Tag: FInance News

  • Chinese man arrested on charges of acting as Beijing’s agent in California polls

    Chinese man arrested on charges of acting as Beijing's agent in local US polls.
    Chinese man arrested on charges of acting as Beijing’s agent in local US polls. Photo Courtesy: Pixabay

    A Chinese man has been arrested for allegedly acting as an illegal agent of the China (PRC) while serving as the campaign manager for a political candidate who was elected in 2022 to the city council of a California city, the US Department of Justice said on Friday.

    The Chinese national was identified as Yaoning “Mike” Sun, 64.

    “Sun (who) was arrested today is expected to make his initial appearance this afternoon in the Central District of California,” US Department of Justice said in a statement.

    Sun is also charged with conspiring with another man, Chen Jun, who was sentenced to prison last month for bribery and acting as an illegal agent of the PRC government.

    According to the complaint, Sun served as the campaign manager and close personal confidante for a Southern California politician (referred to in the complaint as Individual 1) who ran for local elected office in 2022.

    During the campaign, Sun communicated with Chen regarding his efforts to get Individual 1 elected.

    Chen allegedly discussed with Chinese government officials how the PRC could “influence” local politicians in the United States, particularly on the issue of Taiwan.

    In November 2022, shortly after Individual 1 was elected to office, Chen instructed Sun to prepare a report on the election that was sent to Chinese government officials, who responded positively and expressed thanks, according to the complaint.

    About a month after Individual 1’s election, Chen arranged a lunch at a Rowland Heights restaurant with Sun and others, a gathering that Chen described to a PRC official as a “core member lunch,” the complaint alleges.

    Chen subsequently described the lunch as “successful” as participants agreed to establish a “US-China Friendship Promotional Association”.

    While Individual 1 did not attend the meeting, Chen identified Individual 1 as being part of “the basic team dedicated for us”, in a communication to a Chinese government official.

    In early 2023, Chen instructed Sun to write another report for Chinese officials describing “[Sun] and [Chen] cultivating and assisting [Individual 1’s] success,” according to the complaint.

    In February 2023, as the second report to PRC officials was being finalised, Sun forwarded to Chen a proposal to combat “anti-China forces” by participating in a U.S. Independence Day parade in Washington, D.C, according to the complaint. 

    Sun proposed that the PRC government provide an USD 80,000 budget to support his and Chen’s efforts in the United States.

    After Chen and Sun discussed a planned trip to China to meet with “leadership”, and after Chen directed Sun to schedule a meeting with the Chinese consul general in Los Angeles, Sun and Individual 1 travelled to China in August 2023.

    If convicted, Sun faces a statutory maximum penalty of 10 years in prison for acting as an illegal agent of a foreign government.

    Sun also faces a statutory maximum penalty of five years in prison for conspiracy to commit an offense against the United States.

    A federal district court judge will determine any sentence after considering the US Sentencing Guidelines and other statutory factors.

    The FBI is investigating the case.    

  • R Ashwin reveals Sachin Tendulkar, Kapil Dev called him after he announced shock retirement

    R Ashwin posts on X revealing names of people who called him after he announced retirement.

    For over a decade, Indian cricket icon Ravichandran Ashwin’s name has made it to the headlines, mostly for his exploits with the ball — and occasionally with the bat — but on Wednesday, December 18, he not only made the top news, but also sent shockwaves across the fraternity by announcing a shock retirement as an international cricketer with immediate effect. 

    This retirement saw the end of a sensational international career, ending a glorious chapter in the country’s cricket history.

    Right after the maverick offspinner hung his boots, Ashwin shared the names of people who called him. The list included the names of his father and two cricket heroes of India — Sachin Tendulkar and Kapil Dev.

    Thanking Tendulkar and Dev, Ashwin wrote on Instagram: “If someone told me 25 years ago that I would have a smartphone with me and the call log on the last day of my career as an Indian cricketer would look like this, I would have had a heart attack then only. Thanks @sachin_rt and @therealkapildev paaji #blessed.”

    Earlier, Tendulkar had also posted his remark on X following Ashwin’s announcement where he said he admired the spinning icon for his approach towards the game.

    “Ashwin, I’ve always admired how you approached the game with your mind and heart in perfect sync. From perfecting the carrom ball to contributing crucial runs, you always found a way to win. Watching you grow from a promising talent to one of India’s finest match-winners has been wonderful. Your journey shows that true greatness lies in never being afraid to experiment and evolve. Your legacy will inspire one and all. Wishing you all the very best for your 2nd innings,” Sachin Tendulkar wrote on X.

    Ashwin, who picked up 765 international wickets, remains one of the greatest names in Indian cricket.

  • Latteys Industries Limited Reports Exceptional Results for Q2 FY 2024


    Latteys Industries Limited, an NSE-listed leader in energy-efficient solar submersible pumps, has announced remarkable financial results for the Quarter and Half Year ending September 2024.


     


    Key Financial Highlights:


    1. Revenue Growth: The company’s revenue surged from Rs. 1,575 lakhs to Rs. 1,873.46 lakhs, marking an 18.90% increase compared to the same period last year.


    2. Net Profit: The net profit witnessed an impressive growth of 176.38%, rising from Rs. 25.37 lakhs to Rs. 70.12 lakhs. Sequentially, net profit grew by 86.20% compared to the previous quarter.


    3. Earnings Per Share (EPS): EPS saw a threefold increase, jumping 200% from Rs. 0.04 to Rs. 0.12.


     






    Solar Submersible Pumps


     


    Latteys Industries continues to expand its presence in the solar water pump segment and is currently empanelled for installations in Madhya Pradesh, Maharashtra, Gujarat, and Uttar Pradesh. With additional orders on the horizon, the company is well-positioned to contribute significantly to India’s green energy initiatives. Efforts are underway to further expand operations into unrepresented regions, strengthening the company’s market footprint.


     


    During the year, Latteys Industries secured a prestigious order worth approximately Rs. 30 crore for the design, manufacture, supply, installation, testing, and commissioning of 1,000 Off-Grid Solar Photovoltaic Water Pumping Systems (SPWPS) under Component-B of the PM-KUSUM scheme. The project includes a complete system warranty and repair/maintenance services for five years and was awarded by the Rajasthan Horticulture Department, Jaipur.


     


    Total Orders In Hand as of Date: 37.525 and additional orders are expected to be signed soon.


     


    Leadership Commentary


    Commenting on the company’s performance, Mr. Kapoor Chand Garg, Promoter of Latteys Industries Limited, said: “We are delighted with the company’s performance and deeply value the trust our clients place in us. Our commitment to delivering high-quality, sustainable solutions remains unwavering, and we are confident in our ability to achieve even better results year after year.


     


    Latteys Industries’ strong focus on sustainability and energy efficiency aligns with its mission to cater to growing demands across agriculture, industry, and domestic markets.


     


    About Latteys Industries Limited


    Founded in 2004, Latteys Industries Limited is a leading manufacturer of advanced pumping solutions catering to Agricultural, Industrial, Domestic, and Horticultural needs. With a robust portfolio of over 700 models—including Submersible, Self-Priming, Centrifugal Monoblock, Shallow-Well, and Horizontal Openwell Submersible Pumpsets—the company operates a state-of-the-art manufacturing facility in GIDC Naroda, Gujarat.


     


    The facility boasts an annual production capacity of approximately 1,80,000 pumps, making Latteys Industries a trusted name in the pumping solutions industry. The company operates through seven branches located in Kanpur, Patna, Delhi, Ranchi, Jaipur, and Indore, ensuring a strong PAN-India presence.


     


    Safe Harbor


    Certain statements in this release concerning our future growth prospects may be seen as forward-looking statements, which involve a number of risks and uncertainties that could cause the actual results to differ materially from such statements. The company does not undertake to update any such forward-looking statements made from time to time.

  • Narendra Modi, King Charles III discuss Commonwealth, climate action and sustainability

    The Prime Minister, Shri Narendra Modi interacting with the Prince Charles, during the visit to the science museum to view the Exhibition on 5000 years of Science and Innovation, in London on April 18, 2018. Photo Courtesy: PIB

    India’s Prime Minister Narendra Modi and Britain’s King Charles III held a telephonic conversation when they reaffirmed their commitment to further strengthen the Comprehensive Strategic Partnership between the two nations.

    “Recalling the historic relations between the two countries, they both reaffirmed commitment to further strengthen the Comprehensive Strategic Partnership between India and the UK,” read a statement issued by the Ministry of External Affairs on Friday.

    They exchanged views on Commonwealth of Nations and the recently concluded Commonwealth Heads of Government Meeting in Samoa.

    During the conversation, discussions were also held on a number of subjects of mutual interest, including climate action and sustainability.

    “Prime Minister expressed his appreciation for His Majesty’s sustained advocacy and initiatives on these issues and briefed him on the multiple initiatives undertaken by India,” read the statement.

    Following his conversation, Modi posted on X: “It was a pleasure to speak with HM King Charles III today. Reaffirmed commitment to bolster India-UK ties. Exchanged views on issues of mutual interest, including the Commonwealth, climate action and sustainability.”

  • Singapore’s GIC to invest USD 150 million in India-based Asia Healthcare Holdings

    GIC, Singapore’s sovereign wealth fund, announced on December 18 that it will invest an additional USD 150 million in India-based Asia Healthcare Holdings (AHH), a private equity firm backed by GIC and TPG.

    Logos of GIC (left) and AHH. Photo courtesy: Official websites
    Logos of GIC (left) and AHH. Photo courtesy: Official websites

    This follows GIC’s first investment of USD 170 million in AHH in February 2022.

    “We are pleased to continue supporting AHH’s growth with our long-term capital, global network, and resources,” said Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC.

    Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC. Photo courtesy: www.gic.com.sg
    Choo Yong Cheen, Chief Investment Officer of Private Equity, GIC. Photo courtesy: www.gic.com.sg

    “As a long-term investor, we are confident in India’s single specialty healthcare sector, which has strong tailwinds for growth driven by increasing per capita income, urbanization, high awareness of specialty care, and improved supply of high-quality clinics. AHH’s potential to expand into newer sub-segments positions it well for continued success,” he added.

    AHH was acknowledged as “one of South Asia’s largest healthcare delivery platforms” with a “unique approach to investing in and growing different single specialty healthcare companies under one enterprise” in a news release published by GIC on Wednesday.

    To date, AHH has invested approximately USD 300 million across hospital chains in Oncology, Mother & Childcare, Urology & Nephrology, and IVF & Fertility under daycare specialty.

    AHH’s platform today includes Motherhood Hospitals, Nova IVF, and Asian Institute of Nephrology & Urology (AINU) hospitals.

    Motherhood is a pan-India chain of mother and childcare hospitals offering comprehensive services from pre-conception to post-birthing care for women and a wide range of services under pediatric care, including the largest network of Neonatal Intensive Care Units (NICU).

    Nova is a leading fertility solutions provider offering best-in-class IVF services across South Asia.

    AINU is India’s only Urology & Nephrology specialty hospital network recognized for its advanced urological care, including robotic surgery and high-end nephrology procedures. Under AHH, these entities have established market leadership in their respective verticals and regions.

    Vishal Bali, Executive Chairman, AHH. Photo courtesy: www.ahholdings.com
    Vishal Bali, Executive Chairman, AHH. Photo courtesy: www.ahholdings.com

    “We started AHH as a healthcare delivery platform that would invest, transform and grow single specialty enterprises under one holding company,” said Vishal Bali, Executive Chairman, AHH. “Over the years, our differentiated investment approach has since delivered strong growth opportunities to bridge the demand- supply gap of healthcare services in India. Together with our seasoned leadership team, targeted investments in cutting-edge medical technology and steadfast focus on providing quality care to patients, we have successfully transformed our single specialty healthcare enterprises into market leaders within a short period of time.”

    “Looking ahead, we continue to see huge growth opportunities in single specialty healthcare delivery enterprises. AHH’s distinct operating model, and the synergies we can leverage from the scale of the platform will enable us to replicate our success across new specialties we bring under our fold. GIC and TPG Growth’s long-term commitment to AHH is the catalyst to accelerate our growth,” Bali added.

    Ankur Thadani, Partner at TPG, said, “Since TPG Growth first incubated AHH in 2016, we have stayed focused on our mission to take a differentiated approach to healthcare investing, which is to build and grow businesses that are adding value to the healthcare system that enable better outcomes for patients. We are proud to have supported AHH’s rise to market leadership, and in continuing our partnership with GIC, aim to support AHH as they further innovate and scale their platform across India.”

    “Our additional investment reflects our confidence in AHH’s management team and the strength of its differentiated brands and diversified businesses. We look forward to deepening our partnership with Vishal and the AHH team in their mission to make quality healthcare more accessible and affordable in the market,” said Pankaj Sood, Head of Direct Investments, India and Africa, Private Equity, GIC.

  • Rupee’s 12 paise tumble takes it to all-time low of 85.06 against USD in early trade

    The rupee (INR) dropped 12 paise to an all-time low of 85.06 against the US dollar in early trade on Thursday, December 19, as a hawkish tilt from the US Federal Reserve sparked a broad dollar rally.

    Representational image of Indian rupee. Photo courtesy: Free Press Journal
    Representational image of Indian rupee. Photo courtesy: Free Press Journal

    Forex traders said the US Federal Reserve has adjusted its projections for 2025, signalling a more cautious monetary policy stance, pressuring emerging market currencies, including the Indian rupee.

    At the interbank foreign exchange, the rupee opened on a weak note and breached the crucial 85.00 level against the greenback.

    It fell further to an all-time low of 85.06 against the American currency, registering a fall of 12 paise over its previous close, as dollar demand from importers, foreign fund outflows and a muted trend in domestic equities further dented investor sentiments.

    On Wednesday, the rupee dropped 3 paise to close at an all-time low of 84.94 against the USD.

    The rupee was under severe pressure as the US dollar charged ahead on hawkish FED outlook and flirted with a two-year peak at 108.04, while US 10-year bond yield rose to 4.51 per cent, said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.

    The US FED cut rates by 25 basis points but was very hawkish in its approach as it said that it might take another year or two to get to 2 per cent on inflation. It expects cuts of 50 bps in 2025 and another 50 bps in 2026.

    “A broad sell-off in equities, commodities, and bonds has kept the dollar well bid. We expect a slow and steady depreciation as the Reserve Bank of India (RBI) may protect key levels though may not change the direction,” Bhansali added.

    Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.01 per cent at 108.03.

    Brent crude, the global oil benchmark, fell 0.42 per cent to USD 73.08 per barrel in futures trade, on a surging dollar and a hawkish FED after it signalled slower easing.

    In the domestic equity market, the 30-share BSE Sensex was trading 910.95 points or 1.144 percent down at 79,271.25 points in morning trade, while Nifty was down 281.15 points or 1.16 percent to 23,917.70 points.

    Foreign Institutional Investors (FIIs) offloaded INR 1,316.81 crore in the capital markets on net basis on Wednesday, December 18, according to exchange data.

  • India’s Punjab voted 7th best food region in the world, other states make it to top 100

    The Indian state of Punjab featured in the top 10 of the best food regions by Taste Atlas, a popular food and travel guide.

    Flatbreads like roti, kulcha, naan are a staple in Punjab. Representational image. Photo courtesy: www.freepik.com
    Flatbreads like roti, kulcha, naan are a staple in Punjab. Representational image. Photo courtesy: www.freepik.com

    As per the ‘100 Best Food Regions in the World’ list featured in the Taste Atlas Awards 2024-25, the northern Indian state ranked 7th.

    Punjab, however, isn’t the only state or region from the world’s most populous country on the list.

    Maharashtra, West Bengal and the entire Southern India also made it to the top 100.

    Who are the top 10?

    Campania in Italy bagged the top spot with a rating of 4.44 out of 5.

    Pizza, an Italian dish, emerged as one of the most popular dishes in the world. Representational image. Photo courtesy: Unsplash
    Pizza, an Italian dish, emerged as one of the most popular dishes in the world. Representational image. Photo courtesy: Unsplash

    It was followed by Peloponnese (Greece), Emilia-Romagna (Italy), Sichuan (China) and Cyclades (Greece) in the top 5, respectively.

    Crete, the largest and most populous of the Greek islands, was ranked 6th. Punjab, Tuscany (Italy), Alentejo (Portugal), Macedonia (Greece) rounded off the top 10 list.

    Ratings and popular choices

    Punjab was rated 4.36. Popular dishes from the region included Amritsari kulcha, Tikka, Shahi paneer, Tandoori murgh, Saag paneer among others.

    Maharashtra was placed 41st on the list with a rating of 4.20. Dishes like Misal pav, Aamras, Misal, Shrikhand, and Pav bhaji emerged as fan favourites.

    Pav bhaji. Photo courtesy: Unsplash
    Pav bhaji. Photo courtesy: Unsplash

    West Bengal’s food received a rating of 4.15, placing it on the 54th spot. Chingri Malai Curry, Shorshe ilish, Gobi manchurian, Ras malai, and Kathi Roll were among the top picks.

    Chingri (prawn) Malai Curry. Photo courtesy: www.freepik.com
    Chingri (prawn) Malai Curry. Photo courtesy: www.freepik.com

    At the 59th spot was Southern India, with a rating of 4.14. Hyderabadi biryani, Chicken 65, Masala dosa, Madras Curry, and Dosa were some of the favourites.

    Dosa is a staple food in Southern India. Photo courtesy: www.freepik.com
    Dosa is a staple food and a popular breakfast option in Southern India. Photo courtesy: www.freepik.com

  • France: Ex-husband sentenced to 20 years in prison for orchestrating wife’s decade-long mass rape 

    A French court on Thursday sentenced a man to 20 years in prison for drugging and raping his wife, now 72,  for nearly a decade by enlisting at least 51 men through a notorious website. 

    The mass rape trial has turned 72-year-old Gisele Pelicot into a feminist icon. (Image credit: Video grab)

    The judges in France’s Avignon gave the verdict in the shocking case where Dominique Pelicot  would drug  his wife and then invite men to  rape her unconscious body. He used to enlist them through an infamous website, over a period of nine years, according to media reports.

    While delivering the verdict, the presiding judge of the Avignon criminal court, Roger Arata, stated that Dominique Pelicot would only become eligible for parole after serving two-thirds of his sentence.

    All 50 other defendants, aged between 27 and 74, were convicted in the French mass rape trial, with no acquittals. According to a report by AFP, they received sentences ranging from 3 to 20 years.

    From 2011 to 2020, Dominique Pelicot, 72, drugged his wife with tranquilizers and sleeping pills without her knowledge. He conducted the act in a careful manner, by crushing the pills into powder and adding them to her food and drink.

    The mass rape trial has turned 72-year-old Gisele Pelicot into a feminist icon as she decided to waive her anonymity, standing up to her aggressors in court. In her words, making “shame swap sides” from the victim to the rapist, according to a BBC report.

    Verdict on the defendants

    The court found 47 of the men guilty of rape, two guilty of attempted rape, and two guilty of sexual assault.

    Dominique Pelicot, a pensioner who had been married for more than 50 years, allegedly mixed the anti-anxiety drug Lorazepam into his wife’s evening meal, La Monde reported as quoted by The Independent.

    Pelicot also recorded the acts on video, which were later presented in court.

    The case is considered unusual not only because of the involvement of a husband who enlisted strangers to rape his own wife for nearly a decade, but also due to the participation of men from various professions, including firefighters, security guards, and lorry drivers. 
    They have earned the nickname Monsieur-Tout-Le-Monde (Mr. Everyman). Many of them are fathers, and some are even grandfathers.

    The role of the website and the abuses

    The men, who faced trial alongside Dominique Pelicot, include 50 other men aged 27 to 74. One of them, who did not abuse her, raped his own wife with Dominique Pelicot’s help.

    In the trial that started in September, Gisele once told the court, “I thought we were a close couple.”

    She hadn’t been aware that her husband was going on a notorious but now banned website called Coco.fr to invite local men to their home to have sex with her while she was comatose.

    The couple are now divorced and have three children, who did not appear in court during their father’s trial.

    Prosecutors’ demands and defence arguments

    Prosecutors had sought prison sentences ranging from four to 18 years for nearly all the other defendants, who stand accused of raping a comatose Gisele Pelicot.

    Dominique Pelicot admitted to the charges during the trial and expressed remorse to his family. However, the majority of the 50 accused—strangers Pelicot had encountered online—denied the rape charges. They claimed they believed they were participating in a consensual sexual game arranged by the couple, arguing that the husband’s consent negated any suggestion of rape.

    How accused relied on ‘consent’ to escape conviction

    The defence has centred on the legal definition of rape, which in France currently requires proof of sexual penetration “by violence, coercion, threat, or surprise.” As a result, prosecutors must establish intent to commit rape.

    Public prosecutor Laure Chabaud argued in court that the outdated notion of “since she didn’t say anything, she gave her consent” no longer holds.

    In solidarity with Gisèle Pelicot, thousands have taken part in protests across France, while women have gathered outside the courthouse daily, chanting a powerful phrase highlighted by her lawyers: “Shame is changing sides.”

    Advocates have used this case to call for the inclusion of explicit consent in France’s rape laws, aligning them with those of other European nations.

    Gisèle Pelicot’s courageous stand

    Gisèle Pelicot has been present almost every day of the trial, arriving at court in her sunglasses just before nine o’clock. Her choice to forgo anonymity is exceptionally rare, yet she has remained resolute throughout. “I want all women who have been raped to say: Madame Pelicot did it, I can too.”

    Despite projecting strength, she has openly acknowledged that “behind her facade of strength lies a field of ruins.” While her actions have earned widespread praise, she views herself as a reluctant hero.

    “She keeps repeating, ‘I am normal,’ she does not want to be considered as an icon,” her lawyer, Stéphane Babonneau, told the BBC’s Emma Barnett.

    Her message, as conveyed through her lawyer, is that “women generally have a strength in them that they can’t even imagine and that they have to trust themselves.”

    Pelicot’s history of offenses

    Pelicot enlisted the men on “a son insu” – a French internet forum where members discuss performing sexual acts on women without their consent and often when they are drugged.

    However, his crime did not come to light until a security guard reported him to police for taking photographs under women’s skirts in a supermarket.

    According to a BBC report, Dominique Pelicot was also found guilty of attempting to commit aggravated rape against the wife of one of his co-defendants, Jean-Pierre Marechal.

    Dominique was also convicted of taking indecent images of his daughter, Caroline, and his daughters-in-law, Aurore and Celine.

    Prosecutors had sought prison terms ranging from four to 20 years, the latter being the maximum penalty for aggravated rape charges.

  • Shahid Kapoor, Kriti Sanon to pair up again for Homi Adajania’s Cocktail 2

    Bollywood stars Shahid Kapoor and Kriti Sanon will be seen together in Homi Adajania’s Cocktail 2, after delivering a hit with ‘Teri Baaton Mein Aisa Uljha Jiya’, where they made their debut as a pair.

    Actors Shahid Kapoor and Kriti Sanon. Photo courtesy: X/@jiostudios
    Actors Shahid Kapoor and Kriti Sanon. Photo courtesy: X/@jiostudios

    As per a report by PinkVilla, the two will feature in the sequel to Cocktail, a 2012 hit Hindi film which starred Saif Ali Khan, Deepika Padukone and Diana Penty in the lead.  

    A source told the media outlet, “After the success of Teri Baaton Mein Aisa Uljha Jiya, Shahid Kapoor and Kriti Sanon are reuniting on Cocktail 2. The duo loved the script and are excited to venture into the world of this romantic comedy. 

    “Producer Dinesh Vijan is also a big fan of the genre, and feels the script of Cocktail 2 is the right one to bring the romantic comedies back in fashion,” the source added.

    Filmmaker Luv Ranjan wrote the script and he will be involved in the creative process throughout the film. 

    The film will be produced by Dinesh Vijan, who was also the producer of the 2012 romantic-comedy.

    “It’s a script that’s loaded with humour and light-hearted moments with the emotion of friendship at the core of it. Luv is a master of this genre, and the association of Luv and Dinoo is something to lookout for,” the source added.

    The film will go on floors in May 2025.

  • Boat tragedy off Mumbai coast claims 13 lives; Maharashtra Minister promises action 

     At least 13 people, including a naval officer, died when a speeding Indian Navy boat, which was undergoing engine trials, lost control and collided with a passenger ferry off the Mumbai coast on Wednesday, the Indian Navy said.

    Indian Navy boat collides with ferry boat near Mumbai. Photo courtesy: Videograb from X

    In the statement, the Navy said 13 people, including a naval officer and two people from the original equipment manufacturer, were killed in the accident.

    The ferry was carrying passengers from Gateway of India to Elephanta Island, a popular tourist destination because of the rock cut cave temples famously known as the Elephanta Caves.

    A video of the accident was captured on camera which shows the navy craft, carrying five people, speeding towards the ferry boat after losing control.

    Ten ferry passengers were killed, while the remaining 102, including the two survivors from the navy craft, were rescued.

    A day after the tragedy, Maharashtra Minister Uday Samant said action will be taken after a probe into the incident.

    “Inquiry will be done in the whole matter and action will be taken accordingly. If there is some technical error then it is okay but if someone was driving a speedboat just for enjoyment then action should be taken against them,” Uday Samant told ANI.

    Detailing the incident, the Indian Navy in a statement said: “At about 1600 hours (4 pm), a navy craft undergoing engine trials lost control and collided with a passenger ferry, Neel Kamal, off Karanja, Mumbai. The ferry was carrying passengers from Gateway of India to Elephanta Island.”

    The Navy in coordination with the Coast Guard and Marine Police launched an immediate search and rescue operation.

     “Four naval helicopters, 11 naval craft, one Coast Guard boat and three Marine Police boats are undertaking rescue efforts. The survivors picked up by Navy and civil craft in the area have been transferred to jetties and hospitals in the vicinity. So far 99 survivors have been rescued,” it said.

    The video of the speedboat colliding with the ferry surfaced over two hours after the accident happened.

    Earlier, it was reported the ferry started sinking. However, the cause was not known.

    The boat had sailed from the Gateway of India to Elephanta Island, off the Mumbai coast.

    Prime Minister Narendra Modi condoled the deaths and announced some immediate compensation.

    In a post on X, the Prime Minister’s office said: “The boat mishap in Mumbai is saddening. Condolences to the bereaved families. I pray that the injured recover soon. Those affected are being assisted by the authorities: PM @narendramodi.”

    “The Prime Minister has announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the boat mishap in Mumbai. The injured would be given Rs. 50,000.”

    Defence Minister Rajnath Singh said he was “deeply saddened by the loss of precious lives in the collision between passenger ferry and the Indian Navy craft in Mumbai harbour…”

    Maharashtra Chief Minister Devendra Fadnavis has announced an ex-gratia of Rs. 5 lakh from the CM’s Relief Fund to the families of those who died in the accident.

    More visuals show people wearing life jackets being rescued and shifted to another boat, while the vessel began tilting towards the water surface.

    The Indian Navy and the Coast Guard carried out the rescue operation, with 11 navy boats, three boats of the Marine Police, and a boat of the Coast Guard deployed in the area, a defence official said.