Pre-monsoon rainfall lowest in 65 years: Skymet

New Delhi, Jun 10: India on Wednesday reported a spike of 9,985 more COVID-19 cases in the last 24 hours, taking the country's COVID-19 count to 2,76,583, according to the Union Ministry of Health and Family Welfare.

279 deaths were reported in the last 24 hours taking the total death toll to 7,745.

The total number of active cases has reached 1,33,632 while 1,35,205 patients have recovered. While one person has migrated.

With 90,787 cases, Maharashtra reported the highest number of coronavirus cases in the country followed by Tamil Nadu with 34,914 cases.

According to the Indian Council of Medical Research (ICMR), 1,45,216 samples were tested in the last 24 hours while overall 50,61,332 samples have been tested so far.

Mumbai, Jul 16: Poet-activist Varavara Rao has tested positive for Covid-19. The 80-year old, named as accused in the Elgar Parishad case, was shifted to state-run JJ Hospital from Taloja central jail where he was lodged after he complained of dizziness. The hospital conducted tests including one for Covid-19 the results for which confirmed that he is positive.

Dr Ranjit Mankeshwar, the dean of JJ Hospital said, “He has shown no symptoms of Covid-19 so far. He has no breathing difficulty and is stable. We will soon shift him to a Covid hospital.” Rao is likely to be shifted to St George hospital.

Last week, Rao’s family had held a press conference after receiving a call from him from prison. His family had then said that his condition was deteriorating and he should be provided immediate medical aid. He was earlier shifted to the hospital when he fell unconscious in jail in May but was discharged within three days. The family had said that he was not provided proper medical treatment.

Last month, a special court had rejected his interim bail plea where he had cited his susceptibility to the virus due to his age and other medical conditions. The court, however, had said the superintendent of prison has been directed to take appropriate measures in such cases where medical attention is required. Before he was shifted to the hospital on Tuesday, Rao was admitted to the hospital ward of the jail and as he had been unable to do basic chores without depending on other inmates.

An appeal against the special court’s order is pending before the Bombay High Court. The plea is likely to be heard tomorrow.

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.”