Heavy showers pound Mumbai, Thane; 3 killed in rain-related incidents

Agencies
June 25, 2018

Mumbai, Jun 25: The Southwest Monsoon picked up momentum in Mumbai, bringing heavy showers that claimed three lives in the city and adjoining Thane, officials said today.

Heavy rains lashed the metropolis and Thane district throughout the night and continued this morning, causing water-logging at several places and slowing the movement of suburban trains, thus causing inconvenience to office-goers.

Two persons were killed last evening when a tree fell on them near Metro Cinema in south Mumbai, said an official from the disaster management unit of the Brihanmumbai Municipal Corporation (BMC).

A 13-year-old boy was killed and his parents were injured when an adjacent wall collapsed on their house at Wadol village in Ambernath taluka of Thane around 2.15 am today, the district civic body's regional disaster management cell chief Santosh Kadam said.

In another incident, a 65-feet compound wall of a housing complex in Thane city collapsed this morning, crushing two cars and another vehicle, he said.

The district received 229.81 mm rain in the last 24 hours, Kadam added.

In Mumbai, a huge part of a compound caved-in at Antop Hill area in Wadala. Around 15 cars were damaged with some vehicles getting buried under the debris, an official of the BMC's disaster management cell said.

No casualty was reported in the incident, he said.

"The fire brigade and Mumbai police officials have reached the spot and are assessing the situation," he added.

Mumbai received 231.4 mm rain in the last 24 hours, an official of the India Meteorological Department (IMD) here said.

"The Santacruz weather station recorded 231.4 mm rainfall in the last 24 hours. So much rainfall is categorised as extremely heavy showers," IMD Mumbai Director Ajay Kumar told PTI.

"This is the first extremely heavy rainfall recorded in Mumbai in the current season," he said.

The rain intensity has gone up since yesterday afternoon and is expected to continue further, he said.

Owing to the heavy showers, several parts of the city, like Dharavi, Sion, Matunga, Hindmata, Malad, Kurla, Andheri subway, Bhandup, Worli and Lower Parel, were flooded with water up to two to three feet, and vehicles got stuck in some places.

"Traffic has been diverted from Sion, King's circle, National College in Bandra, Siddharth Hospital in Goregaon, Chembur Phatak, Pratiksha Nagar in Sion, Milan Subway in Santacruz and Powai area of the city," a statement issued by civic body said.

A container broke down on a bridge at suburban Vikhroli near Eastern Express Highway this morning, because of which vehicular movement in the area was slow, the Mumbai Police said.

Local train services of the Central Railway (CR), Western Railway (WR) and on the Harbour Line corridor were running late by 5 to 10 minutes, officials said.

"There is some water accumulation at Sion due to continuous rains but trains are running on all three lines of the Central Railway (main line, harbour and trans-harbour) with a slight delay of 5 to 7 minutes," CR Chief Public Relations Officer Sunil Udasi said.

The suburban main line of CR runs from Chhatrapati Shivaji Maharaj Terminus (CSMT) to Karjat, Khopoli and Kasara, the Harbour Line runs from CSMT to Panvel and the Trans-Harbour Line is from Thane to Vashi and Panvel.

The Western Railway in a tweet said, "WR Suburban trains are running with no disruption. There is slight delay due to low visibility in some areas due to rains."

Certain diversions were made due to water-logging on few routes of bus services of the Brihanmumbai Electric Supply and Transport (BEST), an official said.

The IMD has predicted heavy-to-very heavy rain in the city in the next 24 to 48 hours.

"These heavy showers are due to a cyclonic circulation over north Konkan and adjoining south Gujarat and another circulation in the Bay of Bengal. We expect the rain activity to increase in the coming week, with scattered heavy to very heavy rain on June 27 and 28 in parts of north Konkan, including Mumbai," an IMD official said.

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
January 28,2020

Panaji, Jan 28: Bureaucrat-turned-activist Kannan Gopinathan on Tuesday said even some "RSS people" are convinced the Citizenship Amendment Act is a bad law but are keeping quiet as the NDA government at the Centre is their own baby.

Speaking in Panaji, he further said the Narendra Modi government was behaving like a "drunken teenager" which needs to be questioned or else it will end up destroying homes.

"I was detained twice in UP, kept the whole day, because they (government) do not want the questioning (of CAA). I have met so many RSS people, they also understand this...if you have this conversation, they also understand the government has done something (wrong) and they have been asked to support it," he claimed.

He said the line of thought among these RSS people (he met) was "just support it (CAA)" as they don't want an altercation because the "government is their baby".

"He (government) is not a normal baby, he is a drunken teenager. He should be asked questions because when he starts destroying, he does not destroy somebody else's home but your own home," Gopinathan said.

He also hit out at those who have been claiming that the people protesting against the CAA are unaware about the law and have not even read it.

Gopinathan claimed if one had asked supportive MPs about the CAA on the day it was passed in Parliament, several of them would not have been able to speak on it as "they would not have known what was passed, because they were not given time (to go through the bill)".

He said, earlier, such legislation was passed after several rounds of consultation but "now, by night, it becomes an Act", adding (now) "everything is a surgical strike".

Gopinathan, in a possible reference to the National Register of Citizens exercise carried out in Assam, also claimed "thousands of people are in detention centres".

"It is your fundamental right to peacefully assemble without arms, Article 19 (1) (D) (of the Constitution)," he said at a function organised by a group opposed to CAA.

Gopinathan said people "always felt they were in a democracy" because they never tried to fly, when in reality "you are in a cage".

"The moment you want to fly you realise you are in a cage," he said, adding that "we have to question, we have to ask ourselves where are we going".

"When you don't allow a person to speak against an incorrect legislation, then what is democracy? What is freedom of expression?" Gopinathan questioned.

Gopinathan, a 2012 batch AGMUT cadre Indian Administrative Service officer, was the secretary, Power Department of the Union Territories of Daman and Diu, and Dadra and Nagar Haveli when he resigned on August 21 last year.

At the time, he had claimed the people of Jammu and Kashmir were being denied freedom of expression following abrogation of Article 370 by the Centre.

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News Network
June 20,2020

Hyderabad, Jun 20: IAF Chief Air Chief Marshal RKS Bhadauria on Saturday said that the force is well prepared and suitably deployed to respond to any contingency and it will never let the sacrifice of the bravehearts of Galwan go in vain.

"It should be very clear that we are well prepared and suitably deployed to respond to any contingency. I assure the nation that we are determined to deliver and will never let the sacrifice of the braves of Galwan go in vain," IAF Chief Air Chief Marshal Bhadauria said here.

Bhadauria was speaking at the Combined Graduation Parade (CGP) at Air Force Academy in Hyderabad.

His remarks come days after 20 Indian soldiers lost their lives in the violent face-off on June 15-16 during an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.

Speaking about the current border situation with China, he said: "We are aware of the situation, be it on LAC or beyond, be it their air deployments, their posture and kind of deployments. We've full analysis and we have taken necessary action that we need to take to handle any contingency that may come up."

"We are monitoring all the moments and we are aware of the full situation," he added.

He further said that in spite of the "unacceptable Chinese action" at Galwan Valley in eastern Ladakh, which claimed lives of 20 Indian Army personnel, efforts are underway to ensure that the current situation at the Line of Actual Control (LAC) is resolved peacefully.

He asserted that the IAF is determined to deliver and the development at the LAC in Ladakh is a small snapshot of what the force is required to handle at short notice.

The IAF Chief further appealed to people to join him in paying tribute Colonel Santosh Babu and his brave men who made the sacrifice while defending the LAC in Galwan valley.

"The gallant actions in a highly-challenging situation have demonstrated our resolve to protect India's sovereignty at any cost," the Indian Air Force (IAF) chief said.

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