‘We call for full respect of all religions, ensuring different communities can live in harmony, peace’: UN spokesperson on Udaipur killing

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‘My road to recovery has begun’: KL Rahul tweets after successful surgery in Germany

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Sushmita Sen’s brother Rajeev, wife Charu Asopa headed for divorce: ‘Nothing left in our relationship’

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‘This is exactly what happened’: Sanjay Raut shares a sketch of Uddhav Thackeray

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South Korean President warns of threat to ‘universal values’ at NATO summit

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Crypto winter update 6/30: Solana, Matic, Avax, Polkadot, Ethereum down upto 9%; Dogecoin, Shiba Inu gain

Crypto crash news (June 30): The global cryptocurrency market cap is once again below $900 billion, decreasing 2 per cent over the day to $892 billion while Bitcoin is trading near $20,000. Prices of most of the top cryptos have dropped in the last 24 hours, according to CoinMarketCap data at the time of writing (10.34 am, India time).

The global crypto market volume over the last 24 hours increased 7.35 per cent to $61.82 billion. Bitcoin dominance is now 0.33 per cent up since yesterday at 42.87 per cent.

Bitcoin (BTC) price decreased by around 1.27 per cent in the last 24 hours. At the time of writing, BTC was trading at $20,055. In the last 7 days, BTC price has fallen by 1.39 per cent. 

“Bitcoin was seen changing hands at US$20,028 and has been down by 56% since the start of the year. As the selling price in the market has risen, if bulls can keep BTC above the US$20,000 level, we can expect a bounce-back soon. But if BTC falls below the current level, the next support level may likely be at US$17,000,” Edul Patel, CEO and Co-founder of crypto investment platform Mudrex said. 

Next support for Bitcoin at $14,000

“Bitcoin had dipped below $20K momentarily yesterday, before recovering back. The crypto markets remained largely unfazed by the recent liquidation of the crypto hedge fund, Three Arrows Capital(3AC). The market sentiment has not changed much either, remaining deep in the “extreme fear” zone,” analysts at WazirX Trade Desk shared in a note with FE Online.

“On the hourly time-frame, the BTC trend has formed a channel pattern, consolidating between $20K and $22K. The daily RSI is hovering around the 25 level, reeling in the oversold zone. The next key support is expected at $14,000,” the added. 

ALSO READ | Trading crypto on foreign exchanges to avoid 1% TDS may land you in legal troubles: Experts

Meanwhile, Request Network(REQ), an Ethereum-based decentralized payment system, has surged over 50% in the last 24 hours, outperforming Bitcoin over that same time period. 

Crypto Rupe Index Change

Crypto Rupee Index (CRE8) by CoinSwitch dropped 0.8 per cent in the last 24 hours to Rs 2210 at the time of writing. CRE8 tracks crypto market performance in INR.

Top Crypto Prices on June 30

Ethereum (ETH): Ethereum price fell 4.9 per cent to $1093 in the last 24 hours. In the last 7 days, ETH price has increased by 0.81 per cent. It is currently ranked the second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance Chain coin’s price decreased by 2 per cent to $218 in the last 24 hours. In the last 7 days, BNB price has decreased by 0.67 per cent. It is currently ranked as the 5th biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 2.8 per cent to $0.3265 in the last 24 hours. In the last 7 days, XRP price has decreased by 0.13 per cent. It is currently ranked as the 7th biggest crypto in terms of market capitalisation.  

Solana (SOL): Solana price decreased by 7.34 per cent to $32.8 in the last 24 hours. In the last 7 days, SOL price has decreased by 8.43 per cent. It is currently ranked as the 9th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 1.77 per cent to $0.4636 in the last 24 hours. In the last 7 days, ADA price has decreased by 1.9 per cent. It is currently ranked as the 8th biggest crypto asset in terms of market capitalisation.  

Dogecoin’s (DOGE) price has increased by around 2 per cent in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.06818.

Price of Polkadot (DOT) decreased by 4.89 per cent to $6.92. Avalanche (AVAX) price fell around 6 per cent to $17.32 in the last 24 hours. Both DOT and AVAX are currently ranked 11th and 17th respectively on CoinMarketCap. 

Polygon (Matic) price decreased by around 9 per cent to $0.4797 in the last 24 hours. In the last 7 days, MATIC has price has dropped around 4 per cent.  It is currently ranked 18th on CoinMarketCap. 

Shiba Inu (SHIB) gained nearly 3 per cent in the last 24 hours to $0.00001032. It is currently ranked 14th on CoinMarketCap.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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Corrections: June 30, 2022

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Finland and Sweden make security pledges to win Turkey’s acceptance of their NATO membership bids.

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Corrections: June 29, 2022

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Quotation of the Day: Cutting Back, but Still Struggling, as Inflation Spikes

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What makes grey hornbills so enchanting

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Bharti Airtel share price outguns Nifty so far in 2022; Motilal Oswal says buy, shares may rally 34%

Bharti Airtel share price has fallen around 2% so far in 2022, outperforming benchmark Nifty 50 which has tanked 10.5%. The stock is expected to jump 34% going forward as the telecom company’s growth is likely to get a boost from three levers-4G mix improvement, market share gains from VIL, and continued tariff hikes, according to analysts at Motilal Oswal Financial Services. “These levers along with an incremental margin of 65% should drive 18% EBITDA CAGR for Bharti over FY22-24E,” the brokerage noted. It has a ‘buy’ call on the stock with SOTP-based target price of Rs 910 premised on FY24 EV/EBITDA expectation of 11x for the India Mobile business and 5x for the Africa business.

Investment Rationale

Decadal shift in FCF generation capability

According to the domestic brokerage firm report, Bharti Airtel is entering a phase of high FCF growth. During the last three years (FY19-22), company’s EBITDA has jumped over 2x adding Rs 318b as against an average capex (excluding Spectrum) of Rs 233b (flat over the period). This translated into a significant FCF. However, Indus and DTH stake acquisitions, AGR payments and liability et al. have led to limited FCF and deleveraging. Analysts at Motilal Oswal expect Bharti to generate FCF (post-interest) of Rs 251b/Rs368b, i.e. 22% and 47% of its net debt (post Ind-AS 116) in FY23 and FY24 respectively.

4G mix improvement, market share gains, tariff hikes: Key growth levers

Analysts stated the change in market construct over the last five years has allayed a big historical concern of the past decade when earnings were depressed and capex continued to rise leading to high leverage. Currently, the telecom sector consolidation has led to multiple rounds of tariff hikes, cumulatively >50%, translating into 39% increase in ARPU for Airtel over FY19-22; and nearly 5.3% market share gains. “We see three levers of growth for Bharti: a) 4G mix improvement, b) market share gains from Vodafone Idea (VIL), and c) continued tariff hikes.These levers along with incremental margin of 65% should drive 18% EBITDA CAGR for Bharti over FY22-24E,” analysts said in the report.

5G not a concern

The brokerage believes that one of the key headwinds for Bharti is the fresh round of 5G-led capex. “However, we draw comfort on 5G as over the last three years, the increase in EBITDA has far outpaced the capex need. Additionally, Bharti has ~Rs 215b of expected funds against an expected spend of ~Rs 150-200b in the upcoming 5G auction. With its EBITDA growth of over 2x in the last three years (FY19-22), Capex amount has now become less impactful, it said. Further, given that 4G is still not fully monetized and 5G device and band ecosystem are yet to be developed, there should be staggered growth in 5G over the next 3-5 years, unlike the aggressive 4G capex seen during FY16-20.

Improvement in FCF should command better valuation

According to the report, Bharti Airtel stock is trading at 7x on consolidated FY23E EV/EBITDA with India business trading at slightly below 8x. Historically, the telecom major has commanded lower valuations due to intensive competition and high capex intensity that hurt profitability, FCF and return ratios. “However, we now expect the stock to command better valuation due to consistent 18% EBITDA CAGR over FY22-24E, sustainable FCF yield of ~8-9% and leverage position, low concern on 5G-led capex intensity as EBITDA growth has far outpaced capex need, and Bharti Airtel turning profitable at the PAT level with high 50%+ growth (over FY22-24E) driven by operating leverage,” it said. 

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

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Late Night Reacts to Cassidy Hutchinson’s Damning Trump Testimony

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NATO says it will significantly increase troops assigned to its eastern flank.

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They danced and died: Tragic teen party mystery in South Africa

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Investment realignment: Don’t look at stock valuations in isolation, consider risk-reward ratio

By Manish Jain

The equity markets have been quite volatile in recent times with the NSE Nifty 50 yo-yoing between 18,300 – 15,300 since the start of the year. On the face of it, the overall correction may have been just ~11% from the peak, incidentally pegging India as one of the best-performing markets in the world. However, averages always hide more than they reveal. The correction in the equity markets has been far deeper than what the indices are telling you. The top five stocks (Reliance Industries Ltd (RIL), HDFC Bank, Infosys, ICICI Bank and Housing Development Financial Corporation (HDFC Ltd) together account for a little more than 42% weight of the index. So, in effect, if these stocks are not corrected, it will not show up in the index. 

Digest this, the bottom ten stocks (account for a measly 5.36% weight of the index) have all corrected more than 20% so far this year. So, in effect what we are telling you is that: a) don’t go by averages, they hide more than they reveal, b) markets have been far more volatile than you realize, and c) these are the best times to realign portfolios.

Now that this has been established, the moot question is: what should be the realignment strategy in these tough times? The first rule is not to panic. As investors, we usually over-analyse and over-exaggerate the eventual impact of headwinds. Time and again we have seen this, whenever a macro catastrophe comes, everyone (including the experts) believes that the world as we know it will end, however, sooner than expected normalcy returns and as investors we most often miss what was a great money-making opportunity. If you believe that long-term industry fundamentals are strong, the management quality is intact and corporate governance has not been compromised, then a correction is a good time to add the stock to the portfolio. Swim against the tide, be greedy when the world is fearful and vice versa.

The second rule is not to look at valuations in isolation. Just because a stock trades at 50x multiple, it does not mean it’s expensive. Look at the risk in conjecture with the reward. Multiples don’t fall from the sky but they are a derivation from the discounted cash flow. So, look at the long-term DCF objectively and see if it all adds up or not.

Third, not always do the price reflect the business fundamentals, there are often times when mispricing happens and that’s an opportunity. So, when a stock undergoes a significant correction, you will hear a lot of noise often with a changing narrative. Use your own judgment and analyse the situation.

In conclusion, the world may be going through a tough time with hyperinflation and geopolitical tension. However, remember there is always light at the end of the tunnel. Our economy is on a strong footing, inflation has peaked and domestic demand looks strong. So, invest in equities now to create exponential wealth over the next few years. Portfolio construction takes time, energy and effort. Do not panic nor despair.

However, remember to always invest in quality stocks, the “Good & Clean” businesses.

(By Manish Jain, Fund Manager, Ambit Asset Management. Views expressed are the author’s own.)

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Rajasthan’s Sikar highest performing district in school education across India, reveals MoE grading index

Rajasthan’s Sikar is the highest performing district in school education followed by Jhunjhunu and Jaipur, according to the Union Ministry of Education’s Performance Grading Index for Districts (PGI-D). The three  districts have figured in the ‘Utkarsh’ category (scoring 81-90 per cent on a scale of 100) with Junjhunu scoring the maximum (236 out of 290) in learning outcomes.

Also, in the second grade ‘Ati-uttam’, Rajasthan is significantly ahead of the second and third top states having 24 of its districts in this category.

The other states whose districts have performed best in the latest index released by the Ministry of Education (MoE) on Monday are Punjab with 14 districts in ‘Ati-uttam’ grade (scoring 71-80 per cent on a scale of 100) followed by Gujarat and Kerala with each having 13 districts in this category.

On the other hand there are 12 states and Union Territories which don’t have any districts in the Ati-uttam and Uttam categories which include seven of the eight states from the North East region.

The Ministry on Monday released the Performance Grading Index for Districts (PGI-D) for 2018-19 and 2019-20 which assesses the performance of the school education system at the district level by creating an index for comprehensive analysis.

PGI-D grades the districts into 10 grades with the highest achievable grade being ‘Daksh’, which is for districts scoring more than 90 per cent of the total points in that category or overall.

‘Utkarsh’ category is for districts with score between 81-90% followed by ‘Ati-Uttam’ (71-80%), ‘Uttam’ (61-70%), ‘Prachesta-I’ (51-60%), ‘Prachesta-II’ (41-50%) and ‘Pracheshta III’ (31-40%). The lowest grade in PGI-D is called ‘Akanshi-3’ which is for scores up to 10 per cent of the total points.

According to the report for 2019-20 and 2018-19, none of the districts attained highest grade Daksh in both 2019-20 and 2018-19 implying there is ample scope for the districts to further improve their performance in future years.

Three districts reached Utkarsh grade in 2019-20 by achieving more than 80% of the score, there was none in 2018-19 in this grade. Furthermore, the number of districts in the Ati-uttam grade has increased from 49 to 86 during 2018-19 to 2019-20, showing remarkable improvements.

“Ultimate objective of PGI-D is to help the districts to priorities areas for intervention in school education and thus improve to reach the highest grade. Eighty three indicator based PGI for District (PGI-D) has been designed to grade the performance of all districts in school education. The data is filled by districts through online portal. The PGI-D is expected to help the state education departments to identify gaps at the district level and improve their performance in a decentralized manner,” a senior MoE official said.

“The indicator-wise PGI score shows the areas where a district needs to improve. The PGI-D will reflect the relative performance of all the districts in a uniform scale which encourages them to perform better,” the official added.

The PGI-D structure comprises total weightage of 600 points across 83 indicators, which are grouped under 6 categories— Outcomes, Effective Classroom Transaction, Infrastructure Facilities and Student’s Entitlements, School Safety and Child Protection, Digital Learning and Governance Process.

These categories are further divided into 12 domains—Learning Outcomes and Quality (LO), Access Outcomes (AO), Teacher Availability and Professional Development Outcomes (TAPDO), Learning Management (LM), Learning Enrichment Activities (LEA), Infrastructure, Facilities, Student Entitlements (IF&SE), School Safety and Child Protection (SS&CP), Digital Learning (DL), Funds convergence and utilization (FCV), Enhancing CRCs Performance (CRCP), Attendance Monitoring Systems (AMS) and School Leadership Development (SLD).

The PGI-D report graded 725 districts in 2018-19 and 733 districts in 2019-20 across the States and UTs. The all India report showed that 33 States and UTs have improved their PGI score in 2019-20 compared to the previous year with Andaman and Nicobar Islands, Punjab and Arunachal Pradesh have improved their score by more than 20%.

The only two states, namely Madhya Pradesh and Chhattisgarh have scored less than 2018-19.

The Performance Grading Index (PGI) is a tool to provide insights on the status of school education in States and UTs at district level including key levers that drive their performance and critical areas for improvement.

The 12 states and UTs which does not have a single district in the Ati-uttam and Uttam are Jammu and Kashmir, Bihar, Goa, Uttarakhand, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.

Read Also: JK administration collaborates with IIT Jammu to work on capacity building of IT infrastructure, e-services

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Odisha 12th Result 2022 Delayed: CHSE Odisha Plus 2 Results Expected on this date on chseodisha.nic.in

Odisha 12th Result 2022: Council of Higher Secondary Education, CHSE Odisha is going to soon release Odisha Class 12 Results 2022 on its website. Nearly 2 lakhs of students are waiting for Class 12th Results. However, there is no official announcement from the board. Students will be able to download Odisha Plus Two Results 2022 from the official websites – chseodisha.nic.in and orissaresults.nic.in.

According to media reports, Odisha Plus Two Results 2022 will be delayed for a few days and it is expected to be released by the end of July owing to the delay in the evaluation process. Odisha 12th Result 2022 evaluation process was to start on 13th June 2022 and end by 25th June 2022 as per media reports. However, the start of the evaluation work and checking of answer sheets has been deferred by a week and has has begun exclusively by 20th June 2022. This is supposed to push the declaration date for Odisha 12th Result 2022 by a few weeks.

It is expected that the delay in the completion of the evaluation work for CHSE Odisha Plus Two Results 2022 would also cause a delay in the completion of Odisha Plus 3 Admissions 2022. The admissions will be held by the Higher Education Department of the Odisha Government through the SAMS Odisha Portal. The process for admissions will start exclusively by August 2022. The schedule for the Odisha Plus 3 Admissions 2022 would be announced after the release of the results. Students waiting for the aforesaid exam results are advised to keep checking on the official websites.

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Book Review | Dragon bites elephant: Why?

By Poornima

Ever since Xi Jinping has taken over the reins of Zhong Guo i.e. Middle kingdom in 2013, China’s belligerence towards India has increased. In fact President Xi , who is looking for his third five year term after the 20th CPC Party Congress to be held in October- November ,  has a greater  ambition to not only corner India on all fronts, but set his evil eyes on all maritime  and land neighbours . Why has China under Xi become so arrogant and revived its historical expansionist policy. Does Xi want to project himself as more patriotic and nationalist than his party rivals to gain popularity and to strengthen his hold on power?  Why are Chinese dragons spitting fire all around? Why has the Dragon bitten the elephant?

These questions and doubts in the minds of common people has been  aptly answered by Ranjit Kumar , a senior strategic affairs journalist  , in  his book written in Hindi titled Bharat Cheen Rishte – Dragon ne hathi ko kyon Dasa ( India China relations – Why did the dragon bite the elephant) . Ranjit Kumar has lived in China during 1984-85, when China was undergoing radical transformation from Communist beliefs to capitalist values under the guise of Communism with Chinese characteristics, For all practical purposes China today, ruled by Communist Party, is a capitalist economy and wants to dominate the world not only in the economic domain but also aims to control the world.

 Chinese leaders and diplomats often say that Dragons and Elephants should dance together. But the dragon seems to be backstabbing the elephant by luring it to dance. The way Chinese PLA has behaved on the Ladakh borders and refusing to leave the area since last two years clearly demonstrates China’s deceitful behaviour towards India. But the Chinese continue to insist that India should ignore the border issue in the larger interests of maintaining good relations so that the two Asian giants can benefit mutually. Very strange offer. On the one hand China has grabbed India’s collars and on the other hand China expects India to cordially hug them . 

 Ambassador Shashank, India’s ex- foreign secretary has written in the foreword of the book that China is following Monroe Doctrine as it wants to compete with USA and become most developed country and top superpower on earth by 2049, the year when China would be celebrating  centenary year of the establishment of People’s Republic of China  . We have to understand China in this backdrop. Ranjit Kumar has closely  observed the evolution of Chinese capitalism from communism  in the eighties while he lived in China during 1984-85. Ranjit Kumar has authored this very timely book on the changing mindset of the Chinese people and leaders.

The author has dwelt in detail, the traditional expansionist tactics of the Chinese leaders in a very lucid manner. Following the preachings  of its  ancient strategic thinker Sun Zhu , the Chinese leaders cleverly manipulated its neighbours and grabbed either its land or established suzerainty. Inner Mongolia, Tibet , Xinjiang are the prime examples .

The author has linked the aggressive expansionist behaviour of China with its middle kingdom syndrome and explained how the Chinese rulers have been adhering to its expansionist policies and grabbing neighbouring territories. During the 17th and 18th centuries the Qing empire of China  snatched a big area of Mongolia  and brought Tibet and Xinjiang under its control .  The Chinese people think that their country  is located on the middle of the earth from where they oversee the entire world, hence the middle kingdom mindset. Even the official name of China in Chinese  is Zhong Guo meaning Middle Kingdom .  The present rulers of China still see similar dreams of ruling the entire world from the “ Centre of the Earth “where China is claimed to be located. This is why, If we see in the present day context,  they have launched the Belt and Road initiative to lay a network of transport connectivities and connect China with the entire world. These highways of trade and strategic linkages will help China dominate the entire world.

Xi Jinping felt insulted when India not only refused to join but objected to his dream project.  This may be one of the reasons why the Chinese army transgressed Indian areas in Ladakh and taught India a lesson. Also China finds India coming in its way to be sole arbiter of Asia and dominate the world. Ranjit Kumar has deliberated on these issues in the book.

 Book published by Prabhat Praksashan, New Delhi and available  online on Amazon, Flipkart etc.

(Reviewer of the book is an independent writer. Views expressed are personal and do not reflect the official position or policy of Financial Express Online. Reproducing this content without permission is prohibited).

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Cyclicals, financial stocks may dominate upcoming AMFI rejig despite volatility, defensives to be downgraded

Association of Mutual Funds in India (AMFI) is due to publish its fresh list of stock classification soon. The list will be based on the market capitalization of listed companies between January and June 2022 —  a period that has been marred by heightened volatility. “Surprisingly, the type of stocks that will get upgraded (from small to midcap and mid to largecap) do not indicate a risk-off environment as most of them belong to cyclical and capital intensive sectors such as financials and industrials,” ICICI Securities said in a note. The brokerage firm believes growth, quality and defensive stocks might be downgraded. 

AMFI publishes a list of stocks, classifying them under the Largecap, Midcap, and Smallcap categories based on their average market capitalization between January and June. The list is put out twice a year. Between the period under review, benchmark stock indices have tanked more than 10%, signalling heightened volatility amid geopolitical crisis, rising inflation, and now interest rate hikes.

Stocks that may be upgraded

Analysts at ICICI Securities are still predicting industrials, real estate, financial services, banks, and auto segments to be upgraded from smallcap to midcap and from the midcap to largecap category. Among stocks that are predicted to enter the largecap categorisation are Adani Power, Cholamandalam Investment and Finance Company, Bank of Baroda, Hindustan Aeronautics, and Bandhan Bank. All the above-mentioned stocks have a ‘High’ probability of ending up upgraded, according to ICICI Securities.

Tata Teleservices (Maharashtra), KPR Mills, Tanla Platforms, Poonawala Fincorp, Phoenix Mills, SKF India, and Chambal Fertilisers are pegged to be upgraded from smallcap to midcap category. 

Quality and growth-oriented stocks to be downgraded

Stocks that could be downgraded from largecap to midcap category include HDFC AMC, Godrej Properties, SAIL, Zydus Lifesciences, Jubilant Foods, and PB Fintech (Policybazar). Others that may be entering the smallcap club from midcap are Sanofi India, Ajanta Pharma, Happiest Minds, UCO Bank, Aditya AMC, among others.

LIC, Adani Wilmar get direct largecap entry

ICICI Securities has joined analysts at Edelweiss Securities and IIFL to predict that newly listed LIC (Life Insurance Corporation of India) and Adani Wilmar will enter the largecap space soon. While LIC is the 7th largest firm by market capitalization, Adani Wilmar is the 70th. Top 100 companies by market capitalization enter the largecap category. Other new listed companies such as Delhivery, Vedant Fashions, and Motherson Wiring are expected to get midcap rating.

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Here’s ‘the oldest & the only elephant to be living beyond 100 years’

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UP bypoll results 2022: How Samajwadi Party citadels fell to BJP in Azamgarh and Rampur

Just months after the state elections setback, the by-elections for the Rampur and Azamgarh Lok Sabha seats came as a body blow to Akhilesh Yadav’s Samajwadi Party on Sunday. While the BJP’s Dinesh Lal Yadav ‘Nirahua’ won the Azamgarh seat by over 8,000 votes, Ghanshyam Singh Lodhi won Rampur by over 42,000.

The BJP’s victory in the SP’s stronghold also shows the saffron party’s growing popularity after a comfortable victory in the February-March state polls. For the main opposition party, the result reflects its losing grip over Muslims and Yadavs, its “MY” citadel.

While the BJP left no stone unturned in canvassing for its candidates in two SP-favoured seats, the poll results have raised questions on Akhilesh Yadav’s absence from campaigning in both seats. 

Azamgarh

In Azamgarh Lok Sabha constituency, Yadavs constitute 21 percent of the electorate, Muslims 15 percent, Dalits 20 percent and non-Yadav OBC voters are about 18 percent. The SP had swept all the assembly segments in Azamgarh in the recently assembly polls.

Given the dominance of Dalits, Muslims and Yadavs in the 18-lakh-strong electorate of Azamgarh, it was believed that the main contest will be between the SP and BSP. However, Bhojpuri actor-singer Nirahua managed to defeat Dharmendra Yadav, taking advantage of the BSP eroding away the Samajwadi Party’s support base. 

The SP leadership did not make any concerted efforts to consolidate Muslim and Yadav votes. Akhilesh, who has already faced criticism in the constituency for not paying a single visit during the COVID-19 pandemic, did not turn up for campaigning. 

The SP’s alleged silence on Muslim issues also seemed to not go down well with Muslim voters. The BJP has already been charging that the SP has been “using” Muslims for electoral gains. 

Rampur  

In Rampur parliamentary constituency, nearly 49 per cent of the voters are Muslims. The SP had won three and the BJP two assembly segments in the state elections.

While the BJP deployed its entire top leadership for canvassing in the SP basin, Akhilesh Yadav left campaigning for Azam Khan’s longtime associate Asim Raja at the hands of the veteran leader and his supporters. 

At least 16 state ministers reached out to voters in Rampur, where almost half of the population is Muslim. 

But a low turnout of 41.39 per cent aided the ruling party as it managed to increase its vote share from 42.33 per cent in 2019 to 51.96 per cent. The SP and Azam Khan accused the police of intimidating voters and not allowing Muslim voters to move out to cast their votes.

The Indian Express quoted some locals claiming that a section of Muslim voters also did not show interest in the bypoll as the candidate was not from Azam’s family.  

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Loco rolls out NFT platform ‘Legends’ for Esports

Live game streaming and Esports platform Loco has rolled out ‘Legends’- a non-fungible token (NFT) platform for Esports. The platform will allow users to own and trade Esports collectible assets. Launched in exclusive partnership with the Esports teams in India such as 8bit, s0ul, Godlike, Revenant, Blind, and XO,  Legends sets the stage for decentralisation for gaming creators with Loco committing to supporting the game-fi ecosystem in the country, the company stated.

“We are passionate about the potential of Web3.0 to empower creators and create new fan experiences in the gaming community. Gamers are the earliest adopters of new technology and our community has shown a strong acceptance of these initiatives,” Anirudh Pandita and Ashwin Suresh, founders, Loco, said.

They further stated that the team believed that this is a unique opportunity to unlock a new paradigm in gaming and this product is the first step in our roadmap.

These Esports teams are the category dominators in popular games BGMI, FreeFire Max, and Valorant, and provide fans with the credible NFT experience. Loco, with 52 million users. Furthermore, Loco has signed exclusive partnerships with Esports tournament organisers including Villager Esports and Upthrust.

The first asset on Loco Legends will be NFT Esports cards. This offering combines NFTs and free to play Esports fantasy gaming. Users can purchase NFT trading cards allowing them to buy and sell cards amongst each other and also participate in free-to-play fantasy pools. 

The platform is currently in beta testing mode and will be made public in July 2022. As a part of this launch, the top 1,000 users that waitlist themselves on the platform will get access to free NFTs worth approximately Rs 500 each. 

Read Also: Cannes Lions 2022: Gillette Venus to Old Spice, how P&G used its brands to create stories of change

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Indian-origin man gunned down while sitting in parked vehicle in New York: Police

A 31-year-old Indian-origin man was shot dead in Queens here as he sat in a borrowed SUV parked down the street from his home, days after an Indian national was killed after sustaining an apparent gunshot wound to his head in the US state of Maryland. Satnam Singh was sitting behind the wheel of a black Jeep Wrangler Sahara that was parked in South Ozone Park when a gunman approached and started shooting at him around 3:45 pm on Saturday, a report in The New York Daily News said.

Police said Singh lived just down the street from where he was shot. Singh was struck in the chest and neck and was rushed to a local hospital, where he died later, according to police. It appears that Singh had borrowed the car from a friend a short time earlier and needed it to pick someone up, police said.

Detectives were trying to “determine if the gunman was aiming at Singh or was hoping to kill the SUV’s owner and was unaware who was inside,” the report said, adding that no arrests have been made so far in the case.The report said that according to the police, the gunman approached Singh on foot but neighbours say the “shots came from a silver-coloured sedan with a black trunk as it passed the Jeep.

“(Singh) was walking up 129th St. going to the car and the other car with the perp in it came up,” said neighbour Joan Cappellani.“(It) made a U-turn, came back and then ‘Pow! Pow! Pow!’ and then went down 129th St.” The incident was caught on Cappellani’s home security cameras and the New York Police Department personnel are reviewing the footage for evidence.

“It was just another crazy day in South Ozone Park,” she said.“He was very kind and quiet,” neighbour Christina Persaud said in the New York Daily News report. “I said ‘Hi’ to him every day when I saw him. Maybe he was targeted, but I don’t know.” This comes days after Indian national Sai Charan from Telangana was found injured with an apparent gunshot wound inside his SUV in Baltimore, Maryland.The 25-year-old was immediately rushed to a trauma centre, where he was pronounced dead on June 19.

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New Family Pension rules if a Central govt employee goes missing

The Central Government of India recently made a significant change in pension rules for its employees if they go missing during their service period. The families of missing Central government employees covered under the National Pension System (NPS) are now entitled to receive a family pension, salary arrear, leave encashment and retirement gratuity.

Ajit Kumar, Chief Strategy Officer, KFintech, says, “It will benefit the families of Central Government employees, especially those posted in violence-affected areas such as Jammu and Kashmir, North-eastern regions and Naxalite-prone areas.”

A missing Central government employee’s family will immediately get family pension benefits.

Kumar explains, “To date, the Central government employees covered by CCS pension rules 1972 used to get the same benefits if they went missing during their service. As per the new Office Memorandum (OM) dated 28th April 2022, the said benefits will be extended to the family of a missing Central government employee covered under NPS.”

He further adds, “It will allow the family of the employees to get the pension benefits without having to wait for the government to declare the missing employee dead or wait for seven years to get the benefits.” 

However, for the period the family of the missing employees gets a pension or until the government declares him/her dead, the NPS account and respective PRAN (Permanent Retirement Account Number) will be suspended. 

Kumar points out, “if the missing government servant re-appears and re-joins the service, the amount paid as a pension to their family during the missing period will be deducted from the salary. In this case, the NPS account against his/her name will be reactivated so is the PRAN number.” Note that the benefits available to the families of mission central government employees are subject to conditions and procedural requirements. 

On the other hand, experts say if the government declares the mission employee dead after seven years, the accumulated corpus in the NPS account from government contribution and its returns will be transferred to the government account. The remaining amount, including the employee contribution and the return, will go to the nominee or legal heir. 

The Benefits of NPS

Following are the top benefits of NPS:

• The National Pension System offers various investment options to investors and allows them to choose their preferred pension fund. They can also monitor the growth of their pension corpus. 
• Operating an NPS account is straightforward as you will get a unique PRAN number against your account, and it remains the same throughout your life. Kumar adds, “One can also switch from one investment fund to another up to 2 times during one’s life.” 
• Indian citizens from the age of 18 to 65 years from any job sector are eligible to open an NPS account. 
• The maintenance cost of the NPS account, Kumar says, “is low and the return it promises is higher than most retirement planning schemes.” 
• The amount paid towards NPS investments is eligible for tax benefits under sections 80C and 80CCD. 

Hence, while the National Pension System (NPS) offers financial independence and security during the retirement age of the subscribers, “the benefits will be transferred to the subscriber’s family in case he/she goes missing during the service years,” adds Kumar. 

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What is a pre-approved loan? Should you take it?

A financially strong and credit-worthy borrower attracts the attention of the lenders as such borrowers are more likely to repay their loans and not default. So, instead of waiting for financially strong borrowers to approach them for a loan, banks themselves approach such borrowers with pre-approved loan offers.

Should you accept a pre-approved loan offer? How must you evaluate the offer? Let’s find out.

Pre-Approved Loans

Pre-approved loans are often in principle agreed by the lender and subject to fulfilment of eligibility norms and applicable terms and conditions. Under pre-approved loans, banks usually know about the borrower’s creditworthiness. For example, they know about their credit score and income. However, they may still require documents such as an ITR return and the latest income proof to verify the repayment capacity and current income status. Bank may offer you a pre-approved loan that can be a secured or unsecured instrument. For example, you may get an offer for a pre-approved home loan, car loan, bike loan, personal loan, etc.

Who Gets The Pre-Approved Loan Offer?

Bank account holders or borrowers with loan accounts and high creditworthiness have a higher chance of getting a pre-approved loan offer. Some pre-approved offers are timebound and expire after a time. A pre-approved loan is mostly offered to individuals with a high credit score, zero loan default history, high income as per the ITR, or if they maintain a big balance with the bank.

Pre-Approved Loans Vs Regular Loans

In the case of a pre-approved loan, the bank already possesses information about the candidate’s eligibility. On the other hand, in a regular loan, the bank first gets the loan application and then checks the applicant’s eligibility. The tentative loan limit, interest rate, and charges are already disclosed when you get an offer for a pre-approved loan, whereas in regular loans, the loan amount is unknown at the time of application. It depends on factors like credit score, age of the applicant, existing debt obligation, etc. If you don’t accept a pre-approved loan, it doesn’t impact your credit score. But applying for other loans will have a small negative impact on your score.

How To Check Pre-Approved Loan Offers

Banks and financial institutions usually inform their customers through different channels like email, WhatsApp messages, SMS, on customer’s mobile/online banking platforms, etc., and the bank’s customer support team may also call you. You can also go online to a loan aggregator where all your pre-approved offers may be listed in one place.

Can The Pre-Approved Loan Be Rejected?

Despite being pre-approved, a loan can still get rejected by the lender. The loan may require certain documents to be submitted by the borrower. If you don’t do that within the prescribed time limit, it can result in a rejection of the loan application. Banks usually offer a pre-approved loan basis the information already available to them. Suppose during due diligence, the bank finds a substantial difference in its data and the information provided by the applicant. In that case, the bank may reject the loan despite being pre-approved. For example, a pre-approved loan can be rejected for a recent change in job, sudden fall in the credit score, deterioration in financial capacity, change in bank’s criteria, property not approved on bank’s due diligence etc. 

Tips Before Accepting Loan Offers

It would be good to accept a pre-approved loan offer only when needed. Never avail a loan facility just because you are eligible for it and can get it easily. Before accepting the pre-approved loan, compare the interest rate, tenure, charges, and applicable terms and conditions with similar loan products offered by the same institution and with other lenders. Accept the pre-approved loan only if you find it similar to or better than another bank’s offer. Lastly, make sure the offer has come from a legitimate source such as a bank or NBFC. Beware of scamsters who may entice you via SMS or email with fake loan offers.

(The author is CEO, Bankbazaar.com)

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Russia appears closer to defaulting on its international debt as grace period ends.

By BY ESHE NELSON AND ANDRÉS R. MARTÍNEZ from NYT World https://ift.tt/KrdzAf3

Rising food and fuel prices loom over the summit.

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India defeated dictatorial mindset in democratic way: Modi invokes Emergency in Mann Ki Baat

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Measures to reform Punjab education sector, announces CM

Describing education as the bedrock for building a new society, Bhagwant Mann, chief minister, Punjab has announced introduction of multipronged improvements in the sector. He stated government schools in the state will be transformed into ‘schools of eminence’.

“To ensure that students get quality and affordable education, the government is committed not only to building state-of-the-art government schools but also regulating fees in private schools. The No Objection Certificate (NoC) of schools found violating the Fee Act, 2016, will be cancelled and a fine of Rs one lakh will be imposed,” he said.

Mann was speaking in the state assembly, winding up discussion on the Governor’s address.

He mentioned focus will also be laid on quality education in colleges and universities and that lecturers in colleges and universities will be granted UGC pay scales. The chief minister further stated the government is setting up 19 new industrial training institutes to provide quality technical education. “As per the demand of the industry, 44 new courses are under consideration to be introduced in various Industrial Training Institutes,” he added.

Mann said the state government has already started the process to fill vacant posts and the recruitment of 5,994 Elementary Trained Teachers and 8,393 Pre-Primary teachers is under process. He said henceforth, teachers will be deployed for core-teaching tasks and that a separate cadre for non-teaching works will be created.

Underscoring the need for revamping teacher training practices, the chief minister said best practices will be considered from across the country and the world. The state’s department of school education, in collaboration with Regional English Language Office of the US Embassy, New Delhi, will train the faculty members, he mentioned.

Soliciting support of Non-Resident Indians (NRIs) for restoring the pristine glory of the state, the chief minister called upon them to set up industrial hubs to partner in developing model schools and hospitals in their villages.

He shared NRIs can contribute 50% to the construction of infrastructure such as school buildings, community services, hospitals, drinking water, sewerage, latrine, streetlights, sports stadiums and other projects and that the state government will invest the remaining 50%.

With inputs from PTI.

Read also: How are we drawing connection between online learning and behavioural change

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After 5 months, ONGC finally gets a director on HPCL board

After over five months, Oil and Natural Gas Corporation (ONGC) has finally got a director appointed on the board of Hindustan Petroleum Corporation Ltd — a firm it had acquired for Rs 36,915 crore.

The Ministry of Petroleum and Natural Gas on June 22, conveyed its consent for the appointment of Pankaj Kumar, Director (Offshore), ONGC as a director on the board of HPCL, according to regulatory filings by HPCL.

For over five months, ONGC had no representative on the board of HPCL — a company in which it owns a 51.11 per cent stake since January 2018.

HPCL for over one-and-a-half years — between January 2018 and August 2019 — did not recognise ONGC as its promoter despite the government selling its entire 51.11 per cent stake in the company to the oil explorer.

It relented only after a rap from market regulator SEBI. ONGC got the right to appoint one director who HPCL called ‘Government Nominee Director (Representative of ONGC)’.

“Pankaj Kumar has been appointed as Government Director on the Board of the company effective June 22, 2022,” HPCL said in the filing.

Officials said ONGC has been nominating one of its directors as the nominee director. Prior to the latest appointment, its last nominee director was Alka Mittal, Director (HR) who was appointed to the HPCL board in April 2021.

In January this year, Mittal was given additional charge of chairman and managing director of ONGC after the retirement of the incumbent. And following the past practice of the company that the chairman could only sit on the board of a subsidiary in the capacity as chairman and not as a director, Mittal resigned from the board of HPCL and Kumar was nominated.

HPCL promptly took note of it. In a filing on January 6, 2022, HPCL said: “Alka Mittal has tendered resignation from the position of the Government Nominee Director (Representative of ONGC) of the company effective January 05, 2022.” Officials said as per rules, Mittal also sent her resignation from the HPCL board to the Union Ministry of Petroleum and Natural Gas — the parent ministry of ONGC and HPCL.

The ministry, however, rejected the resignation and asked Mittal to continue on the HPCL board for “strategic reasons”, they said.

ONGC thereafter approached HPCL for reinstatement but the company said it wanted written instructions from the ministry as it had already accepted Mittal’s resignation and changed its books, officials said, adding while the firms went into letter writing, HPCL’s annual accounts for fiscal 2021-22, were approved without a nominee of its principal promoter.

But now the ministry seems to have had a change of heart and approved the original recommendation of ONGC, i.e. appointment of Kumar as the firm’s representative on the HPCL board.

It is not clear why the ministry changed its stance.

In the initial months of the Rs 36,915-crore buyout, HPCL had refused to recognise ONGC as its promoter. It had ignored directives from the government as well as the Securities and Exchange Board of India (SEBI), forcing the latter to set a deadline of August 13, 2019, and warn of “appropriate action” if it failed. This forced the HPCL management to make amends.

Before the SEBI order, HPCL listed ONGC as a public shareholder in its regulatory filings. The President of India was listed under the promoter/promoter group category with nil shares.

In September 2018, SEBI first advised HPCL to re-file the shareholding pattern to the stock exchanges revising the status of ONGC as ‘promoter’.

In June 2019, the ministry directed HPCL to indicate ‘President of India’ as the promoter of HPCL and ONGC also to be added as a promoter below ‘President of India’. These were ignored on the pretext that the company needed clarifications from multiple agencies, officials said.

In an August 6, 2019 letter, SEBI again advised HPCL to re-file the shareholding pattern to the stock exchanges for all quarters since the acquisition of shares by ONGC, while revising the status of ONGC as a ‘promoter’, by August 13, 2019, failing which appropriate action will be initiated as per SEBI Act.

HPCL made amends thereafter.

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Homebuyers in Noida-Greater Noida worst hit; 1.65 lakh units of Rs 1.18 lakh cr stalled

Homebuyers who booked flats in housing projects in the Noida-Greater Noida property market are worst affected, with over 1.65 lakh flats worth Rs 1.18 lakh crore currently stalled or significantly delayed in these two cities, according to property consultant Anarock.

In its research, the consultant has taken only those housing projects that were launched in 2014 or before, across seven big property markets — Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.

Expressing concern over the plight of customers whose investments are at stake, Forum for People’s Collective Efforts’ (FPCE), an apex body of homebuyers, President Abhay Upadhyay told PTI that the cause of the delay of each project should be ascertained and solutions must be found.

He also sought stern action against defaulting builders.

According to the Anarock data, 4,79,940 units worth Rs 4,48,129 crore are “stalled or heavily delayed” across these seven cities as of May 31, 2020.

Out of this, Delhi-NCR alone accounts for a whopping 50 per cent with 2,40,610 stalled or delayed units worth Rs 1,81,410 crore.

Giving further breakup of the Delhi-NCR data, Anarock said that Noida and Greater Noida region account for nearly 70 per cent of total stuck/delayed units while Gurugram’s share is only 13 per cent.

In Noida and Greater Noida, there are 1,65,348 units worth Rs 1,18,578 crore stalled or delayed units.

While Gurugram has 30,733 units worth Rs 44,455 crore stuck/delayed, the Ghaziabad market has 22,128 such units valuing Rs 9,254 crore.

Delhi, Faridabad, Dharuhera and Bhiwadi together have 22,401 stuck/delayed units worth Rs 9,124 crore.

“Project delays have been the bane of the Indian real estate sector over the last decade, particularly in NCR. Even the implementation of RERA (realty law) had only a little impact on this,” Anarock Senior Director & Head – Research Prashant Thakur told PTI.

Among other factors, he said the liquidity crunch threw up roadblocks for many developers in the NCR.

The government’s Rs 25,000 crore stress fund, which was launched in 2019 and called as SWAMIH, has proved to be effective in reviving many stuck projects, he added.

“Needless to say, real estate activity in Greater Noida earlier boomed on the pretext of boosted connectivity to Yamuna Expressway which passes through this region. Builders cashed on the connectivity prospects and launched innumerable projects over the years. Builders also launched projects in Greater Noida West which are now stuck under various stages of non-completion,” Thakur said.

Anarock did not mention the names of the developers as well the projects that are stalled or significantly delayed but Jaypee Infratech, Unitech, Amrapali and The 3C Company are some of the big companies whose projects are stalled in Delhi-NCR.

There are many other builders who have defaulted on their promises to deliver their projects on time to customers, who have already paid almost the entire purchase price.

Not only that, they are also paying interest on home loans with no signs of any quick resolutions.

Against defaulting builders, homebuyers have approached various courts as well as the National Company Law Tribunal (NCLT) to secure their investments.

For example, Jaypee Infratech Ltd (JIL) went into the Corporate Insolvency Resolution Process (CIRP) in August 2017.

After several rounds of bidding, Mumbai-based Suraksha group in June last year received the approval of financial creditors and homebuyers to takeover the JIL, raising hopes for more than 20,000 homebuyers of getting possession of their dream flats.

Suraksha group is yet to get approval on its resolution plan from the NCLT.

In the case of Unitech, the Supreme Court in January 2020 allowed the Centre to take total management control of Unitech, once the country’s second-largest realty firm, and appoint a new board of nominee directors.

Yudvir Singh Malik was appointed as the new CMD after the Central government superseded the Unitech board.

This decision was aimed to bring respite to over 12,000 hassled homebuyers of Unitech, but the customers are still waiting for the possession of the flats.

In Amrapali, the state-owned NBCC has undertaken the completion of many residential projects in Noida and Greater Noida under the aegis of Amrapali Stalled Projects and Investment Reconstruction Establishment (ASPIRE) and the supervision of the Supreme Court.

Around 40,000 homebuyers are stuck in various projects of Amrapali group.

“There are still huge number of pre-RERA era delayed projects which are incomplete. Such projects need to be properly identified and the cause of delay ascertained,” Upadhyay of FPCE told PTI.

If the main reason is the paucity of funds due to fund diversion, he said the promoters of such projects then need to be dealt with sternly including recovery of funds from his personal assets.

“However, if there are other administrative or regulatory reasons, then the respective authorities must make an attempt to resolve the issues on a case-to-case basis,” Upadhyay said.

The FPCE President said the RERA authorities should take the initiative to ensure that delayed projects are completed at the earliest.

After the Delhi-NCR market, the MMR has the second-highest stalled or delayed units. Southern cities Bengaluru, Chennai, and Hyderabad have just 9 per cent.

Pune has about 9 per cent share, while Kolkata accounts for 5 per cent.

There are 1,28,870 units worth Rs 1,84,226 crore in the MMR that are stuck/delayed. Bengaluru has 26,030 stuck/delayed units worth Rs 28,072 crore.

Hyderabad has 11,450 stuck/delayed units worth Rs 11,310 crore.

In Chennai, 5,190 units worth Rs 3,731 crore are currently stuck or significantly delayed. Pune has 44,250 units worth about Rs 27,533 crore that are stuck/delayed, while Kolkata has 23,540 such units valuing Rs 11,847 crore.

Anarock is mainly into housing brokerage and sells flats on behalf of the developers. It achieved a 32 per cent growth in its revenue at Rs 402 crore in the last fiscal.

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Government to invite bids for power from 8,000 MW thermal capacities without PPAs

The government will invite bids from states to sell electricity generated from 8,000 megawatt (MW) thermal capacities without PPAs, Power Minister RK Singh has said.

A total of 8,000 MW of thermal capacities in India are without any power purchase agreements, Singh, who is also the Minister for New and Renewable Energy, told PTI.

Replying to a question related to capacities without PPAs in India, the minister said, “There are 8,000 MW of capacities which don’t have PPAs in thermal”.

Sharing the government’s plan to resolve the issue, the minister informed that states have been asked to send their electricity requirement, and accordingly bids will be invited.

“We will aggregate (their demand) and call on for bids and based on the bids, whoever puts in the lowest bids, PPAs will be signed. Once PPAs are signed, they (states) will get the power,” he said.

Speaking further, the minister said there are also some thermal capacities undergoing the National Company Law Tribunal (NCLT) proceedings, and the government has already taken several steps, including meeting with the bankers, to resolve the issue at the earliest so such plants can start operations.

“There are some projects in the NCLT. The country has 17,500 MW plants, which run only on imported coal. Out of that, 2,500 MW were under the NCLT. I had a meeting with bankers etc. We worked out on ways and means of starting this,” he said.

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Impact of the Metaverse on financial services

Financial services companies have joined peers across industries in exploring the potential opportunity in the metaverse, though few are yet attempting this at scale, by Mckinsey and Company.

The report stated that the future extent of the impact of the metaverse on the sector depends on the evolution of the underlying technology especially utilizing Web3 and the degree to which platforms are adopted as part of our daily interactions.

How companies currently use the metaverse

Financial institutions have been engaging with the more traditional Web 2.0 metaverse and experimenting in Web3-enabled metaverse venues.  In the context of web 2.0, we see financial services companies utilizing the technology for employee training (for example, Bank of America VR training); creating virtual “financial towns,” telecommuting centers, and interaction spaces (such as South Korea’s KB Kookmin Bank); and offering virtual investment advisory services (for instance, NH Investment & Securities). While these applications are quite mature, their impact on the fundamental business model in financial services has been only modest.

In the Web3-enabled metaverse, we are starting to see more creative models of engagement. For example, HSBC has purchased virtual land in The Sandbox dedicated to engaging with e-sports enthusiasts. As London-based fintech, Sokin is building infrastructure for processing metaverse payments, transactions, and investments, and neobank Zelf is launching embedded banking for metaverse gamers via its MetaPass in Discord. Several companies including a North American technology companyTerraZero are providing back-end support for virtual real estate financing in the metaverse. There is no shortage of financial services companies exploring the utility of the latest evolution of the metaverse. 

As its function transitions from primarily consumer entertainment to more commercial applications—and from niche social interactions to become a social network—the opportunities for the sector will only expand, including the following examples:

Value creation in the metaverse: The real business of the virtual world 

— Marketing: Institutions may create digital branches in the metaverse to build their brand and credibility with users, demonstrate their ability to innovate, and even offer client interactions in a hybrid way with more traditional digital or even physical channels.

— Infrastructure: Financial institutions, especially more traditional ones, are uniquely positioned to bridge the trust gap that has traditionally held back wider adoption of services such as digital IDs, digital payments, or custody for NFTs, cryptocurrencies, or other digital assets.

— Emerging products and services: As cyber insurance for companies and similar services become more commonplace, insurers and cybersecurity companies are well-positioned to capture parts of this emerging value pool, maybe even in novel collaboration and models.

What could come next

As the metaverse potentially captures a larger share of day-to-day human interactions, digital versions of more sophisticated banking services could emerge to serve these users. Examples could include:

— embedded bank-like services for wallet owners in native metaverse venues, such as multicurrency cash management.

— back-end servicing for financial services, like virtual real-estate mortgage origination and warehousing.

— funds and investing services for metaverse projects, such as metaverse-specific investment funds.

— customer engagement enhancements, like gamified credit education and unique loyalty experiences.

— financialization of everything, as more digital assets get created with utility in a metaverse context, such as being employed as collateral for loans.

Growth in these use cases will depend on the extent to which the metaverse is adopted. And the value and convenience of financial services in the metaverse must exceed the current utility of online or bricks-and-mortar servicing. If engagement in the metaverse gains momentum, more and more financial service companies will need to decide between investing and entering at scale, establishing a minimal position, or doing nothing for now. 

It’s a decision that depends on four factors: the willingness to bet on the future value of the metaverse; the talent, capacity, and capability to develop a relevant position; the scale of potential metaverse customers and relevance for the existing and future customer base; and the extent to which the metaverse vision fits with the strategy and culture of a company and its employees. 

Not entering the metaverse is also a strategic choice. But while widespread metaverse adoption and the development of significant revenue pools in financial services may take time, many companies may decide an early investment is an appealing strategic hedge, especially with the increasing integration with digitally native assets.

Read Also: Cannes Lions 2022: Gillette Venus to Old Spice, how P&G used its brands to create stories of change

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Spelling Bee Forum

By BY ISAAC ARONOW AND DOUG MENNELLA from NYT Gameplay https://ift.tt/O5UhYdp

TS Inter 1st, 2nd year result 2022: List of websites, apps to host marks memo

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Top six nutrients to enhance the longevity of your brain

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Presidential polls: BSP chief Mayawati announces support for NDA’s candidate Droupadi Murmu

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Roe v. Wade: Athletes react to the Supreme Court’s abortion decision

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Microsoft to end Windows 8.1 support in January 2023

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Covid-19 Top Updates: India reports 15,940 new Covid cases in 24 hours; Maharashtra sees marginal dip but planning to make masks compulsory again

The number of Covid infections in India rose by 15,940 in a single day to reach over 4,33,78,234, while the number of people infected with the disease at present increased to 91,779. The death toll also rose to 5,24,974, with 20 more fatalities. The number of active cases also increased by 3,495, and now stands at 0.21 percent of the total infections. The national COVID-19 recovery rate also improved to 98.58 percent.

Here are other related updates about Coronovirus that needs attention.

Delhi Covid positivity rate drops to 5.98 percent-

Delhi recorded 1,447 new Covid-19 cases and one more death on Friday, while the positivity rate dropped to 5.98 percent, according to data shared by the state health department.

Union health minister Mansukh Mandaviya has directed officials to focus on surveillance and genome sequencing.

Maharashtra sees drop in cases-

Maharashtra and the state capital Mumbai saw a sharp drop in Covid-19 cases over the last 24 hours. The state logged 4,205 fresh Covid infections on Friday while the financial capital, Mumbai recorded 1,898 cases. The fresh cases in the city marked a drop of 23.43 percent.  

Chief Minister Uddhav Thackeray also held a meeting with all municipal commissioners, district collectors, and district police superintendents through a video conference to review the situation in the state

Mask mandate in Maharashtra-  

Chief Minister Uddhav Thackeray on Friday explored the possibility of making face masks mandatory again in Mumbai suburban trains in view of the rising cases.

The state withdrew its compulsory face mask rule in early April as cases declined and made it optional in view of a sharp drop in daily cases.

Spike of Covid cases in Chandigarh- 

Situations are worrying in Chandigarh, where in the last week there has been a steady rise in hospitalisation numbers with the average occupancy of Covid beds with oxygen in government hospitals between 15 and 23, and the number of people on ventilators between one and four. On June 24, 22 people were hospitalised, with four on a ventilator.

Prof Ashutosh N Aggarwal, head, of the Department of Pulmonary Medicine, PGI informed PTI that most admissions are primarily due to co-morbid illnesses rather than Covid-19 per se and very few patients are requiring mechanical ventilation. “Both Covid-19 pneumonia and underlying medical conditions contribute to clinical worsening and respiratory failure in such cases,” he said

Emergency approval of Covovax for 7 to 11 years old:

An expert panel of India’s central drug authority on Friday recommended granting emergency use authorisation to Serum Institute’s Covovax for children aged 7 to 11 years, official sources said. The recommendation will be reviewed by the Drugs Controller General of India (DCGI) for final approval.

The application for emergency use authorisation was submitted by Prakash Kumar Singh, director (government and regulatory affairs) at Serum Institute of India (SII) on March 16.

Rise and fall in Covid cases ‘common’ in endemic phase- 

Rise and fall in cases from time to time is a common phenomenon when an infectious disease transitions from pandemic to endemic phase, experts said on Friday.

Experts further found that not wearing masks, increased travel, and social interactions, and low uptake of booster doses of the Covid vaccine could possibly be behind the increase.

Mexico witnessing record spike in Covid cases: 

India and Mexico reported their highest single-day cases since late February. Authorities in Macau in order to curb the spread locked down many residential buildings to contain a spike in infections in the world’s biggest gambling hub.

Effectiveness of Covi-19 vaccine:

A study published in The Lancet Infectious Disease says that Covid-19 vaccines have prevented nearly 1.98 crore deaths worldwide — out of a potential 3.14 crore deaths — in the first year of the vaccine program. The figures include 42.10 lakh deaths prevented in India.

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Spelling Bee Forum

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A world apart, Lebanon and Sri Lanka share economic collapse

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‘An Extreme Indignity’ – Trans cyclist and two-time world champion Victoria Ivy slams FINA’s ‘Open’ category proposal

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Rakesh Jhunjhunwala stock up 24% so far in 2022; brokerages say buy, see up to 32% potential rally

Rakesh Jhunjhunwala portfolio stock Indian Hotels Company (IHCL) has jumped 24% so far this year, outperforming benchmark Nifty 50 which has tumbled 11%. Brokerage firms are bullish on Indian Hotels shares after the company highlighted its efforts to grow its existing and new businesses and deploy its capital efficiently to generate better returns in the FY22 annual report. IHCL shares were quoting at Rs 229, up 2% on the NSE intraday. Indian Hotels is one of the 33 stocks held by Big Bull Rakesh Jhunjhunwala in his portfolio. Rakesh Jhunjhunwala and wife Rekha jointly hold a 2.1% stake in this hotel and resorts company as on March 31, 2022, according to the BSE corporate filing of the company.

Stock talk: Should you buy Indian Hotels shares?

Motilal Oswal: Buy
Target price: Rs 278, Upside 30%

According to analysts at Motilal Oswal Financial Services, Indian Hotels’ asset-light model, and new and reimagined revenue-generating avenues, with higher EBITDA margins, bodes well for an expansion in RoCE. “Like FY22, we expect a strong recovery in FY23 and FY24, led by: a) an improvement in ARR once economic activity normalizes; b) improved occupancies, led by business travelers as well as the Leisure segment; c) cost rationalization efforts; d) an increase in F&B income as banqueting/conferences normalizes; and e) higher income from management contracts,” they said. The brokerage reiterated ‘Buy’ rating on the stock with a SoTP-based target price of Rs 278 apiece, implying 30% upside from Wednesday’s closing price of Rs 215.

ICICI Securities: Buy
Target price: Rs 284, Upside: 32%

Brokerage house ICICI Securities has maintained a buy call on the stock with a target price of Rs 284 per share, which translates into an upside of 32% on Wednesday’s closing price of Rs 215. The brokerage was of the view that the growth and margin targets set by the company’s management are realistic. “Like FY22, we expect a strong recovery in FY23 and FY24, led by an improvement in ARR once economic activity normalizes, improved occupancies, cost rationalization efforts, an increase in F&B income as banqueting/conferences normalizes and higher income from management contracts,” it said. Key risks to the upside are fresh Covid cases, which can impact demand and rise in costs denting margins.

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)

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Court Ruling on Guns: The Legislature’s Options

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Exclusive: KuCoin CEO Johnny Lyu on crypto crash impact, which coins will survive, India plans and more

In an extremely volatile world of cryptos, already crowded by hundreds of exchanges, KuCoin has positioned itself as the number 1 altcoin exchange destination within a few years, with over 700 tradable assets. The exchange is more popular among crypto traders looking for “Hidden Gems” from promising cryptocurrency, NFT, metaverse and Web3 projects.  

While the global crypto markets are currently battered by crashes, KuCoin has some ambitious plans for this year and the exchange’s CEO Johnny Lyu is confident that the future holds an “upward market”. In an exclusive interaction with financialexpress.com via email, Johnny shared details of KuCoin’s global and India plans, his views on the future of crypto after current crash and more. Edited Excerpts: 

What are your views on the current crypto crash? Where is the cryptocurrency market headed globally?

The impending global economic crisis is definitely impacting the overall situation on the crypto market and is fueling a correction period, which is quite natural for any financial market where periods of stability are combined with periods of price drops and hikes. In the more than 10 years since the appearance of Bitcoin, the market has experienced several rounds of ups and downs. But after each bottom, the crypto market was greeted by a bull market. Therefore, the market downturn is temporary, and the future must hold an upward market.

What has been the impact of crypto crash on KuCoin?

The markets are a double-edged sword. In terms of user sentiment, transaction willingness, etc., a good market is sometimes a booster, which can make our platform actions more effective. However, under the current market situation, the willingness of new users to enter and the trading frequency of some users may be somewhat reduced, but this is all staged. 

The upward market must be a boost for the platform but in the downward trend of the market, we will also be investing heavily in departments involved in innovation, especially Web-3.0, metaverse environments, and other digital avenues of opportunity, to build up a more competitive platform and provide comprehensive products and services to the users. Short-term market impact is not enough to affect our long-term plans.

Many experts are claiming that most of the cryptos may vanish in a few years. Which cryptos do you think may survive the test of time? 

No matter whether it is in the era of Web-1.0, Web-2.0 or Web-3.0, the laws of the market have always been “the Great will win” and “the survival of the fittest”, and the crypto industry is no exception. There is also a strong possibility that the vast majority of cryptos will disappear in the future. As per the market’s survival code, only projects with a strong consensus foundation, a competitive team, and applications that are just needed, will stand a high chance of surviving.

KuCoin’s plans for India

The Indian crypto market is of great importance to KuCoin. To provide better services for local users, KuCoin recruited Indian specialists and established communities in the country. Two years ago, KuCoin launched a $50 million Support Plan to boost the development of the Indian blockchain industry.  

Meanwhile, KuCoin labs launched a $100 million metaverse fund in 2021, and KuCoin Ventures and Windvane (KuCoin NFT marketplace）launched a $100 million Creators Fund to support NFT creators, artists, projects etc. The funds will also seek out potential contributors, practitioners and projects in the Indian market.

What are the initiatives supported by KuCoin in India?

We are actively cooperating with local crypto companies, like Bitbns, and the popular video app – Chingari. 

As the COVID-19 pandemic hit India, KuCoin initiated a Special Charity Fund in April 2021 with a Rs 10 million donation to a local NGO to address the challenges encountered by Indian citizens. On May 17, 2021, we partnered with the local crypto bank Cashaa to donate Rs 2 million worth of food and supplies to Indian citizens to help them fight against the outbreak of COVID-19. Wheat, rice, dal, and salt have been distributed to citizens of Jaipur, Delhi, Patna, etc., helping them get through the most difficult time. As one of its charity initiative in India, KuCoin has partnered with Adim Sanskruti, a Pune-based Non-Governmental Organisation (NGO), to extend daily supplies distribution to Pune.

If crypto legislation comes into force in India, KuCoin will increase investment in the Indian market to consolidate KuCoin’s brand position and to better serve local traders, and as for setting up an operational center in India, it will be considered as per the request of the crypto bill.

ALSO READ | How does Binance handle crypto frauds and scams?

What makes KuCoin different from other exchanges?

Every platform has its own strategies. The industry is still in its infancy and we believe all platforms still have a plenty of room to grow. Instead of focusing on other exchanges, we are more prone to focus on the people with us. That’s why we were given the nickname the “People’s Exchange” by our users. 

We are happy with how far we got, and we are concentrating on building our own strength in the long run, like finding more hidden gems and localizing our product offerings in key markets, making KuCoin a platform for all classes of investors. 

We provide a wide range of crypto financial tools and services to users of all types, including spot trading, futures trading, margin trading, money management, and mining. We also serve over 18 million people in over 207 countries. KuCoin’s global user base lets it be independent of any particular market, giving it additional stability and liquidity for its users around the world.

One of the key advantages of KuCoin is that it offers more Crypto Gems, and many talented projects are launched online on KuCoin. It also supports over 700 coins and over 1200 trade pairings.

Story behind the creation of KuCoin exchange

Behind KuCoin are two tech geeks who were early blockchain adopters. Having started coding at the age of 8 and founded his first startup at 16, the first one heard about Bitcoin in 2012 from his boss – another founder – who inspired him to start mining. While he tried to sell some BTC on Mt.Gox, he discovered that, what was the world’s largest platform at the time, was difficult for beginners to use.

As the adoption of blockchain continued, they realized that it was reshaping the financial system, building a new system that not only serves the few richest, but everyone in the world – even the uneducated, unemployed and unbanked. By the end of 2013, they wrote down the first code in a cafe. After that, they spent over two months completing the code for a trading system. The initial API documentation of this is still present on GitHub. However, because the whole cryptocurrency market was still in its infancy at the time, they each had their jobs, and they were not yet prepared to start a business, so this matter took a back seat. 

After they returned their focus to the crypto industry in 2017, they found it incredible that even though 4 years had passed, the systems and services of the entire cryptocurrency trading market were too far removed from the internet industry. Exchanges often suffered delays and downtimes. The instability in the trading system gave rise to user frustrations and worse user experience. This is when KuCoin was created to bring a better trading experience to the crypto industry and bring blockchain and allow everyone to embrace digital assets.  

ALSO READ | TDS Guidelines For Cryptocurrency Transactions Explained

What is the most difficult struggle the exchange had to overcome and how did it do it?

I think the most significant difficulty for an exchange, or a crypto company, is balancing and allocating the company’s limited resources — whether to invest more in R&D to develop more products or to invest more in marketing and sales to gain a larger market share. 

At one point, KuCoin faced this same dilemma. After the crypto industry entered a bearish market in 2018 and the sector slowed down, we faced two choices. One choice was to increase investment in market expansion, the other was to prepare for the long-term strategy by improving the infrastructure and bolstering the team, so as to develop a new system to satisfy more demands of the market. KuCoin ultimately chose the latter. Since then, we have launched KuCoin 2.0, Futures Trading, Margin Trading, KuCoin Earn, and other innovative products. Not only have we made great strides in technology, but we have also assembled a competitive team, and this has laid the foundation for KuCoin to become the best trading platform in the world. 

New initiatives planned by KuCoin for 2022

KuCoin experienced rapid expansion in 2021. This also became one of the challenges I encountered as CEO of KuCoin: how can we better serve our users amid our business’s rapid growth?  

This year, we will mine more crypto gems, explore and experiment more with social trading, and launch social trading features. Next, we will further expand KuCoin’s decentralized ecosystem and will provide users with more decentralized products, such as our decentralized trading solutions. We will also expand KuCoin’s presence in the decentralized space, especially in the metaverse, Web 3.0, and other essential areas.

How safe are investors’ assets on the KuCoin exchange?

At KuCoin, we’re very much vigilant of security and cyber threats, and we ensure that our exchange is safe for trading. KuCoin allows you to trade with confidence, knowing that your digital assets are safe on the exchange. Micro-withdrawal wallets, industry-level multilayer encryption, and dynamic multi-factor authentication are a few of the levels of protection that we employ.

KuCoin offers 24/7 customer support via live chat and online ticket on its help center. The supporting staff are very responsive and patient. Also, KuCoin has established about 23 local communities in Europe, SEA and other regions, providing users with highly localized service and support.

Does KuCoin follow international regulations?

KuCoin operates in the Seychelles and complies with local laws. We respect all laws and policies in other countries.

What is KuCoin’s NFT initiative? What is different about it as compared to other platforms?

Compared with other NFT Marketplaces, Windvane focuses on the core problems that have not been solved in the current market, including the lack of high-quality projects, high user participation thresholds, poor security, high fees and the difficulty of finding potential projects.

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)

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Extreme Weather Hits China With Massive Floods and Scorching Heat

By BY TIFFANY MAY from NYT World https://ift.tt/FV0fQmn

Akshay Kumar claps back at reporter for asking how he handled ‘women’s tantrums’ on Raksha Bandhan sets: ‘Tune kaunse tantrum jhele hain…’

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Star Health, Gujarat Gas among 78 stocks to hit 52-week low on BSE, 40 stocks at new highs

Indian equity markets firmly extended gains after a flat opening on Thursday. In early trade, the BSE Sensex rose 500 points to 52,320 level, while the NSE Nifty gained 200 points to move above 15,600. In the broader markets, the BSE MidCap and SmallCap indices also inched higher, gaining 1.1 per cent each. Sectorally, Nifty auto and IT indices led gains. Nifty Bank, Financials also held notable gains, while FMCG and oil & gas pockets were marginally in green. Among stocks, Bajaj Auto rose 3 per cent after the company said its board will meet on Monday to further deliberate on the previously deferred share buyback plan. A total of 78 stocks hit 52-week low on BSE, while 40 stocks were at fresh highs.

Stocks that hit 52-week high, low on BSE

ESAAR (India), Alfavision Overseas (India), Elecon Engineering, Gallops Enterprise, Naysaa Securities, Scandent Imaging, Superior Industrial Enterprises, S&T Corporation, Shreeji Translogistics, Trans Financial Resources were among the stocks that hit 52-week high on BSE. On the flip side, Anjani Foods, Chambal Fertilisers & Chemicals, DB Corp, Fino Payments Bank, GR Infraprojects, Hester Biosciences, Gujarat Gas, KSE, Muthoot Finance, The New India Assurance Company, Star Health and Allied Insurance Company, Supreme Industries, Suryoday Small Finance Bank, Symphony, UPL, Vijay Solvex, V-Mart Retail were the scrips at new lows.

Stocks that hit 52-week high, low on NSE

A total of 6 stocks touched 52-week high, while 56 scrips were at new lows on the Natinal Stock Exchange (NSE). Elecon Engineering Company, Insecticides (India), Jupiter Wagons, Kohinoor Foods were among the stocks that hit 52-week high. Meanwhile, Aarti Drugs, Ajanta Pharma, Akash Infra-Projects, Chambal Fertilizers & Chemicals, Dhani Services, Equippp Social Impact Technologies, ICICI Prudential Mutual Fund – ICICI Prudential 5 Year G-Sec, Invesco India Nifty Exchange Traded Fund, Jet Freight Logistics, Muthoot Finance, Nilkamal, PTC India, Sun TV Network, Tata Steel, Vedanta, Vardhman Special Steels, Yaari Digital Integrated Services were among the stocks at fresh lows.

Sensex, Nifty top gainers, losers

Maruti Suzuki, Bharti Airtel, Asian Paints, M&M, ICICI Bank, L&T, TCS, Sun Pharma, SBI, Axis Bank, Wipro, HCL Technologies were the top Sensex gainers, while Powergrid and Titan were the laggards. In the Nifty pack, Eicher Motors, Maruti Suzuki, Hero Motocorp, Tata Motors, Bharti Airtel were gainers, while Powergrid, Coal India and Titan were the losers.

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The Stranded Sons of Shakhtar Donetsk

By BY TARIQ PANJA from NYT Sports https://ift.tt/8Qb4hWc

Spice Money and Religare Broking roll out a new campaign ‘Demat Zaroori Hai’

Spice Money has launched a digital TVC that announces its partnership with Religare Broking Ltd. (RBL) to provide rural citizens with equitable access to investment opportunities, thus, taking a step further in bridging the rural-urban divide and augmenting financial inclusion. The TVC highlights how rural citizens can get assistance to open a free of cost Religare Demat accounts from their nearest merchant or kirana store served by Spice Money Adhikaris, and the importance of these accounts as primary requisite for investments. 

Spice Money is dedicated to being a part of the journey of financial inclusion that the country has set upon, Kuldeep Pawar, senior vice president and head of marketing, Spice Money said. “With the ten lakhs strong Spice Money Adhikari network serving more than 18,000 pin codes in India, we have now partnered with Religare Broking, one of the leading securities firms, to truly democratise the opportunity for investments. Our new digital TVC showcases this partnership and highlights how it will bring to the citizens of Bharat, a plethora of investment opportunities, hitherto available mostly to urban India, as we work towards our commitment in bridging the rural-urban divide,” he added. 

The TVC, with its essence rooted in rural India, ties together the ground-level aspirations of a young Bharat, the ease of opening a Demat account, and the many financial opportunities and resultant financial prosperity that a Demat account can pave the way for.

“We have joined hands with Spice Money, a brand that has been leading the financial services revolution in rural India, to bring a diverse portfolio of investment opportunities to the last mile of the country. We firmly believe that this association will pave the way toward financial freedom for the rural citizens of India and contribute towards further financial inclusion,” Ashley Almeida, executive vice president, digital, product, and marketing, Religare Broking stated. 

Read Also: CredAvenue rebrands to Yubi

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Recent Ukrainian strikes in Black Sea suggest it has received powerful Western weapons, analysts say.

By BY VALERIE HOPKINS AND MARC SANTORA from NYT World https://ift.tt/MNvuR3O

Delhi weather today: Light rain likely in several parts of the city, says IMD

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CATL to supply batteries for Kia EVs in Korea

South Korean automaker Kia Corp will use batteries from China’s CATL in an electric vehicle (EV) to be sold domestically, a newspaper said on Wednesday, in what would be its first use of non-Korean EV batteries for local sales.

Kia, an affiliate of Hyundai Motor Co, has chosen batteries from CATL – Contemporary Amperex Technology Co Ltd – for its electric Niro crossover SUV in a move to expand its range of battery suppliers, Hankook Ilbo newspaper reported, citing an unnamed Kia official. CATL, whose clients include Tesla Inc and Volkswagen AG, is the world’s largest battery maker with a share of more than 35% of a booming global EV battery market, according to industry tracker SNE Research, a market that analysts say is worth tens of billions of dollars.

The report said the automaker also factored in cost-competitiveness when making its decision for the Niro EV, which is aimed at the middle rather than premium segment of the auto market. The newspaper didn’t disclose financial or volume terms of the battery deal.

Kia and CATL officials were not immediately available for comment. Last year, another domestic newspaper, Chosun Ilbo, reported that CATL had won a deal to supply batteries to Hyundai Motor Group, parent of Kia and Hyundai Motor Co, along with LG Energy Solution Ltd (LGES) and SK Innovation’s SK On.

Analysts said Kia would be keen to lower costs for its Niro EV by using CATL batteries that are considered more cost-effective. Batteries are typically the most expensive component of EVs, making up about 30-40% of total manufacturing cost.”

This appears to be a natural course of business for South Korean automakers as they plan to boost EV sales and secure battery capacity … relying on only a few battery suppliers could be a risk factor,” said Kevin Yoo, an analyst at Daol Investment & Securities.

The Hankook Ilbo newspaper said Kia had not yet disclosed its decision to adopt CATL’s batteries to its customers.

Hyundai Motor and Kia have so far only used batteries made by two South Korean firms – LGES and SK On – for electric vehicles for the South Korean market.

That duo and domestic peer Samsung SDI Co Ltd together command more than a quarter of the global EV battery market, according to SNE Research.

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Spelling Bee Forum

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Rob Kardashian and Blac Chyna settle before trial’s sequel

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J&K: Three militants killed in two separate gunfights, 10 in less than 48 hours

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JAC Jharkhand Board 10th Result 2022 Live Updates: Check toppers list, scores at jacresults.com

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Is running linked to ageing, increased cardiovascular risk in men?

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Ajay Devgn, Tabu announce Drishyam 2 release date, promise ‘yet another thrilling journey’

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New Zealand call up former Dutch all-rounder Michael Rippon for European tour

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Stephen Colbert Explains How His ‘Late Show’ Staff Was Detained in Washington

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India Weather Updates: Intense rainfall in Chennai floods streets, Delhi may witness light rain today

Latest Updates on Indian Weather June 20: The India Meteorological Department (IMD) has predicted light to intense rainfall in many parts of India in the coming days. The IMD has said that Delhi will witness generally cloudy skies for the day with light to moderate rain and thundershowers accompanied with gusty winds of around 30-40 kmph. The maximum temperature in the city is likely to hover around 32 degrees Celsius. Delhi’s minimum temperature was down to 23.6 degrees Celsius on Monday, which is five notches below the season’s average. The relative humidity was recorded as 77 per cent at 8:30 am.

According to the Met department, southwest monsoon further advanced into some more parts of Gujarat, Madhya Pradesh, Gangetic West Bengal, Chhattisgarh, Jharkhand and Bihar on Sunday. The weatherman said that conditions are favourable for the monsoon’s advancement into the remaining portion of Gangetic Bengal and Jharkhand over the next three days, as per an IE report. The report also said that with monsoon setting in, West Bengal, Bihar and Jharkhand are likely to receive isolated heavy rainfall on Monday and Tuesday.

Residents struggle amidst rising water levels in Guwahati. (Image Source: PTI)

Chennai streets were flooded due to intense rainfall on Sunday night which also led to overflowing sewages and affected flight services. The Regional Meteorological Centre (RMC) at 4 am on Monday noted that thunderstorm with moderate rain is likely to occur at one or two places over Tiruvallur, Chennai, Kancheepuram, Chengalpattu, Ranipettai, and Vellore districts of Tamil Nadu in the next three hours, IE reported.

Weather Damages

According to a few media reports, the NH-6 was cut off for the fourth consecutive day on Sunday due to landslides triggered by incessant rains. The highway connects Tripura, Mizoram, Manipur and the southern part of Assam with the rest of India. IN fact, the railway route, which connects these states to the rest of the country, also remain cut off for the last 38 days.

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