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Maharashtra

Navi Mumbai: Jawaharlal Nehru Port Authority Appoints IDBI Capital As Transaction Advisor To Raise Funds For Controversial Vadhavan Project

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The Jawaharlal Nehru Port Authority (JNPA) has appointed IDBI Capital Markets and Securities Ltd as the transaction advisor to raise funds for the ambitious Vadhavan Port. The Port authorities and IDBI Capital has also held preliminary discussions with potential funding agencies to raise funds for the mega project.

“While the initial funding will come from the equity contributions of the Port promoters, the debt will be raised in a phased manner subject to finalisation of project structuring and timeline of revenue generation on the back of award of concessions to private firms for running cargo terminals,” a senior JNPA official said not wishing to be named.

Port awaits environmental and coastal clearance

JNPA will develop Vadhavan Port in Dahanu taluka of Palghar district with the participation of the Maharashtra government and Maharashtra Maritime Board (MMB). A memorandum of understanding (MoU) was signed on June 5, 2015 to set up a new port at Vadhavan as a major port to be notified under the Indian Ports Act, 1908 by the Government of India. This port will be jointly implemented by JNPA and MMB with a shareholding of 74 per cent and 26 per cent respectively. The port will be developed on the Landlord Port concept.

The proposed Port is currently awaiting environmental and coastal clearance from the Ministry of Environment, Forests & Climate Change (MoEF&CC). A committee of the Pollution Control Board recently held a public hearing to address environmental concerns for the Greenfield port. The hearing was held in the presence of Deputy Collector of Daman, Dadara & Nagar Haveli, which was attended by the various stakeholders and representatives of fisherman community.JNPA identified sand borrow pit at around 50 km to 60 km in the Arabian Sea from the proposed Vadhavan Port and about 50 km from Daman Coast for obtaining 200 Million CuM sand by dredging to create land at the proposed Vadhavan Port. In the public hearing held as per the directions of the MoEF&CC, various concerns raised by the stakeholders were addressed and the hearing went smoothly. The minutes of the public hearing would be forwarded to MoEF&CC to obtain comprehensive Environment Clearance for the development of Vadhavan Port.

Environmentalists oppose the port

The Rs 76,220 Crore Greenfield Port at Vadhavan in Dahanu Taluka of Palghar district has been opposed by the environmentalists claiming the port is an ecological disaster in waiting.JNPA had signed a memorandum of understanding (MoU) worth ₹20,000 crore with global logistics operator DP World at the Global Maritime India Summit in Mumbai, for the development of the Vadhavan port. JNPA said the Vadhavan port is JNPA’s one of the most ambitious projects that will be able to handle almost 24 million TEUs, making it among the top 10 in the world.

Crime

Mumbai Hit-And-Run Case: 21-Year-Old Ruia College Student Dies After Being Abandoned On Road Following Accident At Sion

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Mumbai: A 21-year-old college student, Mayur Kishor Rai, pursuing his undergraduate studies at Ruia College in Matunga, tragically died in a hit-and-run accident on the evening of October 4. The incident occurred near the Sion Bridge incline on Dr. B.A. Road, Sion East. The Sion Police have registered a case and are investigating the matter.

According to the FIR, Mayur, a resident of Lallubhai Compound in Mankhurd, lived with his family and used to commute to college on a KTM Duke 250 motorcycle (MH-03-EJ-5365) registered in his sister Deepa’s name. On the day of the incident, Mayur left for college on the bike and informed his mother, Sunita Rai,45, a social worker, around 6:30 PM that he was on his way home.

However, at around 8:15 PM, Sunita received a call from an unknown person using Mayur’s mobile, informing her that his bike had met with an accident near Sion Bridge.

The family rushed to the location by taxi but could not find Mayur at the spot. While on their way to Sion Hospital, they spotted his motorcycle near the zebra crossing on Dr. B.A. Road, where police were already present. Upon getting down from the taxi, the family found Mayur lying unconscious beside a small tempo.

An ambulance called by the police arrived shortly, and Mayur was rushed to Sion Hospital. Unfortunately, the doctors declared him dead on arrival.

According to traffic police patrolling the area, some bystanders had informed them about the accident and mentioned that an injured person was being taken to the hospital in a tempo. The tempo in question bore the registration number MH-48-CB-3469.

Investigations revealed that after the accident, local bystanders had placed the injured Mayur in the tempo for transportation. However, when no one accompanied him to the hospital, the frightened tempo driver allegedly offloaded Mayur near the zebra crossing and left him there unattended.

Police have filed a case against the unknown vehicle driver for causing death by negligent and rash driving, under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Motor Vehicles Act. Efforts are ongoing to identify the vehicle involved in the hit-and-run.

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Business

Sensex, Nifty extend gains on buying in heavyweights

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Mumbai, Oct 7: Indian stock markets continued their upward trend on Tuesday, supported by buying in major stocks such as ICICI Bank, ITC and more.

However, profit booking in select banking stocks limited the overall gains during the early trading hours.

The Sensex, which rose more than 100 points in early trade, was trading at 81,843, up 52 points or 0.06 per cent.

The Nifty also gained 34 points or 0.14 per cent to reach 25,112 after hitting an intra-day high of 25,140.

Among the top gainers on the Sensex were Power Grid, Bajaj Finance, HCL Tech, Bharti Airtel, ICICI Bank, Ultratech Cement, NTPC, Hindustan Unilever, Bajaj Finserv, and BEL, which rose between 0.3 per cent and 1.6 per cent.

On the other hand, Trent, Axis Bank, Tata Motors, TCS, SBI, Kotak Bank, Tech Mahindra, HDFC Bank, and Infosys were among the major losers, slipping up to 2.7 per cent.

In the broader market, the Nifty MidCap index gained 0.08 per cent, while the Nifty SmallCap index rose 0.41 per cent — showing continued interest from investors in smaller companies.

Among sectoral indices, Nifty Metal and Nifty IT were the top performers, each gaining 0.4 per cent.

The Nifty PSU Bank index was the worst hit, falling 0.3 per cent due to profit booking in public sector lenders.

Analysts said that overall market sentiment remains positive, though some volatility may persist due to profit-taking at higher levels.

“The ongoing mild rally in the market has the potential to gain momentum. The FII selling in India is slowly declining since the sharp appreciation in other markets has pushed up their valuations and the valuation differential between India and other markets has come down,” analysts said.

“Since there is huge short position in the market any positive news can trigger short-covering, further aiding the rally,” they added.

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Maharashtra

Mumbai Weather Update: City Wakes Up To Cloudy Skies, Light To Moderate Rains Predicted; Thane & Palghar Under Yellow Alert

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Mumbai: Mumbai woke up to a cloudy and humid morning on Tuesday following light drizzles overnight across several parts of the city and its suburbs. According to the India Meteorological Department (IMD), light to moderate rain is likely in isolated areas of Mumbai, Thane and Palghar throughout the day.

A yellow alert has been issued for both Thane and Palghar districts, warning of intermittent rainfall accompanied by cloudy skies. While Mumbai experienced relatively stable weather over the past week, the alert suggests that the city could witness light to moderate spells during the afternoon and evening hours.

In Mumbai, temperatures are expected to range between 26°C and 31°C. Despite the occasional drizzle overnight, high humidity levels will make conditions feel warmer and uncomfortable. The weather department has advised citizens to remain cautious and carry umbrellas, as light rain could occur unexpectedly in several areas.

Thane, under the yellow alert, saw overcast conditions since early morning. Meteorologists anticipate heavier rain spells in the afternoon, with a few areas possibly recording intense showers. Daytime temperatures are likely to stay between 25°C and 30°C. Navi Mumbai is set to witness similar weather conditions.

In Palghar, the IMD predicted a higher probability of rainfall. Early morning saw drizzle and humid conditions across several parts of the district. The rain intensity is expected to increase in the latter half of the day, with temperatures ranging from 24°C to 29°C.

Meanwhile, the coastal districts of Raigad, Ratnagiri, and Sindhudurg are likely to remain dry today. These regions, which witnessed intermittent light rain over the past week, are expected to experience stable weather and partly cloudy skies. The IMD forecast suggests no significant rainfall activity, with temperatures hovering between 27°C and 32°C. Coastal areas, however, may continue to feel warm and humid due to prevailing moisture in the air.

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