Clouds do prevent radars from detecting accurately: Air Marshal Raghunath Nambiar

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.”

New Delhi, Jun 24: In a stinging attack on the Gandhi family of the Congress, BJP president J P Nadda on Wednesday said a dynasty and its courtiers have "grand delusions" of the opposition being about itself and stated that a "rejected and ejected" family is not equal to the entire opposition.

In his tweets, Nadda said it was the time for unity and solidarity, and the "relaunch of the scion for the nth time can wait", an apparent dig at Rahul Gandhi, who has been aggressive in his attacks on Prime Minister Narendra Modi for his handling of the border row with China.

Nadda said India lost thousands of square kilometres of land due to the "misadventures of one dynasty" and claimed that the Siachen glacier, where the Indian Army has a strong presence, was almost gone. No wonder India has rejected them, he said.'

The BJP president posted a news report to back his assertions about Siachen.

"One 'royal' dynasty and their 'loyal' courtiers have grand delusions of the Opposition being about one dynasty. A dynast throws tantrums and his courtiers peddle that fake narrative. The latest one relates to the Opposition asking questions to the Government," Nadda said.

Though he did not directly name the Gandhi family or any of its members, the reference was clear.

He said it was the opposition's right to ask questions and added that the all-party meeting called by Prime Minister Narendra Modi saw healthy deliberations, with several opposition leaders giving their valuable inputs.

They also fully supported the Centre in determining the way ahead, Nadda said.

"One family was an exception. Any guesses who," he asked.

Targeting the Gandhis, the BJP president said, "One rejected and ejected dynasty is NOT equal to the entire Opposition. One dynasty's interests are not India's interests. Today, the nation is united and supportive of our armed forces. This is the time for unity and solidarity. Relaunch of 'the scion' for the nth time can wait."

May 29: A total of 367 domestic flights, carrying 30,136 passengers, operated throughout the country till 5 pm on Thursday, Civil Aviation Minister Hardeep Singh Puri said.

Airports in West Bengal also started operations on Thursday, three days after domestic air travel resumed in India after a gap of two months.

All scheduled domestic passenger services were suspended in India from March 25 to May 24 due to restrictions in the wake of the coronavirus pandemic.

Earlier in the day, Puri had said that 460 domestic flights carrying 34,336 passengers were operated on Wednesday.

In the case of West Bengal, the minister on Sunday had said that the state will handle domestic flights from Thursday.

"Figures for domestic flights for 28th May 2020 are in. Departures 367, 30,136 passengers handled. Arrivals 310, 25,530 passengers handled. Total movements 677 with 55,666 passenger footfalls at airports.

 “Total number of flyers 30,136. These are numbers till 1700 hrs for Day 4," Puri said in a tweet.

A total of 428 domestic flights carrying 30,550 passengers and 445 domestic services carrying 62,641 flyers were operated in the country on Monday and Tuesday, respectively.

In February this year, when the lockdown was not imposed, around 4.12 lakh passengers travelled daily through domestic flights in India, according to Directorate General of Civil Aviation (DGCA) data.

During the pre-lockdown period, Indian airports handled around 3,000 daily domestic flights, aviation industry sources said. A total of 16 asymptomatic passengers on seven different flights including 13 of them who travelled by IndiGo have tested positive for COVID-19 since the resumption of domestic air services on Monday, according to airlines data.

Two of the three asymptomatic passengers who tested positive for the infection had travelled by Spicejet while one took a flight of Air India subsidiary Alliance Air.

The Karnataka government, meanwhile, said on Thursday it has requested the civil aviation ministry to reduce the number of flights originating from five states--Maharashtra, Gujarat, Tamil Nadu, Madhya Pradesh and Rajasthan--in the light of the high number of COVID-19 cases there, hours after a minister said it has "suspended" air travel from these states.

Seeking to clarify his statement, Law and Parliamentary Affairs Minister J C Madhuswamy maintained that Karnataka has not sought imposing a ban on flights from the five states as reported in some sections of the media. "India is flying high. Domestic operation figures for May 27, 2020 (till 23.59 hrs): Departures 460 with 34,336 passengers handled. Arrivals 464 with 33,525 passengers handled," Puri had said earlier in the day on Twitter.

If a flight takes off before midnight and lands in another airport after midnight, its departure and arrival are counted on different days, leading to a seeming mismatch in the figures of a particular day.

The Delhi airport, India's busiest airport, is scheduled to handle 147 departures and 145 arrivals on Thursday, said senior government officials. The Mumbai airport's operator MIAL said it handled a total of 50 domestic flights on Thursday. International passenger flights continue to remain suspended in the country.

Airports in West Bengal, Andhra Pradesh, Maharashtra, Telangana and Tamil Nadu have been allowed to handle a restricted number of daily flights as these states do not want a huge influx of flyers amid the rising number of COVID-19 cases.

While domestic services resumed in Andhra Pradesh on Tuesday, they restarted in West Bengal on Thursday.

Though domestic flight operations across the country began on May 25, they could not be restarted in Kolkata and Bagdogra as the state's machinery was involved in relief and restoration work after cyclone Amphan's devastation.

"Welcome Back, Passengers! Kolkata Airport saw the arrival of 122 passengers from @DelhiAirport after two long months and 40 passengers departed to Guwahati. Proper checks were followed, and regular sanitization was carried out in the terminal which was abuzz with passengers," the Kolkata airport tweeted.

On Thursday, eleven flights took off from Kolkata and an equal number arrived in the city, sources at the Netaji Subhas Chandra Bose International Airport said.

"A total of 1,745 passengers arrived and 1,214 passengers flew out of the city today (Thursday)," airport sources said.

The airports in Kolkata and Bagdogra are permitted to handle 20 daily flights each from Thursday onwards.

While it is not clear how many flights were handled by the Bagdogra airport on Thursday, the officials said 899 passengers arrived while 484 passengers departed from the airport during the day.

The West Bengal government recently came up with a set of guidelines for people arriving in the state on domestic flights.

According to it, those entering the state from Thursday must submit a self-declaration form, stating that they have not tested positive for COVID-19 in the past two months.

The passengers will also need to undergo health screening after they arrive at the airport, the state's guidelines said.