BJP MLA questions Virat Kohli's patriotism for marrying in Italy

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Mathura, Mar 2: Union Minister of state Sadhvi Niranjan Jyoti on Sunday said after the Citizenship (Amendment) Act (CAA), the Centre might bring a population control law.

Jyoti claimed that she has already spoken to Prime Minister Narendra Modi in this regard.

She said she believes that this issue is under the prime minister's consideration and he himself has discussed the importance of bringing this law.

Jyoti arrived here on Sunday to attend a tribute meeting held at Swami Vamdev Jyotirmath in Chaitanya Vihar. Unnao MP Sakshi Maharaj was also present at the event.

"There was a time when abrogation of Article 370 in Jammu and Kashmir was impossible. It was feared that if such thing happens, there will be bloodbath. No one will be hold the national flag in Kashmir. But this government can bring any law in favour of the nation," Jyoti said.

"Now, everyone believes that if Article 370 can be removed...Prime Minister Narendra Modi can bring any law which is important for the country," she added.

Bengaluru, Jun 9: Former India skipper Rahul Dravid has said that Virat Kohli understands that the real respect for him as a cricketer will come through success in the longest format of the game.

Dravid, popularly known as 'The Wall', also said that Test batsmanship has become exciting to watch now as batters play aggressive shots more often.

"I actually believe Test batsmanship has become more exciting than before, the aggressive element of Test batsmanship is going forward, players are playing shots and it is good to see, a good thing for India is Virat Kohli really values Test cricket, he understands that the real respect for him as a cricketer will come from his success in Test cricket," Dravid told Sanjay Manjrekar in a videocast hosted by ESPNCricinfo.

He also said that defensive batting in cricket is not irrelevant, but added that players can have successful careers without having a good defensive technique.

"I don't think it is becoming irrelevant, maybe the value of defensive batting is not the same as it was a generation ago, it can never become irrelevant, I think you still need to defend your wicket if you want to score suns, I feel now you can survive without a good defensive technique in cricket," Dravid said.

"Today, you do not need to have a good Test career to have a successful career, look at the best players in the world today, a lot of them have a good defensive technique and they can play out difficult periods of the game," he added.

The 47-year-old Dravid also said that all young players want to represent their country in all three formats during their initial days, but eventually, they become realistic as time passes by.

"I would say in my interaction with the younger players, everyone's hero is someone who has succeeded in all formats of the game. I think all players start off wanting to play all formats, but then guys get a little realistic about their careers, superstars of the game will still want to play to all formats of the game," Dravid said.

Dravid is the only player in the history of cricket to be involved in two 300-plus ODI partnerships.

He played 164 Tests, 344 ODIs and one T20I for India. Dravid had announced his retirement from international cricket in March 2012.

He finished his career with 48 international centuries.

He has also coached the Indian junior sides (India U-19 and India A) and he is now the head of the National Cricket Academy (NCA).

Dravid has also led the side during his playing days and under his leadership, the side had managed to register their first Test series win in England.