Fireballed: How Bad Advice Cost Apple Investors Millions

first_imgTags:#Apple#Finance#investing 8 Best WordPress Hosting Solutions on the Market Top Reasons to Go With Managed WordPress Hosting Related Posts A Web Developer’s New Best Friend is the AI Wai…center_img brian s hall Why Tech Companies Need Simpler Terms of Servic… Philip Elmer-DeWitt of Fortune ran a chilling story last week about Andy Zaky, an “Internet-trained” hedge fund manager who led naive investors over a cliff by investing in Apple. (The Rise and Fall of Andy Zaky.) As Apple’s stock has dropped over the last few months, they all took heavy losses. Forms filed with the SEC reveal that Zaky’s Bullish Cross hedge fund’s entire $10.6 million asset base is now gone. Worse, Zaky had 700 subscribers to his Bullish Cross newsletter, and they seem to have lost even more, as Elmer-DeWitt reports in a follow-up article (Losses of Apple guru’s clients could reach into the billions.)According to Elmer-DeWitt:I’ve heard directly from 37 former Bullish Cross members who tell me that they lost anywhere from $15,000 to $50 million apiece.Total losses for these 37 investors: $94.5 millionAverage loss: $2.5 millionGiven that at its peak Bullish Cross had 700 members, it’s quite likely that Andy Zaky’s followers — many of whom had put their savings and retirement accounts into Apple call spreads — lost hundreds of millions of dollars. If the members I haven’t heard from were large investors, total losses could reach into the billions.Zaky’s bio on Seeking Alpha lays bare his Apple-centric investment focus (emphasis added):We only care about the best in breed and nothing less. On the Apple research side of the offering, Bullish Cross will be putting out a mix of public and exclusive Apple content.  Members will also get to participate in an open forum for questions regarding Apple’s short and long-term direction. There will also be a lot of discussion regarding positioning and hedging ahead of major events. The Apple research will give the average Apple investor a distinct advantage over the market as we head into the future. There is a tremendous amount of money to be made on Apple, it’s a matter of how to properly capitalize on it.What Goes Up…Apple’s stock was on a tear over the past couple years, and briefly topped $700 a share. During the run-up, Zaky had no shortage of admirers. But as Business Insider pointed out, the people who subscribed to Zaky’s newsletter “were not sophisticated investors who understood the risk of listening to Zaky.”Among the loudest of Zaky’s fans was John Gruber, whose Daring Fireball tech blog has become hugely influential among Apple fans. (That’s Gruber pictured above.) Daring Fireball receives more than 4 million monthly page views and has over 400,000 RSS subscribers.Business Insider calls Daring Fireball “a must-read blog for Apple shareholders, employees, and the many, many `fans’ of the company.” Readers visit Gruber’s site to learn the latest about Apple products, speculate on the latest Apple rumors and get Gruber’s thoughts on all things Apple. Gruber, 40, has a BS in computer science from Drexel University. He has spent his career in tech. He makes no claims about giving investment advice. He does, however, claim to have sources close to Apple and frequently addresses rumors about the latest Apple products.For years, Gruber praised Zaky (pictured at right), holding him up as a wizard who understood Apple better than big-name Wall Street analysts.A Zaky FanIn a July 21, 2008, post (Apple Shares Fall in After Hours Trading) Gruber linked to a MarketWatch report noting that Apple shares had fallen short of Wall Street expectations, then added:Now’s a good time to re-read the piece I linked to over the weekend from Andy Zaky on Wall Street’s misguided obsession with Apple’s conservative guidance numbers.On Oct. 28, 2008, Gruber again linked to Zaky and his Bullish Cross newsletter, and included this quote from Zaky (emphasis again added):Right away, one ought to notice the staggering growth rate in both revenue and earnings that Apple displayed in 2008. Apple’s real revenue grew 54.5% from $24.637 billion in FYE 2007 to $38.041 billion in FYE 2008 — a full $13.4 billion growth in revenues. Even more impressive is Apple’s 81.2% growth rate in adjusted net income. For a company that is trading at 12 times 2008 earnings, it doesn’t take a genius to conclude that Apple is severely undervalued. Especially since Apple currently trades at about 3.37 times its cash position — which is objectively and significantly lower than every other large cap tech company.GOOG trades at 7.18 times its cash position, RIMM at 15.51 times cash, AMZN at 9.15 times cash, MSFT at 9.13 times cash, CSCO at 3.62 times cash, IBM at 10.96 times cash, INTC at 6.54 times cash, and HPQ at 5.15 times cash. What is more, only GOOG, AAPL and MSFT have no debt of the companies mentioned above. Apple has the largest net cash position than any of those companies and Apple has more net cash than RIMM, GOOG, AMZN and IBM combined.On Jan. 20, 2009, Gruber wrote the post Andy M. Zaky on Apple and Subscription-Based Accounting, in which he stated: “Zaky argues that Apple’s use of subscription-based accounting for iPhone revenue has significantly hurt its share price — casual investors who are only looking at Apple’s GAAP results don’t realize how much revenue they’ve deferred.”On April 19, 2011, Gruber posted Andy Zaky: ‘Why Apple Shares Are Dirt Cheap‘ and wrote, “Sharp piece by Andy Zaky on Apple’s finances and stock price. He expects a big move.”In a Nov. 30, 2011 piece titled Apple: The most undervalued large-cap stock in America, Gruber wrote that “Zaky makes a compelling, data-backed case that Apple’s stock price is severely undervalued.”On that same day, in a different post, Gruber wrote that, “A few readers have asked whether I personally own Apple stock. Good question. I do not. I don’t own stock in any companies that I cover regularly here on DF. I do own shares of an S&P 500 mutual fund.”A few weeks later, Gruber posted How to Properly Use Apple’s Guidance to Accurately Forecast Earnings, and linked to an article where Zaky “explains in painstaking detail how to do what almost no professional Wall Street analysts actually do: accurately predict Apple’s finances.” Gruber said Zaky’s piece was a “tremendously detailed article,” and that “Zaky continues to impress.” This was followed up three days later, on Dec. 16, 2011, with  Zaky on Apple’s Next Quarter: The Biggest Earnings Blowout in History, which contained nothing more than a short Zaky quote: “The largest company in America is about to grow its earnings by a whopping 84% this quarter, and Wall Street is asleep at the wheel.”On May 17, 2012, when Apple shares were trading at $530.12, Gruber wrote Bullish Cross initiates rare buy rating on Apple. He linked directly to the Bullish Cross newsletter, and also quoted Zaky:Now here are the reasons why we believe it’s time to buy Apple and why we feel the valuation is incredibly attractive today. At $533.52 a share, Apple trades at 13x last year’s earnings and at only 10.56x our expect October earnings. Those are incredibly low valuations even for Apple. At the November 25, 2011 lows, Apple traded at a 13.13 P/E ratio. So today, Apple is trading at a lower valuation than it was at the November lows. At the June 2011 lows, Apple was trading near a 15 P/E trailing P/E ratio.Gruber closed with: “This is only the fifth time Zaky has issued a buy on Apple. He’s four-for-four.”Zaky was right. By Sept. 17, Apple’s stock had climbed to $699.78. The Tide TurnsBut then Apple shares started to slide. By Oct. 17 the stock had fallen to $644.61. Instead of urging caution, Zaky issued a call to arms, declaring that Apple had hit bottom, and that “History has taught us that the best time to buy Apple is when the bearish sentiment in the stock has reached the pinnacle of extreme pessimism.”Gruber linked to that Zaky post and quoted that line about this being the time to buy. Gruber titled his post: Bullish Cross: ‘Apple $1000: Why It’s Time to Buy,’ and wrote:I don’t offer investment advice, but Andy Zaky does — and those who listen to him have done pretty well. But this time Zaky was wrong. Instead of rebounding, Apple stock went into a free fall. Shares are now at $432.Gruber’s RoleDid some of those Zaky fans find him through Gruber? Probably. Gruber himself proudly showcases those sites that have been “fireballed” — that is, sites that have been overwhelmed with traffic after Gruber links to them. No doubt each time Gruber linked to Bullish Cross, thousands clicked.This has happened a lot. In addition to the posts mentioned above, there are numerous others where Gruber directly mentions Andy Zaky and Bullish Cross in a generally positive light, including these:2010: The Year Apple Enters a New Golden Age (July 9, 2010)Zaky: Apple to Surpass Microsoft in Revenue This Quarter (July 22, 2010)Andy Zaky: Why Apple Shares are Dirt Cheap (April 19, 2011)Zaky: Apple’s Cash to Exceed $300 Billion by 2015 (May 31, 2011)A Brief Look at Apple’s Stock Seasonality (July 5, 2011)If Gruber touted Zaky, should he share some of the blame for the losses when Zaky led investors astray? That’s hard to say. But it seems that Gruber’s knowledge of Apple products didn’t give him special insight into Apple’s stock price.The real lesson? Be careful where you get your advice.Note: Gruber requested questions by email, but had not responded more than 72 hours later. Zaky did not respond to our requests for an interview.Top image of John Gruber from the Daring Fireball website. Image of Andy Zaky from his Seeking Alpha profile.last_img

Odisha launches own food security scheme

first_imgThe Naveen Patnaik government launched its own food security scheme on the occasion of Gandhi Jayanti on Tuesday, benefiting 25 lakh people who were left out of the National Food Security Act.“On Gandhi Jayanti, launched Odisha’s own food security scheme to benefit 25 lakh vulnerable populace that were excluded from coverage; sufficient and nutritious food is a basic need and prerequisite for a healthy Odisha, as a part of our resolve to eradicate hunger in Odisha,” said Chief Minister Naveen Patnaik in a tweet after launching the scheme. The beneficiaries will get 5 kg of rice per person per month at the rate of ₹1 per kg, said the Chief Minister while launching the scheme at four different districts through videoconferencing from the State Secretariat here.The State government will spend ₹443.5 crore per annum to support the scheme and ₹221.75 crore in the current financial year, Mr. Patnaik added.The State government had decided to launch its own food security scheme after the Centre did not respond to its request to add additional beneficiaries under the NFSA.last_img read more

Amid comparisons to Jordan, James out to cement own legacy

first_imgLATEST STORIES Pagasa: Storm intensifies as it nears PAR BSP survey: PH banks see bright horizon amid dark global recession clouds James said at a summer basketball camp last year that he found motivation in “this ghost I’m chasing — the ghost played in Chicago.”But he said his goal is not just to match Jordan’s numbers.“It has nothing to do with passing him in rings, passing him in points, passing him in MVPs. It’s just my personal goal to keep me motivated,” James said.“The conversations about who’s the greatest of all time, things of that nature — it doesn’t matter to me.”More than scoringWhat does matter is the chance to cement his own legacy, one that inspires young players to look beyond scoring as they develop their games.Bill Laimbeer, stalwart of the Detroit Pistons’ “Bad Boys” teams that were once the bane of Jordan’s Bulls, says that attention to every aspect of the game makes James, for him, the best ever.“I’ll take LeBron James, absolutely,” Laimbeer said this month on “The Rematch” podcast. “LeBron can do anything. Michael couldn’t get all the rebounds. He couldn’t be the assist man like LeBron James can.”James says he wants to be known — and remembered — as more than a scorer.“Scoring the ball is so heralded in our sport,” James said. “I want the fundamentals of the game to be as great as they can be.“If some kid or a group of kids from the West Coast or the East Coast or the Midwest or the South and everything in between, all around the world can look at me and say, ‘Well, I made the extra pass because LeBron made the extra pass,’ or, ‘I got a chase-down block and I didn’t give up on the play because LeBron didn’t give up,’ that would mean the world to me.” As pundits parsed the stats showing Jordan achieved his 5,987 playoff points in 179 post-season games while James reached 5,995 in his 212th post-season contest, James dismissed such conversations as “barbershop” debates.When pressed, however, he acknowledged Jordan’s massive influence and the significance of the milestone.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSMalditas save PH from shutoutSPORTSPrivate companies step in to help SEA Games hosting“I think I fell in love with the game because of Mike, just seeing what he was able to accomplish,” James said after scoring 35 points in the Cavaliers’ 135-102 victory over the Boston Celtics that clinched the Eastern Conference title.“When you’re growing up and you’re seeing Michael Jordan, it’s almost like a god. So I didn’t ever believe I could be Mike.” Celtics’ Thomas says hip surgery not top option Palace: Duterte to hear out security execs on alleged China control of NGCP Lacson: SEA Games fund put in foundation like ‘Napoles case’ BREAKING: Cop killed, 11 hurt in Misamis Oriental grenade blast Every 18 seconds someone is diagnosed with HIV BREAKING: Cop killed, 11 hurt in Misamis Oriental grenade blast Cayetano dares Lacson, Drilon to take lie-detector test: Wala akong kinita sa SEA Games MOST READ LeBron James AFP/GETTY IMAGESLeBron James was once among thousands of youngsters striving to “be like Mike,” but the Cleveland Cavaliers superstar never dreamed he’d be mentioned in the same breath as Chicago Bulls icon Michael Jordan as one of basketball’s greatest.James eclipsed Jordan as the NBA’s all-time leading playoff scorer on Thursday as he led the Cavaliers into a third straight NBA Finals — fueling comparisons to six-time NBA champion Jordan.ADVERTISEMENT Don’t miss out on the latest news and information. Panelo suggests discounted SEA Games tickets for students PLAY LIST 01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes Sports Related Videospowered by AdSparcRead Next From trying to emulate Jordan’s fadeaway jump shot to copying his uniform quirks, James said, “I did pretty much everything MJ did when I was a kid.”“I didn’t go bald like Mike, but I’m getting there,” he quipped. “I wanted to be Mike, so for my name to come up in any discussion with Michael Jordan or Kareem (Abdul Jabbar) … it’s a wow factor.”To be sure, “Air Jordan” still reigns over “King James.”Jordan’s six NBA titles are twice as many as James’s three — two of them won with the Miami Heat before he returned to Cleveland with the avowed aim of bringing a championship to his home state of Ohio.Jordan leads James in Most Valuable Player awards five to four and Jordan is fourth all-time in regular-season scoring with 32,292 points compared to James in seventh on 28,787.ADVERTISEMENT View commentslast_img read more

Gilas Cadets applying finishing touches to SEA Games title defense bid

first_img“We won’t have that inside presence, but we will have Christian (Standhardinger),” said Uichico. “So we’ll see.”The 6-foot-8 big man from Munich, who was born to a Filipina mother, will fly straight to Kuala Lumpur from Beirut where he is playing with the senior Gilas squad in the Fiba Asia Cup.Uichico said they will play Far Eastern University, National University and Adamson as they rev up for their SEA Games defense. ADVERTISEMENT Robredo should’ve resigned as drug czar after lack of trust issue – Panelo View comments NGCP on security risk: Chinese just technical advisers Sports Related Videospowered by AdSparcRead Next LATEST STORIES Trending Articles PLAY LIST 00:50Trending Articles02:49World-class track facilities installed at NCC for SEA Games03:07PH billiards team upbeat about gold medal chances in SEA Games05:25PH boxing team determined to deliver gold medals for PH03:04Filipino athletes share their expectations for 2019 SEA Games00:45Onyok Velasco see bright future for PH boxing in Olympics02:25PH women’s volleyball team motivated to deliver in front of hometown crowd01:27Filipino athletes get grand send-off ahead of SEA Games00:36Manny Pacquiao part of 2019 SEA Games opening ceremony Nepomuceno admits gold hunt will be tough in Kuala Lumpur Robredo should’ve resigned as drug czar after lack of trust issue – Panelo Trump signs bills in support of Hong Kong protesterscenter_img Celebrity chef Gary Rhodes dies at 59 with wife by his side MOST READ Lacson: SEA Games fund put in foundation like ‘Napoles case’ Don’t miss out on the latest news and information. Photo by Tristan Tamayo/ INQUIRER.netA convincing victory wasn’t enough to make Gilas coach Jong Uichico confident about his team’s chances in the Kuala Lumpur Southeast Asian Games.The Gilas Cadets trimmed Ateneo, 86-79, Tuesday at Moro Lorenzo Gym and Uichico used the match as a chance to measure the team’s preparedness for a tournament the country has dominated for decades.ADVERTISEMENT DILG, PNP back suspension of classes during SEA Games “I like it so far; I like what I was seeing,” Uichico told the Inquirer. “But we have many things to work on that I can tell based on how we played.”“I was experimenting out there and Ateneo was using all its players,” the nine-time PBA champion coach said. He did not go into details of the preparation, however.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsBannered by Kiefer Ravena and Ray Parks, the national team will fly to Kuala Lumpur with the main bulk of Team Philippines on Aug. 18.Uichico won’t have naturalized player Marcus Douthit in the team this time. NATO’s aging eye in the sky to get a last overhaullast_img read more

Pyxis Tankers Pushes OneThird of Debt Repayment to 2022

first_imgzoom Greece-based Pyxis Tankers has reached a preliminary agreement with one its lenders to extend the maturity of the loans related to two of the company’s vessels.Under the agreement, the company will extend USD 25 million of its outstanding debt, which amounts to USD 68.4 million, for an additional four years until September 2022.“Once this amendment is in place, the first scheduled balloon payment with respect to our bank debt will be due in the second quarter of 2020, which enhances our financial flexibility,” Valentios Valentis, Pyxis Tankers’ Chairman and CEO, said.The announcement comes on the back of the company’s financial results for the first quarter of this year which show that Pyxis Tankers recorded a net loss of USD 1.7 million, compared to a profit of USD 1.1 million seen in the same period a year earlier.The decrease in net income was primarily due to a USD 2.9 million decrease in time charter equivalent (TCE) revenues from USD 7.6 million in 1Q 2016 to USD 4.7 million in 1Q 2017.During the quarter, daily TCE rate stood at USD 9,810, significantly lower from USD 14,339 in 1Q 2016.“Our results for the first quarter of 2017 reflected a continuation of a challenging chartering environment. Spot and period charter rates were volatile during the quarter but improved slightly overall, especially for modern eco-efficient tankers. However, we expect chartering activity to continue to be choppy for most of 2017, but believe in a longer term improvement starting in late 2017 due to attractive market fundamentals,”  Valentis commented.“Consequently, we intend to continue to maintain our mixed chartering strategy. As of May 15, 2017, we had two vessels on time charter and the balance of our fleet on spot charters, which positions us to take advantage of improving rates when they occur,” Valentis further said.According to Valentis, the company will continue to focus on acquisition opportunities as part of its strategic plan.As of May 15, 2017, Pyxis Tankers’ fleet comprised six vessels.last_img read more

College girl found dead

first_imgPolice recovered the hanging body of a college girl from her residence at Shibpara village in Tarash, Sirjajganj on Tuesday, reports UNB.The deceased is Mousumi, 17, a Class-XI student of Gultabazar Shaheed M Mansur Ali College and daughter of Mozdar Hossain of the village.Mostafizur Rahman, officer-in-charge of Tarash police station, said on information from locals, they recovered the hanging body of Mousumi in the morning and sent it to Sadar Hospital morgue for autopsy.He said they were investigating whether the incident is a suicide or planned murder.last_img

Rescue of others trapped in Thai cave paused

first_imgPeople watch as an ambulance allegedly carrying some of the rescued boys leaving the military airport in Chiang Rai to a nearby hospital after taking passengers from a helicopter as divers evacuated some of the 12 boys and their coach trapped at Tham Luang cave in Khun Nam Nang Non Forest Park in the Mae Sai district of Chiang Rai province on 8 July 2018. Photo: AFPEfforts to extract the remaining boys who are trapped in a flooded Thai cave have been paused for at least 10 hours, the operation commander told reporters after six were rescued.”The next operation is not expected to start for at least another 10 hours,” rescue chief Narongsak Osottanakorn told reporters, as remaining members of the group remain trapped inside.last_img

Dinosaurtimes cockroach caught in amber from Myanmar

first_img More information: VRŠANSKÝ, P. & BECHLY, G. (2015): New predatory cockroaches (Insecta: Blattaria: Manipulatoridae fam.n.) from the Upper Cretaceous Myanmar amber. – Geologica Carphatica, 66(2): xx-yy (early view: DOI: 10.1515/geoca-2015-0015 ). PDF: http://www.bernstein.naturkundemuseum-bw.de/odonata/Vrsansky+Bechly_2015.pdf This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only. Mico Tatalovic in New Scientist said that “This exotic, praying-mantis-like cockroach that lived at the same time as dinosaurs was caught in amber about 100 million years ago. It is part of a new family of extinct predatory cockroaches that hunted at night.”Dragos Mitrica in ZME Science said the insect was found at a mine in Noije Bum, Myanmar. “The specimen was one of many found in the area, and is related to today’s praying mantises. Out of all the predatory cockroach lineages that evolved in the Cretaceous, only praying mantises survive today.”Big predatory dictyopterans are represented mostly by praying mantises (Mantodea), which can be derived from extinct cockroaches. The authors described “the holotype specimen of a new species belonging to a morphologically-deviant new family.”They said this species was probably a pursuit predator, “filling a niche previously not exploited by extinct cockroaches.”The specimen was collected in a quarry in the Hukawng valley. The cockroach was found trapped in amber.The specimen was studied with a Leica M80 stereo microscope. They observed a male cockroach with detached right mid and hind femora. Its elongated head and large eyes were protruding beyond the head outline. All the leg segments were described as “extremely elongated and covered with dense setation (short trichoid hairs – sensilla chaetica).”As for the body, they wrote that “the preserved body length is about 4.5 mm, width is difficult to measure, but the body is very wide as in standard cockroaches (over 2 mm), a little narrower basally, pale, with black lateral maculas.”In their discussion section, the authors said that they endorsed “a reclassification of Dictyoptera, in which the order Mantodea is phylogenetically subordinate within the Corydioidea (=Polyphagoidea) – a superfamily that includes diverse extant but also extinct cockroaches sometimes placed within Dictyoptera but outside the standard order of cockroaches.”They said that the absence of spines on the walking legs suggested that this species was an active runner and pursuit predator, which evolutionarily lost the passive protection of spines.The authors felt that “the erection of a new family” was well justified as a result of “the unique habitus with numerous autapomorphies along with several plesiomorphies.”Vrsansky is from the Geological Institute, Slovak Republic; Bechly is from the State Museum of Natural History in Stuttgart, Germany.Vrsansky said in New Scientist that the specimen was one of dozens of preserved insects found in the area, making it the most important site of dinosaur-age amber in the world. Tatalovic wrote, “Many large pieces of amber contained complete adult insects, which should help reconstruct the history of the animals and their ecosystem.” © 2015 Phys.org Citation: Dinosaur-times cockroach caught in amber, from Myanmar (2015, May 1) retrieved 18 August 2019 from https://phys.org/news/2015-05-dinosaur-times-cockroach-caught-amber-myanmar.html Explore further Manipulator modificaputis gen. et sp. n. (Manipulatoridae fam.n.) holotype SMNS Bu-116 (deposited in the Stuttgart Museum of Natural History) from the Cretaceous Myanmar amber. A – left view, B – dorsal view, C – detail on the forewing articulation, D – forewing surface hexagonal structure. Scales 0.5 mm. Credit: Geologica Carphatica, doi:10.1515/geoca-2015-0015 The invasive Turkestan cockroach is displacing the oriental cockroach in the southwestern US Geologica Carpathica has a paper on a new family of predatory cockroaches. Predatory? The authors, Peter Vrsansky and Günter Bechly, from the Slovak Republic and Germany, respectively, said that “unique adaptations such as strongly elongated extremities and freely movable head on a long neck suggest that these animals were pursuit predators.”last_img read more

Pedalling to good health Cyclists to participate in 1st World Bicycle Day

first_imgKolkata: Housing Infrastructure Development Corporation (HIDCO) will observe the first-ever World Bicycle Day on Sunday in New Town. The United Nations has declared June 3 as World Bicycle Day this year and it will be celebrated globally. Bicycles are not only an eco-friendly mode of transport but also keeps the cyclists physically fit and mentally alert. It helps to reduce obesity and improves the cardiovascular system.In New Town, the celebration is more significant as it is the only place in India where the Cycle Sharing Scheme has been introduced and it has become extremely popular. Also Read – Heavy rain hits traffic, flightsHousing and Urban Development Corporation (HUDCO) under the ministry of Housing and Urban Affairs had awarded the scheme introduced by New Town Kolkata Development Authority (NKDA) in the Urban Transport category at a function in New Delhi in April.On Sunday, the World Bicycle Day will be celebrated with HIDCO keeping cycles in front of the golf course off Eco Park to be used by the enthusiasts. The ride is free and cycle lovers can take a ride to popularise cycling. Eco Park has a special zone where people come and do cycling and duo cycling as well and it is extremely popular among visitors. Also Read – Speeding Jaguar crashes into Merc, 2 B’deshi bystanders killedIn the evening, Zoomcar, the company that has introduced the Cycle Sharing Scheme will host a programme at the NKDA football ground where people will be given free rides. They will be given modern cycles fitted with GPS which are used in the Cycle Sharing Scheme. There will be a treasure hunt show for the participants and the winner will be awarded.New Town has graded cycle paths and the Cycle Sharing Scheme is becoming popular. It may be recalled that to popularise cycling, Jagadish Chandra Bose used to come to Presidency College riding a cycle just to show that Indians are equally capable of riding bicycles like the British. At times, he was also accompanied by his wife Abala who was also an expert cyclist.last_img read more