Reliance Power to raise long-term debt of up to Rs 1,200 cr

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September 5, 2022

Reliance Power along with its subsidiary entered into a Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (around USD 150 million).

Varde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. Varde currently manages over USD 13 billion in assets with teams in North America, Europe, and the Asia Pacific focused, its website showed.

This proposed debt will be used for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by the Reliance firm, it said in a regulatory filing to the exchanges on Monday morning.

“The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations,” the filing said.

The stock exchanges will be updated once the proposed financing terms are finalised and the definitive documents in relation to the proposed financing are executed, it added. Reliance Group is one of India’s leading private sector power generation and coal resources firms.

It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 5,945 megawatts.

31,365 idols immersed in Mumbai on 5th day of Ganesh festival

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PTI

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September 5, 2022

A total of 31,365 Ganesh idols were immersed in the sea and artificial ponds in Mumbai on the fifth day of the Ganpati festival, a civic official said on Monday.

There was so far no report of any untoward incident following the fifth day celebration of the festival on Sunday, the official said.

Till 6 am on Monday, 30,446 household idols, 27 Hartalika and 892 sarvajanik (public) idols were immersed, the official from the Brihanmumbai Municipal Corporation (BMC) said.

At least 12,030 household idols, 16 Hartalika and 377 public mandal idols were immersed in the artificial ponds built at different places in the city. The other idols were immersed in the sea at various beaches here, he said.

Tight police security was deployed at the immersion points and beaches at Juhu and Girgaon, he said.

The Mumbai police have also beefed up the security outside the Lalbaughcha Raja and other pandals.

Union Home Minister Amit Shah along with Maharashtra Chief Minister Eknath Shinde will visit the Lalbaugcha Raja pandal on Monday.

2 injured after house ceiling plaster collapses in Thane

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PTI

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September 5, 2022

Thane, House collapse, Representative Image, Women, collapse — Image for representative purpose

Two persons were injured after their house ceiling plaster fell on them in Maharashtra’s Thane city on Monday, civic officials said.

The victims were sleeping in their apartment located in a ground-plus-four storey building in Budhaji Nagar when the ceiling plaster collapsed around 5 am, Thane Municipal Corporation’s Regional Disaster Management Cell (RDMC) chief Avinash Sawant said.

Local firemen, RDMC team and police rushed to the spot and provided assistance.

A 22-year-old man and a woman aged 27 suffered injuries. They have been admitted to the Kalwa civic hospital for treatment, the official said.

The building where their flat is located is about 30 years old, he said.

The apartment’s power supply has been disconnected as a precautionary measure, he added.

Madrassa teacher arrested for allegedly sodomizing a minor

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ANI

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September 5, 2022

A Madrassa teacher from Hyderabad, has been arrested after he was accused of sodomizing a minor boy in the Santosh Nagar area.

According to the Police, the 14-year-old minor was sodomised by the 21-year-old Madrassa teacher and the teacher has been booked and sent to judicial custody.

A 14-year-old was sodomised by the Madrassa teacher. After the victim’s family filed a complaint, the case was booked against him under the relevant sections of POCSO. The accused was arrested and has been sent to judicial remand,” a higher police official told agencies.

Sodomy is an act of performing unnatural or abnormal sexual intercourse on a person, which can be anal or oral in nature. Earlier, the Uttar Pradesh government on August 31, announced that it will conduct a survey of unrecognised madrassas to ascertain the number of students, teachers, curriculum and affiliation with any non-government organisation of these institutions.

The survey will be carried out as per the requirement of the National Commission for Protection of Child Rights in connection with the availability of basic facilities to the students in madrassas, Minister of State for Minority Affairs Danish Azad Ansari said.

Meanwhile, the government has also ordered holding a survey of unrecognised madrassas by October 5, teams will constitute officials of the Sub Divisional Magistrate (SDM), Basic Shiksha Adhikari (BSA) and District Minority Officers.

Sensex gains over 280 pts in early trade; Nifty above 17,600

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PTI

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September 5, 2022

Sensex, Rise, Fall, Climb, Downfall — Image for representative purpose

Benchmark indices began the trade on a positive note on Monday, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC Bank amid a mixed trend in global markets.

The BSE Sensex climbed 286.36 points to 59,089.69 in early trade. Likewise, the NSE Nifty advanced 77.9 points to 17,617.35.

From the Sensex pack, ICICI Bank, Tech Mahindra, ITC, HCL Technologies, Tata Steel, Axis Bank, Reliance Industries, IndusInd Bank and HDFC Bank were the major gainers in early trade.

In contrast, Nestle, PowerGrid, Mahindra & Mahindra, Dr Reddy’s and Hindustan Unilever were among the laggards in initial trade.

In the previous session on Friday, the BSE benchmark inched up 36.74 points or 0.06 per cent to settle at 58,803.33. The Nifty dipped 3.35 points or 0.02 per cent to end at 17,539.45.

Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong were trading lower on Monday, while Shanghai quoted in the green in mid-session deals.

The US markets had ended lower on Friday. Equities in Europe had ended on a higher note on Friday.

Meanwhile, the international oil benchmark Brent crude jumped 1.9 per cent to USD 94.79 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth a net Rs 8.79 crore on Friday, as per exchange data.

Cyrus Mistry and co-passenger killed in car crash did not wear seat belts: Police

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PTI

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September 5, 2022

Cyrus Mistry, Mumbai, Car accident — Image: PTI

Former Tata Sons chairman Cyrus Mistry and a co-passenger killed in a car crash were not wearing seat belts, as per a preliminary probe, and over-speeding and the “error of judgement” by the driver caused the accident, a police official said.

Prima facie, the luxury car was speeding when the accident took place on Sunday afternoon, he said.

The Mercedes car covered a distance of 20 km in just nine minutes after crossing the Charoti check post in Maharashtra’s Palghar district, 120 km away from Mumbai, the official said on Sunday night.

The car hit a road divider on a bridge over the Surya river, killing Mistry (54) and Jahangir Pandole on the spot.

Mistry was returning to Mumbai from Ahmedabad when the tragedy struck at 2.30 PM.

The car was driven by Mumbai-based gynaecologist Anahita Pandole (55).

She and her Darius Pandole (60) were seriously injured in the accident.

“As per preliminary investigation, over-speeding and the error of judgement caused the car accident. Both the deceased were not wearing seat belts,” the official said.

“While analysing the footage captured by CCTV cameras at the Charoti check post, Palghar police found the car had crossed the check post at 2.21 pm and the accident took place 20 km ahead (in the direction of Mumbai),” he said.

This shows the car covered a distance of 20 km (from the check post) in just nine minutes, the official said, adding that the accident took place at 2.30 pm on the Surya river bridge.

Mistry and Jahangir Pandole were in the back seats. Darius Pandole was in the front seat and his wife Anahita Pandole was at the wheel, police said.

An eye-witness had said a woman was driving the car and tried to overtake another vehicle from the left side, but lost control and crashed into the road divider.

The bodies of Mistry and Jahangir Pandole were sent to the state-run J J Hospital in Mumbai for postmortem, the official said.

Jahangir Pandole was the brother of Darius Pandole, a former independent director of the Tata Group of companies.

Maharashtra Deputy Chief Minister Devendra Fadnavis, who holds the home portfolio, has asked police to conduct a detailed investigation into the accident.

Jammu-Srinagar National Highway blocked due to shooting stones

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ANI

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September 5, 2022

stone fall — Jammu-Srinagar National Highway blocked due to shooting stones 8

The Jammu-Srinagar National Highway (NH-44) has been closed for vehicular traffic due to shooting stones in Ramban district, police said on Monday. “Jammu-Srinagar national highway (NH-44) blocked at Cafeteria Morh, Mehad, in Ramban district due to continuous shooting stones,” the police added.

The highway is the main road which connects the Union Territory with the rest of the country. All essential supplies and vehicles pass through the highway.

Meanwhile, India Meteorological Department (IMD) has predicted fairly widespread to widespread light or moderate rainfall with isolated heavy falls and thunderstorms or lightning very likely over Jammu and Kashmir today.

A cloudburst that struck the holy cave of Amarnath on July 8 resulted in a heavy discharge of water in the ‘Nallah’ adjoining the holy cave and claimed 16 lives. In the tragic incident, at least 36 people were also reported missing.

Amarnath Yatra was partially suspended after the cloudburst incident and was later resumed from the Nunwan Pahalgam side on July 11. Another cloudburst triggered by heavy rains blocked the Srinagar-Leh highway on July 5, after flash floods occurred in central Kashmir’s Ganderbal district.

Flash floods also occurred in the Shah Mohallah Kullan area of Kangan in the Ganderbal district on July 3, inundating several houses and causing damage.

Bangladesh PM Sheikh Hasina to arrive in India today

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ANI

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September 5, 2022

Bangladesh Prime Minister Sheikh Hasina will arrive on a four-day visit to India on Monday. Issues on top of the agenda are upgrading defence cooperation, expanding regional connectivity initiatives and establishing stability in South Asia.

All eyes are set on Hasina’s first visit since the COVID-19 pandemic began.

uring her visit, the Bangladesh Prime Minister will meet President Droupadi Murmu and Vice President Jagdeep Dhankhar. She will also hold a bilateral meeting with Prime Minister Narendra Modi. External Affairs Minister S Jaishankar will call on PM Hasina during her visit to New Delhi. Hasina is also likely to visit Ajmer Sharif. This upcoming visit will be her first visit after both nations’ bilateral relations touched their 50th year in 2021. Last year also marked the 50th anniversary of Bangladesh’s independence and the 100th birth anniversary of Sheikh Mujibur Rahman, the founding father of the nation. PM Modi visited Bangladesh in 2021. Maitri Diwas celebrations were held in 20 capitals around the world including Delhi and Dhaka.

Prime Ministers of both countries have met 12 times since 2015. India and Bangladesh have sought to create a model for regional cooperation besides reviving several connectivity initiatives over the last few years.

The Akhaura-Agartala rail link will reopen soon, and it is anticipated that Agartala and Chittagong will be connected by air in a few weeks. The two sides are expected to ink an agreement on interim sharing of water of the Kushiyara River during Hasina’s visit.

The Bangladeshi PM is also likely to travel to Ajmer in Rajasthan to visit the Dargah of revered Sufi saint Moinuddin Chishti. Last month, India and Bangladesh finalised the text of the agreement on interim sharing of river waters.

The text of the memorandum of understanding (MoU) was finalised at the 38th ministerial-level meeting of the India-Bangladesh Joint Rivers Commission (JRC) held in Delhi on August 25. The commission was constituted in 1972 as a bilateral mechanism to address issues of mutual interest on common rivers.

Floods in Pakistan cause economic loss to the of USD 12.5 billion

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ANI

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September 5, 2022

flood in Pak — Floods in Pakistan cause economic loss to the of USD 12.5 billion 12

The estimated economic loss to Pakistan from floods has increased from USD 10 billion to USD 12.5 billion. The catastrophic floods in Pakistan resulted in the loss of lives. Inflation is projected to go up to the range of 24 per cent to 27 per cent and will touch 30 per cent for the current fiscal year, reported Agencies.

Moreover, poverty and unemployment will go up manifold from 21.9 per cent to over 36 per cent. Some 37 per cent population was hit by poverty after floods in 118 districts, as estimated by the Pakistan government.

A high-profile committee with representation from the Ministry of Finance, Ministry of Planning, State Bank of Pakistan, FBR, PIDE and others evaluated that poverty and unemployment have gone up manifold, rising from 21.9 per cent to over 36 per cent. Unemployment has gone up significantly but the government has decided to share any number after holding consultations with relevant stakeholders.

The unemployment rate stood at 6 per cent before the recent severe floods. Official sources said that the GDP growth would be reduced from 5 per cent to 2 per cent for the current fiscal.

The State Bank of Pakistan revealed that growth would be reduced from 4 per cent to 4.5 per cent to 2 per cent for the current fiscal

Army Chief Gen Manoj Pande arrives in Nepal on four day visit

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ANI

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September 4, 2022

Indian Army Chief General Manoj Pande arrived in Nepal on Sunday to enhance existing bilateral defence ties and strengthen cooperation in areas of mutual interest.

Taking to Twitter, the Nepal Army spokesperson said that General Manoj Pande arrived in Nepal for his official visit.

Earlier, the Indian Army tweeted, “General Manoj Pande #COAS proceeded on a four-day visit to #Nepal. The visit will provide an opportunity to enhance existing bilateral defence ties and strengthen cooperation in areas of mutual interest.”

This is Pande’s first visit to Nepal as Chief of Army Staff (COAS). During his visit, the Army Chief will call on the President of Nepal Bidhya Devi Bhandari, Nepal Prime Minister Sher Bahadur Deuba and the Chief of the Army Staff of Nepalese Army General Prabhu Ram Sharma, apart from meeting with the country’s senior military and civilian leadership where he will discuss avenues for enhancing India-Nepal defence relations.

Continuing a tradition of friendship between both armies, the Indian Army Chief will be conferred with the honorary rank of General of Nepal Army on September 5, 2022, in a ceremony at Sital Nivas, the official residence of the President of Nepal.

The COAS is scheduled to visit Nepal Army HQ where he will pay homage to the fallen soldiers and have interactions with the senior leadership of the Nepalese Army.

During his visit, the COAS will also interact with the student officers and faculty of the Nepal Army Command and Staff College Shivpuri.

The COAS is also scheduled to call on the Prime Minster of Nepal on September 6, 2022.

India-Nepal relations are historic, multifaceted and marked by common cultural and civilisational ties, apart from mutual respect and trust.

India attaches the highest priority to its relationship with Nepal in accordance with its ‘Neighborhood First’ and ‘Act East’ policies.

This visit will provide an opportunity to take stock of the existing bilateral defence ties and strengthen cooperation in areas of mutual interest.

Last year, Nepali Chief of Army Staff (COAS) General Prabhu Ram Sharma visited India from November 9 to 12 at the invitation of former Indian Army Chief General Manoj Mukund Naravane.

During his visit, General Prabhu Ram Sharma met with Defence Minister Rajnath Singh and External Affairs Minister S Jaishankar. General Sharma was also conferred with the honorary title of Chief of the Indian Army. Former President Ram Nath Kovind conferred the honorary rank of General of the Indian Army to General Sharma at Rashtrapati Bhavan in Delhi.

Conferring the highest rank to the chiefs of each other’s militaries is a tradition that has been followed by Nepal and India since 1950 after then Indian Army Chief General KM Cariappa visited Nepal.