U’khand floods: CM says ISRO, DRDO helping to ascertain exact cause; relief work immediate priority

Agencies
February 8, 2021

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New Delhi, Feb 8: As multi-agency relief operations continue in Chamoli and adjoining areas of Uttarakhand, Chief Minister Trivendra Singh Rawat on Monday said a comprehensive analysis of the entire incident is being carried out to avert future tragedies, and asserted the immediate priority was to provide food and other assistance to the affected people.

In an interview, he said the incident appeared to have happened due to the breaking of the glacier and the Chief Secretary has been instructed to find out the real reasons.

Preliminary estimates show that around 200 people are still missing, while 11 bodies have been found, he said.

"A DRDO team is already studying the cause of this tragedy and we have also sought the help of ISRO scientists and experts for the same," he said.

After a comprehensive analysis is undertaken to find the reasons of this incident, "we will build an elaborate plan to avert any potential tragedy going forward", Rawat said.

Asked about the ongoing relief operations, he said they are continuing in full swing.

"We have made all arrangements needed for the rescue and relief operations along with providing healthcare facilities to the affected people. Most importantly, we are working on re-establishing the connectivity to the affected villages," he said.

Rawat said while the extent of economic loss will be ascertained in due course, the top most priority for now is to save as many lives as possible and to rehabilitate those who have got displaced from their homes.

Multiple agencies coordinated efforts to search for survivors on Monday, a day after a portion of the Nanda Devi glacier possibly burst through its banks at Joshimath, triggering an avalanche and a deluge that rippled through the Alaknanda river system in the upper reaches of the Himalayas.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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