HYDERABAD: Deep depression over southwest Bay of Bengal is likely to trigger thunderstorm activity in southern and southeastern districts of Telangana such as Nagarkurnool, Wanaparthy, Jogulamba Gadwal, Nalgonda till November 14. The weather in Hyderabad is likely to be cloudy with isolated rains in a few areas. Under the influence of the deep depression, the India Meteorological Department, Hyderabad has issued a thunderstorm and lightning and squall warning till November 13. As per meteorologists, the deep depression is likely to turn into a low pressure area thereby reducing the intensity of rains in the south peninsular region under which Telangana falls from November 13.
“Telangana lies is in outer periphery of this weather system. We are expecting light to moderate rains over southern parts of Telangana and southeast Telangana. Hyderabad may also receive light patchy showers in the next 24 hours,” said Mahesh Palawat, vice-president (meteorology and climate change), Skymet Weather Services, an independent weather forecasting agency.
HYDERABAD: Two people died and three others were injured after members of two rival groups of a community clashed in a village of Adilabad district, police said on Thursday. The incident happened in Gundala village on Wednesday ahead of a festival rally, they said adding the situation is now normal. “Two groups of the same community clashed by attacking each other by pelting stones and hitting with sticks. Two persons died on the spot and three others, who were injured during the clash were admitted to a hospital,” a senior police official said. The clash broke out after a group objected to the use of a sound system by members of another group ahead of a religious procession resulting in hurling of stones, the official said. After getting information about the incident, police rushed to the village but they ran away into the fields and again the members of both the groups hit each other with sticks resulting in spot death of two people, he said. Additional police forces were rushed to the village and pickets were set up and the situation was brought under control and some people have been taken into custody.
Investments in private companies are saving the year for stock-picking hedge funds.
Prominent managers that invest in both public and private companies in the same funds have seen their portfolio of public investments flail, weighed down by losses from January’s meme-stock rally and a retreat by fast-growing technology stocks. But soaring valuations of private companies and a hot U.S. IPO market have boosted their private wagers. That has helped mask their poor performance in public markets and driven up their overall returns.
Dan Sundheim’s $25 billion D1 Capital Partners, for example, is down 4% in its public bets for the year through September—but up 71% before fees in its private investments, said people familiar with the firm. The S&P 500 had a total return of 15.9% for the period.
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D1 clients opt into share classes that offer varying levels of exposure to private investments. Clients in the share class that can invest up to 15% in private companies have seen gains of about 4.5%, after fees, for the period. The gains stand at 14% and 21% for clients in share classes that can invest up to 35% and 50% in private companies.
Meanwhile, Boston-based Whale Rock Capital Management was down 11.2% for its public investments in a hedge fund that can invest up to a quarter of its clients’ money in private companies, said people familiar with the fund. The performance of the fund’s private wagers shrank the fund’s losses to 3.3% for the year through September.
Hedge funds without private companies in their portfolios have had a rougher time. Palo Alto, Calif.-based Light Street Capital Management, which manages late-stage growth and other funds along with a hedge fund that only invests in public companies, is down 18.6% for the year through September in its hedge fund, said people familiar with the firm. That has brought the fund’s size down to about $1.7 billion. Its growth funds have fared much better, the people said, with Light Street’s first such fund, whose investments include the restaurant-software provider
expected to have an internal rate of return of more than 100%.
The rush into private investing by public-market investors has helped fuel surging valuations for private companies. And as hedge funds, along with mutual funds and sovereign-wealth funds, deploy billions of dollars, they often crowd out venture and growth funds.
Hedge funds made up 27% of the money raised in private rounds this year through June, despite participating in just 4% of the deals, according to a recent report by Goldman Sachs Group Inc.
“These tech companies are growing exponentially, and managers want to capture that huge exponential growth for their clients,” said Susan Webb, founder and investment chief at the New York-based outsourced-investment firm Appomattox Advisory.
The higher-return potential is stark. Private-equity and venture strategies gained an average 14.2% a year in the decade ended in 2020, Goldman said, while hedge funds overall averaged half those annual returns over the period—and were subject to the stresses of regular redemption cycles.
Toast, a restaurant-software provider that went public last month, is an investment of a Light Street Capital Management growth fund.
Photo:
Richard Drew/Associated Press
Hybrid funds can offer distinct benefits, said Udi Grofman, global co-head of the private-funds group at Paul, Weiss, Rifkind, Wharton & Garrison LLP. “The beauty of the structure is that it allows the capital of the investors, in between being invested in private investments, to be exposed to public markets,” Mr. Grofman said. Clients typically sit on cash to fund capital calls by venture and private-equity funds.
Stock-picking hedge funds had a banner year in 2020, buoyed by markets that set new highs after bottoming that March.
Their fortunes in public markets have changed this year. The meme-stock rally in January, which sent the price of companies including GameStop Corp. and
to extraordinary heights, dealt losses to myriad hedge funds. Whale Rock gained 71% last year, while the D1 share class investing up to 15% of clients’ money in private companies climbed 60%; in January they lost about 11% and 30%, respectively, in just their public investments.
While D1 has almost recouped those losses, Whale Rock and other growth-oriented stock pickers have struggled. Fund managers say sector rotations that have alternately favored growth or value have made it difficult to navigate markets. Long out-of-favor sectors such as energy and financials have been on a tear.
Meanwhile, private markets have continued to be supportive. The U.S. IPO market is flourishing, and companies are continuing to raise more money in private markets than in the past. Hedge funds are contributing to the brisk pace of fundraising. D1 and Tiger Global Management, which manages a series of private-equity funds in addition to a hybrid hedge fund, have participated in private funding rounds this year through September at a pace of more than a deal a week for D1 and more than two deals every three days for Tiger, according to PitchBook Data Inc.
The 44-year-old Mr. Sundheim, who started D1 after several years as chief investment officer at Viking Global Investors, said at a recent capital-introduction conference that he hadn’t expected to get as big in private companies as he has. D1 is invested in 90 private companies, he said.
He said judgment was the only competitive advantage in public markets as private markets offered the additional benefit of firms’ reputations playing a role in gaining access to deals. He said D1 in its earliest investments acted as a resource to management teams so they would be strong references for D1. Mr. Sundheim also said he was confident in his portfolio of public investments over the next three to five years.
Earthquake of Magnitude:4.0, Occurred on 23-10-2021, 14:03:30 IST, Lat: 18.77 & Long: 79.38, Depth: 20 Km ,Location… https://t.co/zjvKszurTp
— National Center for Seismology (@NCS_Earthquake) 1634978951000
The quake was at a depth of 20km. The tremor occurred at latitude 18.77 degrees north and longitude 79.38 degrees east. However, there were no immediate reports of loss of life or property.
Up to eight people can play Human: Fall Flat together online, and only two can play it locally, but it’s better to play it locally anyway. The intentionally kludgy controls for the Schmoo-like main dude, and the constant obstacles he faces, create slapstick humor better enjoyed with a friend. Also: You might need a second brain to solve the harder puzzles.
Available on: Windows, Linux, macOS, PlayStation 4, Xbox One, Stadia, Nintendo Switch, Android, iOS, Xbox Series X/S, PlayStation 5
HYDERABAD: BJP is playing the emotive Ram Mandir card to counter TRS’ sops and schemes to woo voters ahead of the crucial bypoll to the Huzurabad assembly constituency. The 5,000-disciplined army of BJP and its frontal organisations are raising the Ram Mandir issue. Panna Pramukhs, each of whom has the target of connecting with 60 voters, are silently taking the slogan to the electorate that “a vote for the lotus symbol is equivalent to contributing a brick in the construction of Ram Mandir at Ayodhya.” BJP claims the response has been good from the people as a majority of them have been raising hands when asked by Panna Pramukhs how many of them had contributed money during the public donation collection done by Sri Ram Janmabhoomi Teerth Kshetra Trust for construction of Ram Mandir and offering them another opportunity to add to their good deeds. “TRS is depending on money to win the election. BJP’s slogan is to meet every voter at least once. It is up to the voters to decide whether they want to do ‘punyam’ (good deeds, good karma) by voting for BJP which is constructing the Ram Mandir or account for ‘paapam’ (sin) by voting against lotus,” BJP’s Huzurabad in-charge and former MP AP Jithender Reddy told TOI. Backward classes welfare minister Gangula Kamalakar, who is leading TRS charge in Huzurabad, said BJP has always tried to polarise voters on religious lines. “The issue of Ram Mandir is not new as BJP tried to use it in earlier elections too. But people of Telangana have been voting for development and welfare schemes of TRS government and K Chandrasekhar Rao’s promise of transforming the state into Bangaru Telangana,” he said. However, the minister hastened to add that they would soon come out with a counter strategy against the saffron party’s Hindutva card. Another senior TRS leader said people know that the KCR government has been spending on temples, including Yadagirigutta, enhanced the honorarium of archakas, muessins and imams. It has given land for cemeteries to the Christian community in and around Greater Hyderabad, in tune with its secular ideology, he added.
HYDERABAD: All India Majlis-e-Ittehadul Muslimeen (AIMIM) president and Hyderabad MP Asaduddin Owaisi on Saturday claimed that there were 150 MLAs in Uttar Pradesh who have more than two children. He challenged UP chief minister Yogi Adityanath to state clearly if BJP will deny tickets to such legislators in ensuing polls to t state assembly. Speaking to reporters, Owaisi demanded the Centre launch an inquiry into the Pegasus or at least allow a debate in Parliament over the issue. “When inquiries are being done on the Pegasus-phone hacking issue in Israel and France, why is the Modi-government scared to even constitute a commission to inquire into it?” Owaisi questioned. The AIMIM president also lashed out at PM Narendra Modi for his perceived silence on the issue of “China sitting in Indian territory.” “Why doesn’t the Modi government lead a delegation of MPs and journalists to Depsang, Gogra, Hot Spring and Demchok to show that these are still under control. But the reality is that the Chinese soldiers continue to be in control of our territory…,” Owaisi alleged. The AIMIM president also lambasted the BJP government in Uttar Pradesh and Centre for allegedly neglecting the health sector. “There are four lakh acutely malnourished children in UP, severe shortage of doctors and specialists in public, community health centres and sub-centres. The Modi-government had filed an affidavit in Supreme Court in 2020 stating international experience shows that any coercion to have a certain number of children is counter productive and leads to demographic distortions,” he said. Owaisi also demanded the Centre give jobs to crores who lost jobs due to the alleged mismanagement of the second wave of Covid-19.
HYDERABAD: Buoyed with the UNESCO world heritage tag for Rudreshwara (Ramappa) temple in Mulugu district, the Telangana government has decided to get dossiers prepared for at least half-a-dozen historical places in the state and get them similar recognition. It would prepare dossiers for the historic Thousand Pillar temple in Warangal, Sammakka Sarakka (tribal festival) in Mulugu, Pillala Marri (over 700-year-old banyan tree) in Mahabubnagar, Warangal Fort, Mutyala Dhara waterfalls in Jayashankar Bhupalapally district apart from Golconda and Charminar. “The archaeology department has been asked to come up with the list of places which have rich history, heritage and culture. The list will be given chief minister K Chandrasekhar Rao for finalising the names. Once the names are finalised, dossier preparation will be started. A consultant will also be hired for the purpose,” culture and tourism minister V Srinivas Goud told TOI on Saturday. He said there were many places in the state which qualify for the world heritage status. After getting the world recognition, the state government has decided to develop the temples and create a buffer around Ramappa temple to protect the monument. As number of tourists have already started thronging the Ramappa temple, the tourism department is planning to construct hotels in nearby places. The minister said the main Ramappa temple was in the purview of Archaeological Survey of India (ASI), while three temples near Pakala Lake need to be developed. The government would also see no structures come up in the buffer zone of the main temple, he added. “To promote tourism in Ramappa and surrounding areas, the government is planning to develop ‘Kakatiya Circuit’,” Srinivas Goud said.
HYDERABAD: Nalgonda MP and Telangana Congress former president N Uttam Kumar Reddy on Saturday said the Covid-19 vaccination rate was slow in the state, particularly in rural areas. “There is a need to speed up the vaccination drive keeping in view of the expected third wave of coronavirus. Also, the rate at which vaccination is going in Telangana, it would be difficult to reach the target of vaccinating all the adults by December 31,” he said. Stating that he would raise the issue in Parliament, Uttam, who participated in the general body meeting of Nalgonda mandal praja parishad, told reporters that only 10% of the 65,000 population of Nalgonda mandal were given two doses of vaccine so far. “How would we be able to vaccinate all the adults by December 31,” he asked. Stating that he would raise the issue in Parliament, Uttam told reporters that only 10% of the 65,000 population of Nalgonda mandal were given two doses of vaccine so far
HYDERABAD: Justice T Amarnath Goud of the Telangana high court has convicted six officers in a contempt case and sentenced them to jail for six months along with a penalty of Rs 2,000 each. The judge convicted IAS officers — A Santha Kumari (special chief secretary of environment and forest sciences) and D Amoy Kumar (Rangareddy district collector) — and IFS officers — R Shobha (principal chief conservator of forests) and Sunita M Bhagwat — and along with divisional forest officer Janakiram and additional collector and forest settlement officer S Tirupati Rao in the case and imposed jail terms and penalties on them. The judge handed out the sentences for violating the court orders in a land case in Rangareddy district. The judge handed out the sentences under the Contempt of Courts Act for violating the court orders issued in respect of 383 acres of land belonging to Mohammed Sirajuddin and nine others of Maheswaram mandal in Rangareddy district. The land was sought to be converted into a reserve forest by dispossessing the owners of their property. Despite advice from the forest settlement officer that the action of the revenue and forest officials was not feasible and despite a court order to either acquire the land or return the same to the owners, the officials had failed to do so inviting contempt of court charges.
