Yettinahole project a blunder; it can't quench the thirst of parched districts'

Udupi, Feb 11: In a tragic incident, a 62-year-old man from Chennai died of drowning in Sri Krishna Mutt’s Madhwa Sarovar (pond) during the wee hours of Tuesday.

Police said the deceased has been identified as Capt G Sridharan.

It is suspected that Sridharan accidentally fell into the holy pond while taking a bath. The incident is said to have occurred around 4 a.m.

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."

Mangaluru, May 21: The Supreme Court has awarded Rs 7.64 crore compensation to the next of kin of a man who was killed in a crash-landing of Air India Express Flight 812 from Dubai in Mangalore on May 22, 2010. The accident killed 158 out of 166 passengers on board.

The family of the 45-year-old Mahendra Kodkany, which include his wife, daughter and son, were earlier granted Rs 7.35 crore as compensation by National Consumer Disputes Redressal Commission (NCDRC). This compensation will now get enhanced after adding 9 per cent interest per annum (on the amount yet to be paid), to be paid by Air India.

Kodkany was the regional director for the Middle East for a UAE-based company. The aircraft overshot the runway and went down a hillside and burst into flames.

A bench comprising Justices D.Y. Chandrachud and Ajay Rastogi said: "The total amount payable on account of the aforesaid heads works out to Rs 7,64,29,437. Interest at the rate of nine per cent per annum shall be paid on the same basis as has been awarded by the NCDRC. The balance, if any, that remains due and payable to the complainants, after giving due credit for the amount which has already been paid, shall be paid within a period of two months."

The apex court noted that in a claim for compensation arising out of the death of an employee, the income has to be assessed on the basis of the entitlement of the employee. The top court said: "We are unable to accept the reasons which weighed with the NCDRC in making a deduction of AED (UAE currency) 30,000 from the total CTC. Similarly, and for the same reason, we are unable to accept the submission of Air India that the transport allowance should be excluded. The bifurcation of the salary into diverse heads may be made by the employer for a variety of reasons."

The top court observed that the deceased was evidently, a confirmed employee of his employer. "We have come to the conclusion that thirty per cent should be allowed on account of future prospects", added the court.

The top court noted that if the amount which has been paid by Air India is in excess of the payable under the present judgement, "we direct under Article 142 of the Constitution (discretionary powers) that the excess shall not be recoverable from the claimants," said the court.