We will go ahead with Mekedatu project, says Karnataka CM

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Bengaluru, Aug 5 | Reacting sharply to Tamil Nadu BJP state president K. Annamalai’s protest against the proposed Mekedatu balancing reservoir project, Karnataka chief minister Basavaraj Bommai on Thursday said that Tamil Nadu is opposing the Mekedatu project for the sake of politicking.

After a meeting with officials at the Vidhan Soudha here, Bommai told reporters that there will be no compromise on the Mekedatu project as Karnataka will launch it once the Union government clears the project. “Irrespective of who were protesting in Tamil Nadu, they are doing it for political reasons,” he shot back in response to a question.

He added that during water shortage this project will prove beneficial to both the states. “We have already prepared a Detailed Project Report (DPR) and submitted it to Jal Shakti minister Gajendra Singh Shekhawat recently and I have confidence that the DPR will be approved by the Union government and the project will be taken up shortly thereafter,” he said.

He added that work on the project will start and there will be no compromise on this. “If anybody is protesting, we are not concerned and we are not taking it seriously,” the Chief Minister said.

The proposed Mekedatu (Goat’s Leap) reservoir project is proposed to be built at a deep gorge at the confluence of the Cauvery river and its tributary Arkavathi, in Ramanagara district.

According to the ‘Pre-feasibility report of Mekedatu Balancing Reservoir and Drinking Water Project’ by Karnataka’s Cauvery Neeravari Nigam Limited, the possibility of developing power from the Mekedatu project has been under examination since 1948.

However, this project was revived only in 2013 when it received an in-principle nod by the then Chief Minister Siddaramaiah-led Karnataka government, following which a pre-feasibility report was submitted to the Central Water Commission by the state government.

According to this plan, the reservoir would have a capacity of around 67 tmcft of water and is aimed at ensuring drinking water to Bengaluru and neighbouring areas. The project is also envisioned to generate 400 MW power once it is completed.

Flagging Tamil Nadu’s concerns about this project on July 4, Chief Minister M. K. Stalin in his letter to then Karnataka Chief Minister B. S. Yediyurappa, stated that the proposed Mekedatu project would impound and divert the first component of uncontrolled flows due to Tamil Nadu. “The flow is coming into the river Cauvery from the uncontrolled catchment of Kabini sub-basin downstream of Kabini reservoir, the catchment of the mainstream of Cauvery river below Krishna Raja Sagara (KRS), uncontrolled flows from Simsha, Arkavathy and Suvarnavathi sub-basins and various other small streams,” Stalin added.

The Cauvery water sharing dispute has been a bone of contention between the two states for long. After prolonged legal battles the apex court delivered its final verdict in 2018, increasing the allocation to Karnataka.

According to this final verdict, Karnataka would get 284.75 tmcft of water, Tamil Nadu 404.25 tmcft, Kerala 30 tmcft, Pondicherry 7 tmcft, and 14 tmcft would be reserve for “environmental protection” and “wastage into the sea”.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India

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