With 49 people on board a barge that sank in the Arabian Sea four days ago still missing, <keyword id="6355100" type="COMPANY" weightage="20" keywordseo="Indian-Navy">Indian Navy</keyword> ships worked through the night, using searchlights to trace any movement in the pitch dark waters, as hopes of finding more survivors began to recede on Thursday. The Navy on Thursday morning launched a fresh aerial search and <keyword id="421988" type="ORGANIZATION" weightage="20" keywordseo="rescue-mission">rescue mission</keyword>, deploying <keyword id="54022" type="PERSON" weightage="20" keywordseo="helicopters">helicopters</keyword> to scour the waters off <keyword id="382398" type="PERSON" weightage="20" keywordseo="Mumbai-coast">Mumbai coast</keyword>, where the accommodation barge P305 went adrift in Cyclone Tauktae fury before it sank Monday. As many as 26 personnel on board the barge are dead and 49 still missing, after Navy personnel, battling extreme weather, so far rescued 186 of the 261 people who were on board the barge P305 and two personnel from tugboat Varaprada. Naval ships INS Kochi on Wednesday morning and INS Kolkata late Wednesday night brought the bodies of the "Brave Nature's Victims" to <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, the spokesperson told . Chances of finding more survivors are looking bleak, an official said. Mumbai police have announced they will conduct a probe as to why the ill-fated barge remained in the turbulent area despite warnings about cyclone Tauktae, an official said. They registered an accidental death report (<keyword id="45376" type="COMPANY" weightage="20" keywordseo="ADR">ADR</keyword>) on Wednesday in connection with the death of the personnel on the barge. "The Navy's Search and Rescue (SAR) operations entered the fourth day today. Naval ships and aircraft are presently undertaking SAR of the missing crew members of Accommodation Barge P-305, which sank on Monday 35 miles off Mumbai," a Navy spokesperson said. Navy ships INS Kochi, INS Kolkata, INS Beas, <keyword id="6696783" type="COMPANY" weightage="20" keywordseo="INS-Betwa">INS Betwa</keyword>, INS Teg, P8I maritime surveillance aircraft, <keyword id="409918" type="COMPANY" weightage="20" keywordseo="Chetak">Chetak</keyword>, ALH and Seaking helicopters are involved in the SAR operations, he said. Another Navy ship INS Talwar was the 'On Scene Coordinator' off Gujarat coast and assisted Support Station 3 (SS-3) and Drill Ship Sagar Bhushan, which were being safely towed back to Mumbai by <keyword id="6354737" type="COMPANY" weightage="20" keywordseo="ONGC">ONGC</keyword> support vessels, he said. Navy ships were deployed on Monday after the Navy was informed that barge 'P305' had gone adrift off the Heera oil fields in Bombay high area with 261 personnel on board. The oil fields are around 70 km southwest of Mumbai. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/skyroot-aerospace-raises-11-million-in-funding-with-plans-to-have-vikram-1-on-the-launch-pad-by-mid-2022/articleshow/82788901.cms">Skyroot Aerospace raises $11 million in funding with plans to have Vikram-1 on the launch pad by mid-2022</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

Cyclone Tauktae sinks boat in the Arabian Sea — 26 dead and 49 still missing

The national capital Wednesday reported 3,846 cases, the lowest since April 5, and 235 fatalities while the positivity rate dipped to 5.78 per cent, according to the latest health bulletin released by the <keyword id="66" type="LOCATION" weightage="20" keywordseo="Delhi">Delhi</keyword> government. This is the third day on the trot that the number of cases has remained below 5,000. The COVID-19 situation has been improving in Delhi with the number of cases and positivity rate going down steadily in the past few days. Medical experts have attributed the lockdown as the main factor behind the dip amid the second wave of the pandemic. Health Minister <keyword id="6374609" type="PERSON" weightage="20" keywordseo="satyendar-jain">Satyendar Jain</keyword> said the situation in Delhi is improving at an appreciable rate, but "our target should be to bring down the positivity rate to two percent". At 5.78 percent, the positivity rate is the lowest since April 6 when it stood at 4.9 percent. The number of new infections is the lowest since April 5 when 3,548 people were diagnosed with the disease, according to government data. However, the lesser number of fresh cases on Monday came from a relatively smaller number of tests -- 66573 -- conducted on Tuesday. Delhi had reported 4,482 cases on Tuesday, 4,524 on Monday, 6,456 on Sunday, 6,430 on Saturday, 8,506 on Friday, 10,489 on Thursday and 13,287 cases last Wednesday. The positivity rate was 6.89 per cent on Tuesday, 8.42 on Monday, 10.40 on Sunday, 11.32 on Saturday, 12.4 on Friday, 14.24 on Thursday and 17 per cent last Wednesday. On April 22, a positivity rate of 36.2 per cent, the highest so far, was recorded. The national capital had 265 <keyword id="6419711" type="UNKNOWN" weightage="20" keywordseo="Deaths">deaths</keyword> on Tuesday, 340 on Monday, 262 on Sunday, 337 on Saturday, 289 on Friday, 308 on Thursday and 300 fatalities last Wednesday. The highest number of 448 deaths was reported on May 3. As many as 9,427 people recovered from the infection during the period, the health bulletin said. There are 45,047 active cases and 27,112 of them are in home isolation, it said. The number of cumulative cases stands at 14,06,719 and the death toll at 22,346. Over 13.39 lakh people have either recovered, migrated out or have been discharged, according to the health bulletin. Of the 24,289 hospital beds for coronavirus patients in the city, 10,921 are vacant, it said. SEE ALSO <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a target="_blank" class="c-link" href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

Delhi's positivity rate dips to 5.78% with 3,846 new COVID-19 cases and 235 deaths

<ul><li><keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> has dropped by 12.5% in the last 24 hours as China solidified its stance.</li><li>Technical analysis of Bitcoin's 14-day Relative Strength Index (RSI) shows entry into oversold levels.</li><li>Despite the short-term massacre, "long bitcoin" is the world's most crowded trade.</li></ul>Bitcoin has dropped by 12.5% in the last 24 hours as China solidified its stance on cryptocurrencies. It has prohibited its financial institutions and payment companies from providing <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency-</a>related services. The restriction will make it far more difficult for an ordinary Chinese citizen to invest or trade in cryptos. The country already has a firewalled internet, which makes it easier for authorities to clamp down. The month of May is testing Bitcoin, and its backers' resilience as the <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> has plummeted almost 40% from its mid-April peak. Alarmingly, it's now valued at less than $40,000 per coin ($39,195 as of 12:30 p.m. on Wednesday) -- a massive fall from an all-time high of $64,829. The bearish trend is also visible on other cryptos like Ethereum and Dogecoin. <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">Bitcoin</a> is the most significant token with a market cap of more than $700 billion. It dominates the race and has become a household name that's synonymous with cryptocurrencies. It's often informally considered to be a generalised crypto index that can be used to gauge industry-wide sentiment. The charts and technical analysis of bitcoin's 14-day Relative Strength Index (RSI) show entry into oversold levels. A fall below the $40,000 also means that bitcoin is testing its average price over the past 200 days -- a milestone it hasn't backtracked since September 2020. China's restriction will hamper the registration, negotiation, clearing, and settlement of digital currencies. The country hasn't officially regulated or banned crypto and has opted for communication via industry bodies. While countries are still evaluating their options, even veteran backers like Elon Musk have taken a step back. Last week, the Tesla CEO announced that the carmaker would no longer accept bitcoin payments as the currency is not safe for the environment. Bitcoin <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-realised-that-he-cant-champion-both-renewable-energy-and-bitcoin-at-the-same-time/articleshow/82603087.cms">mining requires</a> a lot of energy, which is generated by conventional methods like coal and fossil fuels. Despite the short-term massacre, a Bank of America <a href="https://www.bloomberg.com/news/articles/2021-05-18/fund-managers-say-long-bitcoin-is-the-most-crowded-trade-in-the-world">survey</a> says "long bitcoin" is the world's most crowded trade. It means that buyers are hopeful the price will rise in the future and that the current depression shall be short-lived. The most popular coin is also getting fierce competition from the runner-up (in terms of market cap) -- Ethereum. According to research house <a href="https://twoprime.io/wp-content/uploads/2021/04/Two-Prime-Inst-Ethereum-Investment-sunday-1.pdf">Two Prime</a>, the Ethereum ecosystem is bound to grow, thanks to its unique capabilities, credibility, and volume. Bitcoin and Ethereum have always shared their trajectory in terms of movement, but this is slowly changing. Ethereum is stepping out of Bitcoin’s shadow thanks to the recent NFT (non-fungible tokens) hype. It finally has a differentiating factor in the public lens. A NFT is a unique asset that lives online and is managed in a digital ledger. Ethereum’s blockchain can support them and even issue a certificate of authenticity. This ensures that any data hosted online isn’t easily manipulated or duplicated. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

Bitcoin drops below $40K, but buyers are hopeful that price will rise in the future

<ul><li>Polygon's current (on May 19) <keyword id="118864" type="PERSON" weightage="20" keywordseo="Market-capitalisation">market capitalisation</keyword> is just under $13 billion.</li><li>The token touched $2.14 around midnight on May 18.</li><li>It was founded by <keyword id="11257748" type="UNKNOWN" weightage="20" keywordseo="sandeep-nailwal">Sandeep Nailwal</keyword>, <keyword id="11285401" type="UNKNOWN" weightage="20" keywordseo="Anurag-Arjun">Anurag Arjun</keyword> and <keyword id="11285402" type="PERSON" weightage="20" keywordseo="jaynti-kanani">Jaynti Kanani</keyword>.</li></ul> India may have a burgeoning industry that’s trading in <keyword id="2420795" type="PERSON" weightage="20" keywordseo="cryptocurrencies">cryptocurrencies</keyword>, but the country’s importance in the worldwide <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto market</a> is not really huge. That’s why the rise of a coin called Polygon was mostly overshadowed last week, as big changes happened in more popular cryptocurrencies like Bitcoin and <keyword id="2810876" type="LOCATION" weightage="20" keywordseo="ethereum">Ethereum</keyword>. According to crypto price-tracker Coinmarketcap, a token called Polygon's current (on May 19) market capitalisation is just under $13 billion. But the company actually was not founded to simply put a coin up for trading on exchanges. Polygon is far removed from cryptocurrencies like Bitcoin or Ether right now, but it does rank in the top 20 cryptocurrencies worldwide. But where did it come from? Matic Network Originally launched under the name Matic Network, back in 2017, Polygon is actually a platform built around the Ethereum blockchain, which can be used for developing other decentralised apps. It was founded by Sandeep Nailwal, Anurag Arjun and Jaynti Kanani. “Matic Network is a Layer 2 scaling solution that achieves scale by utilising side chains for off-chain computation while ensuring asset security using the Plasma framework and a decentralised network of Proof-of-Stake (PoS) validators,” the company said in a blog <a href="https://medium.com/matic-network/what-is-matic-network-466a2c493ae1">post</a>. Technical jargon aside, Polygon is basically a system that is designed to solve scalability and usability issues that exist in the Ethereum blockchain, without compromising an app’s core decentralised aspect. “Matic strives to achieve a high degree of decentralisation with trust-less and decentralised execution while ensuring near instant transfers, low fees and conducive economics for micro-transactions,” the company said in the same post. Essentially, this means Matic allows companies building decentralised apps, a growing market, to scale their solutions and accommodate more users. It also takes advantage of the Ethereum blockchain, which has a very broad scope and can be used for many different kinds of apps. For instance, Polygon’s solution is <a href="https://www.medianama.com/2021/05/223-polygon-matic-blockchain-maharashtra/">being used</a> by the government of Maharashtra in India to track COVID-19 cases in the state. The company rebranded to Polygon in 2019 to take its business to the next level. “While we were grinding it out day by day and putting in the work to build Matic, we realised that our branding should mirror our beliefs and represent the idea and the vision Matic is working on,” the company <a href="https://blog.matic.network/re-branding-matic-network/">said</a> at the time. One of Polygon’s founders, Nailwal, is also responsible for the India Covid Relief Fund, a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrency</a> based fund meant to aid pandemic relief efforts in India. The fund has accumulated over $1 billion, thanks in large part to a donation by Ethereum founder Vitalik Buterin, last week. Kanani used to be a data scientist at online realty startup Housing.com before founding Matic, while Arjun was with information technology services firm Iris Business Services, according to their LinkedIn profiles. Why is Polygon gaining steam? While Buterin’s donation to the India Covid Relief Fund must have helped Polygon gain some visibility, the token’s growth can’t be credited to that one event. Instead, the growth is more because of a wider surge in Decentralised Finance (DeFi) apps worldwide, like UniSwap and Maker. Polygon’s solution is designed to be helpful for decentralised apps, and hence gains users fast. It is used by such apps, including games, marketplaces, and more. The other reason is speculation, as Nailwal told The Economic Times recently. “Growth has been significant. Some part of it is speculation — as with any cryptocurrency — but we have also expanded our vision and scope of work,” he <a href="https://economictimes.indiatimes.com/tech/technology/made-in-india-blockchain-crosses-10-billion-market-cap/articleshow/82736935.cms">said</a>. “A combination of real-world application and user adoption has had a snowball effect,” he added. According to <a href="https://cointelegraph.com/news/polygon-active-users-grow-by-75-000-as-defi-boom-continues">Cointelegraph</a>, the company added 75000 new users in the seven days till May 17. That shows investors that Polygon’s solution is gaining more users, and will grow in the long run. The token touched $2.14 around midnight on May 18, though it was back down to under $1 at around 5.30 p.m., India time, on May 19. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-oppo-vivo-and-poco-extend-warranties-by-up-to-two-months-due-to-covid-19-lockdowns-and-restrictions/articleshow/82763113.cms">Xiaomi, Oppo, Vivo and Poco extend warranties by up to two months due to COVID-19 lockdowns and restrictions</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-12-beta-how-to-download-and-install-it-on-pixel-oneplus-xiaomi-realme-phones-among-others/articleshow/82760990.cms">Android 12 beta – how to download and install it on Pixel, OnePlus, Xiaomi, Realme phones among others</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a>

Cryptocurrency Polygon, founded by 3 Indians, has touched $13 billion in market cap

<ul><li>Accounts of three foreign funds with over ₹43,000 crore in Adani Group shares suspended</li><li>Market regulator SEBI is also reportedly investigating if the Adani Group companies’ share price has been manipulated.</li><li>Shares of all the six listed Adani Group companies hit their respective lower circuits in the first hour of trading.</li></ul>Shares of all the six Adani Group companies listed on the Indian stock exchanges hit lower circuits in the opening session today morning (June 14). Adani Ports and Adani Transmission share prices were down by 15% each, while those of the other four companies were down by 5% each. The downward spiral in the share price of these companies has wiped out over $7.6 billion (approx. ₹55,000 crore) net worth of <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, according to Forbes’ real-time billionaires <a href="https://www.forbes.com/real-time-billionaires">list</a>, as of 10:00 a.m., on Monday. The meltdown was triggered by reports that the National Securities Depository Limited (NSDL) suspended the accounts of three foreign funds ⁠— all reportedly based out of the same address ⁠— that have over ₹43,000 crore invested in the Adani Group. The three accounts in question are Albula Investment Fund, Cresta Fund and APMS Investment Fund. Notably, the accounts were suspended on or before May 31. According to an Economic Times <a href="https://economictimes.indiatimes.com/markets/stocks/news/a/cs-of-3-fpis-owning-adani-shares-frozen/articleshow/83496483.cms">report</a>, the suspension could be due to insufficient disclosures under the Prevention of Money Laundering Act (PMLA). The funds had time till 2020 to disclose details on common ownership and personal details of key employees. But they didn’t. “Custodians typically warn their clients before such action but if the fund doesn’t respond or fails to comply, accounts can be frozen,” the report added, quoting an unnamed source. The rules for Indian funds investing in the stock market do not allow managers to invest in any one stock or group beyond a certain limit. But the same rule does not apply for foreign portfolio investors. According to The Morning Context, a research and media company, the three funds in question derive more than 95% of their net worth from their investments in the Adani Group companies. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Foreign Portfolio Investor </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.9978225000000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Networth due to Adani shares </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vespera Fund </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.9978225000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">98.30% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">LTS Investment Fund </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.47% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cresta Fund </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.40% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elara India Opportunities Fund </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apms Investment </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">96.18% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Albula Investment </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">95.40% </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asia Investment Corporation </td><td style="border-left:solid #000000 0.6260872500000001pt;border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">35.17% </td></tr></tbody></table>Source: Trendlyne.com, via The Morning Context There are two fears emerging out of the data above. One, the funds hoarding Adani group shares to reduce the number of the tradable shares in the market. And, therefore, allowing the value of the shares to inflate. Two, this may be a case of round tripping of money, whereby Indian investors may be investing via another country, to bypass the rules. None of these premises are proven yet. The Economic Times report also states that the market regulator, Securities Exchange Board of India (SEBI), is investigating if the share price of Adani Group companies has been manipulated. The investigation is still ongoing, the report added. <cmsannotation type="cmsannotation" annotationid="Market cap of Adani Group companies has skyrocketed over the last year" comment="subhead" text="Market cap of Adani Group companies has skyrocketed over the last year">Market cap of Adani Group companies has skyrocketed over the last year</cmsannotation> The Ahmedabad-based group has leapfrogged from being a medium-sized one to one of the richest family-based businesses in India, leaving behind the likes of the Tatas, Birlas, Wadias among others. In total, the six Adani Group companies had a market cap of ₹1.64 lakh crore at the end of May last year. This has now surged to over ₹8.5 lakh crore – an increase of over 420%. <div type="image" title="BAR CHART Adani Group market cap 26_05_20 - 21_05_21." msid="83502055" hostid="261"></div> An investment of ₹10,000 across the six listed Adani group companies would be worth ₹52,000 now – a return of 420% in just 12 months. <table style="border-width: initial; border-style: none;"></colgroup></colgroup></colgroup></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2020 (₹ crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 2021 (₹ crore) </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Performance </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Total Gas </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,604 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,47,292 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1069% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Enterprises </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,348 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,44,603 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">842% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Transmission </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19,615 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,59,939 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">715% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Green Energy </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">37,497 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2,03,392 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">442% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Power </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14,155 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39,012 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">176% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports &amp; SEZ </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,448 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,57,041 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">144% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,63,666 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8,51,279 </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">420% </td></tr></tbody></table> Update: Adani Ports and Logistics, part of the Adani Group, has issued the following statement. “We regret to mention that these reports are blatantly erroneous and is done to deliberately mislead the investing community. This is causing irreparable loss of economic value to the investors at large and reputation of the group. Given the seriousness of the article and its consequential adverse impact on minority investors, we requested Registrar and Transfer Agent, with respect to the status of the Demat Account of the aforesaid funds and have their written confirmation vide its email dated 14th June, 2021, clarifying that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen.” SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-group-listed-stocks-every-10000-invested-last-year-is-now-worth-52000/articleshow/82968072.cms">Every ₹10,000 invested in Adani’s listed firms last year is now worth ₹52,000</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-to-acquire-sb-energy-india/articleshow/82759578.cms">Adani Green Energy to acquire SB Energy India, boosting its renewable energy capacity by 4.9GW</a> <a href="https://www.businessinsider.in/stock-market/news/gland-pharma-ipo-from-2020-has-doubled-its-share-price-in-6-months/articleshow/82732413.cms">A super hit IPO from 2020 has finally doubled investors' money</a>

Gautam Adani loses over $7 billion in net worth after questions over the meteoric rise in group stocks

As managing director of <a href="http://valiram.com/" target="_blank">Anaika Collections S/B</a> and creative director of <a href="http://www.flowclothing.com/" target="_blank">FLOW</a>, <keyword id="3215043" type="UNKNOWN" weightage="20" keywordseo="Lavina-Valiram">Lavina Valiram</keyword> is a powerhouse of creativity. <a href="http://valiram.com/company/the-group/" target="_blank">Valiram Group</a> has created havens for shopping and dining throughout Malaysia, Singapore, Indonesia, Thailand, the Philippines, Australia and China. Valiram joined the <a href="http://www.ypo.org/">Young Presidents’ Organization</a> Malaysia Chapter in 2012 and is a member of the Women’s YPO Network. Below, she discusses lessons learned, some surprising goals for the future and why women make great leaders. 
 
Describe the passion and inspiration behind The Valiram Group and how have you kept it so sustainable? 
<a href="http://valiram.com/company/the-group/" target="_blank">Valiram Group</a> is a labor of love by the Valiram brothers and Chairman Jethanand Valiram. I have enjoyed every moment of being a part of it and I think what drives the company is the passion and vision of all those involved. 
 
What is the most difficult leadership lesson you’ve learned? 
From the very beginning I have led from the heart more than the head. This has paid off in the larger scheme but I have received my fair share of hard knocks. It took a while for me to learn the value of measured decision making and objective analysis of difficult situations. Needless to say, the solutions I come up with are now much more effective. 
 
Why is it important for more women to be leaders? 
Women and leadership go hand in hand. Even the women who are not in the working world – the homemakers so to speak – are phenomenal leaders. They play a pivotal role in leading their families and children. They are great managers. They have the hardest job in the world and when they choose to bring that talent into the business world, they are sharp and have a tough spirit while being gentle when called for. 
 
What was your first job? 
I grew up in Hong Kong and my passion was prose. I joined a local daily newspaper and started off as an editorial assistant. This streak was short lived as I learned that reporting and writing are two completely different things. I have dabbled in a number of ventures since and have also returned to my first love, writing. 
 
What is one must-read book for business leaders? 
Honestly, I find books exclusively on business a dreary read. I get my fix from financial publications in short doses. The book that did find its way to my read-more-than-once shelf was <a href="https://www.stephencovey.com/7habits/7habits.php" target="_blank">“7 Habits of Highly Effective People”</a> by Stephen Covey. 
 
Who is your business role model? 
I have always been intrigued and impressed with a lunch delivery business started by <a href="http://thetiffinproject.com/mahadeos-dream/" target="_blank">Mahadeo Bachche</a> in India in the late 1900s. He started with 100 men with the aim of delivering home cooked lunches to men in offices and workplaces. These 100 delivery boys would, for a small fee, collect lunch from men’s homes, cooked by their wives/helpers and deliver the dabba/box to their offices. These boys were often illiterate, their only means of transport was their bicycle and so this job was a great means to earn an income. The dabbawala union today delivers 200,000 lunch boxes daily, with less than one mistake every six million deliveries. 
 
Do you have a hobby, talent or interest that might surprise people? 
I am working on my first novel. It is a work of fiction and these days a very large amount of my time and energy is dedicated to this goal. Fingers crossed. 
 
What is your favorite achievement? 
Five years ago I decided to launch my own apparel brand, <a href="http://www.flowclothing.com/" target="_blank">FLOW</a>. I have watched it go through the trials and tribulations of being the new kid on the block. There were more challenges than stars in the sky and only recently have I started seeing it come together. We are all set to take it out of its home country, Malaysia and are looking at launching in neighboring Asian countries as early as 2016. 
 
What is the best piece of leadership advice you have received? 
People first, then profit. 
 
How has being in YPO positively affected your business or leadership? 
YPO has been instrumental in giving me a wider perspective and a vast bank of knowledge. 
 
What are the Top 3 insights you’d like to share? 
1. Never, ever make a decision in haste. Most often it’s the wrong one. Go with your gut but let it gestate for a while. 
2. Never hesitate to eat cake – it is sure to make you happy. Work it off later, maybe. 
3. Do something differently everyday. Take a different route to work, change the position of your chair, work standing up…do something, anything, to keep things exciting and new. 
 
 
 
The author of this article is Deborah Stoll from Young Presidents’ Organization (YPO). 
 
YPO (Young Presidents’ Organization) is a not-for-profit, global network of young chief executives connected through the shared mission of becoming Better Leaders Through Education and Idea Exchange™. For more information, visit <a href="http://www.ypo.org/">www.ypo.org</a>

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