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Current Affairs - 23 January 2016

General Affairs 

Need To Change Mindset Towards Differently-Abled: PM Narendra Modi
  • Need To Change Mindset Towards Differently-Abled: PM Narendra ModiVARANASI:  Prime Minister Narendra Modi today said the mindset towards the differently-abled people must change and the word 'viklang' (disabled) should be replaced with 'divyang' (endowed with special faculties).

    "What I want to do is change the mindset about differently-abled people. When I say let's use the word 'divyang', it is about that change," he said at a public meeting in Varanasi after distributing wheelchairs, electronic hearing aids and skill certificates to the differently- abled people.

    In his December 27 'Mann ki Baat', PM Modi had based his concept of 'divyang' on the premise that the people with physical disabilities tend to develop special faculties that even the fully 'able' lack.

    "We see a person's disability with our eyes. But our interaction tells us the person has an extra power. Then I thought, in our country, instead of using the word 'viklang,' we should use the term 'divyang'," PM Modi had said in his radio address of last month.

    The Department of Disability Affairs has since given a serious thought to changing the official terminology.

    The Prime Minister said his government has been working for the betterment of the poor ever since it was formed.

    "We are constantly thinking about how development will reach the poor and how the lives of the poor will be transformed," he said.

    On day one of his government he had announced that "it will always be there for the poor and for those who have faced struggles in life," PM Modi said.

    Upon learning that some people who were invited for the event had suffered a road accident, the Prime Minister had a special word for them.

    "Some 'Divyang' sisters and brothers were to join us but the bus had an accident. Government will make arrangements for their treatment," he said.

    Prior to the meeting, he also flagged off Mahamana Superfast Express train which will run from here to New Delhi thrice a week.

Mehbooba Mufti Never An Opportunist Daughter: PDP Leader Javed Mustafa Mir
  • Mehbooba Mufti Never An Opportunist Daughter: PDP Leader Javed Mustafa MirNEW DELHI:  The fact that PDP leader Mehbooba Mufti refused to take oath as the chief minister of Jammu and Kashmir immediately after the death of her father, Mufti Mohammad Sayeed, proves that she is not power-hungry, a former PDP minister has said.

    "Mehboobaji's refusal to be sworn in immediately after Mufti Sahib's death proved she is not power hungry," senior PDP leader and former revenue minister Javed Mustafa Mir told IANS in an interview on the phone from Srinagar.

    Mr Sayeed's death created a constitutional situation in the state forcing Governor NN Vohra to impose governor's rule to run its administrative affairs.

    After Mr Sayeed's death, Ms Mehbooba Mufti was all set to become the first woman chief minister of the country's only Muslim majority state, but the grief of her father's death shattered the bereaved daughter. She refused to take oath immediately, even refused to talk politics as she mourned.

    Asked if Ms Mehbooba Mufti is ready to handle the pressures that come with the crown of thorns, Mr Mir said: "She is capable enough to handle anything. I think she will not only continue in late Mufti Sahab's footsteps but add laurels to the deceased leader's legacy. But she has the opportunity to improve upon what Mufti Sahib did."

    The former minister and legislator from central Kashmir's Chadoora constituency also threw some light on the PDP president's work in the party and her stature as a leader.

    "Mehbooba is not an amateur by any means, she is an experienced leader who has worked hard with her father to serve the people of the state.

    "She will not only run the party well, but will provide good governance to the people of the state. Even before Mufti Sahab's demise, she took various measures to ensure a government committed towards the betterment of people and aimed towards development.

    "She can become an even better chief minister than her father," he asserted.

    Mr Mir disclosed Mr Sayeed always saw her as his successor, not because she was his daughter, but due to her contribution on the ground.

    "Late Mufti Sahib always said 'She is mature enough to handle responsibilities. It is a democracy. She works more than I do in addressing people's problems on the ground', he always saw her as a leader", the former minister said.

    "Mehbooba Mufti was a great emotional support to her father even when he meant the world to her, his death has devastated her," he added.

    Everyone in the People's Democratic Party, from lower-rung party workers to legislators, wanted Ms Mehbooba Mufti to take over as chief minister of the state immediately after her father's demise in New Delhi's AIIMS on January 7.

    Alliance partner, BJP has also committed unconditional support to Ms Mehbooba Mufti for heading the coalition.

    During a five-hour long party meeting held in Srinagar on Sunday, the Peoples Democratic Party (PDP) said the coalition will continue in Jammu and Kashmir, however, there is no deadline on government formation, asserting that the final call will be taken later by Ms Mehbooba Mufti.

    "The entire party is behind Mehboobaji and will back up whatever she decides," Mr Mir asserted.

    On Mr Sayeed's leadership and the future goals of a PDP-led government, Mr Mir said: "Mufti Sayeed was not only a visionary leader for Jammu and Kashmir, he was also a political asset for the entire nation. It was his leadership and statesmanship that paved the way for an Indo-Pak dialogue. His mission was to bring peace and prosperity to the state," the legislator said.

    "Our endeavor would be to respond to and mitigate the complex problems faced by the people, including the decades-long political uncertainty, development deficit, unfulfilled aspirations, mounting unemployment, corruption, nepotism and favoritism," Mr Mir said.

    "However, the state needs the cooperation of the Centre in changing the ground situation in Jammu and Kashmir," he added.

    Mr Sayeed was the third Jammu and Kashmir chief minister to die in office, but a delay in the announcement of the successor has been unprecedented.

    When Ghulam Mohammad Sadiq died in a Chandigarh hospital on December 12, 1971, the transfer of power took place the same day and Mir Qasim succeeded him.

    National Conference founder Sheikh Mohammad Abdullah was succeeded by his son, Farooq Abdullah, even before the legendary Kashmiri leader was laid to rest on September 8, 1982.

DMK Legislators Evicted From Tamil Nadu Assembly After Uproar
  • DMK Legislators Evicted From Tamil Nadu Assembly After UproarCHENNAI:  DMK legislators were evicted from the Tamil Nadu Assembly in Chennai today for raising a din after the Privileges Committee condemned DMK president M Karunanidhi.

    Marshals were called to escort the DMK members out after they tore up copies of the committee's report and shouted slogans while massing near Speaker P Dhanapal.

    The Privileges Committee had recommended that Mr Karunanidhi should be condemned for attributing comments to a minister who denied making them.

    After the resolution accepting the committee's recommendation was passed, Speaker Dhanapal said Mr Karunanidhi should not do such things again. This triggered the DMK fury.

Sachin Pilot Attacks BJP, Says Rajasthan Is In Deep Financial Mess
  • Sachin Pilot Attacks BJP, Says Rajasthan Is In Deep Financial MessJAIPUR:  The Bharatiya Janata Party (BJP) government in Rajasthan is facing a debt crisis because of its financial mismanagement and its functioning had led to severe stress on the agrarian sector, a senior functionary of the opposition Congress said.

    "You (Vasundhara Raje government) spent two years criticising the previous Congress government, but this time there is financial mismanagement. There is absolutely no roadmap of getting the agrarian economy back on track," Sachin Pilot, state president of the Congress, told IANS in an interview in Jaipur.

    "You are also shutting down social welfare schemes of the previous government, privatising everything and putting up a facade of 'Resurgent Rajasthan', where you claim lakhs of crores of investments coming into the state," Mr Pilot, 37, who completed two years as state Congress president on Thursday, claimed.

    "Today, the state government is on the brink of a financial breakdown. It is having to extend overdraft limits to pay government salaries. The irony is that the BJP claims that it has lifted Rajasthan out of BIMARU state category. If that is the case, then why is the government coffers empty?" he asks rhetorically.

    BIMARU is the epithet used in the past to denote economically weak states like Bihar, Madhya Pradesh, Rajasthan and (erstwhile) Uttar Pradesh.

    Mr Pilot also said the BJP-alliance ruled central government was giving "stepmotherly treatment" to Rajasthan.

    He said that the state government is not getting money for farmers' relief while Madhya Pradesh, Maharashtra and Gujarat had, adding that Rajasthan is suffering because of differences between Chief Minister Vasundhara Raje and Prime Minister Narendra Modi.

    The BJP government's performance, he contended, could be gauged from declining vote share in every successive elections. "The BJP polled 56 per cent in the Lok Sabha elections and in local body elections now their vote share is 47 per cent. Congress polled 30 per cent share in Lok Sabha polls and our vote share in local body election was 45 per cent. So the vote share difference is hardly anything now," he said.

    He said there was a feedback across the state that the ruling BJP "has lost credibility and lost faith of the people."

    Mr Pilot said he had toured over 1.30 lakh kilometres in the state in the last two years with an aim to boost morale of the party workers which was shaken after the party suffered one of its worst defeats in both the assembly and Lok Sabha polls.

    "It is often said that those who sweat in peace time don't bleed in war. I don't think we should wait for elections to get the party machinery geared up. You have to travel. You have to interact, talk and connect to people. I like small meetings to reach out to people when there is no election. Election campaigns are different," Mr Pilot said.

    The Rajasthan Congress chief said his two years on the post had been a challenging time but also rewarding to some extent.

    "When I began, we were trying to come back from the most severe defeat the Congress had ever faced in an assembly election. We hardly had 21 MLAs out of 200 in the state. To come out of that shadow took some time and lot of hard work."

    The Congress now has 24 legislatures in 200-member assembly after wins in bypolls.

    He rubbished reports of factionalism within the party, saying he had been quite "fortunate and lucky" to get support and guidance from the senior leaders in the party.

    "We work for a commonality of objective which is that Mrs (Sonia) Gandhi and Rahulji want us to be in a position to serve the people of Rajasthan in 2018. I don't think we could have been this strong in less than two years had it not been for their support and collective effort of everybody in Rajasthan," Mr Pilot said.

    "People judge a party by its performance - whether in the government or opposition. Our performance in the opposition has been quite remarkable. We have been able to win the peoples' heart and mind", claimed Mr Pilot.

Under Pressure, Angela Merkel Looks To Turkey For Help In Migrant Crisis
  • Under Pressure, Angela Merkel Looks To Turkey For Help In Migrant CrisisBERLIN, GERMANY:  German Chancellor Angela Merkel will press Ankara to help stem the flow of migrants to Europe in talks with Turkey's prime minister today, as two more refugee boats capsized, killing eight children.

    Germany and Turkey have emerged as key players in the biggest migration crisis to rock Europe since World War II, and both Merkel and Prime Minister Ahmet Davutoglu will seek to drive a hard bargain at the meeting between the two countries' cabinets.

    The outcome of today's talks is not only important for Merkel, who faces intense pressure at home to impose a cap on Germany's refugee intake, but it will also have resonance across Europe where public opinion is hardening against a record asylum seeker influx.

    Despite wintry conditions, thousands of people fleeing war and misery are still embarking on the dangerous journey across the Mediterranean to seek a better life in Europe.

    Another two boats carrying dozens of migrants sank, killing 21 people, Greece's coastguard said today.

    EU member states have been split about how to resolve the crisis, with Austria the latest to draw fire when it decided to impose a limit on its asylum seeker intake.

    Austrian Foreign Minister Sebastian Kurz said his country's measure serves as a "wake-up call" to push Europe to find a joint solution.

    Merkel has so far faced down demands for a quota, after nearly 1.1 million asylum seekers arrived in Germany in 2015.

    She has instead promised a "tangible reduction" in new arrivals, and is counting on international efforts to deliver.

    Turkey, which shares a border with war-torn Syria, plays a pivotal role as it is a launchpad for thousands of migrants.

    'Not Asking For Money'

    Merkel will ask Davutoglu to honour a deal with the EU to reduce the number of migrants coming through, as between 2,000 and 3,000 people are still arriving daily in Greece from Turkey despite the November 29 accord.

    But the EU hasn't delivered on the deal either, with member states still squabbling over the financing for aid towards the 2.2 million Syrian refugees that Turkey is hosting.

    Davutoglu Thursday said he would not even ask about the three billion euros ($3.2 billion) promised by the EU but will demand concrete action instead.

    "We are not asking (for) money, we are not negotiating (for) money... For us, it's a humanitarian duty, therefore the problem is not financial assistance," Davutoglu told the Davos summit of business and political elites.

    "We hope the next steps will be concrete steps to address this issue," he said on the eve of the Berlin talks.

    Die Welt newspaper said "it is possible that Germany would promise additional bilateral funds".

    Both sides might point to a recent success in cooperation -- major raids announced Wednesday by German and Turkish police which dismantled a criminal trafficking network that used unseaworthy ships to send more than 1,700 refugees to Europe.

    With the meeting coming on the heels of last week's attack in Istanbul that killed 10 German tourists, discussions would also invariably focus on the international battle against the Islamic State group, Merkel's spokesman said.

    'Press Freedom, Kurds'

    Turkey has a special relationship with Germany as the EU's biggest economy is not only home to around three million people with Turkish roots, but is also its biggest trading partner.

    Today's talks are part of so-called government consultations -- a format that Germany has with only a handful of countries. It will be the first with Turkey, and includes interior, foreign and defence ministers from both sides.

    Merkel herself has said she will use the occasion to raise thorny topics such as media freedom and the situation of the Kurds.

    Concerns over press freedom are rising in Turkey, after an increasing number of journalists were arrested for insulting or criticising top officials.

    Turkey is also waging an all-out offensive against the separatist Kurdistan Workers' Party (PKK), with military operations backed by curfews aimed at flushing out rebels from several southeastern urban centres.

    But Kurdish activists say dozens of civilians have died as a result of excessive force.

    Under the banner "Not welcome, Mr Davutoglu", Kurdish and some Turkish groups in Germany are planning to march in protest to the chancellery, where the talks are due to begin at midday.

    Prominent actors, writers and academics in Germany, including members of the Turkish community, have also signed a petition urging Merkel to raise the plight of "victims of the aggression in south-eastern Turkey.

Business Affairs 

Sensex gains 473 points, Nifty ends above 7,400 as ECB hints more easing; IndiGo sheds 20%
  • Sensex gains 473 points, Nifty ends above 7,400 as ECB hints more easing; IndiGo sheds 20%The S&P BSE Sensex surged over 500 points in intraday trade on Friday to end above its crucial psychological level of 24,000, while broader CNX Nifty topped its key 7,400-mark. 
    The benchmark indices posted their biggest single-day percentage gain since October as hints of more stimulus measures from the European Central Bank lifted global markets, but still logged third weekly fall.
    The 30-share index ended the day at 24,435, up 473.45 points, while broad-based 50-share index quoted 7,422, up 145.65 points at close.
    Market breadth turned fairly positive with 26 of the 30 Sensex components ending the day in green.
    ICICI Bank was the top performing stock on both the headline indices and gained over 2 per cent.
    Shares of InterGlobe Aviation fell 20% per cent even as the company reported a 23.7 per cent increase in net profit for the third quarter on higher passenger traffic and lower oil prices.
    Global markets were also supported after oil prices rose 5 per cent on Friday. Although higher crude prices are not good for India's current account balance, they are helping shore up risk sentiment in global assets.
    Analysts said whether shares can gain further would depend on corporate earnings results and developments in China, where markets have remained volatile over concerns about economic growth.
    "Sustainability (of market gains) would depend on quarterly earnings performance and no negative news flow from China," said Gaurang Shah, vice president at Geojit BNP Paribas.
    Among Asian markets, Japan's Nikkei settled the day 5.88 per cent higher to move away from a 15-month low struck Thursday. Hong Kong's Hang Seng index added 2.90 per cent, while China's Shanghai Composite ended 1.25 per cent higher.
    Overnight, US markets recovered after energy stocks climbed as oil prices bounced back from their worst trading session in the last four months and strong earnings from Verizon lifted the Telecom stocks.
    A lowdown on markets today
    01:15 pm
    Sensex at 24,393, up 430.88 points
    Nifty at 7,409, up 133.15 points
    11:20 am
    Sensex at 24,358, up 396 points
    Nifty at 7,398, up 122 points
    9:24 am
    Sensex at 24,180, up 218.63 points
    Nifty at 7,344, up 7.50 points

SpiceJet posts Rs 238-crore profit for third quarter
  • SpiceJet posts Rs 238 crore profit for third quarterBudget airline SpiceJet on Friday reported a net profit of Rs 238.40 crore for the three-month period ended December 2015, staying profitable for the fourth straight quarter mainly aided by lower fuel costs.
    This is also the highest ever profit recorded by the carrier, which was facing turbulent times a year ago.
    In the 2014 December quarter, the airline had incurred a net loss of Rs 275.03 crore. Total income from operations jumped to Rs 1,459.95 crore in the latest December quarter compared to Rs 1,311.18 crore in the year-ago period.
    This is the fourth consecutive profitable quarter for SpiceJet since its turnaround after December 2014.
    The airline recorded a load factor of 91.6 per cent for the quarter, the highest in the industry. This load factor reflects an increase of 8 per cent over the same period last year, SpiceJet said in a statement.
    Aircraft fuel expenses dropped nearly 35 per cent to Rs 366.63 crore in the 2015 December quarter compared to Rs 562.37 crore in the same period a year ago.
    SpiceJet Chairman and Managing Director Ajay Singh said the company was back to near normal operations in the latest December quarter. While the margins remain slightly depressed due to wet lease operations, the Chennai floods and exchange losses, we are happy with the progress we have made so far, he noted.
    The company would continue to work on reducing legacy cost and increasing efficiency, he added. SpiceJet has a fleet of 25 Boeing 737NG, 2 Airbus A320s and 14 Bombardier Q-400s. It operates 291 daily flights to 40 destinations, including six international ones. 

FM Arun Jaitley may get defence portfolio after Budget in Cabinet rejig
  • FM Arun JaitleyPrime Minister Narendra Modi may look to press the reset button on his leadership this spring to reinvigorate stalled economic reforms and appease critics, eyeing a mix of tried and tested allies and fresh blood, senior government sources said.
    The government has overseen rapid economic growth but failed on tax and land reforms, and the euphoria that met Modi's 2014 election triumph has given way to investor disillusionment; stocks have erased all of their gains since he won power.
    The ruling Bharatiya Janata Party (BJP) faces a crucial election test in the most populous state of Uttar Pradesh in 2017 that it probably needs to win if it wants to hold on to power nationally in 2019.
    "Modi needs to identify new talent and bring changes in his government. It will be too late if he fails to do it now," said veteran newspaper editor and commentator Shekhar Gupta.
    With an eye on Uttar Pradesh, Modi looks set to keep Amit Shah on as BJP president, the sources said, extending his closest aide and election campaign manager's tenure by three years when it expires at the weekend.
    But Finance Minister Arun Jaitley, responsible for delivering the Modi message to international investors, may move to defence after he delivers his annual budget in late February, sources said.
    Jaitley, 63, has failed to push through a major tax reform and critics have faulted his stewardship over India's $2 trillion economy, which is growing fast but not creating enough jobs to employ an expanding workforce.
    A spokesman for Modi declined to comment on the move and an official in Jaitley's office said he had no knowledge of a possible reshuffle.
    Moving Jaitley to defence, a post he also held in the early months of the Modi government, could better suit the veteran corporate lawyer and keep the strategically important portfolio in trusted hands.
    It would also open the way for power and coal minister Piyush Goyal to take the finance portfolio, while underperformers in other minor posts may be weeded out.
    A central minister and two BJP officials said Goyal, 51, was being groomed for his next big role, and a white paper on banking was recently shared with him to seek his inputs. A Goyal aide denied all knowledge of an impending promotion.
    Goyal is a good communicator and has often travelled abroad with Modi, but lacks political and electoral experience.
    The ex-investment banker has turned around state-run Coal India, tackled chronic power shortages and backed renewable sources of energy.
    Those are key wins for Modi, whose provision of 24/7 electricity as chief minister of Gujarat state helped him become prime minister.
    "Goyal is doing a fine job - he has brought a lot of energy to the coal and power sector," said Rajiv Kumar, senior fellow at the Centre for Policy Research in New Delhi.
    "But I'm not sure he can do justice to the complex finance portfolio," he said. "Goyal, with his micro orientation, might struggle to get to grips with multi-dimensional and serious macroeconomic issues facing the country."
    BALANCING ACT
    Modi, who has relentlessly centralised power in the prime minister's office, has held his cards close to his chest and would have the last word on recruiting new talent from a pool of candidates that is short on experience.
    Shah, Modi's right-hand man in Gujarat and the architect of his general election triumph, lost his winning touch last year with a heavy defeat to an upstart party in Delhi and a crashing loss in the big eastern state of Bihar.
    That has tested the patience of the Hindu nationalist Rashtriya Swayamsevak Sangh (RSS). But, apart from a brief rebellion by party elders, Modi has managed to fend off challenges to his authority.
    At a meeting between BJP and RSS leaders earlier this month in New Delhi, Modi made his support for Shah clear. No challenger has applied for the post, meaning that Shah's term that expires this weekend will be extended by three years.
    While party workers praise Shah as a tough and effective administrator, many want him to promote new faces instead of, as he has done, focusing his campaign strategy exclusively on Modi.
    Even though Modi addressed more than 30 rallies on the campaign trail, the BJP fell in Bihar in November to an alliance of regional parties. Realising its fate was sealed, it did not even field a candidate for chief minister.
    The party's fortunes will depend on five state polls in 2016 that will build up to next year's crunch vote in Uttar Pradesh. The outcome of that ballot will set the tone for the 2019 general election.
    Shah helped Modi win the biggest general election mandate in three decades by sweeping 71 of 80 seats in the northern state, whose 200 million population is as big as Brazil's.
    "If Shah wins Uttar Pradesh, then no one can stop Modi from becoming the prime minister again," said one senior BJP leader.

Narendra Modi government's khadi initiative to create 80 lakh jobs in 2016-17
  • Narendra Modi government's khadi initiative to create 80 lakh jobs in 2016-17The Narendra Modi government is all set to make khadi a "zeroeffect, zero-defect" global product. The government has decided to harness solar energy to power "charkhas" (spinning wheels) across the country to enable handspun khadi to become the zero-carbon footprint green fabric of India. Minister of State for Micro, Small and MEDIUM Enterprises (MSME) Giriraj Singh has received the Prime Minister's go-ahead for the project and the field trial of the 'solar charkhas' has already begun on a pilot basis in the Khanwa village of Nawada district in Bihar.
    Singh has also submitted a vision document for the revival of the khadi industry in the country. Singh is slated to meet officials from the PMO to discuss the vision document on Friday.
    "The vision of this initiative is multipronged: Ideological, economic and social. It is to add technology to spinning by charkhas as per the vision of Gandhiji who wanted the application of science to the spinning wheel; only that technology should not replace humans. On the other hand, solar charkhas will make khadi the green organic yarn that does not hurt the environment," Singh told MAIL TODAY.
    According to the minister, while harnessing solar power for spinning would not involve the use of electricity, it would also drastically reduce water consumption. "For making a metre of khadi fabric, three litre of water is required; for making a metre of mill fabric, 55 litres of water is needed," Singh said.
    The new-age charkhas have been named nano spinning mills and the MSME ministry's new slogan is "Nano Spinning Mills as the new Charkhas". "The need of the hour is decentralised production which is able to create more jobs and make Khadi competitive in terms of reducing the cost of yarn and production," said Singh.
    In the next phase of implementation, the ministry would extend the solar charkha scheme to all the villages in India that are covered under the 'Adrash Gram Yojna'.
    The ministry has found that even at the experimental stage, the technology has yielded Rs 6,000 to Rs 9,000 a month for every household involved in the exercise. The ministry plans to introduce 1,000 such spinning wheels in all villages. "With just 400 spinning wheels now, the village is earning around `15 crore a month, with 1,000 such wheels, the income of the villagers will go up to Rs 30 crore. We will achieve this before 2016 ends," Singh said.
    According to the estimates of the ministry, the solar spinning wheels would also generate employment. Estimates say 10 persons are engaged in every solar spinning wheel; thus in the village alone, 10,000 jobs would be created.
    "Given the number of parliamentary constituencies and the villages under the Adarsh Gram Yojna, we shall be able to create 70 to 80 lakh jobs in 2016-17," Singh said.
    According to studies conducted by the MSME ministry, solar charkhas have boosted production 20 times. The Khadi vision document says solar charkhas have also led to more than four-fold appreciation in income of artisans.
    With a drastic reduction in cost of wages, cost of yarn, which has so far remained rather high, becomes competitive, the document said.

Four reasons why IndiGo shares crashed a whopping 20% on Dalal Street
  • Four reasons why IndiGo shares crashed a whopping 20% on Dalal StreetShares of InterGlobe Aviation, which operates India's largest airline IndiGo, on Friday crashed 20 per cent in an otherwise rallying market after the company reported its December quarter earnings below Street expectations.
    The stock of InterGlobe hit its lower circuit of 20 per cent at Rs 958.00 on the Bombay Stock Exchange (BSE).
    We have compiled four reasons that are weighing on the stock:
    1) Supply delay in fuel-efficient planes by Airbus
    The company said it will miss the 111-fleet target by March following labour issues at Airbus.
    The delays could throw a spanner in the ambitious growth plans of IndiGo, which has been betting on the more fuel- efficient A320 Neos (new-engine option), the delivery of which was to start from this month and had even told this to investors during the recent IPO launch.
    2) Citigroup cuts target price
    Global brokerage firm Citi maintained a neutral rating on the stock but cut the target price to Rs 1,200 from Rs 1,300. The brokerage cut the TP on concerns over A320 Neos delivery and said pressure on ticket prices and rupee depreciation has offset the benefit from crude price.
    "IndiGo continues to benefit from the favorable oil price environment, but the pressure on ticket prices and 5 per cent depreciation in the rupee will continue to offset part of this benefit. We also believe, higher D&A, increased tax associated with the expiry of aircraft tax credits and higher wage costs only add to the concerns around the A320neo delays," said Economic Times report, quoting brokerage.
    3) Bounce in crude prices
    IndiGo could not reap the benefits of lower crude prices in the last quarter, and now the prices have jumped over 5 per cent in one-day to scale the $30 mark breached last week.
    G Chokkalingam, Founder & Managing Director, Equinomics Research & Advisory believes any recovery in crude prices will significantly hit margins of aviation companies.
    "Aviation stocks are now highly sensitive to the oil prices from 12-year low and that too on a small base, crude can easily recover 15 per cent to 20 per cent in one or two quarters which can impact the margins significantly," said expert.
    4) Rising competition in the wake of new players
    Competition in aviation sector is soaring high with the entry of new players in the sector, triggering price war.
    "Once the price war starts, consumer becomes the king and airlines won't be able to command higher prices. This, along with higher crude prices might put margins into doldrums," said Ravi Rastogi, an Independent Financial Adviser.
    Chokkalingam also said severe competition coming foreign airlines could act as a drag on the bottom-line in the short term.
    "A price range of around Rs 900 could make it quite attractive stock," added expert.

General Awareness

PSLV-C31 Successfully Launches India's Fifth Navigation Satellite IRNSS-1E

    • ISRO's Polar Satellite Launch Vehicle, PSLV-C31, successfully launched the 1425 kg IRNSS-1E, the fifth satellite in the Indian Regional Navigation Satellite System (IRNSS) on January 20, 2016 from Satish Dhawan Space Centre SHAR, Sriharikota. This is the thirty second consecutively successful mission of PSLV and the eleventh in its 'XL' configuration. 

      After the PSLV-C31 lift-off at 0931 hrs (9:31 am) IST from the Second Launch Pad with the ignition of the first stage, the subsequent important flight events, namely, strap-on ignitions and separations, first stage separation, second stage ignition, heat-shield separation, second stage separation, third stage ignition and separation, fourth stage ignition and satellite injection, took place as planned. After a flight of about 18 minutes 43 seconds, IRNSS-1E Satellite was injected to an elliptical orbit of 282.4 km X 20,655.3 km inclined at an angle of 19.21 degree to the equator (very close to the intended orbit) and successfully separated from the PSLV fourth stage. After injection, the solar panels of IRNSS-1E were deployed automatically. ISRO's Master Control Facility (at Hassan, Karnataka) took over the control of the satellite. In the coming days, four orbit manoeuvres will be conducted from Master Control Facility to position the satellite in the Geosynchronous Orbit at 111.75 deg East longitude with 28.1 deg inclination. 

      IRNSS-1E is the fifth of the seven satellites constituting the space segment of the Indian Regional Navigation Satellite System. IRNSS-1A, 1B, 1C and ID, the first four satellites of the constellation, were successfully launched by PSLV on July 02, 2013, April 04, 2014, October 16, 2014 and March 28, 2015 respectively. All the four satellites are functioning satisfactorily from their designated orbital positions. 

      IRNSS is an independent regional navigation satellite system designed to provide position information in the Indian region and 1500 km around the Indian mainland. IRNSS would provide two types of services, namely, Standard Positioning Services (SPS) - provided to all users - and Restricted Services (RS), provided to authorised users. 

      A number of ground stations responsible for the generation and transmission of navigation parameters, satellite ranging and monitoring, etc., have been established in eighteen locations across the country. In the coming months, the remaining two satellites of this constellation, namely, IRNSS-1F and IG, are scheduled to be launched by PSLV, thereby completing the entire IRNSS constellation.

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