Month: March 2024

Congress to release manifesto on April 5

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Congress has announced that it will release its manifesto on April 5 and took a swipe at the BJP over it setting up a manifesto committee at the ”last moment”. The BJP on Saturday announced a 27-member committee, which included several Union ministers and chief ministers, headed by Defence Minister Rajnath Singh to prepare its manifesto for the Lok Sabha polls.

Congress general secretary Jairam Ramesh said that the Congress released its ’Paanch Nyay’, ’Pachees Guarantees’ on March 16 and its ’Ghar Ghar Guarantee’ campaign to distribute eight crore guarantee cards across the country will begin on April 3. The manifesto will be released on April 5, he said on Saturday.

”The BJP’s manifesto, begun at this last moment, is merely an exercise in ticking boxes. It reflects the contempt with which the party sees the public,” Ramesh alleged. The Congress manifesto was compiled after carrying out nationwide consultations and after receiving thousands of suggestions via email and our ’Awaaz Bharat Ki’ website, he said.

The Congress manifesto reflects the voice of the people, he asserted. ”The BJP may try to unsettle the Congress by sending Income Tax claim notices, but the Congress is neither afraid nor slowing down. We are prepared, we will overcome, and we will emerge victorious!” Ramesh asserted.

His remarks came after the BJP set up its manifesto committee with Finance Minister Nirmala Sitharaman as its convener and Union minister Piyush Goyal co-convener. Several other Union ministers, the chief ministers of states such as Gujarat, Assam and Madhya Pradesh, and seasoned hands like Shivraj Singh Chouhan and Vasundhara Raje are among the members of the committee.

Rajnath Singh, a former party president, was the head of the BJP’s manifesto committee for the 2019 polls as well. Many members have been repeated in the current panel as well. Union ministers Dharmendra Pradhan, Ashwini Vaishnaw, Bhupender Yadav, Kiren Rijiju, Arjun Munda, Arjun Ram Meghwal, Smriti Irani and Rajeev Chandrasekhar are among its members.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Trade Setup for April 1: Nifty eyes Earnings updates, RBI policy for more cues after expiry jitters

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Nifty came within 10 points of making a new record high last Thursday but failed to do so. What followed was a sharp sell-off from the highs of the day during the final 45 minutes of the session, that questioned the entire 400-point jump from the lows that the Nifty witnessed on F&O expiry day.

So how much does one read into the move the Nifty witnessed on Thursday? Most attribute it to rebalancing, last day of the financial year and hence the related adjustments and so on. So does this mean that the Nifty still does not have enough legs to test its previous peaks? Or it was only the expiry related volatility that caused the sharp fall?

Despite that, the index still ended 200 points higher, ensuring a positive expiry and a positive truncated week. The other positive is the fact that the index managed to close above the 22,200 mark, a level it failed to cross for most parts of the March series. The only question is, can it sustain as we step into a new financial year and a new F&O series starting Monday?

The upcoming week will be a data-driven one as companies will start reporting their March quarter business updates, particularly banks and financials, along with certain FMCG companies. Focus will also be on the RBI Monetary Policy between April 3-5 and whether the MPC will provide further clarity on where the interest rates are headed in the country. The second week of April will also see IT companies start reporting their quarterly earnings, and future commentary from them will be keenly awaited.

Both foreign and domestic investors remained net buyers in the cash market on Thursday. The numbers would also be influenced due to block deals seen in stocks like Cartrade Tech, IDFC First Bank and Rategain.

Shrikant Chouhan expects the bullish sentiment to remain intact as long as the Nifty continues to trade above the 20-DMA of 22,150. On the upside, he expects the index to find resistance at 22,500 – 22,650. Only a slip below the 22,150 mark can take the index back down to 22,000 or even 21,950.

The higher top higher bottom setup of the Nifty remains intact albeit with high volatility, observed Nagaraj Shetti of HDFC Securities. The next levels on the upside are seen at 22,500 – 22,600 with immediate downside support at 22,250 – 22,200 levels.

LKP Securities’ Rupak De said that there has been a clear breakout from Nifty’s consolidation pattern, signaling further optimism. The index will see resistance at its previous all-time high, which needs to be crossed to see a bigger rally. 22,200 on the downside will be a short-term support.

Similar to the Nifty, the Nifty Bank also witnessed a sharp correction from the day’s high at around 47,440 levels. Despite that 300-point correction, the index managed to close above the 47,000 mark, for the first time in nearly three weeks. Banking stocks coming out with business updates in the upcoming week will provide further cues to the Nifty Bank’s trajectory.

A note from Nuvama Alternative & Quantitative Research says that positions currently in banking stocks appear to be heavily short, which indicate the potential for some short covering-led action and resultant gains between 2% to 2.5% by mid-April. However, the note also advises setting up short positions around levels of 48,400 as significant outperformance is not foreseen.

The MACD indicators on the Nifty Bank are indicating a neutral to positive stance on the Nifty Bank, said Om Mehra of SAMCO Securities. A key level of 48,000 remains an overhead resistance and crossing that may trigger the next leg of the rally, he added.

What Are The F&O Cues Indicating?

Nifty 50’s April futures added 27.7% and 23.1 lakh shares in Open Interest. They are now trading at a premium of 161.3 points. On the other hand, Nifty Bank’s April futures added 1.6% or 52,170 shares in Open Interest on Thursday. Nifty 50’s Put-Call Ratio is now at 1.18 from 1.15 earlier.

Hindustan Copper is out of the F&O ban, while Zee Entertainment remains in the ban.

Nifty 50 on the Call side for April 4 expiry:

On the Call side, the Nifty 50 strikes between 22,300 and 22,600 have seen Open Interest addition for this Thursday’s weekly expiry.

Nifty 50 on the Put side for April 4 expiry:

On the Put side, the Nifty 50 strikes between 21,850 to 22,450 have seen Open Interest addition for this Thursday’s expiry.

For the April series, these stocks saw additions of fresh long positions on Thursday, meaning an increase in both price and Open Interest:

These stocks have seen addition of fresh short positions for the April series, meaning a decline in price but increase in Open Interest:

These are the stocks to watch out for ahead of Monday’s trading session:

• Auto Stocks: Companies to report sales numbers for March.
• HDFC Bank: Signs binding term sheet as part of the process to sell 100% equity stake in HDFC Education and Development Services Pvt. Ltd. The stake sale will be done through a Swiss Challenge method, post which the subsequent purchaser and HDFC Bank will sign definitive documents for the said sale.
• Infosys: Expected to get refund of ₹6,329 crore from the Income Tax Department. The company is evaluating the implications of these orders on the financial statements for the quarter.
• Indian Oil Corporation: Signs binding term sheet with Panasonic Energy to manufacture Lithium-Ion Cells in India. In addition to meeting domestic requirements, investments in setting up local manufacturing will set up a complete supply chain ecosystem improving India’s self-reliance, fortifying India’s position in the global energy landscape.
• MOIL: Prices of all Ferro grades of Manganese ore with Manganese content of Mn-44% and above increased by 6% on from March. Prices of all other ferro grades of Manganese ore with content below Mn-44% increased by 3% from March. Prices of all SMGR fines and chemical grades increased by 3% on the prevailing prices.
• Newgen Software: Executed an agreement for a Trade Finance Project with a customer. Aggregate value of the purchase order is ₹49.84 crore. The project is to be executed over a three-year period. Additionally, the company has also won orders for a Trade Finance Solution from an international customer worth $1.1 million. It has also received the Letter of Intent for purchase and implementation of customer onboarding, corporate finance origination system and business process automation system for a five year period worth $2.07 million.
• RVNL: Emerges as the lowest bidder for three projects. One worth ₹148.26 crore, the other for $7.15 million and the third one for ₹95.95 crore. The orders are from South Eastern Railway, North Eastern Frontier Railway and from the Energy Development Corporation.
• Garden Reach Shipbuilders: Annual turnover for financial year 2024 crosses ₹3,400 crore, which is the highest ever in the company’s history. On a year-on-year basis, the turnover grew by 33%.
• PG Electroplast: Wholly-owned subsidiary PG Technoplast becomes the first company to get approval for disbursement of PLI incentives for AC components. The disbursement amounts to ₹15 crore.
• Adani Total Gas: Wholly-owned subsidiary Adani TotalEnergies Biomass Ltd., said it has commissioned operations at Phase 1 of its Barsana Biogas Plant in Uttar Pradesh with an overall capacity of 600 Tonnes Per Day Of Feedstock. Project cost for all three phases would be in excess of ₹200 crore.
• Lupin: Gets USFDA nod for Eslicarbazepine Acetate tablets of generic Aptiom. The drug will be manufactured at the company’s Pithampur unit and Lupin could be eligible for 180-day exclusivity. Estimated sales of the drug are at $354 million.
• Indian Metals & Ferro Alloys: Declares ₹15 per share as special dividend. Board also approves withdrawal of scheme of amalgamation of Utkal Coal into the company and acquisition of remaining shares of Utkal Coal to make it a wholly-owned subsidiary. Board also approved write-off of doubtful interest income on a loan issued to Utkal Coal worth ₹111 crore and accounts for an impairment provision against the investment made. The company will also issue ₹200 crore into the Ethanol business and its allied by-products.
• Veranda Learning Solutions: Acquired 50% equity in Tapasya Educational Solutions through its subsidiary, valuing Tapasya at ₹240 crore. The acquisition to bolster Veranda’s presence in Telangana and Karnataka.
• Trident: Existing capacity of bath linen business at Budhni in Madhya Pradesh has been enhanced from the existing 622 looms with the addition of another 42 looms. The overall capex of ₹132 crore was funded via term loans and internal accruals. Existing capacity utilisation was 63%.
• Canara Bank: To dilute 13% stake in Canara Robeco Asset Management Company via the IPO. The stake dilution is subject to approval of the Reserve Bank of India and the Department of Financial Services.
• Torrent Power: Gets Letter of Award from Torrent Power Ltd. Distribution unit to set up a 150 MW (RE Power) grid-connected wind solar hybrid projects under the greenshoe option. The project cost is worth ₹1,825 crore.
• Landmark Cars: Set to expand brand offerings by adding Kia India to its portfolio. The company will now represent 10 brands across 10 Indian states. The dealership will include sales and aftersales services of Kia cars in Hyderabad.
• Aurionpro Solutions: Board approves allotment of 9.02 lakh equity shares worth ₹200 crore to non-promoters at ₹2,215 each. Varanium India Opportunity, Steadview Capital among those issued shares.
• Macrotech Developers: To acquire 50% stake in Siddhivinayak Realties for ₹250 crore.
• Metro Brands: Extends partnership with Crocs India for continued growth in the India business.
• SBI Life Insurance: Gets tax demand worth over ₹5,000 crore from the Faceless Assessment Unit of the Income Tax Department on March 30, 2024. The company said that the tax demand and applicable interest has been calculated incorrectly and the revised demand should only be around ₹301 crore.
• Indian Overseas Bank: Gets Income Tax demand worth ₹620 crore on account of certain additions and disallowances made for annual year 2022-2023.
• EIH: To invest ₹421 crore to construct Oberoi Luxury Resort at Cavelossim Beach in South Goa.
• MAS Financial: Approves investment of ₹15 crore in subsidiary company Rural Housing & Mortgage Finance Ltd. to address working capital needs and expansion of business activities.
• CreditAccess Grameen: Completed a direct assignment transaction worth ₹555.54 crore in March. The entire direct assignment pool qualifies for priority sector treatment as per RBI Guidelines. For the quarter, the company raised total funds worth ₹5,885 crore through term loans and direct assignment.
• Adani Green Energy: Wholly-owned stepdown subsidiary has operationalised an incremental 163 MW of solar power projects at Khavda in Gujarat. An aggregate of 225 MW of solar power project has been operationalised by AGE25AL.
• HG Infra: Enters into EPC Contracts with Norangdesar Solar Developer Pvt. Ltd. and Rasisar Solar Developer Pvt. Ltd. for Solar Power Plants. Both contracts need to be executed within 9 months and are worth ₹36 crore and ₹28 crore respectively. The orders classify as a related party transaction.
• Tejas Networks: Received balance incentive payment of 15% worth ₹4.88 crore for financial year 2023 under the Production-Linked Incentive Scheme for Telecom and Networking Products.
• NACL Industries: Two wholly-owned subsidiaries begin commercial production at their respective manufacturing plants situated in Andhra Pradesh and Telangana. Both units are eligible for a concessional income tax rate of 15% till perpetuity.
• Shankara Building Products: Opened new fulfilment centers under the ‘Shankara Buildpro’ brand at Aurangabad, Davangere, Chikmangaluru, Ramnagara and Mandya. It will also close stores in Thiruvalla, Palghat, Vanastalipura and Vasco. The net store count after these measures stands at 92.
• Cantabil Retail: Opened five new showrooms at different locations across India in March, taking the total number of stores to 534.
• NTPC: Operations of NTPC Barauni Thermal Power Station Stage – I, comprising of two units of 110 MW each will be permanently discontinued from March 31.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Our govt gave new flight to aspirations of my family members across India: PM Modi ahead of first Lok Sabha rally

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi, ahead of his first Lok Sabha election rally in Uttar Pradesh on Sunday March 31, referred to the people of India as his family members and said his government has given a new flight to their aspirations. The prime minister will hold a rally in Meerut on Sunday where the BJP has fielded actor Arun Govil of TV serial ‘Ramayan’ fame as its candidate.

According to sources, apart from Govil, Rashtriya Lok Dal president Jayant Chaudhary, who recently joined the BJP-led National Democratic Alliance, will share the dais with the prime minister.

Also Read: Uttar Pradesh Lok Sabha Elections 2024: Here’s the list of BJP candidates

In a post on X in Hindi, PM Modi said, “In the last 10 years, our government, through its work, has given a new flight to the aspirations of my family members across the country. To give further speed to this, the countrymen have once again made up their mind to go with the BJP-NDA in the Lok Sabha elections.” “Will get the privilege of receiving blessings from the public around 3.30 pm today in Meerut, Uttar Pradesh,” he said. Prime Minister Modi routinely refers to the people of the country as his family members.

बीते 10 वर्षों में हमारी सरकार ने अपने कामकाज से देशभर के मेरे परिवारजनों की आकांक्षाओं को नई उड़ान दी है। इसे और गति प्रदान करने के लिए देशवासियों ने लोकसभा चुनाव में एक बार फिर से भाजपा-एनडीए के साथ जाने का मन बना लिया है। उत्तर प्रदेश के मेरठ में आज दोपहर बाद करीब 3.30 बजे…

— Narendra Modi (@narendramodi) March 31, 2024

Around 15.34 crore people are eligible to vote in Uttar Pradesh — a politically crucial state with 80 Lok Sabha seats where elections will be held in seven phases from April 19. Meerut will go to polls in the second phase on April 26.

In the 2019 Lok Sabha elections, the BJP won 62 seats and its ally Apna Dal (S) two seats. The Congress won the Rae Bareli seat of Sonia Gandhi. The Bahujan Samaj Party (BSP), which fought the elections in alliance with the Samajwadi Party, was the biggest gainer in the alliance with 10 seats. Akhilesh Yadav’s Samajwadi Party won five seats while the Rashtriya Lok Dal couldn’t open its account in the polls.

Also Read: Lok Sabha Elections 2024: 71 nominations rejected in UP’s first phase seats

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

GT vs SRH highlights IPL 2024: Gujarat Titans beat Sunrisers Hyderabad by 7 wickets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

CBIC issues guidelines for GST investigation; officers must take prior approval for big firms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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GST field officers will now have to seek the approval of their zonal principal chief commissioners to initiate an investigation against any big industrial houses or major MNCs and levy duty on goods/services for the first time.

The Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines for Central GST (CGST) officers.

According to the guidelines, when a taxpayer is simultaneously being investigated by the state GST and DGGI officers on different subject matters, the principal commissioner will “consider the feasibility” of only one of the offices pursuing all the cases with respect to the taxpayer.

The guidelines have also set a deadline for tax officers to conclude an investigation within one year of their initiation.

CBIC further said that in initiating an investigation with respect to a listed company or PSU or seeking details from them, the CGST officers should issue “official letters instead of summons” to the designated officer of the entity, detailing the reasons for investigation and seeking submission of documents within a “reasonable time period”.

“In such a letter issued for seeking information/documents from the regular taxpayer, the reference can be to inquiry “with respect to” or “in connection with” that entity. Further, the letter/summons should disclose the specific nature of the inquiry being initiated/undertaken. The vague (or general) expressions such as that the officer is making inquiry in connection with “GST enquiry” or “evasion of GST” or “GST evasion” etc. must not be mentioned,” CBIC said.

Also Read: Rate rationlisation likely to be top priority for GST Council in FY25

It further said tax officers should not seek that information from the taxpayer, which is already available online on the GST portal.

“Addressing letter/summons with context or content akin to a fishing inquiry is not acceptable,” CBIC noted.

The guidelines also said that each investigation must be initiated only after the approval of the principal commissioner, except in the specified four categories where the prior written approval of the zonal Principal Chief Commissioner shall be required if the investigation is to be initiated and action to be taken in a case.

These four cases include matters of interpretation seeking to levy tax/duty on any sector/commodity/service for the first time; big industrial houses and major multinational corporations; sensitive matters or matters with national implications; or matters which are already before the GST Council.

In all these four categories of cases, the concerned CGST field formation should also collect details regarding the prevalent trade practices and nature of transactions carried out by the stakeholders.

“The implications/impact of such matter should be studied so as to have adequate justification for initiating investigation and taking action,” the guidelines said.

It also said that in a situation where it comes to the Commissionerate’s notice that either the DGGI or the state GST department is also simultaneously undertaking record-based investigation of the same taxpayer on different subject matters, the Principal Commissioner must engage in dialogue with the other investigating offices to consider the feasibility of only one of the offices pursuing all these subject matters with respect to the taxpayer, and the other offices consolidating their material with that office.

“If this outcome is not feasible, the reasons therefore should be confirmed on file by the Principal Commissioner,” the guidelines added.

An investigation initiated must reach the earliest conclusion, which is not more than one year. It is not necessary to keep an investigation pending till limitation in law approaches, it said.

Show cause notice should not be delayed after the conclusion of the investigation. The closure report consequent to the appropriate payment of government dues by the person concerned should also not be delayed and should have a brief self-explanatory narration of the issue and the period involved, as per the guidelines.

“Conclusion of investigation may also take the form of recording that investigation is not being pursued further as nothing objectionable was found in terms of the matter investigated,” it added.

Moore Singhi Executive Director Rajat Mohan said these instructions are a significant step towards fostering a tax environment that is conducive to business growth while ensuring compliance and fairness in the taxation system.

Abhishek Jain, National Head & Partner, Indirect Tax, KPMG, said the implementation will be key to its success, and if followed, it could contribute towards tax certainty and stability in our country’s business landscape.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

President Droupadi Murmu confers Bharat Ratna on BJP veteran LK Advani

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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President Droupadi Murmu on Sunday presented the Bharat Ratna, India’s highest civilian award, to Bharatiya Janata Party (BJP) veteran and former Deputy Prime Minister LK Advani at his residence in the capital.

The ceremony was graced by the presence of Vice President Jagdeep Dhankhar, Prime Minister Narendra Modi, Defence Minister Rajnath Singh, Home Minister Amit Shah, and Advani’s family members, as announced by the Rashtrapati Bhavan in a post on social media.

President Droupadi Murmu presented Bharat Ratna to Shri L. K. Advani at his residence. The formal ceremony was attended by Vice President Shri Jagdeep Dhankhar, Prime Minister Shri Narendra Modi, Defence Minister Shri Rajnath Singh, Home Minister Shri Amit Shah and the family… pic.twitter.com/flAH4OqaP1

— President of India (@rashtrapatibhvn) March 31, 2024

The Rashtrapati Bhavan announced that President Murmu presented the Bharat Ratna to Advani at his residence. Described as a stalwart of Indian politics, Advani has dedicated over seven decades to serving the nation with unwavering commitment and distinction, according to the Rashtrapati Bhavan.

Expressing happiness over the BJP patriarch being conferred with Bharat Ratna, Union Home Minister Amit Shah said that Advani’s life is full of sacrifice, tenacity and dedication and is an unlimited source of strength and inspiration to crores of people.

“Today, being a witness to this historical moment, I am both happy and emotional. Honourable Shri LK Advani being honoured with ‘Bharat Ratna’ by Honourable President Smt. Droupadi Murmu is a proud moment for all of us. Advani remained selflessly dedicated to national welfare and social upliftment throughout his life,” he wrote on ‘X’ in Hindi.

Born in Karachi in 1927, he migrated to India in 1947 amidst the partition. The Rashtrapati Bhavan commended Advani for his vision of cultural nationalism, highlighting his extensive efforts across the country, which have significantly influenced the socio-political landscape. Moreover, during the Emergency period, Advani’s relentless activism played a crucial role in safeguarding India’s democracy against authoritarian tendencies, the post on social media noted, alongside shared pictures of the ceremony.

At 96, Advani held the position of Deputy Prime Minister from June 2002 to May 2004 and served as the Union Home Minister from October 1999 to May 2004. Additionally, he served multiple terms as the President of the BJP, spanning from 1986 to 1990, 1993 to 1998, and again from 2004 to 2005.

This year, the government announced five Bharat Ratna awards — one to Advani and four posthumously to former prime ministers P V Narasimha Rao and Chaudhary Charan Singh, agriculture scientist M S Swaminathan and two-time former Bihar chief minister Karpoori Thakur. Rao, Singh, Swaminathan and Thakur’s kin received the award from the president on Saturday at the Rashtrapati Bhavan.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ukraine power firm hit by Russian attacks warns repairs could take 18 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The head of Ukraine’s largest private energy firm, DTEK, said on Saturday March 30 that five of its six plants had been damaged or destroyed with 80% of its generating capacity lost after two weeks of Russian attacks and that repairs could take up to 18 months.

Russian missile and drone attacks hit thermal and hydro power plants in central and western Ukraine overnight on Friday March 29.

Ukrainian President Volodymyr Zelenskyy, in his nightly video address on Saturday, said Russia was carrying out “vile strikes” designed to cause the “bleeding” of Ukrainian energy.

“America, Europe, our other partners, everyone knows what we need,” he said. “Everyone knows how important it is right now to help us protect ourselves from these strikes.”

DTEK, which meets about a quarter of the country’s needs, has seen its thermal power stations and other facilities repeatedly hit by Russian missiles, drones and artillery in more than two years of war.

DTEK Executive Director Dmytro Sakharuk said in remarks shown on national television that waves of attacks on March 22 and March 29 had hit thermal and hydro production “in almost all regions” and that distribution facilities were destroyed.

“To be specific, five out of six of our stations were severely damaged, some units were destroyed, some were damaged by 50% or more,” he said.

“This applies to both the western regions and the central regions, and both the equipment necessary for the production of electricity and for transmission from the station to the grid were damaged,” he said.

His company suffered losses amounting to $300 million for equipment alone, he said, while labour costs would require as much as half as much again. “We have determined that 80% of the available generating capacity is not working now,” he added.

A senior official at the Centrenergo generating company said the 10-unit Zmiivska thermal plant in northeastern Kharkiv region had been destroyed in the March 22 attacks.

DTEK spent $110 million restoring 10 blocks hit by Russian attacks last year, Sakharuk said, with two-thirds of those now destroyed again.

It will require months of repairs, he said, and in some cases as long as a year and half.

“It takes time to manufacture a turbine or a generator or a transformer, so you need be prepared for the fact that the power will return gradually,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cyclone Gamane leaves trail of destruction in northern Madagascar, kills 18

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A tropical cyclone that ravaged Madagascar, claimed 18 lives and displacing thousands as it made landfall on the northern coast of the Indian Ocean island nation.

The storm has also caused severe flooding that partly submerged entire villages, displaced or affected some 47,000 people and set off landslides that injured three people, the Associated Press (AP) quoted National Office for Disaster Management.

Cyclone Gamane made landfall north of Vohémar in northeast Madagascar on Wednesday March 27 with average winds of 150 km per hour and gusts of 210 km per hour, the Reuters reported.

The cyclone gradually weakened on Thursday afternoon while still over land, the disaster management office said, having dumped heavy rain and caused flooding in many localities.

In the Diana and Sava regions in the north, bridges and roads were washed away and houses and rice fields were submerged. Residents paddled around their villages in canoes looking to help others trapped in their homes as the water level nearly reached the roofs of some buildings.

Madagascar has been hit by at least 10 strong tropical cyclones since the start of 2022 and is facing a hunger crisis in parts of the island, due to the damaging impact of extreme weather, according to the World Food Program.

The United Nations said the number of cyclones in the past two years is unprecedented for Madagascar, which has also suffered from its worst drought in 40 years in the south. It is one of the country’s most at risk to climate change and one with the highest rates of poverty, according to the World Bank.

With inputs from agencies.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Powerball jackpot jumps to $975 million after another drawing without a big winner

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Powerball jackpot climbed to an estimated $975 million after no one matched the six numbers drawn on Saturday (March 30) night, continuing a nearly three-month stretch without a big winner.

The winning numbers drawn were: 12, 13, 33, 50, 52 and the red Powerball 23.

No one has won Powerball’s top prize since New Year’s Day when a ticket in Michigan hit for $842.4 million, bringing the number of consecutive drawings without a jackpot winner to 38. That winless streak nears the record of 41 consecutive drawings, set twice in 2022 and 2021.

The $975 million prize is for a sole winner who chooses an annuity paid over 30 years. A winner opting for cash would be paid $471.7 million. The prizes would be subject to federal taxes, and many states also tax lottery winnings.

As the prizes grow, the drawings attract more ticket sales and the jackpots subsequently become harder to hit. The game’s long odds for Saturday’s drawing were 1 in 292.2 million.

Powerball is played in 45 states plus Washington, D.C., Puerto Rico and the US Virgin Islands.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China’s manufacturing activity expands in March after a 5-month lull

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Manufacturing in China expanded in March after contracting for five consecutive months, according to an official survey of factory managers released Sunday, suggesting a rebound in industrial activities following the Lunar New Year holiday.

The official purchasing managers index, or PMI, rose from 49.1 in February to 50.8 in March. The PMI is on a scale up to 100, where 50 marks the cutoff between expansion and contraction.

The monthly manufacturing PMI has mostly been under 50 over the past 12 months: Other than this month, factory activities only recorded an expansion in September.

National Bureau of Statistics senior statistician Zhao Qinghe said the market became more active as companies resumed and sped up production after the Lunar New Year holiday. Many factories stopped running during the holiday, with social media posts suggesting workers at some companies were off for as many as 140 days starting in late 2023 due to the lack of new orders.

Zhao said the survey also showed some problems for companies remained, including increasing competition in industries and a lack of market demand.

During the annual session of the National People’s Congress in March, China said it would encourage consumers to scrap old appliances and trade in their cars for electric vehicles to help spur more domestic demand. And it said 10.4 billion yuan ($1.4 billion) would go to upgrading industries and modernizing manufacturing.

Zhao said the policies promoting the trade-ins of consumer goods and large-scale equipment upgrades still needed further implementation to support the high-quality development of the manufacturing industry.

According to the survey released Sunday, the non-manufacturing PMI rose to 53 from 51.4 in February. The reading is the highest since June 2023.

The recovery of the world’s second-largest economy following the shocks of the pandemic faced many obstacles, one of the largest being a downturn in the real estate industry after authorities moved to curb excess borrowing by property developers.

The ruling Communist Party’s target is to grow the economy by about 5% this year, an ambition that economists say may be hard to attain.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow