked the Gujarat government to make arrangements for moving people living in sensitive places to safer areas and ensure all necessary services, such as electricity, telecommunication, health and drinking water.

The meeting was attended by Gujarat Chief Minister Bhupendra Patel, two Union ministers, several Gujarat ministers and MPs, MLAs and officials from eight districts that are likely to be affected by the cyclone.

“We have already started evacuating people residing near the coast who are likely to be affected the most during the landfall. So far, various district administrations have shifted nearly 30,000 people to temporary shelters,” said State Commissioner of Relief, Alok Kumar Pandey.

The state government is aiming to evacuate people within 10 km of the coast, he said, adding that so far one fatality related to the cyclone has been recorded.

Ahmedabad IMD director Manorama Mohanty said the cyclone is likely to cross between Mandvi in Kutch and Karachi in Pakistan near Jakhau port with 125-135 kmph wind speed gusting to 150 kmph on the evening of June 15.

A warning has been issued for extremely heavy rainfall accompanied by strong winds in coastal parts of the Saurashtra-Kutch region, especially in the districts of Kutch, Porbandar and Devbhumi Dwarka, she said.

“After it makes landfall and weakens, the movement of the cyclone is likely to remain north-eastward and it is expected to move towards extreme south Rajasthan. It will bring heavy to very heavy rain in north Gujarat till June 15-17,” Mohanty said.

Fishing activities have been suspended till June 16, ports are shut and ships are anchored as the sea turned very rough and weather became inclement with extremely heavy rainfall and strong winds in the region due to the approaching cyclone.

“The sea will remain very rough to high till Jun 14, increasing to high to phenomenal on June 15,” Mohanty said.

Pandey said the government is constantly working to ensure that there is no loss of life due to the weather phenomenon.

He said the rescue operation is being carried out in two phases, with people residing 0 to 5 km from the seashore to be shifted first. Thereafter, people living within a distance of 5 to 10 km from the coast will be moved to safer places, with priority to be given to children, pregnant women and the elderly.

The government said 17 teams of the National Disaster Response Force (NDRF) and 12 of the State Disaster Response Force (SDRF) are on standby in affected districts of Devbhumi Dwarka, Rajkot, Jamnagar, Junagadh, Porbandar, Gir Somnath, Morbi and Valsad.

The Western Railway has so far cancelled 69 trains and decided to short-terminate 32 and short-originate 26 trains as a precautionary measure to ensure the safety of passengers as well as train operations.

As the sea turned rough, the Indian Coast Guard (ICG) evacuated 50 personnel from an oil rig located 40 km off the Dwarka coast in an overnight operation involving ALH aircraft and ship ‘Shoor’ amid inclement weather conditions due to the cyclone, the maritime agency said on Tuesday.

The Army also rehearsed flood relief columns and kept them ready at strategic locations.

“Army authorities have jointly planned relief operations with civil administration as well as NDRF. The interaction has given all agencies involved in disaster management a platform to share their best practices and gain from each other,” stated a defence release.

Resources have also been made available from neighbouring Rajasthan to ensure that casualties are avoided or remain minimum due to gusty winds and heavy rainfall, it said.

Shipping activities at the country’s largest public sector port in Kandla were shut following the cyclone warning and around 3,000 people, including workers there, have been shifted to safer places, officials said.

As the state stepped up relief and rescue operations, CM Patel has appealed to citizens to cooperate with the administration for their own safety and security.

In a virtual message, he said the government has planned rescue, relief and rehabilitation with zero casualty approach and appealed to the citizens to follow the instructions of the administration.

Union ministers Mansukh Mandaviya reviewed preparatory measures at Bhuj in Kurch.

Apart from him, four Union ministers are fanned out in the districts likely to be impacted by the cyclone to coordinate with the state administration for relief and rescue operations.

As hundreds of people are being evacuated from coastal villages in Kutch district, authorities are facing a challenge as many villagers are reluctant to leave their livestock and belongings behind.

In Ashirwada village, located 5 km away from the coast in Kutch, people agreed to move out only after police and revenue officers held meetings to convince them.

“We are shifting people to shelters which can withstand the impact of the cyclone. We are taking care of them by providing them food and other basic things,” an official told PTI.

People are being evacuated in buses and private vehicles. At least 78 people have been shifted to Jakhau primary school, which is converted into a shelter, from various villages so far.

Residents of Mohadi village, located on the coastline, are also evacuated. They are provided shelter in a cement company.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/f493Edv

Acquitted in drugs case, actor Chrisann Pereira set to return to India



from The Indian Express https://ift.tt/5FyGomp

Tuesday, 13 June 2023

‘False’ evidence were affidavits filed in SC, not before police: Setalvad’s counsel in HC



from The Indian Express https://ift.tt/L5DW4CP

Why Carlos Alcaraz should try the pickle juice next time he suffers from cramps



from The Indian Express https://ift.tt/qd0R5Ej

Will historic Hussain Sagar Lake ever get rid of its pollution?

Hyderabad: Bad smell from Hussain Sagar Lake continues

Hyderabad: Hussain Sagar Lake, which has emerged as a major tourist attraction surrounded by remarkable developments remains polluted even after multiple attempts to clean it.

Spread over 5.7 square kilometres, the Hussain Sagar Lake stands among the worst affected, as gushing water at many points displays a dangerous chemical cocktail.

Siasat.com acquired the latest data from the Telangana State Pollution Control Board (TSPCB) website that reveals a considerable increase in lake contamination.

Speaking on condition of anonymity, an official from the Telangana State Pollution Control Board (TSPCB) told Siasat.com that the odour from the lake water increases in summer while it fades away after the arrival of monsoons as impurities get washed away into the Musi River along with fresh water.

Invite tenders to clean up lake water

For 25 years, different international companies have come forward to take up the cleaning of the Hussain Sagar Lake but no significant difference has been recorded so far.

The TSPCB official said that the decade-long issue can only be eradicated by emptying the lake, diverting and refilling it with fresh water. The restoration can take up to six months of work.

“Hussain Sagar’s water quality has depleted to a great extent owing to the industrial harmful chemicals, and sewage water released into it. It will only get better if the state government collaborates with all the departments, invite tenders and take up the cleaning of the lake on a critical note,” said the official.

The PCB official said, “Measures taken up by the Hyderabad Metropolitan Development Authority (HMDA), including the restriction and usage of synthetic colours in the making of religious idols that are immersed into it every year, have only contributed to the pollution level.”

“The newly-inaugurated musical fountains were also shut down as they were affecting the aquatic life in the lake,” added the official.

Water quality at the outlet near the GHMC headquarters, the outlet at Marriott Hotel, PVNR Marg (Necklace Road), Opposite NTR Garden, Tank Bund, midstream Buddha Statue, Sanjeevaiah Park, Boat Club and near Khairatabad STP was assessed recently.

All points, except the Budha Statue displayed high levels of coliform of 1600 most probable number (MPN). Coliform are bacteria organisms whose presence in water indicates disease-causing organisms (pathogens).

The GHMC office and Boats Club points had the highest faecal coliform of 350 MPN, making them the most polluted zones. The fecal coliform bacteria are a sub-group of total coliform bacteria. Its presence in water samples often indicates a greater risk of pathogens being present.

Electrical conductivity was highest at PVNR Marg (Necklace Road). High electrical conductivity is directly proportional to the corrosive levels in the water.

The data put forth by environmental scientists from the board reveals that the pollutants including coliform, faecal coliform, high electrical conductivity, increased biochemical oxygen demand (BOD), and low level of dissolved oxygen (DO) have contributed to the depleting quality of water.

Low BOD levels showed that the water quality has become poor and oxygen levels are considerably depleting. High levels of total dissolved solids (TDS) indicated high levels of salt, metals and minerals in the water.

Hussain Sagar is not just known for its ethereal beauty but has a great historic significance. The lake connects two parts of the city (Secunderabad and Hyderabad) to each other. Every Hyderabadi has fond memories associated with this lake.

If there is no check on the rising pollution, Hyderabadis will lose its Hussain Sagar.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/Bs5zcrX

Actor Kazan Khan passes away



from The Indian Express https://ift.tt/jFMdWHk

Monday, 12 June 2023

TSPSC Group-I examination concluded peacefully across Telangana

TSPSC Group 1 prelims results

Hyderabad: The Telangana State Public Service Commission (TSPSC) Group-I preliminary examination was concluded successfully in 994 centres across the state on Sunday.

Around 380,032 candidates appeared for 503 Group-I posts. The examination began at 10:30 am and concluded at 1 in the noon.

A total of 2,159 aspirants attended while 3,293 registered for the examination at seven centres in Medak district.

No unwanted incident was reported in any part of the district during the course of the examination.

In Sangareddy district, 5,396 students appeared for the examination out of 8,654 registered in 27 examination centres.

In Siddipet district, 5,366 students out of 7,786 registered turned up at 20 centres.

The authorities were responsible for the smooth conduct of the examination did not allow aspirants to enter the examination hall who turned up late at the centre.

The Group-I preliminary examination had been cancelled by the commission following the leak of the TSPSC preliminary question paper. Along with Group-I preliminary exam, assistant executive engineer (AEE) and divisional accounts officer (DAO) examinations were also cancelled.

 


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/D8QrtMC

’23 is a number that just a few years back was impossible to think about’: Rafael Nadal heaps praise on Novak Djokovic



from The Indian Express https://ift.tt/5fig2h6

One dead, two injured in Ludhiana wall collapse



from The Indian Express https://ift.tt/Tt8FZgG

Sunday, 11 June 2023

Will report Manipur situation to Shah: Assam CM after meeting Biren Singh

Ambedkar said reservation cant be given on religion basis: Himanta's jibe at Congress

Imphal: Assam Chief Minister Himanta Biswa Sarma on Saturday called on his Manipur counterpart N Biren Singh here and said he will report to Union Home Minister Amit Shah about the ongoing situation in the trouble-torn state.

Sarma flew down from Guwahati earlier this morning for this meeting to discuss the situation in Manipur where sporadic violence continues a month after ethnic clashes began in this northeastern state.

“During my stay here, I met the honourable chief minister, his cabinet colleagues, our party leaders and civil society organisations. For us, peace and stability in Manipur are very very important. Whatever I have learnt during the day, I will report the same to the honourable Union Home Minister for further necessary actions,” Sarma told reporters.

Shah had visited Manipur from May 29 to June 1 to take stock of the situation. A senior BJP leader who was present at the meeting between the two chief ministers said, “We highlighted the issues of the state concerning the violence. Himanta Biswa Sarma assured us he will work at his level best to restore peace in Manipur.”

The leader, who did not want to be quoted, told PTI: “Sarma said the Manipur BJP should not hesitate to ask what is needed and he will make sure those requirements are met.”

Representatives of COCOMI, a civil society organisation, were also present at the meeting.

“The Assam chief minister expressed condolences for the lives lost and said he will do whatever is needed to restore peace,” COCOMI media coordinator Khuraijam Athouba said.

The Centre has constituted a committee in Manipur headed by the governor to facilitate the peace-making process among various ethnic groups and initiate dialogue between conflicting parties, the Union home ministry said on Saturday in New Delhi.

Clashes first broke out on May 3 after a ‘Tribal Solidarity March’ was organised in the hill districts to protest against the Meitei community’s demand for Scheduled Tribe (ST) status.

Meiteis account for about 53 per cent of Manipur’s population and live mostly in the Imphal Valley.

Tribals Nagas and Kukis constitute another 40 per cent of the population and reside in the hill districts.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/CuhR7Vy

WTC Final: Umesh Yadav and Mohammed Shami bottle up Australia and enable India to hope for a dreamy finish



from The Indian Express https://ift.tt/F3RqJ4K

Saturday, 10 June 2023

WTC Final: India wake up, but Australia refuse to blink



from The Indian Express https://ift.tt/nvTgK6N

Umar Khalid completes 1000 days in jail without a trail

Today political activist Umar Khalid completes 1000 days in Delhi Tihar jail for ‘conspiring against the Central Government’ in the 2020 North East Delhi riots in which 53 people, mainly Muslims, were killed.

Thirty-five-year-old Khalid, who is a PhD from Jawaharlal Nehru University (JNU), was charged under the draconian Unlawful Activities Prevention Act (UAPA Act) by the Delhi Police.

Khalid was among the several students and activists who were jailed for protesting against the Citizen Amendment Act (CAA), 2019, and the National Register of Citizenship (NRC).

CAA and NRC

On December 9, 2019, Union Home Minister Amit Shah introduced an amendment to the Citizenship Act of 1955 that allowed Indian citizenship to Hindus, Sikhs, Buddhists, Jains, Parsis and Christians who fled from neighbouring Pakistan, Bangladesh and Afghanistan due to religious persecutions.

However, the bill did not include the Muslim community, leading to widespread nationwide protests where protestors alleged that the bill violated the Right to Equality described in the Indian Constitution.

Khalid along with 18 others was arrested by the Delhi Police on September 13, 2020. Since then, Khalid has been a part of a string of courtroom visits, fighting a case corroded with false narratives and inconsistencies.

Why Umar Khalid

An article by The Wire written in 2020 states, “Picking on Khalid and others serves to represent anti-CAA protests as being purely led by Muslims, rather than acknowledge them as the broad, diverse India-wide phenomenon that they were, comprising of people from all faiths and in several regions. Once you portray a movement as mostly Muslim-led (and involving “radical” leftists), it becomes easier to repress it and prevents others from joining it.”

In his speech (available online) which the Delhi Police used against him, he says, “We will not answer violence with violence, anger with anger, if they spread hatred we will reply with love, if they use batons, we will fly the tricolor, if they fire bullets, we will hold aloft the Constitution, if they put us in jail, we will sing ‘Sare jahan se acha Hindustan hamara‘ and gladly head to prison – but we will not let you destroy this country.”

Thus, the Narendra Modi-led Central Government saw Khalid as a “symbol of resistance” for Muslims in a fast-emerging Hindutva land. He represented a young, fearless, educated, socially aware Indian Muslim, something that the saffron party has unfailingly worked against.

Delhi HC denies bail to Khalid

On October 18, 2022, Khalid was denied bail by the Delhi High Court for the following reasons which this Article 14 report:

Khalid was part of a WhatsApp group compromising Indian Muslim students of JNU.

The Delhi High Court denied bail to Khalid based on the fact that he sent messages through the WhatsApp group that could be a “potential threat to national security”. However, Article 14 debunks it by saying there is no crime to be a part of a WhatsApp group adding that the Police were unable to show or produce any message sent by Khalid to the court.

Khalid participated in various meetings at Jantar Mantar, Jangpura office, Shaheen Bagh, Seelampur, Jaffarabad and Indian Social Institute.

There is nothing wrong with attending public meetings. Article 14 states that witnesses who testified against Khalid were brought several months after the alleged meetings. The court was unable to provide a concrete reason as to why bail was denied just for attending a meeting.

Khalid referred to the visit of the President of the USA to India in the Amravati speech

The court was referring to a speech (which is still available online) in which Khalid referred to the then USA President Donald Trump’s visit to India. However, in the 20-minute speech, Khalid does not mention any violent or provocative sentences or words against Trump, as Article 14 stated.

The CDR analysis depicts that there has been a flurry of calls that happened post-riots amongst the appellant and the other co-accused

Article 14 states that Khalid’s lawyer mentioned in the court that it was normal for people gripped in a communal riot to call each other.

Bailed denied again

Khalid was yet again denied bail on June 8 this year. However, a Delhi court, while acquitting three persons charged in the 2020 Delhi riots reprimanded the Delhi Police “for clubbing several complaints with the case without investigation.”

In solidarity with Umar Khalid

Scores of students, civil rights activists and media personalities gathered at the Press Club on Friday to express solidarity with Umar Khalid.

They spoke about ‘Democracy, Dissent and Censorship’, saying Khalid’s 1,000 days of imprisonment equal to “1,000 days of resistance”.

Rashtriya Janata Dal (RJD) leader and Rajya Sabha MP Manoj Jha said, “This is 1,000 days of imprisonment as well as 1,000 days of resistance. Umar Khalid will be very happy to know that in this scorching heat, hundreds of people gathered to defend democracy.”

“This solidarity is not just for Umar, but for every political prisoner. This is a fight of memory. A dominant memory is mainstream today, while the memories of marginalised communities are ignored,” he said.

Senior journalist Ravish Kumar at the Press Club speaking about jailed student activist Umar Khalid’s 1000 days (Photo: Twitter)

Senior journalist Ravish Kumar said the road to the door of justice has been stretched too far for those like Khalid.

“Remember 1,000 days that have passed. Remember that these are not just 1,000 days since Khalid’s incarceration, but also 1,000 days of shame for the Indian judicial system,” he said.

Prabhat Patnaik, Professor Emeritus, JNU said the continued detention of Khalid is not just a personal tragedy, but “social waste” of a talent.

“Even in the colonial days, Gandhi was never in jail for more than two years. Nehru was longest in jail at one go for 1,041 days… Umar has now been in jail for 1,000 days,” he said.

“This is against democracy, anyone can be put in jail on flimsiest of pretexts,” he added.

Present at the event was also Khalid’s father S Q R Ilyas who said the confines of the prison walls have not dampened the spirit of his son.

“Has 1,000 days of jail dented Umar’s confidence, has it dampened the spirits of his friends? Absolutely not. When I see all those who have been jailed during their court hearings, I see confidence in their faces, they know that they are in jail for a cause,” he said.

He said his son is fighting for the country and democracy. Khalid had recently got eight days bail to attend his sister’s wedding.

(With inputs from news agencies)


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/eYDSVt6

Reports about Sachin Pilot launching new outfit all rumours, says Venugopal



from The Indian Express https://ift.tt/1V2Sqx7

Friday, 9 June 2023

GITAM allys with IIT Hyderabad to support budding innovators

GITAM uni researcher granted Rs 48L for upcycling brackish water

Hyderabad: GITAM Deemed-to-be-University on Thursday signed a Memorandum of Understanding (MoU) with IIT Hyderabad to support 75 innovators to turn their ideas into startups.

The MoU was signed between GITAM’s entrepreneurship and innovation cell, Venture Development Center (VDC) and the iTIC Incubator at IIT Hyderabad, the varsity said in a statement.

The iTIC is a technology business incubator under the Indian Institute of Technology Hyderabad supported by the Department of Science and Technology.

The MoU comes as a part of iTIC incubator’s collaboration with Greenko Group to launch a new program called Bold and Unique Idea Led Development (BUILD).

Adding on to a financial aid of Rs 1 lakh, innovators selected for the program will be mentored, and provided with prototyping support and a co-working space, GITAM said.

At the end of the 12-month program, innovators could get a chance for preincubation support and further grants at iTIC Incubator at IIT Hyderabad.

The application can be done through the iTIC website, itic.iith.ac.in/build, before July 5.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/VTEmdM2

Sanjeev Jeeva murder: SIT to focus on lapses in court security

Bullet lodged inside toddler injured in Lucknow courtroom shootout

Lucknow: An SIT set up by the Uttar Pradesh government in the sensational Sanjeev Jeeva murder case will probe into possible security lapses at the court premises where the shoot out took place.

The SIT will focus on finding out if the metal detectors used by the security were working, and if they were, then how the accused managed to enter the court carrying a pistol, a senior police officer told PTI on Thursday.

Gangster-politician Mukhtar Ansari’s aide Sanjeev Maheshwari Jeeva was shot dead on the premises of a Lucknow court on Wednesday.

The assailant, identified as Vijay Yadav, 24, from Jaunpur district, was caught right after the shooting that took place outside a courtroom at around 4 pm.

Eyewitnesses said Yadav was dressed as a lawyer and fired around six shots.

Police are also probing how Vijay Yadav got the foreign pistol he used in the shooting and what was his motive behind killing Jeeva, he said.

The Special Investigation Team on Thursday visited the scene of the crime for an on-spot assessment as part of the investigation. Policemen engaged in Jeeva’s security are also undergoing questioning.

Soon after the murder, Chief Minister Yogi Adityanath ordered the setting up of a three-member SIT to probe the incident and give a report within a week.

Two security personnel of the team that brought Jeeva to the court were also injured in the incident, one of whom is still undergoing treatment at King George’s Medical University, while the other has been discharged, police said.

Another officer interrogating Vijay Yadav said the pistol recovered from his possession had each of its cartridges priced at around Rs 1,500-Rs 2,000.

As per inputs from Jaunpur, Vijay Yadav hails from a poor family and police suspect he is unlikely to have arranged the pistol on his own.

Vijay is being interrogated at an unknown location by top police officers, said another officer privy to case developments.

According to Vijay’s father, Shyama Yadav, a farmer, his son used to work at a private company in Mumbai and left his job around 18 months back and returned home.

Shyama Yadav had earlier told police that his son after returning went to Lucknow in search of employment where he used to work as a plumber.

The SIT is headed by Additional Director General of Police (Technical) Mohit Agarwal with IPS officer Neelabja Chowdhary and IGP (Ayodhya range) Praveen Kumar as its other members.

Jeeva, who was from UP’s Muzaffarnagar district, was an accused in the murder cases of BJP MLA Krishnanand Rai and former state minister Brahm Dutta Dwivedi, in addition to 22 other cases, including those of fraud and criminal conspiracy.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/HUDetwT

For higher education: Govt seeks suggestions on draft proposal for implementing NEP



from The Indian Express https://ift.tt/9iR2myJ

Tuesday, 6 June 2023

World Environment Day: CM inaugurates forest cluster developed using Japanese technique Miyawaki



from The Indian Express https://ift.tt/P1v4Mcq

Ahead of Rath Yatra, Ahmedabad cops set to promote communal harmony with street play on local heroes



from The Indian Express https://ift.tt/qDuYPCd

Apple WWDC 2023 highlights: From iOS 17 to Vision Pro… everything announced at the developer conference



from The Indian Express https://ift.tt/hwISJr6

7 dead, 19 injured after speeding tractor turns turtle in Andhra Pradesh

8 killed in 3 road accidents in Andhra Pradesh and Telangana

Guntur: Seven people died and 19 others were injured when a tractor trailer in which they were travelling lost control in a narrow road and turned turtle at Vatticherukuru village in the district on Monday, police said.

As many 25 people were travelling in the tractor from Kondepadu village in Prathipadu mandal to Jupudi village in Chebrolu mandal to attend a function, with majority of them being women.

“Actually, the driver lost control in a narrow road and the tractor turned turtle. No collision happened,” Guntur Superintendent of Police Arif Hafeez told PTI.

Guntur South sub-divisional police officer Mehboob Pasha said the tractor driver was speeding, ignoring alerts from the travellers to slow down, resulting in the accident. Due to the impact, seven people died on the spot and 17 others suffered injuries, he said.

The officer further said that the driver did not even have a licence.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/71dfDAy

Hyderabad: Man held for murdering co-worker over chicken fry

Hyderabad: A migrant labourer was arrested by the Rachakonda police on the charges of murdering a co-worker in his sleep after an argument over fried chicken.

In a bizarre incident, the accused, Susheel Goswami and the deceased, Dheeraj Mandal, entered into an argument while drinking, during which Mandal insisted on preparing chicken fry, the police said in a statement.

Both the labourers were from Bihar.

According to the police, Goswami pounced on Mandal but was pulled back by two co-workers. Goswami, who felt humiliated after the incident waited till all his co-workers were asleep before hitting Mandal on the head with a cement brick leading to his death, the police said.

The police acted on the complaint of Samala Narasimha Reddy, the owner of the cement factory where Goswami worked and caught the accused within a span of eight hours.


Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.



from The Siasat Daily https://ift.tt/Iz8SJPm

Apple unveils 15-inch MacBook Air at WWDC 2023, price starts at Rs 1,34,900



from The Indian Express https://ift.tt/RM6Dmy3

Monday, 5 June 2023

MUTUAL FUNDS: Arbitrage funds are back in favour

Given the attractive spreads and the improving sentiment in the equity market, arbitrage funds are gaining traction from investors, especially among high-networth individuals. These funds offer an opportunity for high returns with moderate risk and investors are preferring them given the tax efficiency compared to liquid funds.

Arbitrage funds have seen an uptick in inflows due to the market volatility and decent post-tax returns as compared to liquid funds. These funds invest a minimum of 65% of the corpus in equity and the balance 35% in debt and cash instruments.

In these funds, the fund manager simultaneously buys shares in the cash market and sells them in futures or derivatives markets and the difference in the cost price and selling price is the return that the investors earns. The current spread is around 63 basis points (bps) as compared with around 40 bps in June last year.

Also read: Retirement Planning: How much money does a family of four need for retirement?

Arbitrage mechanism

The mechanism of these funds revolves around exploiting the price difference between stocks and their corresponding futures contracts, known as the arbitrage spread. Sonam Srivastava, founder, Wright Research, an investment advisory firm, says this difference tends to be substantial in volatile markets, enabling arbitrage funds to deliver high returns even when the overall market is not performing well. “Their potential to generate consistent returns with lower volatility is likely why these funds have witnessed an inflow of Rs 3,700 crore in April, the highest in the hybrid category,” he adds.

Investors look at arbitrage funds for short-term investments where the returns are closer to liquid funds but the tax implications are of equity. Harshad Chetanwala, co-founder, MyWealthGrowth. com, says, there is a possibility that investors who are seeing the stock market surging at present would like to hold on with their investment decisions at present and prefer going gradually. “Hence, they could be parking such funds in arbitrage funds,” points out Chetanwala.

Arbitrage funds generally run fully-hedged equity positions. In other words, all their long equity / stock positions are hedged by selling the stock futures. They generate returns from the differential in the prices of stock futures and the underlying stock. Funds in other hybrid categories such as dynamic asset allocation, aggressive hybrid and equity savings hold a mix of unhedged equity positions, arbitrage and debt based on their mandate and market views.

Tax efficiency

After the amendments to the Finance Bill, 2023, arbitrage funds are turning out to be more tax efficient than liquid funds. As arbitrage funds maintain a minimum of 65% equity allocation, they are treated as equity funds. Short term gains are taxed 15% if redeemed within one year and 10% for long term if redeemed after one year. On the other hand, liquid funds are taxed as debt funds where all gains are taxed at the marginal rate of the investor. “Arbitrage funds are more tax efficient than liquid funds,” says Hardik Gandhi, chief business Officer, Turtle Wealth.

Similarly, Abhishek Dev, CEO and co-founder, Epsilon Money Mart, says if an investor falls in the highest tax bracket, debt funds can prove to be a tad unattractive when it comes to taxation as the gains are taxed at the investor’s marginal rate. “While tax is an important aspect of the overall financial planning, selecting a product based only on tax is not the right way. Therefore, investors should first understand what they are getting into.”

Also read: What is the ideal Fixed Deposit tenor for senior citizens and others amid interest rate hikes?

What to keep in mind

Investors must keep in mind that returns from arbitrage funds will depend on the arbitrage opportunities. These funds give higher returns during periods of high market volatility. Individuals should look at an investment horizon of six months to one year to ride the different market phases. As these funds take very low risk relative to other hybrid funds, volatility is low and return potential is also lower. However, the market volatility as seen in other equity funds is not witnessed in arbitrage funds.

While investors consider arbitrage funds as an alternative to debt funds, especially liquid funds, they must also keep in mind the interest rate cycle has peaked and returns from debt funds are likely to rise now.



from | The Financial Express https://ift.tt/D7FCJ2S

Shafali stars with bat as India thrash Thailand by 94 runs in Asia Cup opener

from The Indian Express https://ift.tt/8CcTbFH