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Army, Navy rescue marooned people in Karnataka’s flood-hit district

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Srirangapatna flood

Bengaluru, Aug 17 (IANS) Indian Army troops and Navy divers joined the national and state disaster relief forces to rescue hundreds of people marooned in Karnataka’s flood-hit Kodagu district, said an official statement on Friday.

“About 60 Dogra Regiment soldiers and 12 expert naval divers rescued 873 marooned people in the flood-hit district, where overnight heavy rains caused landslides and inundated low-lying areas at Makkanduru,” said the statement from the Chief Minister’s office here.

Kodagu, about 250 km from Bengaluru, is one of the districts in the southern state worst hit by the south-west monsoon rains since June first week.

The Army’s engineering task force deployed 73 boats, equipment and rafts in rescuing the people and escorting them to safer places in the district.

About 60 members of the national and state disaster relief forces and 45 members of the civil defence joined the rescue and relief operations with boats and equipment in Madikeri in the hilly district.

“Though the Indian Air Force (IAF) aborted rescue mission due to inclement weather, it will fly M17 chopper from Mysuru on Saturday to rescue the remaining stranded and transport relief supplies,” noted the statement.

About 200 personnel of the state fire service had rescued people in flood-hit towns and villages across the district with their boats and equipment.

“Telecom services, disrupted due to rains and strong winds uprooting poles and snapping phone lines, are being restored on priority. HAM operators have been deployed as back-up. Power lines are also being restored,” said the statement.

The district administration has housed 573 persons in 17 relief camps.

Intra and inter-state bus and train services between Karnataka and flood-hit Kerala were suspended due to landslides and rain water submerging the highways and roads in the ghat section.

State-run and private bus services from Mysuru and Chamarajanagar to Ooty and Coonoor hill stations in Tamil Nadu were suspended due to flooding and fallen trees blocking the routes in the ghat section.

According to the weather office, rain fury continued in the state’s coastal districts of Dakshina Kannada, Udupi and Uttara Kannada, disrupting normal life, including vehicular movement of goods and people.

Incessant rains lashed the Malnad region, flooding several areas in Shivamogga, Hassan and Chikkamagaluru districts.

Schools and colleges will remain shut even on Saturday in the affected districts due to flooding and disruption of bus services.

The state’s metrological department has warned of moderate to heavy rain in coastal, south interior and north interior areas of the state till Sunday.

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Sensex ends 536 points lower, Nifty below 11,000-mark

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Sensex down

Mumbai, Sep 24: Slump in the financial stocks along with a weak rupee and high crude oil prices dragged the S&P BSE Sensex down 536 points on Monday and the NSE Nifty50 lost nearly 170 points to close below 11,000-mark — slipping into the red for the fifth consecutive session.

On the other hand, the rupee weakened during the day to trade around 72.59 (4.15 p.m) per US dollar against the previous close of 72.20 per greenback.

With all the major sectors contributing to the sell-off, top sectoral losers were banking, auto and finance.

At 3.30 p.m, the wider NSE Nifty50 provisionally closed at 10,974.90 points, lower 168.20 points or 1.51 per cent from the previous close of 11,143.10 points.

The BSE Sensex, which had opened at 36,924.72 points, provisionally closed at 36,305.02 points, lower 536.58 points or 1.46 per cent from the Friday’s close of 36,841.60 points.

The Sensex touched an intra-day high of 36,945.50 points and a low of 36,216.95 points.

IANS

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Weak rupee, credit crisis worries drag equity market down 3% over week

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SENSEX NIFTY MARKET

Mumbai, Sep 22 : Persistent depreciation in the Indian rupee and high crude oil prices coupled with concerns over credit crisis dragged the key equity indices three per cent lower on a weekly basis during September 17-21.

The week started on a negative note, both in the domestic and global markets, primarily owing to the US announcement of fresh tariffs on Chinese imports.

This was the third consecutive week that saw fall in the Indian equity market.

The stock exchanges were, however, closed on September 20 on account of Muharram.

A major slump hit the market on Friday afternoon, with the S&P BSE Sensex losing over 1,100 points, only to partially recover from the lows minutes later. Analysts described it as a panic sell-off across the board, specifically in the banking and finance space, as there were concerns over credit risk.

“Firesale of financial units by IL&FS for repaying its CPs (commercial papers) added fuel to fire,” said Mustafa Nadeem, CEO, Epic Research.

Infrastructure Leasing and Financial Services (IL&FS), which defaulted on its commercial paper obligation earlier this year, missed payments again on Friday. This increased concerns of a credit crisis among the investors.

On a weekly basis, the Sensex closed at 36,841.60 points, lower 1,249.04 points or 3.28 per cent from its previous close.

Similarly, the wider Nifty50 of the National Stock Exchange on Friday closed at 11,143.10 points, down 372.1 points or 3.23 per cent from the previous week’s close.

“Indian markets remained in bear grip right from the beginning of the week, largely weighed down by a weakening rupee, escalation in trade war and rise in crude oil prices,” said Prateek Jain, Director of Hem Securities.

He added that investor’s sentiments were further weakened by the announcement of merger of three public sector banks — Bank of Baroda, Vijaya Bank and Dena Bank.

“On Friday, towards the fag-end of the week, traders and investors witnessed a highly catastrophic market driven by a sharpfall in the NBFC sector,” Jain said.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,674.12 crore, while the domestic institutional investors bought Rs 1,782.63-crore stocks in the truncated week.

According to National Securities Depository (NSDL) figures, foreign portfolio investors (FPIs) divested Rs 2,231.37 crore, or $306.04 million, in the equities segment during the week ended September 21.

On the currency front, the Indian rupee closed at 72.20 a US dollar on Friday recovering 35 paise from the previous week’s close of 71.85.

On Tuesday, it touched an all-time low of 72.91 per greenback.

The top sectoral gainer was oil and gas, while the major losers were realty, infrastructure and finance counters, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The top weekly Sensex gainers were ONGC (up 6.88 per cent at Rs 180.10); Power Grid (up 3.62 per cent at Rs 200.20); Tata Steel (up 3.15 per cent at Rs 624.55); Tata Consultancy Services (up 2.94 per cent at Rs 2,103.80); and Vedanta (up 2.66 per cent at Rs 229.70 per share).

The major losers were Yes Bank (down 27.79 per cent at Rs 227.05); Tata Motors (DVR) (down 7.44 per cent at Rs 131.85); Axis Bank (down 5.69 per cent at Rs 599.40); Maruti Suzuki (down 5.44 per cent at Rs 8,039.55); and State Bank of India (down 5.39 per cent at Rs 270.05 per share).

(Ravi Dutta Mishra can be contacted at [email protected])

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Petrol costs Rs 82.44/litre in Delhi, Rs 89.80 in Mumbai

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Petrol Price

Sep 22 : Fuel prices climbed to fresh highs across the metros cities on Saturday as in Mumbai, where the fuel cost is highest due to the highest VAT, petrol prices inched up to the psychological Rs 90 a litre-mark and sold at Rs 89.80 per litre.

In the national capital, petrol was sold at Rs 82.44 per litre, up from Rs 82.32 per litre on Friday, data on the Indian Oil Corp’s website showed.

As per rates released daily by state-run Indian Oil Corp, the depreciating rupee and expensive crude oil further pushed petrol and diesel to new record highs on Monday.

Fuel prices in the country have been rising almost daily since August 1. They fell only once on August 13 and have been on record levels for over two weeks now.

Sector experts say a weak rupee and high excise duty are major factors for the rise in fuel prices.

Inflationary risks along with broadly negative global cues depressed the Indian rupee to a new low of 72.91 against the US dollar.

Also, high global crude oil cost has become a major concern for the country, which imports over 80 per cent of its oil requirements. The UK Brent crude oil price hovers around $78 per barrel.

Since the start of the calendar year, the petrol price in Delhi has gone up by over 15 per cent from Rs 69.97 on January 1, 2018. The hike in diesel price has been even more steep. It has gone up by more than 22 per cent since January 1 when it cost Rs 59.70.

Last week, the West Bengal government reduced the excise on petrol and diesel by Re 1 per litre each.

The Karnataka government announced on Monday that petrol and diesel will be cheaper by Rs 2 per litre each across the state from Tuesday following the reduction in cess on these fuels.

As per the country’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.

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