Asian equities under pressure after US stocks sink

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

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Asian stock markets fell following declines across the board in the US as inflation and growth concerns sapped risk sentiment.

Benchmark indexes all slipped at the open in Japan, South Korea and Australia. Futures for equities in Hong Kong were also lower. The moves came after the S&P 500, tech-heavy Nasdaq 100 and the blue-chip Dow Jones Industrial Average had ended just off session lows on Tuesday. US futures were little changed in early Asia trading.

A late-day selloff pushed the S&P 500 below its average price over the last 50 days for the first time since March, halting a streak of momentum that was by this measure the longest since September 2020.

US stocks fell after retail sales came in above forecasts, bolstering the case for the Federal Reserve to raise interest rates higher for longer. That message was reinforced by Minneapolis Fed President Neel Kashkari, who said that while inflation has been coming down, “it’s still too high.”

Treasuries were little changed in early trading in Asia. In the wake of the sales data, yields on two-year notes briefly spiked above 5 percent, a level it hasn’t closed above since early March, before reversing course. Yields on the 10- and 30-year Treasuries rose to the highest levels since October.

“The Fed is really kind of wanting to get to 2 and our concern is that they may just not get there,” James Demmert, chief investment officer at Main Street Research, said on the central bank’s 2 percent inflation target this year on Bloomberg Television. “You can have a very robust economy and again, this is a very resilient one coming along with that kind of inflation figure.”

China’s economic woes remained in focus, with US-listed shares of Chinese companies falling for a third day. JPMorgan Chase & Co. lowered its full-year economic growth forecast for China to 4.8 percent from 5 percent after a raft of disappointing data for July. Separately, some analysts speculated China’s surprise rate cut on Tuesday may need further measures to revive confidence. Meanwhile, Macquarie Group lowered estimates for the yuan.

In currencies, the dollar steadied, while the yen hovered near its highest level since November.

Also a concern among investors is a warning from Fitch Ratings that the firm may downgrade larger lenders like JPMorgan or Bank of America Corp.

In Asia Wednesday, the Reserve Bank of New Zealand is likely to keep rates unchanged but send a hawkish signal to rein in elevated inflation expectations, according to Bloomberg Economics.

While investors navigate a hawkish Fed and a slowdown in China, a devaluation in Argentina and Russia’s emergency rate hike on Tuesday to stem the ruble’s slide added to the risk-off sentiment.

Still, Bank of America’s latest global survey of fund managers found investors the least pessimistic on stocks since February of last year, before the Fed began one of the most aggressive tightening cycles in decades.

They increasingly expect no recession at all within the next 18 months, and a “soft landing” in the next 12 months remains the base case, BofA strategists led by Michael Hartnett wrote in a note.

Meanwhile, retailer Home Depot Inc. beat the average analyst estimate. More insight into the state of the US consumers will come later this week when Target Corp. and Walmart Inc. are set to report.

On the economic front, the UK reports inflation and the Euro area posts growth figures. Later, minutes from the Fed’s July policy meeting are due.

Elsewhere, oil steadied after a two-day decline on signs of a tighter market. Gold was little changed.

Also Read: Trade Setup for August 16: Will inflation dampen any hopes of a Nifty 50 bounce?

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Trade Setup for August 16: Will inflation dampen any hopes of a Nifty 50 bounce?

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

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In Monday’s trade setup, we mentioned to you that the Nifty 50 could possibly see another 100-150 points of downside before it reaches some more crucial support levels. It turned out exactly as per script. But what followed would give immense heart to the bulls. The index recovered nearly 200 points from those lows and even ended in the green before Tuesday’s holiday.

This just implies that while the bears may have the upper hand currently, the bulls are not willing to throw in the towel just yet. But while they had weak global cues and a weaker chart set up to deal with, they are now faced with another headwind, and that is inflation.

India’s CPI data came in much higher than expected for the month of July, prompting fears that the Reserve Bank of India may have to hike interest rates ahead of the upcoming festive season. This piece by Latha Venkatesh explains the consequences of the CPI print.

The Nifty 50 received support at the 50-day exponential moving average leading to the intraday rebound, said Rupak De of LKP Securities. “However, the RSI has demonstrated a weakening trend with its a bearish crossover and value dropping below 50,” he added. De believes if the index falls below 19,250, it can trigger a correction towards levels of 19,100 – 19,150. Upside resistance remains at 19,550.

Similar to the Nifty 50, the Nifty Bank index also recovered nearly 300 points from the lowest point of the day. After briefly slipping below the 44,000 mark for the first time in nearly two months on Monday, the index eventually managed to close above it. However, it fell for the fourth day in a row for the first time in a month.

LKP’s De said that the index continues to have support at 43,800 mark, but there is significant call writing at the 44,500 mark could hinder any potential upside. He advises traders to have a sell-on-rise strategy, until there’s a clear breakout above the 44,500 mark.

The Nifty Bank has formed a Doji pattern on the charts which indicates indecision, said Ashwin Ramani of SAMCO Securities. The 100-DMA on the downside holds the key for the index as it has traded above it since April of this year.

Shares of PVR-INOX were standout in a weak market on Monday, ending five percent higher after a historic box-office weekend which saw heavy footfalls due to the release of films like Gadar 2, OMG 2 and Jailer. The stock has gained in four out the last five trading sessions and ended at a 52-week high.

“I think the larger concern the stock had was this OTT versus people going out in the cinema halls and spending that much money to take that experience. I think a lot of that has been dispelled,” Gurmeet Chadha of Complete Circle Consultants said. “And there’s a good pipeline also. So, I think it’s a good outgoing, out of home consumption, only the hotel space was probably doing well. I think probably now the multiplexes should catch up,” he added.

What Are The F&O Cues Indicating?

Nifty 50’s August futures shed 1.8 percent and 1.91 lakh shares in Open Interest. They are now trading at a premium of 43.8 points from 76.05 points earlier. On the other hand, the Nifty Bank August futures shed 6.3 percent or 1.3 lakh shares in Open Interest on Monday. Nifty 50’s Put-Call Ratio is now at 0.99 from 0.91.

GNFC has entered the F&O ban list from Wednesday’s session, while Hindustan Copper is out of the ban list. Chambal Fertilisers, Delta Corp, Balrampur Chini, Indiabulls Housing Finance, Granules India, Manappuram Finance and India Cements continue to remain in the ban list.

Nifty 50 on the Call side for August 17 Expiry:

For this Thursday’s expiry, the Nifty 50 call strikes of 19,450 and 19,400 have seen Open Interest addition. Interestingly, the 19,950 call has seen Open Interest shedding for this Thursday’s expiry.

Nifty 50 on the Put side for August 17 Expiry:

On the put side, the Nifty 50 strikes between 19,300 and 19,400 have seen Open Interest addition for this Thursday’s expiry, indicating that the bulls want to defend the 19,300 mark on the downside.

Lets take a look at the stocks that added fresh longs on Monday, meaning an increase in price and Open Interest:

Lets look at the stocks that added fresh short positions on Monday, meaning an increase in Open Interest but decrease in price:

Lets take a look at the stocks to watch out for ahead of Wednesday’s session:

• ITC: Cigarette revenue growth of 13 percent, volume growth of 9-10 percent compared to expectations of 7-8 percent. FMCG sales cross Rs 5,000 crore in a quarter for the first time. Margins 270 bps higher than estimates. Investors to get one hotel share for every 10 held and should list in 15 months.
• Interglobe Aviation: Gangwal family to sell another 4 percent stake in the company through a block deal. Indicative price of Rs 2,400 per share is a 5.8 percent discount to Monday’s close. Deal worth Rs 3,730 crore. Stake to fall to 25.72 percent post the block deal. Gangwal family to have a 150-day lock up post this deal.
• Infosys: Wins a mega €1.5 billion deal with Liberty Global. Initial agreement for a period of five years with an option to extend it to eight years, in case of which the deal value would be €2.3 billion. Liberty Global is an existing customer. FY24 guidance is for revenue growth of 1-3.5 percent.
• Vodafone Idea: Promoter group entity to provide direct or indirect financial support to the extent of Rs 2,000 crore in case of any fund requirement to meet its impending payment obligations. June quarter net loss widens to Rs 7,480 crore from Rs 6,418 crore in March. The company will also pay Rs 1,680 crore spectrum auction due for August 17, 2023 by availing 30-day grace period
• Zee Entertainment: SEBI issues confirmatory order in Zee Entertainment case. Probe to be completed in eight months. Punit Goenka and Subhash Chandra barred from holding key managerial positions in Zee Group companies and in demerged companies. Punit Goenka barred from taking MD position in merged entity with Sony.
• ONGC, OMCs, Reliance: Windfall tax on crude petroleum hiked to Rs 7,100 per tonne from Rs 4,250 per tonne. Special Additional Excise duty on diesel hiked to Rs 5.5 per litre from Re 1. SAED on petrol remains nil.
• HCLTech: Cricket Australia to select HCLTech to accelerate digital transformation. HCLTech has been partner to Cricket Australia since 2019.
• Mahindra & Mahindra: Launches the Oja tractor platform in Cape Town. To be the first light weight tractor from the Mahindra Group. To target 3.7 lakh unit strong market in US, India, ASEAN with Oja tractor.
• SRF: GST department conducted search of the factory premises of the company in Bhiwadi, Rajasthan. Paid Rs 4 crore towards SGST under protest.
• VIP Industries: Anindya Dutta resigns as Managing Director with immediate effect due to personal reasons. Had joined in 2021 from Lotte India. CFO Neetu Kashiramka appointed in May 2023, is the MD-designate.

What Are Global Cues Indicating?

Asian markets have opened lower in mid-week trading after last night’s sell-off on Wall Street.

The Nikkei 225 has opened 0.8 percent lower, while the Topix is down 0.7 percent. South Korea’s Kospi also resumed trading after a holiday and has opened a percent lower, while the Kosdaq is down 1.2 percent. Hang Seng futures are pointing to a weak start to trading.

US markets fell on Tuesday and snapped a three-day gaining streak amidst concerns over the state of the global economy, particularly China.

The Dow Jones fell over 350 points, while the S&P 500 fell 1.2 percent and even closed below the 50-day Moving Average. The Nasdaq fell 1.2 percent as well.

Stocks like JPMorgan, Wells Fargo and Bank of America fell between 2-3 percent after Fitch warned that it may be forced to downgrade dozens of banks including JPMorgan.

Foreign investors continued to remain net sellers in the cash market on Monday, while domestic investors looked to buy at lower levels.

SAMCO’s Ramani believes that the Nifty 50 continues to have a strong support at the 19,300 level and strong put writing there led to the intraday recovery on Monday. Only a close above Monday’s high of 19,466 will renew some optimism among the traders.

“We probably will have some time correction, some price correction in the market and this is true for India and is true for the globe. On the positive side, earnings are still coming in good. We still looking at like a 12 percent earnings growth for the year, which will look especially good because I think the US will probably get close to a negative or you know, very flat earnings for the year,” said Jyotivardhan Jaipuria of Valentis Advisors.

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FIDE Chess World Cup: Vidit Gujrathi defeats Russian GM Ian Nepomniachtchi to reach the quarterfinals

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

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Indian Grandmaster Vidit Gujrathi on Monday stunned Russian GM Ian Nepomniachtchi via the tie-breaker to reach the quarterfinals of the FIDE Chess World Cup. He defeated Nepomniachtchi 2-0 in the 10-minute rapid segment of the tie-break to qualify for the quarterfinals for a second time.

Gujrathi joins a trio of fellow Indians D Gukesh, R Praggnanandhaa and Arjun Erigaisi in the last eight, a first for the country.

Vidit: “I was really hoping that I would do well. And if I look at the games, I feel like I have been playing very good chess so it’s not just by chance. But of course sometimes you also need some games to go your way.” pic.twitter.com/XqgoJoJBeL

— International Chess Federation (@FIDE_chess) August 14, 2023

Gujrathi and Nepomniachtchi had drawn the two-game classical match and the two tie-break games. He will meet Nijat Abasov of Azerbaijan in the quarterfinals.

“Vidit Gujrathi won both games in the second tiebreak, securing the last free spot in the quarter-finals of the Open. Salimova, Goryachkina and Muzuchyk are through to the semi-finals of the Women’s tournament.” #FIDEWorldCup

Read all about yesterday’s tiebreaks 👇… pic.twitter.com/oLypDkirwK

— International Chess Federation (@FIDE_chess) August 15, 2023

The quarterfinals of the #FIDEWorldCup are going to be 🔥!

Gukesh ⚔️ Carlsen
Vidit ⚔️ Abasov
Dominguez ⚔️ Caruana
Praggnanandhaa ⚔️ Erigaisi

Who are you cheering for?https://t.co/QFOcXYYqdn pic.twitter.com/NyPRSko70K

— International Chess Federation (@FIDE_chess) August 15, 2023

Asked about four Indians featuring in the quarterfinals of the World Cup, Gujrathi said, “We are doing very well, what can I say! Everybody is showing a very high level of play.

“Pragg defeated Hikaru which is not easy. Arjun was very clinical with his wins, especially against Sindarov. Gukesh won with Black against Wang Hao, which is never easy.” Gukesh had on Sunday set up a much-awaited quarterfinal clash with world No.1 Magnus Carlsen while Praggnanandhaa will meet Erigaisi.

Gukesh defeated China’s Wang Hao 1.5-0.5 to set up a much-awaited quarterfinal clash against world No.1 Magnus Carlsen while Praggnanandhaa completed a win to book a match against compatriot Erigaisi, making sure an Indian will feature in the semifinal.

Draws by Arjun and Gukesh against GMs Nils Grandelius and Wang Hao, respectively, confirmed three Indian players’ spots in the quarterfinals for the first time in World Cup history.

(With PTI inputs)

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Textbooks to include lessons on waste management from next academic year: Kerala govt

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

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To create awareness in young minds on the importance of keeping their surroundings clean, the Kerala government has decided to include lessons on scientific waste management, a serious challenge faced by the state, in textbooks from the next academic year.

The decision was announced by State General Education Minister V Sivankutty on Tuesday at a function held at the SMV Government Higher Secondary School in Thiruvananthapuram on the occasion of the country’s 77th Independence Day, a statement issued by the Kerala Solid Waste Management Project (KSWMP) said.

The minister also honoured the Haritha Karma Sena (HKS) members at the function. In his speech on the occasion, Sivankutty said it was important to create proper awareness about scientific and sustainable waste management in young minds as it will have an enduring impact in the society. “This is why this topic is going to be included in textbooks,” he was quoted as having said.

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He also lauded the efforts of the HKS members and said it was not just a waste removal force but a shining model of collective action and social empowerment. “The role of women in this movement is especially important,” he said.

He also distributed certificates for green technicians at the programme, organised as part of the Malinya Muktham Nava Keralam campaign, the statement said.

Green Technicians, HKS members were provided with special training to handle technical issues that arise while rendering services of Haritha Karma Sena, it said.

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Independence Day celebrated across states with fervour, but events muted in Manipur, Himachal

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

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The 77th Independence Day was celebrated across states and union territories on Tuesday with colourful events and cultural programmes as some chief ministers announced new development and job schemes, while others counted the achievements of their governments.

But the celebrations were muted in strife-torn Manipur and rain-battered Himachal Pradesh.

Here is a glimpse of the celebrations from states across the country:

Manipur: Chief Minister N Biren Singh hoisted the flag at the 1st Manipur Rifles parade ground in Imphal and urged all to stop the violence. “Certain misunderstandings, actions of vested interests and foreign plot to de-stabilise the country has led to loss of precious lives and properties and many are living in relief camps,” the CM said.

“To err is human so we must learn to forgive and forget,” he said.

There was a dawn-to-dusk general strike called by multiple militant outfits in Manipur over the loss of lives and property over the last three months in the ethnic strife. Across rural areas and in major parts of capital Imphal, shops and markets remained closed and streets wore an almost deserted look due to the general strike.

Mizoram: Chief Minister Zoramthanga said the “unfortunate and deplorable” incidents of Manipur have “deeply aggrieved” the entire Mizo society. The chief minister said his government has kept a close watch on the situation in Manipur and taken a number of steps for the safety and security of the Mizos stranded in Imphal. The state government undertook relief and rehabilitation measures for the internally displaced people from Manipur, who have sought shelter in Mizoram, Zoramthanga said.

Himachal Pradesh: The celebrations were low-key in the state with the traditional cultural programmes missing from official and district level functions as the state mourns the deaths and destruction caused by incessant rains.

The official state function was shifted from Manali to Shimla and it was presided over by Chief Minister Sukhvinder Singh Sukhu, who hoisted the tricolour and inspected the parade.

Heavy rains have battered Himachal Pradesh over the past three days, triggering landslides and cloudbursts that blocked several roads and led to house collapse incidents. At least 53 people have died in the incidents.

Chhattisgarh: Chief Minister Bhupesh Baghel said accused in cases of rape, molestation and other crimes against women and girls will be barred from government jobs in the state. Ahead of the state assembly elections due this year-end, Baghel made as many as 15 announcements in his address during the state-level Independence Day function at the Police Parade ground in Raipur.

He announced the inclusion of Chhattisgarhi language and tribal dialects as subjects in primary classes as well as information on artificial intelligence and machine learning in school curriculum, free bus pick up and drop facilities to government college students and the state ‘Sahitya Akademi Samman’ award for litterateurs.

Delhi: Chief Minister Arvind Kejriwal said if India has to become a “vishwaguru”, people will have to live in harmony and should be assured of good education, health facilities and uninterrupted power supply.

Speaking at his government’s Independence Day event at Chhatrasal Stadium in north Delhi, he greeted the people of the national capital as well as the country and paid tribute to freedom fighters, soldiers and achievers in different fields.

Kerala: In his speech after hoisting the national flag, Chief Minister Pinarayi Vijayan said the unity, secularism and scientific thinking of the people of the state has made it an example and any attempt to subvert these ethos should be nipped in the bud. “Let us make this 77th Independence Day celebration meaningful by pledging to strengthen our freedom, unity, democracy, secularism and scientific thinking,” he said in his speech.

Karnataka: Chief Minister Siddaramaiah addressed people from the Sam Manekshaw Parade Ground. he said the people of Karnataka have realised development is possible only if there is peace in society. On his government’s ’Gruha Lakshmi’ scheme, which provides Rs 2,000 per month to the women head of the families, Siddaramaiah said the Direct Benefit Transfer into the accounts of women will commence on August 27. He noted that 1.08 crore women have enrolled themselves under the scheme.

Tamil Nadu: In his Independence Day address, Chief Minister M K Stalin batted for bringing education in the State List of the Constitution from the concurrent lis, saying that only by doing so, qualifying examination like the National Eligibility cum Entrance Test (NEET) could be completely scrapped. His demand on education came after a teenage medical course aspirant and his father allegedly committed suicide allegedly over NEET-related stress. He urged President Droupadi Murmu to immediately give her assent to a state Bill that seeks to exempt Tamil Nadu from the ambit of the qualifying test.

He announced that approximately 55,000 vacancies would be filled in various government departments. He announced setting up of a separate welfare board to protect the interests of workers of firms such as Ola, Uber, Swiggy and Zomato.

Uttar Pradesh: Chief Minister Yogi Adityanath unfurled the national flag at an Independence Day function at the Vidhan Bhavan in Lucknow, and said the people of the country consider ‘Mother India’ above all, no matter which religion or part of the nation they are from. He also stressed there should be a feeling in everyone that “if I discharge my duties, then my future generation will honour me”.

Bihar: Addressing the Independence Day function at Patna’s Gandhi Maidan, Chief Minister Nitish Kumar said the Mahagathbandhan government will attain its target of providing 20 lakh jobs to its youths by next year. He lambasted the Narendra Modi government at the Centre for not giving special status to Bihar, which, he claimed would have made unimaginable progress had the long-standing demand for it was met.

Rajasthan: At the state-level event at Sawai Man Singh (SMS) Stadium, Chief Minister Ashok Gehlot announced his government will connect the Ramgarh Dam in Jaipur with the Isarda Dam in Swai Madhopur under the Eastern Rajasthan Canal Project (ERCP) through a state budget of Rs 1250 crore for providing drinking water to Jaipur and Alwar districts. The state government has been demanding a national project status for ERCP from the Centre to meet drinking and irrigation water demand of 13 districts of the state.

West Bengal: Chief Minister Mamata Banerjee hoisted the national flag and attended a colourful event at the Red Road in the heart of Kolkata, with tableaux showcasing the achievements of various state departments. She called on people to rise above divisions, casting aside differences, for a better and brighter India.

Assam: Hoisting the national flag at an event in Guwahati, Chief Minister Himanta Biswa Sarma said his government will create ‘Upa-Jila’ (sub-districts) in every assembly constituency for public convenience. He also said the government will take a decision regarding the districts abolished just prior to the start of the delimitation exercise.

He also announced the service of all TET-passed teachers will be regularised soon and availability of faculty members in schools located in difficult and distant locations will be ensured.

Telangana: Chief Minister K Chandrasekhar Rao on Tuesday said though the country has made considerable progress post-Independence, the goals set to be achieved by the country were not met. Speaking after hoisting the National Flag at the Golconda Fort in Hyderabad, he said the country is endowed with natural resources and hard-working people, but these are not being utilised properly due to the inefficiency and bankruptcy of ideas of rulers.

Andhra Pradesh: Chief Minister Y S Jagan Mohan Reddy said the true meaning of gram swaraj was demonstrated by his government through its initiatives, welfare schemes and reforms in the past four years. In his Independence Day address, the CM said that the state government has implemented programmes in the past four years which were seldom done by any other governments.

Jharkhand: Chief Minister Hemant Soren launched the Rs 15000-crore ‘Abua Awas Yojna’ to build homes for the needy over the next two years. Hoisting the national flag at Ranchi’s Morabadi Ground, Soren said the government is constantly striving to build a strong state and making attempts to fulfil the promises made by it .

He hit out at the Centre saying that the state did not get necessary assistance for drought. “Although we did not get the expected help from the Central government, the state government tried to provide all possible help to the farmers through Chief Minister Drought Relief Scheme and Jharkhand Agriculture Loan Waiver Scheme. The government is keeping a close vigil on the situation.”

Uttarakhand: Chief Minister Pushkar Singh Dhami said the state government will adopt investment-friendly policies to attract investors and set up an authority to revive dying rivers and water bodies.

Making the announcements after unfurling the national flag at the Parade Ground in Dehradun, Dhami said the the state government has also decided to start a ’Jachcha-Bachcha Suraksha Yojana’ under which women in labour in remote areas will get the facility of getting airlifted for immediate medical care.

Punjab: Chief Minister Bhagwant Mann Tuesday said a blueprint is ready for dealing a severe blow to the menace of drugs in order to make Punjab a drug-free state by the next Independence Day. Addressing a gathering after unfurling a national flag at a state-level function, he said Punjabis are born leaders and they cannot lag behind in any field but the need of the hour is to channelise their unbounded energy for which the state government is making concerted efforts.

Haryana: Chief Minister Manohar Lal Khattar called upon people to forget all kinds of social, religious and communal differences and maintain mutual harmony and brotherhood. He expressed confidence in the people of Haryana to make the state surpass all other states in terms of development by 2047.

Tripura: Chief Minister Manik Saha said his government has been working for the overall development of the state and aims at achieving 8 per cent growth in the current financial year. The BJP-IPFT government, in its budget for the 2023-24 fiscal, laid emphasis on all fronts ranging from health, infrastructure building and education to farmers’ welfare, he said during the Independence Day celebration at Assam Rifles ground here.

Nagaland: Nagaland celebrated the 77th Independence Day with a call for all Naga political groups, other stakeholders and the Centre, to exhibit a greater sense of urgency for bringing consensus on the unresolved Naga issue. The main Independence Day function was held at the Secretariat Plaza where Chief Minister Neiphiu Rio hoisted the National Flag.

“We remain deeply committed to the early solution of the Naga Political issue, which has always been at the top of my government’s agenda,” said Rio while reassuring of his government making every possible effort to this cause.

Arunachal Pradesh: Hoisting the national tricolour on the occasion at Indira Gandhi Park in Itanagar, Chief Minister Pema Khandu called upon the people of the border state to write the next chapter of the state’s glorious story with wisdom, compassion and courage so that the future generations will read it with pride.

“Every endeavour, every initiative and every stride of the government over those seven years has been to realise the vision of a vibrant Arunachal under the tenets of ‘seva, sushashan and sammridhi’. The ethos of the government and Team Arunachal is crystallized in our citizen-centric and development policies,” he said.

Madhya Pradesh: Chief Minister Shivraj Singh Chouhan announced a new housing scheme for the poor and said a target has been set to double the per capita income by 2030. Addressing a state-level Independence Day programme at the Lal Parade ground in Bhopal after hoisting the national flag, Chouhan said the size of Madhya Pradesh’s economy will be expanded to Rs 45 lakh crore by 2030 and efforts will be made to double the per capita income to Rs 2.80 lakh in the next seven years from Rs 1.40 lakh now.

The CM announced that 25,000 posts of teachers will be filled soon in the poll-bound state.

Maharashtra: Chief Minister Eknath Shinde on Tuesday said Prime Minister Narendra Modi has removed the “pest of corruption”. The CM hoisted the national flag at the state secretariat Mantralaya in Mumbai on the occasion of the Independence Day. He later also hoisted the tricolour at his official residence ‘Varsha’ here and at the Bombay High Court.

Gujarat: Chief Minister Bhupendra Patel appealed to people to take the pledge to turn the ‘Amrit Kaal’ into ‘Kartavya Kaal’ and make India self-reliant and a developed country by 2047. Patel hoisted the national flag at a state-level event in Valsad district of south Gujarat.

“India’s journey of development has entered the phase of ‘Amrit Kaal’. Let us all pledge to turn ‘Amrit Kaal’ into ‘Kartavya Kaal’ and make India a self-reliant and developed country by 2047, and realise Prime Minister Narendra Modi’s pledge to uproot the mentality of colonialism,” Patel said.

Odisha: Chief Minister Naveen Patnaik on Tuesday called upon the people of the state to cooperate and support the state government’s endeavour for inclusive growth of all sections of the society. Addressing the people after hoisting the National Flag at the Exhibition Ground in Bhubaneswar, he said the state is now progressing taking all sections of the people like the poor, farmers, women, tribals, artists and youths.

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Independence Day subdued in Himachal as state mourns deaths, damage caused by rains

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

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The 77th Independence Day on Tuesday was a low-key affair in Himachal Pradesh with the traditional cultural programmes missing from official and district-level functions as the state mourns the deaths and destruction caused by incessant rains.

The official state function was shifted from Manali to Shimla and it was presided over by Chief Minister Sukhvinder Singh Sukhu, who hoisted the tricolour and inspected the parade. Governor Shiv Pratap Shukla hoisted the national flag at the Raj Bhavan campus.

Heavy rains have battered Himachal Pradesh over the past three days, triggering landslides and cloudbursts that blocked several roads and led to house collapse incidents. At least 53 people have died in the incidents.

Police and State Disaster Response Force which are engaged in rescue operations did not take part in the parade.

The chief announced to raise the honorarium for martyrs from Rs 20 lakh to Rs 30 lakh, an increase in daily wages of MNREGA workers from Rs 224 to Rs 240 and from Rs 280 to Rs 294 in tribal areas.

He also announced a scheme with an outlay of Rs 50 crores to provide nutritious food to pregnant women, lactating mothers and children up to the age of six years.

Sukhu further announced an increase in the procurement prices of apple, mango and litchi by Rs 1.50 to Rs 12 from Rs 10.50 under the market intervention scheme (MIS).

He said the honorarium given by the state government to the freedom fighters would be increased from Rs 15,000 to Rs 25,000 per month. Sukhu added that the honorarium of widows of freedom fighters would be increased from Rs 15,000 to Rs 20,000 per month.

The chief minister said more than 300 people have died this monsoon season, since June 24 till date and assured of all possible help from the state government.

He said the government has responded boldly and with determination to the challenges posed by heavy rains, floods, landslides and damage to infrastructure.

The Himachal Pradesh government has prepared a long-term plan for disaster preparedness on which Rs 800 crore would be spent so that the side effects of such disasters could be reduced in the future, the chief minister added.

“The loss and damage were grave and we are looking forward to liberal assistance from the Union government,” he said, urging the Union government to immediately release relief funds.

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Indian football legend Mohammed Habib dies at 74

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

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Mohammed Habib, the football maestro of the 1970s, who left an indelible mark by scoring against Pele’s New York Cosmos while donning the Mohun Bagan jersey, passed away on Tuesday at the age of 74. A notable figure in Indian football history, Habib’s brilliance caught the attention of Pele himself, elevating his game to legendary heights.

Habib battled dementia and Parkinson’s syndrome for the past few years and breathed his last in his hometown of Hyderabad, leaving behind his wife and three daughters.

A bronze medallist in the 1970 Asian Games in Bangkok under the captaincy of fellow Hyderabadi Syed Nayeemuddin and manager PK Banerjee, Habib has represented the big three of Kolkata Maidan — Mohun Bagan, East Bengal and Mohammedan Sporting in his heydays, dominating the Mecca of Indian

Following a successful career that saw him gain legendary status and earn the tag of the country’s first “true professional” footballer for his refusal to accept numerous job offers that came his way owing to his on-field heroics, Habib took to coaching at the Tata Football Academy (TFA). Later, he also acted as chief coach of the Indian Football Association academy in Haldia.

At a time when the clubs would pay meagre sum to their best players, he was unruffled and remained a professional in true sense throughout his career, for he considered playing football as his real and only profession.

One of the highlights of Habib’s career was when he played for Mohun Bagan against the visiting Cosmos Club which also featured the legendary Pele in 1977 in a friendly on a rain-soaked Eden Gardens.

Up against a visiting team that had a star-studded line up with big names like Pele, Carlos Alberto, Georgio Chinaglia and others in its ranks, Mohun Bagan held their own in a creditable 2-2 draw with midfield mainstay Habib being one of the scorers. In one of his biggest acknowledgments, Habib was singed out by Pele after the match with the one of the world’s greatest player praising his game.

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Sulabh International founder Bindeshwar Pathak passes away at AIIMS Delhi

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

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Bindeshwar Pathak, the pioneering founder of Sulabh International and a prominent social activist known for his transformative work in public sanitation, passed away on Tuesday at AIIMS Delhi due to a sudden cardiac arrest.

The 80-year-old visionary had hoisted the national flag at Sulabh International headquarters on Independence Day morning before collapsing. He was pronounced brought dead at 1.42 pm due to the cardiac arrest, a source at the hospital confirmed.

In a post on X, formerly Twitter, the Sulabh International Social Service Organisation said, “Founder Sulabh Sanitation, Social Reform and Human Rights Movement, Dr. Bindeshwar Pathak is no more. He died of cardiac arrest at All India Institute of Medical Sciences, New Delhi.” “He was rushed to the hospital after he complained of uneasiness in the midst of Independence Day celebrations at the campus of Sulabh, Palam-Dabri Road, New Delhi,” it said.

President Droupadi Murmu expressed sadness over the demise of Pathak and extended her condolences to the bereaved family members.

“The news of the demise of Shri Bindeshwar Pathak, the founder of Sulabh International, is very sad. Shri Pathak had taken a revolutionary initiative in the field of cleanliness. He was honoured with many awards including the Padma Bhushan. I express my condolences to his family and members of Sulabh International,” Murmu said in a post in Hindi on X, formerly Twitter.

Prime Minister Narendra Modi also paid tributes to of Sulabh International founder, describing his death as a profound loss to the nation.

“He was a visionary who worked extensively for societal progress and empowering the downtrodden,” the PM said, noting it was Pathak’s mission to build a cleaner India.  Modi said Pathak provided monumental support to the Swachh Bharat Mission and his passion towards cleanliness was always visible during their conversations.

“His work will continue to inspire several people. My deepest condolences to his family and loved ones during this difficult time. Om Shanti,” he said.

“Deeply anguished by the demise of distinguished social activist and visionary founder of Sulabh International, Dr. Bindeshwar Pathak Ji. His relentless dedication to eradicating manual scavenging and advancing sanitation has uplifted countless lives. My thoughts and prayers are with his bereaved family members during this hour of grief,” tweeted Vice President Jagdeep Dhankar.

The 80-year-old was the founder of Sulabh International, an India-based social service organisation which works to promote human rights, environmental sanitation, waste management and reforms through education.

Pathak founded Sulabh International in 1970 with a vision to eradicate open defecation and unclean public toilets. The organisation’s pioneering efforts led to the development of the revolutionary Sulabh toilet, a low-cost, eco-friendly solution that has revolutionised sanitation practices across the nation.

Sulabh toilet revolutionised sanitation practices, providing millions with access to clean and dignified restroom facilities.

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Himachal Pradesh governor declares Raj Bhavan open for general public

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

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Himachal Pradesh governor Shiv Pratap Shukla on Tuesday formally opened the Raj Bhavan in Shimla to the general public. People will be able to visit the heritage building from 2 pm to 5 pm every Saturday and Sunday.

Speaking on the occasion, Shukla said Barnes Court, which is now the Raj Bhavan, is a British-era heritage building constructed in 1832. This building has been witness to several historical events, he said.

The governor said he endeavoured to open the Raj Bhavan to the general public in ‘Amrit-Kaal’ as he believed it should not just be limited to ceremonies.

According to a statement issued here, entry to the Raj Bhavan will be free for school students of the state and all children below the age of 10 years, for which they will have to show valid identity cards.

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Students of universities and colleges and visitors from the state and outside will have to pay a fee of Rs 30. The entry free will be Rs 60 for foreigners, the statement said.

It added that admission will be free for persons with disabilities, and awardees at national and state levels. Soft copies of six photographs and a Raj Bhavan brochure will be provided free of cost with the admission fee.

Visitors will also be shown a short film describing the brief historical and archaeological significance of Barnes Court. At one time, 15 people will be allowed to enter the heritage building and the corresponding number will be 30 for school students, according to the statement.

On April 20 this year, President of India Droupadi Murmu officially declared the Rashtrapati Niwas, earlier known as the ‘Presidential Retreat’, located at Chharabra on the outskirts of Shimla city open for the general public and visitors were allowed to visit the place from April 23.

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