Degree colleges to reopen in Karnataka after lockdown is lifted: DyCM

Bengaluru, Feb 29: Gangster Ravi Poojary, who was arrested from Senegal earlier this week, and is being interrogated by the Cental Crime Branch (CCB) police, wants to evade the Mumbai police for any kind of inquiry. Claiming that there is a serious threat to his life, he is believed to have told his investigators that he should not be sent there. Poojary is being grilled by the CCB for his alleged involvement in numerous cases.

“He is aware that he will be given to the custody of Mumbai police as he had committed several crimes before fleeing India and also made hundreds of extortion calls to the well-heeled there. Hence, he has started requesting us not to send him to Mumbai. He claimed that he has many rivals there and they may go to any extent to get him killed,” a source said. Poojary was once an associate of dreaded underworld don Dawood Ibrahim.

Poojary has little option but to face Mumbai cops

Poojary had left Dawood’s gang and had joined Chhota Rajan, who split from D-Company and established his own network. There were also attempts by Dawood’s men to assassinate Rajan on a few occasions. During his days in Mumbai, Poojary was also reportedly facing threats from Dawood and other gangsters. “Since Poojary had jumped bail in the murder case of a gangster in Mumbai and f l e d the country, he has no option but to face trial again. Besides, he has made over a hundred extortion calls to businessmen and celebrities in Mumbai in the last two decades.

It’s inevitable for him to face inquiry by the Mumbai police,” an official said. “Now that he knows his options are limited, he is requesting us not to send him to Mumbai under any circumstance, claiming that he faces a serious threat to his life by Dawood’s aides and others. However, when we are done with questioning him, and if Mumbai police approach the court, it will decide whether to give him to their custody or not,” the official added. Poojary, who was brought to India on February 24, has been remanded to police custody till March 7. The police are likely to seek extension of his custody as he is facing close to 100 cases in Karnataka.

Cases filed in 4 states the gangster, originally from Malpe in Dakshina Kannada, has cases against him in Kerala, Maharashtra, and Gujarat. At least 46 cases are registered in Bengaluru alone.

New Delhi, Jun 26: With looming uncertainty and no likelihood of an early economic recovery in sight, the bull run in gold prices is here to stay. Analysts expect domestic futures to touch ₹ 52,000 per 10 grams in the next few months, till Diwali.

Experts also predict that with the current trend, gold may reach historic levels around ₹ 65,000 per 10 grams in two years time.

Futures of the yellow metal have touched new highs in India off late. On Wednesday, the August contract of gold futures on the Multi-Commodity Exchange (MCX) touched an all-time high of Rs 48,589 per 10 grams.

It has, however corrected since and is currently trading at ₹ 48,057 on the MCX, higher by ₹ 116 or 0.24 per cent from its previous close.

Market experts are of the view that both domestic and international gold prices are yet not done breaching records and will touch new highs in days to come.

The resurgence in the number of new cases of coronavirus infection across the globe has added to the uncertainty and fears.

Speaking to media persons, Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking, noted: "In short term we are expecting it to reach ₹ 48,800-49,000 and for long term, we are expecting ₹ 51,000-Rs 52,000 till Diwali."

On the prices in the international market, he said that it may reach around $1,790 per ounce in the near term from the current levels of $1,762 and the long term, it is likely to be around $1,820-1,850 per ounce.

Gupta noted that with International Monetary Fund's (IMF) latest downward revision of economic outlook, both global and of India, and the rising number of cases and high demand by gold exchange traded funds (ETF) have led to this record breaking rise in gold prices.

Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, according to the IMF and the global output is projected to decline by 4.9 per cent in 2020, 1.9 percentage points below the IMF's April forecast.

Hareesh V, Head of Commodity Research at Geojit Financial Services, said that gold's safe haven appeal will remain on the higher side as there is little hope of a quick global economic recovery amid rising virus cases across the world.

"Increased geopolitical instability and an under-performing dollar also lift the metal's sentiments," he added.

According to Prathamesh Mallya, AVP Research, Non-Agro Commodities & Currencies at Angel Broking, said that with the global output to contract and the economies in a deeper recession than most anticipate, gold as an asset class is a safe bet for investors across the globe.

"Although, the physical demand has declined drastically due to the restrictions and lockdowns, the activity of global central banks and their net purchases of gold signal that uncertainty will continue for most of 2020," he said.

He was also of the view that in the international market price of the metal may move towards $1,850 per ounce and in the domestic market it is likely to move higher towards Rs 50,000 per 10 grams.

"The investment demand as seen in the net additions of ETF holdings also signals that gold will shine for a much longer time even if the pandemic is under control. Till then, keep buying gold, if not in physical form, but in digital form," Mallya added.

Industry insiders like Aditya Pethe, Director, WHP Jewellers said: "I basically feel that the current trend for the gold is bullish and for the coming next 2 years, it is likely to move upwards. No one can predict the exact price as currently the trend is on rise but it might change after 6 months. In general for the coming 6 months to one year, the gold prices are likely to cross $2,000 which comes to roughly Rs 55,000. For a temporary moment it may reduce, basically fluctuate as well but overall trend of gold is going to be bullish."

On his part, Ishu Datwani, Founder, Anmol Jewellers said: "Yes - it's very likely that the gold price could easily go up to Rs 60,000-Rs 65,000 in the next two years. There is also a possibility of it going up even more."

"A lot of banks have been buying gold and there is also a possibility that the Indian rupee will depreciate against the dollar. This and geopolitical reasons will cause bullishness in gold."

Apr 9: A panel of experts in the Karnataka state has suggested that the ongoing lockdown should be continued in districts identified as Covid-19 hotspots, including Bengaluru, to limit the spread of the pandemic.

IT companies and government offices providing essential services should be allowed to function with 50% staff, according to the committee headed by Narayana Health chairman Dr Devi Shetty, which submitted its report to chief minister BS Yediyurappa on Wednesday.

It has also asked the government to ease restrictions gradually and take adequate care over the next six months to contain the outbreak. The committee urged the government not to permit AC buses and metro services till April 30 and allow private vehicles only on alternate days (even-odd number-wise) for two weeks after April 15.

The government must close schools and colleges till May 31 and allow only inter-state movement of goods transport. The government could allow non-AC shops to open. It has suggested that the ban on inter-state train and flight services should continue.

Education minister S Suresh Kumar, who is the state Covid-19 spokesperson, said the Cabinet, which is meeting on Thursday, may discuss the recommendations and take a view on de-escalation of the lockdown.

Prime Minister Narendra Modi will interact with chief ministers through videoconference on April 11, after which the government will get an idea about the Centre’s thinking, he said.

While some states including Kerala, Maharashtra and Telangana have favoured continuation of the lockdown, Yediyurappa has not taken any stand publicly and has instead been implementing the Centre’s decision.

Six new cases

Karnataka on Wednesday reported six new Covid-19 positive cases, including that of a 65-year-old person in Kalaburagi, who died due to severe acute respiratory infection.

The health authorities have issued a notice to the private hospital -- where the deceased was initially admitted before being taken to a government hospital -- for not reporting the case to the government. The government has locked down the hospital, kept its entire medical team under quarantine, and police have registered a case of criminal negligence against the hospital authorities.

Of the other five positive cases, two had a travel history to Delhi, one had contact with a Dubai returnee and two others had close contacts with infected people.

This takes the total number of positive cases in the state to 181. Five people have died, while 28 have been discharged so far.