CYCLONE MICHAUNG BRINGS HEAVY RAIN, POURS MISERY IN CHENNAI

At least five people died in rain-related incidents in Chennai on Monday as heavy rain triggered by Cyclone Michaung pounded the city, leaving large parts of it submerged.

According to the Chennai Corporation, thousands of people were evacuated to government-run shelters, with at least 400 wedding halls made ready to house displaced families.

Ten teams comprising 250 personnel from the National Disaster Response Force have been deployed in the affected districts to conduct rescue operations. These teams have been actively involved in evacuating residents from inundated areas and providing relief.

Michaung, a severe cyclonic storm, is currently in the Bay of Bengal, off southern Andhra Pradesh and northern Tamil Nadu.

It is likely to intensify gradually and move northwards, crossing into the southern coast of Andhra Pradesh, between Nellore and Machilipatnam, before noon today.

On Monday, the Meenambakkam observatory of the IMD in Chennai recorded 25 cm of rain in 24 hours – the third highest rainfall for December in 73 years.

The Chembarambakkam reservoir, which had been discharging excess water amid the heavy rain, escalated its discharge to 6,000 cusecs by noon on Monday. This necessitated immediate relocation for residents in the Adyar region’s low-lying areas.

The rain also brought transportation largely to a standstill. Chennai Airport suspended all departure and arrival operations until 11 pm on Monday.

A video of a crocodile crossing a waterlogged road near Perungalathur, a suburban neighbourhood of Chennai, has gone viral on social media. Authorities have urged residents to exercise caution and avoid provoking these creatures, which have been displaced by the flooding.

ZPM STORMS TO POWER IN MIZORAM; CM ZORAMTHANGA LOSES HIS SEAT

The Zoram People's Movement (ZPM) stormed to power in Mizoram by dethroning the Mizo National Front (MNF) bagging 27 seats in the 40-member House on Monday. The MNF won 10 seats, the BJP (2) and the Congress (1), Election Commission officials said.

Prominent ZPM winners include the party's CM face Lalduhoma, who secured the Serchhip seat.

Chief Minister and MNF chief Zoramthanga lost to ZPM's Lalthansanga by 2,101 votes.

In the 2018 assembly elections, the MNF had won 26 seats.

This will be the first time in the history of Mizoram that the state will be ruled by a non-Congress and non-MNF government since its creation in 1987.

Nine out of 11 MNF ministers who contested the polls lost. Home Minister Lalchamliana did not contest the elections.

AS WINTER SESSION BEGIN, GOVT SIDE ON THE FRONT FOOT

A day after the four-state poll verdicts saw the BJP seizing three Hindi heartland states and a despairing Congress finding salve in its Telangana win, the deepened fault lines between the Opposition and the Treasury benches were visible in Parliament Monday as Union Ministers Dharmendra Pradhan and Smriti Irani took on Opposition leaders during Zero Hour.

“I would request that the honourable member not be in a spiteful position just because his party faced a humiliating defeat just yesterday, after the election results were announced,” Irani said, addressing the Lok Sabha Chair, referring to Congress MP Kodikunnil Suresh.

Suresh demanded the Government honour the late M S Swaminathan with the Bharat Ratna, contending that the Centre had disrespected the agricultural scientist as no Government representative was present at his funeral. “The government displayed their arrogant and ungrateful attitude towards the great scientist,” the Congress leader said.

When he drew Irani’s attention to the issue, she shot back, saying, “I am sure once the member lays the issue at hand on the table, the appropriate minister will respond.”

Separately, Dharmendra Pradhan slammed Trinamool Congress MP Sudip Bandyopadhyay who alleged that the Centre had imposed an “economic blockade” against West Bengal by “blocking” funds to key schemes. Bandyopadhyay said around Rs 18,000 crore was due to the state for central schemes such as MGNREGA, PM Awas Yojana, and National Health Mission.

Hitting back, Pradhan alleged the West Bengal government had been “misappropriating” central funds, which, he said, prompted the Centre to order a CBI inquiry into the matter. “They take money meant for the poor people of West Bengal from the central government, they keep their cut money, that is the reason. All states in the country remain in the financial system, Bengal thinks it is above it, the state government thinks they are above it,” Pradhan said.

Prime Minister Narendra Modi asking the Opposition to shun its negativity of nine years and not vent the frustration of poll defeats on proceedings of the two Houses. Modi urged the Opposition to support the government in conducting a productive winter session with the ruling party MPs according him a hero’s welcome when he entered the Lok Sabha this morning to participate in proceedings. “Teesri baar Modi sarkar” slogans rent the air inside the Lower House as Modi walked in and took a seat.

AICC general secretary Jairam Ramesh on Monday said the Congress would oppose in Parliament the new Bills to replace IPC, CrPC & Evidence Act.

INTERNATIONAL AFFAIRS

======================

WAR SHIFTS TO SOUTH GAZA

Israel ordered Palestinians to leave parts of the main southern city in the Gaza Strip on Monday even as its bombs rained down on areas where it had told them to go. Israeli troops and tanks also pressed the ground campaign against Hamas militants in the south of the enclave after having largely gained control of the now-devastated north.

Israel’s military posted a map on X on Monday morning with around a quarter of the city of Khan Younis marked off in yellow as territory that must be evacuated at once. Three arrows pointed south and west, telling people to head towards the Mediterranean coast and towards Rafah, near the Egyptian border.

Desperate Gazans in Khan Younis packed their belongings and headed towards Rafah. Most were on foot, walking past ruined buildings in a solemn and silent procession. But Rafah itself was coming under Israeli fire.

Israeli forces largely captured the northern half of Gaza in November, and since a week-long truce collapsed on Friday they have swiftly pushed deep into the southern half. Around 2 million people are now crowded into the 230sqkm that make up Gaza’s south. Already shelters are overwhelmed, and both Israel and neighboring Egypt have refused to accept any refugees.

UK HIKES MINIMUM SALARY FOR SKILLED FOREIGN WORKERS’ MIGRATION

Britain sought to cut the number of migrants arriving in Britain through legal routes on Monday, raising the minimum salary they must earn in a job by a third after record net migration in 2022 piled pressure on Prime Minister Rishi Sunakto act.

High levels of legal migration have for more than a decade dominated Britain’s political landscape and Sunak has promised to gain more control after lawmakers in his Conservative Party criticised his record ahead of an election expected next year.

Interior minister James Cleverly said the government would raise the minimum salary threshold for foreign skilled workers to 38,700 pounds ($48,900), from its current level of 26,200 pounds, reform the list of jobs where exceptions are made due to shortages, and toughen rules on whether workers can bring their families.

The measures could lead to new disputes with business owners who have struggled to hire workers in recent years given Britain’s persistently tight labour market and the end of free movement from the EU following Britain’s departure from the bloc.

THE REST

=========

INDIA, US REVIEW COOPERATION IN EMERGING TECHNOLOGY, SEMICONDUCTORS

A senior official from the White House on Monday held a meeting with Deputy National Security Adviser Vikram Misri. The Ministry of External Affairs said the meeting primarily focused on a comprehensive mid-term review of the India-US Initiative on Critical and Emerging Technologies (iCET), whose first meeting was co-chaired by the two NSAs in January.

The MEA made no mention of any talks on the alleged botched attempt to kill Sikh separatist Gurpatwant Singh Pannun. “The two Deputy NSAs reviewed key bilateral issues and exchanged views on regional and global developments,” said the MEA.

Previously, sensitive issues such as the alleged involvement of Indian Government officials were brushed under the topic of “bilateral issues”.

It is understood that the US side is publicly playing down the case, whereas its Department of Justice alleges that Indian Government officials were ready to pay $ 1 lakh to an Indian-origin narco-smuggler to kill Pannun. But sources acknowledge that the trajectory could take an unknown turn once the case is taken up for active hearing.

The visiting US official, Jonathan Finer, US Principal Deputy National Security Adviser, also called on NSA Ajit Doval and External Affairs Minister S Jaishankar. He will also meet Foreign Secretary Vinay Mohan Kwatra.

EPAULETTES OF NAVY OFFICERS TO SHOW SHIVAJI'S LEGACY: PM MODI

In a shift away from the colonial era, the Indian Navy will change the insignia on the shoulder epaulettes worn by its officers to match the ensign of the Chhatrapati Shivaji and also change the British-era names of ranks of its sailors.

Speaking at the Navy Day demonstration off the coast of Sindhudurg, Maharashtra, Prime Minister Narendra Modi announced the Navy is now going to name its ranks in line with Indian traditions.

Modi said, “India of today is moving forward abandoning the slavery mentality”. He stressed the epaulettes donned by the Naval officers would now highlight heritage and legacy of Chhatrapati Shivaji as the new epaulettes will be similar to the naval ensign. He also recalled unveiling the naval ensign last year.

PM Modi said it is indeed a moment of unprecedented pride to celebrate Navy Day from the victorious land of Sindhudurg. He also unveiled a 43-ft-high statue of Chhatrapati Shivaji Maharaj at Rajkot Fort.

TMC CLAIMS LEADERSHIP OF INDIA BLOCK

A day after the poll results giving three Hindi heartland states to the BJP, trouncing the Congress, the TMC laid its claim to lead the INDIA front. An editorial in the party’s Bengali-language mouthpiece Jago Bangla said that the person heading the anti-BJP alliance should be the one who has defeated the BJP multiple times, and has the experience of doing so.

The party leadership also said the Congress should learn from its mistakes and pay due respect to regional leaders.

Later in the evening, the TMC claimed it had got no invite about a meeting convened by Congress president Mallikarjun Kharge of the INDIA bloc at his house on Wednesday. Mamata seconded this, saying she would not have been able to attend anyway, given a prior engagement. Party sources said they would take a call on sending a representative if the invite came.

The editorial in Jago Bangla, titled Somoyer Dak (Call of the times), said: “The Congress must keep in mind that it is the Trinamool that is fighting bravely against the BJP, and winning against it every time. The PM, HM (Home Minister) and a dozen BJP leaders campaigned in Bengal but could not defeat Mamata Banerjee. That is why they are using Goebbelsian tactics using investigative agencies…”

The editorial continued: “Therefore, the party and the person who is successful and experienced in this fight against the BJP should be kept in the forefront. That is the call of the time.”

13 KILLED AS 2 GROUPS OF MILITANTS CLASH IN MANIPUR

At least 13 people were killed in a gun-battle between two groups of militants in Manipur's Tengnoupal district on Monday, officials said. The incident took place at Leithu village on Monday afternoon, they said.

"A group of militants on their way to Myanmar were ambushed by another group of insurgents dominant in the area," an official in the hill district said. Security forces reaching the spot found 13 bodies so far, he said, adding their identities were yet to be ascertained but they appeared not to be locals.

Tengnoupal district shares a porous border with Myanmar.

REALTY SECTOR'S INVENTORY SURGES TO OVER RS 1 TRN, OUTPACING SALES GROWTH

The past 18 months have seen a resurgence in the real estate industry, with developers regaining the ground lost to the Covid-19 pandemic. But it is once again adding inventory at a pace faster than sales. 

The industry’s inventory rose by 28 per cent year-on-year (Y-o-Y) in H1FY24, compared to a 25.5 per cent year-on-year increase in net sales during the same period.

As a result, the combined inventory of top listed companies reached a record high of Rs 1.045 trillion, equivalent to 33 months of sales at the current pace. This is a 44 per cent increase from the recent low of Rs 72,572 crore at the end of March 2021. 

The listed developers with relatively large inventory at the end of H1FY24 in the sample include Prestige Estates (Rs 19,864 crore), DLF (Rs 19,570 crore), Godrej Properties (Rs 17,029 crore), Oberoi Realty (Rs 8,260 crore), and Puravankara (Rs 8,179 crore).

The sample excludes Macrotech Developers, which listed in April 2021.

SENSEX, NIFTY UP 2% IN BIGGEST RALLY IN A YEAR

Domestic stock market indices, the Sensex and Nifty, on Monday scaled new all-time highs after the BJP win in three of the four major states boosted investor sentiments and raised hopes of political stability post the 2024 Lok Sabha elections.

The BSE’s 30-share Sensex gained 1,383.93 points, or 2.05 per cent to end at a new peak of 68,865.12. The Nifty 50 rose 418.9 points, or 2.07 per cent, to finish at record high of 20,686.80. In terms of percentage points, this is the biggest single-day rally for both the indices in more than a year (since October 4, 2022).

The rally in the market was also spurred by better-than-expected GDP growth recorded in the July-September quarter, renewed interest of FIIs and fall in the yield on the 10-year US Treasury.

The rally in equities resulted in market capitalisation (M-cap) of the listed companies of the BSE touching an all-time high of Rs 343.48 lakh crore or $4.11 trillion.

RANBIR KAPOOR FILM ANIMAL STORMS BOX OFFICE DESPITE BAD REVEIEWS

Sandeep Reddy Vanga’s Ranbir Kapoor-starrer Animal is breaking box office records, despite receiving mixed to negative reviews from all quarters, marking an unprecedented success story. The actioner even surpassed the three-day collection of Shah Rukh Khan-starrer Pathaan, although it fell short of the record set by Atlee Kumar’s SRK film Jawan. Animal also emerged as the second film of the year, after Jawan, to enter Rs 200 crore club in India and Rs 350 cr club worldwide within three days.

Animal’s three-day domestic nett collection reached Rs 202.57 crore, just shy of Jawan’s Rs 206.06 crore and well beyond Pathan’s Rs 166.75 crore. As per trade analyst Ramesh Bala, Animal’s worldwide gross collection stands at Rs 360 crore.

While Animal is breaking box office records, the film has also been facing intense scrutiny for its misogyny, violence and vulgarity, with a section of the audience calling it out. Giving the film 1 out of 5 stars, The Indian Express’ Shubhra Gupta wrote: “This Ranbir Kapoor-Anil Kapoor-Rashmika Mandanna film ricochets off target after having raced full-tilt to the mid-point: if it had come to an end at the interval, it would have made its point.”

Vicky Kaushal's Sam Bahadur is facing tough competition at the box office from Ranbir Kapoor's Animal. However, the film is slowing gaining momentum. On Friday and Saturday, Sam Bahadur minted ₹6.25 crore and ₹9 crore, respectively. The film has collected ₹10.30 Crore on day 3. In total, the film has earned ₹25.55 crore so far.

A BILLION-DOLLAR LAWSUIT AGAINST CRISTIANO RONALDO

Ace footballer Cristiano Ronaldo’s association with cryptocurrency exchange platform Binance has likely led to him raking in plenty of money in endorsements. Now, it comes with a hit to his reputation. The company faces heat with its chief executive, Changpeng Zhao, resigning after pleading guilty to money laundering charges, and the star faces a $1 billion class action lawsuit as well.

Among the largest cryptocurrency exchange platforms in the world, Binance is involved in the trading of crypto “securities” such as Non-Fungible Tokens (NFTs) – digital assets that are recorded on the blockchain technology that powers other cryptocurrencies like Bitcoin. These NFTs can be bought and sold like any other securities.

The Portuguese footballer announced his partnership with Binance in November 2022, following which the company announced a separate ‘CR7’ collection of NFTs which have been traded in the year since, and have been heavily advertised across Ronaldo’s social media accounts.

But last week, a group of investors sued Ronaldo in a federal American court with the claim that they were sold ‘unregistered securities’, blaming the forward for exposing them to Binance and misrepresenting it. In June 2023, the US Securities and Exchange Commission (SEC) said cryptocurrency tokens, like any other securities, must be registered with them. And the plaintiffs allege that those tokens – like the ‘CR7’ NFTs – traded on Binance are unregistered.

This fact, that Ronaldo endorsed a platform from where investors purchased ‘unregistered securities’, forms much of the basis of the lawsuit. The plaintiffs argue that they lost money due to Ronaldo’s actions, not just because his own NFT launched at a value of $77 and is now valued at $1, but also because his endorsement was also an endorsement of other ‘unregistered’ tokens traded on Binance.

INDICATORS

Sensex 68,865 (+1384), Nifty 20,687 (+419)

Nasdaq 14,185 (-120) Dow 36,204 (-41), S&P 4,570 (-25)

US$-Rs. 83.32, GBP-Rs. 105.47, Euro-Rs. 90.46, UAE Dhm-Rs. 22.69, Can$-Rs. 61.59, Aus$- Rs. 55.35

GBP 0.79 /US$, Euro 0.92 /US$, Jap.Yen 146.86 /US$, Aus$ 1.50 /US$, Sing 1.33 /US$, Bang Taka 109.00 /US$, Can$ 1.35 /US$, Mal Ring 4.66 /US$, Pak Re 282.22 /US$, Phil Peso 55.31 /US$, Russian Rouble 90.74 /US$, NZ$ 1.61 /US$, Thai Baht 35.02 /US$, Ukraine Hryvnia 36.29 /US$

Bitcoin - USD 41,793, Dollar Index 103.54, Brent Crude 78.03, BDI 3346

Gold world Spot Price USD/aoz 2034 India (Rs. per gm 24k/22k) 6,420 / 5,885, Silver (Rs. Per KG) 83,500

THOUGHT FOR THE DAY

People wish to be settled: only as far as they are unsettled is there any hope for them. - Ralph Waldo Emerson

OFF TRACK

A veterinarian was feeling ill and went to see the doctor. The doctor asked him all the usual questions, about symptoms, how long had they been occurring, etc., when he interrupted him: "Hey look, I'm a vet - *I* don't need to ask my patients these kind of questions. I can tell what's wrong just by looking." he smugly added, "Why can't you?"

The doctor nodded, stood back, looked him up and down, quickly wrote out a prescription, handed it to him and said, "There you are. Of course, if *that* doesn't work, we'll have to have you put to sleep."