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IndiGo receives 23 hoax bomb threats in ~24 hrs

October 22, 2024 - 6:02pm
Categories: Business News

Cyclone Dana prompts major school closures

October 22, 2024 - 5:29pm
The West Bengal government has announced the closure of schools in nine districts from October 23 to October 26 due to the impending Cyclonic Storm Dana. These districts include South 24 Parganas, North 24 Parganas, Purba Medinipur, Paschim Medinipur, Jhargram, Bankura, Hooghly, Howrah, and Kolkata. The India Meteorological Department (IMD) has predicted that Cyclone Dana will intensify into a severe cyclonic storm, with landfall expected between late October 24 and early October 25.The storm is forecasted to impact the eastern coast of India, with Odisha and West Bengal expected to bear the brunt of its fury. According to the IMD, "The depression over the Bay of Bengal will intensify into a cyclonic storm by October 23 and cross the Odisha-West Bengal coasts between Puri and Sagar Island on October 25 as a severe storm with wind speeds of 100-110 kmph, gusting to 120 kmph."— ANI (@ANI) Precautionary Measures in PlaceIn preparation for Cyclone Dana, the Odisha government has also declared a three-day closure of schools in 14 districts, including Ganjam, Puri, Jagatsinghpur, Kendrapara, Bhadrak, Balasore, Mayurbhanj, and Cuttack. Special Relief Commissioner (SRC) Deoranjan Kumar Singh announced the closures in a letter to district collectors. The Odisha government has also requested additional teams from the National Disaster Response Force (NDRF) to be deployed in the affected areas, adding to the existing teams already in position.Odisha's Revenue and Disaster Management Minister, Suresh Pujari, said, "The existing NDRF teams are on the move to possible affected districts." Additional Special Relief Commissioner Padmanav Behera stated that 17 Odisha Disaster Rapid Action Force (ODRAF) teams will be deployed in ten districts most likely to be affected by the storm, with three more ODRAF teams on standby.In West Bengal, heavy to very heavy rainfall is expected in several districts, including Kolkata, Howrah, Hooghly, South 24 Parganas, North 24 Parganas, Paschim Medinipur, and Jhargram, on October 24 and 25. The IMD has advised fishermen to avoid venturing into the sea from October 23 to 25, as winds along the Odisha-West Bengal coasts are expected to reach 60 kmph and increase further as the storm approaches.How was Cyclone Dana named?Cyclone Dana is the second major cyclonic storm to hit the Indian coast within two months, following Cyclone Asna in August. The name "Dana" was contributed by Qatar under the tropical cyclone naming system managed by the World Meteorological Organisation (WMO). In Arabic, "Dana" means "generosity" or "bounty." The WMO naming system aims to enhance public awareness and make communication about these storms more effective across countries.The naming of cyclones in the region began in 2000, with countries such as India, Bangladesh, Sri Lanka, and Pakistan contributing names to a rotating list. The system was expanded in 2018 to include five more countries: Iran, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen.Government and Agency ResponsesThe IMD's Director General Mrutyunjay Mohapatra warned that Odisha will be significantly affected by Cyclone Dana, with the possibility of heavy rainfall and strong winds in northern Odisha. He added, "The exact place of landfall will be confirmed later, but the storm will likely impact both Odisha and West Bengal."In response to the forecast, the Odisha government has canceled all staff leaves from October 23 to 25. The IMD has also issued an orange warning for several districts, indicating heavy to very heavy rainfall in isolated areas such as Kendrapada, Cuttack, Nayagarh, Kandhamal, and Gajapati in Odisha. Coastal villages in both Odisha and West Bengal are preparing cyclone shelters, and evacuations from high-risk areas are already underway.National Crisis Management Committee (NCMC) Chairperson TV Somanathan has urged states such as Andhra Pradesh, Chhattisgarh, and Jharkhand to prepare for heavy rainfall and potential flooding. He emphasized that water releases from dams in the affected regions should be adjusted to minimize flood risks. The Centre has also mobilized additional rescue and relief teams from the Army, Navy, and Coast Guard to provide emergency assistance if needed.As Cyclone Dana nears landfall, the IMD has predicted squally winds of 40-50 kmph, gusting up to 60 kmph, starting on October 23. By October 24, winds could intensify to speeds of 100-110 kmph, with gusts reaching 120 kmph, particularly in coastal areas.What is the Science Behind CyclonesCyclones form from low-pressure systems over warm waters, such as the Bay of Bengal, where Cyclone Dana originated. A well-marked low-pressure area in the Bay of Bengal intensified into a depression on October 21 and is expected to escalate into a severe storm by October 23. According to the IMD, this progression from a low-pressure system to a depression and finally a cyclonic storm typically occurs as air converges toward the center of the system, causing it to rotate and pick up wind speeds.Cyclonic storms bring with them strong winds, heavy rain, and storm surges that can cause flooding and widespread damage to infrastructure. Coastal regions in particular are vulnerable to the effects of these storms, which is why emergency response teams and precautionary measures are often put in place well ahead of time.As the storm continues to approach, government authorities in Odisha and West Bengal are working together with disaster relief forces to ensure that residents in high-risk areas are evacuated to safer locations, cyclone shelters are adequately prepared, and emergency response teams are on standby. The IMD and state governments are urging the public to follow all safety advisories and refrain from venturing into dangerous areas.
Categories: Business News

Adani Green Q2 PAT jumps 39% YoY to Rs 515 cr

October 22, 2024 - 5:09pm
Categories: Business News

Tech view: Breakdown below 24,400 may open doors for 24k in Nifty. How to trade tomorrow

October 22, 2024 - 5:09pm
A long bear candle has been formed on the daily chart, which indicates an attempt at a decisive downside breakout of 24,600-24,500 levels. After the formation of a series of higher tops and bottoms on the daily chart in the last few months, Nifty is currently weakening after forming a new lower top around 25,230 levels. This is a negative indication and signals ongoing downward correction.Another crucial weekly cluster support around 24,500 (ascending trend line, 23.6% retracement and weekly 20 period EMA) is placed on the verge of a downside breakout.The short-term trend of Nifty continues to be negative. A decisive move below 24,500-25,450 levels is likely to open the next downside target of 24,000. Any rise up to the immediate resistance of 24,700 could be a selling opportunity, said Nagaraj Shetti of HDFC Securities.In the open interest (OI) data, the highest OI on the call side was observed at 24,600 and 24,500 strike prices, while on the put side, the highest OI was at 24,400 strike price followed by 24,300.What should traders do? Here’s what analysts said:Jatin Gedia, SharekhanOn the daily charts Nifty has slipped decisively below the 20-week average (24718) which is a sign of weakness. Daily and hourly momentum indicators possess a negative crossover which is a sell signal. Thus, both price and momentum indicators suggest weakness. On the downside, we expect the Nifty to drift towards 24000 where there is a high concentration of open interest on the put side implying support. On the upside, 24900 – 25000 shall act as a crucial resistance from a short term perspective.Rupak De, LKP SecuritiesThe Nifty slipped from the head and shoulder pattern on the daily timeframe, leading to a sharp fall during the day. Sentiment further weakened after the Nifty broke below the crucial support level of 24,700. The sentiment may remain weak as long as the index stays below 24,700, with a "sell on rise" strategy favored by market participants. The index has fallen below the 100 EMA for the first time since early June of this year. On the lower end, support is placed at 24,400, and if the index falls below this level, it may extend its correction towards 24,000.Praveen Dwarakanath, Hedged.inNifty has broken down the neckline of the Head & Shoulder pattern created in the reversal from an all-time high level, indicating weakness on a higher timeframe. The momentum indicators on the weekly are showing downside momentum to continue. Immediate support for Nifty is at the 24400 level, if broken can touch 24000 levels as well soon. Options writer's data for this month's expiry showed increased call writing at 24500 and above levels and short covering in ITM puts, indicating downside momentum to continue.Tejas Shah, JM Financial & BlinkXThe Nifty formed a long bearish candle on the daily chart, which is a negative sign. The crucial support of 24,750 was breached on a closing basis in today’s trading session which indicates that the weakness is likely to continue. We expect the downward trending activity to continue and the index should test 24,200-250 levels either continuously from the current levels or may be after a minor pull back rally. Support for Nifty is now seen at 24,200-250 and 24,000. On the higher side, the immediate resistance zone for Nifty is at 24,700-750 levels and the next psychological resistance is at 25,000 Mark.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Categories: Business News

Why did Lidia Thorpe heckle King Charles?

October 22, 2024 - 5:08pm
Categories: Business News

HC grants bail to Sachin Waze in corruption case

October 22, 2024 - 4:43pm
Categories: Business News

RBI platform bridges $600 bn gap for smaller cos

October 22, 2024 - 4:11pm
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October 22, 2024 - 3:52pm
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