Opposition united to stall Triple Talaq Bill in RS

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.”

Amaravati, Mar 16: Andhra Pradesh Chief Minister YS Jagan Mohan Reddy said that paracetamol is the only medication for coronavirus.

He said that COVID-19 is lethal for those have comorbid conditions including blood pressure, asthma and kidney diseases.

"There is no need to get panic about Coronavirus. Its impact is majorly on senior citizens aged above 60 years. It is dangerous to those suffering from diabetes, blood pressure, asthma and kidney diseases. For others, it is not so much dangerous. And paracetamol is the only medication for coronavirus," Reddy said on Sunday while addressing a press conference on the postponing of the local body elections as coronavirus cases continue to rise.

"In case anybody coming from foreign countries is found suffering from cough, cold and fever, bleaching powder should be sprayed on their belongings and things they use. The government is creating awareness on such precautions," he added.

Reddy slammed the State Election Commissioner's decision of postponing the local body elections for six weeks and alleged that the SEC was acting at the behest of TDP chief N Chandrababu Naidu.

The opposition has targeted Reddy on his statement, saying the chief minister is behaving "ignorantly" and "irresponsibly" on the issue of coronavirus.

"While Telangana CM had changed his stand and closed shops and theatres in his state, Jagan Reddy is speaking as if there is no need for any panic. This CM is behaving ignorantly and irresponsibly," said Naidu.

Andhra Pradesh has reported one case of coronavirus. The total number of confirmed COVID-19 cases across India has risen to 110.

New Delhi, Mar 29: The total number of COVID-19 positive cases rose to 1024 in the country, said Ministry of Health and Family Welfare on Sunday.

"The total number of COVID-19 positive cases rise to 1024 in India including 901 active cases, 96 cured/discharged/migrated people and 27 deaths," Ministry of Health and Family Welfare said.
Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown to stem the spread of COVID-19, which has left thousands dead around the world.